ROBERT W. BAIRD & CO. INCORPORATED

Baird Advisors Brochure March 21, 2025 Baird Advisors 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Toll Free: 800-792-2473 www.bairdadvisors.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”) and Baird Advisors, an investment management department operating within Baird. Clients should carefully consider this information before becoming a client of Baird Advisors. If you have any questions about the contents of this Brochure, please contact Baird Advisors 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 Advisors, an investment management department operating within Robert W. Baird & Co. Incorporated (“Baird”), updated its Form ADV Part 2A brochure (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that Baird Advisors has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Baird Advisors updated information about Baird’s regulatory assets under management and certain of Baird’s affiliates and related parties. See the Sections of the Brochure entitled “Advisory Business—Robert W. Baird & Co. Incorporated” and “Other Financial Industry Activities and Affiliations” for more information. • Baird Advisors raised the minimum account amount for its Taxable Bond Strategies to $300 million. • Baird Advisors updated information about risks associated with recent events, such as those associated with potential market uncertainty caused by policy changes as the result of the recent U.S. Presidential election, Russia’s ongoing war with Ukraine, conflicts in the Middle East, the strained relationship between the U.S. and China and other countries, inflation, discord in U.S. politics, and other geopolitical events. See the Section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss— Principal Risks” for more specific information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents Advisory Business ........................................................................................... 1 Baird Advisors .............................................................................................. 1 Robert W. Baird & Co. Incorporated ................................................................ 2 The Client-Baird Fiduciary Relationship ............................................................ 2 Fees and Compensation .................................................................................. 2 Separate Accounts ........................................................................................ 2 Mutual Funds ............................................................................................... 4 Other Compensation Received by Baird Advisors and Baird ................................ 4 Performance-Based Fees and Side-By-Side Management ................................ 5 Types of Clients............................................................................................... 5 Methods of Analysis, Investment Strategies and Risk of Loss ......................... 5 Methods of Analysis ...................................................................................... 5 Portfolio Investments .................................................................................... 7 Investment Strategies ................................................................................... 7 Principal Risks ............................................................................................ 10 Disciplinary Information ............................................................................... 14 Other Financial Industry Activities and Related Parties ................................ 16 Baird’s Broker-Dealer Activities .................................................................... 16 Baird’s Other Investment Management Activities ............................................ 16 Certain Affiliated and Related Parties ............................................................ 16 Other Financial Industry Activities ................................................................ 18 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................................................................ 18 Code of Ethics ............................................................................................ 18 Baird’s Participation or Interest in Client Transactions ..................................... 19 Brokerage Practices ...................................................................................... 20 Broker-Dealer Selection .............................................................................. 20 Soft Dollar Benefits ..................................................................................... 20 Trade Aggregation, Allocation and Rotation Practices ...................................... 20 Directed Brokerage ..................................................................................... 21 Cross Trading Involving Advisory Accounts .................................................... 22 Trade Error Correction ................................................................................ 22 Review of Accounts ....................................................................................... 22 Client Referrals and Other Compensation ..................................................... 23 Custody ......................................................................................................... 23 Investment Discretion .................................................................................. 24 Voting Client Securities ................................................................................. 25 Financial Information.................................................................................... 26 Special Considerations for Retirement Accounts ........................................... 26 iii Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  may negotiate with Baird Advisors to provide other investment advisory services. However, Baird Advisors generally limits its services to providing investment advice relating to fixed income investment strategies. All of the investment strategies discussed in this Brochure may not be appropriate for every client. Baird Advisors will only select or recommend those strategies believed to be suitable for a particular client. Advisory Business This Brochure describes the investment advisory services that Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients through Baird Advisors, an investment management department of Baird. Separate brochures describe other investment advisory services that Baird offers to its clients and discuss the agreements, fees and potential conflicts of interest for each service. A client or prospective client who wishes to obtain a brochure for another investment advisory service provided by Baird should call Baird toll-free at 1- 800-792-2473. enter into an A client that wishes to retain the services of Baird Advisors will investment management agreement (“IMA”) with Baird Advisors. The IMA will contain the specific terms applicable to the client’s advisory relationship with Baird Advisors. The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. information in fixed Baird Advisors Baird Advisors offers professional portfolio management to separate account clients desiring income markets. Baird investments Advisors also provides investment advisory services to certain mutual funds. Separate Accounts A client is responsible for providing to Baird Advisors that Baird Advisors reasonably requires in order to provide the services selected by the client. Baird Advisors will rely on this information when providing its advisory services. A client is also responsible for informing Baird Advisors of any material changes to that information or if there is any change to the client’s investment objectives, risk tolerance, financial circumstances, investment needs, or other circumstances that may affect the manner in which the client’s assets are invested or services are provided to the client. The investment advisory services offered by Baird Advisors to separate account clients generally include portfolio management, investment advice and consulting services, performance reporting, and related account services. provides Important Note for SMA Wrap Fee Program Clients. Baird Advisors portfolio fee management services under SMA wrap programs sponsored and administered by Baird. As compensation for its services, Baird Advisors receives a portion of the wrap fee the client pays to Baird. If a client is participating in a wrap fee program, the client should review the client’s agreement with Baird and Baird’s Form ADV Part 2A Wrap Fee Program Brochure for a full description of the services provided and fees charged by Baird. Mutual Funds and Investment Companies Baird Advisors manages client portfolios with full investment discretion and tailors its advisory services to the individual needs of clients. Baird Advisors analyzes a client’s specific needs, investment time horizon, and risk tolerance to help the client develop investment objectives and guidelines for the client’s portfolio. As part of its analysis, Baird Advisors works with a client to select a benchmark index that characterizes the risk tolerance and return expectations for the client. Baird Advisors then uses an investment strategy that is intended to generate an annual rate of return that, before the deduction of fees, is greater than the benchmark selected for the client’s portfolio over full market cycles. Baird Advisors provides investment management and other services to certain mutual fund series of Baird Funds, Inc. (“Baird Funds”) investing primarily in fixed income securities (the “Baird Bond Funds”). Additional information about the services Baird Advisors provides is available in the additional prospectus and statement of Subject to the agreement of Baird Advisors, a client may impose reasonable restrictions on the investments or types of investments to be held in the client’s account. Please see “Investment Discretion” below for more information. Clients 1 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  information for those Baird Funds, which are available on the Baird Funds’ website at bairdassetmanagement.com/baird-funds. under management, As of December 31, 2024, Baird had approximately $342.1429 billion in regulatory assets approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. Baird Advisors also serves as investment sub- adviser to a mutual fund series of the Bridge Builder Trust. Additional information about the services that Baird Advisors provides to that fund is available in the prospectus and statement of additional information for that fund. is deemed to have a Robert W. Baird & Co. Incorporated Baird is privately-held, employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. The Client-Baird Fiduciary Relationship Baird is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Baird Advisors fiduciary relationship with a client when providing the investment advisory services that are described in this Brochure. Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. limitation, that contain through that require them transactions and From time to time Baird may engage in certain business practices or may receive compensation or other benefits that create a potential for conflict between the interests of clients and the interests of Baird Advisors and Baird. Baird Advisors and Baird generally address potential conflicts of interest by disclosing them to clients through documents provided to clients, including, this Brochure, Brochure without supplements information about individuals providing investment advice to clients, and the agreements clients enter into with Baird Advisors and Baird. In addition, Baird has adopted internal policies and procedures for Baird Advisors and Baird to: provide investment advice that is appropriate for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; act with utmost care and good faith in dealings with advisory clients; and seek to obtain “best execution” of advisory client transactions. The specific business practices that create potential conflicts of interest with clients and additional measures used by Baird Advisors and Baird to address them are discussed in other sections of this Brochure. In addition to the investment advisory services that Baird Advisors provides to clients, including portfolio management, investment advice and consulting, performance reporting and related account services, Baird, its other departments, also offers various other investment advisory services to clients not described in this Brochure. These additional investment advisory services Baird offers include: analysis and recommendations regarding asset allocation and investment strategies; research, analysis and recommendations regarding investment managers and individual securities; investment consulting; financial planning; and investment policy development. Baird also offers clients execution of administrative brokerage services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers its services separately or in combination with other services. A client should note that registration as an investment adviser does not imply a certain level of skill or training. by clients providing Baird participates in wrap fee programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid portfolio for management services under those wrap fee programs. Fees and Compensation Separate Accounts Advisory Fee A client’s IMA will set forth the actual fee schedule and calculation method for the advisory fee. Baird 2 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Advisors generally charges fees based on a client’s assets under management, as shown in the standard institutional fee schedule below. Baird Advisors’ Standard Institutional Fee Schedule Taxable Bond Strategies Investment Minimum: $300 million Market Value of Assets Annual Fee Rate custodian to pay the fee from their account. The client is generally required to pay the fee within thirty (30) days of the invoice date. If a client’s IMA is in effect for only a portion of a quarter, the fee is pro-rated for such portion based on the number of days the funded account was managed by Baird Advisors. In the event termination occurs, the fee is based upon the Market Value or average market value on the date of termination or a date mutually agreed upon with the client. On the first $100,000,000 0.30% On the next $100,000,000 0.20% On the remaining assets 0.15% Baird may modify a client’s existing fees and other charges or add additional fees or charges by providing the client with ninety (90) days’ prior written notice. Baird Advisors’ Standard Institutional Fee Schedule Municipal Bond Strategies Investment Minimum: $50 million Market Value of Assets Annual Fee Rate On the first $50,000,000 0.30% The minimum asset value to open a separate account with Baird Advisors for a taxable bond strategy is typically $300 million. The minimum asset value to open a separate account with Baird Advisors for a municipal bond strategy is typically $50 million. On the next $50,000,000 0.20% On the remaining assets 0.15% The fees are calculated in arrears based on the market value (“Market Value”) of the assets Baird Advisors manages for the client. The Market Value of assets is typically determined by the client’s quarter-end custodial statement(s) and includes accrued interest and cash or its equivalent held for investment. If Baird Advisors manages multiple accounts on behalf of a client under an IMA, Baird Advisors will generally aggregate client assets for fee calculation purposes. The advisory fee and minimum account value applicable to a client are negotiable in certain instances and may vary based upon a number of factors, including but not limited to the size and nature of the assets in the client’s account, the client’s particular investment style or objective, and any particular services requested by the client. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to, the factors identified above. As new standard fee schedules are put into effect, fee schedules applicable to existing clients are not affected. into other Baird Advisors may enter fee arrangements, including performance-based fee arrangements, with eligible clients. Performance- based fee arrangements are further described in the section entitled “Performance-Based Fees and Side-By-Side Management” below. If an account has cumulative net cash flows during the calendar quarter totaling 10% or more of the account’s beginning Market Value, Baird Advisors will generally use a simple average market value, adjusted for all cash flows during the quarter, in lieu of a quarter-end Market Value. The 10% or greater cash flow calculation applies to each account individually. Other Fees and Expenses If client assets under an IMA are invested in the Baird Bond Funds, the fees set forth above do not apply to those assets and the client will bear the cost of fund expenses as described in each fund’s prospectus on those assets. in addition In addition to Baird Advisors’ fee described above, a client of Baird Advisors may incur other fees and expenses. The asset-based fee only covers portfolio management and investment advice provided by Baird Advisors, and a client may pay for other services, such as custody and trade execution, separately to Baird Advisors’ fee. Please see the section entitled Fee invoices are generally sent quarterly to the client and they can pay directly or instruct their 3 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  “Brokerage Practices” below for more information about Baird Advisors’ trading practices. redemption fees or similar fees that the fund or its sponsor may impose on the client. A client should review the prospectus or other applicable offering documents for each investment fund in which the client invests for further information. A client is responsible for bearing or paying, in addition to Baird Advisors’ fee, all other costs and expenses, including, but not limited to: • commissions, markups, markdowns, Clients who have accounts managed by Baird Advisors may also have other accounts with Baird that are not managed by Baird Advisors. Those accounts may be subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the services provided by Baird Advisors. and spreads charged by broker-dealers that buy debt obligations from, or sell debt obligations to, the client’s account (such costs may be inherently reflected in the price the client pays or receives for such debt obligations); • underwriting discounts or similar fees related to the public offering of investment products; • custody fees; • extra or special fees or expenses that may result from the execution of odd lot trade orders (i.e., “odd-lot differential”); Mutual Funds As compensation for its services, Baird Advisors receives fees from each mutual fund it advises, which fees are disclosed in each fund’s prospectus and statement of additional information. Other fees that are payable as an investor in a mutual fund are described in the fund’s prospectus and statement of additional information. • electronic fund fees, wire transfer fees, and similar fees or expenses related to account transfers; • currency conversions and transactions; related to the • fees establishment, administration or termination of retirement accounts, retirement or profit sharing plans, trusts or any other legal entity; Other Compensation Received by Baird Advisors and Baird Baird Advisors. Baird Advisors and its associates do not receive compensation based upon the sale of securities or other investment products. Baird Advisors will purchase for client accounts, or will recommend the purchase of, various investment products, including “no load” mutual funds. • fees imposed by the SEC or securities markets, including transaction fees imposed by electronic trading platforms, which fees may be imbedded in the price the client receives for the debt obligation; and imposed upon or resulting • taxes from transactions effected for a client’s account, such as income, transfer or transaction taxes, foreign stamp duties, or any other costs or fees mandated by law or regulation. their own internal Baird. Baird is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and in such capacity, Baird provides brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, private investment funds, and other securities, and sales of life insurance policies and annuities. Baird receives compensation based upon the sale of such securities and other investment products, including asset-based sales charges and service fees on the sale of mutual funds. This practice presents a conflict of interest because it gives Baird (but not Baird Advisors or its associates) an incentive to recommend investment products based upon the compensation received rather than on a client’s needs. A client has the option to purchase investment products through other brokers or agents that are not affiliated with Baird. For more specific information about Baird’s compensation and other benefit arrangements and how Baird addresses the potential conflicts of Certain investment products, such as mutual funds, exchange traded funds (“ETFs”), and other similar investment pools (collectively, “investment funds”), have fees and expenses that are borne either directly or indirectly by their holders, including a client. These fees are separate from, and in addition to, Baird Advisors’ fee. As a result of making investments in these types of products, a client should be aware that the client is paying multiple layers of fees and expenses on the amount of the client’s assets so invested—those fees and Baird Advisors’ fee. A client is also responsible for any 4 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Interest interest, please see the sections “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or in Client Transactions and Personal Trading” below. that all such clients receive fair and equitable treatment over time. Baird has also adopted policies and procedures reasonably designed to ensure that client assets are valued by client’s custodian. to performance-based into performance-based endowments and fee arrangements are made institutions; and registered individuals. Types of Clients Baird Advisors offers its services to all types of current and prospective clients, including, but not limited to: pension and profit sharing plans; trusts; estates; charitable organizations; colleges; hospitals; foundations; corporations or other business entities; banks or investment thrift companies; Applicable requirements for opening or maintaining an account with Baird Advisors, such as minimum account size, are discussed in the section entitled “Fees and Compensation—Advisory Fee” above. Performance-based fixed Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis Baird Advisors specializes in structured, risk- controlled income management. Our approach is to define the appropriate level of risk or volatility compatible with our client’s objective and to deliver superior returns commensurate with this risk. Performance-Based Fees and Side-By-Side Management Baird Advisors and Baird advise client accounts that are subject fee arrangements. However, Baird Advisors does not typically enter fee arrangements and it will do so only in limited circumstances if specifically requested by a client. Any such in compliance with applicable provisions of Rule 205- 3 under the Advisers Act. A client’s agreement to a performance-based fee arrangement may create an incentive for Baird Advisors to recommend or invest a client’s account in riskier or more speculative products than would be the case in fee the absence of a performance-based fee arrangement. arrangements also present a potential conflict of interest for Baird Advisors and Baird with respect to client accounts they also manage that are not subject to performance-based fee arrangements because such arrangements give Baird Advisors and Baird an incentive to favor client accounts subject to performance-based fees over client accounts that are not subject to performance- based fees. is why our disciplined, We believe that the bond capital market is very efficient in discounting risk and return potential over time for taking interest rate risk along the duration curve. This efficiency has made interest rate timing strategies very difficult for active bond managers to consistently get right and add value. This risk-controlled investment approach starts with a duration neutral position versus the market benchmark it is expected to outperform and seeks to add incremental value through more bottom-up yield curve positioning, sector allocation, security selection and competitive execution of trades. to detect any possible to make securities allocations In addition to complying with its fiduciary duties by disclosing this conflict of interest to clients through this Brochure, Baird Advisors generally addresses potential conflicts of interest posed by performance-based fee arrangements by capping the amount of performance-based fees that may be earned with respect to a client’s account. By capping performance-based fees, Baird Advisors attempts to reduce the incentive to invest a client’s account in riskier or more speculative products. Baird Advisors also periodically monitors the holdings and performance of performance- based fee accounts and compares them to accounts not subject to a performance fee that are also managed using a similar strategy in an attempt inequitable treatment. Baird Advisors and Baird also attempt to minimize potential conflicts of interest posed by performance-based fee arrangements through internal trade allocation procedures that are designed to discretionary client accounts in a manner such Yield Curve Positioning. The yield curve is a graphic representation of yields offered by fixed income debt obligations in relation to their maturities and durations. Baird Advisors selects debt obligations with maturities and yields that it believes have the greatest potential for achieving a to client’s objective, while attempting substantially match the average duration of the client’s portfolio with the average duration of the client’s benchmark index. 5 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fiduciary duties with its investment objective of strong risk-adjusted performance. to ESG integration limited integrity, invests Sector Allocation. Baird Advisors also evaluates the return potential of each sector. These sectors include: U.S., government and other public sector entities, asset-backed and mortgage-backed obligations of U.S. and foreign issuers and corporate debt of U.S. and foreign issuers for clients pursuing the Ultra Short Bond, Short-Term Bond, Intermediate Bond, Aggregate Bond, Core Plus Bond and Liability-Driven Investing Portfolio Strategies; and tax-exempt general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds for clients pursuing the Quality Intermediate Municipal Bond Portfolio Strategy, Core Intermediate Municipal Bond Portfolio Strategy, Short/Intermediate Municipal Bond Portfolio Strategy, Short-Term Municipal Bond Portfolio Strategy, 1-3 Year Municipal Bond Portfolio Strategy, Municipal Bond Portfolio Strategy, and Strategic Municipal Bond Portfolio Strategy. Baird Advisors in debt obligations in those sectors which it believes represent the greatest potential for achieving a client’s objectives. Selection. Long-term Environmental, social, and governance related risk factors are integrated into Baird Advisors’ investment process and serve as important inputs to the investment team’s decision-making and research efforts as it assesses the long-term sustainability of a bond issuer. Baird Advisors’ approach focuses on identifying material risk factors that can impact an issuer’s ultimate creditworthiness and the valuation of securities it issues. Examples could include, but are not to, corporate governance structure, climate change, supply chain labor practices and human resource management. Baird Advisors recognizes the industry continues to grow and evolve, requiring its ESG integration efforts to remain fluid and flexible. The availability of ESG-related data has grown dramatically and the materiality of environmental, social, and governance risk factors continues to shift as well. Adaptations to Baird Advisors’ approach to ESG integration is prompted by efforts to ensure the team is leveraging the best information available to properly assess long-term sustainability risks across its portfolios. to Security strategic investment decisions serve as the basis for incorporating specific securities into portfolios. Baird Advisors starts with the strategy benchmark and focuses on the individual securities that can best accomplish its goal. Every characteristic of a security is carefully analyzed. Baird Advisors first determines which issuers appear to offer the best relative value within each sector. Available issues are selected based on credit quality, duration characteristics, embedded options, and liquidity. Given the opportunity to add value to a portfolio while maintaining strict adherence the guidelines and controlling risk, Baird Advisors may purchase securities of comparable or similar quality which are not part of the benchmark. Competitive Execution of Trades. Competitive execution of each trade represents the final step in adding value to a portfolio. When we buy and sell securities, we seek to ensure best execution of each trade, taking into account price, security and counterparty risks, the terms and conditions imposed by the dealer in connection with the trade, and certain other factors we deem appropriate. We have long-standing relationships with the leading broker/dealers firms on Wall Street and are continually in touch with them, actively monitoring yield spreads and bonds’ actual trading levels as reported by dealers in FINRA’s Trade Reporting and Compliance Engine system (“TRACE”) and dealer posts. process, we focus on As a fixed income investment manager, Baird Advisors has a fiduciary responsibility to act in the best long-term interest of its clients with the goal of generating consistent and competitive long- term investment results over time. The team believes material environmental, social, and governance (“ESG”) risk factors can have an impact on long-term sustainability and need to be considered in the overall risk assessment of issuing entities. Baird Advisors believes its approach to integrating environmental, social, and governance risk factors as considerations across the investment process helps to align its to active bond management Our approach emphasizes the value added of bottom-up security selection. We begin with the client’s investment objectives and guidelines to determine the permissible universe of bonds we can invest in and to define the overall risk tolerance. In the construction the contribution-to-duration and percentage exposure of each security and sector when analyzing any allocation to the portfolio and our goal is to 6 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  pools (including such funds affiliated with Baird) and money market instruments. loans, utilities, experienced portfolio government obligations, Asset‑backed obligations in which a client account may invest are backed with underlying assets such as credit card receivables, auto receivables, student reimbursement/rate increase allowances and certain residential home loans. The types of municipal obligations used by Baird Advisors include, but are not limited to, taxable and tax‑exempt general obligation and revenue bonds, as well as advance refunded and escrowed‑to‑maturity bonds. For clients pursuing municipal bond strategies, Baird Advisors may also use other municipal obligations, including pre‑refunded bonds, general obligation bonds, revenue bonds and municipal lease participations, zero coupon bonds, and municipal housing bonds. Money market instruments in which a client account may invest include, among other things, U.S. repurchase agreements, cash, bank obligations, commercial paper, variable amount master demand notes, corporate bonds, certificates of deposit and money market funds. effectively measure and control the duration or price risk of each portfolio versus the benchmark. Each permissible security is evaluated based on the credit fundamentals of the issuer or the underlying asset collateral, the structural risks of the security itself and market liquidity risk. This risk identification process is facilitated with the use of multiple quantitative models coupled with managers highly interpreting the output from these models and providing an additional qualitative assessment of the risk inherent in each security. After the risks of the security are quantified, the valuation is expressed in terms of expected excess return over a comparable US Treasury (or other appropriate reference instrument such as AAA- rated Municipal) and the security is compared to securities with similar risk profiles within and across various sectors. This relative value analysis helps us select the securities we believe are undervalued and have the best risk-adjusted expected return potential within the permissible universe of bonds. Our portfolio construction process assembles these securities with above- average risk-adjusted expected returns focusing on risk control relative to the benchmark and the discipline of diversification. regulations (known as Certain strategies may invest in non-investment grade or unrated instruments. To the extent a client is eligible, Baird Advisors may invest a client account in Rule 144A securities, which are not registered under the federal securities laws and cannot be sold to the U.S. public because of SEC “restricted securities”). and, when On an ongoing basis, Baird Advisors’ portfolio managers monitor client portfolios to evaluate the impact of changing economic and market conditions. In addition, the appropriateness of the client’s portfolio holdings are also assessed in terms of the client’s overall objectives, such as return expectations, risk tolerance, and liquidity trading opportunities are needs. Ongoing analyzed, deemed reviewed appropriate, executed. under investment Baird Advisors may use futures contracts for certain of its bond fund strategies and may also use U.S. Treasury Futures for client accounts if approved policy their statement. From time to time, Baird Advisors may also use bank loans, common or preferred stocks, warrants, rights, publicly-traded master limited partnerships (“MLPs”), and protective long put options strategies. government entities, investment returns Portfolio Investments Baird Advisors may invest a client’s account from time to time in any combination of U.S. dollar- denominated debt obligations that are fixed, variable or floating rate instruments, including but not limited to, obligations of government and other public sector entities (including, but are not limited to, U.S., state and local (municipal) governments and their agencies and authorities, and foreign non‑governmental organizations), asset-backed and mortgage-backed obligations of U.S. and foreign issuers, corporate debt of U.S. and foreign issuers, mutual funds, ETFs, other registered investment companies, and other investment Investment Strategies Baird Advisors uses investment strategies that are intended to generate an annual rate of return that, before the deduction of fees, is greater than the benchmark selected for the client’s portfolio over full market cycles. Baird Advisors also manages portfolios in a manner designed to limit the dispersion of in comparison to the client’s benchmark index. 7 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  consisting of tax-exempt, Baird Advisors offers the following investment strategies to clients: index fixed-rate securities that are rated A3 or better, with maturities between two and twelve years. Ultra Short Bond Portfolio Strategy. The investment objective of the Ultra Short Bond Portfolio Strategy is to seek current income consistent with preservation of capital. The Strategy’s benchmark is the Bloomberg U.S. Short-Term Government/Corporate Index. The Bloomberg Short-Term U.S. Government/Corporate Index is an unmanaged, market value weighted index that tracks the performance of U.S. government and corporate bonds rated investment grade or better, with maturities of less than one year. Portfolio Strategy. Short-Term Municipal Bond Portfolio Strategy. The investment objective of the Baird Short-Term Municipal Bond Portfolio Strategy is to seek current income that is exempt from federal income tax and is consistent with the preservation of capital. The Short-Term Municipal Bond Portfolio Strategy uses the Bloomberg Short (1-5 Year) Municipal Index as its benchmark. The Bloomberg Short (1-5 Year) Municipal Bond Index is an unmanaged, market value weighted index that measures the performance of investment- grade, tax-exempt, and fixed-rated municipal securities with time to maturity of more than one year and less than five years. including government and The Short-Term Bond investment objective of the Short-Term Bond Portfolio Strategy is to seek an annual rate of total return, before expenses, greater than the annual rate of total return of the Bloomberg 1-3 Year U.S. Government/Credit Bond Index. The Bloomberg 1-3 Year U.S. Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt corporate securities with maturities between one and three years. (1-10 Year) Index Short/Intermediate Municipal Bond Portfolio Strategy. The investment objective of the Baird Short/Intermediate Municipal Bond Portfolio Strategy is to seek a high level of current income that is exempt from federal income tax and is consistent with preservation of capital. The Short/Intermediate Municipal Bond Portfolio Strategy uses the Bloomberg 1-10 Year Municipal Bond Index as its benchmark. The Bloomberg Municipal Bond is an unmanaged, market value weighted index of fixed-rate investment-grade, tax-exempt, and securities with maturities between one and ten years. Intermediate Bond Portfolio Strategy. The investment objective of the Intermediate Bond Portfolio Strategy is to seek an annual rate of total return, before expenses, greater than the annual rate of total return of the Bloomberg Intermediate U.S. Government/Credit Bond Intermediate U.S. Index. The Bloomberg Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt including government and corporate securities with maturities between one and ten years. Core Intermediate Municipal Bond Portfolio Strategy. The investment objective of the Baird Core Intermediate Municipal Bond Portfolio Strategy is to seek a high level of current income that is exempt from federal income tax and is consistent with preservation of capital. The Core Intermediate Municipal Bond Portfolio Strategy uses the Bloomberg Municipal Bond (1-15) Year Index as its benchmark. The Bloomberg Municipal Bond (1-15 Year) Index is an unmanaged, market value weighted index of investment-grade, tax- exempt, and fixed-rate securities with maturities between one and 17 years. the Bloomberg Quality Quality Intermediate Municipal Bond Portfolio Strategy. The primary investment objective of the Quality Intermediate Municipal Bond Portfolio Strategy is to seek current income that is substantially exempt from federal income tax. A secondary objective is to seek total return with relatively low volatility of principal. The Quality Intermediate Municipal Bond Portfolio Strategy uses Intermediate Municipal Bond Index as its benchmark. The Bloomberg Quality Intermediate Municipal Bond Index is an unmanaged, market value weighted 1-3 Year Municipal Bond Portfolio Strategy. The investment objective of the Baird 1-3 Year Municipal Bond Portfolio Strategy is to seek current income that is exempt from federal income tax and is consistent with the preservation of capital. The 1-3 Year Municipal Bond Portfolio 8 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Strategy uses the Bloomberg 1-3 Year Composite Municipal Bond Index, which is an equal-weighted blended Index of both the Bloomberg 1 Year Index and the Bloomberg 3 Year Index. Liability-Driven Investing (LDI) Portfolio Strategy. The investment objective of the Liability-Driven Investing Portfolio Strategy is to seek an annual rate of total return, before expenses, greater than the annual rate of total return of a benchmark selected for the client’s portfolio. The particular benchmark is selected based on the specific client portfolio’s investment objectives and may be either a published benchmark or a custom benchmark. Municipal Bond Strategy. The investment objective of the Baird Municipal Bond Portfolio Strategy is to seek a current income that is exempt from federal income tax and is consistent with preservation of capital. The Municipal Bond Portfolio Strategy uses the Bloomberg Municipal Bond Index as its benchmark. Other Strategies. Baird Advisors also manages client assets in accordance with other investment strategies specifically designed for a client in light of a client’s particular needs. (1-10 Year) Index Temporary Strategies. Baird Advisors may invest all of a client’s assets in cash or short-term, investment grade debt obligations as a temporary defensive position during adverse market, economic or political conditions and in other limited circumstances. Strategic Municipal Bond Portfolio Strategy. The investment objective of the Baird Strategic Municipal Bond Portfolio Strategy is to seek current income that is exempt from federal income tax and is consistent with preservation of capital. The Strategic Municipal Bond Portfolio Strategy uses the Bloomberg 1-10 Year Municipal Bond Index as its benchmark. The Bloomberg is an Municipal Bond unmanaged, market value weighted index of investment-grade, tax-exempt, and fixed-rate securities with maturities between one and ten years. Bond Portfolio Strategy. Although each portfolio strategy targets the annual rate of return of a specific benchmark index, the investments selected by Baird Advisors generally will not mirror the assets in their respective benchmark indices. There can be no assurance that any particular portfolio strategy will be successful in achieving the client’s investment goals and objectives. debt issues, including Aggregate The investment objective of the Aggregate Bond Portfolio Strategy is to seek an annual rate of total return, before fund expenses, greater than the annual rate of total return of the Bloomberg U.S. Aggregate Bond Index. The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market value weighted index of investment grade, fixed- government, rate corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. Core Plus Bond Portfolio Strategy. The investment objective of the Core Plus Bond Portfolio Strategy is to seek an annual rate of total return, before fund expenses, greater than the annual rate of total return of the Bloomberg U.S. Universal Bond Index. The Bloomberg U.S. Universal Bond Index is an unmanaged, market value weighted index of fixed income securities issued in U.S. dollars, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt with maturities of at least one year. Baird Advisors seeks to control credit quality risk by purchasing only investment grade, U.S. dollar- denominated debt obligations for client accounts pursuing the Short-Term Bond, Intermediate Bond, Quality Intermediate Municipal Bond or Aggregate Bond Portfolio Strategies. Client accounts pursuing the Ultra Short Bond, Core Plus Intermediate Municipal Bond, Bond, Core Short/Intermediate Municipal Bond, Short-Term Municipal Bond, 1-3 Year Municipal Bond , Municipal Bond and Strategic Municipal Bond Portfolio Strategies will be invested primarily in investment grade debt obligations, but Baird Advisors may also invest up to 10%, 20%, 10%, 10%, 10%, 5%, 15% and 30%, respectively, of a client’s net assets in debt obligations that are non-investment grade at time of purchase. Client accounts pursuing the Liability-Driven Investing Portfolio Strategy will primarily be invested in investment grade debt obligations, but Baird Advisors may also invest in non-investment grade debt obligations and in U.S. Treasury Futures if 9 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in Call Risks. If the securities in which the client invests are redeemed by the issuer before maturity (or “called”), the client may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the yield for the client’s portfolio. This will most likely happen when interest rates are declining. authorized by the client. For client accounts pursuing the 1-3 Year Municipal Bond Portfolio, Municipal Bond Portfolio or Strategic Municipal Bond Portfolio Strategies, Baird Advisors may invest futures contracts. Baird Advisors attempts to diversify each client’s portfolio by holding debt obligations of many different issuers and choosing issuers in a variety of sectors. receiving the interest payments due conditions or to changes other they will contain Principal Risks Risk is inherent in any investment in debt obligations and Baird Advisors does not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved. A Baird Advisors client may be subject to certain risks, including, but not limited to, the risks described below. The risks discussed below vary by investment style or strategy, and the specific investments in the client’s portfolio, and each risk may or may not apply to a client. A client should also review the prospectuses or other disclosure documents for the debt obligations purchased for the client’s account, as important information about the risks associated with investing in such debt obligations. Credit Quality Risks. Individual issues of fixed income debt obligations may be subject to the credit risk of the issuer. Therefore, the underlying issuer may experience unanticipated financial problems and may be unable to meet its payment obligations. Municipal obligations in particular may be adversely affected by political and economic conditions and developments (for example, legislation reducing state aid to local lowest governments.) Bonds investment grade rating or a non-investment grade rating may have speculative characteristics and, compared to higher grade debt obligations, may have a weakened capacity to make principal and in economic adverse circumstances. Ratings agencies such as Moody’s, Fitch and S&P provide ratings on bonds based on their analyses of information they deem relevant. Ratings are essentially opinions or judgments of the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and/or repay principal and an agency’s decision to downgrade a security. Management Risks. Baird Advisors may err in its choices of debt obligations or portfolio allocations, including the integration of ESG factors. Such errors could result in a negative return and a loss to clients. Each client’s portfolio may hold fewer or different debt obligations than the client’s benchmark index, so material events affecting a client’s portfolio (for example, an issuer’s decline in credit quality) may influence the performance to a greater degree than such events will influence the client’s benchmark index. Non-investment grade in in Bond Market Risks. The major risks of each strategy are those of investing in the bond is affected market. A bond’s market value significantly by changes interest rates— generally, when interest rates rise, the bond’s market value declines and when interest rates decline, its market value rises (“interest rate risk”). Generally, the longer a bond’s maturity, the greater the interest rate risk and the higher its yield. Conversely, the shorter a bond’s maturity, the lower the interest rate risk, and the lower its yield (“maturity risk”). Because bond values may fluctuate, a client’s portfolio value may fluctuate. Non-Investment Grade Bond Risks. Non- investment grade debt obligations, while generally offering higher yields than investment grade debt obligations with similar maturities, involve greater including the possibility of default or risk, bankruptcy. debt obligations tend to be more sensitive to economic conditions than higher-rated debt obligations. As a result, they generally are more sensitive to credit risk and are considered more speculative than debt obligations the higher-rated categories. During an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of non-investment grade debt obligations may experience financial stress and may not have sufficient cash flow to meet their payment obligations. The risk of loss due to default by an issuer of these obligations is significantly greater than issuers of higher-rated obligations because such obligations are generally 10 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  it invests experiences monoline guarantee or insurance will generally enhance the credit rating and lower the interest rate payable by the issuer on the debt obligation. Certain monoline insurers have suffered losses from insuring structured products and other debt obligations backed by residential mortgages. If a company insuring municipal debt obligations in which a client financial difficulties, the credit rating and price of the debt obligation may deteriorate. unsecured and are often subordinated to other creditors. Baird Advisors may have difficulty disposing of certain non-investment grade debt obligations because there may be a thin trading market for such obligations. To the extent a secondary trading market does exist, is generally not as liquid as the secondary market for higher-rated debt obligations. Periods of economic uncertainty generally result in increased volatility in the market prices of these debt obligations and will also increase the volatility of the client’s portfolio value. interest rates Municipal Housing Bonds Risks. Municipal housing bonds are bonds issued by state and municipal authorities established to purchase single family and other residential mortgages from commercial banks and other lending institutions within the applicable state or municipality. Certain factors, including changes in national and state policies relating to payments such as unemployment insurance and welfare, and adverse economic developments, particularly those affecting less skilled and low-income workers, may affect the mortgagor’s ability to maintain payments under the underlying mortgages. Mortgages may also be partially or completely prepaid prior to their final stated maturities. investing the proceeds to extension lease, interests Mortgage- and Asset-Backed Debt Obligations Risks. Mortgage- and asset-backed obligations can be more sensitive to interest rate risk than other types of fixed income debt obligations. interest rates (both in Modest movements increases and decreases) may quickly and significantly reduce the value of certain types of these obligations. When fall, mortgage- and asset-backed obligations may be subject to prepayment risk. Prepayment risk is the risk that the borrower will prepay some or the entire principal owed to the investor. If that happens, Baird Advisors may have to replace the in an obligation by obligation with a lower yield. When interest rates rise, certain types of mortgage- and asset-backed obligations are subject risk. Mortgage- and asset-backed obligations can also be subject to the risk of default on the underlying residential or commercial mortgages or other assets. Weakening real estate markets may cause default rates to rise, which would result in a the value of mortgage-backed in decline obligations. facilities in Municipal Lease Obligations Risks. Some client portfolios may purchase participation interests in municipal leases. These are undivided interests in installment purchase contract, or a conditional sale contract entered into by a state or local government unit to acquire equipment or facilities. Participation in municipal leases pose special risks because many leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body. Although these kinds of obligations are secured by the leased equipment or facilities, it might be difficult and time consuming to dispose of the equipment or the event of the client might not nonappropriation, and recover the full principal amount of the obligation. Municipal Obligations Risks. Clients pursuing the Quality Intermediate Municipal Bond Portfolio Strategy, Core Intermediate Municipal Bond Portfolio Strategy, Short-Term Municipal Bond Portfolio Strategy and the Short/Intermediate Municipal Bond Portfolio Strategy may have more than 25% of their portfolios invested in municipal obligations issued by entities located in the same state or the interest on which is paid solely from revenues of similar projects. As a result, changes in economic, business or political conditions relating to a particular state or types of projects may have a disproportionate impact on client’s portfolio value. The repayment of principal and interest on some of the municipal debt obligations in which clients may invest may be guaranteed or insured by a monoline insurance company. The Extension Risks. Extension risk is the risk that debt obligations, including mortgage- and asset- backed obligations, will be paid off more slowly than originally anticipated, increasing the average life of such debt obligations and the sensitivity of the prices of such debt obligations to future interest rate changes. For example, rising interest rates could cause property owners to pay their 11 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  slower payments mortgages more slowly than expected, resulting in of mortgage-backed obligations. This could lengthen the duration of the obligation, making its price more sensitive to interest rate changes. investments that they represent, but also may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying investments. Investments in futures contracts may result in a substantial loss in a short period. The loss may be potentially unlimited and may be more than the original investment. Investments in futures contracts involve additional costs, may be more volatile than other investments and may involve a small initial investment relative to the risk assumed. If Baird Advisors incorrectly forecasts the value of investments in using a futures contract, a client might have been in a better position than if the client had not entered into the contract. In the futures markets, it may not always be possible to execute a buy or sell order at the desired price, or to close out an open position due to market conditions, limits on open positions and/or daily price fluctuations. Changes in the value of a client’s investment may differ substantially from the changes anticipated by the client when it established the positions, and unanticipated price movements in a futures contract may result in a loss substantially greater than the client’s initial investment in such a contract. Government Obligation Risks. Baird Advisors may invest client assets in debt obligations issued, sponsored or guaranteed by the U.S. government, its agencies and instrumentalities. However, no assurance can be given that the U.S. government will provide financial support to U.S. government- sponsored agencies or instrumentalities where it is not obligated to do so by law. For instance, debt obligations issued by the Government National Mortgage Association (“Ginnie Mae”) are supported by the full faith and credit of the United States. Debt obligations issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) have historically been supported only by the discretionary authority of the U.S. government. While the U.S. government provides financial support to various U.S. government- sponsored agencies and instrumentalities, such as those listed above, no assurance can be given that it will always do so. Treasury Futures Risks. Risks associated with the use of futures contracts include risks outlined elsewhere, such as interest rate risks, liquidity risks, credit risks, and management risks, as well as risks associated with the use of derivatives. Derivatives are financial contracts whose value are derived from the value of an underlying asset, reference rate, or index. Zero Coupon Bonds Risks. Zero coupon bonds do not pay interest on a current basis and may be highly volatile as interest rates rise or fall. In addition, while such bonds generate income for purposes of generally accepted accounting standards, they do not generate cash flow and thus could cause the client to be forced to liquidate securities at an inopportune time in order to distribute cash, as required by tax laws. interest in relation When-Issued, Delayed Delivery and Forward Commitments Risks. When-issued, delayed delivery and forward commitment transactions involve the risk that the price or yield obtained in a transaction (and therefore the value of a debt obligation) may be less favorable than the price or yield (and therefore the value of a debt obligation) available in the market when the debt obligations delivery takes place. Failure of the other party to consummate the trade may result in the client incurring a loss or missing an opportunity to obtain a price considered to be advantageous. Futures Contracts Risks. Futures contracts are subject to the same risks as the underlying Tax Risks. Municipal debt obligations may decrease in value during times when tax rates are falling. Since income on municipal obligations is normally not subject to regular federal income taxation, the attractiveness of municipal obligations to other investment alternatives is affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, such interest income. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the liquidity, marketability and supply and demand for municipal obligations, which would in turn affect Baird Advisors’ ability to acquire and dispose of municipal obligations at desirable yield and price levels. Investment in tax-exempt debt obligations poses additional risks. In many cases, the Internal Revenue Service (“IRS”) has not ruled on whether the 12 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  interest received on a tax-exempt obligation is tax-exempt, and accordingly, purchases of these debt obligations are based on the opinion of bond counsel to the issuers at the time of issuance. Baird Advisors relies on these opinions and will not review the basis for them. Sector Risks. From time to time, based on market or economic conditions, a client account may have significant positions in specific sectors of the market. Potential negative market or economic developments affecting one or more of these sectors could have a greater impact on the client’s account than on an account with fewer holdings in that sector. resulting in financial it less desirable for those Liquidity Risks. Liquidity risk is the risk that certain debt obligations may be difficult or impossible to sell at the time and price that Baird Advisors would like to sell. Baird Advisors may have to lower the price, sell other debt obligations or forego an investment opportunity, any of which may have a negative effect on the management or performance of client portfolios. The liquidity of a particular debt obligation depends on the strength of demand for the debt obligation, which is generally related to the willingness of broker- dealers to make a market for the debt obligation as well as the interest of other investors to buy the debt obligation. During periods of economic uncertainty, significant economic and market downturns and periods in which financial services firms are unable to commit capital to make a market in, or otherwise buy, certain debt obligations, Baird Advisors may experience challenges in selling such obligations at optimal prices. In addition, recent regulatory changes applicable to financial intermediaries that make markets in debt securities have restricted or financial made intermediaries to hold large inventories of debt securities. Because market makers provide stability to a market through their intermediary services, a reduction in dealer inventories may lead to decreased liquidity and increased volatility in the fixed income markets. Cyber Security Risks. With the increased use of technologies such as the Internet to conduct business, issuers of investments are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting issuers or their service providers have the ability to cause impact business operations, disruptions and potentially losses, interference with the ability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While issuers and other parties may establish business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. As a result, client accounts and investments could be negatively impacted. respect to certain taxation, or Foreign Securities Risks. Foreign investments, even those that are U.S. dollar-denominated, may involve additional risk, including political and economic instability and differences in financial reporting standards, in addition to less regulated securities markets. Such securities may also be subject to greater fluctuations in price than securities of domestic corporations. In addition, there may be less publicly available information about a foreign company than about a domestic foreign company. With countries, there is a possibility of expropriation or confiscatory diplomatic developments, which could affect investments in those countries. Money Market Fund Risks. An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds typically seek to preserve the value of an investment at $1.00 per 13 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  introduce meaningful market uncertainty as new policies, executive orders, or legislation are proposed or enacted. Geopolitical risks appear elevated with the war between Ukraine and Russia now passing its third anniversary, tensions remaining high in the Middle East, and relations between the U.S. and China strained. Domestically, inflation remains an area of focus since getting to the U.S. Federal Reserve Board’s 2% target may prove to be more challenging than the market expects. In addition, the level of political discord remains high. result in an elevated The uncertain course of these various factors may have a significant negative impact on the global economy, may risk environment with increased volatility in asset prices, which could have an adverse effect on the value of a client’s portfolio. share, there can be no assurance that will occur, and it is possible to lose money should the fund value per share fall. In some circumstances, money market funds may be forced to cease operations when the value of a fund drops. In that event, the fund's holdings may be liquidated and distributed to the fund's shareholders. This liquidation process could take time to complete. During that time, the amounts a client has invested in the money market fund would not be available for purchases or withdrawals. Certain types of money market funds are required to calculate their NAV in a manner such that the NAV will vary based upon the market value of assets and liabilities of the fund (also known as a “floating NAV”). In addition, certain money market funds are required to impose redemption fees (also known as liquidity fees) and suspend redemptions (also known as redemption gates) in certain circumstances. More specific information about how a money market fund calculates its NAV and the circumstances under which it will impose a redemption fee or suspend redemptions is set forth in the prospectus for that money market fund. Protective Long Put Options. Options trading is a highly specialized activity that entails greater than ordinary investment risks, including the complete loss of the amount paid as premiums to the writer of the option. Regardless of how much the market price of the underlying debt obligation or index increases or decreases, the option buyer’s risk is limited to the amount of the original investment for the purchase of the option. Options may be more volatile than the underlying debt obligations or indices, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying debt obligations. There is no assurance that a liquid secondary trading market exists for closing out an unlisted option position. Furthermore, unlisted options are not subject to the protections afforded purchasers of listed options by CME Clearing, which performs the obligations of its members who fail to perform in connection with the purchase or sale of options. Recent Events. U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and other global macro factors. Disciplinary Information In September 2023, Baird entered into an Offer of Settlement with the SEC (the “Settlement”), in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business-related communications made by Baird associates when they used their personal devices (“off-channel communications”) and for failing to supervise its associates’ business-related communications. The Settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were properly retaining business-related text and instant messages and other off-channel communications sent and received on employees’ personal devices. Following the SEC’s the commencement of initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. It was discovered that certain Baird supervisors communicated off- channel using non-Baird approved methods on their personal devices about Baird’s broker-dealer and investment adviser businesses. As part of the Settlement, Baird was censured and ordered to cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) The transition to a new administration following recent U.S. Presidential election may the 14 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  system, including WSPs, training, follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections and that Baird did not establish and maintain a for supervisory correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies and procedures, surveillance program, technology solutions and similar matters related to off-channel communications. The following information pertains to Baird’s Private Wealth Management business, a separate and distinct division of Baird. certain of the its to adopt or to designed provide to Baird’s clients and In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of FINRA that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have retirement plan and disadvantaged certain that were charitable organization customers eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. supervisor within In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by subadvisors participating in Baird’s wrap fee programs offered through Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have implement policies and failed specific procedures information financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. Additional information about Baird’s disciplinary history is available on the SEC’s website at www.adviserinfo.sec.gov. In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a its Private Wealth firm Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. After the supervisor realized the misuse by the Financial Advisor, Baird reimbursed the customer for the loss. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor, that the supervisor did not 15 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Affiliated and Related Investment Advisors common control, with information about Riverfront Baird is affiliated, and may be deemed to be under Riverfront Investment Group, LLC ("Riverfront") by virtue of indirect ownership by BFG. their common Additional is available in Riverfront’s Form ADV Part 2A Brochure. Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker- dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker- dealers, financial investment advisors, other services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. Baird is affiliated, and may be deemed to be under common control, with Strategas Asset Management, LLC (“Strategas”), by virtue of their common indirect ownership by BFG. including: Baird is affiliated, and may be deemed to be under common control, with Gamma Investing, (“Gamma”) by virtue of BFG’s and LLC Riverfront’s indirect minority ownership of Gamma and BFG’s and Riverfront’s representation on the board of directors of Gamma. Baird’s Broker-Dealer Activities Baird is engaged in a broad range of broker- dealer activities, individual and institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. Affiliated and Related Mutual Funds, ETFs and Investment Companies Certain Baird and Baird Advisors associates and certain management persons of Baird and Baird Advisors are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. Baird’s Other Investment Management Activities Baird and its Financial Advisors may, from time to time refer clients to Baird Advisors or to Baird Equity Asset Management, another investment management department of Baird or Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management. Baird Financial Advisors are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. and statement of Certain Affiliated and Related Parties Affiliated Broker-Dealers Baird is the investment adviser and principal underwriter for the Baird Funds. Baird Advisors provides investment management, administrative, and other services to the Baird Bond Funds. The Baird Bond Funds have investment objectives and strategies substantially similar to the portfolio strategies discussed above. Baird Equity Asset Management provides investment management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”), and Greenhouse Funds LLLP (“Greenhouse”) is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. CCM provides investment management and other services to certain Baird Funds pursuing global or international investment strategies (the “Chautauqua Funds”). As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus additional information available on Baird’s website at bairdassetmanagement.com/baird-funds. Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. 16 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Affiliated Private Funds for Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives those services. Additional compensation information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. funds are private pooled CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those investment vehicles that are not required to be registered with the SEC as investment companies. Affiliated Private Equity Funds information about those funds for and statement of CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those services. Additional those mutual funds, including information relating to the fees paid by investment management services, is available in the funds’ additional prospectus information. Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC Baird Venture Partners III Limited Partnership BVP III Affiliates Fund Limited Partnership Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend Income Trust Series, the Automated Quantitative Analysis (AQA®) Portfolio Series, and the AQA® Large- Cap Portfolio Series. Additional information about those investment products is available in the applicable prospectus and other fund documents. BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Limited Partnership Baird Venture Partners Management Company V, LLC funds and ETFs, Baird Venture Partners V Limited Partnership BVP V Affiliates Fund Limited Partnership those funds for BVP V Special Affiliates Fund Limited Partnership and statement of Baird Capital Partners Management Company V, LLC Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange- Traded Fund III. Additional information about those mutual including information relating to the compensation paid to Riverfront by investment management services, is available in each fund’s prospectus additional information. Baird Capital Partners V Limited Partnership BCP V Affiliates Fund Limited Partnership BCP V Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Venture Partners GP VI, LLC Baird Venture Partners VI LP BVP VI Affiliates Fund LP BVP VI Special Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management I LP Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products is available in the applicable prospectus and statement of additional information. Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP 17 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) BCGF I Special Affiliates LP BCGF I Affiliates Fund LP Baird Capital Management Company, LLC including for investment Baird Capital Global Fund Management II LLC Baird Capital Global Fund II Limited Partnership BCGF II Affiliates Fund Limited Partnership BCGF II Special Affiliates Limited Partnership Other Financial Industry Activities Baird has business relationships with investment managers separate and apart from Baird Advisors. Other investment management firms may select Baird, in its capacity as a broker- dealer, to execute portfolio trades for their clients, funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. That compensation is not paid to Baird Advisors or its associates. Baird Capital Management Company, LLC Baird Capital Global GP III LLC Baird Capital Global Fund III LP BCGF III Affiliates Fund LP BCGF III Special Affiliates LP Baird Capital Partners Europe Limited* Baird Capital Partners Europe II LP Baird Capital Partners Europe II Special Affiliates LP The Growth Fund * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. Certain Baird Principal Group-Related Entities Investment Advisor Private Equity Fund(s) Baird Principal Group Management Company I, LLC Baird Principal Group Partners Fund I Limited Partnership Baird Principal Group Management Company II, LLC Baird Principal Group Partners Fund II Limited Partnership Baird Principal Group Management Company, LLC Baird Principal Group Partners Fund III, LP Other Affiliated Financial Services Firms common Baird is affiliated, and may be deemed to be under control, with Baird Trust Company, a Kentucky-chartered trust company, by virtue of their common indirect ownership by BFG. To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, including Baird Advisors associates, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. In addition, an Access Person who has discretionary authority over client accounts must generally pre-clear his or her trades or obtain prior authorization from Baird’s Compliance Department before executing a trade. The Code also generally prohibits Access Persons who have discretionary authority over client accounts from executing a security transaction for their personal accounts during a blackout period seven days before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by 18 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird management or by Baird’s Compliance Department. A copy of the Code is available to clients or prospective clients upon request. objectives and strategies but may be subject to different fee schedules. Thus, Baird Advisors and Baird have an incentive to favor client accounts that generate a higher level of compensation. Baird’s Broker-Dealer and Related Activities related services bonds, mutual funds, In its broker-dealer capacity, Baird provides to clients, brokerage and including the purchase and sale of individual stocks, alternative investment products and other securities. Baird receives compensation based upon the sale of such investment products. Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients. For example, Baird Advisors conducts trading activity for advisory clients through trading personnel that are different from the trading personnel executing trades for Baird’s own accounts. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients. Baird’s Participation or Interest in Client Transactions Baird’s Investment Banking and Public Finance Activities time that investments municipal advisory, Baird and its affiliates and associates may buy or sell investments that are recommended to or owned by a client for their own accounts, or they may act as broker or agent for other clients buying or selling those investments. Those transactions may include buying or selling investments in a manner that differs from, or is inconsistent with, the advice given to a client, and those transactions may occur at or about the same are such recommended to or are purchased or sold for a client’s account. from time Baird and its associates, by reason of Baird’s investment banking or other broker-dealer, activities, may time acquire to information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information with respect to any client account. Other Interests Other sections of this Brochure also describe instances when Baird Advisors or Baird may recommend to clients, and may buy and sell for client’s accounts, securities in which Baird and its affiliates and associates have a material financial interest. For more information, please see “Other Financial Industry Activities and Affiliations” above and “Brokerage Practices” and “Client Referrals and Other Compensation” below. Through its Investment Banking and Public Finance Departments, Baird provides investment banking, securities underwriting and related services to various corporate, municipal, and other issuers of securities. Baird receives compensation and fees from such entities in connection with the services it provides. Baird may, therefore, have an incentive to favor the securities of issuers for which Baird provides such services over the securities of issuers for which Baird does not provide such services. From time to time, to the extent permitted by applicable law, rules and regulations, Baird Advisors may purchase securities for client accounts in offerings in which Baird acts as manager, co-manager, underwriter or placement agent. Such purchases are not made from Baird but from other participants in the offering. Generally, Baird will not receive direct compensation for the portion of securities allocated to Baird Advisors clients, although Baird may receive indirect compensation and other benefits by virtue of Baird Advisors’ clients’ participation on such offerings, such as ensuring the offering is fully-subscribed and successful. Baird Advisors will only purchase such securities in an offering for a client when it believes it is in a client’s best interest to do so. Addressing Conflicts Other Client Relationships The foregoing activities could create a conflict of interest with clients. Baird addresses these potential conflicts through disclosure in this Certain client accounts managed by Baird investment Advisors and Baird have similar 19 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  not typically use Baird’s institutional equity or fixed income trading departments to provide execution services, unless specifically requested or directed to do so by a client. transactions; and to make securities allocations trading platforms Baird Advisors may also purchase or sell debt obligations through electronic trading platforms. typically These electronic provide access to bids and offers from a greater number of dealers on a timely basis; however, these electronic platforms may impose an execution or transaction fee imbedded in the price paid or received for the debt obligation (i.e., a markup or markdown). to prevent them from Brochure and by adopting internal policies and procedures for Baird and its associates that require them to provide investment advice that is appropriate for advisory clients (based upon the information provided by such clients); that require them to seek to obtain “best execution” of that are advisory client designed to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. In addition, Baird has adopted a Code of Ethics and other internal trading policies and procedures relating to Baird’s and its associates’ trading activities that are designed improperly benefiting from the trading activities of Baird’s advisory clients. See “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Code of Ethics” above. Soft Dollar Benefits Baird Advisors does not receive research in addition to execution services from a broker- dealer in connection with its clients’ securities transactions. These research benefits are commonly referred to as “soft dollar benefits”. Baird Advisors may from time to time receive generic market commentaries or market research from broker-dealer firms. However, the receipt of those materials is not tied to the execution of client transactions. Baird Advisors seeks to select broker-dealers based upon the broker’s or dealer’s ability to provide best execution, and Baird Advisors will not cause clients to pay commissions (or markups or markdowns) higher than those charged by other broker-dealers for the purpose of obtaining soft dollar benefits. Furthermore, Baird Advisors does not select broker-dealers to execute transactions for client accounts based upon client referrals received from broker-dealers. Brokerage Practices Broker-Dealer Selection Baird Advisors will select the broker-dealers that will execute trade orders for a client’s accounts, unless the client has provided instructions to Baird Advisors to the contrary. As an investment adviser, Baird Advisors has an obligation to seek “best execution” of client trade orders. “Best execution” means that Baird Advisors must place client trade orders with those broker-dealers that Baird Advisors believes are capable of providing the best qualitative execution of client trade orders under the circumstances, taking into account the full range and quality of the services offered by the broker-dealer. When selecting a broker or dealer, Baird Advisors may consider the following factors: financial standing of executing firm and counterparty risk, execution capability and past execution performance; the terms and conditions imposed by the broker or dealer in connection with the trade; timeliness in rendering services; and continuity and quality of the overall provision of services. It is important to note that Baird Advisors’ best execution obligation does not require Baird Advisors to solicit competitive bids for each transaction or to seek the lowest available cost of trade orders, so long as Baird Advisors reasonably believes that the broker- dealer selected can be reasonably expected to provide clients with the best qualitative execution under the circumstances. Trade Aggregation, Allocation and Rotation Practices Baird Advisors may aggregate contemporaneous buy and sell orders for the accounts over which it has discretionary authority (a practice also known as bunching trades or block transactions). This practice may enable Baird Advisors to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist Baird Advisors in potentially avoiding an adverse effect on the price of a debt obligation that could result from simultaneously placing a number of separate, successive or competing, client orders. To avoid potential conflicts of interest, Baird Advisors has adopted an internal policy that it will 20 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  transactions in debt obligations with similar characteristics to meet the needs of clients not receiving an allocation in a block transaction. Baird Advisors generally aggregates buy and sell orders when executing trades for client accounts under its discretionary management when it has the opportunity to do so. However, Baird Advisors determines whether or not to utilize block transactions for a client in its sole discretion and Baird Advisors’ decision is subject to its duty to seek best execution. Baird Advisors will aggregate a client’s trade orders only when Baird Advisors deems it to be appropriate and in the best interests of the client, consistent with a client’s investment objectives and risk tolerance, and permitted by regulatory requirements. Directed Brokerage Baird Advisors will comply with any guidelines and/or limitations reasonably requested by a client relating to brokerage for the client’s account. Specific guidelines and/or limitations requested by clients vary from client to client based upon a client’s particular objectives and other factors. When possible, Baird Advisors will also observe any non-binding statement of client preferences with respect to brokerage direction. for the All advisory clients participating in a block transaction will receive for the debt obligation bought or sold the same execution price or spread to an applicable reference base rate or yield curve determined by Baird Advisors from time to time. As a result, the price or spread received by a client may be higher or lower than the price or spread the client may have received had the transaction been effected client independently from the block transaction. In addition, a client’s transaction costs may vary depending upon, among other things, the type of the debt obligations bought or sold, and securities’ sector, rating and index eligibility. If a client directs Baird Advisors to use a particular broker-dealer for execution of the client’s trade orders (a “directed brokerage arrangement”), and Baird Advisors agrees to the arrangement, a client should understand that Baird Advisors may be unable to achieve best execution for the client’s transactions. A client should note that any costs related to the directed brokerage arrangement are not included in Baird Advisors’ fee and that the client will be solely responsible for monitoring, evaluating and reviewing the arrangement with the directed broker-dealer and paying any commissions or markups or markdowns or other costs imposed by the directed broker-dealer. A client should also note that Baird Advisors generally will not aggregate the client’s directed brokerage trade orders with orders for other Baird Advisors’ clients. As a result, a client’s transaction costs may be higher because the client will not benefit from any volume discounts or other reduced transaction costs that Baird Advisors may obtain for its other clients. A client should further note that Baird Advisors will generally place the client’s trade orders with the directed broker-dealer after Baird Advisors completes its trading for other Baird Advisors’ client accounts. The client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier by Baird Advisors. As a result, the client may receive a less favorable net price for the trade. including issuer and If Baird Advisors aggregates a client’s directed brokerage trade orders with trade orders for other Baird Advisors’ clients, Baird Advisors may employ the use of “step-outs” to satisfy the client’s directed brokerage arrangement. A “step- out” occurs when an executing broker executes the trade and then “steps out” the trade to a The amount of debt obligations available in the marketplace, at a particular price or spread at a particular time, may not satisfy the needs of all clients participating in a block transaction and may be insufficient to provide full allocation across all client accounts. To address this possibility, Baird Advisors has adopted trade allocation policies and procedures that are designed to make debt obligation allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. If a block transaction cannot be executed in full at the same price or time, the debt obligations actually purchased or sold will generally be allocated based on the needs of the clients participating in the block transaction. When making an allocation, Baird Advisors, in its discretion, takes into consideration a client’s investment objectives, risk tolerance, strategies and investment guidelines and restrictions; the client’s cash needs and expected cash flows; and investment the client’s the composition of portfolio, sector its representation and its average maturities and duration, and the liquidity of the position size. Baird Advisors may conduct a series of 21 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in a directed transaction procedures, or other applicable SEC guidance. reallocating the transaction clearing broker (which would be the directed broker-dealer brokerage arrangement) that confirms and settles the trade. In such a case, a client will bear the costs of any commissions, markups or markdowns imposed by the executing broker-dealer in addition to the costs of any commissions, markups or markdowns imposed by the directed broker-dealer. As a result, a directed brokerage arrangement may be more costly to a client, as it may result in the client paying higher commissions, markups, markdowns and greater bid/offer spreads, or receiving a less favorable net price. If a client directs Baird Advisors to use a particular broker-dealer, and if the particular broker-dealer referred the client to Baird Advisors or if the particular broker-dealer refers other clients to Baird Advisors or Baird in the future, Baird Advisors or Baird may benefit from the client’s directed brokerage arrangement. Because of these potential benefits, Baird Advisors and Baird may have an economic interest in having the client continue the directed brokerage arrangement. The benefits that Baird Advisors and Baird receive conflict with the client’s interest in having Baird Advisors recommend that the client utilize another broker-dealer to execute some or all transactions for the client’s account. Trade Error Correction It is Baird’s policy that if there is a trade error for which Baird is responsible, Baird will take actions, based on the facts and circumstances surrounding the error, to put the client’s account in the position that it would have been in as if the error had not occurred, including by adjusting or reversing the transaction, entering an offsetting transaction, to another account (subject to the review and approval of the Compliance Department), or other methods that may be deemed appropriate by Baird. Errors caused by Baird Advisors or Baird will be corrected at no cost to client’s account, with the client’s account not recognizing any loss from the error. Baird may net gains and losses from a single error event involving more than one transaction in a security or transactions in multiple securities. The client’s account will be fully compensated for any losses incurred as a result of an error event. If the trade error results in a gain, the gain may be retained by Baird. However, it is Baird Advisors’ practice that the client typically retains the gain. If the gain is retained by Baird, such gain is not given to or shared with Baird Advisors or any Baird associate. Before directing Baird Advisors to use a particular broker-dealer, a client should carefully consider the possible costs or disadvantages of directed brokerage arrangements. Baird Advisors and Baird offer many services and, from time to time, may have other clients in other programs trading in opposition to a client. To avoid favoring one client over another client, Baird attempts to use objective market data in the correction of any trading errors. to individual debt the account’s performance compared to Cross Trading Involving Advisory Accounts Baird Advisors generally does not engage in cross transactions for client accounts. However, in the limited instance of when one or more clients need to buy and one or more clients need to sell put bonds, Baird Advisors may engage in cross transactions to the extent Baird Advisors believes it is in all applicable clients’ best interest to do so. Also, from time to time, Baird Advisors may engage in in-kind transactions involving a client’s purchase or sale of debt obligations from or to a Baird Bond Fund in exchange for shares of such Baird Bond Fund. Baird Advisors will only engage in such a transaction when Baird Advisors believes that the transaction is consistent with the client’s best interest. When effecting such transactions, Baird Advisors seeks to comply with the requirements of the Baird Bond Funds’ in-kind Review of Accounts Baird Advisors’ portfolio management team provides ongoing review of all Baird Advisors’ client accounts. The Baird Advisors’ portfolio management team generally performs daily reviews on each client account’s duration, yield curve position, sector allocation, overall portfolio obligations, exposure compliance with investment strategy and client-imposed guidelines, and deviation from other accounts using the same team strategy. The portfolio management generally reviews reports documenting each account’s the performance of a relevant benchmark index at least monthly. 22 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and Personal Trading” Baird Advisors generally provides written performance reports to clients on a quarterly basis. These quarterly performance reports contain the client account’s characteristics and performance summary. Baird Advisors may provide additional information in the performance report to meet the specific reporting needs of a client as the client and Baird Advisors may agree. Baird and Baird’s affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled “Other Financial Industry Activities and Affiliations”, “Code of Ethics, Participation or Interest in Client Transactions and “Brokerage Practices” above. in performance reports are A client’s account performance may be compared to a benchmark index or indices. The benchmark may be a blended benchmark that combines the returns for two or more indices. Benchmarks shown for informational purposes only. Baird Advisors’ selection and use of benchmarks is not a promise or guarantee that the performance of a client’s the stated account will meet or exceed benchmark. When the client compares account performance to the performance of a market index, the client should recognize that a market index merely reflects the performance of a list of unmanaged debt obligations included in the index and the index performance does not take into account management fees, execution costs, and other expenses related to the operation of a portfolio. The debt obligations included in a client’s account generally do not exactly mirror the debt obligations included in the index. Custody Each client is responsible for appointing the client’s custodian, which will have possession of the assets of the client’s account and settle transactions for the account. Clients receiving advisory services from Baird Advisors generally select a third party custodian unaffiliated with Baird to have custody of the client’s securities and other assets. A client who uses a third party custodian authorizes Baird Advisors to give instructions to the client’s custodian for all actions necessary or incidental to the purchase, sale, exchange, and delivery of debt obligations and other investments held in the client’s account. The client must also instruct the custodian: (a) to accept instructions from Baird Advisors relating to the purchase, sale, exchange, redemption or delivery of debt obligations or other investments in the account; (b) notify Baird Advisors promptly of any additions to, or withdrawals from, the account; and (c) to the extent applicable, disburse fees due to Baird Advisors. reports, Baird When preparing performance Advisors will generally rely on the value of a client’s assets provided by the client’s custodian. Baird Advisors and Baird do not verify or guarantee the accuracy of such valuation information. A client should understand that Baird Advisors does not monitor, evaluate or review any third party custodian. The client should also understand that the client will pay a custody fee in addition to the fee paid to Baird Advisors for separate accounts. While Baird Advisors does not act as custodian when the client selects a third party custodian, Baird Advisors may be deemed under Rule 206(4)-2 of the Advisers Act to have custody of client assets in certain circumstances, such as when the client has authorized Baird Advisors to deduct its advisory fees directly from a client's custody account. All clients for whom Baird is deemed to have custody will receive account statements, at least quarterly, directly from the client’s selected custodian. A client should carefully review those account statements and compare them with any account statements provided by Baird Advisors or Baird. Client Referrals and Other Compensation Baird Advisors and its associates do not receive compensation based upon the sale of securities or other investment products. Baird or Baird Advisors may provide compensation to other individuals who refer clients in some instances. When applicable, the compensation paid is a percentage of the client’s fee payments to Baird or Baird Advisors. The amount of compensation will vary, with the specific level determined based upon consideration of various factors including, but not limited to, the individual’s role in developing the client relationship and the assets under management. Baird may pay these fees to registered representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird. 23 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  understanding. When possible, Baird Advisors will also attempt to observe any non-binding statement of client preferences with respect to factors such as brokerage direction, holding periods, and securities selection. investment complete unlimited In the event that a client’s account is restricted from investing in certain investments, Baird Advisors will select such other replacement investments, if any, as it deems appropriate. Accounts with restrictions may perform differently from accounts without restrictions and performance may be poorer. In addition, in the event there is a change in the classification or credit rating of an investment held in the client’s account, a client’s investment restrictions may force Baird Advisors to sell such investment at an inopportune time, possibly negatively impacting account performance and causing the client’s account to realize taxable gains or losses, which could be significant. A client should also be aware that, if the client’s account holds any investment vehicle (such as a mutual fund or ETF), any investment restrictions the client places on the client’s account generally will not flow through to the investments owned by that investment vehicle. on the (e.g., Baird Advisors may use the discretionary authority granted to it by a client to invest the client’s accounts in mutual funds that pay fees to Baird or to any of its affiliates for investment advisory or other services they provide to the mutual funds (“affiliated investment products”). required to make statements, electronic Investment Discretion Clients generally give Baird Advisors the discretionary investment authority to determine the specific debt obligations independently purchased or sold and the amount of debt obligations purchased or sold. By executing an IMA with Baird Advisors, a client authorizes Baird Advisors to make investment decisions for the client’s account, with the authority to determine the amount, type and timing with respect to buying, holding, exchanging, converting and selling debt obligations and other assets for the client’s account, subject to the client’s portfolio strategy. The client’s IMA also grants to Baird Advisors trading and authorization and appoints Baird Advisors as agent and attorney-in-fact with respect to the client’s accounts and all related trading and other decisions. Pursuant to such authorization, Baird Advisors may, in its sole discretion and at the client’s risk, (a) purchase, sell, exchange, convert and otherwise trade the securities and other investments in the account; (b) arrange for delivery and payment in connection with the above, including the deposit of margin or collateral which shall include the transfer of money or securities to the extent necessary to meet the obligations of the account with respect to any investments made pursuant to the IMA; (c) on behalf of the account to (i) enter into agreements and execute certain documents binding brokerage client agreements, clearing agreements, and the Master Securities Forward Transaction Agreement, as applicable) investments pursuant to the IMA, which shall include market and/or industry standard documentation and the standard representations contained therein; and (ii) acknowledge the receipt of brokers’ risk trading disclosure disclosure statements and similar documents; and (d) act on the client’s behalf in all matters necessary or incidental to the handling of the account. Baird Advisors generally accepts reasonable limitations to its discretionary authority with respect to brokerage direction and investment selection, including the designation of particular investments or types of investments that should not be purchased for the client’s account. Any such limitations agreed to by client and Baird Advisors are generally included in the client’s investment policy statement, as an addendum to the client’s IMA or in a separate letter of By signing an IMA with Baird Advisors, a client consents to Baird Advisors investing all or a portion of the client’s account in affiliated investment products. The amount of fees received by Baird and its affiliates is described in the prospectus or other offering documents for the investment product. Baird Advisors will use its discretionary authority to invest the client’s account in affiliated investment products when Baird Advisors determines it to be in the client’s best interest to do so. Baird Advisors generally invests client accounts in individual securities and, in certain instances and to the extent approved by a client, Baird Bond Funds that mirror SMA strategies offered by Baird Advisors. Baird Advisors generally only invests client accounts in unaffiliated open-end mutual funds when that fund has an investment objective and strategy not available through a Baird Bond Fund. A client’s consent may be revoked at any time. 24 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Voting Client Securities Baird Advisors does not typically recommend or select for client accounts securities that have voting rights. However, by signing an IMA, clients authorize and delegate the right to Baird to vote proxies with respect to the securities held in their accounts. determining how the vote will be cast. For those matters for which the independent proxy voting service does not provide a specific voting recommendation, each portfolio manager will cast the vote in a manner he or she believes is in the best interest of clients. The votes cast for a client’s account may differ from those votes cast for other Baird Advisors or Baird clients based on differing views of portfolio managers. to clients upon their interests of Baird Advisors has adopted written policies and procedures that are reasonably designed to ensure that Baird votes client securities in the best interests of clients. Those procedures address material conflicts of interest that may arise between Baird Advisors’ or Baird’s interests and those of their clients. Although a description of Baird Advisors’ proxy voting policies and procedures is provided below, Baird Advisors will furnish a copy of its proxy voting policies and procedures request. Additionally, clients may obtain information on how Baird actually voted proxies with respect to the securities held in their accounts by contacting Baird Advisors by calling (414) 765-3500. In situations in which a client has delegated to Baird voting authority with respect to securities in the client’s account, Baird will vote proxies in a manner that Baird believes is consistent with the client’s best interests. The proxy voting policies and procedures also address instances in which Baird’s interests may interests. In appear to conflict with client situations where there is a potential conflict of interest, Baird’s Proxy Voting Sub-Committee will determine the nature and materiality of the conflict. If the conflict is determined to not be material, the Sub-Committee will vote the proxy in a manner the Sub-Committee believes is in the best the client and without consideration of any benefit to Baird or its affiliates. If the potential conflict is determined to be material, Baird’s Proxy Voting Sub-Committee will take one of the following steps to address the potential conflict: (1) cast the vote in accordance with the recommendations of ISS or other independent third party; (2) refer the proxy to the client or to a fiduciary of the client for voting purposes; (3) suggest that the client engage another party to determine how the proxy should be voted; (4) if the matter is not addressed by ISS, vote in accordance with management’s recommendation; or (5) abstain from voting. governance services, While Baird uses its best efforts to vote proxies, there are instances when voting is not practical or is not, in Baird’s or the portfolio managers’ view, in the best interest of clients. voting recommendations. Baird Advisors generally does not permit clients to direct particular votes once they have granted Baird Advisors discretionary voting authority. Clients wishing to vote securities may do so by terminating the discretionary voting authority granted to Baird Advisors. of claims against companies In the normal course of business Baird Advisors does not typically invest in equity securities on behalf of clients. In the event Baird Advisors clients hold voting securities, Baird utilizes an independent provider of proxy voting and corporate currently Institutional Shareholder Services (“ISS”), to analyze proxy materials and votes and make independent ISS provides proxy voting guidelines regarding its position on various matters presented by companies to their shareholders for consideration. Baird will typically vote shares in accordance with the recommendations made by ISS. However, ISS’s guidelines are not exhaustive, do not address all potential voting issues, and do not necessarily correspond with the opinions of the Baird Advisors portfolio managers. In the event the portfolio manager for a client’s account believes the ISS recommendation is not in the best interest of the client, the portfolio manager will bring the issue to Baird’s Proxy Voting Sub- Committee through a proxy challenge process. The Sub-Committee will then be responsible for In addition to the services described above, Baird has engaged ISS for vote execution and record- keeping services. Baird Advisors will generally not take any action or submit any forms or other applications for or on behalf of its separately managed account clients regarding any class action lawsuits or other legal claims (including notices in bankruptcy) to which clients may be entitled to participate. Rather, Baird Advisors, if they receive 25 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  any written materials related to the foregoing, will forward to client’s custodian any written materials they receive related to the foregoing. At a client’s request, Baird Advisors will forward information that Baird Advisors actually receives about such claims to the client or may provide information and assistance to the client in considering and responding to the materials. Baird Advisors does not, otherwise, offer legal or tax advice regarding clients’ investments, and a proper assessment or evaluation of the advantages and disadvantages of participating in class action lawsuits or of bringing other legal claims (and filing notices of claims legal in bankruptcy) require capable counsel. that: (i) the investment Financial Information Baird Advisors does not require or solicit prepayment of fees and, thus, has not included a balance sheet of Baird’s most recent fiscal year. Neither Baird nor Baird Advisors is aware of any financial condition that is reasonably likely to impair their ability to meet their contractual commitments to clients, nor has either been the subject of a bankruptcy petition at any time during the past ten years. Code (collectively, investment product product that pays investment advisory fees to Baird or any of its affiliates, Baird and its affiliates may receive such investment advisory fees in accordance with the terms of DOL PTE 77-4, and, as required thereby, Baird Advisors will waive its advisory fees on that portion of the assets invested in the affiliated investment product for such period of time so invested or Baird Advisors will offset the investment advisory fees received by Baird or any of its affiliates from the affiliated investment product against the advisory fee that Baird Advisors charges to the client. For the purpose of complying with the terms of DOL PTE 77-4, the client and each Retirement Account Fiduciary of the client acknowledge in the client’s IMA in affiliated investment products for the client’s account is appropriate because of, among other things, the investment goals, redeemability, liquidity, and diversification of those products; (ii) subject to Baird Advisors’ investment strategies, all assets of the client’s account may be invested in one or more of the affiliated investment products; (iii) the client and such Retirement Account Fiduciary received prospectuses or other offering or disclosure documents for the affiliated investment products that may be used in connection with the account, each of which include a summary of all fees that may be paid by the affiliated investment products to Baird or its affiliates; and (iv) the client received information concerning the nature and extent of any differential between the rate of such affiliated investment product fees and the advisory fees payable by the client to Baird Advisors. The differential between the fees to be charged by Baird Advisors for the investment advisory services it provides to the client and, if applicable, the investment advisory and other similar fees paid by the affiliated investment product to Baird or its affiliates with respect to the services Baird or any of its affiliates provides to the affiliated is the difference between Baird Advisors’ fee disclosed in the client’s IMA and the applicable investment management, investment advisory and other similar fees detailed in the applicable prospectus or other offering or disclosure documents for the affiliated investment product. Special Considerations for Retirement Accounts If a client’s account is a an account subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or an individual retirement account (“IRA”) subject to the Internal Revenue “Retirement Accounts”), each owner, trustee, responsible plan fiduciary, or other fiduciary (“Retirement Account Fiduciary”) of the client should understand that Baird Advisors or Baird may invest for the client, recommend that the client invest in, or make available for investment to plan participants, affiliated investment products, that Baird and its affiliates will receive fees or other compensation related to such investments, and that they will retain such compensation to the extent permitted by applicable law, rule or regulation, including, without limitation, Department of Labor (“DOL”) Prohibited Transaction Exemption (“PTE”) 77-4, DOL PTE 2020-02 or other advisory opinions issued by the DOL. If the client’s account is a Retirement Account and if Baird Advisors is directed to implement a directed brokerage arrangement for the account, each Retirement Account Fiduciary of the client should understand that the directed brokerage arrangement must be for the exclusive benefit of To the extent Baird Advisors, Baird or their affiliates rely upon PTE 77-4, each Retirement Account Fiduciary should understand that when Baird Advisors or Baird invests the assets of a Retirement Account in an affiliated investment 26 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and the fiduciary Fiduciary such Fiduciary is that for complying with all transactions, and the duty broker-dealer, and terminating monitoring a participants and beneficiaries of the Retirement Account responsibilities discussed in ERISA Technical Bulletin 86-1. Each should also Retirement Account solely understand responsible fiduciary responsibilities discussed in ERISA Technical Bulletin 86-1, including, without limitation, the duty to make an initial determination that the directed broker-dealer is capable of providing best execution for the client’s brokerage transactions, the duty to monitor the services provided by the directed broker-dealer so as to assure that the client has received best execution of the client’s brokerage to determine that the commissions paid by the client and any other fees or costs incurred by the client are reasonable in relation to the value of the brokerage and other services received by the client. The client and each Retirement Account Fiduciary of the client should also understand that the client and the client’s Retirement Account Fiduciaries are solely responsible for engaging a its directed performance directed brokerage arrangement, and that Baird Advisors is not responsible for determining whether a directed broker-dealer is capable of providing best execution. 27 Baird Advisors Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

Baird Equity Asset Management Brochure March 21, 2025 Baird Equity Asset Management 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Toll Free: 800-792-2473 www.bairdequityassetmanagement.com Chautauqua Capital Management 921 Walnut Street, Suite 250 Boulder, Colorado 80302 Toll Free: 800-792-2473 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 March 21, 2025. The following summary discusses the material changes that Baird Equity Asset Management has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Baird Equity Asset Management updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Advisory Business” for more information. • Baird Equity Asset Management decreased the minimum account size for new clients wishing to pursue a SAM Strategic/non-Custom SAM Strategy to $200,000. • Baird Equity Asset Management removed the sector limitations from the Mid Cap Growth Portfolio. See the Section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Srtrategies—Baird Equity Asset Management Growth Strategies” for more information. • Baird Equity Asset Management updated information about risks associated with recent events, such as those associated with potential market uncertainty caused by policy changes as the result of the recent U.S. Presidential election, Russia’s ongoing war with Ukraine, conflicts in the Middle East, the strained relationship between the U.S. and China, inflation, discord in U.S. politics, and other geopolitical events. See the Section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss— Principal Risks” for more specific information. • Baird Equity Asset Management updated information about Baird’s affiliates and related parties. See the Section of the Brochure entitled “Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents 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 ............................................................................................... 8 Private Funds ............................................................................................... 9 Other Compensation Received by Baird Equity Asset Management and Baird ................................................................................................ 9 Performance-Based Fees and Side-By-Side Management .............................. 10 Types of Clients............................................................................................. 10 Methods of Analysis, Investment Strategies and Risk of Loss ....................... 11 Investment Strategies ................................................................................. 11 Methods of Analysis .................................................................................... 16 Portfolio Investments .................................................................................. 19 Principal Risks ............................................................................................ 21 Disciplinary Information ............................................................................... 28 Other Financial Industry Activities and Related Parties ................................ 29 Baird’s Broker-Dealer Activities .................................................................... 30 Baird’s Other Investment Management Activities ............................................ 30 Certain Affiliated and Related Parties ............................................................ 30 Other Financial Industry Activities ................................................................ 33 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................................................................ 33 Code of Ethics ............................................................................................ 33 Baird’s Participation or Interest in Client Transactions ..................................... 33 Brokerage Practices ...................................................................................... 35 Baird Equity Asset Management’s Trading Practices ........................................ 35 Other Managers’ Trading Practices ................................................................ 41 Trade Execution Services Performed by Baird ................................................. 41 Review of Accounts ....................................................................................... 42 Portfolios Managed by Baird Equity Asset Management ................................... 42 Accounts Managed by Other Managers .......................................................... 43 Other Information ...................................................................................... 43 Client Referrals and Other Compensation ..................................................... 43 Custody ......................................................................................................... 43 Separate Accounts ...................................................................................... 43 Private Funds ............................................................................................. 44 Investment Discretion .................................................................................. 44 Voting Client Securities ................................................................................. 46 Baird Equity Asset Management and CCM ...................................................... 46 Other Manager Strategies ............................................................................ 47 Financial Information.................................................................................... 47 Special Considerations for Retirement Accounts ........................................... 47 iii Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  analysis and research, analysis planning; investment and account transactions and Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird include: portfolio management and offers recommendations analysis; investment regarding asset allocation and strategies; and recommendations regarding investment managers and individual securities; investment consulting; policy financial development; performance monitoring. Baird also offers clients execution of administrative brokerage services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers its services separately or in combination with other services. to clients, including the by clients providing Baird participates in wrap fee programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid portfolio for management services under those wrap fee programs. Baird’s website under management, to obtain a brochure As of December 31, 2024, Baird had approximately $342.1429 billion in regulatory assets approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. Advisory Business This Brochure describes the investment advisory services that Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients through Baird Equity Asset Management, an investment management department of Baird, and Chautauqua Capital Management (“CCM”), a group or division within Baird Equity Asset Management. For purposes of this Brochure, the term Baird Equity Asset Management shall include CCM unless otherwise noted. Separate brochures describe other investment advisory services that Baird offers to its clients and discuss the agreements, fees and potential conflicts of interest associated with each service. This Brochure also references other documents that contain additional important information about Baird. Those documents describe the types of services that Baird offers to clients and certain types of investments it makes available terms, conditions, fees and costs applicable to those services and investments and certain risks and conflicts of interest associated with those services and investments. Those documents are available on at bairdwealth.com/retailinvestor. Included on that website is Baird’s Form CRS Client Relationship Summary. A client of Baird who is a retail investor should have already received a copy of that document. A client or prospective client who for another wishes investment advisory service provided by Baird, or a paper copy of any of the other documents referenced in this Brochure, including the Client Relationship Summary, should call Baird toll-free at 1-800-792-2473. The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. investment advisory services The Client-Baird Fiduciary Relationship Baird is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Baird Equity Asset Management is deemed to have a fiduciary relationship with a client when providing the that are described in this Brochure. Robert W. Baird & Co. Incorporated Baird is privately-held, employee-owned global 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 or other benefits that create a potential for conflict between the interests of clients and the interests of Baird Equity Asset Management and Baird. Baird Equity Asset Management and Baird generally address potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements that contain Baird is owned indirectly by its associates through is owned several holding companies. Baird directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. 1 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  about individuals (the SAM Custom Portfolio strategies. CCM offers two (2) primary equity investment strategies: the International Growth Equity Portfolio; and the “CCM Global Growth Equity Portfolio Strategies”). Baird Equity Asset Management also manages client portfolios according to other strategies selected by clients (“Other Baird Equity Asset Management Strategies”, and with the Baird Equity Asset Management Growth Strategies, the SAM Strategies, and the CCM Strategies, the “Baird Equity Asset Management Strategies”). information providing investment advice to clients, and the agreements clients enter into with Baird Equity Asset Management and Baird. In addition, Baird has adopted internal policies and procedures for Baird Equity Asset Management and Baird that require them to: provide investment advice that is appropriate for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; act with utmost care and good faith in dealings with advisory clients; and seek to obtain “best execution” of advisory client transactions. The specific business practices that create potential conflicts of interest with clients and additional measures used by Baird Equity Asset Management and Baird to address them are discussed in other sections of this Brochure. Baird Equity Asset Management also makes available to clients certain investment strategies that are offered by other managers (“Other Managers”), which may include affiliates of Baird (the “Other Manager Strategies”). A client should note that registration as an investment adviser does not imply a certain level of skill or training. below Equity Asset Management Subject to the agreement of Baird Equity Asset Management, a client may impose reasonable restrictions on the securities or types of securities to be held in the client’s account. Please see “Investment Discretion” for more information. Clients may negotiate with Baird Equity Asset Management to provide other investment advisory services. offered by Baird generally include All of the investment strategies discussed in this Brochure may not be appropriate for every client. Baird Equity Asset Management will only select or recommend those strategies believed to be suitable for a particular client. Baird Equity Asset Management Baird offers professional portfolio management to separate account clients desiring investments in equity and investment advisory balanced portfolios. The Equity Asset services Management portfolio management, asset allocation, investment advice and consulting services, performance reporting, and related account services. Baird Equity Asset Management also provides investment advisory services to certain mutual funds and private limited partnerships. Separate Accounts to the A client that wishes to retain the services of Baird Equity Asset Management will enter into an investment management agreement with Baird Equity Asset Management. The investment management agreement will contain the specific terms applicable client’s advisory relationship with Baird Equity Asset Management. to select an A client is responsible for providing to Baird Equity Asset Management and any Other Manager managing the client’s portfolio information that Baird Equity Asset Management or the Other Manager reasonably requires in order to provide the services selected by the client including, but not limited to, any investment policy statement and anticipated liquidity needs. Baird Equity Asset Management and the Other Manager will rely on this information when providing its advisory services. A client is also responsible for informing Baird Equity Asset Management manages client portfolios with full investment discretion and tailors its advisory services to the individual needs of clients. Baird Equity Asset Management analyzes a client’s specific needs and risk investment strategy tolerance appropriate for the client. Baird Equity Asset Management offers two (2) primary growth investment strategies: a Mid Cap Growth Portfolio; and a Small/Mid Cap Growth Portfolio (the “Baird Equity Asset Management Growth Strategies”). Baird Equity Asset Management also offers Specialized Asset Management (“SAM”) portfolio strategies “SAM Strategies”), (the consisting of SAM Large Cap Core Portfolio strategies; SAM Strategic Portfolio strategies and 2 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Management an advisory fee in addition to the wrap fee they pay to the Program Sponsor. Baird Equity Asset Management and the Other Manager in writing of any material change in circumstances that might materially affect the manner in which the client’s assets should be invested. fee programs, Program Under such wrap Sponsors generally assist a client with the selection of Baird Equity Asset Management (or may have the discretion to select Baird Equity Asset Management) to manage the assets in the client’s account maintained at the Program Sponsor. They generally also provide trade execution services and custodial services for the client’s account as part of the wrap fee paid by the client. Important Note for Wrap Fee Program Clients. Baird Equity Asset Management manages client assets under wrap fee programs sponsored and administered by Baird and unaffiliated parties (the “Program Sponsors”). A list of Program Sponsors is included on Schedule D to Baird’s Form ADV Part 1A, which is available at the SEC’s website at www.adviserinfo.sec.gov. accounts, including Baird Equity Asset Management participates in those wrap fee programs in one of two ways. First, Baird Equity Asset Management may manage client portfolios with full investment discretion. Alternatively, Baird Equity Asset Management may provide the Program Sponsor with model portfolios, or other advice or consulting services regarding the asset allocation strategies, that the Program Sponsor provides to clients. Clients participating, or considering participating, in a wrap fee program sponsored by Baird should also review Baird’s Form ADV Part 2A Wrap Fee Program Brochure in addition to this document. Baird’s Wrap Fee Program Brochure contains additional important information not contained in this document that applies to Baird wrap fee program important information about the services, fees, costs and expenses and conflicts of interest that apply to those accounts. Clients who select Baird Equity Asset Management to manage their assets within wrap fee programs typically do so under either a “single contract” or “dual contract” arrangement. the for executing in wrap fee programs “Brokerage Practices” If Baird Equity Asset Management is selected to manage the assets in a client account maintained by the Program Sponsor, Baird Equity Asset Management will manage the client’s account with full investment discretion. Unless the client or Program Sponsor directs Baird Equity Asset Management to do otherwise, Baird Equity Asset Management will select the broker-dealers that will execute client trades. To the extent deemed appropriate by Baird Equity Asset Management pursuant to its duty to seek best execution, Baird Equity Asset Management may place orders with broker-dealers other than the Program Sponsor. As a result, a client may incur costs in addition to the wrap fee paid to the Program Sponsor if the executing firm charges a commission, markup or trade. Clients markdown participating are encouraged to read carefully the Section below for more entitled information. Under a single contract arrangement, a client enters into an agreement with the Program Sponsor and the Program Sponsor, in turn, enters into a subadvisory or similar agreement with Baird Equity Asset Management on the client’s behalf. This type of arrangement is frequently referred to as a single contract arrangement because there is only one contract between the client and the Program Sponsor; the client does not have an agreement directly with Baird Equity Asset Management. Clients with single contract arrangements typically pay an asset-based wrap fee to the Program Sponsor and, out of that wrap fee, the Program Sponsor pays an advisory fee to Baird Equity Asset Management. services, Baird Equity If Baird Equity Asset Management provides the Program Sponsor with model portfolios, advice or consulting Asset Management will not manage the client’s account or select broker-dealers to execute client trades. Under a dual contract arrangement, the client has two contracts; one contract with the Program Sponsor and another contract with Baird Equity Asset Management. Clients with a dual contract to Baird Equity Asset arrangement pay 3 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Private Funds sections entitled “Fees If a client is participating in a wrap fee program, the client should review the client’s agreement with the Program Sponsor and the Program Sponsor’s Form ADV Part 2A Brochure for a full description of the services provided and fees charged by the Sponsor. A client should also review and the Compensation” and “Investment Discretion” below for more information. with Baird Equity CCM provides services on a investment discretionary basis to three private investment funds, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the New World Growth Equity Series, a series of the Chautauqua Series Fund, LLC (the “Chautauqua Private Funds”), which are private pooled investment vehicles that are not required to be registered with the SEC as investment companies. Baird serves as the general partner or manager of the Chautauqua Private Funds. Chautauqua Private Fund interests are not publicly offered for sale and are not registered with the applicable securities regulators. Investors in the Chautauqua Private Funds must be accredited investors and qualified clients pursuant to federal and state securities laws. the entitled “Fees Important Note about the Other Manager Strategies. The Other Manager Strategies are made available to clients under a single contract arrangement Asset Management, that is, a client enters into an agreement with Baird Equity Asset Management and Baird Equity Asset Management, in turn, enters into a subadvisory agreement with the Other Manager on the client’s behalf. If a client selects an Other Manager Strategy, the client authorizes and directs Baird Equity Asset Management to appoint the Other Manager to serve as sub-adviser to the client’s account. The client also authorizes and directs the Other Manager to manage the client’s portfolio with full discretionary authority in accordance with the Other Manager Strategy selected by the client. See and sections Compensation” and “Investment Discretion” below for more information. Mutual Funds Baird Equity Asset Management provides investment management and other services to certain mutual fund series of Baird Funds, Inc. investing primarily in equity securities (the “Baird Equity Funds”). Additional information about the services Baird Equity Asset Management provides is available in the prospectuses and statements of additional information for those Baird Funds, which are available on the Baird Funds’ website at bairdassetmanagement.com/baird-funds. is available Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc., and CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust. Additional information about the services that Baird Equity Asset Management and CCM provide to those funds in the prospectuses and statements of additional information for those funds. CCM is responsible for managing the Chautauqua Private Funds’ investment portfolios pursuant to the investment objectives and investment policies of the Chautauqua Private Funds that are stated in each Chautauqua Private Fund’s private offering memorandum. CCM determines what investments will be purchased, held, sold, or exchanged. Baird is responsible for all major operational decisions of the Chautauqua Private Funds and appoints service providers to perform administrative, accounting, custody and investor services for the Chautauqua Private Funds. These services include, but are not be limited to, processing subscriptions and redemptions of interests in the Chautauqua Private Funds, calculation of the net asset value of each Chautauqua Private Fund, preparation of the financial statements, preparation of all reports to limited partners of the Chautauqua Private Fund including the IRS K‐1, administration of the capital accounts of the Chautauqua Private Fund’s limited partners or members, transfers of limited partner interests and management of overhead functions for the Chautauqua Private Funds. Baird may amend the applicable Limited Partnership Agreement or Operating Agreement without the consent or approval of the limited partners or members (as the case may be), so long as at least sixty (60) days prior written notice of the amendment is given in advance, to all limited partners or members, as applicable. Such amendments may be made at the absolute discretion of Baird and may involve any or all provisions of the applicable agreement or any 4 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to the structure or other matters relating operation of those Funds. Additional information about the Chautauqua Private Funds and the services that CCM provides to them is available in the offering memoranda for those funds. 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. Fees and Compensation Separate Accounts Advisory Fees A client’s investment management agreement will set forth the actual compensation a separate account client will pay to Baird Equity Asset Management. In most instances, a client pays Baird Equity Asset Management an ongoing fee based upon the value of assets in the client’s account (an “asset-based fee”). The typical asset- based fee varies depending upon the total value of the client’s assets in the account, as shown in the fee schedule below. Fee Schedule For purposes of calculating a client’s asset-based fee, the value of assets in a client’s account is generally determined by Baird. Baird generally determines the value of the assets in the client’s account using prices from third party pricing services. However, if the client has its assets held by a custodian other than Baird and if the third party pricing service does not provide a price for assets in the client’s account, Baird will rely upon the price reported by the client’s third party custodian. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of alternative investment products in a client’s account. SAM Portfolios Value of Assets Annual Fee Rate On the first $10,000,000 0.75% in-depth On the next $40,000,000 0.60% On the remaining assets 0.50% Mid Cap Growth Portfolio Small/Mid Cap Growth Portfolio Value of Assets Annual Fee Rate On the first $50,000,000 0.70% On the next $50,000,000 0.60% On the remaining assets 0.55% for CCM International Growth Equity Portfolio CCM Global Growth Equity Portfolio Value of Assets Annual Fee Rate On the first $100,000,000 0.70% On the remaining assets 0.50% Baird Equity Asset Management and Baird do not review of valuation conduct an information provided by third party pricing services, issuers, sponsors or custodians, and they do not verify or guarantee the accuracy of such information. Baird Equity Asset Management and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such valuations is unreliable. The prices obtained by Baird from third party pricing services, issuers, sponsors and custodians may differ from prices that could be obtained fee- from other sources. Values used calculation purposes may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an account, and the fee for some securities may be calculated based on values that are greater than the amount a client would receive if the securities were actually sold from the client’s account. its equivalent held Baird Equity Asset Management will calculate its fee by applying the applicable fee rate to the value of all of the assets in the client’s account, including cash or for investment. Liabilities held in a client's accounts, including the value of margin debit balances, open short sale positions and open options positions If a client maintains a balance in the client’s margin account with Baird, such balance has no bearing on the asset-based advisory fees charged on client’s account. In other words, the margin balance (i.e., the outstanding amounts of the margin loan a client owes to Baird) in client’s 5 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  account will not be applied to reduce the client’s billable account value in calculating the advisory fee. Management or Baird may automatically debit a client’s account for the fees and other charges in the event that Baird does not receive payment from the client within thirty (30) days of the date of the invoice. Baird Equity Asset Management or Baird may rescind a direct billing arrangement with a client at any time. Baird Equity Asset Management or Baird may modify a client’s existing fees and other charges or add additional fees or charges by providing the client with sixty (60) days’ prior written notice. terminates client’s The account value used for the advisory fee calculation may differ from that shown on a client’s account statement or performance report due to a variety of factors, including the client’s use of margin, options, short sales, and other considerations. If a client has assets held by a third party custodian, the prices shown on a client’s account statements provided by the custodian may be different from the prices shown on statements and reports provided by Baird due to the use of different valuation sources by the custodian and Baird. If either Baird Equity Asset Management or the client investment the management agreement, a pro-rated refund from the date of termination through the end of the applicable billing period will generally be made to the client in the client’s account. Generally, Baird Equity Asset Management will not implement a decrease in the client’s fee rate during a billing period or otherwise reimburse or adjust advisory fees during any such period for asset value appreciation or depreciation in a client’s account during such period. For example, if a client’s account is subject to a tiered or breakpoint fee schedule and the asset levels of the account move into a new tier or cross a breakpoint during such period, no rebate or fee adjustment will be made. However, Baird Equity Asset Management, in its sole discretion, may make fee adjustments in response to asset fluctuations in a client’s account occurring during a billing period that result from contributions to, or withdrawals from, the client’s account. A client’s fees are payable in accordance with the terms of the client’s investment management agreement. Typically, fees are payable on a calendar quarterly basis, in advance. The initial billing period begins when the client’s investment management agreement is signed by the client and accepted by Baird and the account is opened by Baird Equity Asset Management (the “Opening Date”). The initial fee payment will be adjusted for the number of days remaining in the then current quarter. The initial advisory fee will be based on the value of assets deposited in the client’s account. The period which such payment covers shall run from the Opening Date through the last business day of the then current calendar quarterly billing period. Thereafter, the quarterly fees shall be calculated based upon the account’s asset value on the last business day of the prior calendar quarter and shall become payable on the first business day of the then current calendar quarter. agrees, to an Some or all of the assets in a client’s account may be invested in an institutional share class of one or more mutual funds within Baird Funds, Inc. (the “Baird Funds”), for which Baird serves as investment adviser. If any assets are held in any of the Baird Funds, Baird Equity Asset Management generally will not charge the fees set forth above on those assets, unless those assets are held through a wrap fee program (including wrap fee programs sponsored by Baird), in which event Baird Equity Asset Management’s fee will generally be assessed on those assets. individual The minimum asset value to open a Growth Strategy account is $20,000,000, a SAM Custom account is $1,000,000, a SAM Strategic/non- Custom SAM account is $200,000, and a CCM Strategy account is $100,000,000. For the Baird fees and charges will be The asset-based automatically deducted from the client’s account, unless the client requests, and Baird Equity Asset Management alternate arrangement, such as having Baird Equity Asset Management issue the client an invoice for the fees (“direct billing”). Direct billing may not be available for retirement plan accounts or other accounts subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or retirement accounts (“IRA”) subject to the Internal Revenue Code (collectively, “Retirement Accounts”). If a client’s account is subject to direct billing, the client is required to pay each bill within thirty (30) days of the date of the invoice. Baird Equity Asset 6 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Equity Asset Management Growth and SAM Strategies, Baird Equity Asset Management generally imposes a minimum annual fee of $7,500. For the CCM Strategies, clients may be subject to a minimum fee, which will be set forth in the client’s agreement. Unless otherwise agreed in writing, the minimum fee will apply if a client’s portfolio asset value falls below the minimum account value. A client should note that this will cause the client to pay a fee at a higher rate than shown in the table above. Clients with single contract arrangements typically pay an asset-based wrap fee to the Program Sponsor and, out of that wrap fee, the Program Sponsor pays an advisory fee to Baird Equity Asset Management. The portion of the wrap fee paid to Baird Equity Asset Management varies from program to program based upon the rate negotiated by the Program Sponsor, taking into account the investment strategies being pursued, the amount of client assets involved, and the level of services to be provided. Specific information on the advisory fee payable to Baird Equity Asset Management will be provided by the applicable Program Sponsor. For information on the amount, calculation and billing of the wrap fee charged by the Program Sponsor, clients should consult with the Program Sponsor or refer to their wrap fee program agreement or the Program Sponsor’s Form ADV Part 2A Wrap Fee Program Brochure. The advisory fee and minimum account value applicable to a client are negotiable in certain instances and may vary based upon a number of factors, including but not limited to, whether a client is participating in a wrap fee program, the size and nature of the assets in the client’s account, the client’s particular investment style or objective, and any particular services requested by the client. In some instances, clients may pay a higher fee than indicated in the fee schedule above. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to the factors identified above. Baird Equity Asset Management may enter into other fee arrangements with eligible clients. Clients with a dual contract arrangement pay to Baird Equity Asset Management an advisory fee in addition to the wrap fee they pay to the Program Sponsor. Baird Equity Asset Management’s advisory fee under a dual contract arrangement is negotiable and may vary depending upon the investment strategies being pursued, the amount of client assets involved, and the level of services to be provided. The actual fee that the client will pay to Baird Equity Asset Management will be set forth in the client’s investment management agreement with Baird Equity Asset Management. Baird Equity Asset Management will generally calculate and charge such client fees in the manner more fully described above. The fee schedule set forth above is the current fee schedule for new clients of Baird Equity Asset Management. Baird Equity Asset Management has had other fee schedules in effect, which may reflect fees that are lower or higher, as the case may be, than those shown above. As new fee schedules are put into effect, they are made applicable only to new clients, and fee schedules applicable to existing clients are not affected. Therefore, some clients may pay different fees than those shown above. from In most cases, the wrap fee paid by a client includes only certain trade orders executed through the Program Sponsor. A client should be aware that Baird Equity Asset Management may frequently “trade away” the Program Sponsor. A client may, therefore, incur trading costs in addition to the wrap fee paid to the Program Sponsor. See “Brokerage Practices” below for more information. Other Fees and Expenses Other Manager Strategies Fees. The Other Manager Strategies are provided under a single contract arrangement. Under the single contract arrangement, Baird Equity Asset Management is responsible for paying the Other Manager its fee out of the fee that the client pays to Baird Equity Asset Management. Wrap Fee Programs. As discussed above, clients who select Baird Equity Asset Management to manage their assets within wrap fee programs typically do so under either a “single contract” or “dual contract” arrangement. In addition to Baird Equity Asset Management’s fee described above, a client of Baird Equity Asset Management may incur other fees and expenses. The asset-based fee only covers portfolio management and investment advice provided by Baird Equity Asset Management, and a client will pay for other services, such as custody and trade 7 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  stamp duties, or any other costs or fees mandated by law or regulation. about Baird Equity execution, separately in addition to Baird Equity Asset Management’s fee. Please see the section entitled “Brokerage Practices” below for more Asset information Management’s trading practices. their own internal A client is responsible for bearing or paying, in addition to Baird Equity Asset Management’s fee, the costs of all: fees, distribution (12b-1) • commissions, markups, markdowns, fees, accounting and spreads charged by broker-dealers that buy securities from, or sell securities to, the client’s account (such costs may be inherently reflected in the price the client pays or receives for such securities), including for the CCM Strategies, local charges, fees, commissions and taxes imposed on transactions foreign securities effected in foreign markets; • underwriting discounts, dealer concessions or similar fees related to the public offering of investment products; • custody fees; fee. A client • extra or special fees or expenses that may result from the execution of odd lot trade orders (i.e., “odd-lot differential”); • electronic fund fees, wire transfer fees, and similar fees or expenses related to account transfers; Certain investment products, such as mutual funds, exchange traded funds (“ETFs”), and other similar investment pools (collectively, “investment funds”), have fees and expenses that are borne either directly or indirectly by their holders, including a client. These fees and expenses may include investment management fees, shareholder servicing fees, transfer agency fees, networking fees, marketing support payments, administration fees, custody fees, expense reimbursements, and expenses associated with executing securities transactions for the investment product’s portfolio (“ongoing operating expenses”). These ongoing operating expenses are separate from, and in addition to, Baird Equity Asset Management’s fee. As a result of making investments in these types of products, a client should be aware that the client is paying multiple layers of fees and expenses on the amount of the client’s assets so invested—the ongoing operating expenses and Baird Equity Asset Management’s is also responsible for any redemption fees or similar fees that the fund or its sponsor may impose on the client. A client should review the prospectus or other applicable offering documents for each investment fund in which the client invests for further information. • currency conversions and transactions; conversions, the conversion including, without • securities of American limitation, Depositary Receipts (“ADRs”) to or from foreign ordinary shares; • interest, fees and other costs related to margin accounts, short sales and options trades; Clients who have accounts managed by Baird Equity Asset Management may also have other accounts with Baird that are not managed by Baird Equity Asset Management. Those accounts may be subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the services provided by Baird Equity Asset Management. related to the • fees establishment, administration or termination of Retirement Accounts, retirement or profit sharing plans, trusts or any other legal entity; • fees imposed by the SEC or securities markets, including transaction fees imposed by electronic trading platforms, which fees may be imbedded in the price the client receives for the security; and Mutual Funds As compensation for their services, Baird Equity Asset Management and CCM receive fees from each mutual fund they advise, which fees are disclosed in each fund’s prospectus and statement of additional information. Other fees that are payable as an investor in a mutual fund are described in the fund’s prospectus and statement of additional information. imposed upon or resulting • taxes from transactions effected for a client’s account, such as income, transfer or transaction taxes, foreign 8 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments expenses by in each investor’s the standard Private Funds As compensation for CCM’s services in managing the Chautauqua Private Funds, Baird charges a monthly fee in arrears that is calculated based on a pro‐rata share of the Chautauqua Private Fund’s net asset value held by each investor as of the close of business on the prior month’s valuation date, reduced by any redemptions on such date and increased by any capital contributions on the open date immediately succeeding such prior month’s valuation date (i.e., on the open date for the current month). The first business day of each month will be the Fund’s “open date” and the close of business on the immediately prior business day will be the Fund’s “valuation date”. Redemptions and new subscriptions will occur once a month. Each investor’s annual fee will be disclosed subscription agreement and CCM may alter, reduce or waive entirely the management fee to any investor at its sole discretion. However, fee schedule is as follows: Management Fee Schedule Chautauqua International Growth Equity QP Fund, LP limited to, insurance costs, legal, administration and accounting fees, custodial fees, brokerage commissions and securities transaction costs, the expenses of printing and mailing reports to investors, transfer and distribution agent charges, expenses of any security holders’ meetings, interest and taxes, advisory fees paid with respect in any non‐affiliated money to market mutual fund, any and all costs incurred in connection with computing the value of the assets, any and all costs and expenses incurred in connection with the dissolution, winding up, or the Funds and any other termination of extraordinary the incurred Chautauqua Private Funds in their course of business. Until each of the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua International Growth Equity QP Fund, LP has a total of at least $25,000,000 in assets, and at all times for the New World Growth Equity Series, a series of the Chautauqua Series Fund, LLC, CCM tax, administrative, legal, will bear routine accounting, insurance, and all other costs of the Fund to the extent these costs exceed 1/12th of .25% of the Fund’s net asset value as of each monthly valuation date. Chautauqua Global Growth Equity QP Fund, LP Value of Assets Annual Fee Rate On the first $100,000,000 0.70% On the remaining assets 0.50% Chautauqua New World Growth Equity Series in Value of Assets Annual Fee Rate All assets 1.00% An investor may, on any valuation date redeem all or a portion of its interests with thirty (30) days written notice to CCM. Investors in the Chautauqua Private Funds will be subject to restrictions on transferability and resale of their interest the Chautauqua Private Funds. Additionally, there may be specific limitations on the redemptions and withdrawals. Limited partners should refer to the Confidential Offering Memorandum and Chautauqua Private Fund Agreement for details regarding redemptions, withdrawals, transfers, and re‐sales. Other Compensation Received by Baird Equity Asset Management and Baird Baird Equity Asset Management. Baird Equity Asset Management and its associates generally do not receive compensation based upon the sale of securities or other investment products, and the compensation Baird pays to Baird Equity Asset Management’s associates generally remains the same regardless of the type of investment product recommended to clients or purchased for client accounts. Baird. Baird is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended The management fees are negotiable and some investors pay management fees that are different from the standard fee rates and an investor in the Chautauqua International Growth Equity QP Fund, LP pays management fees that include or consist of a performance fee. The management fees will accrue as expenses of the Chautauqua Private Funds and will be taken into account when determining each investor’s account’s net asset value. Accounts under $25,000,000 may pay more than the standard fee. In addition to the management fees charged by Baird to the the Chautauqua Chautauqua Private Funds, Private Funds will also pay or reimburse Baird, as general partner or manager, for Chautauqua Private Fund expenses incurred in connection with the business of the Funds. The Chautauqua Private Funds’ expenses may include, but are not 9 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to a performance-based fee arrangements (the “Exchange Act”), and in such capacity, Baird provides brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, private investment funds, and other securities, and sales of life insurance policies and annuities. Baird receives compensation based upon the sale of such securities and other investment products, including asset-based sales charges and service fees on the sale of mutual funds. made in compliance with applicable provisions of Rule 205-3 under the Advisers Act. A client’s agreement fee arrangement may create an incentive for Baird Equity Asset Management to recommend or invest a client’s account in riskier or more speculative products than would be the case in the absence of a arrangement. performance-based also fee Performance-based present a potential conflict of interest for Baird Equity Asset Management and Baird with respect to client accounts they also manage that are not subject to performance-based fee arrangements because such arrangements give Baird Equity Asset Management and Baird an incentive to favor client accounts subject to performance-based fees over client accounts that are not subject to performance-based fees. Performance-based fee arrangements could also create an incentive for Baird to over‐value certain assets held by clients. generally addresses compensation and other products. Baird conflicts of interest The compensation received by certain Baird Equity Asset Management sales professionals and Baird described above presents a conflict of interest because it gives Baird and those Baird Equity Asset Management sales professionals an incentive to recommend investment products based upon the compensation received rather than on a client’s needs. However, when providing investment advisory services to clients, Baird Equity Asset Management and Baird are fiduciaries and are required to act solely in the best interest of clients. Baird Equity Asset Management and Baird address this conflict through disclosure in this Brochure and by adopting internal policies and procedures that are designed to ensure that investments made for client accounts are appropriate for the client (based upon the information provided by the information about client). For more specific benefit Baird’s arrangements and how Baird addresses the potential conflicts of interest, please see the sections “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. to make securities allocations In addition to complying with its fiduciary duties by disclosing this conflict of interest to clients this Brochure, Baird Equity Asset through Management potential conflicts of interest posed by performance-based fee arrangements by capping the amount of performance-based fees that may be earned with to a client’s account. By capping respect performance-based fees, Baird Equity Asset Management attempts to reduce the incentive to invest a client’s account in riskier or more speculative Equity Asset Management and Baird attempt to minimize potential posed by performance-based fee arrangements through internal trade allocation procedures that are designed to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. Baird has also adopted policies and procedures reasonably designed to support fair valuations of securities in client accounts. Baird Equity Asset Management will purchase for client accounts, or will recommend the purchase of, various investment products, including “no load” mutual funds or mutual funds with waived sales loads. A client has the option to purchase investment products through other brokers or agents that are not affiliated with Baird. or other business Types of Clients Baird Equity Asset Management offers its services to all types of current or prospective clients, including, but not limited to: individuals; banks or thrift institutions; pension and profit sharing plans; trusts; estates; charitable organizations; corporations entities; government entities, endowments, private funds, and registered investment companies. Applicable Performance-Based Fees and Side-By- Side Management Baird Equity Asset Management and Baird advise client accounts that are subject to performance- based fee arrangements. Performance-based fee arrangements involve the payment of fees based upon the capital gains or capital appreciation of a client’s account. Any such fee arrangements are 10 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  requirements for opening or maintaining an account with Baird Equity Asset Management, such as minimum account size, are discussed in the section entitled “Fees and Compensation— Advisory Fee” above. certificates of deposit. In addition, Baird Equity Asset Management may invest all of a client’s assets in cash or short-term, investment grade debt obligations as a temporary defensive position during adverse market, economic or political conditions and in other limited circumstances. Specialized Asset Management Portfolio Strategies SAM Large Cap Core Portfolios Methods of Analysis, Investment Strategies and Risk of Loss Investment Strategies Baird Equity Asset Management Growth Strategies Portfolio will emphasize in Mid Cap Growth Portfolio. The Mid Cap Growth Portfolio primarily invests in medium-sized, high- quality growth companies holding leadership positions within their industries that Baird Equity Asset Management’s portfolio managers believe are capable of producing above average growth in a variety of market environments. The Portfolio will emphasize companies with a market capitalization within the range of companies in the Russell Midcap® Growth Index at the time of investment. As of February 28, 2025, the market capitalization of companies the Russell MidCap® Growth Index ranged from $991.9 million to $198.6 billion. In an attempt to minimize risk, the Portfolio is generally diversified among companies in a broad range of industries and economic sectors. high-quality SAM Dividend Growth Portfolio. The Dividend large- Growth capitalization, high-quality growth companies holding leadership positions within their industries that the portfolio managers believe are capable of producing consistent dividend growth and performance in a variety of market environments. The Portfolio will emphasize companies with a market capitalization over $5 billion. The Portfolio will strive to achieve a dividend yield equal or greater than the S&P 500. The Portfolio will not invest in MLPs, preferred stocks, options or convertible securities. In an attempt to minimize risk, the Portfolio is diversified in a broad range of industries and economic sectors. The limit for any one sector is the greater of 30% of the Portfolio or double the weighting of the applicable sector in the S&P 500 Index. The Portfolio may not have full exposure to sectors where satisfactory growth opportunities are not available. Investments in (ADRs) will American Depository Receipts generally be limited to no more than 15% of equity assets. industries it Small/Mid Cap Growth Portfolio. The Small/Mid Cap Growth Portfolio primarily invests in small- and medium-sized, growth companies holding leadership positions within their that Baird Equity Asset Management’s portfolio managers believe are capable of producing above average growth in a variety of market environments. The Portfolio will emphasize companies with a market capitalization within the range of companies in the Russell 2500® Growth Index at the time of investment. As of February 28, 2025, the market capitalization of companies in the Russell 2500® Growth Index ranged from $1.2 million to $32.8 billion. In an attempt to minimize risk, the Portfolio is generally diversified among companies in a broad range of industries and economic sectors. or Similar Large Cap Core Growth Portfolio. The Large Cap Core Growth Portfolio emphasizes large cap, high- quality growth companies holding leadership positions within their industries that Baird Equity Asset Management’s portfolio managers believe are capable of producing consistent performance in a variety of market environments. The Portfolio will emphasize companies with a market capitalization over $5 billion. However, a portion of the equities may be allocated to small- and medium-sized company stocks when, in Baird Equity Asset Management’s opinion, is appropriate. In an attempt to minimize risk, the Portfolio is generally diversified among companies in a broad range of industries and economic sectors, with sector limits for any one sector at the greater of 30% of the Portfolio or double the weighting of the applicable sector in the S&P 500® Index. The Portfolio may not have full Investments; Temporary Cash Strategies. Under normal market conditions, up to 10% of a client’s portfolio may be invested in cash or similar short-term, investment grade debt obligations such as U.S. government obligations, repurchase agreements, commercial paper or 11 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  exposure to sectors where satisfactory growth opportunities are not available. • real estate (which may include U.S. and trusts real estate investment foreign (“REITs”)); • investment products complex or the equity that pursue non- alternative traditional, investment (“Alternative strategies Strategies”) or that involve special risks not apparent in more traditional investments (“Alternative Investment Products”); and • commodities, commodity-linked instruments, currencies and currency-linked instruments; and • cash and cash equivalents. rating The amount allocated to each asset class and type of investment varies by Portfolio. However, some Portfolios may have no allocation to one or more asset classes or types of investments described above. In order Large Cap Balanced Portfolio. The equity portion of the Large Cap Balanced Portfolio includes the same types of securities utilized in the Large Cap Core Growth Portfolio or SAM Dividend Growth the absence of specific client Portfolio. In guidelines, investments generally range from 45% to 75% of total Portfolio value over a full market cycle. The fixed income portion of the Portfolio consists of high-quality securities, which may include a mix of U.S. Treasury, U.S. government agency, corporate bonds or municipal bonds selected to provide a consistent source of income and reduced principal risk. Individual fixed income securities must be rated investment grade or better at the time of purchase by a nationally recognized organization, statistical indirectly hold below although clients may investment grade or unrated income fixed securities through their mutual fund and ETF holdings. to achieve adequate diversification, mutual funds managed or selected by Baird that satisfy the foregoing guidelines may be used. ETFs may also be utilized. SAM Strategic and SAM Custom Portfolios funds and ETFs provide Baird Equity Asset Management may invest the account in individual securities to implement the asset allocation. Baird Equity Asset Management may also use mutual funds and ETFs in order to achieve diversification across different asset classes. Baird Equity Asset Management believes mutual broad diversification, which contributes to Portfolio risk control. The SAM Strategic and Custom Portfolio Strategies are model asset allocation portfolios that have different investment objectives. Each SAM Strategic or Custom Portfolio provides for specific levels of investment across different asset classes, such as: funds and ETFs • equity securities issued by U.S. large cap, mid cap and small cap companies (which may include value and growth companies); income (which may or municipal • short-term, intermediate-term and long-term fixed issued by U.S. securities companies and obligations issued by U.S. or state governments or their agencies (which may include high-yield corporate bonds, asset- backed securities, and municipal securities); • equity and fixed income securities issued by foreign companies and governments (which may include companies and governments in emerging markets); Depending on the SAM Portfolio, the SAM Strategic or Custom Portfolio may invest in mutual that have various investment objectives and strategies, including but not limited to, the following: large cap, mid cap and small cap strategies (which may include value, growth or core strategies), short-term, intermediate-term and long-term fixed income include high-yield strategies corporate strategies); bond international and global equity and fixed income strategies, real estate strategies, commodities strategies, currency strategies, and Alternative Strategies. For additional information regarding the characteristics of the mutual funds and ETFs used in a SAM Strategic or Custom Portfolio, clients should contact Baird Equity Asset Management or review the applicable prospectus. • non-traditional assets or specialty investments (“Specialty Investments”), which may include: 12 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  mutual funds and ETFs that in turn principally invest in those securities. The SAM Strategic or Custom Portfolio Strategies generally accommodate both taxable and tax- exempt accounts of clients. “Other Financial Baird Equity Asset Management may use mutual funds and ETFs affiliated with Baird, including mutual funds in the Baird Funds family. This interest. For more presents a conflict of information, Industry see Affiliations and Activities” below. SAM Strategic Portfolios. The SAM Strategic Portfolios are described below. SAM Moderate Growth Portfolio (70/30). The SAM Moderate Growth Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio seeks a target allocation of 70% equity securities, foreign equity securities and Specialty Investments and 30% fixed income securities, foreign fixed income securities and cash. Under normal market conditions, this Portfolio primarily invests its assets in equity securities, fixed income securities and foreign securities and mutual funds and ETFs that in turn principally invest in those securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Specialty Investments and cash. SAM All Growth Portfolio. The SAM All Growth Portfolio seeks to provide aggressive growth of capital. Under normal market conditions, this Portfolio seeks a target allocation of 98% equity securities, foreign equity securities and Specialty Investments and 2% cash. Under normal market conditions, this Portfolio generally invests nearly all of its assets in equity securities and foreign equity securities and mutual funds and ETFs that in turn principally invest in those securities. This Portfolio may also invest in other asset classes described above, including Specialty Investments and cash. SAM Moderate Growth Portfolio (Tax-Exempt) (70/30). The SAM Moderate Growth Portfolio (Tax-Exempt) has the same objective, underlying investments, target allocations and risk profile as the SAM Moderate Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in municipal securities and mutual funds and ETFs that in turn principally invest in those securities. SAM Capital Growth Portfolio (80/20). The SAM Capital Growth Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio seeks a target allocation of 80% equity securities, foreign equity securities and Specialty Investments and 20% fixed income securities, foreign fixed income securities and cash. Under normal market conditions, this Portfolio primarily invests its assets in equity securities, fixed income securities and foreign securities and mutual funds and ETFs that in turn principally invest in those securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Specialty Investments and cash. SAM Balanced Growth Portfolio (60/40). The SAM Balanced Growth Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio seeks a target allocation of 60% equity securities, foreign equity securities and Specialty Investments and 40% fixed income securities, foreign fixed income securities and cash. Under normal market conditions, this Portfolio primarily invests its assets in equity securities, fixed income securities and foreign securities and mutual funds and ETFs that in turn principally invest in those securities. This Portfolio normally will have a higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Specialty Investments and cash. SAM Capital Growth Portfolio (Tax-Exempt) (80/20). The SAM Capital Growth Portfolio (Tax- Exempt) has the same objective, underlying investments, target allocations and risk profile as the SAM Capital Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in municipal securities and SAM Balanced Growth Portfolio (Tax-Exempt) (60/40). The SAM Balanced Growth Portfolio (Tax-Exempt) has the same objective, underlying investments, target allocations and risk profile as 13 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the SAM Balanced Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in municipal securities and mutual funds and ETFs that in turn principally invest in those securities. SAM Conservative Growth Portfolio (Tax-Exempt) (50/50). The SAM Conservative Growth Portfolio (Tax-Exempt) has the same objective, underlying investments, target allocations and risk profile as the SAM Conservative Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in municipal securities and mutual funds and ETFs that in turn principally invest in those securities. SAM Custom Portfolio. A SAM Custom Portfolio provides a client with a customized level of investment across one or more of the asset classes described above. The custom model asset allocation strategy is determined by the client with the assistance of Baird Equity Asset Management. SAM Strategic Income (60/40). The SAM Strategic Income Portfolio seeks to provide growth of capital and current income via interest and dividends. Under normal market conditions, this Portfolio seeks a target allocation of 60% equity securities, foreign equity securities and Specialty Investments and 40% fixed income securities, foreign fixed income securities and cash. Under normal market conditions, this Portfolio primarily invests its assets in equity securities, fixed income securities and foreign securities and mutual funds and ETFs that in turn principally invest in those securities. This Portfolio normally will have a higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes, including Specialty Investments and cash. The SAM Strategic Income Portfolio will invest a significant portion of its assets in the SAM Dividend Growth Portfolio described above. to many The descriptions of the SAM Strategic Portfolios are current as of the date of this Brochure. However, Baird Equity Asset Management may change the objective, investments, or target allocations for any Portfolio at any time. Baird Equity Asset Management may also offer other model portfolios from time to time. A client should note that the client’s actual asset allocation will vary over time from the target asset allocation due including market factors, appreciation or depreciation of the assets in the client’s portfolio, deposits and withdrawals made by the client, and investment restrictions, if any, imposed by the client. include SAM Strategic Income (Tax Exempt)(60/40). The SAM Strategic Income Portfolio (Tax-Exempt) has the same objective, underlying investments, target allocations and risk profile as the SAM Strategic Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in municipal securities and mutual funds and ETFs that in turn principally invest in those securities. Some SAM Strategies target asset allocation percentages for equity and/or fixed income investments in the names or descriptions of the strategies (e.g., 80-20, 60-40, 40-60, 20- 80, etc.). A client should note that those percentages are intended to be asset allocation targets only. There is no guarantee that accounts following asset allocation strategies will be invested strictly in accordance with target asset allocations. It is likely that the actual investments in accounts following those strategies will vary, sometimes significantly, from the target asset allocations and may include other asset classes due to market conditions and Baird Equity Asset Management’s assessment of how to best invest a client’s accounts. CCM Strategies the International Growth Equity Portfolio. Under normal market conditions, International Growth Equity Portfolio primarily invests its assets SAM Conservative Growth Portfolio (50/50). The SAM Conservative Growth Portfolio seeks to provide modest growth of capital and some current income. Under normal market conditions, this Portfolio seeks a target allocation of 50% equity securities, foreign equity securities and Specialty Investments and 50% fixed income securities, foreign fixed income securities and cash. Under normal market conditions, this Portfolio primarily invests its assets in equity securities, fixed income securities and foreign securities and mutual funds and ETFs that in turn principally invest in those securities. This Portfolio normally will have a similar asset allocation to equity securities as fixed income securities. This Portfolio may also invest in other asset classes described above, including Specialty Investments and cash. 14 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  regions around receipts sectors. Under valuation to the broad market. As of December 31, 2024, the median market capitalization of companies held in the Global Growth Equity Portfolio was approximately $64.6 billion. The Global Growth Equity Portfolio generally invests in a limited number of securities, typically ranging between 35‐45 companies, but seeks to be diversified in terms of currencies, regions and economic normal market conditions, CCM expects that annual turnover in the Portfolio will generally be below 40%. The benchmark for the Global Growth Equity strategy is currently the MSCI ACWI Index®. or Similar Cash Investments; Temporary Strategies. Under normal market conditions, up to 10% of a client’s portfolio may be invested in cash or similar short-term, investment grade debt obligations such as U.S. government obligations, repurchase agreements, commercial paper or certificates of deposit. In addition, CCM may invest all of a client’s assets in cash or short- term, investment grade debt obligations as a temporary defensive position during adverse market, economic or political conditions and in other limited circumstances. sectors. Under in equity securities of companies located in different the world. Equity include common or ordinary securities may representing an shares, depositary ownership interest in ordinary shares, preferred stocks. The International Growth Equity strategy typically excludes U.S. headquartered companies. The Portfolio in developed invests primarily markets but may invest in emerging and less developed markets. The Portfolio seeks to own securities that CCM expects to exhibit higher than average growth. The Portfolio uses both a top down and a bottom up approach to determine which securities to purchase. The companies in which the Portfolio invests tend to have medium to large market capitalizations, with higher average profits growth rates, better profitability and less debt than their benchmarks, but often trade at a premium valuation to the broad market. As of December 31, 2024, the median market capitalization of companies held in the International Growth Equity Portfolio was approximately $48.0 billion. The International Growth Equity Portfolio generally invests in a limited number of securities, typically ranging between 25‐35 companies, but seeks to be diversified in terms of currencies, regions and economic normal market conditions, CCM expects that annual turnover in the Portfolio will generally be below 40%. The benchmark for the International Growth Equity strategy is currently the MSCI ACWI ex-US Index®. The International Growth Equity Portfolio and the Global Growth Equity Portfolio alone are not intended to satisfy a client’s entire portfolio diversification needs. Those Portfolios involve investments in a limited number of securities and are subject to concentration risks. See the Section titled “Principal Risks-Concentration Risks” below for more information. located Other Baird Equity Asset Management Strategies Baird Equity Asset Management also manages client assets in accordance with other investment strategies specifically designed for a client in light of a client’s particular needs. Other Manager Strategies to determine which securities Clients that are considering engaging an Other Manager are urged to review the Other Manager’s Form ADV Part 2A Brochure (“Other Manager Brochure”) for information about the strategies the Other Manager offers. Other Manager Brochures may be obtained by contacting Baird Equity Asset Management at the phone number listed on the cover of this Brochure. Global Growth Equity Portfolio. Under normal market conditions, the Global Growth Equity Portfolio primarily invests its assets in equity securities of companies in different regions around the world. Equity securities may include common or ordinary shares, depositary receipts representing an ownership interest in ordinary shares, preferred stocks. The Global Growth Equity strategy may include U.S. headquartered companies. The Portfolio invests primarily in developed markets but may invest in emerging and less developed markets. The Portfolio seeks to own securities that CCM expects to exhibit higher than average growth. The Portfolio uses both a top down and a bottom up to approach purchase. The companies in which the Portfolio invests tend to have medium to large market capitalizations, with higher average profits growth rates, better profitability and less debt than their benchmarks, but often trade at a premium 15 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Benchmarks portfolios which target investment returns in relationship to specified benchmarks will, because of the specialized nature of their objectives, frequently employ investment strategies that produce a higher turnover of investment holdings. A Portfolio may target the annual rate of return of a specific benchmark index or indices that Baird Equity Asset Management determines relevant. The benchmark may also be a blended benchmark that combines the returns for two or more indices. The securities selected by Baird Equity Asset Management generally will not mirror the assets in their respective benchmark indices. There can be no assurance that any particular portfolio strategy will be successful in achieving the client’s investment goals and objectives. Baird Equity Asset Management will refrain from providing services to clients who have an investment objective that does not match an investment style or philosophy of Baird Equity Asset Management, set unrealistic expectations considering current market and economic conditions, prescribe unreasonable investment restrictions, or utilize benchmarks that are inappropriate for their stated objectives and goals. Baird Equity Asset Management’s investment philosophy and processes are further described below. releases and other Baird Equity Asset Management Growth and SAM Strategies Equity Investments and Federal Reserve for sources For the purpose of selecting individual equity investments the Baird Equity Asset Management Growth and SAM Strategies, Baird Equity Asset Management relies principally on fundamental analysis to evaluate the relative strength of companies and to isolate a universe of desirable securities. The investment philosophy of Baird Equity Asset Management is based on the belief that the value of a business over the long- term is primarily determined by the earnings growth and profitability of that business. Baird Equity Asset Management’s approach in applying this philosophy is to focus on the long-term, to invest in quality, growth companies, and to control investment risk. Baird Equity Asset Management’s philosophy is applied consistently across all growth equity products. Methods of Analysis Baird Equity Asset Management both develops its own research and valuation systems and uses such services provided by others. Information provided by others includes company-issued literature (e.g., annual reports, prospectuses, press information) and analyses by many outside investment firms. Bank Government publications, financial and other newspapers, journals and corporate ratings services (e.g., Moody's, Standard and Poor’s) as well as (e.g., information electronic data Bloomberg, Morningstar, Dow Jones, Reuters, FactSet, MarketSurge and William O’Neil) may provide data for security analysis and general economic information. Baird Equity Asset Management may also utilize research reports created by other departments of Baird. Baird Equity Asset Management may also employ the use of computers and third party application software to more readily display information and to assist with the evaluation and analysis. Although Baird Equity Asset Management uses information and tools that Baird Equity Asset Management deems reliable, Baird Equity Asset Management does not independently verify or guarantee the accuracy of the information or tools used. Baird Equity Asset Management seeks to construct each Baird Equity Asset Management Growth Strategy Portfolio so that is comprised of companies which reflect PRIME growth factors. These factors are analyzed as part of Baird Equity Asset Management’s investment process and are represented in the following ways: • Durable Profitability. Companies with attractive margins and favorable margin trends can drive superior earnings growth. Baird Equity Asset Management provides portfolio advice and management for investors desiring long-term investments and does not service speculators seeking to optimize results through short-term trading. Consequently, Baird Equity Asset Management focuses on the investment rather than speculative value of equity and debt securities. Nevertheless, changing investment viewpoints, security prices or other factors might lead at times to short holding periods for selected institutional securities. Certain tax-exempt • Sustainable Revenue Growth. Solid barriers to entry, favorable pricing, and demonstrated 16 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  product/service track record can aid top-line prospects. • Favorable Industry dynamics. • Leveraging key tools, such as Baird Equity Asset Management’s proprietary tier-board, which provides a visual representation of portfolio positions and enables discussion on relative weights of our underlying positions. it relates to • Management strength and integrity is a critical element of a high quality company. Growth, profitability, and shareholder returns provide insight into management effectiveness. Baird Equity Asset Management seeks companies with management who position their company’s balance sheet to be a source of strength. factors) on forecasts. Issues and to business cycles may • Understanding market Expectations of a company is important in assessing risk/return opportunities. As the Baird Equity Asset Management Growth Strategies, Baird Equity Asset Management bases the valuation of a security (i.e., the determination of whether a security is “cheap” or “expensive” in terms of its historical profitability, long-range prospects and fundamental analysis and other economic industry groupings that have historically demonstrated sensitivity require valuation adjustments. Baird Equity Asset to Management may sell a security due achievement of valuation targets, significant change in the initial investment premise, or fundamental deterioration. it relates to Baird Equity Asset Management believes an analysis of these PRIME factors yields insights to the competitive strength of a business model. Baird Equity Asset Management applies the following strategies when purchasing securities for a Portfolio: avoiding short-term • Intentionally trading strategies and rapid shifts in industry positions. • Setting sector limits at the greater of 30% of the Portfolio’s style or double the weighting of the Portfolio’s benchmark index in any one sector, as defined by such index. considers • Typically holding the securities of fewer than 70 least 20 companies with exposure to at industries. international As the Baird Equity Asset Management Growth Strategies, Baird Equity Asset Management may use technical analysis (which includes insider transaction data and graphic representations of price, volume and other characteristics for a security) to assist in determining the timing of purchases or sales of securities after an analysis of fundamental or cyclical factors relevant to the security. Baird Equity Asset Management the expanding role of government worthy of continuing review from both a macro- and micro- economic standpoint, and at times, its analysis of factors related to domestic or political and regulatory influences on economic processes is an important factor in investment decisions. • Seeking securities whose growth prospects, in Baird Equity Asset Management’s opinion, are not reflected in their current stock prices. Fixed Income Investments For the purpose of selecting individual fixed income investments for the Baird Equity Asset Management Growth and SAM Strategies, Baird Equity Asset Management focuses on what it considers to be high-quality securities, which may include a mix of U.S. Treasury, U.S. government agency, corporate bonds or municipal bonds. Individual fixed income securities must generally be rated investment grade or better at the time of purchase by a nationally recognized statistical rating organization, although clients may indirectly hold below investment grade or unrated • Limiting the size of any one new position. No security will represent more than 5% of the Portfolio total assets at the time the security is purchased for the model Portfolio unless the security represents more than 5% of the total assets of the Portfolio’s benchmark index, in which event the security may represent more than 5% of the Portfolio if Baird Equity Asset Management determines to invest above such level. This limitation does not apply to the purchase of a security for a client’s account if the security’s weighting in the Portfolio strategy selected for the account already exceeds 5%. 17 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fixed income securities through their mutual fund and ETF holdings. relatively lower management fees and turnover ratio. When selecting ETFs, Baird Equity Asset Management prefers ETFs that have relatively lower expense ratios and prices per share. Mutual Fund and ETF Investments CCM Strategies Investment Committee for inclusion limited For the purpose of selecting mutual funds and ETFs for the Baird Equity Asset Management Growth and SAM Strategies, Baird Equity Asset starts with Baird’s Management generally Recommended Mutual Fund List, which is designed to include mutual funds and ETFs across numerous asset classes. When selecting funds for inclusion on the List, Baird generally seeks mutual funds and ETFs that have investment managers with tenure of at least five (5) years and have underlying investments that adhere to the fund’s market capitalization policy and are consistent with the manager’s stated investment process and philosophy. Baird generally looks for funds that are among the top-performing funds in a style category in terms of risk-adjusted returns or that are managed by individuals or firms that have demonstrated success in other, related asset classes; that have performance histories showing sufficient ability to achieve returns in excess of their respective style index; and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird’s Asset Manager Research Department is primarily responsible for assisting with selecting and evaluating mutual funds included on the List. is ultimately Baird’s responsible for selecting funds included on the List. The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Aggregate Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Mid Cap Growth Fund, mutual funds affiliated with Baird, have been selected by Baird in Baird’s Recommended Mutual Fund List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select affiliated mutual funds for Baird’s Recommended Mutual Fund List are the same as those used for unaffiliated mutual funds. performance does or when valuations CCM constructs and manages quality growth international (non U.S.) and global (worldwide) portfolios with the primary objective of long term capital appreciation. Investments are generally made in the securities of companies that possess long-term appreciation potential adjusted for risk. CCM seeks companies that it believes are likely to benefit from current macro-economic and global trends. CCM’s investment process involves a simultaneous assessment of both top-down and bottom-up factors. The objective of CCM’s top down analysis is to identify trends in economic and business developments and to understand the economic and currency impacts in the countries where the companies are doing business. With respect to its bottom-up research, CCM evaluates both qualitative factors as well as quantitative screens to aid in the selection of companies for further analysis. Before making an investment, CCM will consider the reasonableness of the company’s valuation. Environmental, social and governance (“ESG”) issues are incorporated into CCM’s investment process. CCM believes that ESG factors can affect investment returns to various degrees and seeks to understand pertinent ESG topics that are relevant to individual companies that are being considered for investment in the portfolios. CCM seeks to identify and analyze the material ESG issues that may impact a business’s key profit drivers and therefore the equity valuation, as well as the business’s ability to manage those ESG risks. Examples include, but are not to, corporate governance structure, climate change, supply chain integrity, labor practices and human resource management. CCM will typically sell or reduce a position to mitigate specific risk, to take advantage of better opportunities, to avoid country risks, when not meet operational expectations are unreasonable. Other Manager Strategies that have demonstrated Baird Equity Asset Management then performs an additional level of review and selects mutual funds and ETFs that meet its criteria. Generally, Baird Equity Asset Management seeks funds and ETFs: investment consistency; that provide upside capture; that have relatively good long-term performance; that have a strong organization and investment team and significant manager tenure; and that have Clients that are considering engaging an Other Manager are urged to review the Other Manager’s Brochure for information about its methods of analysis and how the Other Manager selects investments. Other Manager Brochures may be 18 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Asset Management Strategies—Specialized (“SAM”) Portfolio Strategies” above. obtained by contacting Baird Equity Asset Management at the phone number listed on the cover of this Brochure. CCM Strategies Portfolio Investments Baird Equity Asset Management Growth Strategies their equivalent). Receipts (“GDRs”), CCM invests primarily in common stocks but may also invest in other equity securities (including preferred stocks and In addition, when CCM invests in foreign issuers, it may use foreign ordinary shares, ADRs, Global Depositary European Depositary Receipts (“EDRs”) and other similar investment instruments. In certain instances, CCM may implement its strategies using ADRs instead of using securities that are traded in foreign markets. Baird Equity Asset Management may invest client accounts in, and provides advice on, the following types of securities: equity securities (exchange- listed, over-the-counter, ADRs, and foreign- corporate debt issued), warrants, options, securities, commercial paper, certificates of deposit, municipal securities, mortgage- and asset-backed securities, collateralized mortgage obligations and United States government and United States Federal Agency securities. In some instances, clients may be invested in non- investment grade bonds (sometimes referred to as “high yield” or “junk” bonds). In addition, Baird Equity Asset Management may invest client assets in securities of investment companies, such as money market funds, mutual funds, ETFs, other registered investment companies, and other investment pools that invest in securities or track securities-related indices. CCM could use derivative instruments, including forward foreign currency contracts, options, futures, ETFs and certain other derivative instruments. Such instruments would principally be used for hedging and risk management purposes, including hedging the international stock investments from the risk of a strong U.S. dollar. Such instruments may also be used to serve as a substitute for underlying securities or currency positions to enable market participation or provide liquidity. Other Manager Strategies in other registered Other Managers generally invest client accounts in, and provides advice on, equity securities (exchange-listed, over-the-counter, ADRs, and foreign-issued). In addition, Other Managers may invest client assets in securities of investment companies, such as money market funds, mutual funds, ETFs, investment companies, and other investment pools that invest in securities or track securities-related indices. Other Managers may also invest client accounts in other types of investments, such as warrants, options, debt securities, commercial paper, and certificates of deposit, in certain circumstances. Clients are urged to review the Other Manager’s Brochure for more information. Additional Important Information Baird Equity Asset Management may also invest a client’s account in REITs, commodities and other non-traditional assets. Baird Equity Asset its Management does not normally use discretionary authority to purchase interests in limited partnerships. However, certain circumstances, Baird Equity Asset Management may invest a client’s account in hedge funds or other private funds. Short sales and margin transactions are not generally used. However, a client may specifically request Baird Equity Asset Management to consider using those strategies. Baird Equity Asset Management may include investments in options or futures contracts as a normal part of its portfolio advice and management services, but will only offer such services in limited instances. The use of these strategies and products involves special risks, and a client should not engage in these strategies unless the client understands these risks. See “Principal Risks” below for more information. SAM Strategies The types of investments used by Baird Equity Asset Management for the SAM Portfolios is “Investment described under the heading Alternative Strategies involve special risks not apparent in more traditional investments like stocks and bonds. Some Alternative Strategies invest in non-traditional assets, such as real estate, commodities (which may include metals, mining, energy and agriculture products), and currencies. Some Alternative Strategies engage in the use of margin or leverage or selling securities 19 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investment Additional information short (“short sales”). Some Alternative Strategies invest in derivative instruments such as options, convertible securities, futures, swaps, or forward Products contracts. Alternative generally engage in one or more Alternative Strategies. about Alternative Strategies and Alternative Investment Products is provided below Non-Traditional Assets assets, like real than, the traditional investments. Investing involves forward contracts are financial contracts that derive value based upon the value of an underlying asset, such as a security, commodity, currency, or index. Derivative instruments may be used as a substitute for taking a position in the underlying asset. Derivative instruments may also be used to try to hedge or reduce exposure to other risks. They may also be used to make speculative investments on the movement of the value of an underlying asset. The use of derivative instruments involves risks different from, or possibly greater risks associated with investing directly in securities and other in derivatives also generally leverage. Derivatives are also generally less liquid, and subject to greater volatility compared to stocks and bonds. Alternative Investment Products Non-traditional estate, commodities, and currencies, may be used for diversification purposes. They may also be used to try to reduce market and inflation risk. The performance of non-traditional assets may not correspond to the performance of the stock markets generally, and investments in non- traditional assets will generally impact an account’s returns differently than more traditional investments like stocks or bonds. Leverage Alternative Investment Products typically invest primarily in non-traditional assets or engage in one or more Alternative Strategies. Alternative Investment Products include, but are not limited to: REITs and mutual funds and ETFs that engage in Alternative Strategies. instruments. While returns, Leverage generally attempts to obtain investment exposure in excess of available assets through the use of borrowings, short selling and other leverage can derivative potentially enhance can also it exacerbate losses if changes in the markets, or the values of the investments subject to the leverage, are adverse to the strategy being pursued. The use of leverage may also increase an account’s volatility. Short Sales In addition, a client should be aware that more traditional investments, such as mutual funds, and ETFs may also pursue Alternative Strategies, thereby making them Alternative Investment Products. A client should carefully review the prospectus or other offering document for each investment and understand the strategy being pursued before deciding to invest. Additional Important Information losses in Certain mutual funds and ETFs in a client’s account may engage in short selling. When selling securities short, a firm borrows securities from a broker-dealer and sells them at a particular price on the belief it will be able to buy the securities at a lower price in the future, make a profit and close out the loan. Short selling thus runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. those Options and Other Derivative Instruments Derivative Instruments The use of Alternative Strategies or Alternative Investment Products is not appropriate for some clients because they involve special risks. A client should not engage in those strategies or invest in those products unless the client is prepared to experience significant the client’s portfolio. This is especially true for short selling, which can result in unlimited losses as there is no limit to the amount borrowed securities can rise in value. See “Principal Risks” below for more information. Before using types of strategies or products, a client is strongly urged to discuss them with Baird Equity Asset Management. Certain mutual funds and ETFs in a client’s instruments. account may use derivative such as options, Derivatives swaps, and convertible instruments, securities, futures, The use of Alternative Strategies or Alternative Investment Products has a unique impact upon 20 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the calculation of a client’s asset-based Advisory Fee. See “Fees and Compensation—Separate Accounts—Advisory Fees” above for more information. with more conservative objectives and strategies. In developing investment objectives and asset allocation strategies, clients should carefully consider their financial situation and needs, investment goals, investment time horizon and risk tolerance. Stock Market Risks. Equity security prices vary and may fall, thus reducing the value of a portfolio’s investments. Certain stocks selected for a portfolio may decline in value more than the overall stock market. Growth-Style Investing Risks. Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. Because each portfolio focuses on growth-style stocks, a portfolio’s performance may at times be better or worse than the performance of investments that focus on other types of stocks or that have a broader investment style. Growth stocks are often characterized by high price-to-earnings ratios, which may be more volatile than stocks with lower price to-earnings ratios. Principal Risks Risk is inherent in any investment in securities and Baird Equity Asset Management does not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved. A Baird Equity Asset Management client may be subject to certain risks, including, but not limited to, the risks described below. The risks discussed below vary by investment style or strategy, and the investments in the client’s portfolio, and each risk may or may not apply to a client. A client should also review the prospectuses or other disclosure documents for the securities purchased for the client’s account, as they will contain important information about the risks associated with investing in such securities. Clients pursuing an Other Manager Strategy are also urged to review the Other Manager’s Brochure for more specific information about the risks that may apply to them. the value of the relative strength of Sector Risks. A manager’s investment processes may not limit exposure in any individual economic sector. At times, a client’s account may be weighted towards one or more economic sectors. When weighted towards one or more economic sectors, the account is subject to the risk that adverse events, changes or developments within a particular sector or major companies in that sector may result in a meaningful decline in the value of the account. Market Risks. A client’s portfolio may change in value due to overall market fluctuations. General economic conditions, political developments, international events and other factors may cause the overall market to decline, which in turn may the client’s portfolio reduce regardless of the securities held in the portfolio. Securities prices often vary for reasons unrelated to matters directly affecting the issuers of the securities. Risks. Equity about Asset Baird Management the judgments Management’s attractiveness, value and potential appreciation of particular companies’ stocks may prove to be incorrect. Such errors could result in a negative return and a loss to clients. Equity Securities Risks. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets in general, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. Common Stock Risks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their Investment Objective and Asset Allocation Risks. A client’s investment objective and asset allocation strategies involve the risk that certain asset classes selected for the client’s Account may not perform as well as other asset classes during varying periods. In addition, clients who pursue more aggressive investment objectives and asset allocation strategies, while hoping to achieve high returns, may face greater risk of loss than clients 21 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  standards comparable to issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors. confiscatory country. This may affect the value of a client’s investment in the country that adopts such currency controls. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing the credit risk of such debt. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to financial uniform accounting, auditing and reporting those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or taxation, or diplomatic developments, which could affect investment in those countries. market depth, less than typical of Emerging Markets Risks. Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development, political stability, infrastructure, capitalization, and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater regulatory, and political social, economic, uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. them more susceptible Capitalization Size Risks. Certain portfolios invest primarily in large cap stocks, which perform differently from, and at times worse than, stocks of medium and smaller cap companies. Other portfolios invest primarily in small and mid cap stocks, which are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of companies may be small- and mid-size substantially larger is companies. Therefore, the securities of small- and mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, small- and mid-size companies may lack the management experience, financial resources and larger companies, product diversification of making to market pressures and business failure. Small- and mid- size companies may also be in the early stages of development and may not yet be profitable. Concentration Risks. A client’s portfolio, especially one pursuing a CCM Strategy, may consist of a limited number of securities or may be concentrated in an issuer or group of issuers, an industry or economic sector or group of related industries or sectors, or concentrated in limited asset classes. Client accounts with concentrated positions are susceptible to greater volatility and increased risk of loss than an account that is diversified across several issuers and industries or sectors and asset classes. Investors in in Transaction Risk. For both the International Growth Equity and the Global Growth Equity Portfolios, CCM may, certain market environments, trade securities more actively, which could increase a client’s transaction costs (thereby lowering a portfolio’s performance) and may increase the amount of taxes that a client pays on the investment. Foreign Issuer and Investment Risks. Securities of foreign issuers, ADRs, GDRs and EDRs and investments in foreign markets generally are subject to certain inherent risks, such as political or economic instability of the country of issue, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. Such securities may also be subject to greater fluctuations in price than securities of domestic corporations. foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may enhance, erode, reverse gains or widen losses from investments denominated in foreign currencies. For instance, limit or prevent foreign governments may investors from transferring their capital out of a 22 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  forgo opportunities to invest to gain exposure ESG Considerations Risk. Consideration of ESG factors in the investment process may cause CCM in certain to to certain companies or industries or regions and, therefore, carries the risk that, under certain market conditions, a CCM portfolio may underperform portfolios that do not consider such factors. There are not universally accepted ESG factors and CCM will consider them in its discretion. circumstances. Ratings agencies such as Moody’s, Fitch and S&P provide ratings on bonds based on their analyses of information they deem relevant. Ratings are essentially opinions or judgments of the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest 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 interest rate risk, credit risk and liquidity risk. In addition, they are subject to maturity risk. Generally, the longer a bond’s maturity, the greater the interest rate risk and the higher its yield. Conversely, the shorter a bond’s maturity, the lower the interest rate risk and the lower its yield. Non-rated, split-rated, below investment grade, and asset-backed securities, including mortgage-backed and collateralized mortgage obligations (“CMOs”), have additional, special risks. resulting in financial Interest Rate Risk. The value of some investment products, particularly fixed income securities, is affected significantly by changes in interest rates. Generally, when interest rates rise, the product’s market value declines and when interest rates decline, its market value rises. In addition, a rise in interest rates may have a negative impact on the issuer, which, in turn, could have a negative impact on the market value of the investment product. Cybersecurity Risks. With the increased use of technologies such as the Internet to conduct business, issuers of investments are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting issuers or their service providers have the ability to cause impact business operations, disruptions and losses, potentially interference with the ability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While issuers and other parties may establish business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. As a result, client accounts and investments could be negatively impacted. Government Obligation Risks. Client assets may be invested in securities issued, sponsored or guaranteed by the U.S. government, its agencies Credit Risk. The value of some investment products, particularly fixed income securities, is affected by changes in the product’s credit quality rating or the issuer’s financial condition. If the credit quality rating or the issuer’s financial condition declines, so may the value of the investment product. Issuers may experience unanticipated financial problems and may be unable to meet its payment obligations. Municipal obligations in particular may be adversely affected by political and economic conditions and developments (for example, legislation reducing state aid to local governments.) Bonds receiving the lowest investment grade rating or a non- investment grade rating may have speculative characteristics and, compared to higher grade debt obligations, may have a weakened capacity to make principal and interest payments due to changes in economic conditions or other adverse 23 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and/or repurchase issued by and instrumentalities. However, no assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. For instance, securities issued by the Government National Mortgage Association (“Ginnie Mae”) are supported by the full faith and credit of the United States. the Federal National Securities Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) have historically been supported only by the discretionary authority of the U.S. government. While the U.S. government provides financial support to various U.S. government- sponsored agencies and instrumentalities, such as those listed above, no assurance can be given that it will always do so. the fund's shareholders. This periods of economic it less desirable for those invest nearly all assets in cash, government securities, agreements collateralized by cash or government securities); (2) retail money market funds (funds that have policies and procedures reasonably designed to limit beneficial ownership to natural persons); and (3) institutional money market funds (funds that permit beneficial ownership by institutions and natural persons). The rules governing money market funds vary based on the type of money market fund. Government and retail money market funds generally try to keep their net asset value (NAV) at a stable $1.00 per share using special pricing and valuation conventions. Institutional money market funds are required to calculate their NAV in a manner such that the NAV will vary based upon the market value of assets and liabilities of the fund (also known as a “floating NAV”). An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although some money market funds seek to preserve the value of an investment at $1.00 per share, there can be no assurance that will occur, and it is possible to lose money should the fund value per share fall. In some circumstances, money market funds may be forced to cease operations when the value of a fund drops. In that event, the fund's holdings may be liquidated and distributed to liquidation process could take time to complete. During that time, the amounts a client has invested in the money market fund would not be available for purchases or withdrawals. In addition, retail and institutional money market funds are required to impose redemption fees (also known as liquidity fees) and suspend redemptions (also known as in certain circumstances. redemption gates) Government money market funds may also impose redemption fees and suspend redemptions in those same circumstances. More specific information about how a money market fund calculates its NAV and the circumstances under which it will impose a redemption fee or suspend redemptions is set forth in the prospectus for that money market fund. Illiquid Securities and Liquidity Risks. Liquidity risk is the risk that certain investments may be difficult or impossible to sell at the time and price that a client would like to sell. Clients may have to lower the price, sell other investments or forego an investment opportunity, any of which may have a negative effect on the management or performance of client accounts. The liquidity of a particular investment depends on the strength of demand for the investment, which is generally related to the willingness of broker-dealers to make a market for the investment as well as the interest of other investors to buy the investment. During uncertainty, significant economic and market downturns and periods in which financial services firms are unable to commit capital to make a market in, or otherwise buy, certain investments, a client may experience challenges in selling such investments at optimal prices. In addition, recent regulatory changes applicable to financial intermediaries that make markets in debt securities have restricted or made financial intermediaries to hold large inventories of debt securities. Because market makers provide stability to a market through their intermediary services, a reduction in dealer inventories may lead to decreased liquidity and increased volatility in the fixed income markets. Asset-Backed Securities Risks. Asset-backed securities are securities secured or backed by mortgage loans, student loans, automobile loans, installment sale contracts, credit card receivables or other assets and are issued by entities such as commercial banks, trusts, financial companies, industrial companies, finance subsidiaries of savings and loan associations, mortgage banks Money Market Fund Risks. A money market fund is a type of mutual fund that generally invests in short-term debt instruments. Many investors use money market funds to store cash. There are three primary types of money market funds: (1) government money market funds (funds that 24 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  risk. Certain mutual funds pursue Alternative Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of mutual fund selected. Also, investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. and investment banks. These securities represent interests in pools of assets in which periodic payments of interest or principal on the securities are made, thus, in effect passing through periodic payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. Asset-backed securities are issued in multiple classes (or tranches) and their relative payment rights may be structured in many ways. Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other instruments. Asset-backed securities also can be more sensitive to interest rate risk than other types of fixed income securities. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. Asset-backed securities are subject to a number of other risks, including, but not limited to, market and valuation risks, liquidity risk, and prepayment risk. risks associated with Non-Rated, Split-Rated, and Below Investment Grade Securities (High Yield or “Junk” Bonds) Risks. Investing in securities or other investment products that are not rated, split-rated or are below investment grade (also known as high yield or “junk” bonds) involve significant, special risks. As a result, they may not be suitable for all these clients. The investments include, but not limited to, price volatility risk, credit risk, default risk, and liquidity risk. Clients investing in securities or other investment products that are not rated, split- rated or are below investment grade should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. equity, Exchange Traded Fund Risks. An ETF is different from a mutual fund in that an ETF does not sell its shares directly to public investors and does not redeem shares from public investors. Rather, shares of an ETF are commonly purchased or sold in the secondary market on a securities exchange, like common stocks. An ETF maintains a net asset value but, based on demand and other factors, the market price of shares of an ETF may vary from its net asset value. ETFs invest in and hold securities and other assets, such as stocks, bonds, commodities and currencies, and have stated investment objectives and principal strategies. ETFs can have many different investment objectives and strategies, including equity, fixed income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, investment style, industry or sector, or geographic economic region. Many ETFs seek to track the performance of an index or other underlying benchmark. Passively managed ETFs will not be able to replicate exactly the performance of the indices the ETFs track because the total return generated by the securities will be reduced by management fees, transaction costs and other expenses incurred by the ETF. ETFs have other risks, which include market risk, management and may securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain ETFs pursue Alternative Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of ETF selected. Mutual Fund Risks. Mutual funds can have many different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Mutual funds have risks, which include market risk, management and may securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market Non-Traditional Assets Risks. Non-traditional real estate, commodities, assets, such as currencies and private companies, are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Some non-traditional assets are less transparent and more sensitive to domestic and foreign political and economic conditions than 25 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  traditional more investments. Non-traditional assets are also generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. value of underlying securities in the client’s portfolio, thereby increasing a client’s risk of loss. The use of increase a leverage may also portfolio’s volatility. Strategies involving margin can cause a client to lose more money than deposited in the client’s margin account. A client should not engage in strategies involving leverage or margin unless the client is prepared to experience significant losses in the value of the client’s portfolio. tariffs and other Short Sales Risks. Short selling runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. In lender may request, or market addition, a conditions may dictate, that securities sold short be returned to the lender on short notice, which may result having to buy the securities sold short at an unfavorable price. A client should not engage in short sales unless the client is prepared to experience significant losses in the client’s portfolio. contracts other Commodities Risks. Investments in commodities markets or a particular sector of the commodities markets, and investments in securities or other instruments denominated in or indexed or linked to commodities, are subject to certain risks. Those investments generally will subject a client portfolio to greater volatility than investments in traditional securities. The commodities markets are impacted by a variety of factors, including changes in overall market movements, domestic and foreign political and economic conditions, interest rates, inflation rates and investment and in commodities. Prices of trading activities commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. No active trading market may exist for certain commodities investments, which may impair the value of the investments. instruments in that Derivative Instrument Risks. The values of options, convertible securities, futures, swaps, forward derivative and instruments is derived from an underlying asset, such as a security, commodity, currency, or index. Derivative instruments often have risks similar to the underlying asset, however, in certain cases, those risks are greater than the risks presented by the underlying asset. Derivative instruments may experience dramatic price changes and imperfect correlations between the price of the derivative and the underlying asset, which may increase volatility. Derivatives generally create leverage, and as a result, a small movement in the underlying asset's value can result in large change in the value of the derivative instrument. Derivatives are also subject to liquidity risk, interest rate risk, market risk, credit risk, management risk and counterparty risk. The use of these is not appropriate for some clients because they involve special risks. A client should not invest in these instruments unless the client is prepared to experience volatility and significant losses in the client’s portfolio. Currency Risks. Investments in currencies, and investments in securities or other instruments denominated in or indexed or linked to currencies, are subject to certain risks. Those investments are subject to all of the risks associated with foreign investing generally. In addition, currency markets generally are not as regulated as securities markets. Also, changes in currency exchange rates could adversely impact the investment. Devaluation of a currency by a country will also have a significant negative impact on investment the value of any denominated currency. Currency investments may also be positively or negatively affected by a country’s strategies intended to make its currency stronger or weaker relative to other currencies. Leverage and Margin Risks. Leveraging strategies may amplify the impact of any decrease in the Options Risks. In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price 26 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the underlying security or moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market index price of decreased below the strike price. risk, growth risk, credit risk, foreign Hedging Risks. When a derivative instrument is used as a hedge against an opposite position, any loss on the derivative instrument should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can be an effective way to reduce the investment risk, it may not always perfectly offset one position with another. As a result, there is no assurance that hedging transactions will be effective. Additionally, many REITs may own properties that are concentrated in a particular geographic region or regions, which subject them to the risk of deteriorating economic conditions in those areas. Investing in REITs involves other special risks, including, but not limited to, real estate portfolio risk (including development, environmental, competition, occupancy and maintenance risk), liquidity risk, leverage risk, distribution risk, risk, capital markets access interest risk, counterparty risk, conflicts of dependence upon key personnel risk, and regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, interest rate issuer and investment risk, and emerging market risk. REITs involve significant, special risks and may not be suitable for some clients. Clients investing in REITs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility and volatility of regular distribution amounts, potential lack of liquidity and potential loss of their investment. Recent Events. U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and other global macro factors. data centers, The transition to a new administration following the recent U.S. Presidential election may introduce meaningful market uncertainty as new policies, executive orders, or legislation are proposed or enacted. Geopolitical risks appear elevated with the war between Ukraine and Russia now passing its third anniversary, tensions remaining high in the Middle East, and relations between the U.S. and China and other countries are strained. Domestically, inflation remains an area of focus since getting to the U.S. Federal Reserve Board’s 2% target may prove to be more challenging than the market expects. In addition, the level of political discord remains high. result in an elevated The uncertain course of these various factors may have a significant negative impact on the global economy, may risk environment with increased volatility in asset Real Estate Investment Trusts Risks. A REIT is a corporation, trust or association that owns and typically operates income-producing real estate or real estate-related assets. The income-producing real estate assets owned by a REIT may include office buildings, shopping malls, multi-family housing, resorts, student housing, hotels, hospitals and health care facilities, self-storage facilities, warehouses, telecommunications facilities, and mortgages or loans. Many REITs are registered with the SEC and their common stock and preferred stock are publicly traded on a stock exchange. These are known as publicly traded REITs. Others may be registered with the SEC but are not publicly traded. These are known as private REITs (also known as non-traded or non-exchange traded REITs). Private REITs are generally subject to limited regulation and offer limited disclosure and transparency. The shareholders of a REIT are responsible for paying taxes on the dividends that they receive and on any capital gains associated with their investment in the REIT. Dividends paid by REITs generally are treated as ordinary income and are not entitled to the reduced tax rates on other types of corporate dividends. Prices of REIT securities and trading volumes may be more volatile that other investments. Many REITs focus on a particular sector of the real estate market, such as apartments, student housing, hotels and hospitality, health care, office buildings, shopping malls, warehouses, self-storage facilities and the like. Those REITs are subject to risks associated focused. with sectors in which they are 27 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  prices, which could have an adverse effect on the value of a client’s portfolio. The following information pertains to Baird’s Private Wealth Management (“PWM”) business. In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of FINRA that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have retirement plan and disadvantaged certain charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. supervisor within and procedures, to Disciplinary Information In September 2023, Baird entered into an Offer of Settlement with the SEC (the “Settlement”), in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business-related communications made by Baird associates when they used their personal devices (“off-channel communications”) and for failing to supervise its associates’ business-related communications. The Settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were properly retaining business-related text and instant messages and other off-channel communications sent and received on employees’ personal devices. Following the SEC’s the commencement of initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it was discovered that certain Baird supervisors communicated off- channel using non-Baird approved methods on their personal devices about Baird’s broker-dealer and investment adviser businesses, and the findings were reported to the SEC. Baird took steps prior to and after the SEC’s review, including implementing a new communication tool designed for Baird associates’ personal devices, conducting training, and periodically requiring requisite associates to provide an attestation relating to their business-related communications. As part of the Settlement, Baird was censured and ordered to cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 the Advisers Act and Rule 204-2(a)(7) of thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies training, surveillance program, technology solutions and similar matters off-channel related communications. In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a firm its Private Wealth reasonably Management business did not supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. 28 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  certain of the its to adopt or to designed provide to Baird’s clients and (“PWM”) investment identified by the SEC was that, in many cases, investment advisers bought for or recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the advisers when lower-cost share classes were available to those advisory clients, and the investment advisers did not adequately disclose their receipt of 12b-1 fees and/or the conflict of interest associated with those 12b-1 paying share classes. Baird and many other firms self-reported under the program and entered into substantially identical orders. By self-reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. More information about the order is contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public Disclosure website at https://www. adviserinfo.sec.gov/IAPD/Default.aspx or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press-release/2019- 28. The order pertains to Baird’s Private Wealth Management advisory business and PWM’s Cash Sweep Program. Baird Equity Asset Management’s business was not impacted by the order, except for certain high net worth clients with accounts custodied at Baird and enrolled in a Baird PWM advisory program or its Cash Sweep Program. In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by subadvisors participating in Baird’s wrap fee programs offered through Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have implement policies and failed specific procedures information financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. Additional information about Baird’s disciplinary history is available on the SEC’s website at www.adviserinfo.sec.gov. Initiative.” Under Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker- dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker- dealers, financial investment advisors, other services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) and 207 of for making the Advisers Act inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure (or SCSD) the program, investment advisory firms were offered the opportunity to voluntarily self-report violations of the federal securities laws relating to mutual fund share class selection and related disclosure issues and agree to settlement terms imposed by the including returning money to affected SEC, investment advisory clients. The central issue 29 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  time to upon, among factors, the based other compensation received by Baird. Certain Affiliated and Related Parties Affiliated Broker-Dealers Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Affiliated and Related Investment Advisors through disclosure in common control, with information about Riverfront From time, Baird Equity Asset Management and Baird may recommend that clients retain the services of financial services firms or invest in investment products that are affiliated with or related to Baird. Such a recommendation of affiliated or related financial services firms or investment products creates a potential conflict of interest because Baird Equity Asset Management, Baird and related parties may receive higher aggregate compensation if clients retain those firms or invest in those investment products instead of retaining unrelated firms or investing in unrelated investment products. Baird Equity Asset Management and Baird address this potential conflict this Brochure. Further, when acting as fiduciaries, Baird Equity Asset Management and Baird are required to select or recommend investment products only when they determine it to be in the client’s best interest to do so. The criteria used by them in deciding to select or recommend affiliated or related investment products are generally the same as those used for unrelated investment products. Baird is affiliated, and may be deemed to be under Riverfront Investment Group, LLC ("Riverfront") by virtue of indirect ownership by BFG. their common Additional is available in Riverfront’s Form ADV Part 2A Brochure. From time to time, Baird Equity Asset Management may use or recommend Riverfront investment products and services. Due to its affiliation with Riverfront, Baird has a financial incentive to favor Riverfront investment products and services. including: Baird’s Broker-Dealer Activities Baird is engaged in a broad range of broker- dealer activities, individual and institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. products certain and Baird Equity registered to Certain Baird and Baird Equity Asset Management associates and certain management persons of Baird and Baird Equity Asset Management are registered, or have an application pending to representatives and register, as associated persons of Baird the extent necessary or appropriate to perform their job responsibilities. Baird is related to Greenhouse and Greenhouse Fund GP LLC (“Greenhouse GP”) by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. From time to time, Baird Equity Asset Management may use or recommend Greenhouse or Greenhouse GP investment services. Baird Asset incentivizes Management sales professionals to recommend to clients advisory products and services offered by Greenhouse. Due to the incentive compensation arrangements relating to Greenhouse and Baird’s relation to Greenhouse and Greenhouse GP, certain Baird Equity Asset Management sales professionals and Baird have a financial incentive to favor Greenhouse and Greenhouse GP investment products and services. refer clients Baird is affiliated, and may be deemed to be under common control, with Strategas Asset Management, LLC (“Strategas”), by virtue of their common indirect ownership by BFG. Baird’s Other Investment Management Activities Baird and its Financial Advisors may, from time to to Baird Equity Asset time Management or CCM, or to Baird Advisors, another investment management department of Baird. Baird Financial Advisors are eligible for referral compensation to be paid by Baird that is Baird is affiliated, and may be deemed to be under common control, with Gamma Investing, (“Gamma”) by virtue of BFG’s and LLC Riverfront’s indirect minority ownership of Gamma 30 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and BFG’s and Riverfront’s representation on the board of directors of Gamma. Affiliated and Related Mutual Funds, ETFs and Investment Companies Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. information about those funds for and statement of Fund. CCM CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those those services. Additional mutual funds, including information relating to the fees paid by investment management services, is available in the funds’ prospectus additional information. Funds pursuing global investment strategies and statement of Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend Income Trust Series, the Automated Quantitative Analysis (AQA®) Portfolio Series, and the AQA® Large- Cap Portfolio Series. Additional information about those investment products is available in the applicable prospectus and other fund documents. certain Baird to such incentive funds and ETFs, Baird is the investment adviser and principal underwriter for the Baird Funds. Baird Advisors provides investment management, administrative, and other services to certain Baird Funds investing primarily in fixed income securities (the “Baird Bond Funds”). Baird Equity Asset Management provides investment management to certain Baird Funds and other services investing primarily in equity securities (the “Baird Equity Funds”), and Greenhouse is the investment subadvisor to one of those Funds, the Baird provides Equity Opportunity investment management and other services to or certain Baird international (the “Chautauqua Funds”). As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus additional information available on Baird’s website at Baird bairdassetmanagement.com/baird-funds. incentivizes Asset Equity Management sales professionals to recommend to clients certain Baird Equity Funds over other Baird Equity Asset Management products and services. compensation Due arrangements, certain Baird Equity Asset Management sales professionals have a financial incentive to favor Baird Equity Funds. those funds for and statement of Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange- Traded Fund III. Additional information about those mutual including information relating to the compensation paid to investment Riverfront by management services, is available in each fund’s prospectus additional information. From time to time, Baird Equity Asset Management may use or recommend Riverfront mutual funds and ETFs. Due to its affiliation with Riverfront, Baird has a financial incentive to favor funds managed by Riverfront. Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. for Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives compensation those services Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. 31 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities products is available in the applicable prospectus and statement of additional information. Investment Advisor Private Equity Fund(s) BVP VI Affiliates Fund LP Affiliated Private Funds BVP VI Special Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management I LP Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP BCGF I Special Affiliates LP funds are private pooled BCGF I Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management II LLC Baird Capital Global Fund II Limited Partnership BCGF II Affiliates Fund Limited Partnership CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those investment vehicles that are not required to be registered with the SEC as investment companies. Due to their affiliation with the Chautauqua Private Funds, Baird Equity Asset Management, CCM and Baird have a financial incentive to favor those funds. BCGF II Special Affiliates Limited Partnership Baird Capital Management Company, LLC Affiliated Private Equity Funds Baird Capital Global GP III LLC Baird Capital Global Fund III LP BCGF III Affiliates Fund LP BCGF III Special Affiliates LP Baird Capital Partners Europe Limited* Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. Baird Capital Partners Europe II LP Baird Capital Partners Europe II Special Affiliates LP Certain Baird Capital-Related Entities The Growth Fund Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC Baird Venture Partners III Limited Partnership * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. BVP III Affiliates Fund Limited Partnership BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Limited Partnership The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. Baird Venture Partners Management Company V, LLC Certain Baird Principal Group-Related Entities Baird Venture Partners V Limited Partnership Investment Advisor Private Equity Fund(s) BVP V Affiliates Fund Limited Partnership BVP V Special Affiliates Fund Limited Partnership Baird Principal Group Management Company I, LLC Baird Principal Group Partners Fund I Limited Baird Capital Partners Management Company V, LLC Partnership Baird Capital Partners V Limited Partnership Baird Principal Group Management Company II, LLC BCP V Affiliates Fund Limited Partnership Baird Principal Group Partners Fund II Limited BCP V Special Affiliates Limited Partnership Partnership Baird Capital Management Company, LLC Baird Principal Group Management Company, LLC Baird Venture Partners GP VI, LLC Baird Principal Group Partners Fund III, LP Baird Venture Partners VI LP 32 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Related Hedge Funds Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. From time to time, Baird Equity Asset Management may use or recommend Greenhouse hedge funds. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor those hedge funds. Other Affiliated Financial Services Firms common Baird is affiliated, and may be deemed to be control, with Baird Trust under Company, a Kentucky-chartered trust company, by virtue of their common indirect ownership by BFG. Management. Other To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, including Baird Equity Asset Management associates, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. In addition, an Access Person who has discretionary authority over client accounts must generally pre-clear his or her trades or obtain prior authorization from Baird’s Compliance Department before executing a trade. The Code also generally prohibits Access Persons who have discretionary authority over client accounts from executing a security transaction for their personal accounts during a blackout period seven days before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by Baird management or by Baird’s Compliance Department. A copy of the Code is available to clients or prospective clients upon request. Other Financial Industry Activities Baird has business relationships with investment managers separate and apart from Baird Equity Asset investment management firms may select Baird, in its capacity as a broker-dealer, to execute portfolio trades for their clients, including for investment funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. That compensation is not paid to Baird Equity Asset Management or its associates. Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients. Baird’s Participation or Interest in Client Transactions Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities related services fees the services Through its Investment Banking, Public Finance and Institutional Equities Services Departments, Baird provides investment banking, municipal advisory, securities underwriting, stock buyback and to various corporate, municipal, and other issuers of securities. Baird from such receives compensation and entities it in connection with provides. Baird may, therefore, have an incentive to favor the securities of issuers for which Baird provides such services over the securities of Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. 33 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  issuers for which Baird does not provide such services. incentive to favor client accounts that generate a higher level of compensation. Baird Underwritten Offerings Baird’s Broker-Dealer and Related Activities purchase securities in related services bonds, mutual funds, tends to be higher than In its broker-dealer capacity, Baird provides brokerage and to clients, including the purchase and sale of individual alternative stocks, investment products and other securities. Baird receives compensation based upon the sale of such investment products. From time to time Baird Equity Asset Management may use Baird, as broker-dealer, to execute trades for clients. time that investments Baird also has an incentive to recommend that clients offerings underwritten by Baird because the underwriting compensation that Baird will earn on those offerings the compensation it would normally receive if clients were to buy them in the secondary market, and because the profitability of underwritten offerings to Baird depends upon Baird’s ability to sell the securities allocated to Baird in the offering. However, Baird Equity Asset Management will only recommend such securities to a client when it believes it is in a client’s best interest to do so. Also, in accordance with applicable law and Baird’s policies, any securities underwritten by Baird will be sold to a client by Baird Equity Asset Management in a principal capacity only if the client consents to the transaction in writing and Baird has provided the client with all material information regarding Baird’s interest in the transaction. For more information, please see “Brokerage Practices—Trade Execution Services Performed by Baird—Principal Transactions” below. Allocations of IPOs and Other Public Offerings Baird and its affiliates and associates may buy or sell investments that are recommended to or owned by a client for their own accounts, or they may act as broker or agent for other clients buying or selling those investments. Those transactions may include buying or selling investments in a manner that differs from, or is inconsistent with, the advice given to a client, and those transactions may occur at or about the same are such recommended to or are purchased or sold for a client’s account. Baird Equity Asset Management and Baird may also engage in agency cross transactions and principal transactions with clients as further described under “Brokerage Practices— Trade Execution Services Performed by Baird” below. Baird also has the incentive to favor some clients over other clients when allocating shares issued in public offerings, particularly those clients with larger accounts or accounts that generate high fees and compensation, as a reward for their past business or to generate future business. Research Activities As a registered broker-dealer, Baird effects transactions in securities on a national exchange and may receive and retain compensation for such services, subject to the limitations and restrictions made applicable to such transactions by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder. securities exchanges The investment advice provided to a client may be based on the research opinions of Baird’s research departments. Baird does, and seeks to do, business with companies covered by those research departments and as a result, Baird may have a conflict of interest that could affect the content of its research reports. Other Client Relationships Certain client accounts managed by Baird Equity Asset Management and Baird have similar investment objectives and strategies but may be subject to different fee schedules. Thus, Baird Equity Asset Management and Baird have an Baird may route certain securities orders to other broker-dealers or for execution. Baird selects execution venues based on the size of the order, trading characteristics of the security, speed of execution, likelihood of price improvement, availability of efficient automated transaction processing, guaranteed automatic execution levels, and other qualitative factors. Baird receives remuneration in the form of payment or liquidity rebates on certain options or equity securities orders routed to some venues (commonly known as “payment for order flow”). This compensation, although not material to Baird’s trading business, gives Baird an incentive 34 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  transactions; and to make securities allocations to prevent them from information provided by such clients); that require them to seek to obtain “best execution” of that are advisory client to designed discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. In addition, Baird has adopted a Code of Ethics and other internal trading policies and procedures relating to Baird’s and its associates’ trading activities that are designed improperly benefiting from the trading activities of Baird’s advisory clients. See “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Code of Ethics” above. to route client orders for securities transactions to those venues that provide Baird the greatest levels of compensation. At a client’s request, Baird will make available certain information about the routing of such client’s orders routed for execution in the six months prior to the request. Such information will include the identity of the venue to which orders were routed, whether such orders were directed or non- directed and the time of the transactions, if any, that resulted from such orders. Baird also prepares a quarterly summary discussing certain orders routed away for execution, including the type and the identity of the broker-dealers or exchanges receiving such orders. This summary as well as other important information about Baird’s order routing practices are available at: http://www.rwbaird.com/help/account- disclosures/routing-equity-orders.aspx. Brokerage Practices Baird Equity Asset Management’s Trading Practices Broker-Dealer Selection respect to from time instructions Baird and its associates, by reason of Baird’s investment banking or other broker-dealer, activities, may time acquire to information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information with respect to any client account. Baird’s other activities thus present a interest because such potential conflict of activities may Equity Asset limit Baird Management’s ability to advise or manage client accounts. Other Interests capability and past Other sections of this Brochure also describe instances when Baird Equity Asset Management or Baird may recommend to clients, and may buy and sell for client’s accounts, securities in which Baird and its affiliates and associates have a material financial interest. For more information, please see “Other Financial Industry Activities and Affiliations” above and “Brokerage Practices” and “Client Referrals and Other Compensation” below. Addressing Conflicts The foregoing activities could create a conflict of interest with clients. Baird addresses these potential conflicts through disclosure in this Brochure and by adopting internal policies and procedures for Baird and its associates that require them to provide investment advice that is appropriate for advisory clients (based upon the the Baird Equity Asset With Management Strategies, Baird Equity Asset Management will select the broker-dealers, which may include Baird, that will execute trade orders for a client’s accounts unless the client has to Baird Equity Asset provided Management to the contrary. As an investment adviser, Baird Equity Asset Management has an obligation to seek “best execution” of client trade orders. “Best execution” means that Baird Equity Asset Management must place client trade orders with those broker-dealers that Baird Equity Asset Management believes are capable of providing the best qualitative execution of client trade orders under the circumstances, taking into account the full range and quality of the services offered by the broker-dealer. When selecting a broker or dealer, Baird Equity Asset Management may consider the following factors: client preferences; research services (including strategy reviews, domestic and international economic analysis, technical commentary and other materials); execution execution performance; ability to minimize market price impact; commission rates; financial standing of executing firm and counterparty risk; timeliness in rendering services; availability, cost and quality of custodial services; and continuity and quality of the overall provision of services. It is important to note that Baird Equity Asset Management’s best execution obligation does not require Baird Equity Asset Management to solicit competitive bids for each transaction or to seek the lowest available cost of trade orders, so long as Baird Equity Asset 35 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and Personal Management reasonably believes that the broker- dealer selected can be reasonably expected to provide clients with the best qualitative execution under the circumstances. From time to time Baird Equity Asset Management may use Baird, as broker-dealer, to execute trades for clients. This presents a potential conflict of interest. See “Code of Ethics, Participation or Interest in Client Trading—Baird’s Transactions Participation or Interest in Client Transactions” above Some broker-dealers indicate the amount of commissions they expect to receive in exchange for the provision of a particular research service. Although Baird Equity Asset Management does not agree to direct a specific amount of commissions to a firm in that circumstance, it maintains an internal procedure to identify the broker-dealers that provide Baird Equity Asset Management with research services and the value of those research services, and seeks to direct sufficient commissions to ensure the continued receipt of research services it feels are valuable. Soft Dollar Benefits provide in return Baird Equity Asset Management may receive research (in addition to execution services) from broker-dealers in connection with its clients’ securities transactions. These research benefits are commonly referred to as “soft dollar benefits”. In accordance with applicable law and Baird’s policies, Baird Equity Asset Management may cause clients to pay commissions (or markups or markdowns) higher than those charged by other broker-dealers who execution-only services for soft dollar benefits. However, Baird Equity Asset Management will seek to obtain commission rates that it considers appropriate for each client for the level and quality of service received from brokerage firms. During Baird’s last fiscal year ended December 31, 2024, Baird Equity Asset Management received the following soft dollar benefits in connection with effecting client transactions: economic analysis and forecasts, financial market analysis and forecasts, industry and company specific analysis, interest rate forecasts; and analysis of pending and proposed governmental legislation and regulations. The research Baird Equity Asset Management received included proprietary research (i.e., research created or developed by the broker-dealer). Research services were received primarily in the form of written reports, computer generated services, telephone contacts, and personal meetings with security analysts. Research services were also provided in the form of meetings arranged with corporate and industry spokespersons, invitations to conferences and were generated by third parties but are provided to Baird Equity Asset Management by or through broker-dealers. on equity The research services received by Baird Equity Asset Management may be proprietary research, which is research offered by the broker or dealer executing a client transaction, or it may be third party, which is research prepared by a third party firm that is provided by the broker or dealer executing a client transaction. Nearly all of the brokerage commissions paid by Baird Equity Asset Management clients are paid to brokers and dealers who provide research services to Baird Equity Asset Management. The brokerage commissions security foreign transactions are expected to generally range between 5 to 25 basis points. The brokerage commissions on other U.S. equity security transactions are expected to generally range between $0.01 and $0.04 per share. to execute client Baird Equity Asset Management does not formal soft dollar anticipate utilizing any arrangements to obtain third party research in 2025, although it anticipates obtaining proprietary research from executing broker-dealers. the Baird Equity During Baird’s last fiscal year ended December 31, 2024, Baird Equity Asset Management used the procedures described below to direct client transactions to broker-dealers in return for the soft dollar benefits that Baird Equity Asset received. Baird Equity Asset Management Management to allocate brokerage seeks commissions to broker-dealers in a way that, in Baird Equity Asset Management’s judgment, reflects the quality and consistency of service provided by broker-dealers and research service providers. At the beginning of each year, a commission budget is established. Baird Equity Asset Management investment professionals then jointly determine which broker-dealers will be eligible transactions and establish a target commission amount for each total such broker-dealer based upon Asset budget. commission Management investment professionals periodically 36 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Asset Management accounts and, in the business judgment of Baird Equity Asset Management, are important to each client; although, perhaps, in differing degrees at different times. As a general matter, such research services, including soft dollar benefits, are used to service all Baird Equity Asset Management client accounts. However, each and every research service may not be used to service each and every account managed by Baird Equity Asset Management, and Baird Equity Asset Management does not allocate soft dollar benefits to client accounts proportionately to the soft dollar credits the accounts generate. Accordingly, research that Baird Equity Asset Management receives for a particular client’s securities transactions may not be useful for that client or may be useful not only for that client, but for other clients as well. Similarly, clients may benefit from the research received from the transactions of other clients. Research information and its application and the interpretation of its worth are matters of professional judgment made by Baird Equity Asset Management. review and vote on, rank or otherwise evaluate the broker-dealers and their services throughout the year, generally at least semi-annually. When evaluating the broker-dealers, the Baird Equity Asset Management investment professionals generally take into consideration the following criteria: execution quality, trade errors, quality of research, and access to analysts and company management. Based upon that evaluation, Baird Equity then makes adjustments to target commission amounts, if any, and adds or removes broker-dealers based upon the evaluation results. Baird Equity Asset Management’s trading desk takes the commission budget and evaluations into consideration, as part of Baird Equity Asset Management’s obligation to seek best execution, when selecting broker- dealers to execute portfolio transactions for Baird Equity Asset Management clients. To the extent is considered more than one broker-dealer capable of providing best execution for a particular client transaction, Baird Equity Asset Management may direct the client transaction to a broker-dealer based upon the target commission amounts then in effect. Trade Aggregation, Allocation and Rotation Practices information so received is to generate all of Baird Equity Asset Management may aggregate contemporaneous buy and sell orders for the accounts over which it has discretionary authority (a practice also known as bunching trades or block transactions). This practice may enable Baird Equity Asset Management to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist Baird Equity Asset Management in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing, client orders. in The research addition to, and not in lieu of, services performed by Baird Equity Asset Management and does not reduce the advisory fees payable to Baird Equity Asset Management by clients. As a practical matter, it would not be possible for Baird Equity Asset Management the information presently provided by brokers and dealers. When Baird Equity Asset Management uses client brokerage commissions (or markups or markdowns) to obtain research, Baird Equity Asset Management receives a benefit because Baird Equity Asset Management does not have to produce or pay for the research itself. Baird Equity Asset Management, therefore, may have an incentive to select or recommend a broker- dealer based on Baird Equity Asset Management’s interest in receiving soft dollar benefits, rather in receiving most interest than on clients’ favorable execution. However, Baird Equity Asset Management seeks to select broker-dealers based upon the broker’s or dealer’s ability to provide best execution. Furthermore, Baird Equity Asset Management does not select broker-dealers to execute transactions for client accounts based upon client referrals received from broker-dealers. Baird Equity Asset Management generally aggregates buy and sell orders when executing trades for client accounts under its discretionary management when it has the opportunity to do so. However, Baird Equity Asset Management determines whether or not to utilize block transactions for a client in its sole discretion and Baird Equity Asset Management’s decision is subject to its duty to seek best execution. Baird Equity Asset Management will aggregate a client’s trade orders only when Baird Equity Asset Management deems it to be appropriate and in internal and Research services provided by external sources are used in managing client 37 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  into consideration account the best interests of the client, consistent with a client’s investment objectives and risk tolerance, and permitted by regulatory requirements. In determining the amount to be allocated to an account, if any, Baird Equity Asset Management takes specific investment restrictions, undesirable position size, account portfolio weightings, client tax status, client cash positions and client preferences. Management generally uses a trade rotation process that is designed to be fair and equitable to its clients over time. However, a client should be aware that Baird Equity Asset Management’s trade rotation practices may at times result in a transaction being effected for the client’s portfolio that occurs near or at the end of the rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in the rotation, and, as a result, the client may receive a less favorable net price for the applicable trade. Further, model delivery clients of CCM are notified of model changes (subject to a rotation within this group of clients) following the completion of trading for client accounts in which it has discretionary trading authority. the All advisory clients participating in a block transaction will receive the same execution price for the security bought or sold. Average prices may be used when allocating purchases and sales to a client’s account because such securities may be purchased and sold at different prices in a series of block transactions. As a result, the average price received by a client may be higher or lower than the price the client may have received had the transaction been effected for the client independently from the block transaction. In addition, a client’s transaction costs may vary depending upon, among other things, the type of security bought or sold, and the commission or markup or markdown charged by the executing broker-dealer. in Because Baird Equity Asset Management is unable to buy or sell any security for a client’s non- discretionary accounts without client’s authorization, Baird Equity Asset Management generally does not aggregate or bunch trades for those accounts with the same or similar trades for other client accounts. Because similar orders for the client and Baird Equity Asset Management’s other clients may be placed and filled at different times, the client may buy or sell securities at prices that are different from the prices obtained by other clients who received the same or similar advice from Baird Equity Asset Management. Wrap Fee Programs in wrap to make securities allocations trades resulting The amount of securities available the marketplace, at a particular price at a particular time, may not satisfy the needs of all clients participating in a block transaction and may be insufficient to provide full allocation across all client accounts. To address this possibility, Baird Equity Asset Management has adopted trade allocation policies and procedures that are to designed discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. If a block transaction cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day will generally be allocated pro rata among the clients participating in the block transaction. However, Baird Equity Asset Management may also make random allocations to client accounts in certain circumstances, such as when Baird Equity Asset Management deems a partial fill for the total block order to be low. Adjustments may also be made to avoid a nominal allocation to client accounts. Generally, clients participating fee programs pay the Program Sponsor a wrap fee that includes trade execution services performed by Program Sponsor as broker-dealer. Because clients may incur trading costs in addition to the wrap fee if trade orders were to be executed by firm, clients generally another broker-dealer receive a cost advantage whenever their Program Sponsor executes client transactions. For this reason, Baird Equity Asset Management anticipates that it will place some trade orders for the client’s account with the applicable Program Sponsor, such as from a contribution to, or distribution from, a client’s account. However, in order to comply with its duty to seek best execution, Baird Equity Asset Management anticipates that it will frequently place client trades resulting from model changes to Baird Equity Asset Management’s Growth Strategies with a broker-dealer firm other than the Program Sponsor. This practice is frequently When Baird Equity Asset Management is not able to aggregate trades (including when Baird Equity Asset Management provides a model portfolio to the Program Sponsor), Baird Equity Asset 38 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  referred to as “trading away” and these types of trades are frequently called “step out trades”. designed to be fair and equitable to all Baird Equity Asset Management clients. A wrap fee program client should consider this information carefully and discuss it with the client’s Program Sponsor when selecting a manager to manage the client’s accounts. Directed Brokerage Trading away from the Program Sponsor provides Baird Equity Asset Management the ability to aggregate trade orders for wrap fee program clients with trade orders for other Baird Equity Asset Management clients. Baird Equity Asset Management trades away from the Program Sponsor when it believes that another broker- dealer will provide more favorable execution of the client’s trades, taking into consideration the factors listed above. Baird Equity Asset Management will comply with any guidelines and/or limitations reasonably requested by a client relating to brokerage for the client’s account. Specific guidelines and/or limitations requested by clients vary from client to client based upon a client’s particular objectives and other factors. In some instances, step out trades may be executed by the other firm without any additional commission or markup or markdown, but in other instances, the executing firm may impose a commission or a markup or markdown on the trade. If Baird Equity Asset Management places trade orders for the client’s account with a firm other than the Program Sponsor, and the other firm imposes a commission or a markup or markdown on the trade, the client will incur trading costs in addition to the wrap fee the client pays to the Program Sponsor. During the year ended December 31, 2024, all of Baird Equity Asset Management’s step out trades were executed without any additional commission or markup or markdown being passed on to wrap fee program clients by the executing broker- dealer. However, there can be no assurance that a wrap fee program client will not incur increased trading costs relating to step out trades in the future. to trade volumes or With respect to some wrap fee programs, Baird Equity Asset Management may not be able to aggregate client trades using a trade away process. Typically this occurs in situations in which the Program Sponsor has directed Baird Equity Asset Management to place all trades with the Program Sponsor or Baird Equity Asset Management only provides a model portfolio to the Program Sponsor (and does not place trades for client accounts). In other instances, Baird Equity Asset Management may not be able to trade away using third party brokers because such brokers will not accommodate trade aways due the proposed compensation to be received by the broker. In those instances, Baird Equity Asset Management generally uses a trade rotation process that is In some cases, a client may direct Baird Equity Asset Management to use a particular broker- dealer for execution of the client’s trade orders (a “directed brokerage arrangement”), and Baird Equity Asset Management may agree to the arrangement. This may occur when a client’s portfolio is held at a broker-dealer firm and a client directs Baird Equity Asset Management to execute trades through such firm, or when a client’s Retirement Account or other account is maintained on a platform operated and managed by a third party unaffiliated with Baird Equity Asset Management or Baird and trades must be executed through that platform. A client should understand that Baird Equity Asset Management considers such arrangements to be directed brokerage arrangements. A client should also understand that if the client has a directed brokerage arrangement, Baird Equity Asset Management may be unable to achieve best execution for the client’s transactions. A client should note that any costs related to the directed brokerage arrangement are not included in Baird Equity Asset Management’s fee and that the client will be solely for monitoring, responsible evaluating and reviewing the arrangement with the directed broker-dealer and paying any commissions or markups or markdowns or other costs imposed by the directed broker-dealer. A client should also note that Baird Equity Asset Management may not be able to aggregate the client’s directed brokerage trade orders with orders for other Baird Equity Asset Management clients. As a result, a client’s transaction costs may be higher because the client will not benefit from any volume discounts or other reduced that Baird Equity Asset transaction costs 39 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  consider of the possible directed Before directing Baird Equity Asset Management to use a particular broker-dealer, a client should costs or carefully brokerage disadvantages arrangements. Cross Trading Involving Advisory Accounts in cross transactions Management may obtain for its other clients. A client should further note that Baird Equity Asset Management may or may not include such client trade orders in its trade rotation process and that Baird Equity Asset Management may place the client’s trade orders with the directed broker- dealer after Baird Equity Asset Management completes its trading for other Baird Equity Asset Management client accounts. The client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in Baird Equity Asset Management’s rotation. As a result, the client may receive a less favorable net price for the trade. in a directed seeks comply with Baird Equity Asset Management generally does not engage for client accounts. However, in certain instances when one or more clients need to buy and one or more clients need to sell the same investment, Baird Equity Asset Management may engage in cross transactions to the extent Baird Equity Asset Management believes it is in all applicable clients’ best interests to do so. Also, from time to time, Baird Equity Asset Management may engage in in-kind transactions involving a client’s purchase or sale of investments from or to a Baird Equity Fund in exchange for shares of such Baird Equity Fund. Baird Equity Asset Management will only engage in such a transaction when Baird Equity Asset Management believes that the transaction is consistent with the client’s best interest. When effecting such transactions, Baird Equity Asset the to Management requirements of the Baird Equity Funds’ in-kind transaction procedures, or other applicable SEC guidance. Trade Error Correction If Baird Equity Asset Management aggregates a client’s directed brokerage trade orders with trade orders for other Baird Equity Asset Management clients, Baird Equity Asset Management may employ the use of “step-outs” to satisfy the client’s directed brokerage arrangement. A “step- out” occurs when an executing broker executes the trade and then “steps out” the trade to a clearing broker (which would be the directed broker-dealer brokerage arrangement) that confirms and settles the trade. In such a case, a client will bear the costs of any commissions, markups or markdowns imposed by the executing broker-dealer in addition to the costs of any commissions, markups or markdowns imposed by the directed broker-dealer. As a result, a directed brokerage arrangement may be more costly to a client, as it may result in the client paying higher commissions, markups, markdowns and greater bid/offer spreads, or receiving a less favorable net price. reallocating the transaction if It is Baird’s policy that if there is a trade error for which Baird is responsible, Baird will take actions, based on the facts and circumstances surrounding the error, to put the client’s account in the position that it would have been in as if the error had not occurred, including by adjusting or reversing the transaction, entering an offsetting transaction, to another account (subject to the review and approval of the Compliance Department), or other methods that may be deemed appropriate by Baird. Errors caused by Baird Equity Asset Management or Baird will be corrected at no cost to client’s account, with the client’s account not recognizing any loss from the error. Baird may net gains and losses from a single error event involving more than one transaction in a security or transactions in multiple securities. The client’s account will be fully compensated for any losses incurred as a result of an error event. If the trade error results in a gain, the gain may be retained by Baird but such gain is not given to or shared If a client directs Baird Equity Asset Management to use a particular broker-dealer, and if the particular broker-dealer referred the client to Baird Equity Asset Management or the particular broker-dealer refers other clients to Baird Equity Asset Management or Baird in the future, Baird Equity Asset Management or Baird may benefit from the client’s directed brokerage arrangement. Because of these potential benefits, Baird Equity Asset Management and Baird may have an economic interest in having the client continue the directed brokerage arrangement. The benefits that Baird Equity Asset Management and Baird receive conflict with the client’s interest in having Baird Equity Asset Management or Baird recommend that the client utilize another broker- dealer to execute some or all transactions for the client’s account. 40 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  with any Baird Equity Asset Management or Baird associate. in other programs trading Baird Equity Asset Management and Baird offer many services and, from time to time, may have other clients in opposition to a client. To avoid favoring one client over another client, Baird attempts to use objective market data in the correction of any trading errors. the a client’s account. An “agency cross” transaction is a transaction in which Baird or its affiliates act as broker for the party or parties on both sides of the transaction. As compensation for brokerage services, Baird Equity Asset Management and Baird may receive compensation from parties on both sides of an agency cross transaction, the amount of which may vary. Therefore, Baird Equity Asset Management and Baird may have a conflicting division of loyalties and responsibilities. However, in all cases, Baird Equity Asset Management and Baird will seek to obtain the best execution for each respective advisory client and will effect agency cross transactions only in accordance with the requirements of Rule 206(3)- 2 or other rules or SEC guidance under the Advisers Act. Furthermore, Baird Equity Asset Management and Baird will comply with additional regulations applicable to Retirement Accounts. Principal Transactions Other Managers’ Trading Practices With respect to the Other Manager Strategies, the Other Manager managing the client’s portfolio will select the broker-dealers, which may include Baird, that will execute trade orders for a client’s client has provided accounts unless instructions to Baird Equity Asset Management and to the Other Manager to the contrary. Additional information about an Other Manager’s trading practices is contained in the Other Manager’s Brochure. to the Trade Execution Services Performed by Baird If Baird provides trade execution services for a client’s account, Baird will generally act as agent when routing client trade orders for execution. However, Baird may cross trades between client accounts or may act as principal for its own account in certain circumstances to the extent permitted by applicable law as is more fully described below. Baird Equity Asset Management generally does not engage in principal trading with clients. However, subject requirements of applicable law, Baird Equity Asset Management and Baird may execute transactions for a client’s portfolio while acting as principal for Baird’s own account. Baird acts as principal when Baird Equity Asset Management or Baird sell a security from Baird’s inventory to a client, or Baird Equity Asset Management or Baird purchase a security from a client for Baird’s inventory. Baird also acts as principal when it sells new issue securities to clients in offerings underwritten by Baird as further described below. Baird also acts as principal in riskless principal transactions. Riskless principal transactions refer to transactions in which Baird, after having received a client’s order, executes an identical order in the marketplace to fill the client’s order while acting as principal. in addition A client should understand that certain securities, such as securities traded over-the-counter and fixed income securities, are primarily traded in dealer markets. When Baird purchases or sells these types of securities for client accounts, it generally does so through broker-dealer firms acting as a dealer or principal. Dealers executing principal trades typically include a markup, markdown or spread in the net price at which transactions are executed. A client bears such costs to Baird Equity Asset Management’s fee. Agency Cross Transactions Baird Equity Asset Management and Baird may realize profits from principal transactions with a client based on the difference between the price Baird paid for the security and the price at which Baird sold the security, which may include a markup, markdown or spread from the prevailing market price, an underwriting fee, selling dealer concession, or other incentive to execute the transaction. Any compensation received by Baird Equity Asset Management and Baird in a principal transaction is in addition to the advisory fee paid by the client. Principal trades also allow Baird to sell securities from its account that it deems Baird Equity Asset Management generally does not engage in agency cross transactions for client accounts. In certain circumstances and to the extent permitted by applicable law and regulation, Baird Equity Asset Management and Baird may effect “agency cross” transactions with respect to 41 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  focusing on investment objective, securities, and fixed income holdings and review each managed portfolio the appropriateness of the client’s investments in light risk of each client’s tolerance, and income requirements. Additional reviews performed by Baird Equity Asset Management associates include drift reports for wrap program accounts, which are generally performed quarterly, and an asset allocation review that compares a client’s investment policy statement to the client portfolio’s investment allocation, which is performed at least annually. CCM also reviews drift reports for client portfolios pursuing a CCM Strategy, which are generally performed at least quarterly. reviews portfolio’s undesirable and to buy securities for its account that it deem desirable. Thus, in trading as principal with a client, Baird Equity Asset Management and Baird will have potentially conflicting division of loyalties and responsibilities regarding Baird Equity Asset Management’s and Baird’s own interests and the interests of the client. This profit potential may give Baird Equity Asset Management and Baird an incentive to recommend a transaction in which Baird Equity Asset Management and Baird act as principal over other transactions. Nonetheless, Baird Equity Asset Management and Baird have a fiduciary duty to act in the client’s best interest and to seek best execution for advisory clients. Baird Equity Asset Management and Baird address this conflict through disclosure in this Brochure. Furthermore, internal procedures that Baird has adopted require Baird Equity Asset Management and Baird, when acting in a principal capacity, to disclose all material information regarding Baird’s interest in the transaction, and obtain the client’s approval of the transaction prior to settlement. Baird Equity Asset Management portfolio managers generally review trading in a client’s portfolio each day there is a trade in the client’s team portfolio. The portfolio management typically relative each performance compared to a relevant benchmark index at least quarterly. reviews are Reviews for variance in a portfolio’s performance compared to the portfolio’s composite are also generally These performed. performed monthly. Baird Equity Asset Management and Baird may also act as principal in selling securities to a client’s account during offerings underwritten by Baird as further described above. In each such instance, Baird will provide certain disclosures about the transaction and obtain the client’s consent to the trade. regarding market and Baird Equity portfolio management Baird Equity Asset Management generally provides written performance reports to clients on a quarterly basis. These quarterly performance reports contain the client portfolio’s performance, portfolio valuation, and portfolio manager commentary sector performance. Clients pursuing a Baird Equity Asset Management Growth or SAM Strategy may also receive a list of portfolio holdings as part of the quarterly report. Baird Equity Asset Management may provide additional information in the performance report to meet the specific reporting needs of a client as the client and Baird Equity Asset Management may agree. include in terms of Review of Accounts Portfolios Managed by Baird Equity Asset Management If the client’s portfolio is managed by Baird Equity Asset Asset Management, Management’s team reviews Baird Equity Asset Management’s client portfolios. Baird Equity Asset Management portfolio managers monitor client portfolios to evaluate the impact of changing economic and market conditions on the client's securities and investment objectives. Major factors considered in all reviews the market activity of individual securities and industries; the mix among cash alternatives, fixed income, and equity instruments; and the appropriateness of the long-term portfolio’s holdings objectives such as income, risk and growth. Special Note for Wrap Fee Program Clients. The sponsor of the wrap fee program generally controls the frequency of client account reviews and performance reports and the content of those reports. The account reviews performed by, and the performance reports provided by, wrap fee program sponsors to clients may differ materially from the description of those services provided by Baird Equity Asset Management above. Clients participating in a wrap fee program should At least quarterly, Baird Equity Asset Management portfolio managers review client portfolios for allocation of client assets among cash, equity 42 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  contact the sponsor for specific information about the account reviews to be performed and the performance reports, if any, that will be provided. assets held by a custodian other than Baird and if the third party pricing service does not provide a price for assets in the client’s account, Baird Equity Asset Management will rely upon the price reported by the client’s third party custodian. If a client has assets held by a third party custodian, the prices shown on a client’s account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird Equity Asset Management. See “Custody” below for more information. result, Accounts Managed by Other Managers If a client portfolio is managed by an Other Manager, Baird Equity Asset Management and Baird generally only review drift reports and performance reports for the client’s portfolio as described above. They generally do not provide performance or other reports to such clients, unless such clients are participating in a wrap program sponsored by Baird. Such clients should review the Other Manager’s Form ADV Part 2A Brochure for information about the types of reviews performed, and reports provided, by the Other Manager. Special Note for Wrap Fee Program Clients. The benchmarks used by Baird Equity Asset Management with respect to a client’s portfolio may differ from the benchmarks used by the wrap fee Program Sponsor. As a the performance comparisons in Baird Equity Asset Management’s performance reports may differ from reports provided to clients directly by the Sponsor. level based relationship and Client Referrals and Other Compensation Baird or Baird Equity Asset Management may provide compensation to individuals who refer clients in some instances. When applicable, the compensation paid is a percentage of the client’s fee payments or the value of the client’s account. The amount of compensation will vary, with the upon determined specific consideration of various factors including, but not limited to, the individual’s role in developing the client the assets under management. Baird may pay these fees to registered representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird. Other Information A client’s portfolio performance may be compared to a benchmark market index or indices. The benchmark may be a blended benchmark that combines the returns for two or more indices. Benchmarks shown in performance reports are for informational purposes only. Baird Equity Asset Management’s selection and use of benchmarks is not a promise or guarantee that the performance of a client’s portfolio will meet or exceed the stated benchmark. When the client compares portfolio performance to the performance of a market index, the client should recognize that a market index merely reflects the performance of a list of unmanaged securities included in the index and the index performance does not take into account management fees, execution costs, and other expenses related to the operation of a portfolio. The securities included in a client’s portfolio generally do not exactly mirror the securities included in the index. Interest If Baird provides transaction execution services to a client, Baird will generally provide the client with a monthly brokerage account statement that month. when activity occurs during Otherwise, Baird will provide the client with a quarterly statement if there has not been any intervening monthly transaction activity. and Personal Trading” Baird Equity Asset Management and Baird and Baird’s affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled “Other Financial Industry Activities and Affiliations”, “Code of in Client Ethics, Participation or Transactions and “Brokerage Practices” above. Custody Separate Accounts Each client is responsible for appointing the client’s custodian, which will have possession of If Baird has custody of a client’s account assets, Baird will generally rely on third party pricing services to determine the value of such assets. These values are shown on client’s account statements and are used in preparing a client’s performance reports. However, if the client has its 43 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  shown on statements and reports provided by Baird Equity Asset Management due to a variety of factors, including the use of different valuation sources and/or accounting methods (e.g., trade or settlement date accounting) by the custodian and Baird Equity Asset Management. the assets of the client’s account and settle transactions for the account. Clients may choose Baird or a service provider unaffiliated with Baird to serve as custodian. While Baird Equity Asset Management does not act as custodian when the client selects a third party custodian, Baird Equity Asset Management may be deemed under Rule 206(4)-2 of the Advisers Act to have custody of client assets in certain circumstances, such as when the client has authorized Baird Equity Asset Management to deduct its advisory fees directly from a client's custody account. Private Funds Baird is deemed under the federal securities laws to have custody of the assets of the 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 by the Funds’ custodian. The financial statements of the Chautauqua Private Funds are audited by an independent accounting firm. Each investor will receive audited financial statements from Baird. limit or an Other Manager to buying, holding, strategy. The client’s A client should understand that Baird Equity Asset Management does not monitor, evaluate or review any third party custodian. The client should also understand that the client will pay a custody fee in addition to the fee paid to Baird Equity Asset Management. Further, such third party custody arrangements may the services made available to the client. In addition, a client should understand that: (a) each third party custodian has exclusive control over the investment options made available to client accounts on the custodian’s platform; (b) Baird Equity Asset Management has no authority or ability to add to, or remove from, a custodian’s platform any investment option; (c) any advice given by Baird Equity Asset Management with respect to the account is inherently limited by the options available through a custodian’s platform; (d) Baird Equity Asset Management may have provided different investment advice with respect to the account had they not been limited to the investment options made available through the custodian’s platform; and (e) certain investments, such as mutual fund shares, could be more or less expensive than if the investment was obtained from Baird or another firm. authorization, Baird Equity Investment Discretion Clients generally give Baird Equity Asset the Management discretionary investment authority to determine independently the specific securities purchased or sold, and the amount of securities purchased or sold. By executing an investment management agreement with Baird Equity Asset Management and selecting a Baird Equity Asset Management Strategy, a client authorizes Baird Equity Asset Management to make investment decisions for the client’s account, with the authority to determine the amount, type and timing with respect exchanging, converting and selling securities and other assets for the client’s account, subject to the client’s investment portfolio management agreement also grants to Baird Equity Asset Management complete and unlimited trading authorization and appoints Baird Equity Asset Management as agent and attorney-in-fact with respect to the client’s accounts and all related trading and other decisions. Pursuant to such Asset Management may, in its sole discretion and at the client’s risk, purchase, sell, exchange, convert and otherwise trade the securities and other investments in the client’s account, as well as arrange for delivery and payment in connection with the above, and act on the client’s behalf in all matters necessary or incidental to the handling of the client’s account without consulting the client. If a client selects an Other Manager Strategy, the client authorizes the Other Manager to manage A client who uses a third party custodian authorizes Baird Equity Asset Management to give instructions to the client’s custodian for all actions necessary or incidental to the purchase, sale, exchange, and delivery of securities held in the client’s account. Also, all clients for whom Baird is deemed to have custody will receive account statements, at least quarterly, directly from the client’s selected custodian. A client should carefully review those account statements and compare them with any account statements provided by Baird Equity Asset Management or Baird. A client should note that the prices shown on a client’s account statements provided by the custodian could be different from the prices 44 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  event there is a change in the classification or credit rating of a security held in the client’s account, a client’s investment restrictions may force Baird Equity Asset Management or the Other Manager to sell such security at an inopportune time, possibly negatively impacting account performance and causing the client’s account to realize taxable gains or losses, which could be significant. A client should also be aware that, if the client’s account holds any investment vehicle (such as a mutual fund or ETF), any investment restrictions the client places on the client’s account may not flow through to the securities owned by that investment vehicle. the assets in the client’s portfolio and grants to the Other Manager the authority to determine the amount, type and timing with respect to buying, holding, exchanging, converting and selling securities and other assets for the client’s portfolio, subject to the client’s portfolio strategy. The client also grants to the Other Manager complete and unlimited trading authorization and appoints the Other Manager as agent and attorney-in-fact with respect to the client’s portfolio and all related trading and other decisions. Pursuant to such authorization, the Other Manager may, in its sole discretion and at the client’s risk, purchase, sell, exchange, convert and otherwise trade the securities and other investments in the portfolio, as well as arrange for delivery and payment in connection with the above, and act on the client’s behalf in all matters necessary or incidental to the handling of the portfolio without prior notice to the client. Baird Equity Asset Management does not have discretion over the assets in a client’s portfolio that is managed by an Other Manager and cannot purchase or sell any securities or other investments in that portfolio. Baird Equity Asset Management and Baird’s affiliates may use the discretionary authority granted to them by a client to invest the client’s account in investment products affiliated with Baird or that pay fees to Baird or to any of its affiliates for investment advisory or other services they provide (“affiliated investment products”). In addition, if the client participates in cash sweep services provided by Baird, short-term cash balances in the client’s account may be invested in one or more money market mutual funds and individual deposit accounts offered by Baird, its affiliates, or a third party. Baird and its affiliates may receive fees or other compensation related to such cash balance investments made by the client. signing an A client has the ability to impose reasonable investment restrictions on the management of a portfolio, including the designation of particular securities or types of securities that should not be purchased for the client’s account, but a client may not require that particular funds or securities (or types) be purchased for the client’s portfolio. Reasonable investment restrictions requested by a client will apply only to those assets over which Baird Equity Asset Management or an Other Manager has discretion. Any such limitations agreed to by client and Baird Equity Asset Management are generally included in the client’s investment policy statement or in a separate letter of understanding. When possible, Baird Equity Asset Management will also attempt to observe any non-binding statement of client preferences with respect to factors such as brokerage direction, holding periods, and securities selection. accounts without restrictions In the event that a client’s account is restricted from investing in certain securities, Baird Equity Asset Management or the Other Manager will select such other replacement securities, if any, as they deem appropriate. Accounts with investment restrictions may perform differently and from performance may be poorer. In addition, in the By investment management agreement with Baird Equity Asset Management, a client consents to Baird Equity Asset Management and Baird’s affiliates investing all or a portion of the client’s account in affiliated investment products. The amount of fees received by Baird and its affiliates is generally described in the prospectus or other offering or disclosure documents for the investment product. Baird Equity Asset Management and Baird’s affiliates will use their discretionary authority to invest the client’s account in affiliated investment products when they determine it to be in the client’s best interest to do so. Generally, the criteria used by them in deciding to invest in affiliated investment products are the same as those used in deciding to invest a client’s assets in investment products unaffiliated with Baird. For more information about the criteria used by Baird Equity Asset Management, clients should review the section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss” above. For more information about the criteria used by 45 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s affiliates, clients should review the affiliate’s Form ADV Part 2A Brochure. A client’s consent may be revoked at any time. client’s account believes the Voting Client Securities Baird Equity Asset Management and CCM Clients pursuing Baird Equity Asset Management Strategies may elect in their contract whether to authorize and delegate the right to Baird to vote proxies with respect to the securities held in their accounts. Unless a client makes that election, the client will be responsible for voting proxies and otherwise addressing all matters submitted for consideration by security holders, and Baird Equity Asset Management and Baird are under no obligation to take any action or render any advice regarding such matters. Baird Equity Asset Management and Baird generally do not permit clients to direct particular votes once they have granted Baird discretionary voting authority. Clients wishing to vote securities may do so by terminating the discretionary voting authority granted to Baird. companies to their shareholders for consideration. Baird will typically vote shares in accordance with the recommendations made by ISS. However, ISS’s guidelines are not exhaustive, do not address all potential voting issues, and do not necessarily correspond with the opinions of the Baird Equity Asset Management portfolio managers. In the event the portfolio manager for ISS a recommendation is not in the best interest of the client, the portfolio manager will bring the issue to Baird’s Proxy Voting Sub-Committee through a proxy challenge process. The Sub-Committee will then be responsible for determining how the vote will be cast. The decision made by the Proxy Voting Sub-Committee on the proxy challenge applies to all advisory accounts managed by the team of portfolio (or portfolio manager managers), unless the client has directed Baird Equity Asset Management or Baird to utilize specific voting guidelines (e.g., Taft-Hartley guidelines). For those matters for which the independent proxy voting service does not provide a specific voting recommendation, each portfolio manager will cast the vote in a manner he or she believes is in the best interest of clients. The votes cast for a client’s account may differ from those votes cast for other Baird Equity Asset Management or Baird clients based on differing views of portfolio managers. Baird Equity Asset Management has adopted that are written policies and procedures reasonably designed to ensure that Baird votes client securities in the best interests of clients. Those procedures address material conflicts of interest that may arise between Baird Equity Asset Management’s or Baird’s interests and those of their clients. Although a description of Baird Equity Asset Management’s proxy voting policies and procedures is provided below, Baird Equity Asset Management will furnish a copy of its proxy voting policies and procedures to clients upon their request. Additionally, clients may obtain information on how Baird actually voted proxies with respect to the securities held in their accounts by contacting Baird Equity Asset Management by calling (414) 765-3500. interests. Baird utilizes Baird uses ISS’s electronic vote management system to cast votes on behalf of clients. In connection with Baird’s use of that system, ISS pre-populates how client votes should be cast based upon ISS’s voting recommendations. The system allows Baird to change the pre-populated vote (to the extent permitted by Baird’s proxy voting policies) up until a certain time prior to the applicable meeting (the “voting cut-off time”). Baird’s proxy voting policies are designed to address situations when additional information becomes available after the votes are pre- populated in the system and before the voting cut-off time. However, there is no guarantee that all information that could affect Baird’s proxy voting decision will be received or considered by Baird prior to a vote being cast. governance services, voting recommendations. In situations in which a client has delegated to Baird voting authority with respect to securities in the client’s account, Baird will vote proxies in a manner that Baird believes is consistent with the client’s best an independent provider of proxy voting and currently corporate Institutional Shareholder Services (“ISS”), to analyze proxy materials and votes and make independent ISS provides proxy voting guidelines regarding its position on various matters presented by The proxy voting policies and procedures also address instances in which Baird’s interests may appear to conflict with client interests, such as when Baird Equity Asset Management, Baird or an affiliate of Baird is managing or administering (or seeking to manage or administer) a corporate 46 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  may be entitled to participate. Rather, Baird Equity Asset Management, if it receives any written materials related to the foregoing, will forward to clients or its custodian any written materials it receives related to the foregoing. At the client’s specific request, Baird Equity Asset information and Management may provide assistance to the client in considering and responding to the materials. Baird Equity Asset Management does not offer legal or tax advice regarding clients’ investments, and a proper assessment or evaluation of the advantages and disadvantages of participating in class action lawsuits or of bringing other legal claims (and filing notices of claims in bankruptcy) require capable legal counsel. retirement, pension or employee benefit plan or providing (or seeking to provide) advisory or other services to a company whose management is soliciting proxies. In such instances, there may be a concern that Baird would be inclined to vote in favor of management because of Baird’s relationship or pursuit of a relationship with the company. In situations where there is a potential conflict of interest, Baird’s Proxy Voting Sub- Committee will determine the nature and materiality of the conflict. If the conflict is determined the Sub- to not be material, Committee will vote the proxy in a manner the Sub-Committee believes is in the best interests of the client and without consideration of any benefit to Baird or its affiliates. If the potential conflict is determined to be material, Baird’s Proxy Voting Sub-Committee will take one of the following steps to address the potential conflict: (1) cast the vote in accordance with the recommendations of ISS or other independent third party; (2) refer the proxy to the client or to a fiduciary of the client for voting purposes; (3) suggest that the client engage another party to determine how the proxy should be voted; (4) if the matter is not addressed by ISS, vote in accordance with management’s recommendation; or (5) abstain from voting. Other Manager Strategies With respect to the Other Manager Strategies, a client may retain the right to vote proxies with respect to the securities held in the client’s portfolio, or the client may delegate such right to the Other Manager. A client may select either option by making the appropriate election in the client’s advisory agreement. For information about the Other Manager’s voting policies and procedures, clients should review the Other Manager’s Brochure. Financial Information Baird Equity Asset Management does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of Baird’s most recent fiscal year. Neither Baird nor Baird Equity Asset Management is aware of any financial condition that is reasonably likely to impair their ability to meet their contractual commitments to clients, nor has either been the subject of a bankruptcy petition at any time during the past ten years. While Baird uses its best efforts to vote proxies, there are instances when voting is not practical or is not, in Baird’s or the portfolio managers’ view, in the best interest of clients. For example, casting a vote on a foreign security may involve additional costs or may prevent, for a period of time, sales of shares that have been voted. Also, when a client has entered into a securities lending program, Baird generally will not seek to recall the securities on loan for the purpose of voting the securities; however, Baird reserves the right to recall the shares on loan on a best efforts basis if the portfolio manager becomes aware of a proxy proposal where the proxy vote is materially important to the client’s account. In addition to the services described above, Baird has engaged ISS for vote execution and record- keeping services. available for investment to Special Considerations for Retirement Accounts If a client’s account is a Retirement Account, each owner, trustee, responsible plan fiduciary, or other fiduciary (“Retirement Account Fiduciary”) of the client should understand that Baird Equity Asset Management or Baird may invest for the client, recommend that the client invest in, or make plan participants, affiliated investment products, that Baird and its affiliates will receive fees or other Baird Equity Asset Management will not take any action or submit any forms or other applications for or on behalf of its separately managed account clients regarding any class action lawsuits or other legal claims (including notices of claims against companies in bankruptcy) to which clients 47 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  its affiliates provides to including, of Labor without (“DOL”) compensation related to such investments, and that they will retain such compensation to the extent permitted by applicable law, rule or limitation, regulation, Department Prohibited Transaction Exemption (“PTE”) 77-4, DOL PTE 2020-02 or other advisory opinions issued by the DOL. investment advisory and other similar fees paid by the affiliated investment product to Baird or its affiliates with respect to the services Baird or any the affiliated of investment product is the difference between Baird Equity Asset Management’s fee disclosed in the client’s investment management agreement and the applicable investment management, fees investment advisory and other similar detailed in the applicable prospectus or other offering or disclosure documents for the affiliated investment product. Account; and the transactions, and the duty broker-dealer, and terminating monitoring a is not responsible If the client’s account is a Retirement Account and if Baird Equity Asset Management is directed to implement a directed brokerage arrangement for the account, each Retirement Account Fiduciary of the client should understand: that the directed brokerage arrangement must be for the exclusive benefit of participants and beneficiaries of the Retirement fiduciary responsibilities discussed in ERISA Technical Bulletin 86-1. Each Retirement Account Fiduciary should also understand that such Fiduciary is solely responsible for complying with all fiduciary responsibilities discussed in ERISA Technical Bulletin 86-1, including, without limitation, the duty to make an initial determination that the directed broker-dealer is capable of providing best execution for the client’s brokerage transactions, the duty to monitor the services provided by the directed broker-dealer so as to assure that the client has received best execution of the client’s brokerage to determine that the commissions paid by the client and any other fees or costs incurred by the client are reasonable in relation to the value of the brokerage and other services received by the client. The client and each Retirement Account Fiduciary of the client should also understand that the client and the client’s Retirement Account Fiduciaries are solely responsible for engaging a directed its performance directed brokerage arrangement, and that Baird Equity for Asset Management determining whether a directed broker-dealer is capable of providing best execution. To the extent Baird Equity Asset Management, Baird or their affiliates rely upon PTE 77-4, each Retirement Account Fiduciary should understand that when Baird Equity Asset Management or Baird invests the assets of a Retirement Account in an affiliated investment product that pays investment advisory fees to Baird or any of its affiliates, Baird and its affiliates may receive such investment advisory fees in accordance with the terms of DOL PTE 77-4, and, as required thereby, Baird Equity Asset Management will waive its advisory fees on that portion of the assets invested in the affiliated investment product for such period of time so invested or Baird Equity Asset Management will offset the investment advisory fees received by Baird or any of its affiliates from the affiliated investment product against the advisory fee that Baird Equity Asset Management charges to the client. For the purpose of complying with the terms of DOL PTE 77-4, the client and each Retirement Account Fiduciary of the client acknowledge in the client’s investment management agreement that: (i) the investment in affiliated investment products for the client’s account is appropriate because of, among other things, the investment goals, redeemability, liquidity, and diversification of those products; (ii) subject to Baird Equity Asset Management’s investment strategies, all assets of the client’s account may be invested in one or more of the affiliated investment products; (iii) the client and such Retirement Account Fiduciary received prospectuses or other offering or disclosure documents for the affiliated investment products that may be used in connection with the account, each of which include a summary of all fees that may be paid by the affiliated investment products to Baird or its affiliates; and (iv) the client received information concerning the nature and extent of any differential between the rate of such affiliated investment product fees and the advisory fees payable by the client to Baird Equity Asset Management. The differential between the fees to be charged by Baird Equity Asset Management for the investment advisory services it provides to the client and, if applicable, the 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 48 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  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. likelihood of price in certain funds. Baird may place orders 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 for clients. Baird selects market execution makers, exchanges and other execution venues based on the size of the order, the trading characteristics of the particular security, speed of improvement, execution, 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 or other remuneration instances. Additional information about Baird’s routing of equity orders is available on Baird’s website at bairdwealth.com/retailinvestor. Baird does not place orders with market makers or other third parties for the purpose of compensating such firms for their efforts in marketing Baird-affiliated for mutual securities transactions with third party broker- dealers and other firms that provide research products and services to Baird. 49 Baird EAM Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

The DDK Group Wrap Fee Program Brochure March 21, 2025 The DDK Group 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Toll Free: 800-792-2473 www.rwbaird.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 wrap fee program brochure (“Brochure”) provides information about the qualifications and business practices of Robert W. Baird & Co. Incorporated (“Baird”) and the DDK Group (“DDK”), a team within Baird’s Private Wealth Management department. Clients should carefully consider this information before becoming a client of DDK. If you have any questions about the contents of this Brochure, please contact DDK 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 The DDK Group (“DDK”), a team within the Private Wealth Management department of Robert W. Baird & Co. Incorporated (“Baird”), updated its Form ADV Part 2A wrap fee program brochure (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that DDK has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Additional tax management services are now available through the ALIGN 55ip Tax Managed Solutions. See the Section of the Brochure entitled “Services, Fees and Compensation—SMA Programs—DDK Recommended Managers Service” for specific information. • Effective May 30, 2025, the ALIGN Satellite Sleeve, an investment portfolio currently consisting of the Allspring Emerging Market Equity, BlackRock High Yield Bond, and DWS RREEF Real Assets mutual funds that was managed by Baird’s Asset Manager Research Department (“AMR”), will be discontinued and no longer offered as an investment option in the UAS Program. After that date, a client’s Baird Financial Advisor will work with the client to identify investments that meet the client’s needs for exposure to the types of investments contained within the ALIGN Satellite Sleeve. It is important to note that, as of the date of the Brochure, the mutual funds that comprise the ALIGN Satellite Sleeve remain on AMR’s Recommended Mutual Fund List and available for investment in the UAS Program. They simply will not be offered as a combined investment portfolio that is managed by AMR. No changes to a client’s UAS Account will be made as a result of the discontinuation of the ALIGN Satellite Sleeve. A client currently investing in the ALIGN Satellite Sleeve will continue to hold those mutual funds after May 30, 2025, unless otherwise directed by the client. • As optional services under the UMA Programs, the Overlay Manager now makes available tax overlay and values overlay services. See the Section of the Brochure entitled “Services, Fees and Compensation—Additional Program Information—Tax Management and Overlay Services—Overlay Manager Tax Overlay and Values Overlay Services (UMA Programs Only)” for specific information. • Baird updated the description of investment options available under its Cash Sweep Program. See the Section of the Brochure entitled “Services, Fees and Compensation—Additional Service Information— Cash Sweep Program” for specific information. • Baird updated information about risks associated with recent events, such as those associated with potential market uncertainty caused by policy changes as the result of the recent U.S. Presidential election, Russia’s ongoing war with Ukraine, conflicts in the Middle East, the strained relationship between the U.S. and China and other countries, inflation, discord in U.S. politics and other geopolitical events. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” for more specific information. • Baird updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Advisory Business” for more information. • Baird updated information about Baird’s affiliates and related persons. See the Section of the Brochure entitled “Additional Information—Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents Services, Fees and Compensation ................................................................... 1 The Client-Baird Fiduciary Relationship ............................................................ 1 Summary of DDK’s Services .......................................................................... 1 Consulting Services ...................................................................................... 5 Financial Planning ................................................................................... 5 Risk Analysis .......................................................................................... 5 Asset Allocation and Investment Strategy Development ............................... 5 Consolidated Reporting ............................................................................ 5 Additional Consultant Services .................................................................. 5 Discretionary Services ................................................................................... 6 ALIGN Strategic Portfolios Program ........................................................... 6 BairdNext Portfolios Program .................................................................... 7 DDK Investment Management Service ....................................................... 7 Russell Model Strategies Program ............................................................. 8 Non-Discretionary Services ............................................................................ 9 Baird Advisory Choice Program ................................................................. 9 SMA Services ............................................................................................. 11 Baird Affiliated Managers Program .......................................................... 11 DDK Recommended Managers Service ..................................................... 15 Baird SMA Network Program .................................................................. 17 Dual Contract Program .......................................................................... 20 Other SMA Strategy Information ............................................................. 21 UMA Programs ........................................................................................... 21 ALIGN UMA Select Portfolios Program ...................................................... 21 Unified Advisory Select Portfolios Program ............................................... 23 SMA Strategy Information ...................................................................... 26 Additional Service Information ..................................................................... 26 Investment Discretion ........................................................................... 26 Trading for Client Accounts .................................................................... 29 Complex Strategies and Complex Investment Products .............................. 35 Permitted Investments .......................................................................... 38 Unsupervised Assets ............................................................................. 40 Special Considerations for the Services .................................................... 40 Goal Management ................................................................................. 42 Tax Management and Overlay Services .................................................... 43 Investment Objectives ........................................................................... 45 Mutual Fund Share Class Policy ............................................................... 47 Custody Services .................................................................................. 48 Cash Sweep Program ............................................................................ 49 Trust Services Arrangements .................................................................. 50 Margin Loans ........................................................................................ 51 Securities-Based Lending Program .......................................................... 52 Client Responsibilities ............................................................................ 52 Legal and Tax Considerations ................................................................. 52 Advisory Fees ............................................................................................ 53 iii DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Fee Options and Fee Schedule ................................................................ 53 Service Account Minimums ..................................................................... 55 Calculation and Payment of Advisory Fees ................................................ 56 Obtaining Services Separately: Brokerage or Advisory? Factors to Consider ...................................................................................... 59 Advisory Fee Payments to Baird, DDK Consultants and Investment Managers ........................................................................ 59 Other Fees and Expenses ............................................................................ 61 Cost and Expense Information for Certain Investment Products .................. 61 Additional Account Fees and Charges ...................................................... 62 Other Fees and Charges ........................................................................ 62 Compensation Received by DDK and Baird .................................................... 63 Account Requirements and Types of Clients .................................................. 63 Opening an Account .................................................................................... 63 Certain Account Requirements ..................................................................... 64 Minimum Account Size ........................................................................... 64 Account Contributions and Withdrawals ................................................... 64 Liens and Use of Account Assets as Collateral ........................................... 65 Electronic Delivery of Documents ............................................................ 66 Termination of Accounts .............................................................................. 66 Types of Clients.......................................................................................... 67 Portfolio Manager Selection and Evaluation .................................................. 67 Selection and Evaluation ............................................................................. 67 Baird Affiliated Managers Program .......................................................... 67 DDK Recommended Managers Service ..................................................... 67 Baird SMA Network and Dual Contract Programs ....................................... 68 ALIGN, BairdNext Portfolios, DDK Investment Management and Russell Programs .............................................................................. 69 UMA Programs ...................................................................................... 69 Oversight of the Services ....................................................................... 71 Performance Calculation .............................................................................. 71 Portfolio Management by DDK, Baird and Related Persons ............................... 72 Advisory Business ....................................................................................... 73 Performance-Based Fees and Side-By-Side Management ................................. 74 Methods of Analysis, Investment Strategies and Risk of Loss ........................... 74 Investment Strategies and Methods of Analysis ........................................ 74 Principal Risks ..................................................................................... 109 Voting Client Securities .............................................................................. 126 Baird Advisory Choice Program and Other Non-Discretionary Accounts ......................................................................................... 126 UMA Programs ..................................................................................... 126 Separately Managed Accounts ............................................................... 126 Discretionary Services .......................................................................... 126 Other Proxy Voting Information ............................................................. 128 Providing Baird Voting Instructions......................................................... 128 Legal Proceedings and Corporate Actions ................................................ 128 Client Information Provided to Portfolio Managers ..................................... 128 iv DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Client Contact with Portfolio Managers ....................................................... 129 Additional Information ................................................................................ 129 Disciplinary Information ............................................................................. 129 Other Financial Industry Activities and Related Parties ................................... 131 Broker-Dealer Activities ........................................................................ 131 Investment Management Activities ......................................................... 131 Certain Affiliated and Related Parties ...................................................... 132 Other Financial Industry Activities .......................................................... 135 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................................................................... 136 Code of Ethics ..................................................................................... 136 Participation or Interest in Client Transactions ......................................... 136 Review of Accounts .................................................................................... 143 Client Account Review .......................................................................... 143 Account Statements and Performance Reports ......................................... 143 Client Referrals and Other Compensation ..................................................... 145 Financial Information ................................................................................. 145 Special Considerations for Retirement Accounts ............................................ 145 v DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  those other contain information about retirement accounts, which adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). DDK and Baird are deemed to have a fiduciary relationship with a client when providing the investment advisory services that are described in this Brochure. That means that DDK and Baird are required to act in the best interest of the client when providing investment advisory services. From time to time DDK and Baird may engage in certain business practices or may receive compensation or other benefits that create a potential for conflict between the interests of clients and the interests of DDK and Baird. DDK and Baird generally address potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements individuals that providing investment advice to clients and the services they provide, and the agreements clients enter into with DDK and Baird. In addition, Baird has adopted internal policies and procedures for DDK and Baird that require them to: provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; act with utmost care and good faith in dealings with advisory clients; and seek to obtain “best execution” of advisory client transactions. The specific business practices that create potential conflicts of interest with clients and additional measures used by DDK and Baird to address them are discussed in other sections of this Brochure. (“IRC”) (collectively, A client should note that registration as an investment adviser does not imply a certain level of skill or training. including Services, Fees and Compensation This Brochure describes some of the investment advisory services that Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients through the DDK Group (“DDK”), a team within Baird’s Private Wealth Management (“PWM”) department. Baird and DDK offer other investment advisory services not described in this Brochure. Separate brochures describe investment advisory services and discuss the terms and conditions, fees and costs and potential conflicts of interest associated with those services. This Brochure also references other documents that contain additional important information about Baird. Those documents describe the types of services that Baird offers to clients and certain types of investments it makes available to clients, including the terms, conditions, fees and costs applicable to those services and investments and certain risks and conflicts of interest associated with those services and investments. Those documents are available on Baird’s website at bairdwealth.com/retailinvestor. Included on that website is Baird’s Client Relationship Booklet, contains Baird’s Form CRS Client which and Baird’s Client Relationship Summary Relationship Details document. The Client Relationship Booklet also contains an important disclosure document for retirement investors that have include employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as “Retirement amended Accounts”). A client of Baird should have already received a copy of the Client Relationship Booklet. A client or prospective client who wishes to obtain a brochure for another investment advisory service provided by Baird, or a paper copy of any of the other documents referenced in this Brochure, the Client Relationship Booklet, should contact a DDK Consultant or call Baird toll-free at 1-800-792-2473. The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. Summary of DDK’s Services This Brochure describes certain investment advisory programs and services that DDK and Baird offer to clients (“Services”) and applies to each advisory account advised by DDK (“Account”). The investment advisory services offered under the Services generally include investment advice and consulting services, which are provided by Baird PWM’s home office investment professionals or DDK, and, depending upon the Service that a client selects, the Service may include portfolio management. The Services consist of: The Client-Baird Fiduciary Relationship is registered with the Securities and Baird Exchange Commission (“SEC”) as an investment 1 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  consulting services (“Consulting • certain Services”); • discretionary services, whereby a client gives DDK or Baird (including Baird PWM’s home office investment professionals or the client’s DDK Consultant) full discretionary authority to manage the client’s Account (“Discretionary Services”); Portfolios. The Additional Consultant Services are only provided to certain clients upon request by a client and agreement to do so by DDK. DDK primarily provides Consulting Services and recommends the DDK Investment Management Service and DDK Recommended Managers Service to clients when appropriate. DDK will infrequently recommend the other Services when DDK believes it is appropriate for a particular client. provide investment advice client’s Account • non-discretionary services, whereby DDK or Baird and recommendations but the client retains full authority with respect to the management of the (“Non-Discretionary Services”); funds and exchange traded Generally, DDK provides clients with analysis and recommendations on investment managers and strategies. Investment strategies typically may include either public or private securities, private institutional placements, limited partnerships, mutual funds (“ETFs”). Often these investment managers or strategies may be affiliated with external custodians. DDK will assist clients in evaluating custodians and negotiating custodial fees, trading commissions, as well as, investment management fees. to • separately managed account (“SMA”) programs and services, whereby investment managers, which may include third party investment managers unrelated or related to Baird (“Other Managers”) or Baird, manage the client’s Account according to a strategy (each, an “SMA Strategy”) with full discretionary authority, and DDK and Baird provide additional consulting the client (collectively, “SMA services Services”); and firm, Envestnet • unified managed account (“UMA”) Programs, whereby the client gives Baird and an overlay Asset management Management, Inc. (the “Overlay Manager”), selected by Baird authority to manage the client’s Account according to a strategy (each, a “UMA Strategy”) selected by the client (“UMA Programs”). the client has Depending on their particular needs or objectives, clients may use one or more of these Services. The SMA Services are generally offered under a “single contract” arrangement. Under a single contract arrangement, a client enters into an advisory agreement with DDK and Baird, and Baird, in turn, enters into a subadvisory or similar agreement with the investment manager on the client’s behalf. This type of arrangement is frequently referred to as a single contract arrangement because there is only one contract between the client and DDK and Baird; the client does not have an agreement directly with the client’s investment manager. Under the Dual Contract Program, a client has a “dual contract” arrangement, meaning two contracts; one contract with DDK and Baird and another contract with the client’s investment manager. The UMA Programs allow a client to invest in a combination of mutual funds, exchange traded products (“ETPs”), primarily ETFs and exchange traded notes (“ETNs”), SMA Strategies, and groups of mutual funds and ETFs (referred to as “sleeves”) and other model portfolios of securities managed by Baird PWM (such sleeves and model portfolios collectively, “PWM-Managed Portfolios”) using a single Account. Baird has engaged the Overlay Manager to provide certain subadvisory services to clients The Consulting Services include: Financial Planning; Risk Analysis; Asset Allocation and Investment Strategy Development; Consolidated Reporting; and Additional Consultant Services described below. The Discretionary Services include: ALIGN Strategic Portfolios; BairdNext Portfolios; DDK Investment Management; and Russell Model Strategies. The Non-Discretionary Services include: Baird Advisory Choice. The SMA Services include: Baird Affiliated Managers (“BAM”); DDK Recommended Managers; Baird SMA Network (“BSN”); and Dual Contract (“DC”). The UMA Programs include: ALIGN UMA Select Portfolios and Unified Advisory Select (“UAS”) 2 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to execute transactions without referred intend investment advice or account monitoring, who tend the recommendation or advice of an advisor, which to as “unsolicited” are commonly transactions, or who to utilize an investment strategy, product or solution that is not available in a Service. and bonds (collectively, Manager, and investment products that participate in certain SMA Services and the UMA Programs. The SMA Services and UMA Programs make available two types of SMA strategies, (1) manager-traded Strategies: whereby the manager itself manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Manager-Traded Strategy”); and (2) model- traded strategies, whereby the manager does not manage a client’s Account (a “Model Provider”) but instead provides a model portfolio (“Model Portfolio”) to an overlay management firm, which may include the Overlay Manager, Baird or other third party firm (each, an “Implementation Manager”), that in turn manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Model-Traded Strategy”). If a client selects a Model-Traded Strategy, the Model Provider will provide the Model Portfolio and updates to the Implementation the Implementation Manager will manage the client’s Account with full discretionary authority according to the strategy selected by the client. Otherwise, if the client selects a Manager-Traded Strategy, the investment manager will directly manage the client’s Account with full discretionary authority as more fully described below. Some Services offer clients the ability to pursue alternative investment strategies (“Alternative Strategies”) or other non-traditional or complex investment strategies that involve special risks not apparent in more traditional investments like stocks “Complex Strategies”). Similarly, some Programs offer clients the ability to invest in non-traditional or real assets (“Non-Traditional Assets”). Some Programs also offer the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies (collectively, “Complex these Investment Products”). The use of strategies and involves special risks, and a client should not engage in a strategy or purchase an investment product unless the client understands the related risks. See “Additional Service Information—Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. allocation strategies have Fee. See “Additional Baird is also registered with the SEC as a broker- dealer under Securities Exchange Act of 1934, as amended (the “Exchange Act”). DDK and Baird provide the Services described in this Brochure under a “wrap fee” arrangement. This means that in addition to the investment advisory services that DDK and Baird provide in connection with each Service, Baird, in its capacity as broker- dealer, also provides clients with trade execution, custody and other standard brokerage services for a single fee (“Advisory Fee”). A client should note that the client may incur costs in addition to the Advisory Service Information—Trading for Client Accounts” and “Other Fees and Expenses” below for more information. Each Service is designed to address different investment needs of clients. All of the Services discussed in this Brochure may not be appropriate for every client. For example, the Services may not be appropriate for clients who have low or no trading activity, who desire to pay transaction- based fees, who maintain their accounts invested in high levels of cash or other concentrated positions, who do not want ongoing professional Certain Services make available asset allocation investment strategies. Asset allocation strategies involve investing in one or more categories of assets, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash, and one or more subcategories of assets, called asset classes. Asset varying investment objectives and investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use tactical investing, which typically involves tactically and actively adjusting account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short- term. Some asset allocation strategies involve the use of both strategic and tactical investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be 3 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Analysis—Investment implemented using a variety of investment types, such as individual securities, mutual funds and ETPs, including ETFs and ETNs. The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. See “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Strategies—Asset Allocation Strategies” below for more information. applicable to the services selected by the client, fees payable by the client, and other terms applicable to the client’s advisory relationship with DDK and Baird. A client should note that the client’s advisory relationship with DDK and Baird does not begin until they enter into the applicable advisory agreement with the client, which occurs when Baird PWM’s Home Office has accepted the client’s advisory agreement and determined that all of the client’s paperwork is in order. See “Account Requirements and Types of Clients” below for more information. Greenhouse Funds As mentioned above, Baird, in its capacity as broker-dealer, also provides DDK clients with trade execution, custody and other standard brokerage services. For this reason, a client will also enter into a client relationship agreement or other account agreement with DDK and Baird (“account agreement”) if the client has not already done so. The client’s account agreement authorizes DDK and Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally does not permit a client to include assets in the client’s Account that are held by a third party custodian or that are otherwise held outside of a Baird account (“Held-Away Assets”), although DDK will provide Consulting Services on Held- Away Assets when requested by a client and agreed to by DDK. Service has different the related and ongoing research, Each structures, administration, types and levels of service, and fees and expenses. In particular, a client should investment advisory services note that provided by DDK and Baird, including the depth of initial evaluation, monitoring and review of the investments in a client’s Account, varies by Service and the investments selected for the Account. The Services make available investment products and services offered by parties that are not related to Baird. Some Services make available investment products and services offered by parties related to Baird, including: Baird Advisors and Baird Equity Asset Management, investment management departments of Baird; Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management; GAMMA Investing, LLC (“GAMMA”), LLLP (“Greenhouse”), LoCorr Fund Management, LLC (“LoCorr”), Riverfront Investment Group, LLC (“Riverfront”) and Strategas Asset Management, LLC (“Strategas”), investment managers that are affiliated with Baird; Baird Trust Company (“Baird Trust”), a trust company that is affiliated with Baird; mutual funds offered by Baird Funds, Inc. (the “Baird Funds”), which is affiliated with Baird; and mutual funds offered by LoCorr Investment Trust (the “LoCorr Funds”), which is related to Baird. Those affiliated investment products and services generally consist of mutual funds, ETPs or other funds offered by parties related to Baird (“Affiliated Funds”) and SMA Strategies offered by parties (“Affiliated SMA to Baird Strategies”). For more information about these “Additional related parties, see and other Information—Other Financial Industry Activities and Affiliations” below. DDK clients typically work with a DDK Consultant to determine the services that are appropriate given their financial goals and circumstances. However, it is a client that ultimately selects the Service and investment strategy that is most appropriate for the client. The foregoing discussion of the Services is only a summary. More specific information about the Services and the particular investment advisory services that DDK and Baird provide in connection with each Service are further described below and in the client’s advisory agreement. Clients are encouraged to review this Brochure and their advisory agreement carefully. A client that wishes to participate in a Service will enter into a client relationship agreement or other investment advisory agreement with DDK and client’s (“advisory agreement”). The Baird advisory agreement will contain the specific terms 4 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  asset allocation decision to the client on a quarterly basis. Consulting Services Financial Planning Additional Consultant Services DDK offers the following additional consultant services. includes a The Financial Planning Service comprehensive development of a needs analysis that is based upon an analysis of the client’s cash flow. Generally, this service includes tax and estate planning review and coordination with the client’s external professional providers. in preparing an the client’s Risk Analysis in When performing risk analysis services, DDK seeks to analyze and review with a client the risks financial planning process identified the described above. DDK seeks to minimize investment risk through an asset allocation and investment strategy. the Asset Allocation and Investment Strategy Development accurately reflects the Investment Policy Statement. DDK will assist a Investment Policy client Statement reflecting investment objectives, policies, constraints, and risk profile. The Investment Policy Statement is designed to investment provide guidance to the client’s manager(s). The Investment Policy Statement is a product of information and data provided by the client; therefore, the client is responsible for review and final approval of the Investment Policy Statement. The client is solely responsible for Investment Policy determining whether Statement client’s investment objectives, policies, constraints, and risk profile. strategic asset allocation for determining whether into account by DDK Asset Allocation Report. DDK provides to a client or its fiduciaries an Asset Allocation Report which identifies one or more investment portfolios for the client (in terms of risk and return) based on certain information requested by DDK and provided by the client. The client is solely responsible the in information taken formulating an Asset Allocation Report is accurate and complete. Using a variety of tools, including the financial framework, DDK will develop and recommend a long-term, and investment strategy appropriate for the client’s risk and return objectives. Investment strategies may involve the use of different equity styles or strategies, such as: large cap growth, large cap value, mid cap growth, mid cap value, small cap growth, small cap value, international and emerging market equities strategies; different fixed income styles or strategies, such as short or intermediate, taxable and tax-exempt bond, international and emerging market bond, and high yield bond strategies; and Complex Strategies, such as real estate and real estate funds (including private real estate funds and private real estate fund of funds), commodity strategies, hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds and managed futures. investment objectives, Consolidated Reporting include Investment Manager Search Report. DDK provides to a client an Investment Manager Search Report that lists investment managers with investment philosophies and investment strategies believed to be consistent with the policies, client’s constraints, and risk profile, as specified by the client to DDK. DDK does not assume responsibility for the client’s choice of any investment manager or for any investment manager’s performance when providing this service to the client, nor is DDK responsible for an unaffiliated investment manager’s compliance with applicable law or for matters beyond DDK’s reasonable control. Clients of DDK generally receive a performance report and asset allocation report each quarter. Generally, this report covers all accounts and asset classes specified in the advisory agreement. For the convenience of clients of DDK, reports may information, usually related to client’s personal assets, that is provided by the client and is not covered by the advisory agreement. If a third party reporting company is used, Baird, DDK or the client may pay an additional fee to the third party for this service. DDK provides analysis of both performance and Investment Manager Search Interviews. DDK coordinates client interviews with a select number of investment managers listed on the Investment Manager Search Report. The interviews enable the client to gain additional information regarding 5 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  such investment managers’ respective investment philosophies, policies and business operations. fund or ETP comprises in each asset class within an ALIGN Strategic Portfolio. Baird may make changes to an ALIGN Strategic Portfolio from time to time as it deems appropriate and without providing prior notice to, or obtaining the consent of, a client. compares various aspects of Past Performance Reviews. DDK provides to a client a Past Performance Review which, based on information supplied by the client, includes the historical performance of the client’s portfolios such and performance to one or more benchmark indices. Account data will be derived from information provided by the client or its agent(s) for the agreed upon time period. DDK is not responsible for verifying information supplied by the client or its agent(s). Portfolios are The ALIGN Strategic Portfolios include certain element portfolios (“ALIGN Elements Portfolios”) that are designed for certain specific client investment preferences, such as clients preferring passive investment management or tax efficiency, and clients with smaller accounts. ALIGN Elements Portfolios do not invest in as many mutual funds or ETFs compared to other ALIGN Strategic therefore and comparatively less diversified. provide a specific information about Performance Monitoring Reports. DDK will client written to periodically Performance Monitoring Reports which include calculations of the performance of the client’s Account(s) over various time periods and compare various aspects of such performance to one or more benchmark indices. Discretionary Services ALIGN Strategic Portfolios Program of For more the investment options made available through the Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies Loss—Investment and Risk Strategies and Methods of Analysis—ALIGN Programs” below. strategic asset allocation Some of the services provided under this Program may be provided to a client by a DDK Consultant assigned to the client’s Account. Typically, a client selects the ALIGN Strategic Portfolio appropriate for the client’s Account with the assistance of the client’s DDK Consultant. Assets, Alternative in certain Service Baird may replace investments in a client’s Account, rebalance a client’s Account assets to be consistent with the client’s chosen ALIGN Strategic Portfolio strategy, change the client’s asset allocation, or engage in tax management circumstances. See strategies “Additional Information—Special Considerations for the Programs” and “Additional Service Information—Tax Management” below for more information. Under the ALIGN Strategic Portfolios Program, Baird manages a client’s Account with full discretionary authority according to a proprietary model strategy developed by Baird (each such model an “ALIGN Strategic Portfolio”) that is selected by the client. The ALIGN Strategic Portfolios Program offers model asset allocation portfolios that have different investment objectives and use different investment strategies. Each ALIGN strategic Strategic Portfolio provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non- Traditional Investment Products and cash. Each Portfolio generally uses mutual funds and ETPs, primarily ETFs, in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. Important Information about Affiliated Funds. Some of the mutual funds offered by Baird Funds, which is affiliated with Baird, have been selected by Baird for inclusion in certain ALIGN Strategic Portfolios. This presents a conflict of interest. For more information, see “Additional in Baird constructs each ALIGN Strategic Portfolio and adjusts the asset allocation of each ALIGN Strategic Portfolio from time to time. Baird also determines the mutual funds and ETPs that are the ALIGN Strategic Portfolios available Program, including the percentage each mutual 6 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and Risk of Information—Other Financial Industry Affiliations and Activities” below. Strategies Loss—Investment Strategies and Methods of Analysis—BairdNext Portfolios Program” below. BairdNext Portfolios Program Some of the services provided under this Program may be provided to a client by a DDK Consultant assigned to the client’s Account. Typically, a client selects the BairdNext Portfolio appropriate for the client’s Account with the assistance of the client’s DDK Consultant. that have different in in Service Baird may replace investments in a client’s Account, rebalance a client’s Account assets to be consistent with the client’s chosen BairdNext Portfolio strategy, change the client’s asset tax management allocation, or engage circumstances. See certain strategies “Additional Information—Special Considerations for the Programs” and “Additional Service Information—Tax Management” below for more information. Under the BairdNext Portfolios Program, Baird manages a client’s Account with full discretionary authority according to a proprietary model strategic asset allocation strategy developed by Baird (each such model, a “BairdNext Portfolio”) that is selected by the client. The BairdNext Portfolios Program offers model asset allocation portfolios investment objectives and use different strategic investment strategies. Each BairdNext Portfolio provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Each Portfolio generally uses mutual funds and ETPs, primarily ETFs, in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. Important Information about Affiliated Funds. Some of the mutual funds offered by Baird Funds, which is affiliated with Baird, have been selected by Baird for inclusion in certain BairdNext Portfolios. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. DDK Investment Management Service Under the DDK Investment Management Service, a client grants full discretionary authority and management of the client’s Account to Baird and the client’s DDK Consultant. Baird constructs each BairdNext Portfolio and adjusts the asset allocation of each BairdNext Portfolio from time to time. Baird also determines the mutual funds and ETPs that are available in the BairdNext Portfolios Program, including the percentage each mutual fund or ETP comprises in each asset class within a BairdNext Portfolio. Baird may make changes to a BairdNext Portfolio from time to time as it deems appropriate and without providing prior notice to, or obtaining the consent of, a client. reviews the client’s The BairdNext Portfolios Program is designed for clients with smaller accounts and as such does not invest in as many mutual funds or ETFs compared to other Programs. Clients that are able to satisfy applicable account minimums for other Programs are encouraged to discuss with their DDK Consultant whether another Program may be a more appropriate choice for them. specific information about Consultant makes a For more the investment options made available through the Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Investment Evaluation—Methods of Analysis, In the DDK Investment Management Service, a client’s DDK Consultant seeks to meet the client’s particular investment needs by developing a customized investment strategy based upon guidelines that are jointly established by the client and the the client’s DDK Consultant. At commencement of services, the client’s DDK Consultant investment objectives and risk tolerance using the Consulting Services described above. Based upon that review and other information provided by the client, the subsequent DDK recommendation to the client as to which investment style the DDK Consultant believes is best suited for the client. A client makes the final decision as to which investment style is chosen for the client’s Account. More specific information 7 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  as to how the client’s DDK Consultant will manage the client’s Account is provided to the client in connection with the opening of the Account. Mutual funds, ETFs and other investment products affiliated with Baird are available to clients under the DDK Investment Management Service. This interest. For more presents a conflict of information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. the heading and Russell Model Strategies Program in various Service Assets, Alternative A DDK Consultant typically recommends or selects for client accounts investments in mutual funds and ETFs that pursue the strategies “Consulting described under Services—Asset Allocation Investment Strategy Development” above. However, from time to time, a DDK Consultant may make direct investments types of securities, including, but not limited to, equity securities, fixed income securities, Non-Traditional Assets and certain Alternative Investment Products. All or a portion of the assets in a client’s Account may be held in cash or cash equivalents, including securities issued by money market mutual funds, or may be deposited in interest-bearing bank accounts. Additional information about the types of investments a DDK Consultant may use for client accounts is contained under the heading “Additional Information—Permitted Investments” below. For more information about the DDK Investment Management Service, see “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—DDK Investment Management Service” below. typically Under the Russell Model Strategies Program (the “Russell Program”), Baird manages a client’s Account with full discretionary authority according to a model mutual fund asset allocation strategy (a “Russell Strategy”) developed by Russell Investment Management, LLC (“Russell”) that is selected by a client. The Russell Program offers that have model asset allocation portfolios different investment objectives and use different strategic and tactical investment strategies. Each Russell Strategy provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non- Traditional Investment Products and cash. Each Strategy generally uses mutual funds and ETFs in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Strategy, and some Strategies may have little or no allocation to one or more asset classes or types of investments described above. invest Each Russell Strategy will exclusively or significantly in mutual funds offered by Russell Investment Company (the “Russell Funds”), although some non-Russell Funds may be used. Baird may remove any DDK Consultant or strategy from the Service at any time and transfer day-to-day management responsibility of a client’s Account to another DDK Consultant or Baird Financial Advisor at any time without providing prior notice to, or obtaining the consent of, a client. involve special, Russell constructs each Russell Strategy and adjusts the asset allocation of each Strategy from time to time. Russell also determines the mutual funds and ETFs, including the Russell Funds, that are available in each Russell Strategy, including the percentage each mutual fund and ETF comprises in each Strategy. From time to time, Russell may remove mutual funds and ETFs and replace them with other mutual funds and ETFs. investing in Service Important Information about DDK Investment Management Service Accounts. DDK Consultants may invest client accounts in illiquid securities and Complex Investment Products. These types of investments sometimes significant, risks and are not appropriate for all clients. A client should understand those risks those products. See before “Additional Information—Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. the client’s investments Baird anticipates that it generally will implement a Russell Strategy as proposed by Russell. However, Baird has sole discretionary authority over a client’s Account invested in a Russell Strategy, and Baird may implement a Russell Strategy differently than proposed by Russell or may sell if Baird determines such action to be necessary and in the 8 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  client’s best interest. specific information about including purchases and sales the Account, without of For more the investment options made available through the Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Investment Evaluation—Methods of Analysis, Strategies Loss—Investment and Risk Strategies and Methods of Analysis—Russell Model Strategies Program” below. portfolio, the model DDK and Baird do not have discretionary authority over the assets in a client’s Baird Advisory Choice Account, and DDK and Baird cannot purchase or sell any securities or other investments in the client’s Baird Advisory Choice Account, to rebalance the client’s authorization. Ultimately, the client makes the final decision as to selection of investments for the client’s Baird Advisory Choice Account. Furthermore, if a client selects a model portfolio for the client’s Baird Advisory Choice Account, a is client should understand that the client ultimately responsible for: the selection of the model portfolio’s implementation, and the selection of a rebalance option, if any. Some of the services provided under this Program may be provided to a client by a DDK Consultant assigned to the client’s Account. Typically, a client selects the Russell Strategy appropriate for the client’s Account with the assistance of the client’s DDK Consultant. in in regarding: financial Service for Baird may rebalance a client’s Account assets to be consistent with the client’s chosen asset allocation strategy, change the client’s asset tax management allocation, or engage circumstances. See strategies certain Information—Special “Additional Considerations for the Programs” and “Additional Service Information—Tax Management” below for more information. Non-Discretionary Services Baird Advisory Choice Program The Baird Advisory Choice Program is a Non- Discretionary Service whereby DDK and Baird provide advice to a client in connection with the client’s own management of the client’s Account. Some of the services provided under this Program may be provided to a client by a DDK Consultant assigned to the client’s Account. A client should understand that DDK and Baird only provide a client with certain consulting services and, for eligible Accounts, Account rebalancing services under the Baird Advisory Choice Program. The consulting services that may be available in the Program from the client’s DDK Consultant include research, analysis, advice and recommendations and investment goals and needs; asset allocation strategies, investment strategies and investment restrictions; methods implementing investment strategies; trends and expectations investments, regarding securities and other securities markets, and economic sectors and industries; and the purchase, holding and sale of securities and other investments. The specific consulting services to be provided to a client will be determined by mutual agreement between the client and the client’s DDK Consultant. DDK and Baird do not undertake to provide any other consulting or investment advisory services under this Program unless DDK and Baird agree to do so in writing. in various Some DDK Consultants may recommend that a client implement a model portfolio in the client’s Advisory Choice Account. A client implementing a model portfolio in the client’s Advisory Choice Account may have the option to have Baird and the client’s DDK Consultant rebalance the client’s Advisory Choice Account to the target asset allocations specified by the model portfolio at predetermined intervals. Currently, Baird offers the following rebalance options to applicable Advisory Choice Accounts: annual, semi-annual and quarterly. Baird or the client’s DDK Consultant will provide investment recommendations for the client’s Account and may recommend the amount, type and timing with respect to buying, holding, exchanging, converting and selling securities and other assets for the client’s Account. Baird or the recommend client’s DDK Consultant may investments types of securities, including, but not limited to, equity securities, fixed income securities, Non-Traditional Assets, certain Alternative Investment Products and mutual funds and ETPs that in turn invest in those investments. All or a portion of the assets in a 9 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  bank is contained under Service client’s Account may be held in cash or cash equivalents, including securities issued by money market mutual funds, or may be deposited in accounts. Additional interest-bearing information about the types of investments Baird or a DDK Consultant may recommend for client accounts the heading “Additional Information—Permitted Investments” below. For more information about the Baird Advisory Choice Program, see “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Baird Advisory Choice Program” below. about the investment A client should ask the client’s DDK Consultant questions styles, philosophies, strategies, analyses and techniques the client’s DDK Consultant will use in order to meet the client’s objectives. on market timing. If a client’s Baird Advisory Choice Account engages in “excessive trading activity” (herein defined as activity that would be considered “excessive” by industry professionals in a non-discretionary, fee-based program, as determined by Baird in its sole discretion), DDK or Baird may, to the extent permitted by applicable law, immediately, upon sending notice to the client, restrict the activity occurring in the client’s Account, terminate the Account, convert the Account to a commission-based account, or charge a higher fee at such rate as DDK or Baird, in their sole discretion, may elect. A client is responsible for monitoring the client’s Account and determining the desirability of maintaining the Account as opposed to maintaining a traditional, commission-based brokerage account. In addition to Baird Advisory Choice Accounts and traditional, brokerage commission-based accounts, DDK offers various other advisory programs in which it has investment discretion. A client should periodically reevaluate whether the ongoing use of this Non-Discretionary Advisory Program is desired and request a DDK Consultant to explain the benefits and disadvantages of maintaining a Baird Advisory Choice Account and the availability of alternative arrangements. is appropriate. In making Additional information regarding the differences between brokerage and advisory relationships can be found in the “Understanding Brokerage and Investment Advisory Relationships” document that is available on Baird’s website at bairdwealth.com/retailinvestor. relevant factors, including it into a A client may terminate a Baird Advisory Choice Account and convert traditional, commission-based brokerage account at any time by contacting DDK. DDK and Baird also have the right, at any time upon notice to a client, to terminate a client’s Baird Advisory Choice Account and convert it into commission-based brokerage account. trading. Important Information about Baird Advisory Choice Accounts. A Baird Advisory Choice Account provides a fee-based alternative to a traditional, commission-based brokerage account. Unlike a traditional brokerage account where a client is paying for traditional brokerage services, an Advisory Choice client is also paying for investment advice and other investment advisory services above and beyond those available in a traditional brokerage account. Each client should determine whether a Baird Advisory Choice Account this determination, a client should carefully consider all the client’s investment objectives, risk tolerance, past and anticipated trading practices, current assets, current investments, the value and type of Permitted Investments to be held in the Account, anticipated use of other Baird products and services, and the costs and benefits of the Account. The costs of a Baird Advisory Choice Account may be more or less than in an account where the client is charged on a per-transaction basis. A Baird Advisory Choice Account may not be appropriate for a client who anticipates little or no trading activity, a client who prefers to direct the client’s own investment strategies and security selection independent of the advice of DDK or Baird or a client who does not receive or request investment advisory or other non-trading services from DDK or Baird. A Baird Advisory Choice Account is also not for day trading or other including excessive extreme trading activity, options trading or trading in mutual funds based A client should note that the client’s Baird Advisory Choice Account may be engaged in strategies that involve concentrated and less diversified portfolios of securities, leverage or In margin, options, and frequent addition, the client’s Baird Advisory Choice Account may be invested in illiquid securities and Complex Investment Products. These types of involve special, strategies and investments risks and are not sometimes significant, for all clients. A client should appropriate 10 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Service invest a client’s Account in various types of securities, which will be chosen by the BAM Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. understand those risks before engaging in those strategies or investing in those products. See “Additional Information—Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. Currently, certain PWM-Managed Portfolios and SMA Strategies offered by Baird Equity Asset Management, Baird Trust, GAMMA, Riverfront and Strategas are offered through the BAM Program. PWM-Managed Portfolios Mutual funds, ETFs and other investment products affiliated with Baird are available to clients under the Advisory Choice Program. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. SMA Services Baird Affiliated Managers Program Under the BAM Program, Baird makes available to clients the following PWM-Managed Portfolios managed by Baird PWM’s Research team: the Baird Recommended Portfolio, the Baird Rising Dividend Portfolio, and the AQA Portfolios, which are described under the heading “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Methods of Analysis—Certain PWM- Managed Portfolios” below. BAM SMA Strategies Baird Equity Asset Management The BAM Program is a program whereby a client independently selects Baird or an investment manager related to Baird to manage the client’s Account with full discretionary authority according to a strategy selected by the client. The BAM Program is designed to accommodate a client who wishes to select Baird or an investment manager related to Baird to manage the assets in the client’s Account instead of an unaffiliated manager made available in other SMA Programs. (“BAM Strategies”) eligible Under the BAM Program, Baird determines the investment managers (“BAM Managers”) and their strategies to participate in the Program. The BAM Strategies and BAM Managers are not subject to the same evaluation process or eligibility standards imposed upon on other SMA Strategies and SMA Managers offered through other SMA Programs. Under the BAM Program, Baird makes available to clients certain SMA Strategies offered by Baird Equity Asset Management, including: growth investment strategies (the “Baird Equity Asset Management Growth Strategies”); Specialized Asset Management (“SAM”) portfolio strategies (the “SAM Strategies”), consisting of SAM Strategic Portfolio strategies and SAM Custom Portfolio strategies; and certain CCM International Growth and CCM Global Growth SMA Strategies (“CCM Portfolios”). and For more specific information about eligibility standards imposed upon the managers and SMA Strategies made available through the BAM Program, see “Portfolio Manager Selection and Evaluation—Selection Evaluation—Baird Affiliated Managers Program” below. Baird Equity Asset Management also manages client portfolios according to other strategies selected by clients (“Other Baird Equity Asset Management Strategies”, and with the Baird Equity Asset Management Growth Strategies and the SAM Strategies, the “Baird Equity Asset Management Strategies”). portfolios that have A client should only participate in the BAM Program if the client wishes to select Baird or a manager related to Baird to manage the client’s Account and the client understands the potential conflicts of interest presented by the arrangement and the risks of doing so. have varying The SAM Strategic Strategies are model asset different allocation investment objectives and strategies. Each SAM Strategy provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. investment BAM Managers objectives, styles and strategies, and they may 11 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Each Strategy generally uses individual securities, mutual funds and ETFs in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Strategy, and some Strategies may have little or no allocation to one or more asset classes or types of investments described above. customized investment portfolio, managed to fit a client’s specific needs. The Baird Trust Portfolio Manager will determine the investments for a client’s Account based on a comprehensive assessment process that includes the client’s investment objective, time horizon, financial situation, and special circumstances. Once the assessment is complete, a client’s portfolio construction begins. Baird Trust Custom Portfolio Management accounts typically invest in a mix of equity securities, fixed income securities, mutual funds and ETFs, depending upon the needs of a particular client. A SAM Custom Portfolio provides a client with a customized level of investment across one or more of the asset classes described above. The custom model asset allocation strategy is determined by the client with the assistance of Baird Equity Asset Management. GAMMA receipts the use of Alternative The CCM Portfolios invest in equity securities of companies located in different regions around the world, primarily in developed markets but also in emerging and less developed markets. Each Portfolio generally uses common or ordinary shares, depositary representing an ownership interest in ordinary shares, preferred stocks, in order to implement the strategy. The CCM Portfolios generally invest in a limited number of securities, but seek to be diversified in terms of currencies, regions and economic sectors. Under the BAM Program, Baird makes available to clients certain SMA Strategies offered by GAMMA (“GAMMA Portfolios”). GAMMA offers Custom Indexing strategies providing for specific levels of investment across different asset classes, such as equity securities, fixed income securities, and cash. Each Portfolio generally uses stocks and ETPs, primarily ETFs and ETNs, in order to implement the target strategy. When deemed appropriate, GAMMA’s management may also Investment involve Products. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. include mutual Baird Equity Asset Management may invest a client’s Baird Equity Asset Management Strategies Account in various types of securities, which will be chosen by Baird Equity Asset Management and which may funds or other investment products affiliated with Baird. Baird Trust Under the BAM Program, Baird makes available to clients five (5) portfolio strategies developed and maintained by Baird Trust (“Baird Trust the heading Strategies”) described under “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Methods of Analysis—Baird Trust Strategies” below. The Baird Trust Strategies invest in a mix of equity securities and ETFs. The GAMMA Custom Indexing strategies that GAMMA offers under the Baird Affiliated Managers Program include managed portfolios of individual securities that seek to deliver similar return and risk characteristics as an index strategy (“target strategy”) selected by the client. Custom Indexing strategies can be benchmarked to any standard or customized index, or combination of standard or customized benchmarks. Custom Indexing strategies typically invest directly in a subset of the securities which make up the target strategy. The investment objective of each Custom Indexing strategy is to provide exposure to a client selected market segment or combination of market segments into an overall asset allocation while maximizing after-tax returns. Riverfront In addition, Baird makes available to clients Baird Trust Custom Portfolio Management℠, which offers clients a customized approach to investing and the ability to work directly with an in-house Baird Trust Portfolio Manager. A client’s Baird Trust Portfolio Manager and DDK Consultant will work closely with a client to develop a diversified, Under the BAM Program, Baird makes available to clients certain SMA Strategies offered by Riverfront (“Riverfront Portfolios”). The Riverfront Portfolio strategies are model asset allocation 12 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that have different Additional Information about the BAM Program Clients are urged to review the BAM Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the BAM Manager, including information about the BAM Manager’s strategies, the types of investments the BAM Manager may use for a client’s Account, and the risks associated with investing in a BAM Strategy. Such brochures are available upon request. portfolios investment objectives and use different strategic and tactical investment strategies. Each Riverfront Portfolio provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Each Portfolio generally uses mutual funds and ETPs, primarily ETFs and ETNs, in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. Some of the services provided under the BAM Program may be provided to a client by a DDK Consultant assigned to the client’s Account, and the client’s DDK Consultant may provide his or her own advice and recommendations about BAM Managers. The Riverfront Portfolio strategies that Riverfront offers under the Baird Affiliated Managers include Riverfront Asset Allocation Program Portfolios (also known as “Advantage Portfolios”); Riverfront ETF Portfolios (also known as “ETF Advantage Portfolios”); Riverfront Income ETF Portfolios (also known as “Income ETF Advantage Portfolios”); RiverShares Model Portfolios; and Riverfront Custom Portfolios. Strategas If a client participates in the BAM Program, the client authorizes and directs DDK and Baird to appoint the BAM Manager selected by the client to serve as sub-adviser to the client’s Account. The client also authorizes and directs the BAM Manager to manage client’s Account with full discretionary authority in accordance with the BAM Strategy selected by the client. invest Under the BAM Program, Baird makes available to clients certain SMA Strategies offered by Strategas (“Strategas Portfolios”). The Strategas Portfolios include thematic strategies (“Strategas Thematic Portfolios”), asset allocation strategies (“Strategas Asset Allocation Portfolios”) and fixed income strategies (“Strategas Fixed Income Portfolios”). The Strategas Thematic Strategies invest principally in equity securities using certain proprietary investment themes, ideas or trends. The Strategas Asset Allocation Portfolios invest primarily in equity and fixed income securities in a manner that aligns with client goals and risk preferences over a medium-term time horizon. Each Portfolio combines Strategas’s strategic asset allocation outlook with tactical tilts towards those sectors and investments that it believes are most favorable for investment. The Strategas Fixed Income Strategies are actively managed, multisector, enhanced total return bond strategies that seek to maximize return, while seeking to minimize total return volatility. The Strategas in Fixed Income Strategies primarily sector-focused ETFs. Certain BAM Strategies are only made available through the Overlay Manager. The BAM Strategies offered through the Overlay Manager consist of Manager-Traded Strategies and Model-Traded Strategies. If a client selects a BAM Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs DDK and Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to manage the client’s Account with full discretionary authority in accordance with the BAM Strategy selected by the client. If a client selects a Manager-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to appoint the applicable BAM Manager as sub-adviser, and the client also authorizes and directs such BAM Manager to manage the client’s Account with full discretionary authority in accordance with the BAM Strategy selected by the client. 13 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  services under the BAM Program unless Baird agrees to do so in writing. is regarding If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that Baird does not monitor or ascertain fully and whether the Overlay Manager faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s DDK Consultant. A client that participates in the BAM Program is strongly encouraged to contact the client’s Baird DDK Consultant or BAM Manager on a periodic basis to discuss: the Account and its investment performance; the BAM Manager’s investment philosophy and style (to determine if the BAM Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information the BAM Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviser info.sec.gov. the Information—Trading Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Baird client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Service for Client Accounts—Trading Practices of Investment Managers” below for more information. Program, Baird cannot appoint and Evaluation—Baird The BAM Strategies and BAM Managers made available under the BAM Program are subject to change or removal at any time in Baird’s sole discretion. A client’s appointment and continued retention of a BAM Manager to manage the client’s Account are based upon the client’s review of the BAM Manager and its services. In selecting client ultimately the BAM Strategy, determines that the strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BAM Manager will only be removed from managing the client’s Account upon the BAM Manager’s removal from the Program by Baird, the BAM Manager’s withdrawal or the client’s direction to do so. Under the terms of the BAM a replacement manager without client consent. Given the terms of the BAM Program, upon the withdrawal or removal of an investment manager from the BAM Program, a client’s BAM Program Account will be automatically removed from the BAM Program and the Account will become an unmanaged brokerage account, unless the client instructions to Baird. See provides contrary “Portfolio Manager Selection and Evaluation— Selection Affiliated Managers Program” below for further information. the reviewing the If a client’s Account is managed by an Other Manager under the BAM Program, the client should understand that: Baird does not manage the Account and does not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, Baird is not responsible for the decisions made by the Other Manager; Baird does not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and Baird and the client’s DDK Consultant only provide the client with certain consulting services, which may include the assistance with client’s DDK Consultant’s determining needs, financial client’s investment goals and investment restrictions and periodically manager’s performance. Baird does not undertake to provide any other consulting or investment advisory Important Information about Affiliated Managers All of the BAM Strategies made available under the BAM Program are offered by Baird or a manager affiliated with Baird. PWM- Managed Portfolios are Managed by Baird PWM. Baird Equity Asset Management and CCM are 14 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  DDK Recommended Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the DDK Recommended Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. investment management departments of Baird. Baird Trust, GAMMA, Riverfront and Strategas are affiliated with Baird. Baird has a potential conflict of interest to the extent Baird would advise clients to participate in the BAM Program. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. are urged review information about Clients the DDK to Recommended Manager’s Form ADV Part 2A contain additional Brochure, which should important DDK the Recommended Manager, including information about the DDK Recommended Manager’s strategies, the types of investments the DDK Recommended Manager may use for a client’s Account, and the risks associated with investing in a DDK RM Strategy. Such brochures are available upon request. A client’s appointment and continued retention of a BAM Manager to manage the client’s Account are based upon the client’s review of the BAM Manager and its services. In selecting the BAM Strategy, the client ultimately determines that the strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BAM Manager will only be removed from managing the client’s Account upon the BAM Manager’s removal from the Program by Baird, the BAM Manager’s withdrawal or the client’s direction to do so. DDK Recommended Managers Service initially selects RM Strategy with Some of the services provided under the DDK Recommended Managers Service will be provided to a client by a DDK Consultant assigned to the client’s Account. A client, typically working with a DDK Consultant, the DDK Recommended Manager and DDK RM Strategy for the client’s Account. Thereafter, whenever Baird or it the client’s DDK Consultant deems necessary, Baird or the client’s DDK Consultant will replace a DDK Recommended Manager or another DDK DDK Recommended Manager or DDK RM Strategy for the client’s Account. The DDK Recommended Managers Service is a program whereby a client provides Baird and the client’s DDK Consultant with discretionary authority to appoint investment managers to manage the client’s Account with full discretionary authority and to terminate or replace investment managers for the client’s Account. The DDK Recommended Managers Service is designed for a client who wishes to have the client’s Account managed by investment managers that are monitored by DDK and Baird on an ongoing basis. the Under the DDK Recommended Managers Service, DDK and Baird determine investment managers (“DDK Recommended Managers”) and their strategies (“DDK RM Strategies”) eligible to participate in the Service through an initial and ongoing evaluation process. full discretionary authority If a client participates in the DDK Recommended Managers Service, the client authorizes and directs DDK and Baird to appoint DDK Recommended Managers to serve as sub-adviser to the client’s Account and to otherwise manage the client’s Account in accordance with the terms of the DDK Recommended Managers Service. The client also authorizes and directs the DDK Recommended Managers to manage the client’s Account with in accordance with the DDK RM Strategy selected. RM Strategies offered For more specific information about the managers and SMA Strategies made available through the DDK Recommended Managers Service and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, see “Portfolio Manager Selection and Evaluation— Selection and Evaluation—DDK Recommended Managers Service” below. Certain DDK RM Strategies are only made available through Implementation Managers. The through DDK Implementation Managers consist of Manager- Traded Strategies and Model-Traded Strategies. If a DDK RM Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs DDK 15 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the client should understand the discretionary full discretionary authority recommendation or full discretionary authority If a client’s Account is managed by an Other Manager under the DDK Recommended Managers that, Service, authority notwithstanding granted to Baird and the client’s DDK Consultant under the Service: Baird and the client’s DDK Consultant do not manage the Account and do not otherwise have any influence over the Other investment decisions or securities Manager’s selections, and therefore, Baird and the client’s DDK Consultant are not responsible for the decisions made by the Other Manager; and Baird and the client’s DDK Consultant do not provide any investment advice regarding the purchase or sale of investment products made for the client’s Account. and Baird to appoint the Implementation Manager to serve as sub-adviser to the client’s Account. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to manage the client’s Account with in accordance with the selected DDK RM Strategy. If a Manager-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to appoint the applicable DDK Recommended Manager as sub-adviser, and the client also authorizes and directs such DDK Recommended Manager to manage the client’s Account with in accordance with the selected DDK RM Strategy. from the the implement the direction of the client’s Account, the prior manager and From time to time, DDK or Baird may remove investment managers DDK Recommended Managers Service, and DDK or Baird may select a replacement manager to manage the client’s Account. In such event, DDK or Baird, at the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were the managed by replacement manager will reinvest the cash proceeds of those sales. Sales of securities or other investments could result in adverse tax consequences for the client. faithfully If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Implementation Manager will Account, the Model Portfolio as typically proposed by the Model Provider. However, since the Implementation Manager has discretionary authority over the Implementation Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Implementation Manager determines such action to be necessary and in the client’s best interest. A client should note that DDK and Baird do not monitor or ascertain whether a third party Implementation Manager is fully and implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s DDK Consultant. in If DDK or Baird terminates an investment manager from the DDK Recommended Managers Service, a client authorizes DDK and Baird to invest, with full discretionary authority, the assets in the client’s Account previously managed by the terminated other investment manager securities, including, but not limited to, mutual funds and ETPs. DDK’s and Baird’s discretionary authority to make such other investments will continue until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. below Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a DDK client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of other client accounts managed by those Model Providers. See “Additional Service Information— Trading for Client Accounts—Trading Practices of Investment Managers” for more information. A client who prefers to continue using an investment manager that has been removed from the DDK Recommended Managers Service, or who directs or otherwise requests that a particular investment manager not recommended by DDK be selected to manage the client’s Account, will need to move to another Service, such as the BSN Program. See “Baird SMA Network Program” below for more information. Clients who elect to do so will no longer receive the same level of 16 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  rigorous ongoing monitoring, evaluation, or review of that investment manager from DDK or Baird. important including information about 55ip, information about 55ip’s strategies, the types of investments 55ip may use for a client’s Account, and the risks associated with 55ip’s strategies. Such brochure is available upon request. ALIGN 55ip Tax Managed Solutions A client should note that the time it takes to transition an Account to a Target ALIGN Strategy could be significant and involve a period of five (5) years or more. The actual time can vary greatly by Account and will depend on a number of factors, including, but not limited to, the differences between the holdings of the Account and the Target ALIGN Portfolio, the tax basis of the Account holdings, and additions to and withdrawals from the Account. The DDK Recommended Managers Service makes available ALIGN 55ip Tax Managed Solutions that are designed for a client that: (1) desires to have the strategy for the client’s Account transitioned to an ALIGN Strategic Portfolio strategy selected by the client (the “Target ALIGN Strategy”) using tax management strategies that are intended to reduce the negative impact of U.S. federal income taxes on an Account resulting from the transition; (2) seeks investment in an ALIGN Strategic Portfolio strategy together with enhanced tax management strategies on an ongoing basis; or (3) a combination of both services. Baird has engaged 55I, LLC (d/b/a 55ip, “55ip”) to provide tax management services on a subadvisory basis to clients that select ALIGN 55ip Tax Managed Solutions. Important Information about Affiliated Managers. The DDK Recommended Managers Service makes available to clients investment services that are offered by Baird Advisors and investment Baird Equity Asset Management, management departments of Baird. Baird has a potential conflict of interest to the extent Baird would advise a client to select investment products offered by those Baird Departments. For more information, see “Additional Information— Other Financial Industry Affiliations and Activities” below. Baird receives a portion of the Portfolio Fee paid by clients pursuing ALIGN 55ip Tax Managed Solutions for portfolio management services that Baird provides in connection with those Solutions. Such compensation provides Baird a financial incentive to recommend those Solutions. strategy together with its Baird SMA Network Program If a client selects an ALIGN 55ip Tax Managed Solution for the client’s Account, the client authorizes and directs Baird to appoint 55ip to serve as sub-adviser to the client’s Account. The client also authorizes and directs 55ip to manage the client’s Account with full discretionary authority: (1) to transition the Account holdings to reflect the target portfolio holdings of the Target ALIGN Strategy selected by the client using its tax management strategies; and (2) in accordance with the selected ALIGN Strategic tax Portfolio management strategies on an ongoing basis, as applicable. a is designed client who wishes Additional information about the ALIGN Strategic Portfolio strategies is contained under the heading “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—ALIGN Programs” below. investment strategies, there The BSN Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The BSN Program accommodate to independently select an investment manager not available in the DDK Recommended Managers Program to manage the assets in the client’s Account. Like all is no guarantee that 55ip’s implementation of tax management strategies will be successful, and when such strategies are used, a client’s Account may not be successful in pursuing its primary investment strategies, objectives or goals. (“BSN Strategies”) eligible Under the BSN Program, Baird determines the investment managers (“BSN Managers”) and their strategies to participate in the Program through a significantly less rigorous evaluation process compared to the DDK Recommended Managers Service. However, Clients are urged to review 55ip’s Form ADV Part 2A Brochure, which should contain additional 17 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  a client should note that DDK and Baird do not make any recommendation to clients regarding any BSN Strategy or any representations regarding a BSN Manager’s qualifications as an investment adviser or abilities to manage client assets. appoint the BSN Manager selected by the client to serve as sub-adviser to the client’s Account. The client also authorizes and directs the BSN Manager to manage client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. if any, see and Evaluation—Selection For more specific information about the managers and SMA Strategies made available through the BSN Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA “Portfolio Manager Strategies, Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below. the A client should only participate in the BSN Program if the client wishes to take more responsibility for monitoring the client’s Account, the DDK Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. have varying Certain BSN Strategies are only made available through the Overlay Manager. The BSN Strategies offered through the Overlay Manager consist of Manager-Traded Strategies and Model-Traded Strategies. If a client selects a BSN Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs DDK and Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. If a client selects a Manager-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to appoint the applicable BSN Manager as sub-adviser, and the client also authorizes and directs such BSN Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. investment BSN Managers objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the BSN Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. Certain managers offer strategies that exclusively invest in Investment Funds (“Fund Strategist Portfolios”). Clients are urged to review the BSN Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the BSN Manager, including information about the BSN Manager’s strategies, the types of investments the BSN Manager may use for a client’s Account, and the risks associated with investing in a BSN Strategy. Such brochures are available upon request. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that DDK and Baird do not monitor or ascertain whether the Overlay Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s DDK Consultant. Some of the services provided under the BSN Program may be provided to a client by a DDK Consultant assigned to the client’s Account, and the client’s DDK Consultant may provide his or her own advice and recommendations about BSN Managers. If a client participates in the BSN Program, the client authorizes and directs DDK and Baird to Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model 18 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Information—Trading Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a DDK client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See for “Additional Service Client Accounts—Trading Practices of Investment Managers” below for more information. for manager or otherwise manage a client’s Account assets. Given the terms of the BSN Program, upon the withdrawal or removal of an investment manager from the BSN Program, a client’s BSN Program Account will be automatically removed from the BSN Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to DDK. See “Portfolio Manager Selection and Evaluation— Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below further information. influence over Important Information about the BSN Program. Portfolios managed by 55I, LLC (d/b/a 55ip, “55ip”) are made available under the BSN Program. 55ip uses research and other services from Riverfront, an affiliate of Baird, in the development of certain of those portfolios, and Riverfront receives compensation from 55ip with respect to those portfolios. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. reviewing the If a client’s Account is managed by an Other Manager under the BSN Program, the client should understand that: DDK and Baird do not manage the Account and do not otherwise have any the Other Manager’s investment decisions or securities selections, and therefore, DDK and Baird are not responsible for the decisions made by the Other Manager; DDK and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and DDK and Baird only provide the client with certain consulting services, which may include the client’s DDK Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically manager’s performance. DDK and Baird do not undertake to investment provide any other consulting or advisory services under the BSN Program unless DDK and Baird agree to do so in writing. appointment the Account and its in managing the client’s Account regarding the foregoing when deciding A client that participates in the BSN Program is strongly encouraged to contact the client’s DDK Consultant or BSN Manager on a periodic basis to discuss: investment performance; the BSN Manager’s investment philosophy and style (to determine if the BSN Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information the BSN Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviser info.sec.gov. The BSN Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the DDK Recommended Managers Service to manage the client’s Account. The client assumes ultimate responsibility for monitoring the client’s BSN the BSN Manager’s Program Account and performance. A and client’s continued retention of a BSN Manager to manage the client’s Account are based ultimately upon the client’s independent review of the BSN Manager and the BSN Manager’s services. The client ultimately determines that the BSN Strategy to be used is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BSN Manager will only be removed from managing the client’s BSN Program Account upon the manager’s withdrawal, removal from the BSN Program, or the client’s direction to do so. A client should carefully consider to participate in the BSN Program and also consider whether another Service, such as the DDK Recommended Managers Service, may be more appropriate for the client. The BSN Strategies and BSN Managers made available under the BSN Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the BSN Program, DDK and Baird cannot appoint a replacement 19 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Dual Contract Program Manager’s strategies, the types of investments the DC Manager may use for a client’s Account, and the risks associated with investing in a DC Strategy. Such brochures are available upon request. a is designed client who wishes The DC Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The DC Program accommodate to independently select an investment manager not available in the DDK Recommended Managers Service or BSN Program to manage the assets in the client’s Account. Some of the services provided under the DC Program may be provided to a client by a DDK Consultant assigned to the client’s Account, and the client’s DDK Consultant may provide his or her own advice and recommendations about DC Managers. Under the DC Program, Baird determines the investment managers (“DC Managers”) and their strategies (“DC Strategies”) eligible to participate in the Program through a significantly less rigorous evaluation process compared to the DDK Recommended Managers Service. However, a client should note that DDK and Baird do not make any recommendation to clients regarding any DC Strategy or any representations regarding a DC Manager’s qualifications as an investment adviser or abilities to manage client assets. Under the DC Program, DC Managers are offered to clients through a dual contract arrangement, and a client will need to enter into a separate agreement with the DC Manager in addition to the advisory agreement the client enters into with DDK and Baird. A client participating in the DC Program is solely responsible for negotiating the client’s agreement with the client’s DC Manager, and neither DDK nor Baird will participate or advise a client regarding the terms of such an agreement, the advisability of entering into such an agreement, or the retention of the client’s DC Manager unless DDK and Baird agree to do so in writing. if any, see and Evaluation—Selection For more specific information about the managers and SMA Strategies made available through the DC Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, “Portfolio Manager and Selection Evaluation—Baird SMA Network and Dual Contract Programs” below. A client should only participate in the DC Program if the client wishes to take more responsibility for monitoring the DDK the client’s Account, Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and the client understands the risks of doing so. reviewing the If a client’s Account is managed by an Other Manager under the DC Program, the client should understand that: DDK and Baird do not manage the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, DDK and Baird are not responsible for the decisions made by the Other Manager; DDK and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and DDK and Baird only provide the client with certain consulting services, which may include the client’s DDK Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and manager’s periodically performance. DDK and Baird do not undertake to provide any other consulting or investment advisory services under the DC Program unless DDK and Baird agree to do so in writing. DC Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the DC Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. A client that participates in the DC Program is strongly encouraged to contact the client’s DDK Consultant or DC Manager on a periodic basis to investment discuss: the Account and its Clients are urged to review the DC Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the DC Manager, including information about the DC 20 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the DC Manager’s the foregoing when deciding Manager will only be removed from managing the client’s DC Program Account upon the manager’s withdrawal, removal from the DC Program, or the client’s direction to do so. A client should carefully consider to participate in the DC Program and also consider whether another Service, such as the DDK Recommended Managers Service, may be more appropriate for the client. performance; investment philosophy and style (to determine if the DC Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the DC Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviserinfo.sec.gov. Other SMA Strategy Information Certain SMA Strategies are available through multiple Services. The overall cost of an SMA Strategy and the types and levels of service provided to a client in connection with an SMA Strategy will vary depending upon the particular Service selected by the client. A client should ask the client’s DDK Consultant whether an SMA Strategy is available through multiple Programs and, if so, the client should discuss with the DDK Consultant the different costs of the Services and the types and levels of service provided in connection with the Services. A client is solely responsible for selecting the Service in which the client’s Account will participate. The DC Strategies and DC Managers made available under the DC Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the DC Program, DDK and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the DC Program, upon the withdrawal or removal of an investment manager from the DC Program, a client’s DC Program Account will be automatically removed from the DC Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to DDK. See “Portfolio Manager Selection and Evaluation— Selection and Evaluation—Baird SMA Network and for more Dual Contract Programs” below information. UMA Programs ALIGN UMA Select Portfolios Program Information about the DC Important investment management Program. Other departments of Baird and managers affiliated with Baird are available to clients under the DC Program. This presents a conflict of interest. For more information, see “Additional Information— Other Financial Industry Affiliations and Activities” below. assumes ultimate responsibility Under the ALIGN UMA Select Portfolios Program, Baird and the Overlay Manager manage a client’s Account with full discretionary authority according to a proprietary model asset allocation strategy developed by Baird (each such model, an “ALIGN UMA Select Portfolio”) that is selected by the client. The ALIGN UMA Select Portfolios Program offers model asset allocation portfolios that have different investment objectives and use different investment strategies. Each ALIGN UMA Select Portfolio provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Each Portfolio generally uses mutual funds, ETPs, primarily ETFs, and SMA Strategies in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. Baird constructs each ALIGN UMA Select Portfolio and adjusts the asset allocation of each ALIGN UMA Select Portfolio from time to time. Baird also The DC Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the DDK Recommended Managers Service or BSN Program to manage the client’s Account. The client for monitoring the client’s DC Program Account and the DC Manager’s performance. A client’s appointment and continued retention of a DC Manager to manage the client’s Account are based ultimately upon the client’s independent review of the DC Manager and the DC Manager’s services. The client ultimately determines that the DC Strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a DC 21 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the investments Portfolios Program, including strategies, the types of investment manager may use for a client’s Account, and the risks associated with investing in the investment manager’s SMA Strategies. Such brochures are available upon request. in Some of the services provided under this Program may be provided to a client by a DDK Consultant assigned to the client’s Account. Typically, a client selects the ALIGN UMA Select Portfolio appropriate for the client’s Account with the assistance of the client’s DDK Consultant. determines the mutual funds, ETPs, or SMA Strategies that are available in the ALIGN UMA Select the percentage each investment comprises in each asset class within an ALIGN UMA Select Portfolio. Baird may remove mutual funds, ETPs, or SMA Strategies used the ALIGN UMA Select Portfolios Program from time to time and replace them with other investment options. Baird may make changes to an ALIGN UMA Select Portfolio from time to time as it deems appropriate and without providing prior notice to, or obtaining the consent of, a client. through an (“BRM Strategies”) The ALIGN UMA Select Portfolios Program makes available: (1) certain mutual funds and ETPs that Baird determines are eligible for the UMA initial and ongoing Programs evaluation process (“UMA Recommended Funds”), which may include Affiliated Funds; (2) certain strategies that Baird determines are eligible for the UMA Programs through an initial and ongoing evaluation process (“UMA Recommended SMA Strategies”), which may include Affiliated SMA Strategies; and (3) PWM-Managed Portfolios. specific information about and of For more the investment options made available through the Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Evaluation—Selection Evaluation—UMA Programs” and “Portfolio Manager Selection and Investment Evaluation—Methods of Analysis, Strategies Loss—Investment and Risk Strategies and Methods of Analysis—UMA Programs” below. Baird has engaged the Overlay Manager to provide certain subadvisory services in connection with the ALIGN UMA Select Portfolios Program. The ALIGN UMA Select Portfolios Program makes both Manager-Traded Strategies and Model- Traded Strategies available to clients. If a client selects an ALIGN UMA Select Portfolio, the client authorizes and directs Baird to manage the client’s Account with full discretionary authority in accordance with the ALIGN UMA Select Portfolio selected by the client. The client also authorizes and directs Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account and directs the Overlay Manager to manage the client’s Account in accordance with the ALIGN UMA Select Portfolio selected by the client and the terms of the ALIGN UMA Select Program. If an ALIGN UMA Select Portfolio contains a Model- Traded Strategy, the client authorizes and directs the Overlay Manager to manage such SMA Strategy within the client’s Account with full discretionary authority in accordance with the SMA Strategy. If an ALIGN UMA Select Portfolio contains a Manager-Traded Strategy, the client authorizes and directs the Overlay Manager to appoint the applicable investment manager as sub-adviser, and the client also authorizes and directs such investment manager to manage such SMA Strategy within the client’s Account with full discretionary authority in accordance with the SMA Strategy. Investment managers participating in the ALIGN UMA Select Portfolios Program have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the investment manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. implement the investment manager, Clients are urged to review the investment manager’s Form ADV Part 2A Brochure, which should contain additional important information about including investment manager’s information about the If an ALIGN UMA Select Portfolio contains a Model-Traded Strategy, the Overlay Manager will typically the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the applicable portion of the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best 22 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolios. This presents a conflict of interest. For more information, see “Additional Information— Other Financial Industry Affiliations and Activities” below. periodically discuss interest. A client should note that DDK and Baird do not monitor or ascertain whether the Overlay Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client should the Account’s performance with the client’s DDK Consultant. Unified Advisory Select Portfolios Program Assets, Alternative strategy, client selects Information—Trading Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a DDK client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Service for Client Accounts—Trading Practices of Investment Managers” below for more information. Under the UAS Portfolios Program, Baird and the Overlay Manager generally manage a client’s Account on a non-discretionary basis according to a custom model asset allocation strategy (each such model, a “UAS Portfolio”) that is selected by the client. UAS Portfolios involve the use of various different investment strategies because they are customized for each client. A UAS Portfolio provides a client with a customized level of investment across different asset classes, such as equity securities, fixed income securities, Non- Traditional Investment Products and cash. To implement the asset allocation the a investments for the Account from among those mutual funds, ETPs, SMA Strategies and PWM- Managed Portfolios that Baird has determined are eligible for use in the Program. that option, a client grants If a portion of client’s ALIGN UMA Select Portfolios Account is managed by an Other Manager, the client should understand that: DDK and Baird do not manage such portion of the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, DDK and Baird are not responsible for the decisions made by the Other Manager; and DDK and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for such portion of the client’s Account. The UAS Portfolios Program also makes available a discretionary management option, whereby a client grants discretionary investment authority over the client’s UAS Program Account to Baird and a DDK Consultant who has been approved by Baird to manage client accounts in the UAS Portfolios Program (a “UAS Manager”). If a client selects full discretionary authority and management of the client’s Account to Baird and the client’s UAS Manager. A client’s UAS Manager will manage the client’s Account on a discretionary basis according to the UAS Portfolio strategy selected by the client by investing Account assets in various mutual funds, ETPs, SMA Strategies and PWM-Managed Portfolios that Baird has determined are eligible for use in the Program. for Funds, which may A client participating in the ALIGN UMA Select Program gives the Overlay Manager and Baird the authority to replace investments in a client’s Account, rebalance a client’s Account assets to be consistent with the client’s chosen asset allocation strategy, or engage in tax management strategies in certain circumstances. See “Additional Service the Information—Special Considerations Programs” and “Additional Service Information— Tax Management” below for more information. Information about Affiliated Important Products. Some of the investment services and products offered by Riverfront, and mutual funds offered by the Baird Funds, both of which are affiliated with Baird, have been selected by Baird in certain ALIGN UMA Select for inclusion The UAS Portfolios Program makes available two categories of mutual funds and ETPs: (1) UMA Recommended include Affiliated Funds, that Baird determines are eligible for the UMA Programs through an initial and ongoing evaluation process; and (2) certain other mutual funds and ETPs that Baird makes available under the UAS Program through a significantly less rigorous evaluation process compared to the UMA Recommended Funds (“UAS Available Funds”), which may include Affiliated Funds. 23 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to and Similarly, the UAS Portfolios Program makes available two categories of SMA Strategies: (1) UMA Recommended SMA Strategies, which may include Affiliated SMA Strategies, that Baird determines are eligible for the UMA Programs through an initial and ongoing evaluation process; and (2) certain SMA Strategies made available by certain managers (“UAS Available Managers”) through the Overlay Manager that Baird makes available under the UAS Program through a less rigorous evaluation process significantly compared the UMA Recommended SMA Strategies (“UAS Available SMA Strategies”), which may include Affiliated SMA Strategies. Strategies that are not affiliated with Baird. To be included in the UAS Available Fund lineup or the UAS Available SMA Strategy lineup, an Affiliated Fund or Affiliated SMA Strategy, respectively, only needs to meet certain limited criteria. For more specific information about the investment options made available through the Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Evaluation—Selection and Evaluation—UMA “Portfolio Programs” Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—UMA Programs” below. A client retaining discretion over the client’s UAS Program Account should only select UAS Available Funds or UAS Available SMA Strategies if the client wishes to take more responsibility for the client’s UAS managing and monitoring Program Account, the UMA Recommended Funds and UMA Recommended SMA Strategies do not meet the client’s particular needs, and the client understands the risks of doing so. Investment managers participating in the UAS Portfolios Program have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the investment manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. If a client has not selected the discretionary management option of the UAS Program, the client should note that: (1) the UAS Available Funds and UAS Available SMA Strategies are made available to accommodate a client who wishes to independently select investments that are not on a Baird recommended list for the client’s Account; (2) DDK and Baird do not make any recommendation to clients regarding any UAS Available Fund or UAS Available SMA Strategy and DDK and Baird do not select any investments for the client’s UAS Program Account; and (3) DDK and Baird do not make any representation to clients regarding any UAS Available Manager’s qualifications as an investment adviser or abilities to manage client assets. If a client has selected the discretionary option of the UAS Program, the client should note that the client’s UAS Manager may use UAS Available Funds and UAS Available SMA Strategies for the client’s UAS Program if the UAS Manager believes such Account investments are consistent with the client’s investment objectives, risk tolerance and in the client’s best interest. the investment manager, the Clients are urged to review the investment manager’s Form ADV Part 2A Brochure, which should contain additional important information including about investment manager’s information about the strategies, the investments types of investment manager may use for a client’s Account, and the risks associated with investing in the investment manager’s SMA Strategies. Such brochures are available upon request. and selects the UAS Some of the services provided under this Program may be provided to a client by a DDK Consultant assigned to the client’s Account. Typically, a client develops Portfolio appropriate for the client’s Account with the assistance of the client’s DDK Consultant. If the client has selected the discretionary management When Affiliated Funds are included in the UMA Recommended Funds lineup, and when Affiliated in SMA Strategies are the UMA included Recommended SMA Strategies lineup, those Affiliated Funds and Affiliated SMA Strategies are subject to the same eligibility standards that are imposed upon mutual funds, ETFs and SMA Strategies that are not affiliated with Baird. However, when Affiliated Funds are included in the UAS Available Funds lineup, and when Affiliated SMA Strategies are included in the UAS Available SMA Strategies lineup, those Affiliated Funds and Affiliated SMA Strategies are not subject to the same eligibility standards that are imposed upon mutual funds, ETFs and SMA 24 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  option of the Program, Baird and the DDK Consultant, acting as UAS Manager, will manage the client’s Account. Information—Trading Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a DDK client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Service for Client Accounts—Trading Practices of Investment Managers” below for more information. and Baird not provide Baird has engaged the Overlay Manager to provide certain subadvisory services in connection with the UAS Select Portfolios Program. The UAS Portfolios Program makes both Manager-Traded Strategies and Model-Traded Strategies available to clients. If a client selects a UAS Portfolio, the client authorizes and directs Baird to manage the client’s Account in accordance with the UAS Portfolio selected by the client and the terms of the UAS Program. The client also authorizes and directs Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account and directs the Overlay Manager to manage the client’s Account in accordance with the UAS Portfolio selected by the client and the terms of the UAS Program. If a UAS Portfolio contains a Model-Traded Strategy, the client authorizes and directs the Overlay Manager to manage such SMA Strategy within the client’s Account with full discretionary authority in accordance with the SMA Strategy. If a UAS Portfolio contains a Manager-Traded Strategy, the client authorizes and directs the Overlay Manager to appoint the applicable investment manager as sub-adviser, and the client also authorizes and directs such investment manager to manage such SMA Strategy within the client’s Account with full discretionary authority in accordance with the SMA Strategy. If a UAS Portfolio contains a PWM- Managed Portfolio, the client authorizes and directs Baird to manage such PWM-Managed Portfolio within the client’s Account with full discretionary authority in accordance with the PWM-Managed Portfolio. If a portion of client’s UAS Program Account is managed by an Other Manager, the client should understand that: DDK and Baird do not manage such portion of the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, DDK and Baird are not responsible for the decisions made by the Other Manager; and DDK any do recommendation or investment advice regarding the purchase or sale of investment products made for such portion of the client’s Account; and if the client has not the discretionary selected management option of the Program, DDK and Baird only provide the client with certain consulting services, which may include the client’s DDK Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically reviewing the manager’s performance. DDK and Baird do not undertake to provide any other consulting or investment advisory services under this Program unless DDK and Baird agree to do so in writing. the periodically discuss A client that selects a UAS Available SMA is strongly encouraged to contact the client’s DDK Consultant or investment manager on a periodic basis to discuss: the Account and its investment performance; investment manager’s investment philosophy and style (to determine if the UAS Available SMA remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the investment manager, described on the manager’s Form ADV, If a UAS Portfolio contains a Model-Traded Strategy, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the applicable portion of the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that DDK and Baird do not monitor or ascertain whether the Overlay Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client the Account’s should performance with the client’s DDK Consultant. 25 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  which is available on the SEC's website at www.adviserinfo.sec.gov. Baird constructs each PWM-Managed Portfolio and may make changes to a PWM-Managed Portfolio from time to time as it deems appropriate and without providing prior notice to, or obtaining the consent of, a client. client’s independent review of for A client participating in the UAS Portfolios Program gives the Overlay Manager and Baird the authority to replace investments in a client’s Account, rebalance a client’s Account assets to be consistent with the client’s chosen asset allocation strategy or engage in tax management strategies in certain circumstances. See “Additional Service the Information—Special Considerations Programs” and “Additional Service Information— Tax Management” below for more information. If a client has not selected the discretionary management option of the UAS Program, it is important to note that: the UAS Available Funds and UAS Available SMA Strategies are made available to accommodate a client who wishes to independently select investments that are not on a Baird recommended list for the client’s Account; the client assumes ultimate responsibility for monitoring each UAS Available Fund and UAS Available SMA Strategy and the manager’s performance; the client’s selection and continued holding of a UAS Available Fund or a UAS Available SMA Strategy are based ultimately upon the such investment; the client ultimately determines that each UAS Available Fund and UAS Available SMA Strategy in the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance; and once an investment is made by the client, the investment will only be removed from the client’s Account upon the manager’s withdrawal, removal of the investment from the Program, or the client’s direction to do so. A client should carefully consider the foregoing when deciding to select a UAS Available Fund or UAS Available SMA Strategy or when deciding to participate in the UAS Program and also consider whether another mutual fund, ETF, SMA Strategy or Service may be more appropriate for the client. full discretionary authority SMA Strategy Information If a client has not selected the discretionary management option of the Program, the client retains discretionary authority over the selection of mutual funds, ETFs, SMA Strategies and PWM- Managed Portfolios for the Account. However, by selecting an SMA Strategy or PWM-Managed Portfolio, the client authorizes and directs Baird, the Overlay Manager and the client’s investment manager, as applicable, to manage each SMA Strategy or PWM-Managed Portfolio portion of the in Account with accordance with the SMA Strategy or PWM- Managed Portfolio selected by the client. If a client has selected the discretionary the UAS Portfolios management option of Program, the client should note that Baird may remove any UAS Manager or strategy from the UAS Portfolios Program at any time and transfer responsibility of a day-to-day management client’s Account to another UAS Manager or another DDK Consultant or Baird Financial Advisor at any time without providing prior notice to, or obtaining the consent of, a client. Certain SMA Strategies are available through multiple Services. The overall cost of an SMA Strategy and the types and levels of service provided to a client in connection with an SMA Strategy will vary depending upon the particular Service selected by the client. A client should ask the client’s DDK Consultant whether an SMA Strategy is available through multiple Programs and, if so, the client should discuss with the DDK Consultant the different costs of the Services and the types and levels of service provided in connection with the Services. A client is solely responsible for selecting the Service in which the client’s Account will participate. Program. Other departments of Baird, Additional Service Information Investment Discretion Investment Selection and Trading Authorizations the UAS Important Information about investment Portfolios management and managers, mutual funds and ETFs affiliated with Baird are available to clients under the UAS Portfolios Program. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. A client retains complete discretion over investment selection and trading decisions with respect to assets in a client’s Non-Discretionary 26 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for buying, holding, Service Accounts, and DDK and Baird will only execute transactions for such Accounts pursuant to the client’s instruction or authorization. If a client’s Account participates in a Discretionary Service, the client’s advisory agreement provides Baird and the client’s DDK Consultant, as applicable, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the Service selected by the client. the client. Pursuant a If a client’s Account participates in the DDK Recommended Managers Service, the client’s advisory agreement provides Baird and the client’s DDK Consultant discretionary authority to appoint investment managers to manage the client’s Account and to terminate or replace investment managers for the client’s Account for any reason without prior notice to the client. If DDK or Baird terminates an investment manager from management client’s DDK of Recommended Managers Service Account, the client’s advisory agreement provides DDK and Baird discretionary authority to manage the assets in the client’s Account until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. authority to determine the amount, type and timing exchanging, converting and selling securities and other assets for the client’s Account, subject to the terms of the Service selected by the client. The client’s advisory agreement also grants to DDK, Baird, the client’s DDK Consultant and the client’s investment manager, as applicable, complete and unlimited trading authorization and appoints them as the client’s agents and attorneys-in-fact to manage the assets in the client’s Account on the client’s behalf, subject to the terms of the Service to such selected by authorization and powers of attorney, DDK, Baird, the client’s DDK Consultant and the client’s investment manager may, in their sole discretion and at the client’s risk, purchase, sell, exchange, convert and otherwise trade the securities and other assets in the client’s Account, as well as arrange for delivery and payment in connection with the above, and act on the client’s behalf in all matters necessary or incidental to the handling of the client’s Account without prior notice to the client. Such trading authorizations and powers of attorney, whether granted to DDK, Baird, the client’s DDK Consultant or the client’s investment manager, shall remain in full force and effect until terminated by the client, the client’s investment manager, DDK or Baird. include If a client’s Account participates in an SMA Service, the client’s advisory agreement provides the investment manager selected to manage the client’s Account, which may an Implementation Manager, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the SMA Service selected by the client. If a client’s Account participates in a UMA Program, the client provides Baird, the client’s UAS Manager, the Overlay Manager and the client’s investment manager, as applicable, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the UMA Program selected by the client. Orders for the purchase and sale of securities in a client’s Discretionary Service Accounts will generally be executed by Baird, in its capacity as broker-dealer, as further described under the heading “Trading for Client Accounts” below, unless Baird’s duty to seek to obtain best execution otherwise requires or unless the client has provided other instructions to Baird in writing. DDK and Baird do not have discretionary authority over the assets in a client’s SMAs or UMAs that are managed by an Other Manager and cannot purchase or sell such assets without the consent of the client or such Other Manager. The investment manager for a client’s SMAs or UMAs may initiate securities transactions through Baird, in its capacity as broker-dealer, as further described under the heading “Trading for Client Accounts” below, subject to the manager’s duty to seek to obtain best execution, or unless a client has provided other instructions in writing. Baird, as broker-dealer, will rely upon any such instructions of any investment managers selected to manage the client’s Account. If a client grants discretionary authority over the client’s Account to DDK, Baird, the client’s DDK Consultant or the client’s investment manager, the client’s advisory agreement authorizes DDK, Baird, the client’s DDK Consultant and the client’s investment manager, as applicable, to manage the client’s Account and to make investment decisions for the client’s Account, with the 27 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account may not flow through to the securities owned by that investment vehicle. and any Other Manager Should a client wish to impose or modify existing restrictions, or the client’s financial condition or investment objectives have changed, the client should contact the client’s DDK Consultant. Affiliated Investment Products If a client participates in an SMA Service or UMA Program, the client authorizes DDK and Baird to the Overlay share client’s information with or Manager Implementation Manager managing the client’s Account. The client also authorizes and directs DDK and Baird to transmit to the Overlay Manager and any such Other Manager or Implementation Manager any instructions that the client may provide to DDK or Baird to the extent necessary to carry out the client’s instructions. Client Investment Restrictions investment restrictions on including DDK, Baird and Baird’s affiliates may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with Baird or that pay fees to Baird or to any of its affiliates for investment advisory or other services they provide (“affiliated investment products”). Baird and its affiliates may receive fees or other compensation related to such investments made by the client. The Discretionary and the SMA Services and the UMA Programs offer a client the ability to impose the reasonable the management of an Account, designation of particular securities or types of securities that should not be purchased for the client’s Account, but a client may not require that particular funds or securities (or types) be purchased for the client’s Account. Reasonable investment restrictions requested by a client will apply only to those assets over which DDK, Baird or a client’s investment manager has discretion. investments to those DDK may also offer clients a socially responsible investing (“SRI”) service, which assists a client in restricting that are consistent with the client’s social investment guidelines or objectives. Clients electing the SRI service generally bear the cost of the SRI service as it is generally included in the Advisory Fee. to invest in affiliated accounts without restrictions By signing an advisory agreement with DDK, a client consents to DDK, Baird and Baird’s affiliates investing all or a portion of the client’s Account in affiliated investment products. The amount of fees received by Baird and its affiliates is generally described in the prospectus or other offering or disclosure documents for the investment product. Additional information is also available on Baird’s website at bairdwealth.com/retailinvestor. DDK, Baird and Baird’s affiliates will use their discretionary authority to invest the client’s Account in affiliated investment products when they determine it to be in the client’s best interest to do so. Generally, the criteria used by them in deciding investment products are the same as those used in deciding to invest a client’s assets in investment products unaffiliated with Baird. For more information about the criteria used by DDK and Baird, clients should review the section of the Brochure entitled “Portfolio Manager Selection and Evaluation” below. For more information about the criteria used by Baird’s affiliates, clients should review the affiliate’s Form ADV Part 2A Brochure. A client’s consent may be revoked at any time. Other Managers may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with the Other Manager or that pay fees to the Other Manager or to any of its affiliates for investment advisory or other services they provide. In the event that a client’s Account is restricted from investing in certain securities, DDK, Baird or the client’s investment manager, as applicable, will select such other replacement securities, if any, as they deem appropriate. Accounts with investment restrictions may perform differently from and performance may be poorer. In addition, in the event there is a change in the classification or credit rating of a security held in the client’s Account, a client’s investment restrictions may force DDK, Baird or the client’s investment manager to sell such security at an inopportune time, possibly negatively impacting Account performance and causing the client’s Account to realize taxable gains or losses, which could be significant. A client should also be aware that, if the client’s Account holds any investment vehicle (such as a mutual fund or ETF), any investment restrictions the client places on the client’s 28 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Advisory Class Shares issued by the same fund, or, if an appropriate non-Advisory Class Shares is not available, DDK and Baird may redeem or sell such Advisory Class Shares. Trading for Client Accounts DDK’s and Baird’s Trading Practices Placement of Client Trade Orders By signing an advisory agreement with DDK, a client consents to each Other Manager managing client’s Account investing all or a portion of the client’s Account in investment products that pay advisory or other fees to the Other Manager or its affiliates. Each Other Manager is responsible for providing to the client information about the amount of fees received by the Other Manager and its affiliates and the criteria used by the Other Manager in deciding to invest in products affiliated with the Other Manager. A client should contact the Other Manager and review the Other Manager’s Form ADV Part 2A Brochure for more information. A client’s consent may be revoked at any time. Investment Policy Statements DDK and Baird will not review, monitor, accept or adhere to an investment policy statement or similar document that was not prepared by DDK or Baird, unless they otherwise specifically agree to do so in writing. Adherence to any such investment policy statement or similar document is solely a client’s responsibility. Conversion, Exchange or Sale of Certain Investments (collectively, DDK and Baird will select the broker-dealers that will execute trade orders for Non-Discretionary Accounts and with respect to Accounts that are managed directly by DDK or Baird unless the client has provided instructions to DDK to the contrary. As investment adviser, DDK and Baird have an obligation to seek “best execution” of client trade orders. “Best execution” means that they must place client trade orders with those broker-dealers that they believe are capable of providing the best qualitative execution of client trade orders under the circumstances, taking into account the full range and quality of the services offered by the broker-dealer, including the value of the research provided (if any), the broker- dealer’s execution capabilities, the cost of the trade, the broker-dealer’s financial responsibility, and its responsiveness to DDK and Baird. It is important to note that DDK’s and Baird’s best execution obligation does not require them to solicit competitive bids for each transaction or to seek the lowest available cost of trade orders, so long as they reasonably believe that the broker- dealer selected can be reasonably expected to provide clients with the best qualitative execution under the circumstances. institutional class shares, transactions. For By participating in a Service, a client authorizes DDK and Baird to convert or exchange any shares of investment funds, such as mutual funds, ETFs, closed-end funds, unit investment trusts (“UITs”), Complex Investment Products, and other similar investment pools “Investment Funds”) held in the client’s Account to a class of shares of the same fund, such as advisory class shares, financial intermediary class shares, or another class of shares primarily designed for use in advisory programs (collectively, “Advisory Class Shares”), to the extent made available by the mutual fund or other Investment Fund in accordance with policies established by Baird from time to time, including, without limitation the Mutual Fund Share Class Policy that is described below. Because a client does not pay commissions to Baird when Baird, acting as broker-dealer, executes a client’s trade orders, and because a client may incur commission costs in addition to the Advisory Fee if trade orders were to be executed by another broker-dealer firm, clients generally receive a cost advantage whenever Baird executes client this reason, and given Baird’s execution capabilities as broker-dealer, DDK expects that Baird will generally execute trade orders, as broker-dealer, for Non-Discretionary Accounts and the client’s Accounts that are directly managed by DDK or Baird. that may require DDK or Baird, A client should understand that, the client may not hold Advisory Class Shares in a non-Advisory Account and that the client may not be able to hold certain Advisory Class Shares in an account held at another firm. Upon the termination of a Service for an Account or the closure of an Account for any reason, DDK and Baird may convert or exchange the Advisory Class Shares held in the Account to an appropriate non- However, in some instances, circumstances may arise in compliance with their best execution obligations to a client, to place a client’s trade order with a 29 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  average price received by a client may be higher or lower than the price the client may have received had the transaction been effected for the client independently from the block transaction. in firm other than Baird. If they place trade orders for the client’s Account for execution by a firm other than Baird, and the other firm imposes a commission or equivalent fee on the trade (including a commission imbedded in the price of the investment), the client will incur trading costs in addition to the Advisory Fee. Trade Aggregation, Allocation and Rotation Practices treatment over DDK and Baird may aggregate contemporaneous buy and sell orders for the accounts over which they have discretionary authority (a practice also known as bunching trades or block transactions). This practice may enable them to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist them in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing, client orders. The amount of securities available the marketplace, at a particular price at a particular time, may not satisfy the needs of all clients participating in a block transaction and may be insufficient to provide full allocation across all client accounts. To address this possibility, Baird has adopted trade allocation policies and procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable time. If a block transaction cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day will generally be allocated pro rata among the clients participating in the block transaction. However, DDK may also make random allocations to client accounts in certain circumstances, such as when Baird deems a partial fill for the total block order to be low. Adjustments may also be made to avoid a nominal allocation to client accounts. under their direct favorable net price When DDK is not able to aggregate trades, DDK generally uses a trade rotation process that is designed to be fair and equitable to its advisory clients over time. However, a client should be aware that DDK’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in the rotation, and, as a result, the client may receive a for the less applicable trade. into consideration account DDK and Baird generally aggregate buy and sell orders when executing trades for client account assets discretionary management when they have the opportunity to do so. When utilizing block transactions, DDK and Baird generally aggregate a client’s trade orders with trade orders for clients who are participating in the same Service and pursuing the same model portfolio or strategy. In some cases, DDK or Baird may aggregate a client’s trade orders with trade orders for other advisory clients who are not participants in the Services described in this Brochure. However, DDK and Baird determine whether or not to utilize block transactions for a client in their sole discretion and DDK’s and Baird’s decision is subject to their duty to seek best execution. In determining the amount to be allocated to an account, if any, DDK and Baird take specific investment restrictions, undesirable position size, account portfolio weightings, client tax status, client cash positions and client preferences. All advisory clients participating in a block transaction will receive the same execution price for the security bought or sold. Average prices may be used when allocating purchases and sales to a client’s Account because such securities may be purchased and sold at different prices in a series of block transactions. As a result, the Notwithstanding the foregoing, if an aggregated trade order involves fixed income securities, DDK and Baird may allocate the securities based on the needs of client accounts. In addition, DDK and Baird will at times place aggregated trade orders for fixed income securities prior to determining how the aggregated trade order will be allocated to client accounts. In those instances when an aggregated trade order for fixed income securities is placed prior to determining client allocations or when such trade order is only partially filled, DDK or Baird will seek to allocate trades in manner intended to be fair and equitable to applicable clients over time. Furthermore, when a trade 30 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  income securities order for fixed income securities is only partially filled, DDK and Baird may place orders for other fixed that have similar characteristics, such as issuer name, structure, credit rating, or market sector. not include such client trade orders in its trade rotation process and that DDK will generally place the client’s trade orders with the directed broker- dealer after DDK completes its trading for other DDK client accounts. The client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in DDK’s rotation. As a result, the client may receive a less favorable net price for the trade. Because DDK and Baird are unable to buy or sell any security for a client’s Non-Discretionary Accounts without the client’s authorization, DDK and Baird generally do not aggregate or bunch trades for those Accounts with the same or similar trades for other client accounts. Because similar orders for the client and DDK’s or Baird’s other clients may be placed and filled at different times, the client may buy or sell securities at prices that are different from the prices obtained by other clients who received the same or similar advice from DDK or Baird. Directed Brokerage Arrangements interest If a client directs DDK to use a particular broker- dealer, and if the particular broker-dealer referred the client to DDK or if the particular broker-dealer refers other clients to DDK or Baird in the future, DDK and Baird may benefit from the client’s directed brokerage arrangement. Because of these potential benefits, DDK and Baird may have an economic interest in having the client continue the directed brokerage arrangement. The benefits that DDK and Baird receive conflict with the client’s in having DDK or Baird recommend that the client utilize another broker- dealer to execute some or all transactions for the client’s Account. Before directing DDK to use a particular broker- dealer, a client should carefully consider the possible costs or disadvantages of directed brokerage arrangements. Cross Trading Involving Advisory Accounts to be directed best execution for the the purchase of DDK generally does not in engage in cross transactions, including agency cross transactions, except in limited instances such as when clients buy or sell variable rate demand obligations which are also known as “put bonds”. When DDK believes that the transaction is consistent with each client’s best interest, DDK, acting as investment manager, may cause (or in the case of Non-Discretionary accounts, recommend) the sale of securities from the account of an advisory client while at or about the same time causing (or, in the case of Non-Discretionary accounts, the same recommending) securities for the account of another DDK advisory client. Such transactions may have the benefit of reducing transaction and market impact costs. In some cases, a client may direct DDK to use a particular broker-dealer for execution of the client’s trade orders (a “directed brokerage arrangement”), and DDK may agree to the arrangement. This may occur when a client’s Account is held at another broker-dealer firm and a client directs DDK to execute trades through such firm, or when a client’s Retirement Account or other account is maintained on a platform operated and managed by a third party unaffiliated with DDK or Baird and trades must be executed through that platform. A client should understand that DDK and Baird consider such arrangements brokerage arrangements. A client should also understand that if the client has a directed brokerage arrangement, DDK and Baird may be unable to achieve client’s transactions. A client should note that any costs related to the directed brokerage arrangement are not included in the Advisory Fee and that the client will be solely responsible for monitoring, evaluating and reviewing the arrangement with the directed broker-dealer and paying any commissions or markups or markdowns or other costs imposed by the directed broker-dealer. A client should also note that DDK generally will not aggregate the client’s directed brokerage trade orders with orders for other DDK clients. As a result, a client’s transaction costs may be higher because the client will not benefit from any volume discounts or other reduced transaction costs that DDK may obtain for its other clients. A client should further note that DDK generally will In such cases, because Baird is acting as investment adviser for both buyer and seller, Baird is subject to potentially conflicting interests in causing (or recommending) the transactions. Also, because Baird is acting as investment adviser for both buyer and seller, transaction 31 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the investment manager, prices may be determined more by reference to market information or dealer indications for the securities involved, and less through the type of independent arms-length negotiation that might otherwise occur. Baird has adopted internal policies and procedures that require DDK and Baird to obtain approval of Baird’s Compliance Department before affecting a cross trade. Trade Error Correction manage institutional and other accounts not part of a wrap fee program. In the event an investment manager purchases or sells a security for all accounts using a particular SMA Strategy offered by the investment manager may have to potentially effect similar transactions through a number of different broker-dealers. In some cases, to address this situation, investment managers may decide to aggregate all such client transactions into a block trade that is executed through one broker-dealer. This practice may enable the investment manager to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist the investment manager in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing client orders. However, as it pertains to DDK clients, this practice may result in “trading away” from Baird, which is more fully described below. It is Baird’s policy that if there is a trade error for which DDK or Baird is responsible, DDK or Baird facts and will take actions, based on the circumstances surrounding the error, to put the client’s Account in the position that it would have been in as if the error had not occurred, including by adjusting or reversing the transaction, entering an offsetting transaction, or other methods that may be deemed appropriate by Baird. Errors caused by DDK or Baird will be corrected at no cost to client’s Account, with the client’s Account not recognizing any loss from the error. DDK and Baird may net gains and losses from a single error event involving more than one transaction in a security or transactions in multiple securities. The client’s Account will be fully compensated for any losses incurred as a result of an error event. If the trade error results in a gain, the gain may be retained by Baird but such gain is not given to or shared with any DDK or Baird associate. in the DDK and Baird offer many services and, from time to time, may have other clients in other programs trading in opposition to a client. To avoid favoring one client over another client, Baird attempts to use objective market data in the correction of any trading errors. information Alternatively, an investment manager may utilize a trade rotation process where one group of clients may have a transaction effected before or after another group of the investment manager’s clients. A client should be aware that an investment manager’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the investment manager’s rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier investment manager’s rotation, and, as a result, the client may receive a less favorable net price for the regarding an trade. Additional investment manager’s trade rotation policies, if any, is available in the investment manager’s Form ADV Part 2A Brochure. If a client’s Account is managed by an Other Manager, the client should review the Other Manager’s Brochure and contact the Other Manager for information about how the Other Manager corrects trade errors. Trading Practices of Investment Managers If a client’s Account or a portion thereof is managed by an investment manager, the client should note that, like Baird, such investment manager has a duty to seek best execution for the client’s Account. on website Investment managers may participate in other wrap fee programs sponsored by firms other than Baird. In addition, investment managers may Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. The Overlay Manager has provided to Baird a list of Model Providers that have such trade rotation policies, which list is at Baird’s available bairdwealth.com/retailinvestor. A DDK client 32 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  if the manager determines that it must do so to comply with its best execution obligations. This practice is frequently referred to as “trading away” and these types of trades are frequently called “step out trades”. A client’s trade order so executed is then cleared and settled through Baird in what is frequently referred to as a “step in”. the other In some instances, step out trades are executed by firm without any additional commission or markup or markdown, but in other instances, the executing firm may impose a commission or a markup or markdown on the trade. If a client’s investment manager places trade orders for the client’s Account with a firm other than Baird, and the other firm imposes a commission or equivalent fee on the trade (including a commission imbedded in the price of the investment), the client will incur trading costs in addition to the Advisory Fee. in the Model Provider’s Some managers have historically placed nearly all client trades with broker-dealer firms other than Baird for execution. Some managers have placed nearly all or all client trades resulting from changes to their model portfolios or strategies with firms other than Baird. Similarly, some managers have frequently placed client trade orders for fixed income, foreign and small cap securities with firms other than Baird. In some cases, the other executing broker-dealer firm imposes a commission or markup or markdown (which is embedded in the price of the security) for executing the trade. As a result, these types of managers and their strategies could be more costly to a client than managers that primarily place client trade orders with Baird for execution. should understand that an Account pursuing a Model Portfolio strategy offered by those Model Providers will have trades executed for the client’s Account at the end of the Model Provider’s trade rotation on a regular and consistent basis. As a result, trade orders for such an Account will significantly bear the market price impact, if any, of those trades executed earlier in the Model Provider’s rotation and the performance of the Account will differ, perhaps in a materially negative manner, from the performance of client accounts managed by the Model Provider. In addition and for the same reasons described above, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by DDK client Accounts pursuing the Model Portfolio strategy. DDK and Baird do not make or control any investment manager’s trade rotation policies, and they do not monitor, evaluate or review any the investment manager’s compliance with manager’s trade rotation policies or whether such trade rotation policies result inequitable performance of client Accounts. A client selecting a Model Portfolio offered by such a Model Provider is urged to obtain a copy of the Model Provider’s Form ADV Part 2A Brochure and review the description of the Model Provider’s trade rotation policy contained in that document. A copy of a Model Provider’s Brochure can be obtained by contacting a DDK Consultant. A client should also monitor the performance of an Account pursuing such a Model Portfolio strategy and compare that performance with the performance reported for the Model Portfolio by the Model Provider. A client about Account should questions discuss performance or trade rotation policy with the client’s DDK Consultant. is based solely upon independently verified as broker-dealer, A list of managers that have informed Baird that they have traded away from Baird during 2023 - 2024 and general information about the additional cost of those trades (if any) is available on Baird’s website at bairdwealth.com/retailinvestor. The information about each manager provided on Baird’s website the information provided to Baird by such manager. Baird has not the information, and as a result, none of Baird or any of its affiliates or associates makes any representation as to the accuracy of any such information. Because a client does not pay commissions to Baird when Baird, acting as broker-dealer, executes a client’s trade orders, and because a client generally would incur trading costs in addition to the Advisory Fee if trade orders were to be executed by another broker-dealer firm, clients generally receive a cost advantage whenever Baird executes DDK client transactions. For this reason, and given Baird’s execution investment capabilities managers may determine that placing trade orders for the client’s Account with Baird is the most favorable option for the client. However, investment managers may place a client’s trade orders with a broker-dealer firm other than Baird 33 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Agency Cross Transactions except in limited incurred A client should contact the client’s DDK Consultant or investment manager if the client would like to obtain specific information about trade aways and the amount of commissions or other costs, in if any, the client connection with step out trades. investment A client should note that each manager is solely responsible for ensuring that it complies with its best execution obligations to the client. A client should review the manager’s trading for the client’s Account because DDK and Baird do not monitor, review or evaluate whether the manager is complying with its best execution obligations to the client. A client should review the manager’s Form ADV Part 2A Brochure, inquire about the manager’s trading practices, and consider that information carefully, before selecting a manager. In particular, the client should carefully consider any additional trading costs the client may incur before selecting a manager to manage the client’s Account. in accordance with DDK generally does not in engage in agency cross transactions, instances. However, in certain circumstances and to the extent permitted by applicable law and regulation, Baird and DDK Consultants may effect “agency cross” transactions with respect to a client’s Account. An “agency cross” transaction is a transaction in which Baird or its affiliates act as broker for the party or parties on both sides of the transaction. As compensation for brokerage services, Baird may receive compensation from parties on both sides of an agency cross transaction, the amount of which may vary. DDK Consultants may receive compensation from Baird related to agency cross transactions. Therefore, Baird and DDK Consultants may have a conflicting division of loyalties and responsibilities. However, in all cases, Baird and DDK Consultants will seek to obtain the best execution for each respective advisory client and will effect agency cross the transactions only requirements of Rule 206(3)-2 under the Advisers Act. Furthermore, Baird will comply with additional regulations applicable to Retirement Accounts. A client should note that the client’s advisory agreement permits DDK and Baird to trade as principal on orders received from Other Managers. See “Trade Execution Services Performed by Baird—Principal Transactions” below for more information. agency transactions Trade Execution Services Performed by Baird “agency Where applicable, a client’s advisory agreement discusses and cross authorizes Baird and DDK Consultants to effect agency cross transactions for a client’s Account. A client’s authorization to Baird and DDK to effect Consultants cross” transactions is given pursuant to Rule 206(3)-2 under the Advisers Act and may be revoked at any time by the client in client’s sole discretion by notifying the client’s DDK Consultant in writing. If Baird provides trade execution services for a client’s Account, Baird will generally act as agent when routing client trade orders for execution. However, Baird may cross trades between client accounts or may act as principal for its own account in certain circumstances to the extent permitted by applicable law as is more fully described below. Principal Transactions A client should understand that certain securities, such as securities traded over-the-counter and fixed income securities, are primarily traded in dealer markets. When Baird purchases or sells these types of securities for client accounts, it generally does so through broker-dealer firms acting as a dealer or principal. Dealers executing principal trades typically include a markup, markdown or spread in the net price at which transactions are executed. A client bears such costs in addition to the Advisory Fee. transactions. Riskless Subject to the requirements of applicable law, Baird and DDK Consultants may execute transactions for a client’s Account while acting as principal for Baird’s own account. Baird and DDK Consultants act as principal when they sell a security from Baird’s inventory to a client or they purchase a security from a client for Baird’s inventory. Baird and DDK Consultants also act as principal when they sell new issue securities to clients in securities offerings underwritten by Baird. Baird also acts as principal in riskless principal principal transactions refer to transactions in which Baird, after having received a client’s order, executes an 34 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  identical order in the marketplace to fill the client’s order while acting as principal. Baird and DDK Consultants commonly engage in principal trades with clients in the Baird Advisory Choice Program. realize profits managed by an Other Manager, the client’s advisory agreement provides Baird and DDK Consultants with a blanket authorization to act as principal for Baird’s own account in selling any security to, or purchasing any security from, the client’s Account. With this authorization, Baird and DDK Consultants may effect any and all principal transactions with the client’s Account to provide specific written without having disclosures or obtain written client consent prior to completion of each proposed principal trade, subject to the requirements of an exemptive order issued by the SEC to Baird (Rel. No. IA- 4596) and other applicable law and regulation. This authorization to enable Baird and DDK Consultants to trade as principal with a client’s Account may be revoked at any time by the client in client’s sole discretion by notifying the client’s DDK Consultant in writing. Complex Strategies and Complex Investment Products or interests of incentive to including by investing and venture capital and Baird may from principal transactions with a client based on the difference between the price Baird paid for the security and the price at which Baird sold the security, which may include a markup, markdown or spread from the prevailing market price, an underwriting fee, selling dealer concession, or other incentive to execute the transaction. DDK Consultants may receive compensation from Baird related to principal trades of securities underwritten by Baird. Any compensation received by Baird or a DDK Consultant in a principal transaction is in addition to the Advisory Fee paid by the client. Principal trades also allow Baird to sell securities from its account that it deems undesirable and to buy securities for its account that it deem desirable. Thus, in trading as principal with a client, Baird and DDK Consultants will have potentially conflicting division of loyalties and responsibilities regarding their own interests and the client. This potential the compensation may give Baird and DDK Consultants an recommend a transaction in which Baird and DDK Consultants transactions. act as principal over other Nonetheless, Baird and DDK Consultants have a fiduciary duty to act in the client’s best interest and to seek best execution for advisory clients. Baird addresses this conflict through disclosure in this Brochure. Furthermore, Baird has adopted internal procedures that require Baird and DDK Consultants, when acting in a principal capacity, to disclose all material information regarding Baird’s interest in the transaction, and obtain the client’s approval of the transaction prior to settlement. such as options, is contained under A client’s advisory agreement discloses, where applicable, the possibility of Baird’s role in potential principal transactions, and each transaction confirmation sent to DDK clients discloses the capacity in which Baird served in the transaction and whether Baird is a market maker in each security the client bought or sold. of or Some Services offer clients the ability to pursue Alternative Strategies other Complex Strategies that involve special risks not apparent in more traditional investments like stocks and bonds. Complex Strategies may be pursued in multiple ways, in alternative mutual funds, ETFs, hedge funds, managed futures, private equity funds and SMAs third party managers. Some managed by Complex Strategies in Non-Traditional invest Assets, such as real estate, commodities (which may include metals, mining, energy and agricultural products), currencies, movements in securities indices, credit spreads and interest rates, buyout investments in private companies. Some Complex Strategies engage in the use of margin or leverage or selling securities short (“short sales”). Some Complex Strategies invest in derivative instruments convertible securities, futures, swaps, or forward contracts. Complex Investment Products generally engage in one or more Complex Strategies. Additional information about Alternative Strategies and Complex Strategies the “Portfolio Manager Selection and heading Evaluation—Methods of Analysis, Investment Strategies Loss—Investment and Risk Strategies and Methods of Analysis—Investment Strategies—Alternative Strategies and Complex Strategies” below. Additional information about To the extent permitted by applicable law and regulation, if a client’s Account participates in a non- Non-Discretionary Service is discretionary service, or if other the Account 35 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Short Sales Complex Strategies and Complex Investment Products, generally, is provided below. to benefit Non-Traditional Assets currencies, Short selling attempts from an anticipated decline in the market value of a security. To affect a short sale, a client sells a security the client does not own. When a client sells a security short, Baird borrows the security from a lender and makes delivery to the buyer on the client’s behalf. Because short sales involve an extension of credit from Baird to the client, a client must use a margin account. A client must also eventually purchase the same shares sold short and return them back to the lender. It is possible that the prices of securities that a client sells short may increase in value, in which case the client may lose money on the short position. Short selling thus runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. Non-Traditional Assets, such as investments in commodities, cryptocurrencies, securities indices, interest rates, credit spreads, for and private companies, may be used diversification purposes. They may also be used to try to reduce market and inflation risk. The performance of Non-Traditional Assets may not correspond to the performance of the stock markets generally, and investments in Non- Traditional Assets will generally impact an account’s returns differently than more traditional investments like stocks or bonds. Non-Traditional Assets are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Non-Traditional Assets are generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Margin and Leverage Margin Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in short sales. Thus, a client’s Account will be subject to short sales risks if the investment manager managing the client’s Account or an investment product the client’s Account in engages in short sales. Options and Other Derivative Instruments Derivative Instruments instruments, securities, futures, Margin involves borrowing money from a firm, such as Baird, to buy securities or other property. If a client wishes to pay for securities by borrowing part of the purchase price from Baird, a client must open a margin account with Baird, and Baird may provide the client with a margin loan. Securities held in a client’s margin account are used as Baird’s collateral for the margin loan. The value of the collateral in the margin account must be maintained at a certain level relative to the margin loan for the duration of the loan. If the securities in the margin account decline in value, so does the value of the collateral supporting the margin loan, and as a result, Baird may take action, such as issue a margin call and sell securities in the account. in Leverage instruments. While returns, in Derivatives such as options, swaps, and convertible forward contracts are financial contracts that derive value based upon the value of an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments may be used as a substitute for taking a position the underlying asset. Derivative instruments may also be used to try to hedge or reduce exposure to other risks. They to make speculative may also be used investments on the movement of the value of an underlying asset. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with securities and other investing directly traditional investments. Investing in derivatives also generally involves leverage. Derivatives are also generally less liquid, and subject to greater volatility compared to stocks and bonds. Leverage generally attempts to obtain investment exposure in excess of available assets through the use of borrowings, short sales and other leverage can derivative can also it potentially enhance exacerbate losses if changes in the markets, or the values of the investments subject to the leverage, are adverse to the strategy being pursued. The use of leverage may also increase an Account’s volatility. 36 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Options underlying security or index is greater than the difference between the strike price and the premium. Options transactions may involve the buying or writing of puts or calls on securities. In some cases, Baird may require clients to open a margin account to engage in options trading. security or In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of the underlying security or index decreased below the strike price. With a call option, the purchaser has the right to buy, and the seller (writer) the obligation to sell, the underlying index at a predetermined price (i.e., the exercise or strike price) prior to expiration of the option. The premium paid to the seller (writer) for the option is in consideration for the underlying obligations imposed on the seller should the option be exercised. With a put option, the purchaser has the right to sell, and the seller has the obligation to buy, the underlying security or index at the exercise price prior to expiration of the option. Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in options transactions. Thus, a client’s Account will be subject to options risks if the investment manager managing the client’s Account or an investment product the client’s Account in engages in options transactions. Complex Investment Products Products include futures, but also In buying a call option, the purchaser expects that the market value of the underlying security or index will appreciate, which would enable the purchaser of a call to buy the underlying security or index at a strike price lower than the prevailing market price. The purchaser of the call option makes a profit if the prevailing market price is greater than the sum of the strike price plus the premium paid for the option. The seller of a call option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will depreciate such that the option will expire without being exercised. The seller of a call option makes a profit if the prevailing market price of the underlying security or index is less than the sum of the strike price plus the premium received. ETNs, business Complex Investment Products typically invest primarily in Non-Traditional Assets or engage in one or more Complex Strategies. Complex Alternative Investment Investment Products, such as hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds, and include other managed investments pursuing Complex Strategies, including but not limited to, exchange or swap funds, leveraged funds, inverse funds, and other special situation funds, structured certificates of (“structured structured notes deposit and products”), development companies (“BDCs”), real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). thereby making In buying a put option, the purchaser expects that the market value of the underlying security or index will depreciate, which would enable the purchaser of a put to sell the underlying security or index at a strike price higher than the prevailing market price. The purchaser of the put option makes a profit if the prevailing market price is less than the sum of the strike price and the premium paid for the option. The seller of a put option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will appreciate such that the option will expire without being exercised. The seller of a put option makes a profit if the prevailing market price of the In addition, a client should be aware that more traditional investments, such as mutual funds, ETFs, UITs and variable annuities may also pursue them Complex Strategies, Complex Investment Products. A client should carefully review the prospectus or other offering document for each investment and understand the strategy being pursued before deciding to invest. More detailed information about mutual 37 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  website funds, ETFs, UITs and variable annuities is available at Baird’s on bairdwealth.com/retailinvestor. Interest Additional Important Information financial incentive to use, or recommend the use of, certain Complex Strategies or Complex Investment Products, including margin and short Information—Code of sales. See “Additional Ethics, Participation or in Client Transactions and Personal Trading” below. losses in As a creditor, Baird may have interests that are adverse to a client. Neither DDK nor Baird will act as investment adviser to a client with respect to the liquidation of securities held in an Account to meet a call on a margin loan. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Permitted Investments and any The use of Complex Strategies or Complex Investment Products is not appropriate for some clients because they involve special risks. A client should not engage in those strategies or invest in those products unless the client is prepared to experience significant the client’s Account. This is especially true for short selling, which can result in unlimited losses as there is no limit to the amount borrowed securities can rise in value. See “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. Before using those types of strategies or products, a client is strongly urged to discuss them with the client’s DDK Consultant investment manager managing the client’s Account. A client should also carefully review the client’s agreements with Baird and related disclosure documents, which the client should have received when opening the Account. Additional information about Complex Strategies and Complex Investment Products is provided under the heading “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Strategies—Alternative Strategies and Complex Strategies” below and on Baird’s website at bairdwealth.com/retailinvestor. Under the Discretionary and Non-Discretionary Services and UMA Programs, Baird determines the asset categories and investment products that clients may access for investment (“Permitted Investments”) and those that are not permitted in Program Accounts (“Unpermitted Investments”). Permitted Investments vary by Service. Although Baird determines the Permitted Investments under those Services, the level of initial and ongoing evaluation, monitoring and review that DDK and Baird perform on Permitted Investments varies. For more information, see the descriptions of each Service under “Services, Fees and “Portfolio Compensation” above and under Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis” below. DDK or Baird may add Permitted Investments or restrict client access to a Permitted Investment at any time in their sole discretion. for notifying and any of an Account. See A client assumes responsibility for engaging in Complex Strategies and investing in Complex Investment Products. If a client determines that the client no longer wants to engage in those strategies or invest in those products, the client is responsible the client’s DDK Consultant investment manager managing the client’s Account. DDK and Baird are not responsible for any losses resulting from any Other Manager’s failure or delay in implementing any such instructions. Some Permitted Investments contain restrictions that limit their use, and clients will not be permitted to purchase or hold such investments “Account outside Requirements and Types of Clients” below for more information. In certain limited instances, Baird may allow a client to hold an investment in an Account that is an Unpermitted Investment. “Advisory The use of Complex Strategies or Complex Investment Products has a unique impact upon the calculation of a client’s asset-based Advisory Fee. See Fees—Calculation and Payment of Advisory Fees” below for more information. A client should also understand that Baird and the client’s DDK Consultant have a ALIGN, BairdNext Portfolios and UMA Programs. The ALIGN, BairdNext Portfolios and UMA Programs generally only permit investments 38 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to the appropriate advisory share class and become billable assets; for use in in certain mutual funds and ETPs, and with respect to UMA Portfolios, SMA Strategies and PWM-Managed Portfolios, that Baird has selected for use in those Programs. For more information, see the descriptions of each Program under “Services, Fees and Compensation” above. for Baird Advisory Choice Program. Permitted Investments the Baird Advisory Choice Program generally include, but are not limited to, the following types of investments: • closed-end funds, ETFs, and UITs that have cost structures designed fee-based investment advisory programs; UITs originally purchased in a brokerage account and not sold when transitioned to an advisory account will be held as non-billable assets until the UIT termination date at which time they will be liquidated and the proceeds are billable; • BDCs, publicly-traded REITs, certain non publicly-traded (or private) REITs, and MLPs (which may be organized as limited liability companies (“LLCs”)); • equity securities, including, but not limited to, common stocks, American Depositary Receipts (“ADRs”), and ordinary shares, including whether exchange-traded, or over-the-counter traded; • ETNs, opportunity zone funds, and other special situation mutual funds, and exchange or swap funds; stocks, • certain hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, funds of real estate, structured products, private debt funds and managed futures that Baird has selected for use in the Program; for use fee-based • variable annuities that have cost structures designed investment in advisory programs; and • cash and cash equivalents. • fixed income securities, including but not limited to, debt securities issued by domestic and corporations and other entities; foreign securities asset-backed preferred (including mortgage-backed securities and collateralized mortgage obligations (“CMOs”)); convertible debt securities; obligations issued by U.S., state, or foreign governments or their agencies, instrumentalities, or authorities, such as securities issued by the U.S. Treasury, federal federal government agencies or government-sponsored enterprises (“Agency securities”), or foreign governments; municipal securities; money market mutual funds; certificates of deposit (“CDs”) (primary or secondary); commercial paper; The Unpermitted Investments for the Baird Advisory Choice Program generally include, but are not limited to: • rights or warrants on equity securities, and written covered call and written cash secured put equity options; • Class B or Class C shares offered by mutual funds or any other class of mutual fund shares that impose a contingent deferred or level sales charge (back-end or level load); • inverse funds; load-waived, or for purchase; shares • UITs that impose an initial or deferred sales charge (load); in fee-based • all annuities and insurance products, except for variable annuities that have cost structures designed investment for use advisory programs; or options on • commodities, • open-end mutual funds shares that Baird has selected for use in the Program, which generally includes only those funds with which Baird has a selling agreement and only those funds that are institutional are no-load, that were allowed originally purchased in a Baird brokerage account and not sold when transitioned to an advisory account will held in the account as non-billable assets when the original purchase was subject to a front-end sales charge (typically 36 months) or until the Contingent Deferred Sales Charge (CDSC) expires (typically 13 months) if subject to a back-end sales charge after which time they will be converted futures commodities, and commodity pools; and 39 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment funds • private and Complex Investment Products that Baird has not selected for use in the Program. for and DDK If a client holds Investment Management Service. DDK Unpermitted Investments Permitted Investments Investment the Management Service are generally the same as the Baird Advisory Choice Program, except the following types of investments are generally not permitted for DDK Investment Management Service Accounts: • put options; and • variable annuities. SMA Services. Investment products under the SMA Services are selected solely by the investment manager providing services to the client. The investment products used by an investment manager may include products that Baird does not permit to be used in connection with the other Programs and Services described above. A client should review the investment manager’s Form ADV Part 2A Brochure for more information. Russell Program. The Russell Program generally only permits investments in mutual funds and ETFs selected by Russell, which will exclusively or substantially consist of Russell Funds, although non-Russell Funds may be used. also considered an Unsupervised Asset. Baird, in its sole discretion, may also designate an asset that is otherwise a Permitted Investment as an Unsupervised Asset under certain circumstances, such as when a client acquires the asset in an unsolicited transaction, transfers the asset from an account held at another firm or Baird brokerage account, or continues to hold the asset against Baird’s or the client’s DDK Consultant’s recommendation. an Unsupervised Asset in an Account, the client should understand that the Unsupervised Asset may not be included in performance reports provided to the client and that Baird and DDK Consultants do not manage, provide investment advice, or otherwise act as an investment adviser with respect to the Unsupervised Asset, even if the Unsupervised Asset is included in account statements or performance reports provided to the client. Because Baird and DDK Consultants do not manage or provide investment advisory services regarding Unsupervised Assets, no asset- based Advisory Fee is charged on Unsupervised Assets. While Unsupervised Assets are not subject to the asset-based Advisory Fee, Baird may impose additional fees upon Accounts holding Unsupervised Assets. See “Other Fees and Expenses” below for more information. A client should also understand that holding an Unsupervised Asset in an Account may increase the risk of trade errors, overinvestment, and negative Account performance. A client should consult the client’s DDK Consultant for further information. Special Considerations for the Services ALIGN, BairdNext Portfolios, Russell, SMA and UMA Clients Selection of Investment Options Consulting Services. From time to time, DDK may advise clients with respect to, or may manage, certain Held-Away Assets such as private REITs, real estate investments, and insurance products held by custodians other than Baird even though those assets may not be eligible for Accounts held at Baird. Any such arrangement will be set forth in the client’s advisory agreement. Unsupervised Assets or supervised by them Baird solely determines the investment options made available to a client under the ALIGN, BairdNext Portfolios, Russell and UMA Programs. ALIGN, BairdNext Portfolios, Russell and UMA Program Accounts will generally be invested in mutual funds or ETPs, and, with respect to UMA Portfolios, SMA Strategies or PWM-Managed Portfolios. If Baird has discretion over a client’s Account (or a portion thereof), Baird may invest such Account (or such portion of an Account over which Baird has discretion) in any investment product it deems appropriate for the client’s Accounts participating in those Programs. Under certain circumstances, Baird, in its sole discretion, may accept a client request to hold an asset in an Account that is not included in the investment advisory services provided by Baird or a DDK Consultant or otherwise monitored, overseen (an “Unsupervised Asset”). For example, if Baird to hold an Unpermitted permits a client Investment in an Account, the asset is typically 40 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Replacement of Investment Options DDK Consultant Review after an Account’s allocation to an asset class drifts by 3% or more from the target allocation. If a inconsistent with From time to time, Baird may remove mutual funds, ETPs, SMA Strategies and PWM-Managed Portfolios, from the ALIGN, BairdNext Portfolios, Russell or UMA Programs, and Baird may replace them with other mutual funds, ETPs, or SMA Strategies or PWM-Managed Portfolios, as it client’s Account deems appropriate. participates in those Programs, Baird may replace any such investments in the client’s Account whenever Baird removes the investment option from those Programs. Baird may make such in the client’s Account without replacement providing prior notice to, or obtaining the consent of, the client. DDK and Baird, at times, may adjust their typical rebalancing of a client Account based on certain tax considerations. For example, Baird will generally not rebalance an Account, particularly during the fourth calendar quarter, to the extent doing so would be its implementation of tax management services for the Account as described above. For more specific, current information about the frequency and conditions under which a particular Account will be rebalanced, a client should contact the client’s DDK Consultant. Timing of Investment to minimize potential negative scheduled mutual In certain instances, Baird may delay investing client assets when Baird determines it is in the client’s best interest to do so. For example, in order tax consequences on a client, Baird may delay investing assets in a new ALIGN Strategic Program Account when the Account is opened shortly before a fund distribution date. impacted by market Asset Allocation Changes and Rebalancing DDK and Baird reserve the right to delay or stop the rebalancing of a client's Account if DDK or Baird believes it is in the client’s best interest to do so. For example, DDK and Baird oftentimes delay rebalancing when doing so would cause the client’s Account to recognize taxable gains in the fourth quarter or have other negative tax consequences on the client’s Account. The rebalancing of a client Account may be delayed or events, negatively operational limitations or other conditions beyond DDK’s or Baird’s control. With respect to the ALIGN Strategic Portfolios Program, the BairdNext Portfolios Program, the ALIGN UMA Select Portfolios Program, and the Russell Program, and with respect to Baird- Managed Models in the UAS Portfolios Program, Baird may also change a client’s asset allocation for any reason, which may include, but shall not be limited to, updates made by Baird to the target asset allocations of its model portfolio strategies or changes in market conditions, Baird’s opinion on the future performance of particular asset classes or the client’s financial circumstances. If a client’s Account participates in an ALIGN Program, the BairdNext Portfolios Program, the Russell Program, or a UMA Program, the client authorizes Baird to rebalance the client’s Account assets to be consistent with the client’s chosen target asset allocation strategy at any time without prior notice to the client at such times and under such conditions as Baird, in its discretion, deems appropriate. When Baird rebalances a client’s Account, all or only a portion of, the Account may be traded. The frequency and conditions under which Baird rebalances a client Account in a Service may change at any time in Baird’s discretion and may be different from the frequency and conditions applicable to how a client Account is rebalanced in another Service. Any rebalance of a client’s Account or other change in asset allocation may result in taxable gains or losses. Overlay Manager Under the ALIGN or UMA Programs, the asset allocation changes, rebalancing, and other changes described above may be performed or implemented by the Overlay Manager. A client’s DDK Consultant may also rebalance the client’s Account enrolled in the ALIGN Strategic Portfolios Program in accordance with rebalancing options that Baird makes available to DDK Consultants. Current rebalancing options for those Programs include rebalancing annually on the Account’s anniversary date, quarterly whenever the Account’s allocation to an asset class drifts by 3% or more from the target allocation, or upon 41 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Third Party Information is contained under Growth; (3) Growth with Income; (4) Income with Growth; (5) Conservative Income; and (6) Capital Preservation. A description of those the heading objectives “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Strategies—Asset Analysis—Investment Allocation Strategies” below. and When providing services to a client, DDK and Baird rely on information provided by third parties and other external sources believed to be reliable, including, but not limited to, information provided by investment managers. DDK and Baird assume that all such information is accurate, complete and current. DDK and Baird do not conduct an in- depth review of, or verify, such information, and they do not guarantee the accuracy of the information used. See “Portfolio Manager Selection Evaluation—Performance Calculation” and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Methods of Analysis” below for more information. Goal Management service In certain circumstances, clients that are part of the same household may include their eligible Advisory Accounts in the same Goal Management Plan (a “Household Goal Management Plan”). It is the client’s sole responsibility to notify DDK that the client is part of a household so that DDK is aware of the client’s eligibility for a Household Goal Management Plan. It is also the client’s sole responsibility to notify DDK whenever the client ceases to be part of a household if an Account is part of a Household Goal Management Plan. Failure to do so could have a materially negative impact on applicable Accounts. An Account will be removed from a Goal Management Plan: (1) upon request or consent of the client, (2) if the Account ceases to be an eligible Advisory Account, (3) in the event the Account is part of a Household Goal Management Plan, if the client notifies DDK that the client ceases to be a member of the applicable household, or (4) upon written notice from Baird that it is no longer able to manage the Account according to the Goal Management Plan. or for DDK and Baird make available to clients an optional goal management (“Goal Management”). Goal Management provides clients the ability to set a single, overall investment objective for all or a portion of assets selected by the client with the flexibility of using multiple, eligible Advisory Accounts that may have different investment strategies or objectives. If a client elects to have Baird implement a plan of Goal Management (a “Goal Management Plan”) using two or more eligible Advisory Accounts (“Goal Management Accounts”), the Goal Management Accounts, taken together, will be managed or advised by Baird and client’s DDK Consultant in such a way so as to seek to achieve a single, overall goal or investment objective (“Goal Management Objective”) chosen by the client. Each individual Account included in a Goal Management Plan will also be managed or advised by Baird and client’s DDK Consultant in accordance with the terms of the applicable Advisory Program or Service and any investment strategy or objective applicable to the Account. However, to the extent consistent with the terms applicable to an Account included in a Goal individual Account Management Plan, each included in the Goal Management Plan may be managed or advised in any manner believed by Baird or the client’s DDK Consultant to be necessary the Goal appropriate Management Accounts, taken together, to seek to achieve the Goal Management Objective. risks, and The Goal Management Objectives that Baird makes available to clients as part of Goal Management include: (1) All Growth; (2) Capital Given the nature of Goal Management, a client enrolling Accounts in a Goal Management Plan should understand that each Account enrolled in a Goal Management Plan may not be invested in a manner such that the individual Account alone would be able to achieve the Goal Management Objective. It is likely that one or more Accounts included in a Goal Management Plan, taken alone, will be managed or advised differently and will be subject to greater or enhanced risks than would be the case if the Account alone had the same objective as the Goal Management Objective. Such enhanced risks include, without limitation, market risks, investment objective and asset allocation risks, capitalization risks, investment style risks, illiquid securities and liquidity risks, concentration risks, frequent trading and portfolio risks, Non-Traditional Assets and turnover Complex Strategies Complex Investment Product risks. 42 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird and DDK Tax Management Strategies As a default feature of the ALIGN Strategic Portfolios, the BairdNext Portfolios, the Russell Model Strategies and the UMA Programs, the Baird PWM Home Office implements certain tax management investment strategies described below (“Baird TM Strategies”) for each non- Retirement Account enrolled in one of those Services unless the client opts out by contacting the client’s DDK Consultant. included in also offer A client should note, particularly if the client elects to include eligible Advisory Accounts in a Household Goal Management Plan, that: if an Account is removed from a Goal Management Plan for any reason, including if the client ceases to be a member of the same household, the Service and strategy for the Account removed from the Goal Management Plan will remain unchanged unless a change is requested by the client; further, the Account removed from the Goal Management Plan will not be allocated assets from other Accounts the Goal Management Plan unless the client and all other applicable clients, if any, consent and direct Baird to do so and then only to the extent permitted by applicable law; and DDK and Baird will have no liability for implementing a Goal Management Plan as requested by the client. Tax Management and Overlay Services implementation of Certain DDK Consultants tax management investment strategies (“DDK TM Strategies”), described below, to non-Retirement Accounts enrolled in DDK Consultant-directed Services, including the Advisory Choice, DDK Investment Management, and UAS Programs. A client is encouraged to ask the client’s DDK Consultant if DDK TM Strategies will be used if the Account is enrolled in a Service. DDK Consultants who offer DDK TM Strategies will generally implement such strategies for Accounts they manage on a discretionary basis unless a client opts out by contacting the client’s DDK Consultant. The Baird PWM Home Office will assist the DDK TM the with Strategies. investment strategy designed Each Baird TM Strategy and DDK TM Strategy is a secondary to achieve a secondary objective of an Account to reduce the negative impact of U.S. federal income taxes and each such strategy is implemented together with the other primary investment strategies for the Account that are designed to achieve the client’s primary investment objectives or goals. should contact the Many Services and managers make available tax management strategies and services that are intended to reduce the negative impact of U.S. federal income taxes on an Account. Certain Services and managers include tax management services as a default feature of the Services or the manager’s services. A client is encouraged to discuss the client’s tax management needs with the client’s DDK Consultant before enrolling the Account in a Service or selecting a manager. A client should understand the terms of the tax management services that will be implemented, including the associated limitations, risks and additional costs, if any, before enrolling an Account in a Service or selecting a manager for that Account. A client that wishes to opt an Account out of participation in a tax management service client’s DDK Consultant. The Baird TM Strategies and DDK TM Strategies features are not available to Retirement Accounts. Tax Harvesting Strategy The offering and performance of tax management services to a client’s Account does not constitute tax advice. A client is ultimately responsible for all tax-related consequences resulting from the tax management to utilize client’s decision services. Tax management services are provided solely based upon the direction and information provided by a client. Before enrolling in a tax management service, a client should consult the client’s tax advisors about the tax consequences of doing so. A tax harvesting strategy seeks to improve the value of an Account, on a post U.S. federal income tax basis, by offsetting capital losses in the Account with capital gains. This strategy is oftentimes referred to a “tax harvesting” or “tax loss harvesting”. When implementing a tax harvesting strategy, the Baird PWM Home Office or the DDK Consultant, as applicable, periodically, but at least annually, conducts an assessment of the Account to identify capital losses for tax harvesting opportunities. When an opportunity is identified, the Baird PWM Home Office or the DDK 43 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  employ (or recommend the employment of) the tax harvesting strategy described above. Generally, the capital gains avoidance strategy is limited to open end mutual fund positions in a client Account, and a mutual fund position will be included in the implementation of the strategy only if the potential net U.S. federal income tax benefit to the Account related to such position is estimated by Baird to be $1,000 or more. For purposes of calculating the $1,000 threshold, the Account’s current unrealized gain or loss in each mutual fund position is analyzed in light of the applicable amount of capital gains distribution announced by the mutual fund company. Additional Important Information about Baird’s and DDK’s Tax Management Strategies. and DDK’s Consultant, as applicable, sells (or recommends the sale of) certain securities in the client’s Account in order for the Account to recognize the unrealized capital losses identified as part of the assessment process. The Baird PWM Home Office or the DDK Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in one or more replacement securities, which may include, without limitation, ETFs, cash, cash equivalents or other securities deemed appropriate by the Baird PWM Home Office or the DDK Consultant, as applicable. Unless the client instructs otherwise, such reinvestment will be made on a temporary basis and generally only for the duration of any applicable IRS wash sale rule period, currently 30 days, and within a reasonable time thereafter, the proceeds will be reinvested in a manner consistent with the way the Account was invested prior to the employment of the tax harvesting strategy. the implementation of the tax Generally, harvesting strategy is limited to open end mutual fund and ETF positions with unrealized capital losses over $1,000 for U.S. federal income tax purposes, unless Baird and the client otherwise agree. Baird’s tax management strategies are not intended to, and likely will not, eliminate a client’s U.S. federal income tax obligations. Like all investment strategies, there is no guarantee that the implementation of a tax management strategy will be successful. A client’s use of a tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. Capital Gains Avoidance Strategy implementation of a The tax management strategy is based upon Baird’s or the DDK Consultant’s, as applicable, estimates of capital gains and losses associated with investments in client’s Account and information provided to them by third parties, such as issuers of securities. Capital losses will remain in an Account following the implementation of a tax harvesting strategy, and the Account will realize capital gains following the implementation of a capital gains avoidance strategy, the extent such estimates or to information are incorrect. identified as part of A capital gains avoidance strategy seeks to avoid capital gains attributable to an investment in the Account for U.S. federal income tax purposes by selling the investment before the capital gain is distributed by the issuer. When implementing a capital gains avoidance strategy, the Baird PWM Home Office or the DDK Consultant, as applicable, periodically, but at least annually, monitors the issuers of investments held in the Account for capital gains distributions announcements and capital gains avoidance opportunities. When an opportunity is identified, the Baird PWM Home Office or the DDK Consultant, as applicable, sells (or recommends the sale of) such securities in the client’s Account the monitoring process in order for the Account to avoid a capital gain distribution made by the issuer. The Baird PWM Home Office or the DDK Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in cash until the capital gain distribution has been paid by the issuer, and then the securities will be purchased again. If the securities are sold at a loss, then Baird PWM or the DDK Consultant may The implementation of the tax harvesting strategy and capital gains avoidance strategy (or the recommendation to implement a strategy) is done in the sole discretion of the Baird PWM Home Office or DDK Consultant, as applicable, and securities may be excluded from implementation of such strategies for a number of reasons, including without limitation, the length of time the security has been in the Account, the lack of a replacement security acceptable to Baird or the DDK Consultant, withdrawal and deposit activity in the Account, market conditions deemed unfavorable by Baird or the DDK Consultant, or if 44 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  doing so would, in Baird’s or the DDK Consultant’s judgment, negatively impact management of the Account. the client’s DDK Consultant or review the investment manager’s Form ADV Part 2A Brochure for specific information. Overlay Manager Tax Overlay and Values Overlay Services (UMA Programs Only) The tax harvesting and capital gains avoidance strategies are provided by Baird and DDK Consultants on an Account-by-Account basis. When employing such strategies for a client Account, Baird does not monitor or consider the trading activity in any other client account, including any other Account held at Baird. the individual securities that The purchase or sale of securities by a client account (whether held at Baird or another firm) during any applicable IRS wash sale rule period that, in violation of such rule, overlaps with a purchase or sale of securities made in an Account as part of a Baird TM or DDK TM Strategy will result in applicable tax losses being disallowed by the IRS. Baird and DDK are not responsible for any such violations of the IRS wash sales rule or the negative consequences to the client of such violation. Before selling a security from an account, including any account held at a firm other than Baird, a client should contact the client’s DDK Consultant to determine if the sale of the security may be impacted by IRS wash sale rule limitations by reason of the tax management services being provided by Baird or DDK. Envestnet The Overlay Manager offers an optional tax overlay service and a values overlay service in connection with the UMA Programs. The Overlay Manager’s tax overlay service seeks to consider tax implications that may detract from the client’s after-tax returns. The Overlay Manager’s values overlay service provides a client the opportunity to restrict investments in companies that derive revenues from certain business areas or that are involved in certain business activities that the client may find objectionable. A client that wishes to enroll in one or more of those services can do so by contacting the client’s DDK Consultant. These services provided by the Overlay Manager may involve direct indexing strategies (also known as direct index investing), whereby a client owns are constituents of a selected benchmark index instead of a pooled investment vehicle, such as a mutual fund or ETF, which presents certain risks and may not be appropriate for certain clients. The Overlay Manager charges an additional fee for tax and values overlay services. The cost of tax and values overlay services are generally the same whether the client enrolls in one or both services. The amount of the tax or values overlay fee will be disclosed to a client prior to enrolling an Account in the service. Additional information about the Overlay Manager’s tax overlay services, including the risks associated with those services, is contained in a document entitled “Important Information About Tax Overlay Additional Services Asset by Provided Management, Inc.” and is available upon request. Replacement securities selected in connection with the implementation of a Baird TM or DDK TM Strategy may not perform similarly to the securities they replace. The performance of Accounts utilizing a Baird TM or DDK TM Strategy will vary from similarly-managed Accounts that do not utilize such a strategy, possibly in a materially negative manner, and a client’s Account may not be successful in pursuing its primary investment strategies, objectives or goals. A client should also note that when normal trading activity for the client’s is resumed Account, such activity could generate taxable gains or losses. If a client selects tax overlay or values overlay services, the client should understand that DDK and Baird do not determine the strategies used in connection with such services, implement any such strategies, or otherwise have any influence over the Overlay Manager’s investment decisions, and therefore, DDK and Baird are not responsible for the tax overlay or values overlay services provided by the Overlay Manager. Third Party Manager Tax Management Services Investment Objectives Some investment managers participating in the SMA and UMA Programs offer tax management services and others do not. A client should consult Generally, every Account will have one of the investment objectives described below. 45 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  under normal market conditions, such an Account will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. Such an Account may also hold other types of investments. All Growth. An All Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing an All Growth investment objective will experience high fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in equity securities. Such an Account may also hold other types of investments. Capital Preservation. A Capital Preservation investment objective typically seeks to preserve capital while generating current income. Typically, an Account pursuing a Capital Preservation investment objective will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in a mix of fixed income securities and cash. Such an Account may also hold other types of investments. Capital Growth. A Capital Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing a Capital Growth investment objective will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. Such an Account may also hold other types of investments. for a client’s specific Growth with Income. A Growth with Income investment objective typically seeks to provide moderate growth of capital and some current income. Typically, an Account pursuing a Growth with Income investment objective will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. Such an Account may also hold other types of investments. investment objective Opportunistic. An Opportunistic investment objective typically seeks to provide long term through capital appreciation and/or growth income by utilizing an active management style that shifts the percentage of assets held in various investment categories to take advantage of the manager’s perception of market pricing anomalies, market sectors deemed favorable for investment by the manager, the current interest rate environment or other macro-economic trends identified by the manager to achieve growth while short, accounting intermediate and long term investment and/or cash flow needs. Depending upon the investment strategy used, an Account pursuing an Opportunistic could experience high fluctuations in annual returns and overall market value. The types of investments in which such an Account may invest will also vary widely, depending upon the particular investment strategy used. long-term growth by investments based upon Income with Growth. An Income with Growth investment objective typically seeks to provide current income and some growth of capital. Typically, an Account pursuing an Income with investment objective will experience Growth moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. Such an Account may also hold other types of investments. in to implement a typically objective and overweighting index or Conservative Income. A Conservative Income investment objective typically seeks to provide current income. Typically, an Account pursuing a Conservative Income investment objective will experience relatively small fluctuations in annual returns and overall market value. Generally, Tactical. A tactical investment objective seeks to provide tactically and actively adjusting account allocations to different the categories of manager’s perception of how those investment the short-term. categories will perform tactical Strategies used involve investment underweighting account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, the market generally. benchmark Accounts with a tactical investment objective may 46 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  have investments focused or concentrated in certain asset classes, geographic locations or market sectors and they often experience higher levels of trading and portfolio turnover relative to accounts with other investment objectives. indicates A Tax-Managed that the account investment Tax-Managed. is objective transitioning from one investment strategy to another using one or more tax management strategies or tax management considerations. The primary investment strategy or consideration for investment Accounts with a Tax-Managed objective will involve tax management, and such accounts may not be successful in pursuing any other investment strategies, objectives or goals. Goal. A Goal investment objective indicates that the Account is a Goal Management Account that is part of a Goal Management Plan and the Account will be managed or advised in accordance with the applicable Goal Management Objective. of Investment Objectives For information about the risks associated with the investment objectives described above, see the section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Risks Associated with Certain and Asset Allocation Strategies” below. Mutual Fund Share Class Policy including expense ratio of the class across all mutual funds in the mutual fund family, that are widely available for trading on the mutual fund trading Inc. platform of Charles Schwab & Co., (“Schwab”). In selecting the share class for a mutual fund family to be made available for purchase by clients in the Share Class Policy Services, Baird considers a number of factors, including the number of funds within the fund family that offer the share class, client positions in and demand funds, and the for those availability of the share classes and funds for purchase on the Schwab mutual fund trading platform. Generally, share classes designed for retirement plans and those that pay a distribution (12b-1) fee to Baird will not be permitted in those Services, or, if such share classes are permitted and the client’s Account is subject to an asset- based fee arrangement, Baird will either: (1) rebate the distribution (12b-1) fees to a client if the client is paying an asset-based Advisory Fee on such investment; or (2) exclude such fund shares from the calculation of the client’s asset- based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the distribution (12b-1) fee as further described under the heading “Additional Ethics, Information—Code Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions—Investment Product Selling or Servicing—Mutual Funds” below. Clients should note that the Approved Share Class for a mutual fund family is based upon the average expense ratio for the class across all mutual funds in the fund family and not on a fund-by-fund basis. Further, the expenses of every mutual fund can and will vary over time. Therefore, while Baird has endeavored to select the lowest cost share classes as described above, in some instances, the Approved Share Class is not the least expensive share class for a particular mutual fund. Clients may be able to obtain a less expensive share class in other Programs or at another firm. payments, revenue sharing the applicable mutual Most mutual funds offer different share classes. While each share class of a given mutual fund has the same underlying investments, those share classes have different fees, costs and investment minimums, and they provide different levels of compensation to Baird. In an effort to provide clients with appropriate low cost mutual fund investment options for their fee-based investment advisory accounts, Baird has established a mutual fund share class policy (“Share Class Policy”) for the certain DDK-directed Services, Advisory Choice, DDK Investment Management, and UAS Services (the “Share Class Policy Services”). Typically, only one share class of a given mutual fund family will be made available for purchase by clients in the Share Class Policy Services pursuant to the Share Class Policy (the “Approved Share Class”). When selecting the Approved Share Class for a mutual fund family, Baird endeavors to select the share class with the lowest expense ratio, based upon the average Baird receives certain compensation from mutual fund families in the form of distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support and administration fees. The amount of compensation paid to Baird generally varies based upon the fund share class of purchased by clients. Because the compensation 47 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  As custodian, Baird may hold a client’s Account assets in nominee or “street” name, a practice that refers to securities and assets being registered in Baird’s name or in a name that Baird designates, rather than in a client’s name directly. Baird will be the holder of record in those instances. Baird may utilize one or more subcustodians to provide for the custody of a client’s assets in certain circumstances. For instance, Baird utilizes subcustodians to maintain custody of certain client securities that are traded on foreign exchanges. Interest that Baird receives from certain mutual funds is based upon share class purchased by clients, Baird has a financial incentive to make available to clients those share classes that provide Baird greater compensation, which, in many instances, would cause clients investing in those share classes to incur higher ongoing costs relative to other share classes made available by the fund families. This presents a conflict of interest. Baird addresses this conflict through the Share Class Policy described above and through disclosure in this Brochure. For more information about the compensation that Baird receives from mutual funds, see “Additional Information—Code of Ethics, Participation or in Client Transactions and Personal Trading—Participation or Interest in Client Transactions—Investment Product Selling and Servicing—Mutual Funds” below. Shares of mutual funds held in client Accounts that do not meet the requirements of the Share Class Policy will generally be converted to the applicable Approved Share Class subject to certain restrictions. The Share Class Policy is subject to change at Baird’s discretion without notice to clients. Additional information about the Share Class Policy is available on Baird’s website at bairdwealth.com/retailinvestor. The Share Class Policy does not apply to the portion of a UAS Account managed by a third party managers. Third party managers are responsible for establishing their own criteria for selecting investments, including mutual funds, if any. to client Accounts on Custody Services from Certain Services may require clients to custody their Account assets at Baird. If Baird is the custodian of a client’s assets, Baird will provide certain custody services, including holding the client’s Account assets, crediting contributions and interest and dividends received on securities held in a client’s Account, and making or “debiting” distributions the Account. Information about account statements and performance reports, if any, that DDK and Baird provide to clients is contained under the heading “Services, Fees and Compensation–Consulting Services” above and “Additional Information— Review of Accounts” below. DDK and Baird in their sole discretion may accept into a client’s Account, Held-Away Assets including assets that are held by another custodian (a “third party custodian”). A client who uses a third party custodian to hold Account assets does so at the client’s risk. A client should understand that DDK and Baird do not monitor, evaluate or review any third party custodian unless they otherwise agree to do so in writing. The client should also understand that the client will pay a custody fee to the third party custodian in addition to the Advisory Fee. Baird may also impose additional fees on Accounts with assets held by a third party custodian due to the increase in resources needed to administer those Accounts. Further, such third party custody arrangements may limit the Services made available to the client. In addition, a client should understand that: (a) each third party custodian has exclusive control over the investment options the made available custodian’s platform; (b) DDK and Baird have no authority or ability to add to, or remove from, a custodian’s platform any investment option; (c) any advice given by DDK or Baird with respect to the Account is inherently limited by the options available through a custodian’s platform; (d) DDK or Baird may have provided different investment advice with respect to the Account had they not been limited to the investment options made available through the custodian’s platform; and (e) certain investments, such as mutual fund shares, could be more or less expensive than if the investment was obtained from Baird or another firm. A client should further note that DDK and Baird may not provide performance review or reporting for Held-Away Assets. In addition, a client who uses a third party custodian is not eligible for cash sweep services offered by Baird. Clients using a third party custodian are 48 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  encouraged to establish appropriate cash sweep arrangements. a bank constitutes a direct obligation of the bank and is not directly or indirectly Baird’s obligation. (e.g., A client who uses a third party custodian authorizes DDK and Baird to give instructions to the client’s custodian for all actions necessary or incidental to the purchase, sale, exchange, and delivery of securities held in the client’s Account. Also, the client will receive account statements directly from the client’s selected custodian. A client should carefully review those account statements and them with any compare statements provided by DDK or Baird. A client should note that the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by DDK or Baird due to a variety of factors, including the use of different valuation sources and accounting methods settlement date trade or accounting) by the custodian and Baird. Cash Sweep Program Program is available Any aggregate cash balances held by a client in excess of the applicable aggregate deposit limit are automatically invested in shares of a money market mutual fund that Baird makes available in the Money Market Fund feature of the program. Cash held in employee benefit plan accounts, employee health and welfare plan accounts, and SEP and SIMPLE IRAs will be automatically invested or swept into a money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. In addition, clients with aggregate cash balances of $5 million or more across all of their accounts with Baird within the same household may opt out of the Bank Sweep Feature and instead have all of their cash balances automatically swept into an institutional money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. Effective June 1, 2025, clients with aggregate cash balances of $5 million or more across of their accounts with us within the same household both at the time of the request to opt out and as of the end of any two previous consecutive months beginning on April 30, 2025 and thereafter. More information about the Money Market Fund Feature of Baird’s Cash Sweep at rwbaird.com/cashsweeps. to provide FDIC is available Baird maintains a Cash Sweep Program that is intended for clients who want to earn interest and receive FDIC insurance protection on their cash over short periods of time while awaiting investment. If a client participates in Baird’s Cash Sweep Program, uninvested cash in the client’s accounts will be automatically deposited or swept, on a daily basis, into one or more FDIC-insured deposit accounts at participating banks (the “Bank Sweep Feature”) or, under certain conditions, will be automatically invested in shares of a money market mutual fund that Baird makes available in the program (the “Money Market Fund Feature”), subject to the terms and conditions of the program. By using multiple participating banks as opposed to a single bank, the Bank Sweep insurance Feature seeks protection for a client’s cash balances of up to an aggregate deposit limit determined under the program (currently, $2,500,000 for most account types and $5,000,000 for joint accounts). A client receives interest on cash balances in deposit accounts under the Bank Sweep Feature at tiered rates that are based on the aggregate value of the accounts within the client’s household. The applicable client household tier values are: less than $1 million; at least $1 million but less than $2 million; at least $2 million but less than $5 million; and $5 million are more. Current rate at information rwbaird.com/cashsweeps. Each deposit account at The Bank Sweep Feature seeks to provide FDIC insurance protection for a client’s cash balances up to an aggregate deposit limit determined under the program. Any deposits, including CDs, that a client maintains, directly or indirectly through an intermediary (such as us or another broker), with a bank participating in the Cash Sweep Program in the same capacity with the bank will be aggregated with the client’s cash balances deposited with the bank under the Cash Sweep Program for purposes of calculating the $250,000 FDIC insurance limit. Total deposits exceeding $250,000 at a bank may not be fully insured by the FDIC. A client is responsible for monitoring the total amount of other deposits that the client has with a bank outside the Cash Sweep Program in order to determine the extent of deposit insurance coverage available. Baird is not responsible for any insured or uninsured portion of a client’s deposits at a bank. Cash invested in a money market mutual fund under the Money Market Fund Feature is not FDIC insured, but is Investor Protection protected by Securities 49 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Corporation (“SIPC”) coverage up to applicable limits. Program and maintain high levels of uninvested cash balances in the client’s accounts. receives compensation for account values of As an alternative to the Cash Sweep Program, Baird makes available other money market mutual funds and other cash alternatives in which a client may invest, often at a higher yield, although these investments do not have an automatic sweep feature. In addition, instead of maintaining cash balances in an advisory Account, a client has the option to maintain such cash balances in a brokerage account that is not subject to an asset-based Advisory Fee. in connection with less. For A client should understand that the Cash Sweep Program is an ancillary account service and it is not nor is it part of any advisory program or investment advisory service. DDK and Baird do not act as investment adviser or a fiduciary to a client the Cash Sweep Program. However, a client should note that the amount of the client’s advisory Account dedicated to cash and cash equivalents is part of the overall investment allocation advice provided to the client and thus the amount of such cash and cash equivalents included in the calculation of the Advisory Fee for the client’s advisory Account. on website More detailed information about the Cash Sweep Program and the compensation Baird receives is at Baird’s available www.rwbaird.com/cashsweeps. A client also receives information about the compensation Baird receives from the Cash Sweep Program through a client’s account statements. Trust Services Arrangements services, including tax related to those assets, and Baird maintains an alliance with certain institutions, both non-affiliated and affiliated, including Baird Trust Company, that provide trust administration trust administration, custody, reporting and recordkeeping. DDK Consultants at times refer clients seeking trust services to institutions that are members of the alliance. Subject to its fiduciary duties, the trustee oftentimes retains Baird to provide investment advisory services to the client trust. A client should understand that any such referral for trust services under the Trust Alliance Program made by Baird and its DDK Consultants is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client the Baird administrative, accounting and other services that Baird provides under the program, which is paid out of the aggregate interest that is paid by the participating banks on the aggregate client balances in the deposit accounts participating in the Bank Sweep Feature. Baird’s annual rate of compensation may be up to 3.60% of the for clients with aggregate client balances than less household $1,000,000, 2.45% for clients with household account values of $1,000,000 but less than $2,000,000, 2.00% for clients with household account values of $2,000,000 but less than $5,000,000, and 1.75% for clients with household account values of $5,000,000 or more. In a lower interest rate environment Baird’s annual rate of compensation will be fee-based investment advisory IRA accounts participating in the Bank Sweep Feature, Baird’s compensation is a monthly per account fee (which is the same regardless of client balances in bank deposit accounts). The per account fee for these advisory IRA accounts is generally paid out of the interest that the banks pay on aggregate client balances in the deposit accounts, and the per account fee varies based on the applicable Fed Funds Target Rate but in no event will it exceed $19.00 per month. Baird also receives an annual rate of compensation of up to 0.50% of the aggregate client balances automatically invested into money market mutual funds under the Money Market Fund Feature. A client should note that the client will be charged the asset-based Advisory Fee on the value of all of the assets in the client’s Accounts, including cash that is swept into a bank deposit account or invested into a money market mutual fund under the Cash Sweep Program. As a result, Baird receives two layers of fees on a client’s assets swept or invested in the Cash Sweep Program: the Advisory Fee, which compensates Baird for the investment advice, trading and custody services provided to the client the compensation paid by the banks or money market funds related to those assets, which compensates Baird for the services Baird provides to the banks and funds and for Baird’s efforts in maintaining the Cash Sweep Program. The compensation that Baird receives from the Cash Sweep Program gives Baird a financial incentive to recommend that a client participate in the Cash Sweep 50 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  visit website contact loan, Baird has an incentive financial incentive trust administration when making such a referral and they will not provide advice on or oversee any such trust services arrangement. Baird has a financial incentive to recommend that clients use Baird Trust, an affiliate, over other non-affiliated trust companies. As a result of this affiliation, Baird Trust also has a financial incentive to retain Baird to provide investment advisory or other services on behalf of the client. In addition, Baird and DDK Consultants have a to recommend arrangements that involve Baird and the DDK Consultant providing investment advisory services to the client and the trust company only providing trust administration services compared to an arrangement whereby a trust company would provide both investment advisory and services because it is more profitable to Baird and the DDK Consultant. that any margin balance (i.e., ongoing Baird Trust generally rates are lower for larger debit balances and those with higher household account balances. As a result, rates will vary. To determine the actual interest rate that may apply to a client’s margin Baird’s loan, at rwbaird.com/loanrates a DDK or Consultant. Because a client will pay interest to Baird on the outstanding balance of the client’s to margin recommend that a client use margin. Baird and DDK Consultants also have an incentive to recommend that a client use margin, because a margin loan allows a client to make larger securities purchases and retain assets in the client’s Accounts that pay an ongoing asset-based Advisory Fee instead of liquidating them to fund a cash need, which increases the asset-based fees Baird earns on a client’s Accounts. A client should note the outstanding amounts of the margin loan the client owes to Baird) in the client’s advisory Accounts will not be applied to reduce the client’s billable account value in calculating the client’s asset- based Advisory Fee, which gives Baird and DDK Consultants further incentive to recommend client use of margin instead of liquidating assets to fund a cash need. Because the interest Baird receives and fees Baird earns on a client’s Accounts increase as the amount of the client’s margin loan increases, Baird and DDK Consultants also have incentive to recommend that the client an continue to maintain a margin loan balance with Baird at high levels. Baird has the right to lend the securities a client pledges as collateral for the client’s margin loan, and Baird receives additional compensation for lending those securities, which provides Baird a further incentive to recommend margin to a client. In addition, outside of the Trust Alliance Program, DDK Consultants may refer a client to Baird Trust to provide investment management and trust administration services to the client. If a client enters into such a relationship with Baird Trust, Baird and the client’s DDK Consultant typically relationship management provide services. provides compensation to Baird and the client’s DDK Consultant for the referral and providing ongoing services, which may be up to 50% of the ongoing fees that a client pays to Baird Trust, and which is credited to the client’s DDK Consultant for purposes of determining the DDK Consultant’s compensation. The compensation paid to Baird and a client’s DDK Consultant does not increase the fees that the client pays to Baird Trust. Due to Baird’s affiliation with Baird Trust and the compensation paid to Baird and DDK Consultants, Baird and DDK Consultants have a financial incentive to favor Baird Trust over other trust companies. Margin Loans A client should note that Baird’s margin loan program is generally intended to be used to fund additional purchases of securities. or short-term liquidity needs. If a client wishes to obtain a loan for some other purpose, a client should instead consider whether the client is eligible for Baird’s Securities-Based Lending Program, which involves clients obtaining loans from third-party lenders for general use purposes. Baird and DDK Consultants have a conflict to the extent they would recommend that a client use the Baird margin loan program instead of the Securities-Based Lending Program because a client pays interest and other fees to Baird instead of a third-party lender. Margin involves borrowing money from Baird using eligible securities as collateral, including for the purpose of buying securities. If a client uses margin, the client will pay Baird interest on the amount the client borrows. The rate of interest that a client pays on a margin loan will be at a base rate determined by Baird plus or minus a specified percentage that varies based on the outstanding debit balance of the margin loan and the client’s household account value. Interest 51 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  financial incentive Additional important information about margin, including the risks and margin interest rates that apply, is set forth in the “Margin” section of Baird’s website at bairdwealth.com/retailinvestor. Securities-Based Lending Program of website Consultants have a to recommend that a client obtain a loan under the program to provide for the client’s needs instead of liquidating assets in the client’s accounts with Baird because a decline in the amounts the client has in the client’s accounts will result in lower revenues to Baird and compensation paid to the client’s DDK Consultant. Additional important information about securities-based lending is set forth in the “Securities-Based Lending Program” section at Baird’s bairdwealth.com/retailinvestor. the loan or A client should understand that any referral made by Baird and DDK Consultants under the Securities-Based Lending Program is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such lending arrangement. Client Responsibilities informing the A client is responsible for providing information to Baird and the client’s DDK Consultant reasonably requested by them in order to provide the services selected by the client. Baird, the client’s DDK Consultant and investment managers, if any, will rely on this information when providing services to the client. A client is also responsible for promptly client’s DDK Consultant of any significant life changes (e.g., change in marital status, significant health issue, or change in employment) or if there is any change to the client’s investment objectives, risk tolerance, investment financial circumstances, needs, or other circumstances that may affect the manner in which the client’s assets are invested. None of Baird, the client’s DDK Consultant or any investment manager managing a client’s Account is responsible for any adverse consequence arising out of the client’s failure to promptly inform the client’s DDK Consultant of any such changes. Since investment goals and financial circumstances change over time, a client should review the client’s participation in a Service with the client’s DDK Consultant at least annually. Legal and Tax Considerations DDK and Baird do not provide legal or tax advice to clients in connection with the Services. Baird offers clients an opportunity to borrow money from a third party lender under Baird’s Securities-Based Lending Program. These loans, if made, can be used for any personal or business purpose other than to purchase, carry or trade securities, or to repay margin debt. These loans are secured by the investments and other assets in the client’s accounts with Baird. A client will pay interest on the outstanding balance of the client’s loan. The rates of interest charged by the bank depends on many factors, such as the prevailing interest rate environment, the amount of line of credit, a client’s creditworthiness, and the aggregate assets in a client’s Baird accounts in the client’s household (“relationship size”). The interest rates are based on a benchmark rate, plus an applicable percentage that varies based on the approved loan amount and the relationship size. Rates are generally higher for smaller loans and relationship sizes and lower for larger loans and relationship sizes. The interest rate that will apply to a client’s loan will be set forth in the loan agreement the client enters into with the bank. Baird receives an ongoing administrative fee from the bank, at an annual rate of up to 2.50% of the outstanding balance under a client’s loan, which is paid by the bank out of the interest the client pays to the bank. A client’s DDK Consultant typically receives an ongoing referral fee at an annual rate of up to 0.25% of the outstanding balance of the client’s loan, which is paid out of Baird’s administrative fee. A client should note that Baird and DDK Consultants will continue to receive compensation on assets held in the client’s accounts that serve as collateral for the client’s loans, including Advisory Fees. Because Baird receives an administrative fee and DDK Consultants receive a referral fee if a client obtains a loan from a third party lender under Baird’s Securities-Based Lending Program, Baird and DDK Consultants have an incentive to recommend that a client obtain loans under that program. Baird and DDK Consultants will continue to receive compensation on assets held in a client’s accounts that are collateral for such loans, including Advisory Fees on such assets if those assets are in the client’s advisory Account. As a result, Baird and DDK 52 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account (“Retirement gradually decreasing as the Account balance increases. For example, a client with an Account value of $50 million may pay one rate on the first $10 million of assets in the Account, a lower rate on the next $15 million of assets in the Account and a still lower rate on the remaining $25 million of assets. Use of a tiered fee schedule will result in a blended asset-based fee rate. Additional laws, regulations and other conditions apply to Retirement Accounts. Each owner, trustee, named responsible plan fiduciary, fiduciary, or other fiduciary acting on behalf of a Retirement Account Fiduciary”) should understand that DDK and Baird do not provide legal advice regarding Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts. liquidations, redemptions, The typical asset-based fee varies depending upon the Service and the fee option selected by the client. Fee options and rates may also differ among different Accounts held by the same client, depending on the services selected for an Account. All new client Accounts paying an asset-based fee are generally subject to a unified advice fee arrangement (“Unified Advice Fee Arrangement”), which is described below. Unified Advice Fee Arrangement Under a Unified Advice Fee Arrangement, the asset-based Advisory Fee is comprised of an advice fee (“Advice Fee”) and, for some Services, an additional portfolio fee (“Portfolio Fee”). The Advice Fee covers certain investment advisory, brokerage and custody services provided by DDK and Baird. The Portfolio Fee covers portfolio management and other services provided by Baird and the manager to the client’s Account, which may include departments or affiliates of Baird. If a client has a Unified Advice Fee Arrangement, the client’s Advisory Fee rate will be equal to the sum of the applicable Advice Fee rate and the applicable Portfolio Fee rate, if any. The investment strategies used for a client’s Account and transactions in a client’s Account, including and rebalancing transactions, may cause the client to realize gains or losses for income tax purposes. In addition, a client’s Account may be invested in investment products classified as partnerships for U.S. federal income tax purposes, which may result in unique tax treatment, including Schedule K-1 reporting. In addition, when held in a client’s Retirement Account under certain circumstances, such investments may produce unrelated business taxable income which may result in a current-year income tax obligation to the client. in DDK does not provide any tax advice connection with any of the Services. A client should discuss the potential tax implications of the client’s investment strategies, investment products, and transactions with the client’s tax advisor. If a client wishes for DDK to implement a particular investment strategy for tax purposes, and DDK agrees to implement such strategy, neither DDK nor Baird will be responsible for the development, evaluation or efficacy of any such strategy. Advisory Fees Fee Options and Fee Schedule Clients with a Unified Advice Fee Arrangement generally choose a tiered fee schedule for the Advice Fee portion of the Advisory Fee. Tiered Advice Fee Schedule following fee schedule sets tiered Advice Fee rates forth for the the The maximum Services. A client’s advisory agreement will set forth the actual compensation the client will pay to Baird. In most instances, a client pays an ongoing Advisory Fee based upon the value of assets in the client’s Account (an “asset-based fee”), although other options, such as a flat fee, are available. Tiered Advice Fee Schedule Asset-Based Fee Arrangement Value of Assets Annual Fee Rate fee On the first $10 million Negotiable DDK generally offers one asset-based arrangement: a tiered fee schedule. On next $15 million 0.60% On next $25 million 0.45% Under a tiered fee schedule, the asset-based fee will vary for different segments of client assets, 53 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio Fee Schedule Tiered Advice Fee Schedule Value of Assets Annual Fee Rate Service Annual Fee Rate or Range of Rates On next $25 million 0.30% 0.35% - 0.37% CCM Portfolios On next $25 million 0.15% 0.15% - 0.30% GAMMA Portfolios 0.02% - 0.37% Above $100 million Negotiable Strategas Portfolios DDK Investment Management 0.00% Portfolio Fee Schedule DDK Recommended Managers 0.20% - 0.75% Equity SMA Strategies 0.20% - 0.52% Balanced SMA Strategies following fee schedule sets forth 0.25% - 0.40% Fixed Income SMA Strategies 0.25% - 0.52% The Portfolio Fee rate varies by Service, investment vehicle, and the type of investment strategy or style being pursued by the Account. The the maximum Portfolio Fee rates or range of rates for the Services. Global and International SMA Strategies Portfolio Fee Schedule 0.35% - 0.60% Alternative SMA Strategies 0.10% Tax Managed Strategies Service Annual Fee Rate or Range of Rates Baird SMA Network (BSN) 0.00% ALIGN Custom Portfolios 0.26% - 0.77% Equity SMA Strategies 0.00% ALIGN Elements Portfolios 0.22% - 0.60% Balanced SMA Strategies 0.00% ALIGN Strategic Portfolios 0.12% - 0.40% Fixed Income SMA Strategies ALIGN UMA Select Portfolios 0.25% - 0.60% 0.25% - 0.52% Equity SMA Strategies* Global and International SMA Strategies 0.16% - 0.40% Fixed Income SMA Strategies 0.32% - 0.60% Alternative SMA Strategies 0.25% - 0.60% 0.02% - 0.50% Fund Strategist Portfolios Global and International SMA Strategies —** Dual Contract (DC) 0.00% Mutual Funds 0.00% Russell Model Strategies 0.00% ETFs 0.00% Unified Advisory Select (UAS) Portfolios ALIGN Strategic Sleeve or Portfolio 0.25% - 0.52% Equity SMA Strategies* 0.00% Baird Advisory Choice 0.25% - 0.52% Balanced SMA Strategies 0.00% BairdNext Portfolios 0.16% - 0.40% Fixed Income SMA Strategies Baird Affiliated Managers Portfolios 0.25% - 0.60% Global and International SMA Strategies PWM-Managed Portfolios 0.32% - 0.50% Riverfront SMA Strategies 0.00% AQA Portfolios 0.02% - 0.50% Fund Strategist Portfolios 0.00% Baird Recommended Portfolio 0.00% Mutual Funds 0.00% Baird Rising Dividend Portfolio 0.00% ETFs Baird Equity Asset Management 0.00% ALIGN Elements Portfolios 0.35% - 0.50% SAM Strategic Portfolios 0.00% 0.32% - 0.50% Other Portfolios ALIGN Strategic Sleeve or Portfolio 0.32% - 0.50% Riverfront Managed Portfolios 0.00% AQA Portfolios 0.35% Baird Trust Strategies 54 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio Fee Schedule Service Annual Fee Rate or Range of Rates 0.00% Baird Recommended Portfolio 0.00% Baird Rising Dividend Portfolio 0.32% -0.40% Baird Equity Asset Management Portfolios 0.35% Baird Trust Strategies 0.35% - 0.37% CCM Portfolios 0.02% - 0.37% Strategas Portfolios investment vehicles (such as mutual funds, ETFs, SMAs and PWM-Managed Portfolios) and asset classes (such as equity securities and fixed income securities). Each investment vehicle and asset class may have a different Portfolio Fee rate, which is shown in the table above. For purposes of calculating the Portfolio Fee for a UMA, the Portfolio Fee rate applicable to each investment vehicle or asset class will be applied to the value of assets invested in each such investment vehicle or asset class in the Account. In other words, the overall Portfolio Fee rate for the UMA as a whole will be a blended rate. The blended Portfolio Fee rate, and the actual Portfolio Fee paid by a client, will vary over time due to many factors, including market appreciation or depreciation of the assets in the Account and changes in allocations to different investment vehicles or asset classes in the Account. * Reflects the range of fees charged by managers or products that are not affiliated with Baird. The range of fees charged by Baird or by managers or products affiliated with Baird are shown elsewhere in the Portfolio Fee Schedule. Overlay Manager Tax Overlay Services ** Fees charged by managers under the DC Program are negotiated by each client pursuant to a separate agreement that does not include Baird. Baird, therefore, does not have the necessary information to provide a definitive range of fees paid to managers under the DC Program. The Overlay Manager charges an additional fee for tax overlay services, which will be included in the Advisory Fee. The amount of the fee will be disclosed to a client prior to enrolling an Account in the service. Flat or Hourly Fee Arrangement The Portfolio Fee rates are current as of the date of this Brochure. A client’s actual Portfolio Fees could be higher or lower than the amounts shown above if Baird adds new investment managers to the Services with higher or lower fees or if Baird and a manager renegotiate the amount of the subadvisory fee. Under a flat fee or hourly fee arrangement, the applicable fee may be determined according to a fixed asset-based or hourly fee rate or may be a fixed dollar amount. Specific services may each have their own, separately stated flat fee, or several services may be grouped together under a single flat fee. Some services may entail a flat fee per usage. Flat fees are negotiable and vary by client. The details of flat fee arrangements, including fee amounts, the billing schedule, and the services covered, will be included in the client’s advisory agreement. Service Account Minimums The minimum asset value to open an Account in a Service is set forth in the table below. Baird provides operational and administrative services to 55ip in connection with 55ip’s management of client Accounts using an ALIGN 55ip Tax Managed Solution. As compensation for those services, Baird receives a portion of the Portfolio Fee at an annual rate of up to 0.02% of the value of the Account. Additional information is contained in the document titled “Administrative Servicing, Revenue Sharing, and Other Third Party Payments” available on Baird’s website at bairdwealth.com/retailinvestor. Account Minimum Service Asset Level Consulting Services Negotiable ALIGN Custom Portfolios $25,000 The Portfolio Fee rates set forth above do not include the overlay fees charged by the Overlay for tax overlay or values overlay Manager services, which are generally 0.10% of the value of the Account annually. ALIGN Elements Portfolios $5,000 ALIGN Strategic Portfolios $25,000 Important Information about UMAs and Blended in different Rates. UMAs offer investments 55 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account Minimum Account and will be significantly higher if, for example, an SMA Strategy is selected. Service Asset Level ALIGN UMA Select Portfolios $100,000(1) Baird Advisory Choice $10,000 BairdNext Portfolios $5,000 Baird Affiliated Managers $250,000 Baird Equity Asset Management Growth Portfolios $250,000(2) Baird Equity Asset Management SAM Portfolios A client’s Account may also be subject to a minimum quarterly Advisory Fee that will be set forth in the client’s advisory agreement regardless of the value of the assets in the client’s Account. In addition, if a third party custodian has custody of the client’s Account assets, Baird may impose Account requirements different than those set forth above, including but not limited to higher minimums, and it may impose additional fees due to the increase in resources needed to administer the Account. Baird Trust $80,000 Riverfront Managed Portfolios $50,000(3) $50,000 Riverfront Managed ETF Portfolios A client is encouraged to periodically review with the client’s DDK Consultant the client’s Advisory Fee and the services provided to determine if the services and fees continue to meet the client’s needs. CCM Portfolios $100,000 GAMMA Portfolios $250,000 Calculation and Payment of Advisory Fees Strategas Portfolios $100,000(4) DDK Recommended Managers $100,000(5) Baird SMA Network $100,000(5) Dual Contract $100,000(5) DDK Investment Management $50,000 Russell Model Strategies $10,000 $5,000(6) Unified Advisory Select (UAS) Portfolios (1) Account minimums for ALIGN UMA Select Portfolios range from $100,000 to $400,000, depending upon the particular Portfolio. Baird will calculate a client’s Advisory Fee by applying the applicable fee rate to the value of all of the assets in the client’s Accounts, including cash and its equivalent and including all Held- Away Assets, unless otherwise agreed to in writing. 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. (2) Baird Equity Asset Management’s SAM Strategic Portfolios have a minimum account requirement of $250,000 and its SAM Custom Portfolios have a minimum account requirement of $1,000,000. (3) Riverfront Managed Portfolios have an account minimum ranging from $50,000 to $100,000. (4) Strategas Managed Portfolios that use strategies that primarily invest in mutual funds or ETFs may have an account minimum as low as $25,000. If requested by a client and approved by Baird, a client’s Advisory Fee may be determined by also including the aggregate value of assets in certain other Advisory accounts held by a client and certain members of the client’s household or family (a “household fee arrangement”). A client should note that Retirement Accounts may not be included in a household fee arrangement to the extent a prohibited transaction under ERISA or the IRC may result. The terms of any such household fee arrangement will be set forth in the client’s advisory agreement. (5) Investment managers typically have an account minimum of $100,000. However, each investment manager sets its own minimum account size requirements, which can range from $25,000 to more than $1,000,000. As a result, some investment managers may not be available to clients with smaller accounts. A client should note that it is client’s sole client’s DDK responsibility to inform the (6) Account minimums vary depending upon the investments that are selected for UAS Program 56 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  sponsors and custodians may differ from prices that could be obtained from other sources. for a household Values used for fee-calculation purposes may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the Advisory Fee for some securities may be calculated based on values that are greater than the amount a client would receive if the securities were actually sold from the client’s Account. Consultant that client’s household or family has two or more Advisory accounts that are eligible for a household fee arrangement. DDK and Baird do not undertake any obligation to ensure client Accounts are eligible fee arrangement. By agreeing to a household fee arrangement, each client subject to such household fee arrangement consents to DDK and Baird providing to each other client subject to such household fee arrangement, in DDK’s or Baird’s sole discretion, information about the aggregate level, or range, of household assets used for fee calculation purposes. As a result, each such client should understand that the other clients included in the household fee arrangement may be able to ascertain the amount of the client’s assets at Baird. As mentioned above, Baird will include cash and cash equivalent balances in a client’s Account when calculating a client’s asset-based Advisory Fee. Baird has adopted internal policies that monitor the percentage of an Account swept into cash under the Cash Sweep Program. These internal policies are designed to inform DDK Consultants and their clients who hold large cash sweep balances in their Accounts for sustained periods that those Accounts are holding large cash sweep balances and that there may be other investment or account options for their cash and that Baird receives direct compensation in addition to the Advisory Fee from client balances in the Cash Sweep Program. If a client maintains a debit balance in the client’s margin account with Baird, such balance has no bearing on the asset-based Advisory Fees charged on client’s Account. In other words, the margin balance (i.e., the outstanding amounts of the margin loan a client owes to Baird) in client’s Account will not be applied to reduce the client’s billable Account value in calculating the Advisory Fee. For purposes of calculating a client’s asset-based Advisory Fee, the value of a client’s assets is generally determined by Baird. Baird generally relies upon third party sources, such as third party pricing services when valuing Account assets. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian in determining the value of the assets in the client’s Account. is unreliable. Valuation data The Account value used for the Advisory Fee calculation may differ from that shown on a client’s Account statement or performance report due to a variety of factors, including the client’s use of margin, options, short sales, and other considerations. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird. See “Services, Fees and Compensation— Additional Service Information—Custody Services” above for more information. Neither DDK nor Baird conducts a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. DDK and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such for valuations investments, particularly annuities and Complex Investment Products, may not be provided to Baird in a timely manner, resulting in valuations that are not current. The prices obtained by Baird issuers, from third party pricing services, A client’s Advisory Fees are payable in accordance with the terms of the client’s advisory agreement. 57 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the Typically, Advisory Fees are payable on a calendar quarterly basis, in advance. The initial billing period begins when client’s advisory agreement is accepted by Baird and the Account is opened by Baird (the “Opening Date”). The initial Advisory Fee payment will be adjusted for the number of days remaining in the then current quarter. The initial Advisory Fee will be based on the value of assets in the client’s Account on the Opening Date. The period which such payment covers shall run from the Opening Date through the last business day of the then current calendar quarterly billing period. Thereafter, the quarterly Advisory Fees shall be calculated based upon the Account’s asset value on the last business day of the prior calendar quarter and shall become payable on the first business day of the then current calendar quarter. If DDK, Baird or the client terminates the client’s advisory agreement or the client’s participation in a Service, a pro-rated refund from the date of termination through the end of the applicable billing period will generally be made to the client in the client’s affected Accounts. DDK and Baird will not implement a decrease in the client’s fee rate during a billing period or otherwise reimburse or adjust Advisory Fees during any such period for asset value appreciation or depreciation in a client’s Account during such period. For example, if a client’s Account is subject to a tiered or breakpoint fee schedule and the asset levels of the Account move into a new tier or cross a breakpoint during such period, no rebate or fee adjustment will be made. However, DDK and Baird, in their sole discretion, may make fee adjustments in response to asset fluctuations in a client’s Account occurring during a billing period that result from contributions to, or withdrawals from, the client’s Account. The minimum asset value in order to retain the services of DDK is $10 million, and a minimum annual Advisory Fee of $60,000 may be assessed to a client regardless of the level of assets advised by DDK. DDK may waive the minimum asset value or minimum Advisory Fee at its discretion. The minimum Advisory Fee is subject to change upon notice to the client. the client’s Account may A client’s Advisory Fees and other charges will be automatically deducted from the client’s Account, unless the client requests, and DDK and Baird agree, to an alternate arrangement, such as having Baird issue the client an invoice for the Advisory Fees (“direct billing”). A client should understand that the client’s Advisory Fees and other charges relating to the client’s Account may be satisfied from free credit balances and other assets in the client’s Account. If free credit balances in a client’s Account are insufficient to pay the Advisory Fees or other charges when due, investment manager DDK, Baird and any managing sell investments from the client’s Account to the extent they deem necessary and appropriate, in their sole discretion, to pay the client’s Advisory Fees and other charges. The Advisory Fee and minimum account value are negotiable in certain instances and may vary based upon a number of factors, including but not limited to the size and nature of the assets in the client’s Account, the client’s particular investment strategy or objective, and any particular services requested by the client. In some instances, clients may pay a higher fee than indicated in the fee schedule above. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to the factors identified above. If a client’s Account is subject to direct billing, the client is required to pay each bill within 30 days of the date of the invoice. DDK and Baird may automatically deduct a client’s Advisory Fees and other charges from the client’s Account as described above in the event that Baird does not receive payment from the client within 30 days of the date of the invoice. DDK or Baird may rescind a direct billing arrangement with a client at any time. Direct billing may not be available for Retirement Accounts. The fee schedule set forth above is the current fee schedule for the Services. Each Service has had other fee schedules in effect, which may reflect fees that are lower or higher, as the case may be, than those shown above. As new fee schedules are put into effect, they are made applicable only to new clients, and fee schedules applicable to existing clients may not be affected. Therefore, some clients may pay different fees than those shown above. To the extent permitted by applicable law, DDK or Baird may modify a client’s existing fees and other charges or add additional fees or charges by providing the client with 30 days’ prior written notice. 58 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  o the level of trading activity and size of trade Obtaining Services Separately: Brokerage or Advisory? Factors to Consider orders; o applicable account fees and charges; o the client’s use of third party managers who charge their own fees for managing accounts in addition to DDK’s Advice Fee; and o the amount of the client’s account invested in investment products that have additional internal ongoing operating fees and expenses (e.g., Investment Funds). DDK generally does not offer the Services to clients on an unbundled basis. In other words, the Services do not permit clients to pay for services, such as investment advice, trade execution, and custody separately. However, Baird offers brokerage accounts and other services to clients, and certain services provided to a client in connection with a particular Service may be available to a client outside of the Service separately. Thus, a client’s participation in a Service could cost the client more or less than if the client purchased each service separately. A number of factors bear upon the relative cost of each Service. In comparing the Services to brokerage accounts or other services, a client should consider a number of factors, including, but not limited to: Additional important information about brokerage accounts and facts to consider when making account type decisions is contained in the Client Relationship Details document, which should have been delivered to the client and is available on Baird’s website at bairdwealth.com/retailinvestor. • whether a client prefers to have ongoing monitoring, investment advice or professional management of the client’s investments, which are provided to Service Accounts, or whether the client does not want or need such services; A client should review other account types and programs with the client’s DDK Consultant to determine whether they are more appropriate or should be used in addition to a Service. Advisory Fee Payments to Baird, DDK Consultants and Investment Managers • whether the types of investment strategies, products and solutions the client seeks are available; DDK and Baird and Baird’s affiliates and associates benefit from the Advisory Fees and charges clients pay for the services described in this Brochure. • whether there are limitations on the types of securities and other investments available for purchase and whether those limitations are significant to the client; • whether the nature and level of transaction services, account performance reporting, or other ancillary services the client wants are available; respect to • whether the client prefers to pay an ongoing Advisory Fee for continuous advice or pay commissions and other fees on a transaction- by-transaction basis; Baird retains the entire Advisory Fee paid by clients, except as further described below. With respect to Baird Affiliated Managers Program Accounts managed by Baird Trust, GAMMA, Riverfront or Strategas, and with respect to the Baird Recommended Managers Program, Baird SMA Network Program, and Dual Contract Program, and with investment managers providing SMA Strategies under the UMA Programs, Baird pays the manager (including Implementation Managers, if any) a Portfolio Fee or subadvisory fee as compensation for the manager’s services as further described below. • the relative costs and expenses of a Service Account and a brokerage account, which will vary depending upon: fee or commission rate the client o the negotiates; o the size of the client’s account; Client Accounts are generally subject to a Unified Advice Fee Arrangement in which the Advisory Fee consists of an Advice Fee and a separate Portfolio Fee. Baird pays the manager out of the Portfolio Fee paid by the client. The Portfolio Fee rates are set forth under “Fee Options and Fee Schedules—Unified Advice Fee Arrangement— 59 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio Fee” above. However, Baird, in many instances, retains a portion of the Portfolio Fee when a client’s Account is managed by an affiliated or unaffiliated investment manager. The maximum portion of the Portfolio Fee retained by Baird in those instances is equal to an annual rate of 0.10% of the value of a client’s Account. Such amounts are retained by Baird for the services it provides. recognition trips for achievement of Consultant also increase. DDK Consultants 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. DDK Consultants who achieve certain production thresholds are eligible for professional development conferences, business development coaching, reimbursements, awards and to attractive destinations. DDK Consultants are also eligible for bonuses professional designations depending on a DDK Consultant’s total production level. Thus, DDK Consultants have a general incentive to generate financial and other plans and charge higher fees for advisory accounts and recommend larger investments in advisory accounts. As the portion of the Advisory Fee or Portfolio Fee paid to an investment manager increases, the portion of the Advisory Fee or Portfolio Fee that is retained by Baird decreases. Thus, Baird (but not DDK) has an incentive to recommend or favor investment managers that are paid less, because Baird will receive a higher portion of the Advisory Fee or Portfolio Fee. In addition, Baird has an incentive to favor related managers over other investment managers because the entire Advisory Fee is retained by Baird and those related investment managers. For more information about related managers, see “Additional Information—Other Financial Industry Activities and Affiliations” below. Given the nature of the Advisory Fee, Baird also has an incentive to recommend or select investment managers that trade less frequently with or that trade away from Baird because Baird will incur lower trading costs to such managers and such with respect relationships will be more profitable to Baird. With respect to UMAs, Baird retains a portion of the Portfolio Fee paid to certain managers as described above. Thus, Baird has an incentive to favor SMA Strategies provided by those managers over other SMA Strategies, mutual funds, ETPs and PWM-Managed Portfolios because it will be more profitable for Baird. Interest to Given the structure of their compensation, they also have an incentive to recommend that a client transfer the client’s accounts to Baird, establish new accounts with Baird (including IRA rollovers) and add more money into the client’s accounts. In addition, most DDK Consultants are shareholders of Baird Financial Group, Inc. (“BFG”), Baird’s parent company, and thus benefit financially from Baird’s overall success. The number of shares of BFG stock that a DDK Consultant may purchase is based in part on the DDK Consultant’s total level. DDK Consultants generally production receive compensation for referrals to certain affiliated managers and products and for referrals to a limited number of other firms. More specific information is provided under the headings “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal in Client Trading—Participation or Transactions” below. They also generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may 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 DDK Consultants an incentive to favor investment products and their sponsors that provide the greatest levels of compensation and benefits. A DDK Consultant is primarily compensated on a monthly basis based upon a percentage of the DDK Consultant’s total production each month, which primarily consists of the total advisory fees and transaction-based fees paid to Baird by the DDK Consultant’s clients and any other fees Baird earns on advisory and brokerage accounts held by those clients, including trail fees paid by third parties. The percentage of the DDK Consultant’s total production actually paid the DDK Consultant will increase as the total amount of the DDK Consultant’s production increases, meaning that, as the total amount of the DDK Consultant’s production increases, the rate and amount of compensation that Baird pays to the DDK 60 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to DDK Consultants under the heading Interest and non-cash compensation and other financial incentives provided is provided “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or in Client Transactions” below. than Due to the manner in which Baird compensates DDK Consultants, a DDK Consultant generally will have a financial incentive to trade less for Baird Advisory Choice Accounts traditional brokerage accounts and to reduce trading or increase a client’s Advisory Fees if trading for a client’s Advisory Choice Account exceeds certain levels established by Baird. From time to time, Baird DDK Consultants outside of DDK may refer their clients to DDK Consultants. In those instances, the DDK Consultant generally shares a portion of his or her compensation with the referring Baird Financial Advisor. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for DDK and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). Other Fees and Expenses Cost and Expense Information for Certain Investment Products in the A client should be aware that certain investment products in which the client invests, such as mutual funds and other Investment Funds, annuities and other products, have their own ongoing management and other operating fees and expenses that are deducted from the assets of the product (or income or gains generated by the product on its investments) and thus reduce the value or return of the client’s investment in the product. These fees and expenses may include investment management fees, distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support payments, administration fees, custody fees, expense reimbursements, and expenses associated with executing securities transactions for the investment product’s portfolio (“ongoing operating expenses”). These ongoing operating expenses are separate from, and in addition to, the Advisory Fees. As a result of making investments in these types of products, a DDK Consultants generally receive recruitment bonuses and/or special compensation from Baird when they join Baird from another firm. The amount of such special compensation is typically based on the DDK Consultant’s production at the prior firm for the 1-year period prior to joining Baird or on the level of the DDK Consultant’s client assets at the prior firm. All or a substantial portion of the special compensation is paid in the form of an upfront bonus when the DDK Consultant joins Baird, and the remaining portion, if any, is paid in the form of back end bonuses generally in equal installments on an annual basis thereafter for a certain number of years (generally from one to three years). Installment payments are generally contingent upon the DDK Consultant achieving annual production or client asset levels that exceed a significant percentage of the DDK Consultant’s annual production for the 1-year period prior to joining Baird or the client assets that the DDK Consultant had prior to is joining Baird. The special compensation intended to compensate DDK Consultants for the significant effort involved in transitioning their business from the prior firm. This compensation provides DDK Consultants who have left another firm additional incentive to recommend that clients of the prior firm become Baird clients and to recommend investment products and services that increase their production, and thus presents a conflict of interest. The special compensation is generally structured in the form of a forgivable loan from Baird to the DDK Consultant. Under the terms of the forgivable loan, Baird makes the upfront or installment payment to the DDK Consultant in the form of a loan, and Baird forgives a portion of the loan made to the DDK Consultant each month for so long as the DDK Consultant remains Baird’s employee. Should the DDK Consultant cease to be Baird’s employee prior to the maturity date of the loan, the DDK Consultant is required to repay Baird the amount of the loan outstanding and not forgiven by Baird. In other words, upon leaving Baird, the DDK Consultant would be required to repay to Baird a portion of the special compensation that the DDK Consultant had received and that had not been forgiven. The amount of such repayment declines over time in proportion to the time the DDK Consultant remains Baird’s employee. Structuring this special compensation form of forgivable loans provides the DDK Consultant added incentive to remain Baird’s employee and to recommend that persons become and remain a Baird client. Additional information about referral 61 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  transfers (including any such fees imposed by Baird); • currency conversions and transactions; important conversions, • securities including, without limitation, the conversion of ADRs to or from foreign ordinary shares; • interest, fees and other costs related to margin accounts, short sales and options trades; related to the • fees client should be aware that the client is paying multiple layers of fees and expenses on the amount of the client’s assets so invested—the ongoing operating expenses and the Advisory Fee. Additional information about ongoing fees and expenses that apply to those types of investments is provided in Baird’s Client Relationship Details document and Baird’s website at bairdwealth.com/retailinvestor. A client can find the actual ongoing fees and expenses of an investment product that the client will pay or bear in the product’s prospectus or offering document. Additional Account Fees and Charges establishment, administration or termination of Retirement Accounts, retirement or profit sharing plans, trusts or any other legal entity, including, without limitation, the calculation and payment of unrelated business income tax (“UBIT”); website If the client’s Account is custodied at Baird, the client is also responsible for all applicable account fees and service charges Baird may impose in connection with the client’s agreements with Baird. A schedule of fees and service charges is available at Baird’s on bairdwealth.com/retailinvestor. • fees imposed by the SEC or securities markets, including transaction fees imposed by electronic trading platforms, which fees may be imbedded in the price the client receives for the security; and imposed upon or resulting • taxes Other Fees and Charges from transactions effected for a client’s Account, such as income, transfer or transaction taxes, foreign stamp duties, or any other costs or fees mandated by law or regulation. In addition to the Advisory Fee described above, a client of DDK will incur other fees and expenses. A client is responsible for bearing or paying, in addition to the Advisory Fee, the costs of all: • markups, markdowns, and spreads charged by Baird in a principal transaction with a client or charged by other broker-dealers that buy securities from, or sell securities to, the client’s Account (such costs are inherently reflected in the price the client pays or receives for such securities); Clients who use a custodian other than, or in addition to, Baird will pay the other custodian’s fees and expenses in addition to the Advisory Fee. In addition, if a third party custodian has custody of the client’s Account assets, the Account is subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. • front-end or deferred sales charges, redemption fees, or other commissions or charges associated with securities transferred into or from an Account; • redemption fees, surrender charges or similar fees that an investment product or its sponsor may impose; In addition to the Advisory Fee, a client will also be responsible for paying the fees charged by each investment manager selected by the client under the Dual Contract Program. If a client directs DDK or Baird to pay the client’s DC Manager’s fee out of the client’s Account, and DDK or Baird agree to do so, DDK and Baird will not be responsible for verifying the calculation or accuracy of such fee. • underwriting discounts, dealer concessions or similar fees related to the public offering of investment products; through another • extra or special fees or expenses that may result from the execution of odd lot trade orders (i.e., “odd-lot differential”); A client may also be assessed other trading costs in addition to the Advisory Fee if client trades are firm. Please see executed “Services, Fee and Compensation—Additional Service Information—Trading for Client Accounts” above for more information. • electronic fund fees, wire transfer fees, fees for transferring an investment between firms, and similar fees or expenses related to account 62 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  specific about To the extent mutually agreed by a client and DDK, the client may also incur additional costs to reimburse DDK for extraordinary travel expenses it incurs to attend meetings at the request of the client. Compensation—Additional and “Services, Fees Fees—Advisory the information provided by such clients). For more Baird’s information compensation and other benefit arrangements and how Baird addresses the potential conflicts of interest, please see the sections “Services, Fees Service and and Information” Compensation—Advisory Fee to Baird, DDK Consultants and Payments Investment Managers” above, and “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information— Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. If a client holds an Unsupervised Asset in the client’s Account, the client may be charged a commission, markup or markdown in connection with its purchase or sale. The cash proceeds from the sale of an Unsupervised Asset that remain in a client’s Account are considered Permitted Investments subject to the asset-based Advisory Fee. If an asset becomes an Unsupervised Asset during a quarterly billing period, that asset will be excluded for purposes of determining the asset- based Advisory Fee beginning at the start of the next quarterly billing period, and no portion of the asset-based Advisory Fee paid by a client in advance for the quarter will be refunded or rebated to the client. Additionally, Unsupervised Assets in an Account are subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. Account Requirements and Types of Clients Opening an Account A client that wishes to engage DDK will enter into an advisory agreement with DDK and Baird. The client’s advisory agreement will contain the specific terms applicable to the services selected by the client, Advisory Fees payable by the client, and other terms applicable to the client’s advisory relationship with DDK and Baird. Clients who have Accounts managed by DDK may also have other accounts with Baird that are not managed by DDK. Those accounts may be subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the services provided by DDK. In addition to the investment advisory services that DDK and Baird provide in connection with each Service, Baird, in its capacity as broker- dealer, also provides clients with trade execution, custody and other standard brokerage services. For this reason, a client will also enter into a client account agreement with Baird if the client has not already done so. The client account agreement is a brokerage agreement that authorizes Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally requires that assets in a client’s Account be held in a Baird account, for which Baird acts as custodian. However, in certain limited circumstances when requested by a client, Baird may permit a client to include Held-Away Assets in the client’s Account. Compensation Received by DDK and Baird The individual who recommends a Service to a client, including a DDK Consultant, receives compensation from Baird that is based upon the amount of the Advisory Fee paid by the client. The amount of the compensation may be more than what the individual would receive if the client participated in other Baird investment advisory services or paid separately for investment advice, brokerage, and other services. Accordingly, the individual may have a financial incentive to recommend a Service over other programs or services offered by Baird. However, when providing investment advisory services to clients, DDK and Baird are fiduciaries and are required to act solely in the best interest of clients. Baird addresses this conflict through disclosure in this Brochure and by adopting internal policies and procedures for DDK and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon After a client has signed and delivered an advisory agreement to Baird, the agreement is subject to review and acceptance by the client’s DDK Consultant, his or her Market Director or PWM Supervision department supervisor (or his or her respective designee), and Baird PWM’s Home Office. The agreement and Baird’s advisory relationship with a client will become effective when the client’s paperwork is accepted by Baird 63 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to UMAs from another Baird account and funds deposited or transferred to a client’s SMAs or UMAs from outside of Baird will not be available for investment by the client’s investment manager until the next business day and therefore the investment of such funds, at the discretion of the manager, will occur no earlier than the next business day. PWM’s Home Office and following such acceptance Baird has delivered the client written confirmation of the Account’s enrollment in the applicable Service. A client should understand that the advisory agreement will not become effective, and Baird will not provide any advisory services to the client, until such time that Baird has accepted the advisory agreement. Baird may delay acceptance of the advisory agreement and the provision of advisory services to the client for various reasons, including deficiencies in the client’s paperwork. Once it has become effective, the agreement shall continue until it is terminated in accordance with the terms described in the advisory agreement. certain retain those documents for The terms of a client’s agreements and this Brochure apply to all Accounts that a client establishes with DDK, including any Accounts that a client may open with Baird in the future. Some of the information in those documents may not apply to a client now, but may apply in the future if a client changes services or establishes other Accounts with DDK. DDK will generally not provide a client another copy of the agreements or this Brochure when a client changes services or the client establishes new Accounts unless requests a copy from DDK. Therefore, a client should future reference as they contain important information if a client changes services or establishes other Accounts with DDK. Certain Account Requirements Minimum Account Size Some DDK Consultants will invest, or recommend investing, cash contributions made to an Account over a period of time. This method of investment is sometimes referred to dollar cost averaging (“DCA”). The goal of this method of investment is to reduce the risk of making large purchases of securities at an inopportune time or price. The Overlay Manager investment and managers also offer an optional DCA service for Accounts they manage. Additional information will be provided to a client if the client enrolls in a DCA service. A client should note that, if dollar cost averaging is used to invest cash in the client’s Account, the returns for the Account could, depending upon market and other conditions, be lower than the returns that could have been obtained had all the cash in the Account been fully invested upon contribution to the Account. In addition, a client should note that, when dollar cost averaging is used, the amount of cash in the client’s Account will be included in the value of the Account for fee calculation purposes. Whenever assets are contributed to an Account, a client should discuss with the client’s DDK Consultant the timing of when the assets will be invested. If DCA will be used to invest the assets, a client should ask for more specific information about how the assets will be invested and the associated timing for investing. immediately terminate the Each Service has a minimum account size and may have a minimum Advisory Fee, which are described in the section entitled “Services, Fees and Compensation—Advisory Fees” above. DDK or Baird may remove an Account from a Service and advisory agreement with respect to an Account upon written notice to the client if the client fails to maintain the required minimum asset levels in an Account or if the client fails to otherwise abide by the terms of a Service as determined by DDK or Baird in their sole discretion. that Account Contributions and Withdrawals in A client may fund an Account with cash and with securities that DDK, Baird and the client’s if any, deem investment manager, to be their sole discretion. Funds acceptable deposited or transferred to a client’s SMAs or When a client funds an Account with securities, including when a client changes Services for an Account or changes investment managers for an Account within the same Service, the client should understand that DDK’s, Baird’s or the client’s investment manager’s review of securities used to fund the Account may delay investing. In addition, DDK, Baird or the client’s investment manager, the if any, may determine securities contributed to the Account may not be appropriate for the client’s strategy, and DDK, Baird or the investment manager, if any, may sell, or recommend the sale of, such securities. Further, an investment manager may be removed from the management of a client’s Account and a investment manager may be replacement 64 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Liens and Use of Account Assets as Collateral sale could in adverse As security for the full and complete payment when due of any debts and other obligations that a client owes to DDK and Baird, and to the extent permitted by applicable law or regulation, all assets in a client’s Account held at Baird will be subject to a first priority security interest, lien and right of setoff in favor of Baird. Baird may sell assets in an Account to satisfy the lien. As a secured party, Baird may have interests that are adverse to a client. Neither DDK nor Baird will act as investment adviser to a client with respect to such sale of assets held in an Account. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Such sales could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should review the client’s agreements for more information. appointed. In such event, Baird, at the direction of the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were managed by the prior manager and the replacement manager will reinvest the cash proceeds of those sales. Any such tax result consequences for the client. A client should note that securities transferred into an Account may be subject to the Advisory Fee immediately upon its transfer into the Account, even if the client paid a commission or front-end sales charge on the security prior to its transfer into the Account. In addition, if the securities are subject to deferred sales charges or redemption fees, the client will be responsible for paying those charges and fees. To the extent permitted by applicable law, certain funding transactions may be handled by Baird on a principal basis, and such transactions are not considered investment advisory services of DDK, Baird or the client’s investment manager. All of the assets in a client’s Account must be free and clear from any security interest, lien, charge or other encumbrance (other than a security interest, lien, charge or other encumbrance in favor of Baird) and must remain so for the duration of the client’s relationship with Baird, unless Baird otherwise specifically agrees in writing. If an asset transferred to an Account is an Unpermitted Investment under the terms of the applicable Service, DDK, Baird or the client’s investment manager may sell the asset or transfer it into a separate brokerage account. Alternatively, they may designate such asset as an Unsupervised Asset as further described under “Services, Fees and Compensation—Additional Service Assets” Information—Unsupervised above. If a client wishes to obtain loans secured by assets in the client’s Account (commonly referred to as “securities-based lending”) and DDK and Baird agree to the arrangement, the client should understand that the lender may exercise certain rights and powers over the assets in the Account, including the disposition and sale of any and all assets pledged as collateral for the loan to meet a collateral call, which may occur without prior notice to the client. A collateral call could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should be aware of these and other potential adverse effects of securities-based lending and collateralizing Accounts before deciding to do so. A client is responsible for notifying DDK and any the client’s investment manager managing Account of any contributions made into the Account and instructing DDK and any investment manager to liquidate positions in the event the from the client wishes to withdraw assets Account. DDK and Baird have no responsibility to invest cash deposits (other than complying with a client’s cash sweep instructions) or liquidate positions with respect to an Account managed by an Other Manager, and they are not responsible for any losses that may result from a client’s failure to notify DDK and any investment manager managing the client’s Account regarding deposits or withdrawals. A client may also incur additional expenses and liabilities, including tax related liabilities, when transferring assets out of an Account or Baird’s custody. See “Termination of Accounts” below. A client is required to disclose the terms of the client’s agreements with Baird to any lender seeking to use Account assets as collateral. A client must promptly notify DDK and Baird of any default or similar event under the client’s collateral arrangements. 65 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  DDK or Baird may remove an Account from a Service and immediately close an Account upon written notice to a client if the client fails to abide by the terms of the Service. DDK or Baird may also remove an Account from a Service at any time upon written notice to a client if the client fails to maintain the required minimum asset levels in such Account. A client should understand that neither DDK nor Baird will provide advice on or oversee a securities-based lending or collateral arrangement and they will not act as investment adviser or a fiduciary to the client with respect to the liquidation of securities held in the client’s Account to meet a collateral call. Any such liquidation will be executed in Baird’s capacity as broker-dealer and may, as permitted by law, result in executions on a principal basis. “Services, Fees In some instances, Baird and DDK Consultants may refer a client to a third party lender under Baird’s Securities-Based Lending Program that certain pays Baird and DDK Consultants compensation. and See Compensation—Additional Service Information— Securities-Based Lending Program” above for more information. exclusive responsibility to in writing, Upon the termination of an Account’s enrollment in a Service, DDK, Baird and, if relevant, any other investment manager managing such Account, shall have no obligation to act as investment adviser to such Account. If such Account is custodied at Baird, the Account shall be converted to and designated as a brokerage account. DDK, Baird, and, if relevant, any other investment manager managing such Account, shall be under no obligation to recommend any action with regard to, or to liquidate the securities or other investments in, such Account. After an Account is removed from a Service, it is the issue client’s instructions, the regarding management of any assets in such Account. Investment Products” above Securities purchased on margin are used as Baird’s collateral for the margin loan. Clients that have a margin account should review the section “Services, Fees and Compensation—Additional Service Information—Complex Strategies and Complex for additional information. Electronic Delivery of Documents By signing an advisory agreement, a client consents to the electronic delivery of documents that DDK or Baird may deliver to the client. The term of the consent to electronic delivery is indefinite but a client may revoke the consent at any time by notifying DDK. If a client directs Baird to liquidate assets in connection with a closure of an Account, the client should understand that Baird acts as broker- dealer, and not investment adviser, when processing such a liquidation request and that the client will generally be charged commissions, sales charges, sales “loads”, or other applicable transaction-based fees in accordance with the applicable Baird fee schedule or other third-party transaction-based fee schedule for the particular investment then in effect. Additional information about the compensation that a client pays to Baird for effecting brokerage transactions is contained in Baird’s Client Relationship Details document, available on Baird’s website at bairdwealth.com/retailinvestor. A client may incur significant expenses and liabilities, including tax-related liabilities for which the client will be solely liable, if the client closes an Account, terminates an advisory agreement, or transfers assets out of Baird’s custody. DDK and Baird will not be liable to a client in any way with respect to the termination, closure, transfer or liquidation of the client’s Accounts. Some of the investments offered in connection with the Services contain restrictions that limit Termination of Accounts The client’s advisory agreement will survive any event that causes the client’s DDK Consultant to be unable to provide services to the client (either on a temporary or permanent basis), including if the client’s DDK Consultant ceases to be employed by Baird. In any such event, Baird will endeavor to continue to provide services to the client and will as promptly as practicable assign another DDK Consultant or Baird Financial Advisor to the client’s Accounts (either on a temporary or permanent basis) and the client will be notified of any such change or, if Baird determines that it is unable to continue to provide advisory services to the client, Baird may remove the applicable Account from a Service or Program and convert the Account to a brokerage account upon notice to the client. 66 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  PWM-Managed Portfolios and Baird Equity Asset Management their use, and such investments may be unavailable for purchase or holding outside of an Account. For example, certain Investment Funds held in an Account may only be available to a client through a DDK Service or may not be held at another firm. If such restrictions apply and the client terminates a Service or closes an Account, the Client will be required to sell or redeem such Investment Funds or exchange them for other Investment Funds that may be more costly to the client or have poorer performance. A client should consider restrictions applicable to investments carefully before participating in a Service. A client should contact the client’s DDK Consultant for specific information as to how Account closure, termination of an agreement, or asset transfers might impact the assets in the client’s Accounts. include from individuals and their sustained underperformance In order for Baird PWM and Baird Equity Asset Management to provide portfolio management services under the Program, Baird requires that Baird PWM and Baird Equity Asset Management associates meet all applicable requirements set forth by self-regulatory organizations. Baird Equity Asset Management also requires Baird Equity Asset Management portfolio managers to have an undergraduate degree. Furthermore, Baird Equity Asset Management strongly encourages all Baird Equity Asset Management portfolio managers to pursue and work towards the attainment of the CFA designation or a relevant graduate level degree. Baird may remove a PWM or Baird Equity Asset Management portfolio manager from providing services under the Program if Baird deems circumstances warrant removal. Potential causes for removal stated may significant drift in objectives, relation to peers, or other adverse changes affecting the manager. Types of Clients DDK offers the Services primarily to: high net worth families and businesses. DDK also provides services to other types of current or prospective clients, including, but not limited to: pension and profit sharing plans; trusts; estates; charitable organizations; and corporations or other business entities. Baird Trust, GAMMA, Riverfront and Strategas Portfolio Manager Selection and Evaluation The persons providing portfolio management services to clients vary by Service. Information about how Baird may select and evaluate portfolio managers is further described below. legal and Selection and Evaluation Baird Affiliated Managers Program Baird conducts a very limited review of Baird Trust, GAMMA, Riverfront and Strategas consisting solely of an annual compliance questionnaire that asks the manager to confirm certain matters or provide certain information about the manager’s compliance policies and procedures, material regulatory matters, management of the firm, the manager’s presentation of performance information, and delivery of the manager’s Form ADV Part 2 brochure documents to clients. DDK Recommended Managers Service Affiliated Managers Program or the heading The process and standards that Baird uses for determining whether to make PWM-Managed Portfolios and SMA Strategies available under the Baird are significantly less rigorous than those used in connection with other SMA Programs offered by Baird. Baird generally makes available all SMA Strategies offered by Baird Equity Asset Management, Baird Trust, GAMMA, Riverfront and Strategas under the Program, and Baird generally does not remove any of those SMA Strategies from the Program unless Baird Equity Asset Management, Baird Trust, GAMMA, Riverfront or Strategas ceases to offer the SMA Strategy or otherwise requests that Baird remove the SMA Strategy from the Program. selecting other When recommending investment managers to manage a client’s Account in the DDK Recommended Managers Service, DDK typically utilizes managers included on Baird’s Recommended Managers List described under “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis—Certain Recommended Lists—Baird’s Recommended Managers List” below. Although in some circumstances, DDK may select a manager to manage a client’s Account that is not included on Baird’s Recommended Managers List. 67 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for any other matters involving or affecting the Other Manager. Baird SMA Network and Dual Contract Programs the manager, focusing on Clients participating in the BSN Program or the DC Program should note that the level of initial and ongoing review performed by DDK and Baird on the managers and their SMA Strategies made available under those Programs, including any Affiliated SMA Strategies, is significantly less than that performed by DDK and Baird with respect to managers and their strategies eligible for the DDK Recommended Managers Service. BSN and DC Managers are subject to an initial review by Baird that considers the manager’s assets under management, regulatory and compliance history, and certain other limited qualitative and quantitative factors deemed relevant by Baird. The ongoing review is generally performed on an annual basis and is generally limited to significant changes in the managers’ assets under management in the SMA Strategy and a review of the SMA strategy in comparison to a relevant peer group or benchmark. DDK will select or replace, or recommend the selection or replacement of, a particular manager based upon the client’s particular goals and circumstances and the client’s selected asset allocation and investment strategy. Before selecting or recommending a manager to a client, DDK performs its own quantitative and qualitative analysis of the manager’s performance and factors DDK believes will help a manager repeat historical performance such as the investment process and personnel, organizational and investment structure. DDK also focuses on the risk and investment style relative to other investment strategies already in a client’s portfolio. DDK generally relies upon Baird’s Advisory Research group to provide periodic review and evaluation of managers on Baird’s Recommended Managers List. To the extent a manager is not on Baird’s Recommended Managers List, DDK will perform periodic review and evaluation of the manager using its own quantitative and qualitative analysis described above. DDK will remove a manager from management of a client’s Account when the manager is removed from Baird’s Recommended Managers List or if DDK determines that removal is in the client’s best interest. a client who wishes Clients should note that an investment manager managing the client’s Account under the DDK Recommended Managers Service may not be on Baird’s Recommended Managers List. A client should understand that DDK and Baird do not perform any due diligence or ongoing monitoring, evaluation or reviews of investment managers except to the extent DDK otherwise specifically agrees to do so in writing. The BSN and DC Programs are designed to accommodate to independently select an investment manager not available in the DDK Recommended Managers Service to manage the assets in the client’s Account. A client should note that DDK and Baird do not make any recommendation to clients regarding any BSN Strategy or DC Strategy or any representations regarding a BSN Manager’s or DC Manager’s qualifications as an investment adviser or abilities to manage client assets. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, a client should note that DDK and Baird do not monitor or ascertain whether a third party Implementation Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The Overlay Manager may provide review and ongoing evaluations of certain BSN Managers that it makes available through the BSN Program. Clients should review Overlay Manager’s Form ADV Part 2A Brochure for more information, which is available upon request, or contact their DDK Consultant for more information. is DDK and Baird do not monitor or ascertain fully and whether the Overlay Manager faithfully implementing Model Portfolios under the BSN Program on a continuous basis. SMA Strategies offered under the BSN and DC Programs are subject to certain risks. See A client assumes ultimate responsibility for client’s selection of an Other Manager under the DDK Recommended Managers Program (including any third party Implementation Manager). DDK and Baird assume no responsibility for the client’s termination of an Other Manager (including any third party Implementation Manager), the Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or 68 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  of Loss—Principal ALIGN, BairdNext Portfolios, DDK Investment Management and Russell Programs “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risks—Available Risk for more Investment Product Risks” below information. Portfolios, DDK the A client should only participate in the BSN or DC Programs if the client wishes to take more responsibility for monitoring the client’s Account, the DDK Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. Portfolio management services under the ALIGN, BairdNext Investment Management Service and Russell Programs are provided by Baird PWM, Baird PWM’s home office investment professionals, and DDK. In order to provide portfolio management services, Baird requires that DDK Consultants and other Baird associates meet all applicable requirements set forth by applicable law and regulations of self- regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. retention of an UMA Programs A client should note that the client’s appointment and continued investment manager to manage the client’s Account in connection with the BSN or DC Programs are based ultimately upon the client’s independent review of the investment manager and the investment manager’s services. Once retained by the client, an investment manager will only be removed from managing the client’s Account upon the investment manager’s withdrawal, removal from the Program, or the client’s direction to do so. Portfolio management services under the UMA Programs are provided by Baird PWM, Baird PWM’s home office investment professionals, investment management departments of Baird and DDK Consultants. In order to provide portfolio management services under the Programs, Baird requires that Baird associates meet all applicable requirements set forth by applicable law and regulations of self-regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. (including any Under the UMA Programs, portfolio management services are also provided by managers of mutual funds and ETPs, if those investments are part of a UMA Portfolio, and by Other Managers and the Overlay Manager, if an SMA Strategy is part of the UMA Portfolio. performance, compliance A client assumes ultimate responsibility for client’s selection of a manager under the BSN or DC Programs third party Implementation Manager). DDK and Baird assume no responsibility for the client’s termination of a the BSN or DC Programs manager under (including any Implementation third party Manager). DDK and Baird also assume no responsibility for any Other Manager’s investment decisions, with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. “ALIGN Programs—ALIGN Portfolio management services under the DC Program may be provided by an investment management department of Baird if the client selects such an SMA Strategy. In order to provide portfolio management services under the DC Program, Baird requires that Baird associates meet all applicable requirements set forth by applicable law and regulations of self-regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. The UMA Programs make available UMA Recommended Funds and UMA Recommended SMA Strategies. The process Baird uses for selecting and removing UMA Recommended Funds for the UMA Programs is substantially similar to the process Baird uses to select and remove mutual funds and ETPs in connection with the ALIGN Strategic Portfolios Program described under Strategic Portfolios” below. The process Baird uses for selecting and removing UMA Recommended SMA Strategies for the UMA Programs is the same process used for selecting and removing BRM Strategies, which is described under the heading “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods Analysis—Certain of Analysis—Methods of 69 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Lists—Baird’s Recommended Recommended Managers List” below. and Baird in determining whether to make non- affiliated investment options available under other Programs. The process Baird uses for selecting and removing PWM-Managed Portfolios from the UAS Program is the same process used for selecting and removing PWM-Managed Portfolios from the BAM Program, which is described under the heading “Portfolio Manager Selection and Evaluation—Baird Evaluation—Selection Affiliated Managers Program” above. In addition to the UMA Recommended Funds and the UMA Recommended SMA Strategies, the UAS Program also makes available UAS Available Funds and UAS Available SMA Strategies. Clients participating in the UAS Program should note that the level of initial and ongoing review performed by Baird on UAS Available Funds and UAS including Affiliated Available SMA Strategies, Funds and Affiliated SMA Strategies, is significantly less than that performed by Baird with respect to UMA Recommended Funds and UMA Recommended SMA Strategies. any UAS If a client has not selected the discretionary management option of the UAS Program, the client should note that: (1) the UAS Available Funds and UAS Available SMA Strategies are made available to accommodate a client who wishes to independently select investments that are not on a Baird recommended list for the client’s Account: (2) DDK and Baird do not make any recommendation to clients regarding any UAS Available Fund or UAS Available SMA Strategy and DDK and Baird do not select any investments for the client’s UAS Program Account: (3) DDK and Baird do not make any representation to clients regarding Available Manager’s qualifications as an investment adviser or abilities to manage client assets. and Evaluation—Selection The Overlay Manager may provide review and ongoing evaluations of certain UAS Available Managers that it makes available through the UAS Program. Clients should review Overlay Manager’s Form ADV Part 2A Brochure for more information, which is available upon request, or contact their DDK Consultant for more information. UAS Available Funds, other than Affiliated Funds, are subject to an initial review by Baird that considers the fund’s assets under management, regulatory and compliance history, and certain other limited qualitative and quantitative factors deemed relevant by Baird. The ongoing review is generally performed on an annual basis and is generally limited to significant changes in the managers’ assets under management and a review of the fund strategy in comparison to a relevant peer group or benchmark. The process Baird uses for selecting and removing UAS Available SMA Strategies, other than Affiliated SMA Strategies, from the UAS Program is the same process used for selecting and removing BSN Strategies from the BSN Program, which is described under the heading “Portfolio Manager Selection and Evaluation—Baird SMA Network and Dual Contract Programs” above. is DDK and Baird do not monitor or ascertain whether the Overlay Manager fully and faithfully implementing Model Portfolios under the UMA Programs on a continuous basis. to less of Loss—Principal UAS Available Funds and UAS Available SMA Strategies are subject to certain risks. See “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risks—Available Risk Investment Product Risks” below for more information. and To be included the UAS Available Funds lineup or the UAS Available SMA Strategies lineup, Affiliated Funds and Affiliated SMA Strategies, respectively, are subject rigorous standards than the standards imposed upon funds and SMAs that are not affiliated with Baird. The standards used by Baird are substantially similar to those it uses when including Affiliated SMA Strategies in the BAM Program. For more information see the information contain under the “Portfolio Manager Selection and heading Evaluation—Baird Evaluation—Selection Affiliated Managers Program” above. Likewise, the PWM-Managed Portfolios made available under the UAS Program are not subject to the same processes and standards used by A client retaining discretion over the client’s UAS Program Account should only select UAS Available Funds or UAS Available SMA Strategies if the client wishes to take more responsibility for the client’s UAS managing and monitoring 70 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Asset Management, PWM Program Account, the UMA Recommended Funds and UMA Recommended SMA Strategies do not meet the client’s particular needs, and the client understands the risks of doing so. Departments, oversees Sales Baird’s Management, Investment Solutions, Asset Manager Research, Compliance, Legal, and Risk the Management standards and implementation of the Services. In addition, Baird Equity Asset Management’s Director also oversees the Baird Equity Asset Management portfolio managers. client’s independent review of If a client has not selected the discretionary management option of the UAS Program, it is important to note that: the UAS Available Funds and UAS Available SMA Strategies are made available to accommodate a client who wishes to independently select investments that are not on a Baird recommended list for the client’s Account; the client assumes ultimate responsibility for monitoring each UAS Available Fund and UAS Available SMA Strategy and the manager’s performance; the client’s selection and continued holding of a UAS Available Fund or a UAS Available SMA Strategy are based ultimately upon the such investment; and once an investment is made by the client, the investment will only be removed from the client’s Account upon the manager’s withdrawal, removal of the investment from the Program, or the client’s direction to do so. Baird’s Investment along with (including any (including any The IAOC delegates its day-to-day oversight responsibilities to certain subcommittees of the IAOC, the applicable Market Director and Baird’s PWM Supervision, Investment Solutions and Compliance Departments to monitor the Services and the performance of Baird associates providing portfolio management services under the ALIGN, BairdNext, DDK Investment Management, Russell and ALIGN UMA Select Programs, and the discretionary management of UAS Program Accounts by UAS Managers. The applicable Market Director, along with Baird’s PWM Supervision and Compliance Departments and other designees, provide periodic review of the performance of DDK Consultants providing portfolio management services. Solutions Department, the Compliance Department and other designees, provide periodic the performance of other Baird review of associates portfolio management providing services under those Services. Performance is provided to the IAOC or a information subcommittee or delegate thereof. A client assumes ultimate responsibility for client’s selection of an Other Manager under the UAS Program third party Implementation Manager). DDK and Baird assume no responsibility for the client’s termination of an third party Other Manager Implementation Manager), the Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. calculates Performance Calculation As part of Baird’s selection and evaluation of portfolio managers, Baird the investment performance of: • DDK and Baird associates acting as portfolio managers under the ALIGN, BairdNext, DDK Investment Management, Baird Affiliated Managers, ALIGN UMA Select Services and PWM-Managed Portfolios; and • Managers on Baird’s Recommended Managers list that directly manage client accounts. and regulations of Portfolio management services under the UMA Programs may be provided by Baird PWM’s home office investment professionals or an investment management department of Baird if the client selects a model portfolio or an SMA Strategy offered by them. In order to provide portfolio management services under the UMA Programs, Baird requires that Baird associates meet all applicable requirements set forth by applicable law self-regulatory organizations, such as the Financial Industry Inc., exchanges, and Regulatory Authority, governmental agencies. Oversight of the Services The Investment Advisory Oversight Committee (“IAOC”) of Baird, which includes members of When Baird calculates a manager’s investment performance, Baird generally uses composites of the manager’s client accounts to calculate the manager’s performance. A composite is an aggregation of client accounts managed by the manager that are representative of a particular investment strategy, style, or objective. Examples 71 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  basis; and Baird does not guarantee the accuracy of information provided by such managers or any external source. Fixed of composites include large cap growth, all cap value, balanced (which includes equity and fixed income securities), and fixed income. Composites may be further broken down to separate taxable and non-taxable portfolios. income composites may be categorized by portfolio duration. Investment recommendations. Baird When calculating composite performance, Baird seeks to utilize calculation methods that adhere to Performance Standards Global calculates (GIPS®) the composite performance generally using following principles: • A total return calculation is used in reporting. • Current market value including accrued income is used. A client should note that Baird does not generally present its investment performance calculations to clients. The information that DDK or Baird provides to clients about portfolio managers from time to time may not be calculated by DDK or Baird but may be calculated by the managers themselves or derived from external sources. DDK and Baird do not audit or verify that investment performance information presented to clients that is calculated by managers or external sources is accurate. In addition, a client should note that such investment performance information may not be calculated on a uniform or consistent basis or reviewed by any independent third party. A client should ask the client’s DDK Consultant for more information. • Trade date accounting is used in deriving valuations. the • Monthly returns are calculated using Modified Dietz calculation. Portfolios, DDK • Returns for periods greater than a month are calculated by geometrically linking the monthly returns. Returns for periods greater than one year are annualized. • Reporting is net of fees at the total portfolio, but gross of fees for individual investment categories (e.g., equity or fixed income). Portfolio Management by DDK, Baird and Related Persons Portfolio management services under the ALIGN, BairdNext Investment Management, Russell, BAM, Baird Recommended Managers, DC and UMA Programs may be provided by Baird and managers affiliated with Baird. Such arrangements create a potential conflict of interest because Baird and its affiliates may receive higher aggregate compensation if clients retain Baird and affiliated managers instead of retaining unaffiliated managers. its or No independent third party reviews the composite performance information calculated by Baird to compliance with accuracy verify presentation standards. departments, is described under independent third party reviews The following Services exclusively offer portfolio management by Baird, its DDK Consultants, its PWM home office investment professionals, its investment management or investment managers that are affiliated with Portfolios, DDK Baird: ALIGN, BairdNext Investment Management, Russell and Baird Affiliated Managers Programs (“Affiliates-Only Programs”). The processes, if any, used by Baird those portfolio for selecting and reviewing managers the headings “Portfolio Manager Selection and Evaluation— Selection and Evaluation” above and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis” below. A client should note that the processes and standards used by Baird in determining whether To the extent Baird selects or reviews other portfolio managers participating in the Programs, Baird does not calculate investment performance information for such managers. Baird obtains investment performance information for those managers directly from the managers (including the Overlay Manager) or from other external sources that Baird believes to be reliable. A client should understand that: Baird does not recalculate the performance provided by such managers or external sources; neither Baird nor the any performance information provided by such managers to verify its accuracy or compliance with presentation standards unless otherwise stated in writing; those managers may not calculate performance on a uniform or consistent 72 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  thereby to make non-affiliated and periodically discuss to make affiliated investment options available under Affiliates-Only Programs differ from those processes and standards used by Baird in to make non-affiliated determining whether investment options available under other Services. Baird approves, and continues to make available, affiliated investment options under Affiliates-Only Programs that would not be approved for, or would have been removed from, such other Services. For the Affiliates-Only Programs, this practice presents a conflict of interest because Baird has a financial incentive to maximize the number of affiliated investment options it makes available under Affiliates-Only Programs due to the fact that, by increasing investment options, Baird will likely attract more client assets and increase Baird’s revenues. A client participating in an Affiliates- Only Program should monitor the client’s Account performance the performance of such Account with the client’s DDK Consultant. professionals, an determines manager availability or eligibility, for the UMA Recommended SMA Strategies lineup for the UMA Programs, Affiliated SMA Strategies and affiliated investment managers are subject to the same selection and review processes that Baird applies to unaffiliated SMA Strategies and investment managers. However, when Baird selects SMA Strategies, or otherwise determines manager availability or eligibility, for the UAS Available SMA Strategies lineup for the UAS Program, Affiliated SMA Strategies and affiliated investment managers are subject to a less rigorous selection and review processes than Baird applies to unaffiliated SMA Strategies and investment managers. Likewise, the PWM- Managed Portfolios made available under the UAS Program are not subject to the same processes and standards used by Baird in determining whether investment options available under other Services. The processes, if any, used by Baird for selecting and reviewing those portfolio managers is described under the headings “Portfolio Manager Selection and Evaluation—Selection and Evaluation” above and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis” below. or for the Portfolio management services under the DDK Recommended Managers Service or DC Program could be provided by Baird PWM home office investment investment management department of Baird or a manager affiliated with Baird should a client select an Affiliated SMA Strategy. When Baird selects SMA Strategies, or otherwise determines manager availability Baird eligibility, Recommended Managers List or the DC Program, Affiliated SMA Strategies and affiliated investment managers are subject to the same selection and review processes, if any, that Baird applies to unaffiliated SMA Strategies and investment managers participating in each respective Service. The processes, if any, used by Baird for selecting and reviewing SMA Strategies and Affiliated SMA Strategies for those Services are further described under the heading “Portfolio Manager Selection and Evaluation—Selection and Evaluation” above. When providing investment advisory services to clients, DDK and Baird are fiduciaries and are required to act solely in the best interest of clients. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for DDK and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about these potential conflicts and how Baird addresses them, please see the sections “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. Advisory Business Baird is privately-held, employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. Baird is owned indirectly by its associates through is owned several holding companies. Baird Portfolio management services under the UMA Programs could be provided by Baird PWM home office investment professionals, an investment management department of Baird or a manager affiliated with Baird. The PWM-Managed Portfolios made available under the UAS Program exclusively offer portfolio management by Baird. If a client selects the discretionary management option of the UAS Program, portfolio management is also provided by the client’s UAS Manager. When Baird selects SMA Strategies, or otherwise 73 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Performance-Based Fees and Side-By-Side Management DDK does not advise any client accounts that are subject to performance-based fee arrangements. directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. analysis and research, analysis Act. Performance-based planning; investment and account transactions and Baird advises client accounts not participating in services described in this Brochure that are subject to performance-based fee arrangements. Performance-based fee arrangements involve the payment of fees based upon the capital gains or capital appreciation of a client’s account. Any such fee arrangements are made in compliance with applicable provisions of Rule 205-3 under the Advisers fee arrangements present a potential conflict of interest for Baird (but not DDK) with respect to other client accounts that are not subject to performance-based fee arrangements because such arrangements give Baird an incentive to favor client accounts subject to performance- based fees over client accounts that are not subject to performance-based fees. Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird include: portfolio management and offers recommendations analysis; investment regarding asset allocation and and strategies; recommendations regarding investment managers and individual securities; investment consulting; financial policy development; performance monitoring. Baird also offers clients execution of brokerage administrative services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers its services separately or in combination with other services. DDK and Baird tailor advisory services to the individual needs of clients. For more information about the services offered by DDK and Baird, please see “Services, Fees and Compensation” above. interest of fee the arrangements holdings see above inequitable Subject to the agreement of DDK, a client may impose reasonable restrictions on the securities or types of securities to be held in the client’s Account. Please “Services, Fees and Compensation—Additional Service Information— Investment Discretion” for more information. by clients providing In addition to complying with its fiduciary duties by disclosing this conflict of interest to clients through this Brochure, Baird generally addresses posed by potential conflicts performance-based by periodically monitoring and performance of performance-based fee accounts and comparing them to accounts not subject to a performance fee that are also managed using a similar strategy in an attempt to detect any possible treatment. Baird also attempts to minimize potential conflicts of interest posed by performance-based fee arrangements through internal trade allocation procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. Baird participates in wrap fee programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid portfolio for management services under those wrap fee programs. Methods of Analysis, Investment Strategies and Risk of Loss Investment Strategies and Methods of Analysis under management, Investment Strategies As of December 31, 2024, Baird had approximately $342.1429 billion in regulatory assets approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. The investment styles, philosophies, strategies, techniques and methods of analysis that DDK, investment Baird, Baird PWM’s home office professionals, and Other Managers use in formulating investment advice for clients vary widely by Service and the person providing the 74 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  advice. A brief description of commonly used strategies is provided below. region or market Equity Strategies Balanced strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, focused or geographic strategies. Value Strategies A value strategy typically invests primarily in equity securities of value companies, which are those that the investment manager believes are out of favor with investors, appear underpriced by the market relative to their earnings or intrinsic value, or have high dividend yields. This strategy is subject to investment style risks. Growth Strategies focused, Equity strategies generally have an objective to provide growth of capital and primarily invest in equity securities, such as common stocks. However, these strategies may also invest in other types of investments, such as fixed income securities and cash. Equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges, such as large cap, mid cap or small cap companies. Equity strategies may be combined with other strategies described below, such as growth, value, income, economic industry international, global, or or sector geographic region or country focused strategies. Fixed Income or Bond Strategies A growth strategy typically invests primarily in equity securities of growth companies, which are those that the investment manager believes exhibit signs of above-average growth relative to peers or the market, even if the share price is high relative to earnings or intrinsic value. This strategy is subject to investment style risks. Income Strategies fixed invest An income strategy typically invests primarily in income-producing securities, such as dividend- income paying equity securities and securities. This strategy may in a combination of investment grade and high yield bonds. This type of strategy may also invest in yield- or income-producing, Non-Traditional Assets. Economic Industry or Sector Focused Strategies technology, region or country Fixed income or bond strategies generally have one or more of the following objectives: (1) provide current income; or (2) preservation of capital. These strategies primarily invest in fixed income securities, such as corporate bonds, municipal securities, mortgage-backed or asset- backed securities, or government or agency debt obligations. However, these strategies may also invest in other types of investments, such as equity securities or cash. Fixed income strategies may invest in debt obligations having any credit rating, maturity or duration, or they may focus on specific credit ratings, maturities or durations, such as investment grade, non-rated, or high yield (“junk”) bonds, or bonds having short-term, intermediate-term or long-term maturities. Fixed income strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, focused or geographic strategies. Balanced Strategies Economic industry or sector focused strategies primarily invest in companies in one or more economic industries or sectors, such as the industrial, telecommunications, materials, or financial sectors. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. International Strategies include companies Generally, international strategies primarily invest in securities issued by foreign companies, which may in developed and emerging markets. International strategies may invest in companies of all market capitalization ranges and in investments having any credit Balanced strategies generally have one or more of the following objectives: (1) provide current income; (2) growth of capital/principal or income; or (3) preservation of capital. These strategies primarily invest in a mix of equity, fixed income securities and cash. Balanced strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization ranges, credit ratings, maturities or durations as described above. 75 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  strategies are often subject ranges, regions, credit rating, maturity or duration, or they may focus on industries or specific capitalization sectors, geographic ratings, maturities or durations. these strategies Global Strategies rotation to concentration risk. Because the decision-making for tactical and rotation strategies is based upon the manager’s short-term market outlook, accounts pursuing often experience higher levels of trading and portfolio turnover relative to other strategies. Opportunity or Opportunistic Strategies ranges, regions, credit Generally, global strategies invest in a mix of securities issued by U.S. and foreign companies, which may include companies in developed and emerging markets. Global strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization sectors, geographic ratings, maturities or durations. Geographic Region or Country Focused Strategies Geographic region or country focused strategies primarily invest in companies located a particular part of the world, such as Latin America, Europe or Asia, in a group of similarly-situated countries, such as developed or emerging markets, or one or more specific countries. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. Tactical and Rotation Strategies than other strategies. The to Opportunity strategies will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and market sectors to take advantage of the manager’s perception of market pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager. Opportunity strategies often involve the use of other strategies, particularly tactical or rotation strategies, and will have the risks associated with those strategies. Opportunity Strategies may also involve investment in a more- limited number of companies compared to other strategies. As a result, a decline in value of one or a few investments will more adversely impact performance than if assets were more evenly invested in a larger number of companies. Opportunity strategies often experience higher fluctuations in annual returns and overall market value types of investments used implement opportunity strategies vary widely by manager and could include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Tax Management Strategies underweighting and taxable Tax management strategies involve buying and selling investments in a manner intended to reduce the negative impact of U.S. federal income taxes. They often involve buying or selling investments to limit taxable investment gains or to offset investment gains with investment losses or selling investments to avoid recognition of taxable investment gains. Tax management strategies are not intended to, and likely will not, eliminate a client’s tax obligations. A tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. A tax management strategy is typically a secondary strategy used to Tactical strategies typically tactically and actively adjust account allocations to different categories of investments, such as asset classes, geographic locations or market sectors, based upon the manager’s perception of how those investments will perform in the short-term. Similarly, rotation strategies typically actively adjust account allocations to different market sectors based upon the manager’s perception of how those market sectors will perform in the short-term. Tactical and rotation strategies are often driven by technical analysis or methodologies and typically overweighting involve account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark index or the market generally. These strategies often will be focused or concentrated in one or more asset classes, geographic locations or market sectors from time to time, and it is likely that they will have limited or no exposure to one or more asset classes, geographic locations or market sectors. For that reason, tactical and 76 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  performance. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. the manager • Statistical Arbitrage Strategies. Statistical Arbitrage is based on the theory that stocks have a tendency to return to a short-term trend line. This type of strategy typically involves the “systematic” or automated trading of securities based upon where a security is relative to its trend line. is achieve a secondary tax management objective and it is typically implemented together with other primary investment strategies designed to achieve primary investment objectives or goals. However, managers in certain situations may use a tax management strategy as the primary investment strategy or tax management may be their primary consideration when managing client is accounts, such as when transitioning an account from one investment strategy to another. The performance of accounts utilizing a tax management strategy will vary from similarly-managed accounts that do not utilize such a strategy, possibly in a materially negative manner, and an account may not be successful in pursuing any other investment strategies, objectives or goals. short securities believed Alternative Strategies and Complex Strategies invest • Convertible Arbitrage Strategies. Convertible arbitrage involves the purchase and short sale of multiple securities of the same company. The strategy implemented by purchasing securities believed to be undervalued and selling to be overvalued. Often, the strategy involves the purchase of a convertible bond issued by a company and selling short that company’s common stock. This strategy may involve the use of a wide range of derivative instruments. • Fixed Income Arbitrage Strategies. Fixed income arbitrage strategies generally seek to profit from interest rate, credit spread and other arbitrage opportunities by investing in fixed income securities, interest rate instruments and derivative instruments. Alternative Strategies and other Complex Strategies may in a wide range of investments, which may include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Alternative Strategies and other Complex Strategies generally involve the use of margin, leverage, short sales and derivative instruments. Many Alternative Strategies and other Complex Strategies have no substantive restrictions on the types of investments that may be used. Examples of Alternative Strategies and other Complex Strategies include the following. • Capital Structure Arbitrage Strategies. Capital structure arbitrage generally involves investing in multiple levels of a single company’s capital structure, often taking long and short positions in a company’s debt or equity in order to capitalize on perceived mispricings resulting from market inefficiencies or different pricing assumptions. This type of strategy typically involves the use of derivatives and structured products. • Relative Value Strategies. Relative value strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to exploit price differences among securities financial that share similar economic or characteristics. • Long/Short Strategies. Long/short strategies generally involve the purchase of securities believed to be undervalued and selling short securities believed to be overvalued. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. • Absolute Return, Total Return and Real Return Strategies. Absolute return, total return and real return strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets in an attempt to generate performance that has low correlation to the major equity markets over a complete market cycle. They may also involve the use of derivative instruments. • Event-Driven Event-driven Strategies. strategies generally involve the use of Non- • Market Neutral Strategies. Market neutral strategies generally involve the purchase of securities and selling securities short in similar dollar amounts in an attempt to produce returns independent of general market that are 77 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  events (such and liquidations). Traditional Assets, short sales and derivative instruments in an attempt to seek arbitrage opportunities, particularly those triggered by as mergers, corporate restructurings, These strategies typically involve the assessment of if, how and when an announced transaction will be completed. arbitrage strategies involve funds or funds of private equity funds. Private equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges. They may also focus on companies in one or more economic industries or sectors or geographic regions. Some private equity strategies focus on companies that are newly formed, in financial distress or already in bankruptcy. The securities purchased are typically unregistered and illiquid. Private equity strategies may also involve the use of leverage. in corporate buy-outs, restructurings • Merger Arbitrage/Special Situations Strategies. Merger the purchase and sale of securities of companies reorganizations and involved business combinations, such as mergers, exchange offers, cash tender offers, spin-offs, and leveraged liquidations. These strategies often involve short selling, options trading, and the use of other derivative instruments. typically unrated or • Distressed Strategies. Distressed strategies generally involve the purchase of securities in companies that are in financial distress, or companies that are entering into or are already in bankruptcy. They may also involve the use of short sales and derivative instruments. types of referred to as floating in smaller o Private Debt or Private Credit Strategies. Private debt (also known as private credit) strategies invest in loans or debt instruments issued by companies in private transactions. These investments are typically made through participation in private debt funds or funds of private debt funds. The investments involved rated below are investment grade and are illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically investments are reset. These sometimes rate corporate debt, floating rate loans or floating rate bank loans. Private debt strategies often involve the use of leverage and may involve investment capitalization, distressed or bankrupt companies. • Macro Strategies. Macro strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to profit from anticipated changes in securities markets, commodities markets, currency values, and/or interest rates. and Systematic • Discretionary industrial typically made strategies generally rely Trading Strategies. Discretionary trading strategies generally attempt to identify and capitalize on patterns or trends in the markets. Systematic trading on computerized trading systems or models to identify and capitalize on those patterns or trends. These strategies often involve the use of Non-Traditional Assets, short sales, derivative instruments and significant leverage. risks related • Private Investment Strategies. o Private Real Estate Strategies. Private real estate strategies invest in physical properties, such as office buildings, apartments, retail facilities. These centers, and investments are through participation in private REITs. Private real focus on specific estate strategies may geographic types, or regions, property economic sectors. Investments in private real estate can be illiquid, meaning they may take time to sell or refinance. Property values can fluctuate due to market conditions, supply and demand, and other factors. There are also tenant vacancies, to property damage, or environmental hazards. Leverage is often used in private real estate investments, which can increase potential returns but also amplifies potential losses. generally in companies involve in o Private o Private Equity Strategies. Private equity equity strategies investments private transactions. These investments are typically made through participation in private equity infrastructure Infrastructure Strategies. Private in strategies invest 78 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  types. Examples of companies; U.S. include, cap located These among utilities, investments mid cap growth companies; U.S. mid cap value companies; U.S. mid cap core companies; U.S. small cap growth companies; U.S. small cap small core value companies; in foreign companies developed markets; foreign companies located in emerging markets; U.S. REITs; and foreign REITs; as: short-term taxable infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and infrastructure asset others, investments and telecommunication, transportation. are typically made through participation in private infrastructure funds. Investments in private infrastructure strategies are often illiquid. They may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments and may, therefore, also lack diversification. • the fixed income securities asset category, which is comprised of certain asset classes, such bonds; intermediate term taxable bonds; long-term taxable bonds; short-term tax-exempt bonds; intermediate term tax-exempt bonds; long-term tax-exempt bonds; high yield fixed income securities; foreign fixed income securities; and broad fixed income securities; • Leveraged Strategies. Leveraged strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to amplify returns or produce returns that are a multiple of a benchmark index. and • the Non-Traditional Assets category, which is comprised of certain asset classes, such as: commodity-linked commodities instruments; and currencies, cryptocurrencies and currency-linked instruments; • Inverse Strategies. Inverse strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to produce returns that are the opposite of a benchmark index. • the Alternative Investment Products category which is comprised of certain asset classes, such as: hedge funds, private equity funds and managed futures; and • cash. allocation strategies have also have varying Alternative Strategies and other Complex Strategies are not appropriate for some clients because they are subject to special risks. See “Services, Fees and Compensation—Additional Service Information—Complex Strategies and Complex Investment Products” above and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Non-Traditional Assets and Complex Strategies Risks” below for more information. Asset Allocation Strategies investing, which and actively typically adjusting tactical Certain Services, including the ALIGN, BairdNext Portfolios, DDK Investment Management, Russell, Baird Affiliated Managers and UMA Programs, make available asset allocation strategies. Asset allocation strategies involve investing in one or more of the following categories of assets: Asset varying investment objectives, ranging from growth of capital to preservation of capital. Asset allocation strategies investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use involves tactical tactically account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short-term. Some asset allocation strategies involve the use of both strategic and investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and ETPs. The amount allocated to an asset class or investment • the equity securities asset category, which is comprised of certain asset classes, such as, equity securities issued by: U.S. large cap large cap value growth companies; U.S. companies; U.S. large cap core companies; U.S. 79 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a significantly higher allocation to equity securities than fixed income securities. typically seeks That analysis involves Baird uses its Capital Market Assumptions in developing its proprietary model asset allocation strategies, including those used in the ALIGN, BairdNext Portfolios and UMA Programs, and those used by some DDK Consultants. In determining its Capital Market Assumptions, Baird conducts an analysis of different asset classes and the different levels of risk associated with those the investments. consideration of past performance and the use of forward-looking projections that are based upon certain assumptions made by Baird about how markets will perform in the future. There is no assurance that asset classes or markets will perform in accordance with Baird’s projections or assumptions. For more information about Baird’s Capital Market Assumptions, a client should contact the client’s DDK Consultant. Growth with Income Portfolio. A Growth with Income Portfolio to provide moderate growth of capital and some current income. Typically, a Growth with Income Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to equity securities than fixed income securities. Baird’s most common asset allocation strategies are described below. A client should note that the specific investments in an Account following a particular asset allocation strategy could vary from the description below for a number of reasons, including market conditions. invest Income with Growth Portfolio. An Income with Growth Portfolio typically seeks to provide current income and some growth of capital. Typically, an Income with Growth Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to fixed income securities than equity securities. All Growth Portfolio. An All Growth Portfolio typically seeks to provide growth of capital. Typically, an All Growth Portfolio will experience high fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in equity securities. This strategy may also invest in other asset classes, such as fixed income securities, Non-Traditional Assets and cash. This in Alternative strategy may also Investment Products or may involve the use of leverage, short sales and derivative instruments. experience relatively Capital Growth Portfolio. A Capital Growth Portfolio typically seeks to provide growth of capital. Typically, a Capital Growth Portfolio will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. This strategy may also invest in other asset classes, such as Non- Traditional Assets and cash. This strategy may Conservative Income Portfolio. A Conservative Income Portfolio typically seeks to provide current Income income. Typically, a Conservative Portfolio will small fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets. Generally, under normal market conditions, this 80 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  strategy will have a significantly higher allocation to fixed income securities and cash than equity securities. Preservation A Portfolio. manager may use a strategy not described above or they may use a strategy with the same or similar name that is implemented differently. A client should ask the client’s DDK Consultant or investment manager for more specific information about the strategy being used for the client’s Account. A client’s Account is subject to the risks associated with the Account’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. Capital Capital Preservation Portfolio typically seeks to preserve capital while generating current income. Typically, a Capital Preservation Portfolio will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in a mix of fixed income securities and cash. This strategy may also invest in other asset classes, such as equity securities and Non- Traditional Assets. Objectives and investment restrictions, Some ALIGN Programs, UMA Programs, DDK Consultants and investment managers use asset allocation strategies that include target asset allocation percentages for equity and/or fixed income investments in the names or descriptions of the strategies (e.g., 80-20, 60-40, 40-60, 20- 80, etc.). A client should note that those percentages are intended to be asset allocation targets only. There is no guarantee that Accounts following asset allocation strategies will be invested strictly in accordance with target asset allocations. It is likely that the actual investments in Accounts following those strategies will vary, sometimes significantly, from the target asset allocations and may include other asset classes due to market conditions and Baird’s, the DDK Consultant’s or investment manager’s assessment of how to best invest a client’s Accounts. See “Important Information about Implementation of Investment Investment Strategies” below for more information. For information about the risks associated with the asset allocation strategies described above, see the section of the Brochure entitled “Principal Risks—Risks Associated with Certain Investment Objectives and Asset Allocation Strategies” below. Important Information about Implementation of Investment Objectives and Investment Strategies From time to time, the client’s DDK Consultant or invest the client’s investment manager will Account, or recommend that the client invest the Account, in a manner that is inconsistent with the investment strategy or investment objective selected by the client for the Account when the client’s DDK Consultant or investment manager determines that it is appropriate to do so, such as using defensive strategies in response to adverse market or other conditions or engaging in tax management. Similarly, a client’s Account may be invested in a manner inconsistent with the investment strategy or investment objective selected by the client for the Account in certain other circumstances, such as when the client’s is transitioning to a new Service, Account investment objective or investment strategy, or due to other factors, such as market appreciation or depreciation of the assets in the client’s Account, deposits and withdrawals made by the if any, client, and imposed by the client. A client’s Account may not be able to achieve its investment objectives during any such period of time and the Account may be subject to different or enhanced risks than would be the case had the Account been invested in a manner wholly consistent with the investment objective or investment strategy selected by the client. Clients are encouraged to discuss with their DDK Consultant on a regular basis how the Account is being managed or advised and whether any such conditions exist. Methods of Analysis invest Baird, its home office investment professionals, and DDK Consultants may use various forms of security analyses, including the following: A client should note that, to implement an investment strategy, a client’s DDK Consultant or investment manager may use or recommend mutual funds, ETPs or other Investment Funds that primarily in particular types of securities instead of direct investment in those types of securities. A client should also note that investment the client’s DDK Consultant or 81 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  tools releases and other economic, financial • Fundamental Analysis. Fundamental analysis involves an approach to investing through a detailed analysis of specific companies, such as their financial statements and financial ratios, management, competitive advantages and markets, in an attempt to determine the value of an investment. Fundamental analysis may include qualitative and quantitative analyses. Analysis. Qualitative • Qualitative information and to provide related investment advice to clients. These sources of information and tools may include, among others, issuer-supplied literature (such as annual reports, information) and press external market, and investment data and analyses provided by organizations not affiliated with Baird. They may also employ the use of computers and third party software to more readily display information, assist with the evaluation and analysis, and create asset allocation recommendations. Although they generally use information and tools that Baird deems reliable, DDK and Baird do not independently verify or guarantee the accuracy of the information or tools used. analysis involves the use of subjective judgment to analyze factors that may be difficult to quantify or measure objectively. As it pertains to managers and investment products, qualitative analysis may include review of the background and experience of a manager or a mutual fund company. in an attempt the client’s Baird and DDK Consultants may also utilize research reports created by Baird. However, it should be noted that DDK Consultants are not obligated to act in a manner consistent with Baird research reports and they may act in a manner that is contrary to those reports if they deem it to be consistent with investment objectives and in the client’s best interest. • Quantitative Analysis. Quantitative analysis is a method of evaluating securities by analyzing a large amount of data through the use of to algorithms or models understand behavior, predict market events, market prices, etc., and generate an investment decision. As it pertains to managers and investment products, quantitative analysis may review of manager performance, include investment style, style consistency, risk, and risk-adjusted performance. • Technical Analysis. Technical analysis is a method of analyzing past price and volume patterns and trends in the trading markets to attempt to predict the direction of both the overall market and specific investments. • Top-Down Analysis. Top-down analysis involves a consideration of certain macroeconomic trends, such as general economic conditions, geographic or market sector performance, fiscal and monetary policy, taxes, or interest rates, to make investment decisions. Analysis. Bottom-up • Bottom-Up investment, When providing investment advice to clients, DDK Consultants may also use the model portfolios or recommended or eligible product lists (described below) made available by Baird’s Asset Manager Research Department or other Baird departments, or they may use investment products that Baird has generally deemed to be “available” for use in its advisory programs (“Available Investment Products”). The level of initial and ongoing evaluation, monitoring and review that DDK and Baird perform on managers and on investment products varies. Available Investment Products generally do not receive the same level of initial or ongoing evaluation, monitoring or review by Baird as those managers or products that are included in a model portfolio or on a recommended or eligible product list. As a result, Available Investment Products are subject to certain risks. See “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks— Available Investment Product Risks” below for more information. analysis involves consideration of factors particular to a particular such as business financials (e.g., balance sheet strength and cash flows), financial ratios (e.g., price-to- earnings ratio), and business fundamentals (e.g., management and product or services performance) to make investment decisions. Baird, its home office investment professionals, and DDK use various third party research More specific information about Baird model portfolios, recommended lists and eligible product lists is provided below. A client should note that investment products recommended to the client or selected for the client’s Account, including 82 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in industry sector weighting. The Portfolio is intended as a long-term investment strategy. Baird Rising Dividend Portfolio investment managers or products included on a Baird recommended or eligible product list, are those which, in Baird’s professional judgment, may be appropriate to help the client pursue the client’s financial goals. DDK and Baird do not represent or guarantee that such investment managers or products are or will be the best investment managers or products available. Under certain circumstances when requested by a client, DDK and Baird may allow a client to select a manager or investment product that is not on a Baird recommended or eligible product list or that is generally not made available to Baird clients. A client should note that, unless DDK and Baird otherwise agree in writing, DDK and Baird do not provide any initial or ongoing evaluation, monitoring or review of any such managers or investment products and that the client’s decision to select such a manager or investment product is based solely upon the client’s review of the manager or investment product. Certain PWM-Managed Portfolios Baird Recommended Portfolio The Baird Rising Dividend Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to provide a core equity strategy with a portfolio yield above that of the S&P 500 Index. The team’s top–down investment approach begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. The 30–50 stocks in the portfolio are primarily large cap stocks—as defined by a market capitalization of $10 billion or greater at the time of investment— and all are above $5 billion at the time of investment. The team looks for quality companies fundamental characteristics and with strong management, attractive dividend yields, and the ability to increase their dividends. Companies are screened for dividend history and consistency, earnings growth expectations, and balance sheet is assigned a quality. Each stock selected weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. A position can be reduced or removed due to changes in valuation, company fundamentals or the perceived ability to continue to raise its dividend in the future—among a variety of other potential reasons for portfolio changes including a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. AQA Portfolios to clients investment approach Analysis performance. The analysis The Baird Recommended Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to outperform the S&P 500 Index by investing in a diversified core portfolio of 35–50 stocks. The portfolio invests primarily in stocks with market capitalization greater than or equal to $10 billion (large cap). The portfolio may also contain stocks with market caps below $10 billion but these stocks generally will not represent more than 35% of the total portfolio. The team’s top– down begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. This information is used to underweight or overweight particular industry sectors compared to the S&P 500 Index. Individual stocks are selected with an emphasis on higher quality companies that the team believes have strong fundamental characteristics teams, attractive growth and management prospects, and reasonable price-appreciation expectations. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. Stocks can be sold or positions reduced for a variety of reasons such as valuation, a change in company or industry fundamentals, or a change certain Baird makes available Automated Quantitative (“AQA”) Portfolios, which are managed by Baird’s PWM Equity Research team. AQA is an analytical tool that seeks to identify stocks of companies that are undervalued by calculating the intrinsic values for the stocks and comparing the calculated values to current market prices. Focusing on a financial performance, AQA company’s past analyzes fundamental ratios and trends of the most recent eight-year history of a company and each company in its peer group, excluding estimates of future balance sheet and income is statement quantitative and ignores certain qualitative information such as company-specific material news and events. Stocks are ranked from the most undervalued to the most overvalued based on the difference between the values calculated 83 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  • soundness and clarity of their investment philosophy • reliability and consistency of their investment process • competitiveness of their investment performance Baird’s Asset Manager Research Department may also employ the use of computers and third party software to more readily display information and assist with the evaluation and analysis. by AQA and current market prices. The stocks identified by AQA as being the most undervalued are then selected for investment. Baird offers the following four (4) AQA Portfolio strategies, each of which invest in undervalued stocks identified using AQA, excluding securities issued by banks, REITS and insurance companies: (1) the AQA All Cap Strategy, which primarily invests in stocks across market capitalizations, generally those included in the S&P 500®, S&P MidCap 400® or S&P SmallCap 600® Indices; (2) the AQA Large Cap Strategy, which primarily invests in large cap stocks, generally those included in the S&P 500® Index; (3) the AQA Mid Cap Strategy, which primarily invests in mid cap stocks, generally those included in the S&P MidCap 400® Index; and (4) the AQA Small Cap Strategy, which primarily invests in small cap stocks, generally those included in the S&P SmallCap 600® Index. Certain Recommended Lists Baird’s Recommended Managers List Baird’s initial screening process begins with a proprietary, multi-factor model that evaluates managers on different factors including risk- adjusted performance, consistency of returns and downside protection. These factors are scored over various time periods and relative to a specific peer group universe, narrowing the pool of managers for further evaluation. Baird’s Asset Manager Research Department then performs a more in-depth evaluation of managers that are identified through the initial screening process, which generally includes a review of the following factors: stability of the firm/team, the robustness and repeatability of the investment process, the portfolio’s past returns pattern and tax-efficiency, and how the manager adds value. The final determination of Baird’s Recommended Managers List is subject to the approval of Baird’s Investment Committee. conference calls, for removal When selecting managers and BRM Strategies for Baird’s Recommended Managers List, Baird often seeks registered investment advisory firms having portfolio managers with academic credentials such as a master’s degree or participation or completion of the Chartered Financial Analyst (“CFA”) program. Baird also typically looks for a portfolio manager with greater than three (3) years of investment experience focusing on the particular investment style that is offered by the portfolio manager. Baird generally looks for that have demonstrated portfolio managers success, that have performance histories showing sufficient ability to achieve returns in excess of their respective benchmarks, and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird also considers other qualitative and quantitative factors. change Baird’s Asset Manager Research Department is primarily responsible for selecting and evaluating included on Baird’s investment managers Recommended Managers List. selecting In investment managers, Baird’s Asset Manager Research Department utilizes quantitative and qualitative measures to evaluate managers based on the: Ongoing manager evaluation generally includes quarterly performance attribution and periodic onsite visits. Material adverse changes affecting a manager may result in the manager being placed on “watch” status. Managers on “watch” status are scrutinized to see if improvement or degradation is taking place. from Baird’s Potential causes Recommended Managers List include fundamental changes in the operations of the manager, turnover in key personnel, substantial changes in in management or ownership, a investment philosophy or style, significant drift from stated objectives, major legal, regulatory or compliance difficulties, impairment of financial condition, sustained underperformance in relation to its peers, or other adverse changes affecting the manager that in Baird’s opinion warrants the manager’s removal. • quality and stability of their organization If a Model-Traded BRM Strategy is selected for a client’s Account, it is important to note that 84 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s Asset Manager Investment Committee its discretion, decides inclusion Baird’s selection and ongoing evaluation of a BRM Strategy is based upon an assumption that the Recommended Manager’s Model Portfolio will be fully and faithfully implemented by the Overlay Manager or Implementation Manager on a continuous basis. A client should understand that the Overlay Manager or Implementation Manager has discretion over the client’s Account and may invest the client’s Account in a manner that differs from the Model Portfolio. Baird does not monitor the Account’s performance nor does it ascertain whether the Overlay Manager or Implementation Manager is implementing the Model Portfolio as provided by the Recommended Manager. If the Overlay Manager or Implementation Manager, in the exercise of to implement the Model Portfolio differently, the performance of a client’s Account could be negatively impacted. Baird is not monitoring, evaluating or reviewing the Overlay Manager or Implementation Manager or the performance of a client’s Account under those circumstances. evaluating funds included on the List. In selecting funds, Research Department utilizes a quantitative and qualitative evaluation process of the investment managers of such funds. The process Baird uses for selecting and removing funds for the Baird Recommended Fund List is similar to the process Baird uses to select and remove BRM Strategies described under “Baird’s Recommended Managers List” above. Baird’s is ultimately responsible for selecting funds included on the List. The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Aggregate Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Mid Cap Growth Fund, mutual funds affiliated with Baird, have been in Baird’s for selected by Baird Recommended Mutual Fund List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select affiliated funds for Baird’s Recommended Mutual Fund List are the same as those used for unaffiliated funds. Baird’s Recommended Funds of Hedge Fund List affiliated managers for Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select Baird’s Recommended Managers List are the same as those used for unaffiliated managers. Baird’s Recommended Mutual Fund List Baird’s Recommended Funds of Hedge Fund List contains a variety of funds of hedge funds (“FOHFs”) that pursue various Alternative Strategies or other Complex Strategies. Some FOHFs primarily use credit-oriented investment strategies, which Baird classifies as fixed income diversifiers. Some FOHFs primarily use equity- oriented investment strategies and are classified as equity diversifiers. Other FOHFs use a combination of credit- and equity-oriented strategies, which Baird views as balanced diversifiers. In certain circumstances, FOHFs may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. that to the Baird’s Recommended Mutual Fund List is designed to include mutual funds and ETFs across numerous asset classes. When selecting funds for inclusion on the List, Baird generally seeks funds that have investment managers with tenure of at least three (3) years and have underlying fund’s adhere investments market capitalization policy and are consistent with the manager’s stated investment process and philosophy. Baird generally looks for funds that are among the top-performing funds in a style category in terms of risk-adjusted returns or that are managed by individuals or firms that have demonstrated success in other, related asset classes; that have performance histories showing sufficient ability to achieve returns in excess of their respective style index; and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird’s Asset Manager Research Department is primarily for assisting with selecting and responsible To be added to Baird’s Recommended FOHF List, a FOHF must generally meet the following requirements: the investment advisor to the FOHF is registered as an Investment Adviser under the Advisers Act; the fund has stable to growing assets under management as determined by Baird, principals of the fund have an appropriate level of hedge fund management experience and a sufficient network of contacts in the industry as determined by to Baird; in Baird’s opinion, the fund has adequate diversification by number of hedge funds and type of hedge fund strategy; effective risk management programs have been 85 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for the fund; and established the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks FOHFs that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. legal documents offering memorandum, performance going forward or possibly lead to the departure of an important member(s) of the FOHF. Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any firm that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long- term, and whether it can be remedied. Baird will remove a FOHF from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will terminate a FOHF from the List if it believes the issue is likely to be long-term and adversely affect the FOHF’s future performance. Baird’s Recommended Private Funds Lists Baird maintains lists of recommended private Funds (“Recommended Private Funds”), including a Recommended Funds of Private Equity Funds List, a Recommended Private Debt Fund List, and a Recommended Private Real Assets Fund List. investment thesis is presented In making that determination, funds, funds or Before adding a prospective FOHF to the List, Baird’s Asset Manager Research Department conducts an in-depth due diligence process. The process begins with a review of the FOHF’s responses to a due diligence questionnaire and of marketing and (such as, subscription documentation, investor agreements, and organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the FOHF identifies, hires, monitors, and terminates individual hedge funds. Baird also evaluates how the FOHF constructs its hedge fund portfolio and manages risk. In addition, Baird undertakes a brief review of the FOHF’s third party service providers. At the conclusion of the onsite review, to and an discussed with a Baird Investment Committee. The Committee votes on whether to add the FOHF to Baird’s Recommended Funds of Hedge Fund the List. Committee considers the information presented, taking into account the merits of the individual FOHF, how that FOHF compares to other FOHFs that Baird offers, and the level of expected demand for the particular FOHF. client’s allocation to and onsite Baird’s Recommended Funds of Private Equity Funds List contains funds of private equity funds that pursue certain Alternative Strategies or other Complex Strategies. These strategies can include buyout, growth equity, venture capital, special investments. The situations or distressed investments are typically structured in the form of primary co- secondary investments. Most will be to “middle market” companies, many of which have above average to high levels of leverage, or debt relative to equity. In certain circumstances, funds of private equity funds may be an appropriate substitute for part of a traditional equity investments. changes that pursue or After a FOHF is added to Baird’s Recommended Funds of Hedge Fund List, it is monitored each reviews subsequent quarter, periodically take place. As part of its quarterly monitoring, Baird evaluates a FOHF’s assets under (subscriptions and management and flows redemptions), organizational (e.g., personnel changes or new offerings), recent changes made to the FOHF portfolio (e.g., hedge funds added or removed), and reasons for performance differences between the FOHF and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. Baird’s Recommended Private Debt Fund List contains private debt funds (also known as certain funds) credit private Alternative Strategies other Complex Strategies. The private debt funds on Baird’s Private Debt Funds List generally make first lien, second lien and unsecured loans, primarily to middle market companies sponsored by private equity firms. In certain circumstances, private debt funds may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. Baird may place a FOHF on “watch” status if it has experienced a material event that, in Baird’s the FOHF’s opinion, may negatively affect 86 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  funds that or the thesis is presented to and discussed with a Baird Investment Committee. The Committee votes on whether to add the fund to a Baird Recommended Private Fund List. In making that determination, the Committee information considers presented, taking into account the merits of the individual fund, how that fund compares to other similar funds that Baird offers, and the level of expected demand for that particular fund. utilities, telecommunication, The investments may with companies that Baird’s Recommended Private Real Assets Fund List contains private real estate and private pursue infrastructure certain other Complex Alternative Strategies Strategies. These strategies invest in different real assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of investments may include, among others, real and estate, transportation. be structured in the form of asset ownership or leasing or include direct investment in or joint ventures control infrastructure assets. In certain circumstances, private real assets funds may be an appropriate substitute for part of a client’s allocation to traditional fixed income or equity investments. After a fund is added to a Baird Recommended Private Fund List, it is monitored each quarter, and subsequent onsite reviews periodically take place. As part of its quarterly monitoring, Baird evaluates a fund’s assets under management and fund flows (subscriptions and redemptions), organizational changes (e.g., personnel changes or new offerings), recent changes made to the portfolio, and reasons for performance differences between the fund and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. To be added to a Baird Recommended Private Fund List, a fund must generally meet the following requirements: the investment advisor to the fund is registered under the Advisers Act ; the fund has stable to growing assets under management as determined by Baird; principals of the fund have an appropriate level of applicable experience and a sufficient network of contacts in the industry as determined by Baird; effective risk management programs have been established for the fund; and the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks funds that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. fund Baird may place a Recommended Private Fund on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the fund’s performance going forward or possibly lead to the departure of an important member(s) of the investment team. fund’s Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any fund that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long-term, and whether it can be remedied. Baird will remove a fund from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will remove a fund from a Recommended Private Fund List if it believes the issue is likely to be long-term and adversely affect the fund’s future performance. Certain Eligible Product Lists Annuities the When determining whether to make an annuity product available to Baird clients, Baird reviews the offering documents for the product and considers: the size of the insurer and the insurer’s credit rating, insurer’s distribution and support model, and product specifications and Before adding a prospective to a Recommended Private Fund List, Baird’s Asset Manager Research Department conducts an in- depth due diligence process. The process begins with a review of the fund’s responses to a due diligence questionnaire (known as a DDQ or RFI) and of marketing and legal documents (such as, subscription documentation, investor agreements, offering memorandum, organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the fund makes investment decisions. Baird also evaluates how the fund constructs its portfolio and manages risk. In addition, Baird may undertake a brief review of the fund’s third-party service providers. At the conclusion of the onsite review, an investment 87 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  strength ratings features of the product. Baird favors highly-rated insurers and evaluates them by using credit rating agencies and financial independent third-party research. Baird’s judgment, there is reasonable risk/reward trade-off for that exposure, as well as the events that could trigger loss of principal and Baird’s belief as to the likelihood of the occurrence of such events. Baird’s ETF Focus List Investment Solutions Department the Programs. Baird’s Compliance, Legal, and indices, Baird’s is primarily responsible for selecting and evaluating structured products made available to clients under Alternative Investment Committee, which includes members of Baird’s Investment Solutions, Asset Manager Risk Research, Management Departments, ultimately determines whether to make a structured product available to Baird clients. Available Hedge Funds Baird’s ETF Focus List is designed to encompass numerous asset classes and varied investment objectives. Baird generally seeks to include ETPs, primarily ETFs, with transparent, experienced sponsors that have stable or growing assets under management and have demonstrated consistent strategy performance over time. Baird tends to favor ETPs that have well-known, diversified benchmark fees and tracking lower errors, and higher trading liquidity relative to other ETPs. Inclusion on or exclusion from the Baird ETF Focus List is not meant to be a buy or sell recommendation. Rather, the List is a collection of ETPs that may be appropriate to meet particular client investment goals. Managed Futures Effective March 1, 2018, Baird ceased maintaining an official list of managed futures funds that are structured as limited partnerships. Therefore, Baird does not, and will not in the future, provide any evaluation, monitoring or review of those funds or their sponsors. A client’s decision to invest in, or to maintain an investment in, a managed futures fund is based solely upon the client’s own review and evaluation of the fund. Structured Products Baird makes hedge funds available to clients in certain Programs sponsored by, affiliated with or offered by Capital Integration Systems LLC or CAIS Capital LLC (“CAIS”). An independent third- party research firm provides research and due diligence materials to Baird on the hedge funds available on the CAIS platform (“Available Hedge Funds”). Clients interested in an Available Hedge Fund or invested in an Available Hedge Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Hedge Fund, Baird does not conduct its own research or due diligence on any Available Hedge Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Available Private Funds is calculated, When determining whether to make a structured product available to Baird clients, Baird reviews the offering documents for the structured product and considers: the size of the issuer and issuer’s credit rating, the maturity of the product, how interest the underlying asset category (e.g., a basket of securities or currencies or a market index), applicable caps, barriers, and participation rate, and whether the structured product has principal protection. third-party research firm In addition to Recommended Private Funds, Baird makes available to clients in certain Programs other private funds sponsored by, affiliated with, or offered by CAIS (“Available Private Funds”), including Available Private Equity Funds, Available Private Debt Funds, Available Private REITs and Available Private Infrastructure Funds. When determining whether to make a fund an Available Private Fund, Baird utilizes the services of an independent that provides research and due diligence materials to Baird on the private funds available on the CAIS platform. Clients interested in an Available Private Fund or invested in an Available Private Fund may obtain additional information from Baird upon request. Clients should note that Baird solely Baird tends to favor larger-sized issuers of structured products over smaller-sized issuers and also tends to favor structured products that have shorter maturities, less complex payout structures, underlying assets that are more liquid or transparent, and offer full or partial principal protection. If a product does not offer full principal protection, Baird also considers how much principal is exposed to loss, whether, in 88 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  relies upon the independent third-party research firm to provide an independent analysis of each Available Private Fund, Baird does not conduct its own research or due diligence on any Available Private Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and fixed income securities. This strategy has a target allocation of 70% of its assets to equity securities and 30% of its assets to fixed income securities. Affiliated Private Equity Funds fixed (4) The Baird Trust Core + Satellite 50/50 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation portion of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and income securities. This strategy has a target allocation of 50% of its assets to equity securities and 50% of its assets to fixed income securities. Financial Industry Activities Affiliated and In addition to Recommended Funds of Private Equity Funds and Available Private Equity Funds, Baird makes available to clients private equity funds that are affiliated with Baird (“Affiliated Private Equity Funds”). Baird does not subject Affiliated Private Equity Funds to the criteria imposed upon Recommended Funds of Private Equity Funds or Available Private Equity Funds described above when making them available to clients, and Baird does not perform any evaluation, monitoring or review of Affiliated Private Equity Funds. This presents a potential conflict of interest. See “Additional Information— and Other Affiliations—Certain Related Parties—Affiliated Private Equity Funds” below. The Baird Trust Equity Income strategy (5) primarily invests in dividend paying companies that Baird Trust believes have the ability to consistently grow their dividend at attractive rates over the long‐term. Baird Trust Strategies More specific information about the particular investment strategies and methods of analysis that Baird uses in connection with each Program is further described below. The DDK Investment Process Under the BAM and UAS Programs, Baird makes available to clients five (5) portfolio strategies developed and maintained by Baird Trust (“Baird Trust Strategies”) described below. The Baird Trust Strategies invest in a mix of equity securities and ETFs. The Baird Trust Large Cap Equity strategy (1) invests in a fairly concentrated portfolio of large cap equity securities. This strategy is intended for clients seeking investment in large cap companies as one part of their overall asset allocation. This strategy is generally not intended to be a complete investment program. (2) The Baird Trust Core + Satellite 100 strategy is a diversified portfolio with a 100% target equity allocation. The strategy uses the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) through the use of ETFs that principally invest in equity securities. This model does not include fixed income. When providing advice to clients, DDK starts with a needs analysis developed for a client in connection with the financial planning process described above. Using a variety of tools, DDK then develops and recommends a long-term, strategic asset allocation and investment strategy for the client’s portfolio that is customized for the client’s risk and return objectives. DDK diversifies the client’s portfolio among different investments in each asset class with the goal to manage risk. Investment strategies may involve the use of different equity styles or strategies, such as: large cap growth, large cap value, mid cap growth, mid cap value, small cap growth, small cap value, international and emerging market equities income styles or fixed strategies; different strategies, such as short or intermediate, taxable and tax-exempt bond, international and emerging market bond, and high yield bond strategies; and Complex Strategies, such as real estate and real estate funds (including private real estate funds The Baird Trust Core + Satellite 70/30 (3) strategy utilizes the Baird Trust Large Cap Equity 89 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  under the heading “Investment Strategies—Asset Allocation Strategies” above. and private real estate fund of funds), commodity strategies, hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds and managed futures. time to time, and depending on From macroeconomic conditions, DDK may also recommend or implement a slight, short-term tactical tilt to the client’s chosen asset allocation that is above or below the long-term strategic asset allocation. Investment Management DDK typically recommends or selects mutual funds and ETFs for Advisory Choice Accounts and DDK Accounts. However, other types of securities may be recommended or selected for those Accounts. information regarding for the client. Once review Each ALIGN Portfolio generally uses mutual funds and ETPs, primarily ETFs and ETNs, in order to implement the model asset allocation strategy. Depending on the ALIGN Portfolio chosen, the ALIGN Portfolio may consist of mutual funds and ETFs that have various investment objectives and strategies, including but not limited to, the following: large cap, mid cap and small cap strategies (which may include value, growth or core strategies); short-term, intermediate-term and long-term fixed income strategies (which may include high yield corporate bond strategies); balanced strategies; international and global equity and fixed income strategies; market sector focused focused strategies, geographic area strategies; real estate strategies; commodities strategies; currency strategies; managed futures strategies; and other Alternative Strategies. For the additional characteristics of the mutual funds and ETPs used in an ALIGN Portfolio, clients should contact their DDK Consultant or the applicable prospectus. The amount allocated to each asset class and type of investment varies by Portfolio. However, some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. and When recommending or selecting a particular mutual fund or ETF for client Accounts, DDK begins by reviewing a client’s asset allocation and investment strategy needs and identifying the characteristics of the types of mutual funds or ETFs appropriate the characteristic types of mutual funds or ETFs are identified, DDK looks for investments that meet those requirements. DDK looks for funds that have lower expense ratios. Once DDK has identified a potential fund for a client, DDK conducts a quantitative and qualitative analysis of the investment manager for the fund similar to the analysis it performs on investment managers described under “Portfolio Manager Selection and Evaluation—Selection Evaluation—DDK Recommended Managers Service” above. its asset allocation strategies the heading information about how Baird is “Investment More specific develops contained under Strategies—Asset Allocation Strategies” above. In order to implement the overall client portfolio strategy, DDK may utilize one or more of the Services and a combination of different investment vehicles, such as SMAs, mutual funds and ETFs. The ALIGN Strategic Portfolios Program offers model portfolios that have different investment objectives and use different strategic investment strategies. The ALIGN Strategic Portfolios Program generally accommodates both taxable and tax-exempt accounts of clients with differing investment objectives and risk tolerances. More specific information about the particular investment strategies and methods of analysis that DDK and Baird use in connection with each Service is further described below. ALIGN Strategic Portfolios Program The ALIGN Strategic Portfolios Program offers model asset allocation portfolios that have varying investment objectives and strategies. Each ALIGN Portfolio provides for specific levels of investment (or allocation) across the asset classes described The ALIGN Strategic Portfolios include active and hybrid options. Active ALIGN Strategic Portfolios primarily consist of actively managed mutual funds and hybrid ALIGN Strategic Portfolios primarily consist of both actively managed mutual funds and passive ETFs. Multiple funds may be used for a particular asset class (referred to as a “sleeve”). 90 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  The ALIGN Strategic Portfolios are described below. invest Some ALIGN Strategic Portfolios invest a material portion of assets in mutual funds and ETFs that pursue Alternative Strategies designed to provide return. Those strategies generally absolute involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of derivative instruments in an attempt to generate performance that has low correlation to the major equity markets over a complete market cycle. above, including fixed ALIGN Strategic All Growth Portfolio. The ALIGN Strategic All Growth Portfolio seeks to provide aggressive growth of capital. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds that in turn principally in equity securities. This Portfolio may also invest in other asset classes described income securities, Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an All Growth Portfolio. Some ALIGN Strategic Portfolio Strategies invest a material portion of assets in mutual funds and ETFs that that focus on investments that provide diversified yield or sources of income, such as dividend-paying stocks, preferred stocks, high yield bonds, foreign (including emerging markets) fixed income securities, Non-Traditional Assets, Alternative Investment Products and derivative instruments. that this Portfolio also in passively managed ETFs ALIGN Strategic All Growth Hybrid Portfolio. The ALIGN Strategic All Growth Hybrid Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic All Growth Portfolio described above, includes except in investments addition to actively managed mutual funds. investing The ALIGN Strategic Portfolios Program offers “environmental, social and governance” (“ESG”) portfolios, which focus investments in mutual funds and ETFs with investment managers that evaluate portfolio companies’ performance on various environmental, social and corporate governance criteria as part of the managers’ investment process. The particular environmental, social and governance criteria used by mutual funds and ETFs vary by mutual fund and ETF and are determined by the manager for the applicable mutual fund or ETF and not Baird. How each company performs with respect to those criteria is a matter of subjective judgement. It is possible managers could come to different conclusions about how a particular company performs with respect to the same environmental, social and governance criteria. above, including Non-Traditional fixed Assets, ALIGN Strategic All Growth (Absolute Return) Portfolio. The ALIGN Strategic All Growth (Absolute Return) Portfolio seeks to provide aggressive growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities. A material portion of this Portfolio will normally seek to provide absolute return by in Alternative Investment Products, primarily mutual funds, that pursue that strategy. This may involve material exposure to Non-Traditional Assets, leverage, short sales, and derivative instruments. This Portfolio may also invest in other asset classes income described other securities, Alternative Investment Products and cash. This Portfolio has the same risk profile as an All Growth Portfolio. underlying investments, Product allocations intended to in passively managed ETFs Generally, under normal market conditions, the equity security allocation of each ALIGN Strategic Portfolio is designed to be global in nature and attempts to be diversified across countries, industry sectors and company capitalization sizes, with an objective to participate in the total return potential of the global stock markets. The fixed income allocation is also normally global in nature and diversified across credit quality and maturity. The Non-Traditional Asset and Alternative provide Investment diversification and are reduce correlation to U.S. stock and bond markets. ALIGN Strategic All Growth Hybrid (Absolute Return) Portfolio. The ALIGN Strategic All Growth Hybrid (Absolute Return) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic All Growth (Absolute Return) Portfolio described above, except that this Portfolio also includes investments in addition to actively managed mutual funds. 91 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investing in equity securities or fixed ALIGN Strategic Capital Growth Portfolio. The ALIGN Strategic Capital Growth Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. A material portion of this Portfolio will normally seek to provide absolute return by in Alternative Investment Products, primarily mutual funds, that pursue that strategy. This may involve material exposure to Non-Traditional Assets, leverage, short sales, and derivative instruments. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, other Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. ALIGN Strategic Capital Growth Hybrid Portfolio. The ALIGN Strategic Capital Growth Hybrid Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. ALIGN Strategic Capital Growth Hybrid (Absolute Return) Portfolio. The ALIGN Strategic Capital Growth Hybrid (Absolute Return) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth (Absolute Return) Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. that its fixed that its fixed ALIGN Strategic Capital Growth (Tax Exempt) Portfolio. The ALIGN Strategic Capital Growth (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth this Portfolio described above, except income invests Portfolio primarily allocation in actively managed mutual funds that in turn principally invest in municipal securities. ALIGN Strategic Capital Growth (Tax Exempt with Absolute Return) Portfolio. The ALIGN Strategic Capital Growth (Tax Exempt with Absolute Return) Portfolio Has the same description as the ALIGN Strategic Capital Growth (Absolute Return) this Portfolio described above, except Portfolio primarily income invests allocation in actively managed mutual funds that in turn principally invest in municipal securities. ALIGN Strategic Capital Growth Hybrid (Tax Exempt) Portfolio. The ALIGN Strategic Capital Growth Hybrid (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth Portfolio described above, except that this Portfolio: (1) includes investments in passively managed ETFs in addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. ALIGN Strategic Capital Growth Hybrid (Tax Exempt with Absolute Return) Portfolio. The ALIGN Strategic Capital Growth Hybrid (Tax Exempt with Absolute Return) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth (Absolute Return) Portfolio described above, except that this Portfolio: (1) includes investments in passively managed ETFs in addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. ALIGN Strategic Capital Growth (Absolute Return) Portfolio. The ALIGN Strategic Capital Growth (Absolute Return) Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally income invest in equity securities or fixed ALIGN Strategic Capital Growth (Diversified Yield) Portfolio. The ALIGN Strategic Capital Growth (Diversified Yield) Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its 92 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in equity securities or fixed in passively managed ETFs the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Growth with Income Portfolio described above, except that this Portfolio: (1) includes investments in addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. fixed assets in mutual funds that in turn principally invest income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. A material portion of this Portfolio will normally seek to provide diversified yield by investing in mutual funds that pursue that strategy. This may involve material exposure to high yield bonds, foreign (including emerging markets) income securities, Non-Traditional Assets, REITs, MLPs, and derivative instruments. This Portfolio may also invest in other asset classes described above, including Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. in equity securities or fixed Assets, Alternative ALIGN Strategic Growth with Income Portfolio. The ALIGN Strategic Growth with Income Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest income securities. This Portfolio may also invest in other asset classes described above, including Non- Investment Traditional Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. ALIGN Strategic Growth with Income (Absolute Return) Portfolio. The ALIGN Strategic Growth with Income (Absolute Return) Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. A material portion of this Portfolio will normally seek to provide absolute return by investing in Alternative Investment Products, primarily mutual funds, that pursue that strategy. This may involve material exposure to Non-Traditional Assets, leverage, short sales, and derivative instruments. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, other Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. that this Portfolio also ALIGN Strategic Growth with Income Hybrid Portfolio. The ALIGN Strategic Growth with Income Hybrid Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Growth with Income Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. in passively managed ETFs ALIGN Strategic Growth with Income Hybrid (Absolute Return) Portfolio. The ALIGN Strategic Growth with Income Hybrid (Absolute Return) Portfolio has the same objective, underlying investments, target allocations and risk profile as Income the ALIGN Strategic Growth with (Absolute Return) Portfolio described above, includes except investments in addition to actively managed mutual funds. underlying investments, ALIGN Strategic Growth with Income (Tax Exempt) Portfolio. The ALIGN Strategic Growth with Income (Tax Exempt) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic Growth with Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. ALIGN Strategic Growth with Income (Tax Exempt with Absolute Return) Portfolio. The ALIGN Strategic Growth with Income (Tax Exempt with the same Absolute Return) Portfolio Has description as the ALIGN Strategic Growth with Income (Absolute Return) Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. ALIGN Strategic Growth with Income Hybrid (Tax Exempt) Portfolio. The ALIGN Strategic Growth with Income Hybrid (Tax Exempt) Portfolio has ALIGN Strategic Growth with Income Hybrid (Tax Exempt with Absolute Return) Portfolio. The 93 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  managed ETFs in addition to actively managed mutual funds. underlying investments, ALIGN Strategic Growth with Income Hybrid (Tax Exempt with Absolute Return) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Growth with Income (Absolute Return) Portfolio described above, except that this Portfolio: (1) includes investments in passively managed ETFs in addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. Income with Growth (Tax ALIGN Strategic Exempt) Portfolio. The ALIGN Strategic Income with Growth (Tax Exempt) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic Income with Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. in passively managed ETFs fixed ALIGN Strategic Income with Growth Hybrid (Tax Exempt) Portfolio. The ALIGN Strategic Income with Growth Hybrid (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Income with Growth Portfolio described above, except that this Portfolio: (1) includes in investments addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. ALIGN Strategic Growth with Income (Diversified Yield) Portfolio. The ALIGN Strategic Growth with Income (Diversified Yield) Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. A material portion of this Portfolio will normally seek to provide diversified yield by investing in mutual funds that pursue that strategy. This may involve material exposure to high yield bonds, foreign (including emerging markets) income securities, Non-Traditional Assets, REITs, MLPs, and derivative instruments. This Portfolio may also invest in other asset classes described above, including Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. in fixed including Non-Traditional ALIGN Strategic Income with Growth Portfolio. The ALIGN Strategic Income with Growth Portfolio seeks to provide high current income and some capital. Under normal market growth of conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest income securities or equity securities. This Portfolio normally will have a higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an Income with Growth Portfolio. ALIGN Strategic Income with Growth (Diversified Yield) Portfolio. The ALIGN Strategic Income with Growth (Diversified Yield) Portfolio seeks to provide high current income and some growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in fixed income securities or equity securities. This Portfolio normally will have a higher underlying asset allocation to fixed income securities than equity securities. A material portion of this Portfolio will normally seek to provide diversified yield by investing in mutual funds that pursue that strategy. This may involve material exposure to high yield bonds, foreign (including emerging markets) fixed income securities, Non-Traditional Assets, REITs, MLPs, and derivative instruments. This Portfolio may also invest in other asset classes described above, including Alternative Investment Products and cash. This Portfolio has the same risk profile as an Income with Growth Portfolio. ALIGN Strategic Conservative Income Portfolio. The ALIGN Strategic Conservative Income Portfolio seeks to provide high current income. Under normal market conditions, this Portfolio ALIGN Strategic Income with Growth Hybrid Portfolio. The ALIGN Strategic Income with Growth Hybrid Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Income with Growth Portfolio described above, except that this Portfolio also includes investments in passively 94 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  compared to other ALIGN Strategic Portfolios and are therefore comparatively less diversified. The ALIGN Elements Portfolios are described below. primarily invests its assets in mutual funds that in turn principally invest in fixed income securities and equity securities. This Portfolio normally will have a significantly higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, including Non- Traditional Assets and cash. This Portfolio has the same risk profile as a Conservative Income Portfolio. invest above, including fixed ALIGN Elements All Growth Portfolio. The ALIGN Elements All Growth Portfolio seeks to provide aggressive growth of capital. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds that in turn principally in equity securities. This Portfolio may also invest in other asset classes described income securities, Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN Strategic Conservative Income Hybrid Portfolio. The ALIGN Strategic Conservative Income Hybrid Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Conservative Income Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. Income The ALIGN ALIGN Elements All Growth ETF Portfolio. The ALIGN Elements All Growth ETF Portfolio has the same objective, types of underlying investments, target allocations and risk profile as the ALIGN Elements All Growth Portfolio described above, except that this Portfolio primarily invests in passively managed ETFs instead of actively managed mutual funds. (Tax ALIGN Strategic Conservative Exempt) Strategic Portfolio. Conservative Income (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Conservative Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. Portfolio. The ALIGN Income Hybrid ALIGN Elements ETF All Growth ESG Portfolio. The ALIGN Elements All Growth ESG Portfolio has the same objective, types of underlying investments, target allocations and risk profile as the ALIGN Elements All Growth Portfolio described above, except that this Portfolio primarily invests in ETFs that incorporate ESG criteria into their investment process. that in equity securities or fixed ALIGN Strategic Conservative Income Hybrid (Tax Exempt) Strategic Conservative (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as Income the ALIGN Strategic Conservative Portfolio described above, except this Portfolio: (1) includes investments in passively managed ETFs in addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. ALIGN Elements Capital Growth Portfolio. The ALIGN Elements Capital Growth Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. The ALIGN Strategic Portfolios also include certain ALIGN Elements Portfolios that are designed for certain specific client investment preferences, such as clients preferring passive investment management or tax efficiency, and clients with smaller accounts. ALIGN Elements Portfolios do not invest in as many mutual funds or ETFs ALIGN Elements Capital Growth (Tax Exempt) Portfolio. The ALIGN Elements Capital Growth (Tax Exempt) Portfolio has the same objective, 95 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that its fixed Growth with Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth this Portfolio described above, except income invests Portfolio primarily allocation in actively managed mutual funds that in turn principally invest in municipal securities. same objective, of underlying investments, that ALIGN Elements Capital Growth ETF Portfolio. The ALIGN Elements Capital Growth ETF Portfolio has the types of underlying investments, target allocations and risk profile as the ALIGN Elements Capital Growth Portfolio this Portfolio described above, except primarily invests in passively managed ETFs instead of actively man ALIGN Elements Growth with Income ETF Portfolio. The ALIGN Elements Growth with Income ETF Portfolio has the same objective, types target allocations and risk profile as the ALIGN Elements Growth with Income Portfolio described above, except that this Portfolio primarily invests in passively managed ETFs instead of actively managed mutual funds. underlying investments, that its fixed ALIGN Elements Growth with Income ETF (Tax Exempt) Portfolio. The ALIGN Elements Growth with Income (Tax Exempt) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic Growth with Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in passively managed ETFs that in turn principally invest in municipal securities. ALIGN Elements Capital Growth ETF (Tax Exempt) Portfolio. The ALIGN Elements Capital Growth (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth this Portfolio described above, except Portfolio primarily income invests allocation in passively managed ETFs that in turn principally invest in municipal securities. aged mutual funds. of underlying investments, that ALIGN Elements ETF Capital Growth ESG Portfolio. The ALIGN Elements Capital Growth ESG Portfolio has the same objective, types of underlying investments, target allocations and risk profile as the ALIGN Elements Capital Growth Portfolio described above, except this Portfolio primarily invests in ETFs that incorporate ESG criteria into their investment process. ALIGN Elements ETF Growth with Income ESG Portfolio. The ALIGN Elements Growth with Income ESG Portfolio has the same objective, types target allocations and risk profile as the ALIGN Elements Growth with Income Portfolio described above, except that this Portfolio primarily invests in ETFs that incorporate ESG criteria into their investment process. in equity securities or fixed in fixed Assets, Alternative ALIGN Elements Growth with Income Portfolio. The ALIGN Elements Growth with Income Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest income securities. This Portfolio may also invest in other asset classes described above, including Non- Traditional Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. including Non-Traditional ALIGN Elements Income with Growth Portfolio. The ALIGN Elements Income with Growth Portfolio seeks to provide high current income and some capital. Under normal market growth of conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest income securities or equity securities. This Portfolio normally will have a higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an Income with Growth Portfolio. underlying investments, ALIGN Elements Growth with Income (Tax Exempt) Portfolio. The ALIGN Elements Growth with Income (Tax Exempt) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic ALIGN Elements Income with Growth (Tax Exempt) Portfolio. The ALIGN Elements Income 96 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  underlying investments, of underlying investments, with Growth (Tax Exempt) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic Income with Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. ALIGN Elements Conservative Income ETF Portfolio. The ALIGN Elements Conservative Income ETF Portfolio has the same objective, target types allocations and risk profile as the ALIGN Elements Conservative Income Portfolio described above, except that this Portfolio primarily invests in passively managed ETFs instead of actively managed mutual funds. Portfolio. ALIGN of underlying investments, ALIGN Elements Income with Growth ETF Portfolio. The ALIGN Elements Income with Growth ETF Portfolio has the same objective, target types allocations and risk profile as the ALIGN Elements Income with Growth Portfolio described above, except that this Portfolio primarily invests in passively managed ETFs instead of actively managed mutual funds. ALIGN Elements Conservative Income ETF (Tax Exempt) Elements The Conservative Income (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Conservative Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in passively managed ETFs that in turn principally invest in municipal securities. underlying investments, ALIGN Elements Income with Growth ETF (Tax Exempt) Portfolio. The ALIGN Elements Income with Growth (Tax Exempt) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic Income with Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in passively managed ETFs that in turn principally invest in municipal securities. The descriptions of the ALIGN Strategic Portfolios are current as of the date of this Brochure. However, Baird may change the objective, investments, target allocations or risk profile for any Portfolio at any time. Baird may also offer other model portfolios under the Program from time to time. An ALIGN Strategic Portfolio is subject to the risks associated with the Portfolio’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. The construction of the ALIGN Strategic Portfolios, including allocation and strategic decisions, and the selection of the mutual funds and ETFs for each Strategic Portfolio, are made by Baird’s ALIGN Oversight Committee. ALIGN Elements Conservative Income Portfolio. Income The ALIGN Elements Conservative Portfolio seeks to provide high current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in fixed income securities and equity securities. This Portfolio normally will have a significantly higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, including Non- Traditional Assets and cash. This Portfolio has the same risk profile as a Conservative Income Portfolio. Income ALIGN remove funds (Tax ALIGN Elements Conservative Exempt) Elements The Portfolio. Conservative Income (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Conservative Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. Baird’s Asset Manager Research Department is primarily responsible for assisting with selecting and evaluating mutual funds and ETFs available in the ALIGN Strategic Portfolios Program. The process Baird uses for selecting and removing funds for the ALIGN Strategic Portfolios Program is substantially similar to the process Baird uses to select and from Baird’s Recommended Mutual Fund List described under the heading “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Loss—Investment and Risk Strategies of 97 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  tend to have little or no allocation to those asset classes. Strategies and Methods of Analysis—Methods of Analysis—Certain Recommended Lists—Baird’s Recommended Mutual Fund List” above. The ALIGN Strategic Portfolios Program may include funds included on Baird’s Recommended Mutual Fund List and funds affiliated with Baird. its asset allocation strategies the heading information about how Baird is “Investment More specific develops contained under Strategies—Asset Allocation Strategies” above. The Portfolio asset allocations and the funds included in the Program are evaluated on an ongoing basis, generally at least quarterly. Portfolios may be modified or rebalanced and funds may be removed or added as Baird determines is appropriate. The BairdNext Portfolios include mutual fund and ETF portfolio options. BairdNext mutual fund portfolios primarily consist of actively managed mutual funds; and BairdNext ETF portfolios primarily consist of passively managed ETFs. BairdNext Portfolios Program Program The BairdNext Portfolios Program offers model asset allocation portfolios that have different investment objectives and use different strategic investment strategies. Each BairdNext Portfolio provides for specific levels of investment (or allocation) across the asset classes described under the heading “Investment Strategies—Asset Allocation Strategies” above. The BairdNext offers Portfolios “environmental, social and governance” (“ESG”) portfolios, which focus investments in mutual funds and ETFs with investment managers that evaluate portfolio companies’ performance on various environmental, social and corporate governance criteria as part of the managers’ investment process. The particular environmental, social and governance criteria used by mutual funds and ETFs vary by mutual fund and ETF and are determined by the manager for the applicable mutual fund or ETF and not Baird. How each company performs with respect to those criteria is a matter of subjective judgement. It is possible managers could come to different conclusions about how a particular company performs with respect to the same environmental, social and governance criteria. Product allocations intended to Generally, under normal market conditions, the equity security allocation of each BairdNext Portfolio is designed to be global in nature and attempts to be diversified across countries, industry sectors and company capitalization sizes, with an objective to participate in the total return potential of the global stock markets. The fixed income allocation is also normally global in nature and diversified across credit quality and maturity. The Non-Traditional Asset and Alternative provide Investment reduce diversification and are correlation to U.S. stock and bond markets. Each BairdNext Portfolio generally uses mutual funds or ETPs, primarily ETFs, in order to implement the model asset allocation. Depending on the BairdNext Portfolio chosen, the BairdNext Portfolio may consist of mutual funds and ETFs that have various investment objectives and strategies, including but not limited to, the following: large cap, mid cap and small cap strategies (which may include value, growth or core strategies); short-term, intermediate-term and long-term fixed income strategies (which may include high yield corporate bond strategies); balanced strategies; international and global equity and fixed income strategies; market sector focused strategies, geographic area focused strategies; real estate strategies; commodities strategies; currency strategies; and Alternative Strategies. For additional information regarding the characteristics of the mutual funds and ETFs used in a BairdNext Portfolio, clients should contact their DDK Consultant or review the applicable prospectus. The BairdNext Portfolios Program is designed for clients with smaller accounts and as such does not invest in as many mutual funds or ETFs compared to other Programs. Clients that are able to satisfy applicable account minimums for other Programs are encouraged to discuss with their invest The amount allocated to each asset class and type of investment varies by Portfolio. However, some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. While the BairdNext Portfolios may in Non-Traditional Assets and Alternative Investment Products, those Portfolios 98 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  underlying investments, DDK Consultant whether another Program may be a more appropriate choice for them. The BairdNext Portfolios are described below. objective, target allocations and risk profile as the BairdNext Growth Portfolio described above, except that this Portfolio invests in passively managed ETFs that incorporate ESG criteria into their investment process instead of actively managed mutual funds. invest above, including fixed BairdNext ETF Capital Growth Portfolio. The BairdNext ETF Capital Growth Portfolio has the same objective, underlying investments, target allocations and risk profile as the BairdNext Capital Growth Portfolio described above, except that this Portfolio invests in passively managed ETFs instead of actively managed mutual funds. BairdNext All Growth Portfolio. The BairdNext Growth Portfolio seeks to provide aggressive capital. Under normal market growth of conditions, this Portfolio generally invests nearly all of its assets in mutual funds that in turn principally in equity securities. This Portfolio may also invest in other asset classes income described securities, Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an All Growth Portfolio. BairdNext ETF Capital Growth Portfolio ESG. The BairdNext ETF Capital Growth Portfolio ESG has the same objective, underlying investments, target allocations and risk profile as the BairdNext Capital Growth Portfolio described above, except that this Portfolio invests in passively managed ETFs that incorporate ESG criteria into their investment process instead of actively managed mutual funds. BairdNext Capital Growth Portfolio. The BairdNext Capital Growth Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. BairdNext ETF Growth with Income Portfolio. The BairdNext ETF Growth with Income Portfolio has the same objective, underlying investments, target allocations and risk profile as the BairdNext Growth with Income Portfolio described above, except that this Portfolio invests in passively managed ETFs instead of actively managed mutual funds. including Non-Traditional BairdNext Growth with Income Portfolio. The BairdNext Growth with Income Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. This Portfolio may also invest in other asset classes described Assets, above, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. BairdNext ETF Growth with Income Portfolio ESG. The BairdNext ETF Growth with Income ESG Portfolio has the same objective, underlying investments, target allocations and risk profile as the BairdNext Growth with Income Portfolio described above, except that this Portfolio invests in passively managed ETFs that incorporate ESG criteria into their investment process instead of actively managed mutual funds. BairdNext ETF All Growth Portfolio. The BairdNext ETF Growth Portfolio has the same objective, underlying investments, target allocations and risk profile as the BairdNext Growth Portfolio described above, except that this Portfolio invests in passively managed ETFs instead of actively managed mutual funds. The descriptions of the BairdNext Portfolios are current as of the date of this Brochure. However, Baird may change the objective, investments, target allocations or risk profile for any Portfolio at any time. Baird may also offer other model portfolios under the Program from time to time. BairdNext ETF All Growth Portfolio ESG. The BairdNext ESG Growth Portfolio has the same A BairdNext Portfolio is subject to the risks associated with the Portfolio’s particular strategies 99 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. lists, see The process Baird uses for selecting and removing funds and ETFs for the BairdNext Portfolios Program is substantially similar to the process Baird uses to select and remove mutual funds and ETFs in connection with the ALIGN Strategic Portfolio Program described under “ALIGN Programs—ALIGN Strategic Portfolios” above. A BairdNext Portfolio may include funds included on Baird’s Recommended Mutual Fund List and funds and ETFs offered by managers affiliated with Baird. investment strategies described in the sections “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies” and “The DDK Investment Process” above. They may also use the model portfolios or recommended or eligible product lists made available by Baird’s Asset Manager Research Department or other Baird Departments, or they may use lists of investment products that Baird has generally deemed to be “available” for use in its advisory programs. For more information about Baird model portfolios, recommended lists and eligible product “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis” above. included The Portfolio asset allocations and the investment options in the BairdNext Portfolios Program are evaluated on an ongoing basis, generally at least quarterly. Baird Advisory Choice Program investment strategies, such Department or other DDK manages client assets using investment strategies and investment products based upon a client’s particular investment objectives and financial goals. DDK may use a wide variety of investment products to implement the client’s investment strategy, which investments are further described under “Services, Fees and Compensation—Additional Service Information— Permitted Investments” above. DDK may also use certain as concentrated investment strategies and margin, and certain types of investments, such as illiquid securities and Complex Investment Products, including REITs, private equity funds, funds of private equity funds, leveraged or inverse funds and structured products. These investment strategies and products involve special risks and may not be appropriate for all clients. Please see “Principal Risks” below for more information. Russell Model Strategies Program that have different When recommending investment products to clients under the Baird Advisory Choice Program, DDK uses the investment process described in the section “The DDK Investment Process” above. DDK may also use the investment strategies described in the section “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Strategies” above or the model portfolios or recommended or eligible product lists made available by Baird’s Asset Manager Baird Research Departments, or they may use lists of investment products that Baird has generally deemed to be “available” for use in its advisory programs. For more information about Baird model portfolios, recommended lists and eligible product lists, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Methods of Analysis” above. DDK Investment Management Service The Russell Program offers model asset allocation portfolios investment objectives and use different strategic and tactical investment strategies. Each Russell Strategy provides for specific levels of investment (or allocation) across the asset classes described under the heading “Investment Strategies—Asset Allocation Strategies” above. Under the DDK Investment Management Service, DDK may use various investment strategies. A client’s particular investment strategy is typically determined by DDK in consultation with the client using the investment process described in the section “The DDK Investment Process” above. funds and ETFs Each Russell Strategy generally uses mutual funds and ETFs in order to implement the model asset allocation. Depending on the Russell Strategy chosen, the Russell Strategy may consist of mutual that have various investment objectives and strategies, including DDK Consultants, as a group, utilize a variety of investment styles and strategies, including the 100 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird determines which short term investment product is used. This short term investment allocation may include investments in money market mutual funds affiliated with Baird. strategies); balanced review The Russell Program offers a number of investment strategies through four primary asset allocation models: core models (“Russell Core Models”), tax-managed models (“Russell Tax- Managed Models”), hybrid Models (“Russell Hybrid Models”), and income models (“Russell Income Models”). Russell Core Model Strategies and Russell Tax-Managed Model Strategies primarily consist of actively managed mutual funds; and Russell Hybrid Model and Income Model Strategies primarily consist of both actively managed mutual funds and passive ETFs. but not limited to, the following: large cap, mid cap and small cap strategies (which may include value, growth or core strategies); short-term, intermediate-term and long-term fixed income strategies (which may include high yield corporate bond strategies; international and global equity and fixed income strategies; market sector focused strategies, geographic area focused strategies; real estate strategies; commodities strategies; currency strategies; and Alternative Strategies. Each Russell Strategy will typically invest exclusively or significantly in mutual funds offered by Russell Funds. For additional information regarding the characteristics of the mutual funds and ETFs used in a Russell Strategy, clients should contact their DDK Consultant or the applicable prospectus. Russell Core Model Strategies that have different The Russell Core Model Strategies offer model portfolios investment objectives and use different strategic investment strategies. The amount allocated to each asset class and type of investment varies by Strategy. However, some Strategies may have little or no allocation to one or more asset classes or types of investments described above. Generally, under normal market conditions, the Russell Core Model Strategies are designed to be globally diversified and offer exposure to mix of asset classes and investment styles. The Russell Core Model Strategies are described below. invest above, including fixed organization, Russell Equity Growth Strategy. The Russell Equity Growth Strategy seeks to provide high long-term capital appreciation. Under normal market conditions, this Strategy generally invests nearly all of its assets in mutual funds that in turn principally in equity securities. This Portfolio will also invest in other asset classes income described securities, Non-Traditional Assets, Alternative Investment Products and cash. information management, Russell performs a quantitative and qualitative assessment in the selection of money managers for the mutual funds and ETFs included in the Russell Strategies. The quantitative review generally includes a performance and investment profile analysis. Russell generally reviews the performance patterns of the money managers relative to historic market trends, comparing the manager’s performance to benchmarks and peer group performance statistics. Russell also may review the money manager’s performance in volatile markets for adherence to the money manager’s stated investment philosophy and relative performance in such markets. The qualitative review may include a review of the money manager’s ownership, leadership, experience, research and development efforts, investment process, stability of personnel, adherence to philosophy and risk management. Based on Russell’s quantitative and qualitative assessment, Russell establishes an overall opinion of the money manager. Russell Growth Strategy. The Russell Growth Strategy seeks to provide high long-term capital appreciation and low current income. Under normal market conditions, this Strategy generally invests nearly all of its assets in mutual funds that in turn principally invest in equity securities, fixed income securities. This Strategy normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio will also invest in other asset classes described above, including Non- Each Russell Strategy allocates a portion of the client’s Account to a short term component, typically a money market mutual fund. This allocation is typically for the payment of fees and other charges. Russell determines the percent allocated to this short term component; however, 101 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Assets, Alternative Investment Traditional Products and cash. Tax-Managed Model Strategy generally has the same objective and target asset allocations as its counterpart Russell Core Model Strategy that Russell Tax- discussed above, except Managed Models will seek to achieve their objectives by investing in actively managed mutual funds that place a higher priority on managing tax liability as described above. Russell Hybrid Model Strategies Russell Balanced Strategy. The Russell Balanced Strategy seeks to provide above average capital appreciation and moderate current income. Under normal market conditions, this Strategy generally invests nearly all of its assets in mutual funds that in turn principally invest in equity securities, fixed income securities. This Portfolio will also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. fixed The Russell Hybrid Model Strategies are designed to balance an investor’s preference for active management and the investor’s aversion to the risk of relative underperformance associated with active management. The Russell Hybrid Model Strategies invest in a mix of actively managed mutual funds, multi-factor mutual funds that focus on certain investment characteristics (also factors), such as value, quality, known as momentum or low volatility, and passively managed ETFs. The Russell Hybrid Model in short- and likely engage Strategies will intermediate-term tactical trading that will cause the Strategy’s actual asset allocation to differ from the Strategy’s long-term strategic target asset allocation from time to time. Russell Moderate Strategy. The Russell Moderate Strategy seeks to provide moderate long-term capital appreciation and high current income. Under normal market conditions, this Strategy generally invests nearly all of its assets in mutual funds that in turn principally invest in fixed income securities, equity securities. This Strategy significantly higher normally will have a underlying asset allocation to income securities than equity securities. This Portfolio will also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. equity Russell Conservative Strategy. The Russell Conservative Strategy seeks to provide low long- term capital appreciation and high current income. Under normal market conditions, this Strategy generally invests nearly all of its assets in mutual funds that in turn principally invest in fixed income securities. This Portfolio will also invest in other asset classes described above, including securities, Non-Traditional Assets, Alternative Investment Products and cash. Russell Tax-Managed Model Strategies The Russell Hybrid Model Strategies generally include: (1) a Hybrid Equity Growth Strategy; (2) a Hybrid Growth Strategy; (3) a Hybrid Balanced Strategy; (4) a Hybrid Moderate Strategy; and (5) a Hybrid Conservative Strategy. Each Russell Hybrid Model Strategy generally has the same objective and target asset allocations as its counterpart Russell Core Model Strategy discussed above, except that Hybrid Model Strategies will seek to achieve their objectives by investing in a mix of actively managed mutual funds, multi-factor mutual funds and passively managed ETFs as described above. Russell Income Model Strategies The Russell Tax-Managed Models also seek to improve after-tax returns by investing in actively managed mutual funds that place a higher priority on managing tax liability, such as mutual funds that consider shareholder tax consequences when buying and selling portfolio securities or that invest in tax-exempt securities. The Russell Income Models have a dynamic, yield- income approach to investing. The oriented Income Model Strategies invest in a mix of actively managed mutual funds and passively managed ETFs. Income Strategy. The Russell Conservative Russell Conservative Income Strategy is designed to seek current income over a long-term time horizon. It is intended to be a core part of an income-seeking portfolio. The Russell Tax-Managed Model Strategies generally include: (1) a Tax-Managed Equity Growth Strategy; (2) a Tax-Managed Growth Strategy; (3) a Tax-Managed Balanced Strategy; (4) a Tax-Managed Moderate Strategy; and (5) a Tax-Managed Conservative Strategy. Each Russell 102 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  information regarding intended to be a complete review Russell Balanced Income Strategy. The Russell Balanced Income Strategy is designed to meet more aggressive current income needs and has a higher potential for capital depreciation compared to the Russell Conservative Income Strategy. It is not investment program, but rather it is intended to be a compliment to other income sources. geographic area focused strategies; real estate strategies; commodities strategies; currency strategies; and Alternative Strategies. For the additional characteristics of the mutual funds and ETPs used in a UMA Portfolio, clients should contact their DDK Consultant or the applicable prospectus. The UMA Programs may offer investment in the following sleeves of mutual funds used in the ALIGN Strategic Portfolios Program (the “ALIGN Strategic Sleeves”): Under normal market conditions, the Russell Income Models will invest in mutual funds and ETFs that invest in a mix of equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Implementation by Baird consistent exposure to typically implement • ALIGN Large Cap Growth Sleeve, which seeks to provide larger companies that have above-market growth rates; consistent exposure to • ALIGN Large Cap Value Sleeve, which seeks to provide larger companies that are trading at below-market valuations, on average; the Russell Baird will Strategies as they are proposed by Russell. However, since Baird has discretionary authority, Baird may implement a Russell Strategy differently than proposed by Russell or may sell the client’s investments if Baird determines such action to be necessary and in the client’s best interest. • ALIGN Mid Cap Sleeve, which seeks to provide to medium-sized exposure consistent companies; Clients should contact their DDK Consultant with any questions regarding the Russell Strategies. UMA Programs • ALIGN Small Cap Sleeve, which seeks to provide consistent exposure to smaller-sized companies; • ALIGN International Equity Sleeve, which seeks to provide consistent exposure to non-U.S. companies; Strategies—Asset The UMA Programs offer model asset allocation portfolios that have varying investment objectives and strategies. Each UMA Portfolio provides for specific levels of investment (or allocation) across the asset classes described under the heading Allocation “Investment Strategies” above. to asset classes • ALIGN Satellite Sleeve, which seeks to provide exposure that are not commonly owned in many investors' portfolios, securities, emerging markets including commodities, real estate, high yield bonds and other Non-Traditional Assets; • ALIGN Absolute Return Sleeve, which seeks to provide diversification to a traditional stock and bond allocation by investing in Alternative Strategies; strategies); balanced • ALIGN Diversified Yield Sleeve, which seeks to provide exposure to a wide range of income- producing securities, including various equity investments such as dividend-paying stocks, MLPs, and REITs, as well as various fixed income instruments; Each UMA Portfolio may use mutual funds, ETPs, primarily ETFs, and SMA Strategies, and with respect to the UAS Program, PWM-Managed Portfolios, in order to implement the model asset allocation. Depending on the UMA Portfolio chosen, the UMA Portfolio may consist of mutual funds, ETFs, SMAs and PWM-Managed Portfolios that have various investment objectives and strategies, including but not limited to, the following: large cap, mid cap and small cap strategies (which may include value, growth or core strategies); ultra-short term, short-term, intermediate-term and long-term fixed income strategies (which may include high yield corporate bond strategies; international and global equity and fixed income focused strategies, strategies; market sector 103 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  • ALIGN Short-Term Taxable Fixed and tax-exempt accounts of clients with differing investment objectives and risk tolerances. Income Sleeve, which seeks to provide consistent exposure to fixed income securities that have shorter maturities, typically less than five years; • ALIGN Short-Term Tax Exempt Fixed Income Sleeve, which seeks to provide consistent exposure to municipal or other tax exempt fixed income securities that have shorter maturities, typically less than five years; Product allocations intended to Generally, under normal market conditions, the equity security allocation of each ALIGN UMA Select Portfolio is designed to be global in nature and attempts to be diversified across countries, industry sectors and company capitalization sizes, with an objective to participate in the total return potential of the global stock markets. The fixed income allocation is also normally global in nature and diversified across credit quality and maturity. The Non-Traditional Asset and Alternative provide Investment diversification and are reduce correlation to U.S. stock and bond markets. intermediate • ALIGN Intermediate Taxable Fixed Income Sleeve, which seeks to provide consistent exposure to a broad range of fixed income securities that under normal market conditions term on average will have durations and maturities; and • ALIGN Intermediate Tax Exempt Fixed Income Sleeve, which seeks to provide consistent exposure to a broad range of municipal or other tax exempt fixed income securities that under normal market conditions on average will have intermediate term durations and maturities. The amount allocated to each asset class and type of investment varies by Portfolio. However, some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. its asset allocation strategies the heading information about how Baird is “Investment Certain strategies offered under the ALIGN UMA Select Portfolios Program are “environmental, social and governance” (“ESG”) portfolios, which focus investments in mutual funds, ETFs and SMAs with investment managers that evaluate portfolio companies’ performance on various environmental, social and corporate governance criteria as part of the managers’ investment process. The particular environmental, social and governance criteria used by mutual funds and ETFs vary by mutual fund and ETF and are determined by the manager for the applicable mutual fund or ETF and not by Baird. How each company performs with respect to those criteria is a matter of subjective judgement. It is possible managers could come to different conclusions about how a particular company performs with respect to the same environmental, social and governance criteria. More specific develops contained under Strategies—Asset Allocation Strategies” above. The ALIGN UMA Select Portfolios are described below. Some UMA Portfolios have a risk profile designation of (1) All Growth Portfolio, (2) Capital Income Growth Portfolio, (3) Growth with Portfolio, (4) Income with Growth Portfolio, (5) Conservative Income Portfolio, or (6) Capital Preservation Portfolio, which are described under “Principal Risks—Risk Information for ALIGN, PIM, and UMA Program Accounts and Other Accounts Following Asset Allocation Strategies” below. ALIGN UMA Select Portfolios and use different ALIGN UMA Select All Growth Portfolio. The ALIGN UMA Select All Growth Portfolio seeks to provide aggressive growth of capital. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities. This Portfolio may also invest in other asset classes described above, including fixed Assets, securities, Non-Traditional income Alternative Investment Products and cash. This Portfolio has the same risk profile as an All Growth Portfolio. The ALIGN UMA Select Portfolios Program offers model portfolios that have different investment objectives investment strategies. The ALIGN UMA Select Portfolios Program generally accommodates both taxable 104 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  above, including fixed ALIGN UMA Select ESG Equity. The ALIGN UMA Select ESG Equity Portfolio seeks to provide growth of capital, with some consideration for volatility. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities and that have investment managers that that incorporate ESG criteria into their investment process. While this Portfolio may invest in companies across all market capitalizations, the equity securities portion of this Portfolio tends to emphasize mid cap and large cap companies. This Portfolio may also invest in other asset classes described above, including fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. However, it tends to have little or no allocation to those asset classes, except for cash. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN UMA Select Conservative Equity Portfolio. The ALIGN UMA Select Conservative Equity Portfolio seeks to provide growth of capital, with great consideration for volatility. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities. While this Portfolio may invest in companies across all market capitalizations and geographic locations, the equity securities portion of this Portfolio tends to emphasize mid cap and large cap companies and the foreign equity securities portion of this Portfolio tends to emphasize developed market companies. This Portfolio may also invest in other asset classes described income securities, Non-Traditional Assets, Alternative Investment Products and cash. However, it tends to have little or no allocation to those asset classes, except for cash. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN UMA Select Opportunistic Equity Portfolio. The ALIGN UMA Select Opportunistic Equity Portfolio seeks to provide growth of capital, with limited consideration for volatility. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities. This Portfolio may also invest in other asset classes described above, including fixed Assets, securities, Non-Traditional income Alternative Investment Products and cash. However, it tends to have little or no allocation to those asset classes, except for cash. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN UMA Select Capital Growth Portfolio. The ALIGN UMA Select Capital Growth Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities or fixed income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. its fixed ALIGN UMA Select Capital Growth (Municipal) Portfolio. The ALIGN UMA Select Capital Growth (Municipal) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN UMA Select Capital Growth Portfolio described above, except that this Portfolio primarily income invests allocation in actively managed mutual funds, ETPs and SMAs that in turn principally invest in municipal securities. above, including fixed ALIGN UMA Select Traditional Equity Portfolio. The ALIGN UMA Select Traditional Equity Portfolio seeks to provide growth of capital, with some consideration for volatility. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities. While this Portfolio may invest in companies across all market capitalizations, the equity securities portion of this Portfolio tends to emphasize mid cap and large cap companies. This Portfolio may also invest in other asset classes described income securities, Non-Traditional Assets, Alternative Investment Products and cash. However, it tends to have little or no allocation to those asset classes, except for cash. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN UMA Select Growth with Income Portfolio. The ALIGN UMA Select Growth with Income Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities or fixed 105 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. may also include other investments deemed appropriate by Baird, such as funds included on the Recommended Mutual Fund List. This Portfolio has the same risk profile as an All Growth Portfolio. is ALIGN UMA Select Growth with Income (Municipal) Portfolio. The ALIGN UMA Select Growth with Income (Municipal) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN UMA Select Growth with Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. investing in Baird Research Income Portfolio. The Baird Research Income Portfolio seeks to provide income while outperforming the MSCI ACWI index on a risk-adjusted basis over full market cycles. The Baird Research Income Portfolio provides a solution for certain income-oriented investors seeking to benefit from broader diversification. The Portfolio invests in stocks included in Baird’s then Rising Dividend Portfolio, which complimented by the ALIGN Diversified Yield Sleeve and mutual funds included on the Baird Recommended Mutual Fund List for exposure to non-US dividend stocks and high yield fixed income. This Portfolio has the same risk profile as an All Growth Portfolio. in fixed including Non-Traditional included ALIGN UMA Select Income with Growth Portfolio. The ALIGN UMA Select Income with Growth Portfolio seeks to provide current income and some growth. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds, ETFs and SMAs that in turn principally invest income securities or equity securities. This Portfolio normally will have a higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an Income with Growth Portfolio. Baird Research Capital Growth (Taxable) Portfolio. The Baird Research Capital Growth (Taxable) Portfolio seeks to provide growth of capital. Under normal market conditions, the Baird Research Capital Growth (Taxable) Portfolio provides a globally-diversified asset allocation with a target allocation of 80% to equity securities and 20% to fixed income securities. The Portfolio invests in in the Baird Recommended stocks Portfolio, which is then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Income Sleeve, and ALIGN Taxable Fixed Intermediate Taxable Fixed Income Sleeve. The Portfolio may also include other investments deemed appropriate by Baird, such as funds included on the Recommended Mutual Fund List. This Portfolio has the same risk profile as a - Capital Growth Portfolio. ALIGN UMA Select Income with Growth (Municipal) Portfolio. The ALIGN UMA Select Income with Growth (Municipal) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN UMA Select Income with Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. included Baird Research Equity Portfolio. The Baird Research Equity Portfolio seeks to provide aggressive growth of capital. The Baird Research Equity portfolio provides a globally-diversified allocation to equity securities by investing in stocks in the Baird Recommended Portfolio, which is then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve and the ALIGN International Equity Sleeve. The Portfolio Baird Research Capital Growth (Tax-Exempt) Portfolio. The Baird Research Capital Growth (Tax-Exempt) Portfolio seeks to provide growth of capital. Under normal market conditions, the Baird Research Capital Growth (Tax-Exempt) Portfolio provides a globally-diversified asset allocation with a target allocation of 80% to equity securities and 20% to fixed income securities. The Portfolio invests in stocks included in the Baird Recommended Portfolio, which is then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN 106 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  include other investments Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Tax-Exempt Fixed Income Sleeve, and ALIGN Intermediate Tax- Exempt Fixed Income Sleeve. The Portfolio may also deemed appropriate by Baird, such as funds included on the Recommended Mutual Fund List. This Portfolio has the same risk profile as a Capital Growth Portfolio. included included Baird Research Income with Growth (Taxable) Portfolio. The Baird Research Income with Growth (Taxable) Portfolio seeks to provide high current income and some growth of capital. Under normal market conditions, the Baird Research Income with Growth (Taxable) Portfolio provides a globally-diversified asset allocation with a target allocation of 40% to equity securities and 60% to fixed income securities. The Portfolio invests in stocks in the Baird Recommended Portfolio, which is then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Taxable Fixed Income Sleeve, and ALIGN Intermediate Taxable Fixed Income Sleeve. The Portfolio may also include other investments deemed appropriate by Baird, such as funds included on the Recommended Mutual Fund List. This Portfolio has the same risk profile as an Income with Growth Portfolio. Baird Research Growth with Income (Taxable) Portfolio. The Baird Research Growth with Income (Taxable) Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, the Baird Research Growth with Income (Taxable) Portfolio provides a globally-diversified asset allocation with a target allocation of 60% to equity securities and 40% to fixed income securities. The Portfolio invests in stocks in the Baird Recommended Portfolio, which is then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Taxable Fixed Income Sleeve, and ALIGN Intermediate Taxable Fixed Income Sleeve. The Portfolio may also include other investments deemed appropriate by Baird, such as funds included on the Recommended Mutual Fund List. This Portfolio has the same risk profile as a Growth with Income Portfolio. Portfolio, which is include other investments Portfolio, which is Baird Research Income with Growth (Tax-Exempt) Portfolio. The Baird Research Income with Growth (Tax-Exempt) Portfolio seeks to provide high current income and some growth of capital. Under normal market conditions, the Baird Research Income with Growth (Tax-Exempt) Portfolio provides a globally-diversified asset allocation with a target allocation of 40% to equity securities and 60% to fixed income securities. The Portfolio invests in stocks included in the Baird Recommended then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Tax-Exempt Fixed Income Sleeve, and ALIGN Intermediate Tax- Exempt Fixed Income Sleeve. The Portfolio may deemed also appropriate by Baird, such as funds included on the Recommended Mutual Fund List. This Portfolio has the same risk profile as an Income with Growth Portfolio. include other investments The descriptions of the ALIGN UMA Select Portfolios are current as of the date of this Brochure. However, Baird may change the objective, investments, target allocations or risk profile for any Portfolio at any time. Baird may also offer other model portfolios under the Program from time to time. Baird Research Growth with Income (Tax-Exempt) Portfolio. The Baird Research Growth with Income (Tax-Exempt) Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, the Baird Research Growth with Income (Tax-Exempt) Portfolio provides a globally-diversified asset allocation with a target allocation of 60% to equity securities and 40% to fixed income securities. The Portfolio invests in stocks included in the Baird Recommended then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Tax-Exempt Fixed Income Sleeve, and ALIGN Intermediate Tax- Exempt Fixed Income Sleeve. The Portfolio may also deemed appropriate by Baird, such as funds included on the Recommended Mutual Fund List. This Portfolio has the same risk profile as a Growth with Income Portfolio. An ALIGN UMA Select Portfolio is subject to the risks associated with the Portfolio’s particular 107 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and Evaluation—Selection is described under the heading “Portfolio Manager Selection and Evaluation—UMA Programs” above. strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. PWM-Managed Portfolios. The PWM-Managed Portfolios made available under the UAS Portfolios Program include the following: • The ALIGN Strategic Sleeves; Recommended Funds and and The ALIGN UMA Select Portfolios Program makes available certain UMA Recommended Funds and certain UMA Recommended SMA Strategies. The process Baird uses for selecting and removing UMA UMA Recommended SMA Strategies under the ALIGN UMA Select Portfolio Program is described under the heading “Portfolio Manager Selection and Evaluation—Selection Evaluation—UMA Programs” above. and Methods • the Baird Recommended Portfolio, Baird Rising Dividend Portfolio, and AQA Portfolios described the heading “Methods of Analysis, under Investment Strategies and Risk of Loss— Investment Strategies of Analysis—Methods of Analysis—Certain PWM- Managed Portfolios” above; and An ALIGN UMA Select Portfolio may include funds included on Baird’s Recommended Mutual Fund List and products and SMA Strategies offered by Baird and managers affiliated with Baird. • certain ALIGN Elements Portfolios and ALIGN Strategic Portfolios described under the heading “ALIGN Programs” above. included The Portfolio asset allocations and the investment options in the ALIGN UMA Select Program are evaluated on an ongoing basis, generally at least quarterly. Unified Advisory Select Portfolios The descriptions of the PWM-Managed Portfolios are current as of the date of this Brochure. However, Baird may change the objective, investments or target allocations for any PWM- Managed Portfolio at any time. Baird may also offer other PWM-Managed Portfolios under the Program from time to time. strategies because they UAS Portfolios involve the use of various different investment are customized for each client. A client’s particular investment strategy is typically determined by the client in consultation with the client’s DDK Consultant. Certain mutual funds, ETPs, SMA Strategies and PWM-Managed Portfolios are available to clients to pursue an investment objective or implement a customized asset allocation strategy. and Evaluation—Selection Mutual Funds and ETPs. The UAS Portfolios Program makes available two categories of mutual funds and ETPs: (1) UMA Recommended Funds and (2) UAS Available Funds. The process Baird uses for selecting and removing mutual funds and ETPs under the UAS Portfolios Program is described under the heading “Portfolio Manager Selection and Evaluation—UMA Programs” above. two Discretionary Management by UAS Managers. If a client has selected the discretionary management option of the UAS Program, the DDK Consultant, acting as UAS Manager, will manage the client’s Account in accordance with the UAS Portfolio strategy selected by client. UAS Managers, as a group, utilize a wide variety of investment styles, philosophies, strategies and techniques, including the investment strategies described in the section “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies” above. To implement a client’s UAS Portfolio strategy, UAS Managers may use any of the mutual funds, ETPs, SMA Strategies and PWM-Managed Portfolios made available by Baird for use in the Program. UAS Portfolio strategies will have one of the following investment objectives: (1) All Growth Portfolio, (2) Capital Growth Portfolio, (3) Growth with Income Portfolio, (4) Income with Growth Portfolio, (5) Conservative Income Portfolio, or (6) Capital Preservation Portfolio, which are described under “Investment Strategies—Asset Allocation Strategies” above. SMA Strategies. The UAS Portfolios Program makes available categories of SMA Strategies: (1) UMA Recommended SMA Strategies; and (2) UAS Available SMA Strategies. The process Baird uses for selecting and removing SMA Strategies under the UAS Portfolios Program 108 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  information about the A client should ask the client’s DDK Consultant for additional investment styles, philosophies, strategies, analyses and techniques the DDK Consultant will use in order to meet the client’s objectives. Market Risks. A client’s Account may change in value due to overall market fluctuations. General economic conditions, political developments, international events and other factors may cause the overall market to decline, which in turn may reduce the value of the client’s Account regardless of the relative strength of the securities held in the Account. Securities prices often vary for reasons unrelated to matters directly affecting the issuers of the securities. A UAS Portfolio is subject to the risks associated with the Portfolio’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. fluctuate Principal Risks client accounts about Management and Securities Selection Risks. in value A client’s Account may differently than, or in the opposite direction as, the overall market or applicable benchmark because of the selection of individual securities for the Account. The judgments made by the persons the managing attractiveness, value and potential appreciation of particular securities may prove to be incorrect. For example, while the stock markets may experience increases in value, the client’s Account may experience a decline in value due to the underperformance of the stocks selected for investment in the client’s Account. conditions and other the associated Investment Objective and Asset Allocation Risks. A client’s investment objective and asset allocation strategies involve the risk that certain asset classes selected for the client’s Account may not perform as well as other asset classes during varying periods. In addition, clients who pursue more aggressive investment objectives and asset allocation strategies, while hoping to achieve high returns, may face greater risk of loss than clients with more conservative objectives and strategies. In developing investment objectives and asset allocation strategies, clients should carefully consider their financial situation and needs, investment goals, investment time horizon and risk tolerance. A client should inform the client’s DDK Consultant of these considerations so the DDK Consultant can assist in determining the client’s investment objectives and asset allocation strategies. Risk is inherent in any investment product and DDK and Baird do not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved, and a client could lose all or a portion of the amount invested. The management of client accounts and recommendations made to clients are based in part upon the use of forward- looking projections, which in turn are based upon certain assumptions about how markets will perform in the future. There can be no guarantee that markets will perform in the manner assumed and the actual performance of markets and a client’s Account could differ materially from those assumptions. Also, a client’s Account value may fluctuate, sometimes dramatically, depending upon the nature of the client’s investments, market factors. By participating in a Service, a client may be subject to certain risks, including, but not limited to the risks described below. The risks discussed below vary by Service, investment style or strategy, and the investments in the client’s Account, and each risk may or may not apply to a client. Clients should not pursue a strategy or invest in an investment product unless they are prepared to accept risks. Clients are encouraged to discuss with their DDK Consultant the risks that apply to them. A client should also review the prospectus or other disclosure document for any security or other investment product in which the client invests, as it will contain important information about the risks associated with investing in such security or other investment product. General Risk Information risks of the Services include the General following: Conflicts of Interest Risks. Issuers, advisors or other sponsors of investment products or their affiliates may engage in business practices that conflict with the interests of investors. Among other things, these business practices can have a negative impact on the market price of the investment product. Clients are encouraged to the prospectus or other disclosure review document for the investment product and also 109 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  discuss with their DDK Consultant the conflicts of interest risks that may apply to them. Stock Market Risks. Equity security prices vary and may fall, thus reducing the value of a client’s investments. Certain stocks selected for a client’s Account may decline in value more than the overall stock market. Interest Rate Risk. The value of some investment products, particularly fixed income securities, is affected significantly by changes in interest rates. Generally, when interest rates rise, the product’s market value declines and when interest rates decline, its market value rises. In addition, a rise in interest rates may have a negative impact on the issuer, which, in turn, could have a negative impact on the market value of the investment product. Equity Securities Risks. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets in general, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. Credit Risk. The value of some investment products, particularly fixed income securities, is affected by changes in the product’s credit quality rating or the issuer’s financial condition. If the credit quality rating or the issuer’s financial condition declines, so may the value of the investment product. Issuers may experience unanticipated financial problems and may be unable to meet its payment obligations. Municipal obligations in particular may be adversely affected by political and economic conditions and developments (for example, legislation reducing state aid to local governments.) Bonds receiving the lowest investment grade rating or a non- investment grade rating may have speculative characteristics and, compared to higher grade debt obligations, may have a weakened capacity to make principal and interest payments due to changes in economic conditions or other adverse circumstances. Ratings agencies such as Moody’s, Fitch and S&P provide ratings on bonds based on their analyses of information they deem relevant. Ratings are essentially opinions or judgments of the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and/or repay principal and an agency’s decision to downgrade a security. Common Stock Risks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation interest rates; economic expansion or and contraction; and global or regional political, economic and banking crises. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors. less liquid larger companies. Therefore, Fixed Income Security Risks. Fixed income securities are subject to certain risks, including interest rate risk, credit risk and liquidity risk. In addition, they are subject to maturity risk. Generally, the longer a bond’s maturity, the greater the interest rate risk and the higher its yield. Conversely, the shorter a bond’s maturity, the lower the interest rate risk and the lower its yield. Non-rated, split-rated, below investment grade, and asset-backed securities, including mortgage-backed securities and CMOs, have additional, special risks. them more susceptible Capitalization Size Risks. A client may be invested in small and mid cap stocks, which are often more volatile and than investments in larger companies. The frequency and volume of trading in securities of such companies may be substantially less than is typical of the securities of such companies may be subject to greater and more abrupt price fluctuations. In addition, small- and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, to market making pressures and business failure. 110 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investments market depth, Emerging Markets Risks. in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development, political stability, infrastructure, capitalization, and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Growth and Value Investment Style Risks. Investment styles or strategies that focus on growth stocks may perform better or worse than styles or strategies that focus on value stocks or that are broader or more diversified. Similarly, investment styles or strategies that focus on value stocks may perform better or worse than styles or strategies that focus on growth stocks or that are broader or more diversified. A particular style of investing may go out of favor at times and for extended periods. Growth stocks are often characterized by high price-to-earnings ratios and may be more volatile than stocks with lower price-to-earnings ratios. Value stocks are subject to the risk that the broader market may not agree with the manager’s assessment of, or recognize, the investments’ intrinsic value. foreign ESG Considerations Risk. Consideration of ESG factors in the investment process may cause an advisor or manager to forgo opportunities to recommend or invest in certain companies or to gain exposure to certain industries or regions. Therefore, there is a risk that, under certain market conditions, an Account pursuing strategies that consider ESG factors may underperform accounts that do not consider such factors. There are not universally accepted ESG factors and advisors and managers typically consider them in their discretion. resulting in financial Foreign Issuer and Investment Risks. Securities of issuers, ADRs, Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”), and investments in foreign markets generally, are subject to certain inherent risks, such as political or economic instability of the country of issue, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. Such securities may also be subject to greater fluctuations in price than securities of domestic corporations. Investors in foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may enhance, erode, reverse gains or widen losses from investments denominated in foreign currencies. For instance, foreign governments may limit or prevent investors from transferring their capital out of a country. This may affect the value of a client’s investment in the country that adopts such currency controls. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing the credit risk of such debt. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries. Cybersecurity Risks. With the increased use of technologies such as the Internet to conduct business, issuers of investments are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting issuers or their service providers have the ability to cause impact business operations, disruptions and potentially losses, interference with the ability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting governmental and other regulatory 111 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investment in tax-exempt debt obligations poses additional risks. In many cases, the IRS has not ruled on whether the interest received on a tax- exempt obligation is tax-exempt, and accordingly, purchases of these municipal securities are based on the opinion of bond counsel to the issuers at the time of issuance. Thus, there is a risk that interest may be taxable on a municipal security that is otherwise expected to produce tax-exempt interest. authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While issuers and other parties may establish business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. As a result, client accounts and investments could be negatively impacted. securities, and/or issued by Government Obligation Risks. Client assets may be invested in securities issued, sponsored or guaranteed by the U.S. Government, its agencies and instrumentalities. However, no assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored agencies or instrumentalities where it is not obligated to do so by law. For instance, securities issued by the Government National Mortgage Association (“Ginnie Mae”) are supported by the faith and credit of the United States. full Securities the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) have historically been supported only by the discretionary authority of the U.S. Government. While the U.S. Government provides financial support to various U.S. Government- sponsored agencies and instrumentalities, such as those listed above, no assurance can be given that it will always do so. falling. Since interest federal taxation, in such for purchases or withdrawals. Money Market Fund Risks. A money market fund is a type of mutual fund that generally invests in short-term debt instruments. Many investors use money market funds to store cash. There are three primary types of money market funds: (1) government money market funds (funds that invest nearly all assets in cash, government repurchase agreements collateralized by cash or government securities); (2) retail money market funds (funds that have policies and procedures reasonably designed to limit beneficial ownership to natural persons); and (3) institutional money market funds (funds that permit beneficial ownership by institutions and natural persons). The rules governing money market funds vary based on the type of money market fund. Government and retail money market funds generally try to keep their net asset value (NAV) at a stable $1.00 per share using special pricing and valuation conventions. Institutional money market funds are required to calculate their NAV in a manner such that the NAV will vary based upon the market value of assets and liabilities of the fund (also known as a “floating NAV”). An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although some money market funds seek to preserve the value of an investment at $1.00 per share, there can be no assurance that will occur, and it is possible to lose money should the fund value per share fall. In some circumstances, money market funds may be forced to cease operations when the value of a fund drops. In that event, the fund's holdings may be liquidated and distributed to the fund's shareholders. This liquidation process could take time to complete. During that time, the amounts a client has invested in the money market fund would not be available In addition, retail and institutional money market funds are required to impose redemption fees (also known as liquidity fees) and suspend redemptions (also known as redemption gates) in Municipal Securities Risks. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. Municipal securities may also decrease in value during times when tax rates are income on municipal securities is normally not subject to regular the income attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, such interest income. Any proposed or actual changes rates or exempt status, therefore, can significantly affect the liquidity, marketability and supply and demand for municipal securities, which would in turn affect Baird’s ability to acquire and dispose of municipal securities at desirable yield and price levels. 112 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  redemptions in an investment certain circumstances. Government money market funds may also impose redemption fees and suspend those same circumstances. More specific information about how a money market fund calculates its NAV and the circumstances under which it will impose a redemption fee or suspend redemptions is set forth in the prospectus for that money market fund. by the to lower that were not predicted by can be no assurance that the accuracy and reliability of models and data provided by third parties. Incorrect analyses and assessments or inaccurate or incomplete models and data would adversely affect performance. Additionally, manager’s methodologies and processes are predictive in nature, based on historical outcomes and trends. Certain low-probability events or factors that are assigned little weight may occur or prove to be more likely or may have more relevance than expected, for short or extended periods of time, the portfolios which may adversely affect investment manager’s generated quantitative methodologies and processes. It is also possible that prices of securities may move in directions the investment manager’s quantitative methodologies and processes or may fail to move as much as predicted, for reasons that were not expected. There these methodologies will enable a client to achieve the client’s objective. to make a market for Technical Strategy Risks. Some investment managers may employ technical analysis or investment methodologies to make investment decisions or recommendations. The primary risk of using technical analysis is that past price and volume patterns and trends in the trading markets cannot predict future prices, volume patterns or trends. There is no guarantee that technical investment methods used are designed properly, are updated with new data as it becomes available, or can accurately predict future market or investment performance. In order for technical investment methods to work, there must be sufficient data about the markets available so that trends can be identified and predictions can be made. A technical method may fail to identify trends or be able to accurately predict future prices if a market does not have sufficient data or trends or if the market behaves erratically. Illiquid Securities and Liquidity Risks. Liquidity risk is the risk that certain investments may be difficult or impossible to sell at the time and price that a client would like to sell. Clients may have the price, sell other investments or forego an investment opportunity, any of which may have a negative effect on the management or performance of client accounts. The liquidity of a particular investment depends on the strength of demand for the investment, which is generally related to the willingness of the broker-dealers investment as well as the interest of other investors to buy the investment. During periods of economic uncertainty, significant economic and market downturns and periods in which financial services firms are unable to commit capital to make a market in, or otherwise buy, certain investments, a client may experience challenges in selling such investments at optimal prices. In addition, recent regulatory changes applicable to financial intermediaries that make markets in debt securities have restricted or made it less desirable for those financial intermediaries to hold large inventories of debt securities. Because market makers provide stability to a market through their intermediary services, a reduction in dealer inventories may lead to decreased liquidity and increased volatility in the fixed income markets. In the event the client directs Baird to liquidate an illiquid investment, the client should understand that Baird may have difficulty finding a buyer in the market for such investment and such investment may be held in the Account for a period of time while Baird attempts to satisfy the client’s liquidation request. Quantitative Strategy Risks. Some investment managers may employ quantitative investment methodologies or processes to make investment decisions. The success of the quantitative investment methodologies and processes used by investment managers depends on the analyses and assessments that were used in developing such methodologies and processes, as well as on Concentration Risks. A client’s Account may consist of a portfolio of securities that is concentrated in an issuer or group of issuers, an industry or economic sector or group of related industries or sectors, or concentrated in limited asset classes. Client accounts with concentrated positions are susceptible to greater volatility and increased risk of loss than an Account that is diversified across several issuers and industries or sectors and asset classes. A client should not engage in strategies using concentration unless 113 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Split-Rated, and the client is prepared to experience significant losses in the value of the client’s Account. Non-Rated, Below Investment Grade Securities (High Yield or “Junk” Bonds) Risks. Investing in securities or other investment products that are not rated, split-rated or are below investment grade (also known as high yield or “junk” bonds) involve significant, special risks. As a result, they may not be suitable for some clients. The risks associated with these investments include, but not limited to, price volatility risk, credit risk, default risk, and liquidity risk. Clients investing in securities or other investment products that are not rated, split-rated or are below investment grade should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. including equity, fixed Frequent Trading and Portfolio Turnover Risks. Some of the investment strategies offered to clients in this Brochure may involve frequent or active trading for client accounts, which could result in high portfolio turnover. Strategies that involve frequent or active trading increase the management and securities selection risks because the persons managing the accounts are making more trading decisions, which may prove to be incorrect. A portfolio with a high turnover rate will also incur more transaction costs than one with a lower rate. Higher transaction costs may negatively impact the return of the portfolio. High portfolio turnover may also cause a client to experience adverse tax consequences due to the fact that the client may have increased instances of realized gains and losses and such gains and losses may commonly be characterized as short term gains and losses under applicable tax law. investment style, securities selection credit capitalization risk, foreign Mutual Fund Risks. Mutual funds can have investment objectives and many different strategies, income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, economic industry or sector, or geographic region. Mutual funds have risks, which may include market risk, risk, management and investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, risk, risk, rate investment style issuer and investment risk, and emerging market risk. Certain mutual funds pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of mutual fund selected. Also, investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Asset-Backed Securities Risks. Asset-backed securities are securities secured or backed by mortgage loans, student loans, automobile loans, installment sale contracts, credit card receivables or other assets and are issued by entities such as commercial banks, trusts, financial companies, finance subsidiaries of industrial companies, savings and loan associations, mortgage banks and investment banks. These securities represent interests in pools of assets in which periodic payments of interest or principal on the securities are made, thus, in effect passing through periodic payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. Asset-backed securities are issued in multiple classes (or tranches) and their relative payment rights may be structured in many ways. Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other instruments. Asset-backed securities also can be more sensitive to interest rate risk than other types of fixed income securities. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. Asset-backed securities are subject to a number of other risks, including, but not limited to, market and valuation risks, liquidity risk, and prepayment risk. Exchange Traded Fund Risks. An ETF is different from a mutual fund in that an ETF does not sell its shares directly to public investors and does not redeem shares from public investors. Rather, shares of an ETF are commonly purchased or sold in the secondary market on a securities exchange, like common stocks. An ETF maintains a net asset value but, based on demand and other factors, the market price of shares of an ETF may vary from its net asset value. ETFs invest in and hold securities and other assets, such as stocks, bonds, commodities and currencies, and have stated investment objectives and principal strategies. ETFs can have many 114 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  equity, securities selection credit capitalization risk, foreign closed-end securities include market selection credit capitalization risk, foreign potential returns but also involve the risk of exacerbating losses and depreciation in the value of the underlying securities. Closed-end funds have other risks, which may include market risk, management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, risk, risk, rate investment style issuer and investment risk, and emerging market risk. Certain funds pursue Complex Strategies, which are subject to special risks. Some closed-end funds are organized as interval funds, which differ from traditional closed-end funds in that their shares do not trade on the secondary market, but instead their shares are subject to repurchase offers from the fund. Closed-end funds structured as an interval fund will, therefore be relatively less liquid. Interval funds also often impose a redemption fee when shares are sold back to the fund. The degree of these and other risks will vary depending on the type of close-end fund selected. different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Many ETFs seek to track the performance of an index or other underlying benchmark. Passively managed ETFs will not be able to replicate exactly the performance of the indices the ETFs track because the total return generated by the securities will be reduced by management fees, transaction costs and other expenses incurred by the ETF. ETFs have other risk, risks, which may management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. Certain ETFs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of ETF selected. is selected by equity, that fund that for purposes of making Closed-End Fund Risks. Unlike mutual funds which continuously offer and redeem their shares on a daily basis at net asset value, closed-end funds typically raise money by selling a fixed number of shares of common stock in a single, one-time offering, much the way a company issues stock in an initial public offering. Closed- end funds can have many different investment objectives and strategies, including equity, fixed international, and global income, balanced, strategies, and strategies focus on a particular market capitalization, investment style, industry or sector, or geographic economic shares are not region. Closed-end redeemable, meaning investors cannot require closed-end funds to buy back their shares, although closed-end fund shares are listed and traded on an exchange. For many reasons, closed-end fund shares often trade at a discount to their net asset value and the market prices of closed end fund shares often fall below their public offering prices. Clients are therefore cautioned about buying shares of a closed-end fund in its initial public offering. Closed-end funds often engage in leverage to raise additional capital investments through borrowings and issuances of senior securities (such as preferred stock). Such leverage may present the opportunity to enhance Unit Investment Trust Risks. A UIT is a pooled in which a portfolio of investment vehicle securities the sponsor and deposited into the trust for a specified period of time. The portfolio of a UIT is designed to follow an investment objective over a specified time period, although there is no guarantee that the objective will be met. UITs can have many different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. UITs are passively managed and follow a “buy and hold” strategy, meaning that UITs buy a fixed portfolio of securities and hold on to that portfolio until their termination date at which time the portfolio is liquidated with the net proceeds paid to investors. UITs, thus, generally have a relatively higher risk of loss than other funds in the event of adverse changes in market or economic conditions. UITs have other risks, which may include management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain UITs pursue Complex Strategies, 115 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments which are subject to special risks. The degree of these and other risks will vary depending on the type of UIT selected. Also, investment return and principal value will fluctuate, and units, if and when redeemed, may be worth more or less than their original cost. in securities. investment and trading activities or consuming commodities markets, and in securities or other instruments denominated in or indexed or linked to commodities, are subject to certain risks. Those investments generally will subject a client Account to greater volatility than investments The traditional commodities markets are impacted by a variety of factors, including changes in overall market movements, domestic and foreign political and economic conditions, interest rates, inflation rates and in commodities. Prices of commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major regions. Certain producing commodities may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. No active trading market may exist for certain commodities investments, which may impair the value of the investments. negatively Investment Fund Risks; Purchase and Redemption Risks. Investment Funds are generally subject to the same risks as the securities or other assets in which they invest. In addition, from time to time Baird, a DDK Consultant, or an investment manager may decide to add or remove an Investment Fund to or from an investment strategy or Service. In addition, they may decide to increase or decrease their clients’ account allocations to an Investment Fund. In general, they will place transactions for all affected Accounts at one time, which may cause the fund to experience relatively large purchases or redemptions. Significant purchases and redemptions may adversely affect the fund in question and consequently, a client’s investment. An Investment Fund receiving large purchase orders may have difficulty investing the cash, which may have a negative impact on the fund’s performance. An Investment Fund experiencing large redemption orders may have to sell portfolio securities, which may impact performance and which may have negative tax consequences. Large redemptions could also reduce liquidity as the fund may suspend or delay redemptions. These risks are more pronounced with respect to newer Investment Funds and those with smaller asset sizes. Non-Traditional Assets and Complex Strategies Risks such as commodities, in that Currency Risks. Investments in currencies, and investments in securities or other instruments denominated in or indexed or linked to currencies, are subject to certain risks. Those investments are subject to all of the risks associated with foreign investing generally. In addition, currency markets generally are not as regulated as securities markets. Also, changes in currency exchange rates could adversely impact the investment. Devaluation of a currency by a country will also have a significant negative investment the value of any impact on denominated currency. Currency investments may also be positively or negatively affected by a country’s strategies intended to make its currency stronger or weaker relative to other currencies. the Non-Traditional Assets Risks. Non-Traditional currencies, Assets, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Some Non-Traditional Assets are less transparent and more sensitive to domestic and foreign political and economic conditions than more traditional investments. Non-Traditional Assets are also generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Risks. Investments Commodities in commodities markets or a particular sector of the Leverage and Margin Risks. Leveraging strategies may amplify impact of any decrease in the value of underlying securities in the client’s Account, thereby increasing a client’s risk of loss. The use of leverage may also increase an Account’s volatility. Strategies involving margin can cause a client to lose more money than deposited in the client’s margin account. A client should not engage in strategies involving 116 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the underlying security or leverage or margin unless the client is prepared to experience significant losses in the value of the client’s Account. risk of significant loss if the prevailing market price of index decreased below the strike price. Hedging Risks. When a derivative instrument is used as a hedge against an opposite position, any loss on the derivative instrument should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can be an effective way to reduce the investment risk, it may not always perfectly offset one position with another. As a result, there is no assurance that hedging transactions will be effective. Complex Investment Product Risks Short Sales Risks. Short selling runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, which may result having to buy the securities sold short at an unfavorable price. A client should not engage in short sales unless the client is prepared to experience significant losses in the client’s Account. contracts other funds have unique for those fee an incentive instruments Derivative Instrument Risks. The values of options, convertible securities, futures, swaps, derivative and forward instruments is derived from an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments often have risks similar to the underlying asset, however, in certain cases, those risks are greater than the risks presented by the underlying asset. Derivative instruments may experience dramatic price changes and imperfect correlations between the price of the derivative and the underlying asset, which may increase volatility. Derivatives generally create leverage, and as a result, a small movement in the underlying asset's value can result in large change in the value of the derivative instrument. Derivatives are also subject to liquidity risk, interest rate risk, market risk, credit risk, management risk and counterparty risk. The use of these is not appropriate for some clients because they involve special risks. A client should not invest in these instruments unless the client is prepared to experience volatility and significant losses in the client’s Account. limited short sales, Hedge Funds and Funds of Hedge Fund Risks. Hedge funds typically engage in one or more Complex Strategies, including the use of Non-Traditional Assets, short sales, leverage and other derivative instruments. Funds of hedge funds typically invest substantially all of their assets in other hedge funds. Hedge funds and funds of hedge tax characteristics. A client should consult with a tax advisor before investing in those funds. Some hedge funds and funds of hedge funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of hedge funds and funds of hedge funds are typically higher than other types of funds. Investment advisers or funds often receive a managers management or plus performance-based fee. Because of the existence of a performance-based fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Hedge funds and funds of hedge funds are also subject to a higher risk of incorrect valuations. Many hedge funds hold investments for which market quotations are not readily available, which necessitates the use of “fair value” pricing. Fair value pricing is an inherently subjective process and may not accurately reflect the prices that can actually be obtained upon sale of the assets for which fair values are used. Investments in hedge funds and funds of hedge funds also have reduced liquidity compared to other investments and are generally subject to a higher risk of volatility. Investing in hedge funds and funds of hedge funds involves other special risks, including, but to, risks associated with Non- not Traditional Assets, leverage, derivative instruments, and Complex Strategies. risk, Other risks may include: market Options Risks. In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the 117 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities selection credit capitalization risk, foreign management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. Hedge funds and funds of hedge funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in hedge funds or funds of hedge funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. risk, foreign investments investments made in portfolio companies are not profitable. In addition, investments made by private equity funds and funds of private equity funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private equity funds and funds of private equity funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. Private equity funds and funds of private equity that have funds are complex significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private equity funds and funds of private equity funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. in certain that may sectors, funds are subject to to administrative service in certain sectors, compared other expect Private Equity Funds and Funds of Private Equity Funds Risks. Private equity funds are pools of actively managed capital that invest primarily in private companies with the intent of creating value in the companies in which they invest by improving operations, reducing costs, selling non-core assets and maximizing cash flow. Private equity funds usually have an investment focus on objective or strategy companies industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Funds of private equity funds typically invest substantially all of their assets in other private equity funds. Private equity funds and funds of private equity funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private equity funds and funds of limited private equity regulation and offer limited disclosure and transparency. Also, the costs of private equity funds and funds of private equity funds are funds. typically higher than other types of Investment advisers or managers for those funds often receive a management fee plus an incentive fee or carried interest. Private equity funds and funds of private equity fund are also generally fees and subject portfolio company transaction fees. Because of the existence of a carried interest, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private equity funds and funds of private equity funds also have reduced investments. liquidity to Investors receive to should not distributions from a fund for a number of years. Private equity investing is very risky. Many Private Debt Funds (or Private Credit Funds) and Funds of Private Debt Funds Risks. Private debt funds (also known as private credit funds) are pools of actively managed capital that invest primarily in loans or debt instruments issued by companies in private transactions. Sometimes, repayment of the loan is secured by assets of the companies obtaining the loans. However, the companies often have low or no credit ratings. Thus, investments held by private debt funds generally are subject the same risks as below investment grade or “junk” bonds. Trading markets for the investments held by those funds are also limited and their investments may be illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically reset. These types of investments are sometimes referred to as floating rate corporate debt, floating rate loans or floating rate bank loans. Private debt funds usually have an investment objective or strategy that may focus on companies industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes, including focusing investments on smaller capitalization, distressed or bankrupt companies. Private debt funds commonly use borrowings or leverage to make investments. Funds of private debt funds typically invest 118 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  debt funds have unique warehouses, receive a management transaction should not expect to funds involves special in which they are risk, foreign fund risks, currency risk, growth substantially all of their assets in other private debt funds. Private debt funds and funds of private tax characteristics. A client should consult with a tax advisor before investing in those funds. Private debt funds and funds of private debt funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private debt funds and funds of private debt funds are typically higher than other types of funds. Investment advisers or managers for those funds often fee plus a performance fee. Private debt funds and funds of private debt fund are also generally subject to operational expenses and fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private debt funds and funds of private debt funds also have reduced liquidity compared to other investments. receive Investors distributions from a fund for a number of years. Private debt investing is very risky. Investments made by private debt funds and funds of private debt funds may be concentrated in one or more industries or sectors, geographic economic regions, stages of development or operation, or sizes. Investing in private debt funds and funds of private debt risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, issuer and investment style investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment risks and leveraging risks. Private debt funds and funds of private debt funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private debt funds and funds of private debt funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. risk, credit risk, foreign buildings, shopping malls, multi-family housing, student housing, hotels, resorts, hospitals and health care facilities, self-storage facilities, data telecommunications centers, facilities, and mortgages or loans. Many REITs are registered with the SEC and their common stock and preferred stock are publicly traded on a stock exchange. These are known as publicly-traded REITs. Others may be registered with the SEC but are not publicly traded. These are known as private REITs (also known as non-traded or non- exchange traded REITs). There is no public trading market for private REITs and the sole method for disposing of the shares may be limited to a periodic offer to redeem the shares by the issuer, if the issuer offers a redemption program. Private REITs are generally subject to limited limited disclosure and regulation and offer transparency. The shareholders of a REIT are responsible for paying taxes on the dividends that they receive and on any capital gains associated with their investment in the REIT. Dividends paid by REITs generally are treated as ordinary income and are not entitled to the reduced tax rates on other types of corporate dividends. Prices of REIT securities and trading volumes may be more volatile that other investments. Many REITs focus on a particular sector of the real estate market, such as apartments, student housing, hotels and hospitality, health care, office buildings, shopping malls, warehouses, self-storage facilities and the like. Those REITs are subject to risks associated with sectors focused. Additionally, many REITs may own properties that are concentrated in a particular geographic region or regions, which subject them to the risk of deteriorating economic conditions in those areas. Investing in REITs involves other special risks, including, but not limited to, real estate portfolio (including development, environmental, risk competition, occupancy and maintenance risk), liquidity risk, leverage risk, distribution risk, risk, capital markets access interest risk, counterparty risk, conflicts of risk, and dependence upon key personnel regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, interest issuer and rate investment risk, and emerging market risk. REITs involve significant, special risks and may not be suitable for some clients. Clients investing in REITs should have a high tolerance for risk, including the willingness and ability to accept Real Estate Investment Trusts (“REITs”) and Private REIT Risks. A REIT is a corporation, trust or association that owns and typically operates income-producing real estate or real estate-related assets. The income-producing real estate assets owned by a REIT may include office 119 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  significant price volatility and volatility of regular distribution amounts, potential lack of liquidity and potential loss of their investment. fund risks, currency investments. Some may in properties industries, involved located improved management more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private real estate funds and funds of private real estate funds involves special risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, risks and investment leveraging risks. Private real estate funds and funds of private real estate funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private real estate funds and funds of private real estate funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. real estate funds typically telecommunication, Private utilities, infrastructure for those for those fees and should not expect to investing for significant growth reduced liquidity compared Private Real Estate Funds and Private Real Estate Fund of Funds. Private real estate funds are pools of actively managed capital that directly invest primarily in investments in real estate and real estate-related investments. Private real estate funds may invest in any number of types of real estate, such as office, apartment, retail, lodging, industrial and other real estate and real focus estate-related in certain investment sectors or certain in geographic regions or that have certain sizes of operations or investment requirements. Some may focus investment on properties the manager or sponsor believes are undervalued or undercapitalized or that require repositioning, redevelopment, or additional capital to reach their full value. Private real estate funds commonly use borrowings or leverage to make investments. Trading markets for investments held by those funds are limited and their investments may be illiquid. Funds of invest private substantially all of their assets in other private real estate funds. Private real estate funds and funds of private real estate funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private real estate funds and funds of private real estate funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private real estate funds and funds of private real estate funds are typically higher than other types of funds. Investment advisers or managers funds often receive a management fee plus a performance fee. Private real estate funds and funds of private real estate fund are also generally subject to operational expenses and transaction fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private real estate funds and funds of private real estate funds also have reduced liquidity compared to other investments. receive Investors distributions from a fund for a number of years. Private real estate is very risky. Investments made by private real estate funds and funds of private real estate funds may be concentrated in properties involved in one or Private Infrastructure Funds Risks. Private infrastructure funds are pools of actively managed capital that invest primarily in infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of infrastructure investments may include, among and others, transportation. funds usually have an investment objective or strategy that may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Private infrastructure funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private infrastructure funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private infrastructure funds are typically higher than other types of funds. Investment advisers or funds often receive a managers management fee plus an incentive fee. Private infrastructure funds are also generally subject to administrative service investment transaction fees. Because of the existence of incentive fees, fund managers may be motivated investments that have the to make riskier potential in value. Investments in private infrastructure funds also to other have investments. Investors should not expect to 120 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments made by industries or risks may securities include: market selection credit capitalization risk, foreign risk, foreign infrastructure funds are means to keep the ETN’s market price in line with its indicative value, which have caused significant fluctuations in ETN prices. Investing in ETNs involves special risks, including, but not limited to, risks associated with Non-Traditional Assets and derivative instruments and the risk that the actual market price for an ETN may vary significantly from the indicative value computed by the issuer. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, rate risk, risk, investment style issuer and investment risk, and emerging market risk. ETNs are complex investments and involve significant, special risks. As a result, ETNs may not be suitable for some clients. pools (typically structured receive distributions from a fund for a number of years. Private infrastructure investing is very risky. Many investments are not profitable. In private addition, infrastructure funds may be concentrated in one or more economic sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private infrastructure funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. risk, Other risk, management and investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. complex Private investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private infrastructure funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. throughout in managed currencies, Assets, leverage, Exchange Traded Notes Risks. An ETN is a type of debt security that trades on an exchange and provides a return linked to the performance of an underlying benchmark. The underlying benchmark can be a particular security, bond, commodity, currency, or other Non-Traditional Asset type, a group or basket of companies, securities, commodities, currencies, derivative instruments, Non-Traditional Asset investments or other assets, or an index or other benchmark linked to stocks, market volatility, bonds, interest rates, Treasury yields, yield curves and spreads, derivative instruments, strategies, commodities, currencies or other assets. ETNs trade on the day at prices exchanges determined by the market. Unlike ETFs, issuers of ETNs do not buy or hold assets to replicate or approximate the performance of the underlying benchmark. Also in contrast to ETFs, ETNs also do not calculate their net asset value, are generally not redeemable on a daily basis, and are not registered under the Investment Company Act of 1940. Issuers may also have the right and option to redeem ETNs. Redemptions are made at the ETN’s “indicative value” or “closing indicative value”. An ETN's closing indicative value is computed by the issuer and is distinct from an ETN's market price, which is the price at which an ETN trades in the secondary market. Issuers of ETNs may also issue and redeem notes as a Managed Futures Risks. Managed futures are as commodity investment partnerships) managed by a futures trading adviser that trade speculatively in various derivative instruments and other investments. There are significantly higher fees and expenses associated with investments in managed futures than other types of funds. Sponsors or managers for these pools often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. Managed futures may seek exposure to different asset classes, such as equity securities, fixed income securities, commodities (such as metals, agricultural products, and energy products), currencies, interest rates, and indices. Managed futures often obtain this exposure through derivative instruments, which may be traded on U.S. or foreign exchanges or markets. Managed futures often employ computerized, systematic and often proprietary trading models and systems. Investing futures involves special risks, including, but not limited to, liquidity risks and risks associated with and other Non- commodities, Traditional derivative instruments and Complex Strategies. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging 121 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investing market risk. Managed futures can be speculative investments because of the types of investments they make and they involve significant, special risks. As a result, they may not be suitable for some clients. Clients investing in these funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. risks may securities include: market selection risk, credit risk, risk, foreign emerging market issued in the form of a CD or note) but instead of having a pre-determined rate of interest, the return is linked to the performance of an underlying asset class, such as single security or basket or index of securities; a commodity or basket or index of commodities, including futures; and a foreign currency or basket of foreign currencies. in structured products involves special risks, including, but not limited to, risks associated with derivative instruments. risk, Other management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest issuer and rate investment risk, commodities risk and currency risk. Structured products are complex investments and involve special risks. As a result, they may not be suitable for some clients. inverse is those funds and they Leveraged Fund and Inverse Fund Risks. Leveraged funds and inverse funds may be structured as ETNs, ETFs or open-end mutual funds. Leveraged funds seek to deliver multiples of the performance of the index or benchmark they track. Inverse funds seek to deliver the opposite of the performance of the index or benchmark they track. Leveraged inverse funds seek to achieve a return that is a multiple of the inverse performance of the underlying index. Most leveraged and funds “reset” daily, meaning that they are designed to achieve their stated objectives on a daily basis. Because of the effects of compounding, volatility and the fund expenses, the returns of a leveraged or inverse fund over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. To achieve their objectives, leveraged and inverse funds typically employ aggressive investment techniques, such as the use of leverage, short sales, swap contracts, futures, options and other derivative instruments. Investing in leveraged funds and inverse funds involves special risks, including, but not limited to, risks associated with Non-Traditional Assets, short sales, leverage, and derivative instruments. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Leveraged funds and inverse funds are complex investments that have an increased risk of loss compared to other involve significant, special risks. As a result, they may not be suitable for some clients. A client should not invest in these securities unless the client is prepared to experience significant losses in the value of the client’s Account. Business Development Company Risks. A BDC closed-end typically a domestic, investment company that is operated for the purpose of making equity and debt investments in small and developing businesses, as well as financially troubled businesses. As a result, investments made by BDCs tend to be risky and speculative. Investment advisers or managers for BDCs often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. BDCs commonly use borrowings or leverage to make investments in portfolio companies. Adverse interest rate movements can negatively impact a BDC’s ability to make investments. Investments made by BDCs are typically illiquid, and valuing such investments is challenging. It is possible that valuations on investments used are materially different from the values that BDCs will ultimately receive upon investments. Changing disposition of market and economic conditions affecting a BDC’s investments may cause significant volatility in the BDC’s net asset value and stock price. Due to the nature of BDCs’ investments, securities issued by BDCs are subject to greater liquidity risk than other investments. A debt security or preferred stock issued by a BDC, in many cases, is non- rated or is rated below investment grade, which can carry its own risks. Investing in BDCs involves other special risks, including, but not limited to, Structured Products Risks. Structured products are a hybrid between two asset classes (typically 122 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  risk, capital markets access high tolerance for risk, including the willingness and ability to accept potential lack of liquidity and potential loss of their investment. information about Additional certain Complex Investment Products and other investments pursuing Complex Strategies, including the risks associated with those investments, is available on Baird’s website at bairdwealth.com/retailinvestor and on FINRA’s website at www.finra.org/ Investors. A client is encouraged to read the included on those disclosure documents websites carefully before investing. portfolio company credit and investment risk, risk, leverage dependence upon key personnel risk, and regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, and interest rate risk. BDCs can be speculative investments because of the types of investments they make and involve significant, special risks. As a result, BDC investments may not be suitable for some clients. Clients investing in BDCs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Risks Associated with Certain Investment Objectives and Asset Allocation Strategies Each Account is subject to the risks associated with the investments in the Account. Generally, an Account will be subject to the risks associated with the portfolio listed below that corresponds to the investment objective of the Account or the asset allocation strategy pursued by the Account. risk, common stock to other primary risks, risks, foreign including, but not All Growth Portfolio. An All Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. All Growth Portfolios have historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a high risk of price declines, especially during periods when stock markets in general are declining. An All Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject investment style issuer and investment risks, emerging market risks, fixed income security risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Capital Growth Portfolio. A Capital Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. Capital Growth Portfolios have historically experienced moderately high fluctuations in annual returns Master Limited Partnership Risks. An MLP is a form of publicly-traded partnership that is taxed as a partnership. MLPs have unique tax characteristics. A client should consult with a tax advisor before investing in MLPs. An MLP must generally earn at least 90% of its income from certain qualifying sources, which includes income and gains from certain activities involving natural resources such as oil, natural gas, natural gas liquids, refined petroleum products, coal, carbon dioxide and biofuels. An MLP is generally structured as a limited partnership or limited liability company and managed and operated by a general partner or manager. Owners of an MLP are called “limited partners” or “unit holders”. Unit holders own interests or units in the MLP (“units”) that are traded on a stock exchange. MLPs make distributions to unit holders of their available cash flows. Many MLPs focus on a particular sector or industry. Those MLPs are subject to risks associated with sectors or industries in which they are focused. The value of an investment in an MLP and the amount of distributions it makes may depend on the prices of the underlying commodity, such as oil or natural gas. Many MLPs are sensitive to changes in the prevailing level of commodity prices. MLPs have also shown sensitivity to interest rate movements. Investing in MLPs involves other special risks, limited to, macroeconomic risk, interest rate risk, liquidity risk, operating risk, capital markets access risk, growth risk, distribution risk, conflicts of interest risk, and regulatory risk. MLPs are complex investments that have significant, special risks. As a result, MLPs may not be suitable for some clients. Clients investing in MLPs should have a 123 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  upon Portfolio’s foreign issuer and investment risks, foreign the headings and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining. A Capital Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending specific the investments, the Portfolio may also be subject to other primary risks, including investment style risks, risks, emerging market risks, fixed income securities risk, interest rate risk, credit risk, asset-backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to interest rates and market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when interest rates are rising or when stock markets in general are declining. An Income with Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including issuer and investment style investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. to economic The to other primary risks, risks, foreign to other primary risks, risks, foreign Growth with Income Portfolio. A Growth with Income Portfolio will generally be invested in a manner that seeks to provide moderate growth of capital and some current income. Growth with Income Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions and interest rates. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining or when interest rates are rising. A Growth with Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject including investment style issuer and investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Conservative Income Portfolio. A Conservative Income Portfolio will generally be invested in a manner that seeks to provide current income. Relative the portfolios described above, Conservative Income Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and Portfolio’s conditions. investments are subject to risk of price declines, especially during periods when interest rates are rising. A Conservative Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, equity securities risk, and common stock risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject investment style issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. Income with Growth Portfolio. An Income with Growth Portfolio will generally be invested in a manner that seeks to provide current income and some growth of capital. Income with Growth Capital Preservation Portfolio. A Capital Preservation Portfolio will generally be invested in a manner that seeks to preserve capital while the generating current income. Relative to 124 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fixed income security risks, risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non-Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. interest rates are fixed portfolios described above, Capital Preservation Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and economic conditions. The Portfolio’s investments are subject to risk of price declines, especially during periods rising. A Capital when Preservation Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset income securities risk, allocation risk, interest rate risk, credit risk, and money market fund risk. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including foreign issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. Additional Considerations. A client should note that an Account pursuing a particular investment objective or asset allocation strategy will from time to time be subject to actual risks that are higher or lower than, or different from, the risks described above under certain circumstances. See “Investment Strategies and Methods of Analysis— Investment Strategies—Important Information about Implementation of Investment Objectives and Investment Strategies” above for more information. In addition to the specific risks described above, a client’s Account may be subject to additional risks, depending upon the particular investments in the client’s Account. A client should discuss the risks of particular investments with the client’s DDK Consultant. A client should also note that there is no guarantee as to how an Account will perform in the future. It is possible that an Account could experience more dramatic return or market value fluctuations than occurred in the past. to perception take advantage of of market Available Investment Product Risks the recommended investment Portfolios have that generally do not meet the investments made, less if an Available Product experiences organizational, The use of Available Investment Products, including SMA Strategies made available under the BSN and DC Programs, and including UAS Available SMA Strategies and UAS Available Funds made available under the UAS Program, are subject to additional risks compared to the use of Baird products. Available Investment Products are investment products the qualifications and standards that Baird establishes for its recommended product lists. As a result, there is a higher likelihood that some Available Investment Products will have poor performance and will significantly underperform compared to an applicable benchmark index or peer group. Available Investment Products are also subject to significantly review by Baird rigorous compared to recommended investment products. Investment Product Thus, experiences significant performance problems or if the manager or sponsor of an Available significant Investment management, operational, compliance, legal, regulatory or other problems, Opportunistic Portfolio. An Opportunistic Portfolio will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and the market sectors manager’s pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager to achieve growth while accounting for a client’s specific short, intermediate and long term investment and/or cash flow needs. Depending investment strategy used, some upon Opportunistic historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. Depending upon the investment strategy used and the Portfolio’s investments may be subject to a high risk of price declines, especially during periods when stock markets in general are declining. An Opportunistic Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style risks, foreign issuer and investment risks, emerging market 125 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  is a higher risk that Product that experiences Accordingly, the client is responsible for voting proxies and otherwise addressing all matters submitted for consideration by security holders, and DDK and Baird are under no obligation to take any action or render any advice regarding such matters. The client’s DDK Consultant may, upon the client’s request, provide advice on proxy voting or what other action the client could take. UMA Programs the list of there the Available Investment Product will be made available (and will continue to be made available) to clients by Baird. An investment by a client in an Available Investment the occurrence of any such event could negatively impact the client’s Account. Available Investment Products should only be used by a client if the client wishes to take more responsibility for monitoring and managing the assets in the client’s Account, recommended products does not contain an investment product that meets the client’s particular needs, and the client understands the risks of doing so. Recent Events U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and other global macro factors. Under the ALIGN UMA Select Portfolios and UAS Portfolios Programs, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or the client may delegate such right to the Overlay Manager. A client may select either option by making the appropriate election in the client’s advisory agreement. For information about the Overlay Manager’s voting policies and procedures, clients should review the Overlay Manager’s Form ADV Part 2A Brochure. Separately Managed Accounts The transition to a new administration following recent U.S. Presidential election may the introduce meaningful market uncertainty as new policies, executive orders, or legislation are proposed or enacted. Geopolitical risks appear elevated with the war between Ukraine and Russia now passing its third anniversary, tensions remaining high in the Middle East, and relations between the U.S. and China and other countries are strained. Domestically, inflation remains an area of focus since getting to the U.S. Federal Reserve Board’s 2% target may prove to be more challenging than the market expects. In addition, the level of political discord remains high. Under the Baird Affiliated Managers Program, DDK Recommended Managers Service, Baird SMA Network Program, and Dual Contract Program, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or the client may delegate such right to the investment manager selected to manage the client’s Account (which may include Baird, the Overlay Manager or an Implementation Manager). A client may select either option by making the appropriate election in the client’s advisory agreement (and in the case of a dual contract arrangement under the Dual Contract Program, by providing proper instructions to the manager directly). For information about a manager’s voting policies and procedures, clients should review the manager’s Form ADV Part 2A Brochure. result in an elevated Discretionary Services The uncertain course of these various factors may have a significant negative impact on the global economy, may risk environment with increased volatility in asset prices, which could have an adverse effect on a client’s Account. Voting Client Securities Baird Advisory Choice Program and Other Non-Discretionary Accounts Under the ALIGN Strategic Portfolios, BairdNext Portfolios, DDK Investment Management, and Russell Programs, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or a client may delegate such right to Baird. Under the Baird Advisory Choice Program and with respect to any other Accounts over which the client retains discretionary investment authority, a client retains the right to vote proxies with respect to the securities held in such Accounts. If a client retains proxy voting authority, Baird will forward proxy materials that Baird actually receives to the client. The client will then be solely responsible for analyzing the materials and casting the vote. 126 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  If a client delegates voting authority to Baird, Baird will vote proxies solicited by, or with respect to, securities held in the client’s Account for the exclusive benefit of the client and in accordance with policies and procedures adopted by Baird. specific voting guidelines (e.g., Taft-Hartley guidelines). For those matters for which the independent proxy voting service does not provide a specific voting recommendation, each DDK Consultant or Baird portfolio manager will cast the vote in a manner he or she believes is in the best interest of clients. The votes cast for a client’s Account may differ from those votes cast for other Baird clients based on differing views of DDK Consultants and other Baird portfolio managers. Baird has adopted written policies and procedures that are reasonably designed to ensure that it votes client securities in the best interests of clients. Those procedures address material conflicts of interest that may arise between Baird’s interests and those of its clients. Although a description of Baird’s proxy voting policies and procedures is provided below, Baird will furnish a copy of its proxy voting policies and procedures to clients upon their request. Additionally, clients may obtain information on how Baird actually voted proxies with respect to the securities held in their accounts by contacting their DDK Consultant or by calling (414) 765-3500. interests. Baird utilizes governance services, Baird uses ISS’s electronic vote management system to cast votes on behalf of clients. In connection with Baird’s use of that system, ISS pre-populates how client votes should be cast based upon ISS’s voting recommendations. The system allows Baird to change the pre-populated vote (to the extent permitted by Baird’s proxy voting policies) up until a certain time prior to the applicable meeting (the “voting cut-off time”). Baird’s proxy voting policies are designed to address situations when additional information becomes available after the votes are pre- populated in the system and before the voting cut-off time. However, there is no guarantee that all information that could affect Baird’s proxy voting decision will be received or considered by Baird prior to a vote being cast. voting recommendations. (or responsible interests of In situations in which a client has delegated to Baird voting authority with respect to securities in the client’s Account, Baird will vote proxies in a manner that Baird believes is consistent with the client’s best an independent provider of proxy voting and corporate currently Institutional Shareholder Services (“ISS”), to analyze proxy materials and votes and make ISS independent provides proxy voting guidelines regarding its position on various matters presented by companies to their shareholders for consideration. Baird will typically vote shares in accordance with the recommendations made by ISS. However, ISS’s guidelines are not exhaustive, do not address all potential voting issues, and do not necessarily correspond with the opinions of DDK Consultants or other Baird portfolio managers managing a client’s Account. In the event the client’s DDK Consultant or Baird portfolio manager believes the ISS recommendation is not in the best interest of the client, the DDK Consultant or Baird portfolio manager, as applicable, will bring the issue to Baird’s Proxy Voting Sub-Committee through a proxy challenge process. The Sub- Committee will for then be determining how the vote will be cast. The decision made by the Proxy Voting Sub- Committee on the proxy challenge applies to all advisory accounts managed by the DDK Consultant or Baird portfolio manager (or team of DDK Consultants or Baird portfolio managers), unless the client has directed Baird to utilize The proxy voting policies and procedures also address instances in which Baird’s interests may appear to conflict with client interests, such as when Baird or an affiliate of Baird is managing or administering to manage or seeking administer) a corporate retirement, pension or employee benefit plan or providing (or seeking to provide) advisory or other services to a company whose management is soliciting proxies. In such instances, there may be a concern that Baird would be inclined to vote in favor of management because of Baird’s relationship or pursuit of a relationship with the company. In situations where there is a potential conflict of interest, Proxy Voting Sub-Committee will Baird’s determine the nature and materiality of the conflict. If the conflict is determined to not be material, the Sub-Committee will vote the proxy in a manner the Sub-Committee believes is in the best the client and without consideration of any benefit to Baird or its affiliates. If the potential conflict is determined to be material, Baird’s Proxy Voting Sub-Committee will take one of the following steps to address the potential conflict: (1) cast the vote in accordance 127 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  authorized party) will need to provide voting instructions to Baird. To the extent the client (or other authorized party) does not provide timely voting instructions, Baird will vote such securities to the extent permitted by law and in compliance with the rules of the New York Stock Exchange and the SEC relating to such matters. with the recommendations of ISS or other independent third party; (2) refer the proxy to the client or to a fiduciary of the client for voting purposes; (3) suggest that the client engage another party to determine how the proxy should be voted; (4) if the matter is not addressed by ISS, vote in accordance with management’s recommendation; or (5) abstain from voting. Legal Proceedings and Corporate Actions Generally, none of DDK, Baird or any Other Manager responsible for managing all or a portion of the assets in a client’s Account will render advice or take action on a client’s behalf with respect to securities that are or were held in the client’s Account, or the issuers thereof, which go into default or become the subject of legal proceedings, such as class action claims, defaults or bankruptcies. Also, they may or may not vote or advise clients on other corporate actions, like tender offers, that are not solicited by a proxy statement. At a client’s request, Baird will forward information that Baird actually receives to the client. While Baird uses its best efforts to vote proxies, there are instances when voting is not practical or is not, in Baird’s or DDK Consultants’ view, in the best interest of clients. For example, casting a vote on a foreign security may involve additional costs or may prevent, for a period of time, sales of shares that have been voted. Also, when a client has entered into a securities lending program, Baird generally will not seek to recall the securities on loan for the purpose of voting the securities; however, Baird reserves the right to recall the shares on loan on a best efforts basis if the client’s DDK Consultant becomes aware of a proxy proposal where the proxy vote is materially important to the client’s Account. In addition to the services described above, Baird has engaged ISS for vote execution and record- keeping services. Other Proxy Voting Information Clients wishing to direct particular votes once they have granted Baird discretionary voting authority may do so by contacting their DDK Consultant. However, if Baird has been granted discretionary voting authority, neither DDK nor Baird will provide a client with notice that Baird has received a proxy solicitation, nor will they consult with the client before casting a vote, unless the client otherwise directs them to do so. investment timeframe, and Client Information Provided to Portfolio Managers Under the Baird Affiliated Managers Program, DDK Recommended Managers Service, Baird SMA Network Program, and Dual Contract Program, and UMA Programs, DDK and Baird provide information about the client to the certain investment managers managing the client’s Account (which may include the Overlay Manager or an Implementation Manager) when the client establishes the advisory relationship with such managers. Such information includes the client’s investment objectives and risk tolerance and tax lot information for the applicable Account assets. Under the Baird SMA Network Program and DDK Recommended Managers Service, DDK and Baird also provide to the investment manager a client’s age, liquidity requirements. Except to the extent a client has delegated proxy voting authority to Baird, DDK and Baird have no authority, direct or implicit, and accept no responsibility for taking any action or rendering any advice with respect to the voting of proxies related to securities held in a client’s Accounts. Providing Baird Voting Instructions Unless specifically requested to do so by a client, DDK and Baird do not generally provide such information about the client on an ongoing basis to the investment manager managing the client’s Account. As mentioned above, Baird may be the holder of record for certain securities in a client’s Account. If the client retains voting authority over such securities (or delegates such authority to party other than Baird), and a proxy is solicited with respect to any such securities, the client (or other Baird also generally provides the following to the client’s manager unless otherwise instructed by a client: trade confirmations, account statements, and access to client’s Account on Baird’s system. 128 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  their Client Contact with Portfolio Managers DDK and Baird do not place any restrictions upon clients who wish to contact or consult with Other accounts. DDK Managers managing encourages clients to discuss their accounts with their DDK Consultant. reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. certain of the its to adopt or to provide designed to Baird’s clients and Additional Information Disciplinary Information In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have retirement plan and disadvantaged certain charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. supervisor within In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by subadvisors participating in Baird’s wrap fee programs offered Private Wealth Management through Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have implement policies and failed specific procedures information financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a its Private Wealth firm Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) and 207 of for making the Advisers Act inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure 129 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Initiative.” Under brokerage customers an it charged supervisory system firms bought fees and/or the conflict of unfair certain commission when its published minimum commission amount of $100 on 7,277 retail equity trades and failed to establish and maintain a reasonably designed to prevent charging a customer a commission that is unreasonable or unfair in violation of FINRA Rules 3110, 2121, and 2010. Baird also consented to a censure, a fine in the amount of $150,000, and the payment of restitution of $266,481 plus interest. The findings related to FINRA’s routine examination of Baird in 2020. During that examination, Baird modified its minimum commission schedule and supervisory procedures. Baird also took steps to make payments to the affected customers, which on average amounted to $36.62 per trade and $57.64 per customer. Baird will continue to make efforts to ensure that it charges fair prices and commissions on all securities transactions with its customers. The brokerage customers identified by FINRA did not include any DDK client and no DDK client was alleged to have been charged an unfair commission. its the program, (or SCSD) investment advisory firms were offered the opportunity to voluntarily self-report violations of the federal securities laws relating to mutual fund share class selection and related disclosure issues and agree to settlement terms imposed by the SEC, including returning money to affected investment advisory clients. The central issue identified by the SEC was that, in many cases, investment advisory for or recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the firms when lower- cost share classes were available to those advisory clients, and the investment advisory firms did not adequately disclose their receipt of interest 12b-1 associated with those 12b-1 paying share classes. Baird and many other firms self-reported under the program and entered into substantially identical orders. By self-reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. More information about the order is contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public Disclosure website at https://www.adviserinfo.sec.gov/IAPD/Default.as px or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press- release/2019-28. other reports about an reports was engaged to disclose In June 2019, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that between late April 2013 and early July 2013 it published research issuer without disclosing that the research analyst who authored in employment the discussions with the issuer that constituted an actual, material conflict of interest and that the failure research analyst’s the employment discussions with the issuer in the research reports made those reports misleading. Baird was censured and fined $150,000. the In September 2023, Baird entered into an Offer of Settlement with the SEC, in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business- related communications made by Baird associates when they used their personal devices (“off- channel communications”) and for failing to supervise business-related associates’ communications. The settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were text and properly retaining business-related instant messages off-channel and communications sent and received on employees’ personal devices. Following the commencement of the SEC’s initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it was discovered that certain Baird supervisors communicated off-channel using non-Baird approved methods on their personal devices about Baird’s broker-dealer and investment findings were adviser businesses, and reported to the SEC. Baird took steps prior to and In August 2022, Baird, without admitting or denying the findings, consented to the entry of findings of FINRA, which found that it charged 130 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  communications. As part of deciding to select or recommend affiliated or related investment products are generally the same as those used for unrelated investment products. However, a client should note that certain Services and certain categories of investment products made available to clients only offer advisors or investment products that are affiliated or related to with Baird. In those cases, Baird and its DDK Consultants do not impose the same criteria or level of review. Broker-Dealer Activities including: training, after the SEC’s review, including implementing a new communication tool designed for Baird associates’ personal devices, conducting training, and periodically requiring requisite associates to provide an attestation relating to their business- related the settlement, Baird was censured and ordered to cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies and procedures, surveillance program, technology solutions and similar matters related to off-channel communications. Baird is engaged in a broad range of broker- dealer activities, individual and institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. Additional information about Baird’s disciplinary history is available on the SEC’s website at www.adviserinfo.sec.gov. Certain DDK and Baird associates and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. Investment Management Activities Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker- dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker- dealers, financial investment advisors, other services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. Baird and DDK Consultants may, from time to time refer clients to Baird Advisors or Baird Equity Asset Management, investment management departments of Baird, or CCM, a division of Baird Equity Asset Management. DDK Consultants are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. DDK Consultants may have a financial incentive to recommend to clients the services of those Baird investment management departments over the services provided by other investment managers. receive higher through disclosure In addition, From time to time, Baird and its DDK Consultants may recommend that clients retain the services of financial services firms or invest in investment products that are affiliated with or related to Baird. Such a recommendation of affiliated or related financial services firms or investment products creates a potential conflict of interest because Baird, its DDK Consultants and related aggregate parties may compensation if clients retain those firms or invest in those investment products instead of retaining unrelated firms or investing in unrelated this investment products. Baird addresses this in potential conflict Brochure. Further, when acting as fiduciaries, Baird and its DDK Consultants are required to select or recommend investment products only when they determine it to be in the client’s best interest to do so. The criteria used by them in Baird Equity Asset Management acts as investment manager to clients pursuing the Baird Equity Asset Management Strategies under the Baird Affiliated Managers Program. Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. investment products and services offered by Baird Advisors, Baird Equity Asset Management and CCM have been selected by Baird for inclusion in the BAM and UMA 131 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Programs and are made available to clients through other Services. Baird has a financial incentive to favor Baird Advisors, Baird Equity Asset Management and CCM because Baird receives more compensation if Baird Advisors, Baird Equity Asset Management or CCM manages a client’s Account rather than other unrelated managers. Baird is affiliated, and may be deemed to be under common control, with Strategas, by virtue of their common indirect ownership by BFG. investment products and Certain Strategas services have been selected by Baird for inclusion in the BAM and UMA Programs and are made available to clients through other Services. Due to its affiliation with Strategas, Baird has a financial incentive to favor Strategas investment products and services. Certain Affiliated and Related Parties Affiliated Broker-Dealers and BFG’s Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Certain investment products associated with Strategas Securities are made available to clients through the Services. Due to its affiliation with Strategas Securities, Baird has a financial incentive to favor Strategas Securities’ investment products and services. Baird is affiliated, and may be deemed to be under common control, with GAMMA by virtue of BFG’s and Riverfront’s indirect minority ownership of GAMMA and Riverfront’s representation on the board of directors of GAMMA. Certain GAMMA investment products and services have been selected by Baird for inclusion in the BAM and UMA Programs and are made available to clients through other Services. Due to its affiliation with GAMMA, Baird has a financial incentive to favor GAMMA investment products and services. Affiliated and Related Investment Advisors information about Riverfront Riverfront provides Baird is related to LoCorr by virtue of BFG’s indirect minority ownership of the holding company of LoCorr and BFG’s representation on such holding company’s board of managers. From time to time, DDK Consultants may use or recommend LoCorr investment products and services. Due to its relation to LoCorr, Baird has a financial incentive to favor LoCorr investment products and services. in to Baird is affiliated, and may be deemed to be under common control, with Riverfront by virtue of their common indirect ownership by BFG. Additional is available in Riverfront’s Form ADV Part 2A investment Brochure. management services under the Baird Affiliated Managers Program. Some Riverfront Portfolios utilize research or other services provided by Strategas or CCM. Certain Riverfront investment products and services have been selected by Baird for inclusion in the BAM and UMA Programs and are made available to DDK clients through other Services. Due its affiliation with Riverfront, Baird has a financial incentive to favor Riverfront investment products and services. 55ip uses research and other services from the Riverfront, an affiliate of Baird, development of its portfolios under the BSN Program, and Riverfront receives compensation from 55ip with respect to those portfolios. Due to its affiliation with Riverfront, Baird has a financial incentive to favor 55ip portfolios that use Riverfront services. Affiliated and Related Mutual Funds, ETFs and Investment Companies Baird is related to Greenhouse and Greenhouse Fund GP LLC (“Greenhouse GP”) by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. From time to time, recommend DDK Consultants may use or Greenhouse or Greenhouse GP investment products and services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor their investment products and services. Baird is the investment adviser and principal underwriter for the Baird Funds. Baird Advisors provides investment management, administrative, to certain Baird Funds and other services investing primarily in fixed income securities (the “Baird Bond Funds”). Baird Equity Asset Management and CCM provide investment management and other services to certain Baird Funds investing primarily in equity securities (the 132 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. and statement of information about those funds for and statement of CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those those services. Additional mutual funds, including information relating to the fees paid by investment management services, is available in the funds’ prospectus additional information. “Baird Equity Funds”), and Greenhouse is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. Certain Baird Equity Funds have investment objectives and strategies substantially similar to certain of the Baird Equity Asset Management Portfolio strategies discussed above. As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus additional information available on Baird’s website at bairdassetmanagement.com/baird-funds. Certain Baird Funds have been selected by Baird for inclusion in the ALIGN, BairdNext Portfolios and UMA Programs and on Baird’s Recommended Mutual Fund List, and all Baird Funds are made available to DDK clients through other Services. Baird has a financial incentive to favor the Baird Funds because Baird receives more compensation if a client invests in the Baird Funds rather than other unrelated funds. on website investments those Funds Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend Income Trust Series, the Automated Quantitative Analysis (AQA®) Portfolio Series, and the AQA® Large- Cap Portfolio Series. Additional information about those investment products, including information relating to the compensation paid to Baird is available in the applicable prospectus and other fund documents. Those investment products are made available to clients through the Programs. Due to its affiliation with those investment products, Baird has a financial incentive to favor those investment products. DDK Consultants who refer clients to the Baird Funds are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. The amount of the referral compensation is disclosed in each Fund’s statement of additional information at available Baird’s bairdassetmanagement.com/baird-funds. DDK Consultants may have a financial incentive to favor over in investments in other mutual funds and to favor the Baird Equity over the Baird Bond Funds. funds and ETFs, those funds for Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. and statement of for Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange- Traded Fund III. Additional information about including those mutual information relating to the compensation paid to Riverfront by investment management services, is available in each fund’s prospectus additional information. Certain mutual funds and ETFs managed by Riverfront have been selected by Baird for inclusion in the ALIGN and UMA Programs, and all such mutual funds and ETFs are made available to clients through other Services. Due to its affiliation with Riverfront, Baird has a financial incentive to favor funds managed by Riverfront. Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives compensation those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. 133 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC Baird Venture Partners III Limited Partnership BVP III Affiliates Fund Limited Partnership BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership is available in BVP IV Special Affiliates Limited Partnership Baird Venture Partners Management Company V, LLC Baird Venture Partners V Limited Partnership BVP V Affiliates Fund Limited Partnership Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products, including information relating to the compensation paid to Strategas and Strategas Securities, the applicable prospectus. Those investment products are made available to clients through the Services. Due to its affiliation with Strategas and Strategas Securities, Baird has a financial incentive to favor those investment products. BVP V Special Affiliates Fund Limited Partnership Baird Capital Partners Management Company V, LLC Baird Capital Partners V Limited Partnership BCP V Affiliates Fund Limited Partnership BCP V Special Affiliates Limited Partnership LoCorr acts as investment advisor to the LoCorr Funds. The LoCorr Funds are made available to clients through the Services. Due to its relation to the LoCorr Funds, Baird has a financial incentive to favor the LoCorr Funds. Baird Capital Management Company, LLC Baird Venture Partners GP VI, LLC Affiliated Private Funds Baird Venture Partners VI LP BVP VI Affiliates Fund LP BVP VI Special Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management I LP Baird Capital Global Fund I LP funds are private pooled Baird Capital Global Fund I-DE LP BCGF I Special Affiliates LP BCGF I Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management II LLC CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those investment vehicles that are not required to be registered with the SEC as investment companies. Due to their affiliation with the Chautauqua Private Funds, Baird Equity Asset Management, CCM and Baird have a financial incentive to favor those funds. Baird Capital Global Fund II Limited Partnership BCGF II Affiliates Fund Limited Partnership Affiliated Private Equity Funds BCGF II Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Capital Global GP III LLC Baird Capital Global Fund III LP BCGF III Affiliates Fund LP BCGF III Special Affiliates LP Baird Capital Partners Europe Limited* Baird Capital Partners Europe II LP Baird Capital Partners Europe II Special Affiliates LP Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird and its DDK Consultants may refer clients to Baird Capital. The private equity funds offered through Baird Capital make venture capital, growth equity and private equity investments primarily in the business-to- business, technology and services sector. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. The Growth Fund 134 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Related Hedge Funds * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. to Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. The Greenhouse Onshore Fund LP is available to clients under the Services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor those hedge funds. to a client in Other Affiliated Financial Services Firms If a client expresses an interest, DDK Consultants may refer clients to Baird Capital. DDK does not charge fees on client assets invested in private equity funds affiliated with Baird. Instead, the general partner of the private equity fund may provide compensation the client’s DDK Consultant for referring the client to Baird Capital. The actual amount of compensation may vary based upon the client’s investment commitment and will be disclosed the documentation the client receives in connection with the investment. Due to Baird’s affiliation with those private equity funds and the referral compensation paid to DDK Consultants, Baird and DDK Consultants have a financial incentive to favor those private equity funds. on Baird Baird is affiliated, and may be deemed to be under common control, with Baird Trust, a Kentucky-chartered trust company, by virtue of their common indirect ownership by BFG. Certain Baird Trust investment products and services, such as the Baird Trust Strategies, have been selected for inclusion in the BAM and UMA Programs and are made available to clients through other Services. Due to its affiliation with Baird Trust, Baird has a financial incentive to investment products and favor Baird Trust services. Baird also has a financial incentive to the extent it would recommend that a client invest in a portfolio company owned by an affiliated private equity fund. A list of the portfolio investments held by private equity funds affiliated with Baird is located at Capital’s website https://www.bairdcapital.com/portfolio/baird- capital-portfolio.aspx. Baird and DDK Consultant receive compensation from Baird Trust for referring clients and relationship management providing ongoing services to clients engaging Baird Trust for trust administration services as described under the heading “Services, Fees and Compensation— Additional Service Information—Trust Services Arrangements” above. Baird and DDK Consultants thus have a financial incentive to favor Baird Trust over other trust companies. The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. These funds generally co-invest with unaffiliated private equity funds and private equity professionals in transactions in the United States and Europe. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. Other Financial Industry Activities Certain Baird Principal Group-Related Entities managers, including Investment Advisor Private Equity Fund(s) Baird Principal Group Management Company I, LLC Baird Principal Group Partners Fund I Limited Partnership Baird Principal Group Management Company II, LLC Baird Principal Group Partners Fund II Limited Partnership Baird Principal Group Management Company, LLC the services of such Baird Principal Group Partners Fund III, LP Baird has business relationships with many investment those participating in the Services, separate and apart from the Services. Other investment management firms may select Baird, in its capacity as a broker- dealer, to execute portfolio trades for their clients, including for Investment Funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. This may create an incentive for Baird to favor investment management firms or their products, including the Investment Funds advised by such investment 135 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  firms or this conflict transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. or by Baird’s management firms. However, Baird is a fiduciary that is required to act in the best interest of advisory clients when selecting or recommending their investment management to such clients. Baird investment products addresses through potential disclosure in this Brochure. Further, Baird does not consider the extent to which an investment management firm directs or is expected to direct trades to Baird for execution when considering the eligibility of an investment management firm or its investment products for Baird’s advisory programs (including when Baird constructs its ALIGN Programs, BairdNext Portfolios Program, UMA Programs, Recommended Managers List or Recommended Mutual Fund List). In addition, investment management firms are, absent client direction to the contrary, obligated at all times to retain the broker or dealer providing the client best execution as described under the heading “Services, Fees and Compensation—Additional Service Information—Trading for Client Accounts” above. In addition, mutual fund companies are prohibited from considering Baird’s efforts in marketing and selling their funds when selecting Baird for executing portfolio trades for the funds. To learn more about how a mutual fund company selects brokerage firms for trade execution, a client should consult the fund’s statement of additional information, available from each fund. To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) its associates that provide that applies to investment advisory services to clients, including DDK Consultants, their supervisors, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. The Code also generally prohibits Access Persons from executing a security transaction for their personal accounts during a blackout period one business day before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by Baird management Compliance Department. In addition, orders for the accounts of Access Persons and other Baird associates that are under discretionary management by Baird may be aggregated with orders for other Baird client accounts, so long as the order is executed as part of a block transaction with client orders. A copy of the Code is available to clients or prospective clients upon request. Certain Baird associates from time to time may provide clients with tax return preparation, bill pay or related services. In some instances, the fee for those services may be bundled with the Advisory Fee. A client should understand that the provision of such services is separate from, and not related to, the Services offered under this Brochure and will be governed by an agreement separate from the client’s advisory agreement with Baird. A client should understand that Baird and its associates do not act as investment adviser or fiduciary to the client when providing tax return preparation, bill pay or related non- advisory services to the client. Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Participation or Interest in Client Transactions Investment Advisory Accounts Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These Asset-based Advisory Fee arrangements create an incentive for Baird and DDK Consultants to set the applicable fee rate at a high level and to 136 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  incentive to recommend an Based Lending Program. See “Trust Services Arrangements” and “Securities-Based Lending Program” below. In addition to those referral arrangements, DDK Consultants receive special compensation for referring business to certain of Baird’s other departments. See “Investment Banking, Public Finance and Institutional Equities Trading Activities” below. Ongoing Product Fees receives ongoing fees encourage clients to add more money into their accounts. Baird and DDK Consultants also have an investment advisory account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. Select clients may pay a fixed dollar fee, which presents a conflict in that such fee does not give the DDK Consultant an incentive to make recommendations that could benefit the client’s account, or a performance or incentive fee, which presents a conflict because it gives the DDK Consultant an incentive to recommend riskier investments in order to achieve the level of performance in the account that would result in payment of the fee. invested Accounts and Investments Provide Different Levels of Compensation Baird from certain investment products that are purchased and held in client Accounts. Those fees, such as distribution (12b-1) and/or service fees (“12b-1 fees”) from mutual funds, are based on the value of client assets in those products. A DDK Consultant’s compensation increases as those fees increase. Thus, Baird and DDK Consultants have an incentive to recommend such products and to recommend such products that pay the greatest ongoing fees. investment products The accounts and investments Baird offers provide Baird different levels of compensation. Baird and DDK Consultants have an incentive to generate revenues from client accounts and to offer and make recommendations that will provide them the greatest level of compensation. Certain mutual funds charge 12b-1 fees, which are paid to Baird. Baird receives 12b-1 fees on an ongoing basis as compensation for the services Baird provides to the applicable mutual fund. The 12b-1 fees paid by a mutual fund are disclosed in the mutual fund’s prospectus. Recommendations of Related, Proprietary or Affiliated Funds and Managers “Additional Baird and DDK Consultants have an incentive to recommend related, proprietary or affiliated funds or managers because when client’s invest in affiliated funds or select an affiliated manager to manage client accounts, they will make more Information—Other money. See Industry Activities and Affiliations—Certain Affiliated and Related Parties” above and “List of Affiliated Companies, Funds and Managers” on Baird’s website at bairdwealth.com/retailinvestor. Referral Compensation Paid to DDK Consultants Industry Activities Baird generally does not allow mutual funds with 12b-1 fees to be purchased for DDK Service Accounts. If Baird receives 12b-1 fees from a fund with respect to a client’s mutual fund investment in the client’s Account and the client’s Account is subject to an asset-based fee arrangement, Baird either: (1) rebates such 12b-1 fees to the client’s Account if the client is paying an asset-based Advisory Fee on such investment; or (2) excludes such fund shares from the calculation of the client’s asset-based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the 12b-1 fee. 12b-1 fees rebated to a client’s Account are estimated based on the average daily balance of the mutual fund shares in the Account and the annual rate of the 12b-1 fee paid by the applicable fund. If any rebated fees remain in a client’s Account at the time of billing, those rebated amounts will be included in the Account assets subject to the Advisory Fee. If Baird receives 12b-1 fees with respect to mutual fund shares that are designated as unbillable assets in a client’s Account, Baird will DDK Consultants receive additional compensation to certain of Baird’s for referring clients funds or managers proprietary or affiliated described above. Such special compensation and referral fees give DDK Consultants an incentive to recommend or refer clients to these proprietary or affiliated funds and managers. See “Additional and Information—Other Affiliations—Certain Affiliated and Related Parties” above. DDK Consultants also receive additional compensation for referring clients to Baird Trust and for referring clients to unaffiliated banks that make loans to clients under Baird’s Securities- 137 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Please see and UITs with sponsors or investment advisers that make the greatest levels of such payments. Baird does not share these payments with DDK “Revenue Consultants. Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Schwab Clearing Arrangement retain such 12b-1 fees. This presents a conflict of interest because it provides Baird and its DDK Consultants an incentive to recommend or invest client accounts in mutual fund shares that pay greater 12b-1 fees. Baird addresses this conflict by adopting a Mutual Fund Share Class Policy described above and by adopting internal policies that limit the circumstances under which mutual fund investments in client accounts can be designated as unbillable assets and 12b-1 fees can be retained. Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors Baird has a clearing arrangement with Charles Schwab & Co., Inc. (“Schwab”) whereby Schwab maintains an omnibus account with certain mutual fund families for Baird on behalf of Baird clients. Under the clearing arrangement, Schwab provides clearing services for most “no load” funds and “load” funds held by Baird clients. Although Baird pays Schwab a fee for its clearing and omnibus services, Schwab generally passes through to Baird the shareholder servicing fees that Schwab receives from the funds. Shareholder servicing fees are not paid by Schwab on mutual fund assets held in Retirement Accounts to the extent prohibited by applicable law. The amount of the shareholder servicing fees paid to Baird is based on the value of the client assets invested in those funds. However, the shareholder servicing fee rate varies based on the type of fund (load or no load), the value of client assets in those funds, and the relationship that Schwab has with those funds (whether or not Schwab receives payments from those funds or their sponsors, and the rates of such payments). As a result, Baird has an incentive to recommend mutual funds from which Baird would receive higher payments from Schwab. However, Baird generally does not compensate DDK Consultants based upon the amounts Baird receives from Schwab except with respect to amounts attributable to sales loads and 12b-1 fees that Baird would otherwise receive directly from a fund if it were not for the existence of the clearing arrangement with Schwab. If Baird receives 12b-1 fees from Schwab with respect to a mutual fund investment in a client’s Account, Baird rebates or retains such fees as further described under the heading “Ongoing Product Fees” above. Baird Conference Sponsorships Trust Portfolios and funds, the opportunity Baird receives marketing support or revenue sharing payments (“marketing support”) from the sponsors and investment advisers of certain mutual funds. These payments, which are based on sales of, or client assets invested in, such funds, are intended to compensate Baird for providing marketing, distribution and other services for the mutual funds. Marketing support is not paid by sponsors or investment advisers of mutual funds on mutual fund assets held in investment advisory Retirement Accounts to the law. Baird extent prohibited by applicable received marketing support payments over the past two calendar years from the sponsors or investment advisers of Alliance Bernstein Funds, American Funds, Franklin Templeton Funds, Fidelity Funds, Goldman Sachs Funds, Hartford Funds, Invesco Funds, John Hancock Funds, JPMorgan Funds, Lord Abbett Funds, MFS Funds, PIMCO Funds and Principal Funds. Baird also generally receives marketing support related to the sale of units of UITs. Sponsors of UITs typically make marketing or concession payments to the firms that sell their UITs, including Baird. These payments are typically calculated as a percentage of the total volume of sales of the sponsor’s UITs made by the firm during a particular period. That percentage typically increases as higher sales volume levels are achieved. Descriptions of these additional payments are provided in a UIT’s prospectus. UIT sponsors that have paid volume concessions to Baird over the past two calendar years include Advisors Asset Management (AAM), SmartTrust, Guggenheim First Investments. Receipt of marketing support payments from sponsors and investment advisers of mutual funds and UITs provides Baird an incentive to offer, market and recommend such mutual funds and UITs and to favor mutual funds Baird hosts a number of seminars and conferences for DDK Consultants in any given year, including Baird’s PWM Symposium, which gives sponsors of investment products, such as to make mutual presentations at, and contribute money toward 138 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  seminars supporting Baird Please see above for more client’s trust services needs rather than an unaffiliated firm because it is more profitable for Baird and they receive compensation from Baird Trust if the client retains Baird Trust. Please see “Services, Fees and Compensation—Additional Services Service Information—Trust Arrangements” detailed information. the cost of, such seminars and conferences. This presents a conflict of interest in that it gives Baird an incentive to promote or market the sponsors’ investment products in order to persuade them to and continue conferences. “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Margin Loans DDK Consultants Receive Benefits from Product Providers fee. Please see Loans” above Baird has an incentive to recommend that a client use margin because Baird receives interest on loans, and Baird and DDK client margin Consultants also have an incentive to recommend that a client use margin, because a margin loan allows the client to make larger and more securities purchases. It also increases the value of a client’s Account and thus the Advisory Fee associated with that Account because the margin loan is not deducted for purposes of calculating the “Services, Fees and Compensation—Additional Service Information— Margin for more detailed information. Securities-Based Lending Program DDK Consultants receive benefits. see Baird and DDK Consultants have an incentive to recommend that a client participate in Baird’s Securities-Based Lending Program because Baird and referral compensation and such loans allow a client to keep more assets in the client’s Accounts, which result in more advisory fees for us and paid to the client’s DDK Consultant. Please see “Services, Fees and Compensation—Additional Service Information—Securities-Based Lending Program” above for more detailed information. DDK Consultants generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may include invitations to attend conferences or educational seminars, payment of related travel, lodging and meal expenses, and receipt of gifts and entertainment. For example, DDK Consultants are invited to educational conferences hosted by sponsors of mutual funds, annuities and other investment products, with the costs associated with such conference (including travel and lodging) paid by the sponsors. In addition, DDK Consultants hold client events with some or all of the costs of such events paid by sponsors of investment products. Product sponsors may also provide gifts and entertainment in connection with those or other events. These benefits present a conflict of interest in that they give DDK Consultants an incentive to recommend investment products and their sponsors that provide the greatest levels of such “Revenue Please Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Cash Sweep Program Investment Advisory and Brokerage Account and Service Recommendations Program Baird to clients rather Baird has an incentive to have clients participate and maintain significant balances in Baird’s Cash Sweep receives because substantial compensation on client cash balances that are automatically swept into bank deposit accounts and invested in money market mutual funds under the program. Please see “Services, Fees and Compensation—Additional Service Information—Cash Sweep Program” above for more detailed information. Trust Services Arrangements Consultant receive Baird and DDK Consultants have an incentive to recommend that a client retain Baird Trust for the Baird and DDK Consultants generally have a financial incentive to recommend investment advisory Accounts than brokerage accounts because Advisory Fee revenue is recurring, more predictable and typically greater than the revenues Baird earns, and the compensation DDK Consultants receive, from brokerage accounts. In addition, because Advisory Fees are paid by a client regardless of the trade activity in the client’s advisory Account, Baird will receive greater revenue, and the client’s DDK greater will compensation, from a low trade-activity advisory Account than from a low trade-activity brokerage 139 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that increase with Baird, even if to recommend account. Baird and DDK Consultants thus have an incentive to recommend an investment advisory Account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. However, because Baird’s revenues and the compensation paid to DDK Consultants from brokerage accounts increase as the level of trading increases, Baird and DDK Consultants have an incentive to recommend a brokerage account to a client rather than an investment advisory Account if the client has, or is expected to have, significant trading activity in the client’s account. DDK Consultants also have a financial incentive certain wealth management services, such as financial planning. Please see “Services, Fees and Compensation— Advisory Fees—Advisory Fee Payments to Baird, DDK Consultants and Investment Managers” above for more detailed information. to a client even though Account Transfers and New Accounts incentive to make Consultant thus has an recommendations the DDK Consultant’s total production on the client’s accounts with Baird. Moreover, revenues from Baird’s PWM department, in which DDK Consultants operate, contribute substantially to BFG’s overall revenues and profitability, and the performance of BFG’s stock price is largely due to the profitability of Baird’s PWM department. As a result, a client’s DDK Consultant’s ownership of BFG stock creates a financial incentive to make recommendations to the client that increase the amount of revenues generated from the client’s accounts those recommendations will not increase the DDK Consultant’s production, so as to increase the revenues and profitability of Baird’s PWM department and thus of BFG, which will serve to grow the value of the BFG stock. For example, ownership of BFG stock provides a client’s DDK Consultant an incentive to recommend affiliated such products recommendation does not increase the client’s DDK Consultant’s production. Relationships with Issuers of Securities for in companies or Baird and a client’s DDK Consultant have an incentive to recommend that the client transfer the client’s accounts to Baird and establish new accounts with Baird (including IRA rollovers) because doing so will result in increased revenues to Baird and compensation the DDK Consultant. Recommendations to Open Different Types of Accounts From time to time, Baird may have proprietary investments issuers whose securities are offered and sold to clients, a DDK Consultant or another Baird associate may have significant investments in companies or issuers whose securities are offered and sold to clients, or a DDK Consultant or another other Baird associate (or their spouses, partners or family members) may have a position as an officer or director of a company or issuer whose securities are offered and sold to clients. In such cases, Baird and/or a client’s DDK Consultant will have an incentive to recommend that the client invest in those companies. DDK Consultants Transferring to Baird Baird and DDK Consultants have an incentive to recommend that a client open different types of accounts with Baird, such as individual accounts, IRA rollovers, joint accounts, 529 plan accounts and UGMA/UTMA accounts, because if a client has different types of accounts with Baird, the client brings more of the client’s investable assets to Baird, on which fees can be generated, thereby increasing Baird’s revenues and the client’s DDK Consultant’s compensation. Also, if a client has more account types with Baird, the client is statistically more likely to maintain the client’s relationship with Baird and the client’s DDK Consultant for longer periods of time. Baird Stock Ownership A DDK Consultant joining Baird from another firm has an incentive to recommend that a client to transfer the client’s accounts from such firm to Baird because doing so will increase the DDK Consultant’s compensation. Please see “Services, Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, DDK Consultants and Investment Managers” above for more detailed information. Most DDK Consultants own common stock of BFG, Baird’s ultimate parent, and when offered the opportunity to buy BFG stock they usually do so. The amount of BFG stock that a DDK Consultant may purchase is based in part on the DDK Consultant’s total production level. A client’s DDK 140 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Principal Trading compensation that Baird buy, and to recommend that clients sell, the securities of issuers that are part of Baird’s buyback services. For more information about referral compensation paid to DDK Consultants and related conflicts of interest, please see “Baird Referral Programs” on Baird’s website at bairdwealth.com/retailinvestor. agent, commissions. Baird Underwritten Offerings Baird and DDK Consultants have an incentive to recommend that clients purchase securities in offerings underwritten by Baird because the underwriting compensation that Baird and DDK Consultants will earn on those offerings tends to be higher than the compensation they would normally receive if clients were to buy them in the secondary market, and because the profitability of underwritten offerings to Baird depends upon Baird’s ability to sell the securities allocated to Baird in the offering. Baird and DDK Consultants have an incentive to execute a trade for a client on a principal basis. and DDK The Consultants receive on principal trades, such as a markup or markdown, is often higher than the compensation they receive when executing trades The as as such compensation received by Baird and DDK Consultants is in addition to the asset-based Advisory Fee a client pays on the client’s advisory Accounts. Thus, Baird and DDK Consultants have an incentive to trade as principal rather than as agent. Principal trades also allow Baird to sell securities from Baird’s account that Baird deems undesirable and to buy securities for Baird’s account that Baird deems desirable. For more information, please see “Services, Fees and Compensation—Additional Service Information— Trading for Client Accounts—Trade Execution Services Performed by Baird—Principal Trades” above. Allocations of IPOs and Other Public Offerings Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities DDK Consultants have the incentive to favor some clients over other clients when allocating shares issued in public offerings, particularly those clients with larger accounts or accounts that generate high fees and compensation, as a reward for their past business or to generate future business. related services Research Activities fees the services The investment advice provided to a client may be based on the research opinions of Baird’s research departments. Baird does, and seeks to do, business with companies covered by those research departments and as a result, Baird may have a conflict of interest that could affect the content of its research reports. Investment Banking Trade Error Correction the securities issued in It is Baird’s policy that a client’s account will be fully compensated for any losses incurred as a result of a trade error for which Baird is responsible. If the trade error results in a gain, the gain may be retained by Baird. For more information, please see “Services, Fees and Compensation—Additional Service Information— for Client Accounts—Baird’s Trading Trading Practices—Trade Error Correction” above. to Baird’s Other Client Relationships Through its Investment Banking, Public Finance and Institutional Equities Services Departments, Baird provides investment banking, municipal advisory, securities underwriting, stock buyback and to various corporate, municipal, and other issuers of securities. Baird from such receives compensation and entities it in connection with provides. Baird may, therefore, have an incentive to favor the securities of issuers for which Baird provides such services over the securities of issuers for which Baird does not provide such services. A DDK Consultant who refers a client to Baird for a possible transaction in which Baird Investment Banking earns a financial advisory or underwriting fee receives a portion of such fee. A DDK Consultant who refers a client to Baird Public Finance for a municipal advisory or underwriting opportunity receives a portion of the compensation earned by Baird Public Finance on that opportunity. Baird and DDK Consultants thus have an incentive to recommend those offerings. A DDK Consultant who refers a corporation Institutional Equities business for a stock buy-back program receives a portion of the commissions earned by Baird’s Institutional Equities business. Baird and its DDK Consultants may, therefore, have an incentive to Certain client accounts overseen by Baird and DDK Consultants may have similar investment 141 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  objectives and strategies but may be subject to different fee schedules or commission rates. Thus, Baird and its DDK Consultants have an incentive to favor client accounts that generate a higher level of compensation. Baird’s Other Broker-Dealer and Related Activities their broker-dealer, and broker-dealer In representative capacities, respectively, Baird and its DDK Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, Complex Investment Products and other securities. Baird and its DDK Consultants receive compensation based upon the sale of such investment products. time that investments the security, speed of execution, likelihood of price improvement, availability of efficient automated transaction processing, guaranteed automatic execution levels, and other qualitative factors. Baird receives remuneration in the form of payment or liquidity rebates on certain options or equity securities orders routed to some venues (commonly known as “payment for order flow”). This compensation, although not material to Baird’s trading business, gives Baird an incentive to route client orders for securities transactions to those venues that provide Baird the greatest levels of compensation. At a client’s request, Baird will make available certain information about the routing of such client’s orders routed for execution in the six months prior to the request. Such information will include the identity of the venue to which orders were routed, whether such orders were directed or non- directed and the time of the transactions, if any, that resulted from such orders. Baird also prepares a quarterly summary discussing certain orders routed away for execution, including the type and the identity of the broker-dealers or exchanges receiving such orders. This summary as well as other important information about Baird’s order routing practices are available at: http://www.rwbaird.com/help/account- disclosures/routing-equity-orders.aspx. Compensation—Additional from time Baird and its affiliates and associates may buy or sell investments that are recommended to or owned by a client for their own accounts, or they may act as broker or agent for other clients investments. Those buying or selling those transactions may include buying or selling investments in a manner that differs from, or is inconsistent with, the advice given to a client, and those transactions may occur at or about the same are such recommended to or are purchased or sold for a client’s account. Baird may also engage in agency cross transactions and principal transactions with clients as further described under “Services, Fees and Service Information—Trading for Client Accounts—Trade Execution Services Performed by Baird” above. Baird and its associates, by reason of Baird’s investment banking or other broker-dealer, activities, may time acquire to information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information with respect to any client Account. Baird’s other activities thus present a potential conflict of interest because such activities may limit Baird’s ability to advise or manage client Accounts. Other Conflicts of Interest As a registered broker-dealer, Baird effects transactions in securities on a national exchange and may receive and retain compensation for such services, subject to the limitations and restrictions made applicable to such transactions by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder. Baird may also benefit from the possession or use of any free credit balances in client Accounts, subject to restrictions imposed by Rule 15c3-3 under the Exchange Act. Free credit balances include uninvested cash in client Accounts that has not been automatically deposited or swept into a bank deposit account or money market mutual fund. securities exchanges Baird offers to clients other investment products and services not described in this Brochure. These investment products and services provide different levels of compensation to Baird and its DDK Consultants. Baird and its DDK Consultants have an incentive to favor those investment products and services that generate a higher level of compensation than those that generate a lower level of compensation. For more information Baird may route certain securities orders to other broker-dealers or for execution. Baird selects execution venues based on the size of the order, trading characteristics of 142 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Duration Compensation Will Be Received about the other investment products and services offered by Baird, clients should contact Baird or a DDK Consultant. extend beyond a client’s If a client holds any of the investment products described above, Baird, its affiliates and associates will receive the fees and payments described above for the duration of the client’s advisory In some relationship with Baird. circumstances, the receipt of such compensation advisory may relationship with Baird if the client continues to hold those assets at Baird. retain Referrals and Other sections of this Brochure also describe instances when Baird and its DDK Consultants may recommend to clients, and may buy and sell for client’s Account, securities in which Baird and its affiliates and associates have a material financial interest or practices that present a conflict of interest. For more information, please see “Services, Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, DDK Consultants and Investment Managers” and “Additional Information—Other Financial Industry Activities and Affiliations” above, and “Additional Information—Client Other Compensation” below. Addressing Conflicts If Baird, or an affiliate or associate of Baird, receives any compensation or benefit described in this Brochure from or related to a client’s investment, the they will generally compensation or benefit. Except as otherwise described above, Baird generally does not rebate these amounts to a client’s Account or credit the amount against the Advisory Fees payable by a client unless such compensation may not be retained under applicable law or regulation. Review of Accounts Client Account Review for Baird and The foregoing activities could create a conflict of interest with clients. In addition to the measures described above, Baird addresses conflicts posed by those activities through disclosure in this Brochure, the client’s agreements with Baird, the Client Relationship Booklet and prospectuses, offering documents or other disclosure documents provided or made available to clients. Baird has also adopted a Code of Ethics and other internal policies and procedures its associates that: • require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); that • are designed securities to ensure allocations made to discretionary client accounts are made in a manner such that all such clients receive fair and equitable treatment over time; Client accounts are monitored on a periodic basis by the client’s DDK Consultant and are subject to review by the Baird Market Director or PWM Supervision department supervisor (or his or her respective designee) responsible for supervising the client’s DDK Consultant. A client’s DDK Consultant generally reviews the performance of the client’s Account at least annually. However, the client’s DDK Consultant may not review the performance of a client’s SMAs managed by Other Managers under the Baird SMA Network Program or Dual Contract Program. Baird has designated individuals who are responsible for monitoring a client’s DDK Consultant with respect to the client account’s trading activity and attempting to ascertain whether client accounts within each composite are being treated equitably. Account Statements and Performance Reports • address Baird’s and its associates’ trading activities and are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients; and • address and limit cash and non-cash benefits provided to DDK Consultants by third parties in an attempt to avoid any question of propriety or any conduct inconsistent with Baird’s high standards of ethics. If Baird provides transaction execution services to a client, Baird will generally provide the client with a monthly brokerage account statement that month. when activity occurs during Otherwise, Baird will provide the client with a quarterly statement if there has not been any intervening monthly transaction activity. 143 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  A client’s DDK Consultant will provide the client with a written report on the client’s Account’s performance as often as the client and the DDK Consultant may from time to time mutually agree. Performance reporting may not be available for Account assets that are not custodied at Baird. For more information about performance reports provided by DDK, see “Services, Fees and Compensation—Description of Advisory Services” above. DDK or Baird may change or discontinue performance reporting to a client at any time for any reason upon notice. calculation of Client performance reports usually contain a portfolio valuation and typically show the asset allocation of the client’s portfolio, changes in a client’s portfolio, and account performance compared to a benchmark market index or indices (such as the S&P 500® Index or the Bloomberg U.S. Intermediate Government/Credit Bond Index). The benchmark may be a blended benchmark that combines the returns for two or more indices. The performance of investment managers may, under certain circumstances, be presented to clients on a “gross” or “gross of fees” basis, which means the performance results being presented does not reflect the deduction of Advisory Fees and other costs that clients have incurred and will incur when retaining the manager. Had applicable Advisory Fees and other costs been included in the manager’s the performance calculation, performance results would have been lower than the performance results presented. Documents presenting a manager’s performance results on a fees basis should contain certain gross of disclosures about the performance results being presented. Clients are urged to review carefully those disclosures because they contain important information about the the performance results. If a client is presented performance information for a manager’s strategy on a gross of fees basis and the client has an Account managed by that manager pursuant to the client should obtain a that strategy, performance report for the Account and review that performance information carefully because the performance report for the Account will reflect the deduction of applicable Advisory Fees and other costs. A client should note that past performance does not indicate or guarantee future results. None of DDK, Baird, or investment managers managing the client’s Account promise or guarantee any level of investment returns or that the client’s investment objective will be achieved. Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by Baird client Accounts pursuing the Model Portfolio strategy. See “Additional Service Information—Trading for Client Accounts—Trading Practices of Investment Managers” above for more information. Benchmarks shown in performance reports are for informational purposes only. DDK’s selection and use of benchmarks is not a promise or guarantee that the performance of a client’s Account will meet or exceed the stated benchmark. When the client compares Account performance to the performance of a market index, the client should recognize that a market index merely reflects the performance of a list of unmanaged securities included in the index and the index performance does not take into account management fees, execution costs, and other expenses related to investing for a client’s Account. The securities included in a client’s Account generally do not exactly mirror the securities included in the index. performance comparisons The benchmarks used by Baird with respect to a client’s SMA may differ from the benchmarks used by the manager of the client’s SMA. As a result, the in Baird’s performance reports may differ from reports provided to clients directly by the investment manager for the client’s SMA. When preparing a client’s Account statements and performance reports, DDK and Baird generally rely upon third party sources, such as third party pricing services. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when 144 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird. prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian. DDK and Baird and Baird’s affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled “Services, Fees and Compensation”, “Account Requirements and Types of Clients”, “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” above. is unreliable. Valuation data Financial Information DDK does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of Baird’s most recent fiscal year. Neither Baird nor DDK is aware of any financial condition that is reasonably likely to impair their ability to meet their contractual commitments to clients, nor has either been the subject of a bankruptcy petition at any time during the past ten years. DDK and Baird do not conduct a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. DDK and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such valuations for investments, particularly annuities and Complex Investment Products, may not be provided to DDK or Baird in a timely manner, resulting in valuations that are not current. The prices obtained by DDK and Baird from the third party pricing services, issuers, sponsors and custodians may differ from prices that could be obtained from other sources. Values used in account statements and performance reports may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the values may be greater than the amount a client would receive if the securities were actually sold from the client’s Account. investment If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by DDK or Baird. See “Services, Fees and Compensation—Additional Service Information—Custody Services” above for more information. including, of Labor without (“DOL”) Special Considerations for Retirement Accounts Each Retirement Account Fiduciary of a client should understand that DDK or Baird may invest for the client, recommend that the client invest in, or make available to plan for participants, affiliated investment products, that Baird and its affiliates will receive fees or other compensation related to such investments, and that they will retain such compensation to the extent permitted by applicable law, rule or limitation, regulation, Department Prohibited Transaction Exemption (“PTE”) 77-4, DOL PTE 2020-02 or other advisory opinions issued by the DOL. including, but not limited to, role in developing the To the extent Baird and its affiliates rely upon PTE 77-4, each Retirement Account Fiduciary should also understand that when DDK or Baird invests the assets of a Retirement Account in an affiliated investment product that pays investment advisory fees to Baird or any of its affiliates, Baird and its affiliates will receive such investment advisory fees in accordance with the terms of DOL PTE 77- 4, and, as required thereby, DDK and Baird will Client Referrals and Other Compensation DDK or Baird may provide compensation to individuals who refer clients in some instances. When applicable, the compensation paid is a percentage of the client’s fee payments or the value of the client’s Account. The amount of compensation will vary, with the specific level determined based upon consideration of various the factors individual’s client relationship and the assets under management. registered Baird may pay these fees to 145 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  such Fiduciary is that for complying with all transactions, and the duty broker-dealer, and terminating monitoring a solely understand fiduciary responsible responsibilities discussed in ERISA Technical Bulletin 86-1, including, without limitation, the duty to make an initial determination that the directed broker-dealer is capable of providing best execution for the client’s brokerage transactions, the duty to monitor the services provided by the directed broker-dealer so as to assure that the client has received best execution of the client’s brokerage to determine that the commissions paid by the client and any other fees or costs incurred by the client are reasonable in relation to the value of the brokerage and other services received by the client. The client and each Retirement Account Fiduciary of the client should also understand that the client and the client’s Retirement Account Fiduciaries are solely responsible for engaging a directed its performance directed brokerage arrangement, and that DDK and Baird are not responsible for determining whether a directed broker-dealer is capable of providing best execution. investment product waive the asset-based Advisory Fees on that portion of the assets invested in the affiliated investment product for such period of time so invested or Baird will offset the investment advisory fees received by Baird or any of its affiliates from the affiliated investment product against the asset-based Advisory Fee that DDK and Baird charge to the client. For the purpose of complying with the terms of DOL PTE 77-4, the client and each Retirement Account Fiduciary of the client acknowledge in the client’s advisory agreement that: (i) the investment in affiliated investment products for the client’s Account is appropriate because of, among other things, the investment goals, redeemability, liquidity, and diversification of those products; (ii) subject to the terms of the applicable Service, all assets of the client’s Account may be invested in one or more of the affiliated investment products; (iii) the client and such Retirement Account Fiduciary received prospectuses or other offering or disclosure documents for the affiliated investment products that may be used in connection with the Account, each of which include a summary of all fees that may be paid by the affiliated investment products to Baird or its affiliates; and (iv) the client received information concerning the nature and extent of any differential between the rate of such affiliated investment product fees and the Advisory Fees payable by the client. The differential between the fees to be charged by DDK and Baird for the investment advisory services they provide to the client and, if applicable, the investment advisory and other similar fees paid by the affiliated investment product to Baird or its affiliates with respect to the services Baird or any of its affiliates provides to the affiliated is the difference between the Advisory Fee disclosed in the client’s advisory agreement and the applicable investment management, investment advisory and other similar fees detailed in the applicable prospectus or other offering or disclosure documents for the affiliated investment product. that directed the fiduciary For more information If the client’s Account is a Retirement Account and if DDK is directed to implement a directed brokerage arrangement for the Account, each Retirement Account Fiduciary of the client should brokerage the understand: arrangement must be for the exclusive benefit of participants and beneficiaries of the Retirement Account; and responsibilities discussed in ERISA Technical Bulletin 86-1. Each should also Retirement Account Fiduciary If a client’s Account is a Retirement Account and if the client has selected an investment manager or product related to Baird (such as the use of services or products offered by Baird Advisors, Baird Equity Asset Management, CCM, Baird Trust, GAMMA, Greenhouse, LoCorr, Riverfront, Strategas or any Investment Fund affiliated with any of them), each Retirement Account Fiduciary of the client understands and agrees that in making such selection: (a) Baird and its affiliates may receive higher aggregate compensation than if the client selected investment managers, funds or other products not affiliated with Baird and thus Baird may have an incentive to offer such affiliated investment managers, funds or other products; (b) Baird makes available to the client investment managers, funds and products not affiliated with Baird and the client may obtain additional information about such unaffiliated investment managers, funds or products at any time by contacting the client’s DDK Consultant; and (c) the client is free to choose another investment option or participate in another Baird advisory program that does not use investment managers, funds or products affiliated with Baird at any time by contacting the client’s DDK Consultant. about investment managers and products that are affiliated with Baird, please see “Additional 146 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Information—Other Financial Industry Activities and Affiliations” above. 147 DDK Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

Baird Private Asset Management Wrap Fee Program Brochure March 21, 2025 Baird Private Asset Management 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Toll Free: 888-596-1592 www.rwbaird.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 wrap fee program brochure (“Brochure”) provides information about the qualifications and business practices of Robert W. Baird & Co. Incorporated (“Baird”) and Baird Private Asset Management (“PAM”), part of Baird’s Private Wealth Management department. Clients should carefully consider this information before becoming a client of PAM. If you have any questions about the contents of this Brochure, please contact PAM 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 Private Asset Management (“PAM”), part of the Private Wealth Management department of Robert W. Baird & Co. Incorporated (“Baird”), updated its Form ADV Part 2A wrap fee program brochure (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that PAM has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Baird updated the description of investment options available under its Cash Sweep Program. See the Section of the Brochure entitled “Services, Fees and Compensation—Additional Service Information— Cash Sweep Program” for specific information. • Baird updated information about risks associated with recent events, such as those associated with potential market uncertainty caused by policy changes as the result of the recent U.S. Presidential election, Russia’s ongoing war with Ukraine, conflicts in the Middle East, the strained relationship between the U.S. and China and other countries, inflation, discord in U.S. politics and other geopolitical events. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” for more specific information. • Baird updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Advisory Business” for more information. • Baird updated information about Baird’s affiliates and related persons. See the Section of the Brochure entitled “Additional Information—Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents Services, Fees and Compensation ................................................................... 1 The Client-Baird Fiduciary Relationship ............................................................ 1 Summary of PAM’s Services ........................................................................... 1 Consulting Services ...................................................................................... 4 Discretionary Services ................................................................................... 5 PAM FOCUS Portfolios Program ................................................................. 5 PAM Investment Management Service ....................................................... 6 Non-Discretionary Services ............................................................................ 7 Baird Advisory Choice Program ................................................................. 7 SMA Services ............................................................................................... 9 PAM Recommended Managers Service ....................................................... 9 Baird SMA Network Program .................................................................. 11 Dual Contract Program .......................................................................... 13 Other SMA Strategy Information ............................................................. 14 Additional Service Information ..................................................................... 15 Investment Discretion ........................................................................... 15 Trading for Client Accounts .................................................................... 17 Complex Strategies and Complex Investment Products .............................. 23 Permitted Investments .......................................................................... 26 Unsupervised Assets ............................................................................. 28 Special Considerations for the Services .................................................... 28 Household Management ......................................................................... 29 Tax Management Services ..................................................................... 30 Investment Objectives ........................................................................... 33 Mutual Fund Share Class Policy ............................................................... 34 Custody Services .................................................................................. 35 Cash Sweep Program ............................................................................ 36 Trust Services Arrangements .................................................................. 38 Margin Loans ........................................................................................ 38 Securities-Based Lending Program .......................................................... 39 Client Responsibilities ............................................................................ 39 Legal and Tax Considerations ................................................................. 40 Advisory Fees ............................................................................................ 40 Fee Options and Fee Schedules............................................................... 40 Service Account Minimums ..................................................................... 42 Calculation and Payment of Advisory Fees ................................................ 43 Obtaining Services Separately: Brokerage or Advisory? Factors to Consider ...................................................................................... 45 Advisory Fee Payments to Baird, PAM Consultants and Investment Managers ........................................................................ 46 Other Fees and Expenses ............................................................................ 48 Cost and Expense Information for Certain Investment Products .................. 48 Additional Account Fees and Charges ...................................................... 48 Other Fees and Charges ........................................................................ 48 Compensation Received by PAM and Baird ..................................................... 49 Account Requirements and Types of Clients .................................................. 49 iii Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Opening an Account .................................................................................... 49 Certain Account Requirements ..................................................................... 50 Minimum Account Size ........................................................................... 50 Account Contributions and Withdrawals ................................................... 50 Liens and Use of Account Assets as Collateral ........................................... 51 Electronic Delivery of Documents ............................................................ 52 Termination of Accounts .............................................................................. 52 Types of Clients.......................................................................................... 53 Portfolio Manager Selection and Evaluation .................................................. 53 Selection and Evaluation ............................................................................. 53 PAM Recommended Managers ................................................................ 53 Baird SMA Network and Dual Contract Programs ....................................... 54 PAM FOCUS Portfolios Program and PAM Investment Management Service ......................................................................... 55 Oversight of the Services ....................................................................... 55 Performance Calculation .............................................................................. 55 Portfolio Management by PAM, Baird and Related Persons ............................... 56 Advisory Business ....................................................................................... 57 Performance-Based Fees and Side-By-Side Management ................................. 58 Methods of Analysis, Investment Strategies and Risk of Loss ........................... 58 Investment Strategies and Methods of Analysis ........................................ 58 Principal Risks ...................................................................................... 77 Voting Client Securities ............................................................................... 95 Baird Advisory Choice Program and Other Non-Discretionary Accounts .......................................................................................... 95 Separately Managed Accounts ................................................................ 95 Discretionary Services ........................................................................... 95 Other Proxy Voting Information .............................................................. 97 Providing Baird Voting Instructions.......................................................... 97 Legal Proceedings and Corporate Actions ................................................. 97 Client Information Provided to Portfolio Managers ....................................... 97 Client Contact with Portfolio Managers ......................................................... 97 Additional Information .................................................................................. 98 Disciplinary Information .............................................................................. 98 Other Financial Industry Activities and Related Parties ................................... 100 Broker-Dealer Activities ........................................................................ 100 Investment Management Activities ......................................................... 100 Certain Affiliated and Related Parties ...................................................... 100 Other Financial Industry Activities .......................................................... 104 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................................................................... 104 Code of Ethics ..................................................................................... 104 Participation or Interest in Client Transactions ......................................... 105 Review of Accounts .................................................................................... 112 Client Account Review .......................................................................... 112 Account Statements and Performance Reports ......................................... 112 Client Referrals and Other Compensation ..................................................... 113 iv Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Financial Information ................................................................................. 114 Special Considerations for Retirement Accounts ............................................ 114 v Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to clients, including the contain information about Baird’s website retirement accounts, which The Client-Baird Fiduciary Relationship Baird is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). PAM and Baird are deemed to have a fiduciary relationship with a client when providing the investment advisory services that are described in this Brochure. That means that PAM and Baird are required to act in the best interest of the client when providing investment advisory services. From time to time PAM and Baird may engage in receive certain business practices or may compensation or other benefits that create a potential for conflict between the interests of clients and the interests of PAM and Baird. PAM and Baird generally address potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements that individuals providing investment advice to clients and the services they provide, and the agreements clients enter into with PAM and Baird. In addition, Baird has adopted internal policies and procedures for PAM and Baird that require them to: provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; act with utmost care and good faith in dealings with advisory clients; and seek to obtain “best execution” of advisory client transactions. The specific business practices that create potential conflicts of interest with clients and additional measures used by PAM and Baird to address them are discussed in other sections of this Brochure. (“IRC”) (collectively, A client should note that registration as an investment adviser does not imply a certain level of skill or training. including Services, Fees and Compensation This Brochure describes some of the investment advisory services that Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients through Private Asset Management (“PAM”), part of Baird’s Private Wealth Management (“PWM”) department. Baird and PAM offer other investment advisory services not described in this Brochure. Separate brochures describe those other investment advisory services and discuss the terms and conditions, fees and costs and potential conflicts of interest associated with those services. This Brochure also references other documents that contain additional important information about Baird. Those documents describe the types of services that Baird offers to clients and certain types of investments it makes available terms, conditions, fees and costs applicable to those services and investments and certain risks and conflicts of interest associated with those services and investments. Those documents are available on at bairdwealth.com/retailinvestor. Included on that website is Baird’s Client Relationship Booklet, contains Baird’s Form CRS Client which Relationship Summary and Baird’s Client Relationship Details document. The Client Relationship Booklet also contains an important disclosure document for retirement investors that include have employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as amended “Retirement Accounts”). A client of Baird should have already received a copy of the Client Relationship Booklet. A client or prospective client who wishes to obtain a brochure for another investment advisory service provided by Baird, or a paper copy of any of the other documents referenced in this Brochure, the Client Relationship Booklet, should contact a PAM Consultant or call Baird toll-free at 1-800-792-2473. advisory account advised by The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. reporting and Summary of PAM’s Services investment This Brochure describes certain advisory programs and services that PAM and Baird offer to clients (“Services”) and applies to each PAM (“Account”). The investment advisory services offered under the Services generally include investment advice and consulting services, performance related account services, which are provided by Baird PWM’s home office investment professionals or PAM, and, depending upon the Service that a client 1 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  include portfolio selects, the Service may management. The Services consist of: consulting services (“Consulting • certain Services”); the client has • discretionary services, whereby a client gives PAM or Baird (including Baird PWM’s home office investment professionals or the client’s PAM Consultant) full discretionary authority to manage the client’s Account (“Discretionary Services”); advisory agreement with PAM and Baird, and Baird, in turn, enters into a subadvisory or similar agreement with the investment manager on the client’s behalf. This type of arrangement is frequently referred to as a single contract arrangement because there is only one contract between the client and PAM and Baird; the client does not have an agreement directly with the client’s investment manager. Under the Dual Contract Program, a client has a “dual contract” arrangement, meaning two contracts; one contract with PAM and Baird and another contract with the client’s investment manager. provide investment advice client’s Account • non-discretionary services, whereby PAM or Baird and recommendations but the client retains full authority with respect to the management of the (“Non-Discretionary Services”); and Certain Programs may allow a client to invest in groups of mutual funds and ETFs (referred to as “sleeves”) and other model portfolios of securities managed by Baird PWM (such sleeves and model portfolios collectively, “PWM-Managed Portfolios”). • separately managed account (“SMA”) programs and services, whereby investment managers, which may include third party investment managers unrelated or related to Baird (“Other Managers”) or Baird, manage the client’s Account according to a strategy (each, an “SMA Strategy”) with full discretionary authority, and PAM and Baird provide additional consulting services the client (collectively, “SMA to Services”). Depending on their particular needs or objectives, clients may use one or more of these Services. Manager, and include: The Consulting Services include: assisting a client with the development of an investment policy statement; asset allocation reporting; investment manager search, investment manager interviews, performance reviews, performance monitoring, asset allocation and funding requirement analysis; asset liability modeling; and annuity modeling. In certain instances, PAM may also provide clients with asset allocation and funding requirement liability modeling. The analysis and asset Discretionary Services include: PAM FOCUS Portfolios; and PAM Investment Management. The Non-Discretionary Baird Services Advisory Choice. The SMA Services include: PAM Recommended Managers; Baird SMA Network (“BSN”); and Dual Contract (“DC”). Baird has engaged an overlay management firm, Envestnet Asset Management, Inc. (the “Overlay Manager”) to provide certain subadvisory services to clients that participate in certain SMA Services. The SMA Services make available two types of SMA Strategies: (1) manager-traded strategies, whereby the manager itself manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Manager-Traded Strategy”); and (2) model- traded strategies, whereby the manager does not manage a client’s Account (a “Model Provider”) but instead provides a model portfolio (“Model Portfolio”) to an overlay management firm, which may include the Overlay Manager, Baird or other third party firm (each, an “Implementation Manager”), that in turn manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Model-Traded Strategy”). If a client selects a Model-Traded Strategy, the Model Provider will provide the Model Portfolio and updates to the Implementation the Implementation Manager will manage the client’s Account with full discretionary authority according to the strategy selected by the client. Otherwise, if the client selects a Manager-Traded Strategy, the investment manager will directly manage the client’s Account with full discretionary authority as more fully described below. The SMA Services are generally offered under a “single contract” arrangement. Under a single contract arrangement, a client enters into an Baird is also registered with the SEC as a broker- dealer under Securities Exchange Act of 1934, as amended (the “Exchange Act”). PAM and Baird 2 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  allocation strategies have Fee. See “Additional provide the Services described in this Brochure under a “wrap fee” arrangement. This means that in addition to the investment advisory services that PAM and Baird provide in connection with each Service, Baird, in its capacity as broker- dealer, also provides clients with trade execution, custody and other standard brokerage services for a single fee (“Advisory Fee”). A client should note that the client may incur costs in addition to the Advisory Service Information—Trading for Client Accounts” and “Other Fees and Expenses” below for more information. to execute transactions without referred intend Each Service is designed to address different investment needs of clients. All of the Services discussed in this Brochure may not be appropriate for every client. For example, the Services may not be appropriate for clients who have low or no trading activity, who desire to pay transaction- based fees, who maintain their accounts invested in high levels of cash or other concentrated positions, who do not want ongoing professional investment advice or account monitoring, who tend the recommendation or advice of an advisor, which to as “unsolicited” are commonly transactions, or who to utilize an investment strategy, product or solution that is not available in a Service. Analysis—Investment Certain Services make available asset allocation investment strategies. Asset allocation strategies involve investing in one or more categories of assets, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash, and one or more subcategories of assets, called asset classes. Asset varying investment objectives and investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use tactical investing, which typically involves tactically and actively adjusting account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short- term. Some asset allocation strategies involve the use of both strategic and tactical investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and exchange traded products (“ETPs”), including exchange traded funds (“ETFs”) and exchange traded notes (“ETNs”). The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or investments described above. See types of “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Strategies—Asset Allocation Strategies” below for more information. and bonds (collectively, investment products Greenhouse Funds The Services make available investment products and services offered by parties that are not related to Baird. Some Services make available investment products and services offered by parties related to Baird, including: Baird Advisors and Baird Equity Asset Management, investment management departments of Baird; Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management; GAMMA Investing, LLC (“GAMMA”), LLLP (“Greenhouse”), LoCorr Fund Management, LLC (“LoCorr”), Riverfront Investment Group, LLC (“Riverfront”) and Strategas Asset Management, LLC (“Strategas”), investment managers that are affiliated with Baird; Baird Trust Company (“Baird Trust”), a trust company that is affiliated with Baird; mutual funds offered by Baird Funds, Inc. (the “Baird Funds”), which is affiliated with Baird; Some Services offer clients the ability to pursue alternative investment strategies (“Alternative Strategies”) or other non-traditional or complex investment strategies that involve special risks not apparent in more traditional investments like stocks “Complex Strategies”). Similarly, some Programs offer clients the ability to invest in non-traditional or real assets (“Non-Traditional Assets”). Some Programs also offer the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies (collectively, “Complex these Investment Products”). The use of strategies and involves special risks, and a client should not engage in a strategy or purchase an investment product unless the client understands the related risks. See “Additional Service Information—Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. 3 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird account (“Held-Away Assets”), although PAM will provide Consulting Services on Held- Away Assets when requested by a client and agreed to by PAM. Service has different related and mutual funds offered by LoCorr Investment Trust (the “LoCorr Funds”), which is related to Baird. Those affiliated investment products and services generally consist of mutual funds, ETPs or other funds offered by parties related to Baird (“Affiliated Funds”) and SMA Strategies offered by parties (“Affiliated SMA to Baird Strategies”). For more information about these “Additional related parties, see and other Information—Other Financial Industry Activities and Affiliations” below. and ongoing research, Each structures, administration, types and levels of service, and fees and expenses. In particular, a client should note that the investment advisory services provided by PAM and Baird, including the depth of initial evaluation, monitoring and review of the investments in a client’s Account, varies by Service and the investments selected for the Account. PAM clients typically work with a PAM Consultant to determine the services that are appropriate given their financial goals and circumstances. The client will provide financial, tax, and liquidity requirements information to their PAM Consultant to assist in determining the client’s investment needs, objectives and risk tolerances for the assets being invested. However, it is a client that ultimately selects the Service and investment strategy that is most appropriate for the client. The foregoing discussion of the Services is only a summary. More specific information about the Services and the particular investment advisory services that PAM and Baird provide in connection with each Service are further described below and in the client’s advisory agreement. Clients are encouraged to review this Brochure and their advisory agreement carefully. Consulting Services PAM offers the following Consulting Services. in preparing an the client’s the A client that wishes to participate in a Service will enter into a client relationship agreement or other investment advisory agreement with PAM and client’s (“advisory agreement”). The Baird advisory agreement will contain the specific terms applicable to the services selected by the client, fees payable by the client, and other terms applicable to the client’s advisory relationship with PAM and Baird. A client should note that the client’s advisory relationship with PAM and Baird does not begin until they enter into the applicable advisory agreement with the client, which occurs when Baird PWM’s Home Office has accepted the client’s advisory agreement and determined that all of the client’s paperwork is in order. See “Account Requirements and Types of Clients” below for more information. accurately reflects the Investment Policy Statement. PAM will assist a Investment Policy client Statement reflecting investment objectives, policies, constraints, and risk profile. The Investment Policy Statement is designed to provide guidance to the client’s investment manager(s). The Investment Policy Statement is a product of information and data provided by the client; therefore, the client is responsible for review and final approval of the Investment Policy Statement. The client is solely responsible for determining whether Investment Policy client’s Statement investment objectives, policies, constraints, and risk profile. for determining whether into account by PAM Asset Allocation Report. PAM provides to a client or its fiduciaries an Asset Allocation Report which identifies one or more investment portfolios for the client (in terms of risk and return) based on certain information requested by PAM and provided by the client. The client is solely the responsible information taken in formulating an Asset Allocation Report is accurate and complete. As mentioned above, Baird, in its capacity as broker-dealer, also provides PAM clients with trade execution, custody and other standard brokerage services. For this reason, a client will also enter into a client relationship agreement or other account agreement with PAM and Baird (“account agreement”) if the client has not already done so. The client’s account agreement authorizes PAM and Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally does not permit a client to include assets in the client’s Account that are held by a third party custodian or that are otherwise held outside of a 4 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  supports the transition to, and maintenance of, the client’s target asset allocation. for any Asset Liability Modeling. As a client’s actuarial inputs, economic situations, and/or liabilities change, the client’s current asset allocation should be altered. PAM provides a liability model to help the client determine the appropriate time to alter the asset mix, as well as the proper assets to draw down in the proper sequence. Actuarial assumptions used to forecast the size of the future liability stream are provided by the client or the client’s agent, and PAM relies upon such information as accurate and complete. As the client’s liabilities come due, the client works with PAM to determine the order and amount of each segment of the portfolio(s) to withdraw from in order to minimize transition costs. This service is typically performed annually. Investment Manager Search Report. PAM provides to a client an Investment Manager Search Report that lists investment managers with investment philosophies and investment strategies believed to be consistent with the client’s investment objectives, policies, constraints, and risk profile, as specified by the client to PAM. PAM does not assume responsibility for the client’s choice of any investment investment manager or manager’s performance when providing this service to the client, nor is PAM responsible for an unaffiliated investment manager’s compliance with applicable law or for matters beyond PAM’s reasonable control. Investment Manager Search Interviews. PAM coordinates client interviews with a select number of investment managers listed on the Investment Manager Search Report. The interviews enable the client to gain additional information regarding such investment managers’ respective investment philosophies, policies and business operations. appropriate given annual changes compares various aspects of Annual Annuity Modeling. Annually, PAM recommends changes to the client’s asset/liability projection model. PAM assists the client model projected liabilities under various assumptions to contribution project requirements liability in projections, actuarial assumptions, the current level of assets held and the current expected asset growth assumptions. PAM maintains and refines the calculation models. Past Performance Reviews. PAM provides to a client a Past Performance Review which, based on information supplied by the client, includes the historical performance of the client’s portfolios such and performance to one or more benchmark indices. Account data will be derived from information provided by the client or its agent(s) for the agreed upon time period. PAM is not responsible for verifying information supplied by the client or its agent(s). Discretionary Services PAM FOCUS Portfolios Program provide a strategic asset allocation Performance Monitoring Reports. PAM will client written to periodically Performance Monitoring Reports which include calculations of the performance of the client’s Account(s) over various time periods and compare various aspects of such performance to one or more benchmark indices. PAM offers the following consulting services to clients only in special arrangements: Asset Allocation and Funding Annual Requirements. Annually, PAM evaluates the adequacy of the client’s current and target asset allocation to meet projected liabilities. The client provides actuarial data that PAM relies upon as accurate and complete. PAM’s analysis assesses the long term funding risks associated with the client’s current asset allocation, and if necessary, PAM recommends a rebalancing plan which Under the PAM FOCUS Portfolios Program, PAM and Baird manage a client’s Account with full discretionary authority according to a proprietary model strategy developed by PAM and Baird (each such model a “PAM FOCUS Portfolio”) that is selected by the client. The PAM FOCUS Portfolios Program offers model asset allocation portfolios that have different investment objectives and use different strategic investment strategies. Each PAM FOCUS Portfolio provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Each Portfolio generally uses mutual funds and ETPs, primarily ETFs, in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. 5 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  management of the client’s Account to Baird and the client’s PAM Consultant. reviews the client’s PAM and Baird construct each PAM FOCUS Portfolio and adjust the asset allocation of each PAM FOCUS Portfolio from time to time. PAM and Baird also determine the mutual funds and ETFs that are available in the PAM FOCUS Portfolios Program, including the percentage each mutual fund or ETF comprises in each asset class within a PAM FOCUS Portfolio. PAM and Baird may make changes to a PAM FOCUS Portfolio from time to time as they deem appropriate and without providing prior notice to, or obtaining the consent of, a client. specific information about of In the PAM Investment Management Service, a client’s PAM Consultant seeks to meet the client’s particular investment needs by developing a customized investment strategy based upon guidelines that are jointly established by the client and the the client’s PAM Consultant. At commencement of services, the client’s PAM Consultant investment objectives and risk tolerance. Based upon that review and other information provided by the client, the PAM Consultant makes a subsequent recommendation to the client as to which investment style the PAM Consultant believes is best suited for the client. A client makes the final decision as to which investment style is chosen for the client’s Account. More specific information as to how the client’s PAM Consultant will manage the client’s Account is provided to the client in connection with the opening of the Account. For more the investment options made available through the Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Investment Evaluation—Methods of Analysis, Strategies Loss—Investment and Risk Strategies and Methods of Analysis—PAM FOCUS Portfolios Program” below. to, equity securities, fixed Some of the services provided under this Program may be provided to a client by a PAM Consultant assigned to the client’s Account. Typically, a client selects the PAM FOCUS Portfolio appropriate for the client’s Account with the assistance of the client’s PAM Consultant. “Additional Service in certain Investments” below. PAM about Service PAM and Baird may replace investments in a client’s Account, rebalance a client’s Account assets to be consistent with the client’s chosen PAM FOCUS Portfolio strategy, change the client’s asset allocation, or engage in tax management circumstances. See strategies “Additional Information—Special Considerations for PAM FOCUS and SMA Clients” Information—Tax Service “Additional Management” below for more information. A PAM Consultant may make investments in various types of securities, including, but not limited income securities, mutual funds, ETFs, Non-Traditional Assets and Investment certain Alternative Products. All or a portion of the assets in a client’s Account may be held in cash or cash equivalents, including securities issued by money market mutual funds, or may be deposited in interest- bearing bank accounts. Additional information about the types of investments a PAM Consultant may use for client accounts is contained under the Information— heading For more Permitted information Investment the Management Service, see “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— PAM Investment Management Service” below. Important Information about Affiliated Funds. Some of the mutual funds offered by the Baird Funds, which is affiliated with Baird, have been selected by Baird for inclusion in certain PAM FOCUS Portfolios. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. Baird may remove any PAM Consultant or strategy from the Service at any time and transfer day-to-day management responsibility of a client’s Account to another PAM Consultant or Baird Financial Advisor at any time without providing prior notice to, or obtaining the consent of, a client. PAM Investment Management Service Important Information about PAM Investment Management Service Accounts. A client should Under the PAM Investment Management Service, a client grants full discretionary authority and 6 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments portfolio, the model products. See “Additional purchases and sales to rebalance the Account, without the client’s authorization. Ultimately, the client makes the final decision as to selection of investments for the client’s Baird Advisory Choice Account. Furthermore, if a client selects a model portfolio for the client’s Baird Advisory Choice Account, a client should understand that the client is ultimately responsible for: the selection of the portfolio’s model implementation, and the selection of a rebalance option, if any. note that PAM Consultants may engage in strategies that involve concentrated and less diversified portfolios of securities, leverage or margin. In addition, PAM Consultants may invest client accounts in illiquid securities and Complex Investment Products. These types of strategies and involve special, sometimes significant, risks and are not appropriate for all clients. A client should understand those risks before engaging in those strategies or investing in those Service Information—Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. regarding: financial for Mutual funds, ETFs and other investment products affiliated with Baird are available to clients under the PAM Investment Management Service. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. Non-Discretionary Services Baird Advisory Choice Program The Baird Advisory Choice Program is a Non- Discretionary Service whereby PAM and Baird provide advice to a client in connection with the client’s own management of the client’s Account. A client should understand that PAM and Baird only provide a client with certain consulting services and, for eligible Accounts, Account rebalancing services under the Baird Advisory Choice Program. The consulting services that may be available in the Program from the client’s PAM Consultant include research, analysis, advice and recommendations and investment goals and needs; asset allocation strategies, investment strategies and investment restrictions; methods implementing investment strategies; trends and expectations regarding securities and other investments, securities markets, and economic sectors and industries; and the purchase, holding and sale of securities and other investments. The specific consulting services to be provided to a client will be determined by mutual agreement between the client and the client’s PAM Consultant. PAM and Baird do not undertake to provide any other consulting or investment advisory services under this Program unless PAM and Baird agree to do so in writing. Some of the services provided under this Program may be provided to a client by a PAM Consultant assigned to the client’s Account. PAM Consultant may in various Some PAM Consultants may recommend that a client implement a model portfolio in the client’s Advisory Choice Account. A client implementing a model portfolio in the client’s Advisory Choice Account may have the option to have Baird and the client’s PAM Consultant rebalance the client’s Advisory Choice Account to the target asset allocations specified by the model portfolio at predetermined intervals. Currently, Baird offers the following rebalance options to applicable Advisory Choice Accounts: annual, semi-annual and quarterly. bank PAM and Baird do not have discretionary authority over the assets in a client’s Baird Advisory Choice Account, and PAM and Baird cannot purchase or sell any securities or other investments in the client’s Baird Advisory Choice Account, including Baird or the client’s PAM Consultant will provide investment recommendations for the client’s Account and may recommend the amount, type and timing with respect to buying, holding, exchanging, converting and selling securities and other assets for the client’s Account. Baird or the client’s recommend investments types of securities, including, but not limited to, equity securities, fixed income securities, Non-Traditional Assets, certain Alternative Investment Products and mutual funds and ETPs that in turn invest in those investments. All or a portion of the assets in a client’s Account may be held in cash or cash equivalents, including securities issued by money market mutual funds, or may be deposited in interest-bearing accounts. Additional information about the types of investments Baird or a PAM Consultant may recommend for client 7 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  is contained under Service the heading accounts “Additional Information—Permitted Investments” below. For more information about the Baird Advisory Choice Program, see “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Baird Advisory Choice Program” below. about the investment A client should ask the client’s PAM Consultant questions styles, philosophies, strategies, analyses and techniques the client’s PAM Consultant will use in order to meet the client’s objectives. Baird may, to the extent permitted by applicable law, immediately, upon sending notice to the client, restrict the activity occurring in the client’s Account, terminate the Account, convert the Account to a commission-based account, or charge a higher fee at such rate as PAM or Baird, in their sole discretion, may elect. A client is responsible for monitoring the client’s Account and determining the desirability of maintaining the Account as opposed to maintaining a traditional, commission-based brokerage account. In addition to Baird Advisory Choice Accounts and brokerage commission-based traditional, accounts, PAM offers various other advisory programs in which it has investment discretion. A client should periodically reevaluate whether the ongoing use of this Non-Discretionary Advisory Program is desired and request a PAM Consultant to explain the benefits and disadvantages of maintaining a Baird Advisory Choice Account and the availability of alternative arrangements. is appropriate. In making Additional information regarding the differences between brokerage and advisory relationships can be found in the “Understanding Brokerage and Investment Advisory Relationships” document is available on Baird’s website at that bairdwealth.com/retailinvestor. relevant factors, including it into a A client may terminate a Baird Advisory Choice traditional, Account and convert commission-based brokerage account at any time by contacting PAM. PAM and Baird also have the right, at any time upon notice to a client, to terminate a client’s Baird Advisory Choice Account and convert it into commission-based brokerage account. trading. Service Important Information about Baird Advisory Choice Accounts. A Baird Advisory Choice Account provides a fee-based alternative to a traditional, commission-based brokerage account. Unlike a traditional brokerage account where a client is paying for traditional brokerage services, an Advisory Choice client is also paying for investment advice and other investment advisory services above and beyond those available in a traditional brokerage account. Each client should determine whether a Baird Advisory Choice this Account determination, a client should carefully consider all the client’s investment objectives, risk tolerance, past and anticipated trading practices, current assets, current investments, the value and type of Permitted Investments to be held in the Account, anticipated use of other Baird products and services, and the costs and benefits of the Account. The costs of a Baird Advisory Choice Account may be more or less than in an account where the client is charged on a per-transaction basis. A Baird Advisory Choice Account may not be appropriate for a client who anticipates little or no trading activity, a client who prefers to direct the client’s own investment strategies and security selection independent of the advice of PAM or Baird or a client who does not receive or request investment advisory or other non-trading services from PAM or Baird. A Baird Advisory Choice Account is also not for day trading or other extreme trading activity, including excessive options trading or trading in mutual funds based on market timing. If a client’s Baird Advisory Choice Account engages in “excessive trading activity” (herein defined as activity that would be considered “excessive” by industry professionals in a non-discretionary, fee-based program, as determined by Baird in its sole discretion), PAM or A client should note that the client’s Baird Advisory Choice Account may be engaged in strategies that involve concentrated and less diversified portfolios of securities, leverage or margin, options, and In frequent addition, the client’s Baird Advisory Choice Account may be invested in illiquid securities and Complex Investment Products. These types of involve special, strategies and investments significant, sometimes risks and are not for all clients. A client should appropriate understand those risks before engaging in those strategies or investing in those products. See “Additional Information—Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and 8 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the Risk of Loss—Principal Risks” below for more information. about PAM Recommended Manager’s strategies, the types of investments the PAM Recommended Manager may use for a client’s Account, and the risks associated with investing in a PAM RM Strategy. Such brochures are available upon request. Mutual funds, ETFs and other investment products affiliated with Baird are available to clients under the Advisory Choice Program. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. initially selects SMA Services PAM Recommended Managers Service Some of the services provided under the PAM Recommended Managers Service will be provided to a client by a PAM Consultant assigned to the client’s Account. A client, typically working with a PAM Consultant, the PAM Recommended Manager and PAM RM Strategy for the client’s Account. Thereafter, whenever Baird or the client’s PAM Consultant deems it necessary, Baird or the client’s PAM Consultant will replace a PAM Recommended Manager or PAM RM Strategy with another PAM Recommended Manager or PAM RM Strategy for the client’s Account. The PAM Recommended Managers Service is a program whereby a client provides Baird and the client’s PAM Consultant with discretionary authority to appoint investment managers to manage the client’s Account with full discretionary authority and to terminate or replace investment managers for the client’s Account. The PAM Recommended Managers Service is designed for a client who wishes to have the client’s Account investment managers that are managed by monitored by PAM and Baird on an ongoing basis. the full discretionary authority Under the PAM Recommended Managers Service, investment PAM and Baird determine managers (“PAM Recommended Managers”) and their strategies (“PAM RM Strategies”) eligible to participate in the Service through an initial and ongoing evaluation process. If a client participates in the PAM Recommended Managers Service, the client authorizes and directs PAM and Baird to appoint PAM Recommended Managers to serve as sub-adviser to the client’s Account and to otherwise manage the client’s Account in accordance with the terms of the PAM Recommended Managers Service. The client also authorizes and directs the PAM Recommended Managers to manage the client’s Account with in accordance with the PAM RM Strategy selected. RM Strategies offered For more specific information about the managers and SMA Strategies made available through the PAM Recommended Managers Service and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, see “Portfolio Manager Selection and Evaluation— Selection and Evaluation—PAM Recommended Managers Service” below. full discretionary authority PAM Recommended Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the PAM Recommended Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. are urged review the information about Clients PAM to Recommended Manager’s Form ADV Part 2A contain additional Brochure, which should PAM the important Recommended Manager, including information Certain PAM RM Strategies are only made available through Implementation Managers. The PAM through Implementation Managers consist of Manager- Traded Strategies and Model-Traded Strategies. If a PAM RM Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs PAM and Baird to appoint the Implementation Manager to serve as sub-adviser to the client’s Account. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to manage the client’s Account with in accordance with the selected PAM RM Strategy. If a Manager-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to appoint the applicable PAM Recommended Manager as sub-adviser, and the client also authorizes and directs such PAM Recommended Manager to manage the client’s 9 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  full discretionary authority in Account with accordance with the selected PAM RM Strategy. regarding the purchase or sale of investment products made for the client’s Account. from the the implement the direction of the client’s Account, the prior manager and From time to time, PAM or Baird may remove investment managers PAM Recommended Managers Service, and PAM or Baird may select a replacement manager to manage the client’s Account. In such event, PAM or Baird, at the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were the managed by replacement manager will reinvest the cash proceeds of those sales. Sales of securities or other investments could result in adverse tax consequences for the client. faithfully If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Implementation Manager will Account, typically the Model Portfolio as proposed by the Model Provider. However, since the Implementation Manager has discretionary authority over the Implementation Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Implementation Manager determines such action to be necessary and in the client’s best interest. A client should note that PAM and Baird do not monitor or ascertain whether a third party Implementation Manager is implementing the Model fully and Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s PAM Consultant. in If PAM or Baird terminates an investment manager from the PAM Recommended Managers Service, a client authorizes PAM and Baird to invest, with full discretionary authority, the assets in the client’s Account previously managed by the terminated other investment manager securities, including, but not limited to, mutual funds and ETPs. PAM’s and Baird’s discretionary authority to make such other investments will continue until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. below Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a PAM client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of other client accounts managed by those Model Providers. See “Additional Service Information— Trading for Client Accounts—Trading Practices of Investment Managers” for more information. the client should understand the discretionary A client who prefers to continue using an investment manager that has been removed from the PAM Recommended Managers Service, or who directs or otherwise requests that a particular investment manager not recommended by PAM be selected to manage the client’s Account, will need to move to another Service, such as the BSN Program. See “Baird SMA Network Program” below for more information. Clients who elect to do so will no longer receive the same level of rigorous ongoing monitoring, evaluation, or review of that investment manager from PAM or Baird. departments of Baird, If a client’s Account is managed by an Other Manager under the PAM Recommended Managers that, Service, notwithstanding authority granted to Baird and the client’s PAM Consultant under the Service: Baird and the client’s PAM Consultant do not manage the Account and do not otherwise have any influence over the Other investment decisions or securities Manager’s selections, and therefore, Baird and the client’s PAM Consultant are not responsible for the decisions made by the Other Manager; and Baird and the client’s PAM Consultant do not provide investment advice any recommendation or Important Information about Affiliated Managers. The PAM Recommended Managers Service makes available to clients investment services that are offered by Baird Advisors and investment Baird Equity Asset Management, management and Riverfront, an affiliate of Baird. Baird has a potential conflict of interest to the extent Baird investment would advise a client to select 10 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the manager or Baird. Certain managers offer strategies that exclusively invest in Investment Funds (“Fund Strategist Portfolios”). products offered by those Baird Departments or Riverfront. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. Baird SMA Network Program a is designed client who wishes Clients are urged to review the BSN Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the BSN Manager, including information about the BSN Manager’s strategies, the types of investments the BSN Manager may use for a client’s Account, and the risks associated with investing in a BSN Strategy. Such brochures are available upon request. The BSN Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The BSN Program accommodate to independently select an investment manager not available in the PAM Recommended Managers Program to manage the assets in the client’s Account. Some of the services provided under the BSN Program may be provided to a client by a PAM Consultant assigned to the client’s Account, and the client’s PAM Consultant may provide his or her own advice and recommendations about BSN Managers. (“BSN Strategies”) eligible If a client participates in the BSN Program, the client authorizes and directs PAM and Baird to appoint the BSN Manager selected by the client to serve as sub-adviser to the client’s Account. The client also authorizes and directs the BSN Manager to manage client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. Under the BSN Program, Baird determines the investment managers (“BSN Managers”) and their strategies to participate in the Program through a significantly less rigorous evaluation process compared to the PAM Recommended Managers Service. However, a client should note that PAM and Baird do not make any recommendation to clients regarding representations any BSN Strategy or any regarding a BSN Manager’s qualifications as an investment adviser or abilities to manage client assets. if any, see and Evaluation—Selection For more specific information about the managers and SMA Strategies made available through the BSN Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA “Portfolio Manager Strategies, Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below. the A client should only participate in the BSN Program if the client wishes to take more responsibility for monitoring the client’s Account, the PAM Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. have varying Certain BSN Strategies are only made available through the Overlay Manager. The BSN Strategies offered through the Overlay Manager consist of Manager-Traded Strategies and Model-Traded Strategies. If a client selects a BSN Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs PAM and Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. If a client selects a Manager-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to appoint the applicable BSN Manager as sub-adviser, and the client also authorizes and directs such BSN Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. investment BSN Managers objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the BSN Manager and which may include mutual funds, ETFs or other investment products affiliated with 11 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  advisory services under the BSN Program unless PAM and Baird agree to do so in writing. the Account and its regarding If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that PAM and Baird do not monitor or ascertain whether the Overlay Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s PAM Consultant. A client that participates in the BSN Program is strongly encouraged to contact the client’s PAM Consultant or BSN Manager on a periodic basis to discuss: investment performance; the BSN Manager’s investment philosophy and style (to determine if the BSN Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information the BSN Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviser info.sec.gov. Information—Trading Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a PAM client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Service for Client Accounts—Trading Practices of Investment Managers” below for more information. for The BSN Strategies and BSN Managers made available under the BSN Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the BSN Program, PAM and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the BSN Program, upon the withdrawal or removal of an investment manager from the BSN Program, a client’s BSN Program Account will be automatically removed from the BSN Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to PAM. See “Portfolio Manager Selection and Evaluation— Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below further information. influence over Important Information about the BSN Program. Portfolios managed by 55I, LLC (d/b/a 55ip, “55ip”) are made available under the BSN Program. 55ip uses research and other services from Riverfront, an affiliate of Baird, in the development of certain of those portfolios, and Riverfront receives compensation from 55ip with respect to those portfolios. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. reviewing the If a client’s Account is managed by an Other Manager under the BSN Program, the client should understand that: PAM and Baird do not manage the Account and do not otherwise have the Other Manager’s any investment decisions or securities selections, and therefore, PAM and Baird are not responsible for the decisions made by the Other Manager; PAM and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and PAM and Baird only provide the client with certain consulting services, which may include the client’s PAM Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically manager’s performance. PAM and Baird do not undertake to investment provide any other consulting or The BSN Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the PAM Recommended Managers Service to manage the client’s Account. The client assumes ultimate 12 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Evaluation—Baird SMA Network and Dual Contract Programs” below. appointment in managing the client’s Account A client should only participate in the DC Program if the client wishes to take more responsibility for monitoring the PAM the client’s Account, Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and the client understands the risks of doing so. the foregoing when deciding DC Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the DC Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. responsibility for monitoring the client’s BSN the BSN Manager’s Program Account and performance. A and client’s continued retention of a BSN Manager to manage the client’s Account are based ultimately upon the client’s independent review of the BSN Manager and the BSN Manager’s services. The client ultimately determines that the BSN Strategy to be is used consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BSN Manager will only be removed from managing the client’s BSN Program Account upon the manager’s withdrawal, removal from the BSN Program, or the client’s direction to do so. A client should carefully consider to participate in the BSN Program and also consider whether another Service, such as the PAM Recommended Managers Service, may be more appropriate for the client. Dual Contract Program Clients are urged to review the DC Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the DC Manager, including information about the DC Manager’s strategies, the types of investments the DC Manager may use for a client’s Account, and the risks associated with investing in a DC Strategy. Such brochures are available upon request. a is designed client who wishes The DC Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The DC Program accommodate to independently select an investment manager not available in the PAM Recommended Managers Service or BSN Program to manage the assets in the client’s Account. Some of the services provided under the DC Program may be provided to a client by a PAM Consultant assigned to the client’s Account, and the client’s PAM Consultant may provide his or her own advice and recommendations about DC Managers. Under the DC Program, Baird determines the investment managers (“DC Managers”) and their strategies (“DC Strategies”) eligible to participate in the Program through a significantly less rigorous evaluation process compared to the PAM Recommended Managers Service. However, a client should note that PAM and Baird do not make any recommendation to clients regarding any DC Strategy or any representations regarding a DC Manager’s qualifications as an investment adviser or abilities to manage client assets. Under the DC Program, DC Managers are offered to clients through a dual contract arrangement, and a client will need to enter into a separate agreement with the DC Manager in addition to the advisory agreement the client enters into with PAM and Baird. A client participating in the DC Program is solely responsible for negotiating the client’s agreement with the client’s DC Manager, and neither PAM nor Baird will participate or advise a client regarding the terms of such an agreement, the advisability of entering into such an agreement, or the retention of the client’s DC Manager unless PAM and Baird agree to do so in writing. For more specific information about the managers and SMA Strategies made available through the DC Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA “Portfolio Manager Strategies, and Selection if any, see and Evaluation—Selection If a client’s Account is managed by an Other Manager under the DC Program, the client should understand that: PAM and Baird do not manage 13 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird are available to clients under the DC Program. This presents a conflict of interest. For more information, see “Additional Information— Other Financial Industry Affiliations and Activities” below. assumes ultimate responsibility reviewing the the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, PAM and Baird are not responsible for the decisions made by the Other Manager; PAM and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and PAM and Baird only provide the client with certain consulting services, which may include the client’s PAM Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically manager’s performance. PAM and Baird do not undertake to provide any other consulting or investment advisory services under the DC Program unless PAM and Baird agree to do so in writing. the Account and its the DC Manager’s the foregoing when deciding The DC Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the PAM Recommended Managers Service or BSN Program to manage the client’s Account. The client for monitoring the client’s DC Program Account and the DC Manager’s performance. A client’s appointment and continued retention of a DC Manager to manage the client’s Account are based ultimately upon the client’s independent review of the DC Manager and the DC Manager’s services. The client ultimately determines that the DC Strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a DC Manager will only be removed from managing the client’s DC Program Account upon the manager’s withdrawal, removal from the DC Program, or the client’s direction to do so. A client should carefully consider to participate in the DC Program and also consider whether another Service, such as the PAM Recommended Managers Service, may be more appropriate for the client. A client that participates in the DC Program is strongly encouraged to contact the client’s PAM Consultant or DC Manager on a periodic basis to investment discuss: performance; investment philosophy and style (to determine if the DC Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the DC Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviserinfo.sec.gov. Other SMA Strategy Information Certain SMA Strategies are available through multiple Services. The overall cost of an SMA Strategy and the types and levels of service provided to a client in connection with an SMA Strategy will vary depending upon the particular Service selected by the client. A client should ask the client’s PAM Consultant whether an SMA Strategy is available through multiple Programs and, if so, the client should discuss with the PAM Consultant the different costs of the Services and the types and levels of service provided in connection with the Services. A client is solely responsible for selecting the Service in which the client’s Account will participate. The DC Strategies and DC Managers made available under the DC Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the DC Program, PAM and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the DC Program, upon the withdrawal or removal of an investment manager from the DC Program, a client’s DC Program Account will be automatically removed from the DC Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to PAM. See “Portfolio Manager Selection and Evaluation— Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below for more information. Information about the DC Important investment management Program. Other departments of Baird and managers affiliated with 14 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for buying, holding, Additional Service Information Investment Discretion Investment Selection and Trading Authorizations the A client retains complete discretion over investment selection and trading decisions with respect to assets in a client’s Non-Discretionary Service Accounts, and PAM and Baird will only execute transactions for such Accounts pursuant to the client’s instruction or authorization. the client. Pursuant If a client’s Account participates in a Discretionary Service, the client’s advisory agreement provides Baird and the client’s PAM Consultant, as applicable, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the Service selected by the client. timing exchanging, converting and selling securities and other assets for the client’s Account, subject to the terms of the Service selected by the client. The client’s advisory agreement also grants to PAM, Baird, the client’s PAM Consultant and client’s investment manager, as applicable, complete and unlimited trading authorization and appoints them as the client’s agents and attorneys-in-fact to manage the assets in the client’s Account on the client’s behalf, subject to the terms of the Service selected by to such authorization and powers of attorney, PAM, Baird, the client’s PAM Consultant and the client’s investment manager may, in their sole discretion and at the client’s risk, purchase, sell, exchange, convert and otherwise trade the securities and other assets in the client’s Account, as well as arrange for delivery and payment in connection with the above, and act on the client’s behalf in all matters necessary or incidental to the handling of the client’s Account without prior notice to the client. Such trading authorizations and powers of attorney, whether granted to PAM, Baird, the client’s PAM Consultant or the client’s investment manager, shall remain in full force and effect until terminated by the client, the client’s investment manager, PAM or Baird. a client’s If a client’s Account participates in the PAM Recommended Managers Service, the client’s advisory agreement provides Baird and the client’s PAM Consultant discretionary authority to appoint investment managers to manage the client’s Account and to terminate or replace investment managers for the client’s Account for any reason without prior notice to the client. If PAM or Baird terminates an investment manager from management PAM of Recommended Managers Service Account, the client’s advisory agreement provides PAM and Baird discretionary authority to manage the assets in the client’s Account until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. include If a client’s Account participates in an SMA Service, the client’s advisory agreement provides the investment manager selected to manage the client’s Account, which may an Implementation Manager, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the SMA Service selected by the client. Orders for the purchase and sale of securities in a client’s Discretionary Service Accounts will generally be executed by Baird, in its capacity as broker-dealer, as further described under the heading “Trading for Client Accounts” below, unless Baird’s duty to seek to obtain best execution otherwise requires or unless the client has provided other instructions to Baird in writing. PAM and Baird do not have discretionary authority over the assets in a client’s SMAs that are managed by an Other Manager and cannot purchase or sell such assets without the consent of the client or such Other Manager. The investment manager for a client’s SMAs may initiate securities transactions through Baird, in its capacity as broker-dealer, as further described under the heading “Trading for Client Accounts” below, subject to the manager’s duty to seek to obtain best execution, or unless a client has provided other instructions in writing. Baird, as broker-dealer, will rely upon any such instructions of any investment managers selected to manage the client’s Account. If a client grants discretionary authority over the client’s Account to PAM, Baird, the client’s PAM Consultant or the client’s investment manager, the client’s advisory agreement authorizes PAM, Baird, the client’s PAM Consultant and the client’s investment manager, as applicable, to manage the client’s Account and to make investment decisions for the client’s Account, with the authority to determine the amount, type and If a client participates in an SMA Service, the client authorizes PAM and Baird to share client’s 15 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Should a client wish to impose or modify existing restrictions, or the client’s financial condition or investment objectives have changed, the client should contact the client’s PAM Consultant. Affiliated Investment Products information with the Overlay Manager and any Other Manager or Implementation Manager managing the client’s Account. The client also authorizes and directs PAM and Baird to transmit to the Overlay Manager and any such Other Manager or Implementation Manager any instructions that the client may provide to PAM or Baird to the extent necessary to carry out the client’s instructions. Client Investment Restrictions PAM, Baird and Baird’s affiliates may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with Baird or that pay fees to Baird or to any of its affiliates for investment advisory or other services they provide (“affiliated investment products”). Baird and its affiliates may receive fees or other compensation related to such investments made by the client. The Discretionary and the SMA Services offer a client the ability to impose reasonable investment restrictions on the management of an Account, including the designation of particular securities or types of securities that should not be purchased for the client’s Account, but a client may not require that particular funds or securities (or types) be purchased for the client’s Account. Reasonable investment restrictions requested by a client will apply only to those assets over which PAM, Baird or a client’s investment manager has discretion. investments to those PAM may also offer clients a socially responsible investing (“SRI”) service, which assists a client in restricting that are consistent with the client’s social investment guidelines or objectives. Clients electing the SRI service generally bear the cost of the SRI service as it is generally included in the Advisory Fee. to invest in affiliated accounts without restrictions By signing an advisory agreement with PAM, a client consents to PAM, Baird and Baird’s affiliates investing all or a portion of the client’s Account in affiliated investment products. The amount of fees received by Baird and its affiliates is generally described in the prospectus or other offering or disclosure documents for the investment product. Additional information is also available on Baird’s website at bairdwealth.com/retailinvestor. PAM, their Baird and Baird’s affiliates will use discretionary authority to invest the client’s Account in affiliated investment products when they determine it to be in the client’s best interest to do so. Generally, the criteria used by them in investment deciding products are the same as those used in deciding to invest a client’s assets in investment products unaffiliated with Baird. For more information about the criteria used by PAM and Baird, clients should review the section of the Brochure entitled “Portfolio Manager Selection and Evaluation” below. For more information about the criteria used by Baird’s affiliates, clients should review the affiliate’s Form ADV Part 2A Brochure. A client’s consent may be revoked at any time. Other Managers may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with the Other Manager or that pay fees to the Other Manager or to any of its affiliates for investment advisory or other services they provide. In the event that a client’s Account is restricted from investing in certain securities, PAM, Baird or the client’s investment manager, as applicable, will select such other replacement securities, if any, as they deem appropriate. Accounts with investment restrictions may perform differently from and performance may be poorer. In addition, in the event there is a change in the classification or credit rating of a security held in the client’s Account, a client’s investment restrictions may force PAM, Baird or the client’s investment manager to sell such security at an inopportune time, possibly negatively impacting Account performance and causing the client’s Account to realize taxable gains or losses, which could be significant. A client should also be aware that, if the client’s Account holds any investment vehicle (such as a mutual fund or ETF), any investment restrictions the client places on the client’s Account may not flow through to the securities owned by that investment vehicle. By signing an advisory agreement with PAM, a client consents to each Other Manager managing client’s Account investing all or a portion of the client’s Account in investment products that pay 16 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Trading for Client Accounts PAM’s and Baird’s Trading Practices Placement of Client Trade Orders advisory or other fees to the Other Manager or its affiliates. Each Other Manager is responsible for providing to the client information about the amount of fees received by the Other Manager and its affiliates and the criteria used by the Other Manager in deciding to invest in products affiliated with the Other Manager. A client should contact the Other Manager and review the Other Manager’s Form ADV Part 2A Brochure for more information. A client’s consent may be revoked at any time. Investment Policy Statements PAM and Baird will not review, monitor, accept or adhere to an investment policy statement or similar document that was not prepared by PAM or Baird, unless they otherwise specifically agree to do so in writing. Adherence to any such investment policy statement or similar document is solely a client’s responsibility. Conversion, Exchange or Sale of Certain Investments (collectively, PAM and Baird will select the broker-dealers that will execute trade orders for Non-Discretionary Accounts and with respect to Accounts that are managed directly by PAM or Baird unless the client has provided instructions to PAM to the contrary. As investment adviser, PAM and Baird have an obligation to seek “best execution” of client trade orders. “Best execution” means that they must place client trade orders with those broker-dealers that they believe are capable of providing the best qualitative execution of client trade orders under the circumstances, taking into account the full range and quality of the services offered by the broker-dealer, including the value of the research provided (if any), the broker- dealer’s execution capabilities, the cost of the trade, the broker-dealer’s financial responsibility, and its responsiveness to PAM and Baird. It is important to note that PAM’s and Baird’s best execution obligation does not require them to solicit competitive bids for each transaction or to seek the lowest available cost of trade orders, so long as they reasonably believe that the broker- dealer selected can be reasonably expected to provide clients with the best qualitative execution under the circumstances. institutional class shares, transactions. For By participating in a Service, a client authorizes PAM and Baird to convert or exchange any shares of investment funds, such as mutual funds, ETFs, closed-end funds, unit investment trusts (“UITs”), Complex Investment Products, and other similar investment pools “Investment Funds”) held in the client’s Account to a class of shares of the same fund, such as advisory class shares, financial intermediary class shares, or another class of shares primarily designed for use in advisory programs (collectively, “Advisory Class Shares”), to the extent made available by the mutual fund or other Investment Fund in accordance with policies established by Baird from time to time, including, without limitation the Mutual Fund Share Class Policy that is described below. Because a client does not pay commissions to Baird when Baird, acting as broker-dealer, executes a client’s trade orders, and because a client may incur commission costs in addition to the Advisory Fee if trade orders were to be executed by another broker-dealer firm, clients generally receive a cost advantage whenever Baird executes client this reason, and given Baird’s execution capabilities as that Baird will broker-dealer, PAM expects generally execute trade orders, as broker-dealer, for Non-Discretionary Accounts and the client’s Accounts that are directly managed by PAM or Baird. that may require PAM or Baird, A client should understand that, the client may not hold Advisory Class Shares in a non-Advisory Account and that the client may not be able to hold certain Advisory Class Shares in an account held at another firm. Upon the termination of a Service for an Account or the closure of an Account for any reason, PAM and Baird may convert or exchange the Advisory Class Shares held in the Account to an appropriate non- Advisory Class Shares issued by the same fund, or, if an appropriate non-Advisory Class Shares is not available, PAM and Baird may redeem or sell such Advisory Class Shares. However, in some instances, circumstances may arise in compliance with their best execution obligations to a client, to place a client’s trade order with a firm other than Baird. If they place trade orders for the client’s Account for execution by a firm other than Baird, and the other firm imposes a commission or equivalent fee on the trade (including a commission imbedded in the price of 17 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in the investment), the client will incur trading costs in addition to the Advisory Fee. Trade Aggregation, Allocation and Rotation Practices treatment over PAM and Baird may aggregate contemporaneous buy and sell orders for the accounts over which they have discretionary authority (a practice also known as bunching trades or block transactions). This practice may enable them to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would if orders were not otherwise be available aggregated. Using block transactions may also assist them in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing, client orders. The amount of securities available the marketplace, at a particular price at a particular time, may not satisfy the needs of all clients participating in a block transaction and may be insufficient to provide full allocation across all client accounts. To address this possibility, Baird has adopted trade allocation policies and procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable time. If a block transaction cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day will generally be allocated pro rata among the clients participating in the block transaction. However, PAM may also make random allocations to client accounts in certain circumstances, such as when Baird deems a partial fill for the total block order to be low. Adjustments may also be made to avoid a nominal allocation to client accounts. under their direct favorable net price When PAM is not able to aggregate trades, PAM generally uses a trade rotation process that is designed to be fair and equitable to its advisory clients over time. However, a client should be aware that PAM’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in the rotation, and, as a result, the client may receive a for the less applicable trade. into consideration account PAM and Baird generally aggregate buy and sell orders when executing trades for client account discretionary assets management when they have the opportunity to do so. When utilizing block transactions, PAM and Baird generally aggregate a client’s trade orders with trade orders for clients who are participating in the same Service and pursuing the same model portfolio or strategy. In some cases, PAM or Baird may aggregate a client’s trade orders with trade orders for other advisory clients who are not participants in the Services described in this Brochure. However, PAM and Baird determine whether or not to utilize block transactions for a client in their sole discretion and PAM’s and Baird’s decision is subject to their duty to seek best execution. In determining the amount to be allocated to an account, if any, PAM and Baird take specific investment restrictions, undesirable position size, account portfolio weightings, client tax status, client cash positions and client preferences. income securities All advisory clients participating in a block transaction will receive the same execution price for the security bought or sold. Average prices may be used when allocating purchases and sales to a client’s Account because such securities may be purchased and sold at different prices in a series of block transactions. As a result, the average price received by a client may be higher or lower than the price the client may have received had the transaction been effected for the client independently from the block transaction. Notwithstanding the foregoing, if an aggregated trade order involves fixed income securities, PAM and Baird may allocate the securities based on the needs of client accounts. In addition, PAM and Baird will at times place aggregated trade orders for fixed income securities prior to determining how the aggregated trade order will be allocated to client accounts. In those instances when an aggregated trade order for fixed income securities is placed prior to determining client allocations or when such trade order is only partially filled, PAM or Baird will seek to allocate trades in manner intended to be fair and equitable to applicable clients over time. Furthermore, when a trade order for fixed income securities is only partially filled, PAM and Baird may place orders for other fixed that have similar characteristics, such as issuer name, structure, credit rating, or market sector. 18 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  of those trades executed earlier in PAM’s rotation. As a result, the client may receive a less favorable net price for the trade. Because PAM and Baird are unable to buy or sell any security for a client’s Non-Discretionary Accounts without the client’s authorization, PAM and Baird generally do not aggregate or bunch trades for those Accounts with the same or similar trades for other client accounts. Because similar orders for the client and PAM’s or Baird’s other clients may be placed and filled at different times, the client may buy or sell securities at prices that are different from the prices obtained by other clients who received the same or similar advice from PAM or Baird. Directed Brokerage Arrangements interest If a client directs PAM to use a particular broker- dealer, and if the particular broker-dealer referred the client to PAM or if the particular broker-dealer refers other clients to PAM or Baird in the future, PAM and Baird may benefit from the client’s directed brokerage arrangement. Because of these potential benefits, PAM and Baird may have an economic interest in having the client continue the directed brokerage arrangement. The benefits that PAM and Baird receive conflict with the client’s in having PAM or Baird recommend that the client utilize another broker- dealer to execute some or all transactions for the client’s Account. Before directing PAM to use a particular broker- dealer, a client should carefully consider the possible costs or disadvantages of directed brokerage arrangements. Cross Trading Involving Advisory Accounts to be directed best execution for the the purchase of PAM generally does not in engage in cross transactions, including agency cross transactions, except in limited instances such as when clients buy or sell variable rate demand obligations which are also known as “put bonds”. When PAM believes that the transaction is consistent with each client’s best interest, PAM, acting as investment manager, may cause (or in the case of Non-Discretionary accounts, recommend) the sale of securities from the account of an advisory client while at or about the same time causing (or, in the case of Non-Discretionary accounts, recommending) the same securities for the account of another PAM advisory client. Such transactions may have the benefit of reducing transaction and market impact costs. In some cases, a client may direct PAM to use a particular broker-dealer for execution of the client’s trade orders (a “directed brokerage arrangement”), and PAM may agree to the arrangement. This may occur when a client’s Account is held at another broker-dealer firm and a client directs PAM to execute trades through such firm, or when a client’s Retirement Account or other account is maintained on a platform operated and managed by a third party unaffiliated with PAM or Baird and trades must be executed through that platform. A client should understand that PAM and Baird consider such arrangements brokerage arrangements. A client should also understand that if the client has a directed brokerage arrangement, PAM and Baird may be unable to achieve client’s transactions. A client should note that any costs related to the directed brokerage arrangement are not included in the Advisory Fee and that the client will be solely responsible for monitoring, evaluating and reviewing the arrangement with the directed broker-dealer and paying any commissions or markups or markdowns or other costs imposed by the directed broker-dealer. A client should also note that PAM generally will not aggregate the client’s directed brokerage trade orders with orders for other PAM clients. As a result, a client’s transaction costs may be higher because the client will not benefit from any volume discounts or other reduced transaction costs that PAM may obtain for its other clients. A client should further note that PAM generally will not include such client trade orders in its trade rotation process and that PAM will generally place the client’s trade orders with the directed broker- dealer after PAM completes its trading for other PAM client accounts. The client’s trade orders will significantly bear the market price impact, if any, In such cases, because Baird is acting as investment adviser for both buyer and seller, Baird is subject to potentially conflicting interests in causing (or recommending) the transactions. Also, because Baird is acting as investment adviser for both buyer and seller, transaction prices may be determined more by reference to market information or dealer indications for the securities involved, and less through the type of independent arms-length negotiation that might otherwise occur. Baird has adopted internal policies and procedures that require PAM and 19 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird to obtain approval of Baird’s Compliance Department before affecting a cross trade. Trade Error Correction effect similar transactions through a number of different broker-dealers. In some cases, to address this situation, investment managers may decide to aggregate all such client transactions into a block trade that is executed through one broker-dealer. This practice may enable the investment manager to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist the investment manager in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing client orders. However, as it pertains to PAM clients, this practice may result in “trading away” from Baird, which is more fully described below. It is Baird’s policy that if there is a trade error for which PAM or Baird is responsible, PAM or Baird will take actions, based on the facts and circumstances surrounding the error, to put the client’s Account in the position that it would have been in as if the error had not occurred, including by adjusting or reversing the transaction, entering an offsetting transaction, or other methods that may be deemed appropriate by Baird. Errors caused by PAM or Baird will be corrected at no cost to client’s Account, with the client’s Account not recognizing any loss from the error. PAM and Baird may net gains and losses from a single error event involving more than one transaction in a security or transactions in multiple securities. The client’s Account will be fully compensated for any losses incurred as a result of an error event. If the trade error results in a gain, the gain may be retained by Baird but such gain is not given to or shared with any PAM or Baird associate. in the PAM and Baird offer many services and, from time to time, may have other clients in other programs trading in opposition to a client. To avoid favoring one client over another client, Baird attempts to use objective market data in the correction of any trading errors. information Alternatively, an investment manager may utilize a trade rotation process where one group of clients may have a transaction effected before or after another group of the investment manager’s clients. A client should be aware that an investment manager’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the investment manager’s rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those investment trades executed earlier manager’s rotation, and, as a result, the client may receive a less favorable net price for the trade. Additional regarding an investment manager’s trade rotation policies, if any, is available in the investment manager’s Form ADV Part 2A Brochure. If a client’s Account is managed by an Other Manager, the client should review the Other the Other Manager’s Brochure and contact Manager for information about how the Other Manager corrects trade errors. Trading Practices of Investment Managers If a client’s Account or a portion thereof is managed by an investment manager, the client should note that, like Baird, such investment manager has a duty to seek best execution for the client’s Account. on the investment manager, Investment managers may participate in other wrap fee programs sponsored by firms other than Baird. In addition, investment managers may manage institutional and other accounts not part of a wrap fee program. In the event an investment manager purchases or sells a security for all accounts using a particular SMA Strategy the offered by investment manager may have to potentially Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. The Overlay Manager has provided to Baird a list of Model Providers that have such trade rotation policies, which list is available at website Baird’s client bairdwealth.com/retailinvestor. A PAM should understand that an Account pursuing a Model Portfolio strategy offered by those Model Providers will have trades executed for the client’s Account at the end of the Model Provider’s trade rotation on a regular and consistent basis. As a result, trade orders for such an Account will 20 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird in what is frequently referred to as a “step in”. the other In some instances, step out trades are executed by firm without any additional commission or markup or markdown, but in other instances, the executing firm may impose a commission or a markup or markdown on the trade. If a client’s investment manager places trade orders for the client’s Account with a firm other than Baird, and the other firm imposes a commission or equivalent fee on the trade (including a commission imbedded in the price of the investment), the client will incur trading costs in addition to the Advisory Fee. in the Model Provider’s Some managers have historically placed nearly all client trades with broker-dealer firms other than Baird for execution. Some managers have placed nearly all or all client trades resulting from changes to their model portfolios or strategies with firms other than Baird. Similarly, some managers have frequently placed client trade orders for fixed income, foreign and small cap securities with firms other than Baird. In some cases, the other executing broker-dealer firm imposes a commission or markup or markdown (which is embedded in the price of the security) for executing the trade. As a result, these types of managers and their strategies could be more costly to a client than managers that primarily place client trade orders with Baird for execution. significantly bear the market price impact, if any, of those trades executed earlier in the Model Provider’s rotation and the performance of the Account will differ, perhaps in a materially negative manner, from the performance of client accounts managed by the Model Provider. In addition and for the same reasons described above, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by PAM client Accounts pursuing the Model Portfolio strategy. PAM and Baird do not make or control any investment manager’s trade rotation policies, and they do not monitor, evaluate or review any investment manager’s compliance with the manager’s trade rotation policies or whether such inequitable trade rotation policies result performance of client Accounts. A client selecting a Model Portfolio offered by such a Model Provider is urged to obtain a copy of the Model Provider’s Form ADV Part 2A Brochure and review the description of the Model Provider’s trade rotation policy contained in that document. A copy of a Model Provider’s Brochure can be obtained by contacting a PAM Consultant. A client should also monitor the performance of an Account pursuing such a Model Portfolio strategy and compare that performance with the performance reported for the Model Portfolio by the Model Provider. A client about Account questions discuss should performance or trade rotation policy with the client’s PAM Consultant. is based solely upon independently verified as broker-dealer, A list of managers that have informed Baird that they have traded away from Baird during 2023 - 2024 and general information about the additional cost of those trades (if any) is available on Baird’s website at bairdwealth.com/retailinvestor. The information about each manager provided on the Baird’s website information provided to Baird by such manager. Baird has not the information, and as a result, none of Baird or any of its affiliates or associates makes any representation as to the accuracy of any such information. A client should contact the client’s PAM Consultant or investment manager if the client would like to obtain specific information about trade aways and the amount of commissions or other costs, if any, the client incurred in connection with step out trades. Because a client does not pay commissions to Baird when Baird, acting as broker-dealer, executes a client’s trade orders, and because a client generally would incur trading costs in addition to the Advisory Fee if trade orders were to be executed by another broker-dealer firm, clients generally receive a cost advantage whenever Baird executes PAM client transactions. For this reason, and given Baird’s execution capabilities investment managers may determine that placing trade orders for the client’s Account with Baird is the most favorable option for the client. However, investment managers may place a client’s trade orders with a broker-dealer firm other than Baird if the manager determines that it must do so to comply with its best execution obligations. This practice is frequently referred to as “trading away” and these types of trades are frequently called “step out trades”. A client’s trade order so executed is then cleared and settled through 21 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in accordance with A client should note that each investment manager is solely responsible for ensuring that it complies with its best execution obligations to the client. A client should review the manager’s trading for the client’s Account because PAM and Baird do not monitor, review or evaluate whether the manager is complying with its best execution obligations to the client. A client should review the manager’s Form ADV Part 2A Brochure, inquire about the manager’s trading practices, and consider that information carefully, before selecting a manager. In particular, the client should carefully consider any additional trading costs the client may incur before selecting a manager to manage the client’s Account. broker for the party or parties on both sides of the transaction. As compensation for brokerage services, Baird may receive compensation from parties on both sides of an agency cross transaction, the amount of which may vary. PAM Consultants may receive compensation from Baird related to agency cross transactions. Therefore, Baird and PAM Consultants may have a conflicting division of loyalties and responsibilities. However, in all cases, Baird and PAM Consultants will seek to obtain the best execution for each respective advisory client and will effect agency cross the transactions only requirements of Rule 206(3)-2 under the Advisers Act. Furthermore, Baird will comply with additional regulations applicable to Retirement Accounts. agency transactions A client should note that the client’s advisory agreement permits PAM and Baird to trade as principal on orders received from Other Managers. See “Trade Execution Services Performed by Baird—Principal Transactions” below for more information. “agency Trade Execution Services Performed by Baird Where applicable, a client’s advisory agreement discusses and cross authorizes Baird and PAM Consultants to effect agency cross transactions for a client’s Account. A client’s authorization to Baird and PAM to effect Consultants cross” transactions is given pursuant to Rule 206(3)-2 under the Advisers Act and may be revoked at any time by the client in client’s sole discretion by notifying the client’s PAM Consultant in writing. Principal Transactions If Baird provides trade execution services for a client’s Account, Baird will generally act as agent when routing client trade orders for execution. However, Baird may cross trades between client accounts or may act as principal for its own account in certain circumstances to the extent permitted by applicable law as is more fully described below. transactions. Riskless A client should understand that certain securities, such as securities traded over-the-counter and fixed income securities, are primarily traded in dealer markets. When Baird purchases or sells these types of securities for client accounts, it generally does so through broker-dealer firms acting as a dealer or principal. Dealers executing principal trades typically include a markup, markdown or spread in the net price at which transactions are executed. A client bears such costs in addition to the Advisory Fee. Agency Cross Transactions except in limited Subject to the requirements of applicable law, Baird and PAM Consultants may execute transactions for a client’s Account while acting as principal for Baird’s own account. Baird and PAM Consultants act as principal when they sell a security from Baird’s inventory to a client or they purchase a security from a client for Baird’s inventory. Baird and PAM Consultants also act as principal when they sell new issue securities to clients in securities offerings underwritten by Baird. Baird also acts as principal in riskless principal principal transactions refer to transactions in which Baird, after having received a client’s order, executes an identical order in the marketplace to fill the client’s order while acting as principal. Baird and PAM Consultants commonly engage in principal trades with clients in the Baird Advisory Choice Program. realize profits Baird may from principal transactions with a client based on the difference between the price Baird paid for the security and PAM generally does not in engage in agency cross transactions, instances. However, in certain circumstances and to the extent permitted by applicable law and regulation, Baird and PAM Consultants may effect “agency cross” transactions with respect to a client’s Account. An “agency cross” transaction is a transaction in which Baird or its affiliates act as 22 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  disclosures or obtain written client consent prior to completion of each proposed principal trade, subject to the requirements of an exemptive order issued by the SEC to Baird (Rel. No. IA- 4596) and other applicable law and regulation. This authorization to enable Baird and PAM Consultants to trade as principal with a client’s Account may be revoked at any time by the client in client’s sole discretion by notifying the client’s PAM Consultant in writing. It is generally PAM’s practice to rebate to a client any compensation that PAM receives relating to agency cross trades or principal transactions effected for the client’s Account. interests of Complex Strategies and Complex Investment Products incentive to or including by investing the price at which Baird sold the security, which may include a markup, markdown or spread from the prevailing market price, an underwriting fee, selling dealer concession, or other incentive to execute the transaction. PAM Consultants may receive compensation from Baird related to principal trades of securities underwritten by Baird. Any compensation received by Baird or a PAM Consultant in a principal transaction is in addition to the Advisory Fee paid by the client. Principal trades also allow Baird to sell securities from its account that it deems undesirable and to buy securities for its account that it deem desirable. Thus, in trading as principal with a client, Baird and PAM Consultants will have potentially conflicting division of loyalties and responsibilities regarding their own interests and the client. This potential the compensation may give Baird and PAM Consultants an recommend a transaction in which Baird and PAM Consultants transactions. act as principal over other Nonetheless, Baird and PAM Consultants have a fiduciary duty to act in the client’s best interest and to seek best execution for advisory clients. Baird addresses this conflict through disclosure in this Brochure. Furthermore, Baird has adopted internal procedures that require Baird and PAM Consultants, when acting in a principal capacity, to disclose all material information regarding Baird’s interest in the transaction, and obtain the client’s approval of the transaction prior to settlement. and venture capital and such as options, A client’s advisory agreement discloses, where applicable, the possibility of Baird’s role in potential principal transactions, and each transaction confirmation sent to PAM clients discloses the capacity in which Baird served in the transaction and whether Baird is a market maker in each security the client bought or sold. is contained under or if other the Account of Some Services offer clients the ability to pursue Alternative Strategies other Complex Strategies that involve special risks not apparent in more traditional investments like stocks and bonds. Complex Strategies may be pursued in multiple ways, in alternative mutual funds, ETFs, hedge funds, managed futures, private equity funds and SMAs third party managers. Some managed by Complex Strategies in Non-Traditional invest Assets, such as real estate, commodities (which include metals, mining, energy and may agricultural products), currencies, movements in securities indices, credit spreads and interest rates, buyout investments in private companies. Some Complex Strategies engage in the use of margin or leverage or selling securities short (“short sales”). Some Complex Strategies invest in derivative instruments convertible securities, futures, swaps, or forward contracts. Complex Investment Products generally engage in one or more Complex Strategies. Additional information about Alternative Strategies and Complex Strategies the “Portfolio Manager Selection and heading Evaluation—Methods of Analysis, Investment Strategies Loss—Investment and Risk Strategies and Methods of Analysis—Investment Strategies—Alternative Strategies and Complex Strategies” below. Additional information about Complex Strategies and Complex Investment Products, generally, is provided below. To the extent permitted by applicable law and regulation, if a client’s Account participates in a non- Non-Discretionary Service discretionary service, or is managed by an Other Manager, the client’s advisory agreement provides Baird and PAM Consultants with a blanket authorization to act as principal for Baird’s own account in selling any security to, or purchasing any security from, the client’s Account. With this authorization, Baird and PAM Consultants may effect any and all principal transactions with the client’s Account to provide specific written without having 23 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Non-Traditional Assets Short Sales to benefit currencies, Non-Traditional Assets, such as investments in commodities, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, may be used for diversification purposes. They may also be used to try to reduce market and inflation risk. The performance of Non-Traditional Assets may not correspond to the performance of the stock markets generally, and investments in Non- Traditional Assets will generally impact an account’s returns differently than more traditional investments like stocks or bonds. Non-Traditional Assets are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Non-Traditional Assets are generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Short selling attempts from an anticipated decline in the market value of a security. To affect a short sale, a client sells a security the client does not own. When a client sells a security short, Baird borrows the security from a lender and makes delivery to the buyer on the client’s behalf. Because short sales involve an extension of credit from Baird to the client, a client must use a margin account. A client must also eventually purchase the same shares sold short and return them back to the lender. It is possible that the prices of securities that a client sells short may increase in value, in which case the client may lose money on the short position. Short selling thus runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. Margin and Leverage Margin Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in short sales. Thus, a client’s Account will be subject to short sales risks if the investment manager managing the client’s Account or an investment product the client’s Account in engages in short sales. Options and Other Derivative Instruments Derivative Instruments in instruments, securities, futures, Margin involves borrowing money from a firm, such as Baird, to buy securities or other property. It is generally PAM’s practice to not use margin as part of an investment strategy, although a client’s investment manager may do so. If a client wishes to pay for securities by borrowing part of the purchase price from Baird, a client must open a margin account with Baird, and Baird may provide the client with a margin loan. Securities held in a client’s margin account are used as Baird’s collateral for the margin loan. The value of the collateral the margin account must be maintained at a certain level relative to the margin loan for the duration of the loan. If the securities in the margin account decline in value, so does the value of the collateral supporting the margin loan, and as a result, Baird may take action, such as issue a margin call and sell securities in the account. in Leverage instruments. While returns, in Derivatives such as options, swaps, and convertible forward contracts are financial contracts that derive value based upon the value of an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments may be used as a substitute for taking a position the underlying asset. Derivative instruments may also be used to try to hedge or reduce exposure to other risks. They to make speculative may also be used investments on the movement of the value of an underlying asset. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with securities and other investing directly traditional investments. Investing in derivatives also generally involves leverage. Derivatives are also generally less liquid, and subject to greater volatility compared to stocks and bonds. Leverage generally attempts to obtain investment exposure in excess of available assets through the use of borrowings, short sales and other leverage can derivative can also it potentially enhance exacerbate losses if changes in the markets, or the values of the investments subject to the leverage, are adverse to the strategy being pursued. The use of leverage may also increase an Account’s volatility. 24 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Options underlying security or index is greater than the difference between the strike price and the premium. Options transactions may involve the buying or writing of puts or calls on securities. In some cases, Baird may require clients to open a margin account to engage in options trading. security or In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of the underlying security or index decreased below the strike price. With a call option, the purchaser has the right to buy, and the seller (writer) the obligation to sell, the underlying index at a predetermined price (i.e., the exercise or strike price) prior to expiration of the option. The premium paid to the seller (writer) for the option is in consideration for the underlying obligations imposed on the seller should the option be exercised. With a put option, the purchaser has the right to sell, and the seller has the obligation to buy, the underlying security or index at the exercise price prior to expiration of the option. Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in options transactions. Thus, a client’s Account will be subject to options risks if the investment manager managing the client’s Account or an investment product the client’s Account in engages in options transactions. Complex Investment Products Products include futures, but also In buying a call option, the purchaser expects that the market value of the underlying security or index will appreciate, which would enable the purchaser of a call to buy the underlying security or index at a strike price lower than the prevailing market price. The purchaser of the call option makes a profit if the prevailing market price is greater than the sum of the strike price plus the premium paid for the option. The seller of a call option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will depreciate such that the option will expire without being exercised. The seller of a call option makes a profit if the prevailing market price of the underlying security or index is less than the sum of the strike price plus the premium received. ETNs, business Complex Investment Products typically invest primarily in Non-Traditional Assets or engage in one or more Complex Strategies. Complex Alternative Investment Investment Products, such as hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds, and include other managed investments pursuing Complex Strategies, including but not limited to, exchange or swap funds, leveraged funds, inverse funds, and other special situation funds, structured certificates of (“structured structured notes deposit and products”), development companies (“BDCs”), real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). thereby making In buying a put option, the purchaser expects that the market value of the underlying security or index will depreciate, which would enable the purchaser of a put to sell the underlying security or index at a strike price higher than the prevailing market price. The purchaser of the put option makes a profit if the prevailing market price is less than the sum of the strike price and the premium paid for the option. The seller of a put option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will appreciate such that the option will expire without being exercised. The seller of a put option makes a profit if the prevailing market price of the In addition, a client should be aware that more traditional investments, such as mutual funds, ETFs, UITs and variable annuities may also pursue them Complex Strategies, Complex Investment Products. A client should carefully review the prospectus or other offering document for each investment and understand the strategy being pursued before deciding to invest. More detailed information about mutual 25 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  website funds, ETFs, UITs and variable annuities is available at Baird’s on bairdwealth.com/retailinvestor. Interest Additional Important Information financial incentive to use, or recommend the use of, certain Complex Strategies or Complex Investment Products, including margin and short Information—Code of sales. See “Additional Ethics, Participation or in Client Transactions and Personal Trading” below. losses in As a creditor, Baird may have interests that are adverse to a client. Neither PAM nor Baird will act as investment adviser to a client with respect to the liquidation of securities held in an Account to meet a call on a margin loan. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Permitted Investments and any Investments”). of The use of Complex Strategies or Complex Investment Products is not appropriate for some clients because they involve special risks. A client should not engage in those strategies or invest in those products unless the client is prepared to experience significant the client’s Account. This is especially true for short selling, which can result in unlimited losses as there is no limit to the amount borrowed securities can rise in value. See “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. Before using those types of strategies or products, a client is strongly urged to discuss them with the client’s PAM Consultant investment manager managing the client’s Account. A client should also carefully review the client’s agreements with Baird and related disclosure documents, which the client should have received when opening the Account. Additional information about Complex Strategies and Complex Investment Products is provided under the heading “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Strategies—Alternative Strategies and Complex Strategies” below and on Baird’s website at bairdwealth.com/retailinvestor. Under the Discretionary and Non-Discretionary Services, Baird determines the asset categories and investment products that clients may access for investment (“Permitted Investments”) and those that are not permitted in Program Accounts (“Unpermitted Permitted Investments vary by Service. Although Baird determines the Permitted Investments under those Services, the level of initial and ongoing evaluation, monitoring and review that PAM and Baird perform on Permitted Investments varies. For more information, see the descriptions of each Service under “Services, Fees and Compensation” above and under “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies Loss—Investment and Risk Strategies and Methods of Analysis” below. PAM or Baird may add Permitted Investments or restrict client access to a Permitted Investment at any time in their sole discretion. for notifying and any of an Account. See Some Permitted Investments contain restrictions that limit their use, and clients will not be permitted to purchase or hold such investments outside “Account Requirements and Types of Clients” below for more information. A client assumes responsibility for engaging in Complex Strategies and investing in Complex Investment Products. If a client determines that the client no longer wants to engage in those strategies or invest in those products, the client is responsible the client’s PAM Consultant investment manager managing the client’s Account. PAM and Baird are not responsible for any losses resulting from any Other Manager’s failure or delay in implementing any such instructions. In certain limited instances, Baird may allow a client to hold an investment in an Account that is an Unpermitted Investment. “Advisory The use of Complex Strategies or Complex Investment Products has a unique impact upon the calculation of a client’s asset-based Advisory Fee. See Fees—Calculation and Payment of Advisory Fees” below for more information. A client should also understand that Baird and the client’s PAM Consultant have a PAM FOCUS Portfolios Program. The PAM FOCUS Portfolios Program generally only permits investments in certain mutual funds and ETPs that PAM and Baird have selected for use in that 26 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  information, see for use in Program. For more the descriptions of the PAM FOCUS Portfolios Program under “Services, Fees and Compensation” above. for • closed-end funds, ETFs, and UITs that have cost structures designed fee-based investment advisory programs; UITs originally purchased in a brokerage account and not sold when transitioned to an advisory account will be held as non-billable assets until the UIT termination date at which time they will be liquidated and the proceeds are billable; Baird Advisory Choice Program. Permitted Investments the Baird Advisory Choice Program generally include, but are not limited to, the following types of investments: • BDCs, publicly-traded REITs, certain non publicly-traded (or private) REITs, and MLPs (which may be organized as limited liability companies (“LLCs”)); • equity securities, including, but not limited to, common stocks, American Depositary Receipts (“ADRs”), and ordinary shares, including whether exchange-traded, or over-the-counter traded; • ETNs, opportunity zone funds, and other special situation mutual funds, and exchange or swap funds; stocks, • certain hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, reinsurance funds, structured products, private debt funds and managed futures that Baird has selected for use in the Program; for use fee-based • variable annuities that have cost structures investment in designed advisory programs; and • cash and cash equivalents. • fixed income securities, including but not limited to, debt securities issued by domestic and corporations and other entities; foreign preferred securities asset-backed (including mortgage-backed securities and collateralized mortgage obligations (“CMOs”)); convertible debt securities; obligations issued by U.S., state, or foreign governments or their agencies, instrumentalities, or authorities, such as securities issued by the U.S. Treasury, federal federal government agencies or government-sponsored enterprises (“Agency securities”), or foreign governments; municipal securities; money market mutual funds; certificates of deposit (“CDs”) (primary or secondary); commercial paper; for the Baird The Unpermitted Investments Advisory Choice Program generally include, but are not limited to: • rights or warrants on equity securities, and written covered call and written cash secured put equity options; • Class B or Class C shares offered by mutual funds or any other class of mutual fund shares that impose a contingent deferred or level sales charge (back-end or level load); • inverse funds; load-waived, or for purchase; shares • UITs that impose an initial or deferred sales charge (load); in fee-based • all annuities and insurance products, except for variable annuities that have cost structures designed investment for use advisory programs; or options on • commodities, futures commodities, and commodity pools; and • open-end mutual funds shares that Baird has selected for use in the Program, which generally includes only those funds with which Baird has a selling agreement and only those funds that are institutional are no-load, allowed that were originally purchased in a Baird brokerage account and not sold when transitioned to an advisory account will held in the account as non-billable assets when the original purchase was subject to a front-end sales charge (typically 36 months) or until the Contingent Deferred Sales Charge (CDSC) expires (typically 13 months) if subject to a back-end sales charge after which time they will be converted to the appropriate advisory share class and become billable assets; 27 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment funds • private and Complex Investment Products that Baird has not selected for use in the Services. Investments and Investment Management Service. PAM Permitted Unpermitted Investments for the PAM Investment Management Service are generally the same as the Baird Advisory Choice Program, except the following types of investments are generally not permitted for PAM Investment Management Service Accounts: • put options; and • variable annuities. with respect to the Unsupervised Asset, even if the Unsupervised Asset is included in account statements or performance reports provided to the client. Because Baird and PAM Consultants do not manage or provide investment advisory services regarding Unsupervised Assets, no asset- based Advisory Fee is charged on Unsupervised Assets. While Unsupervised Assets are not subject to the asset-based Advisory Fee, Baird may impose additional fees upon Accounts holding Unsupervised Assets. See “Other Fees and Expenses” below for more information. A client that holding an should also understand Unsupervised Asset in an Account may increase the risk of trade errors, overinvestment, and negative Account performance. A client should consult the client’s PAM Consultant for further information. Special Considerations for the Services PAM FOCUS Clients Selection of Investment Options SMA Services. Investment products under the SMA Services are selected solely by the investment manager providing services to the client. The investment products used by an investment manager may include products that Baird does not permit to be used in connection with the other Programs and Services described above. A client should review the investment manager’s Form ADV Part 2A Brochure for more information. Unsupervised Assets for PAM and Baird solely determine the investment options made available to a client under the PAM FOCUS Portfolios Program. PAM FOCUS Portfolios Program Accounts will generally be invested in mutual funds and ETPs. PAM and Baird have discretion over Client’s PAM FOCUS Portfolios Program Account and PAM or Baird may invest such Account in any investment product they deem appropriate the client’s Accounts participating in that Program. Replacement of Investment Options or supervised by them If a From time to time, PAM or Baird may remove mutual funds or ETPs from the PAM FOCUS Portfolios Program, and PAM or Baird may replace them with other mutual funds or ETPs as they client’s Account deem appropriate. participates in that Program, PAM and Baird may replace any such investments in the client’s Account whenever PAM or Baird removes the investment option from that Program. PAM or Baird may make such replacement in the client’s Account without providing prior notice to, or obtaining the consent of, the client. If a client holds Timing of Investment to minimize potential negative In certain instances, Baird may delay investing client assets when Baird determines it is in the client’s best interest to do so. For example, in order tax consequences on a client, Baird may delay Under certain circumstances, Baird, in its sole discretion, may accept a client request to hold an asset in an Account that is not included in the investment advisory services provided by Baird or a PAM Consultant or otherwise monitored, (an overseen “Unsupervised Asset”). For example, if Baird permits a client to hold an Unpermitted Investment in an Account, the asset is typically also considered an Unsupervised Asset. Baird, in its sole discretion, may also designate an asset that is otherwise a Permitted Investment as an Unsupervised Asset under certain circumstances, such as when a client acquires the asset in an unsolicited transaction, transfers the asset from an account held at another firm or Baird brokerage account, or continues to hold the asset against Baird’s or the client’s PAM Consultant’s recommendation. an Unsupervised Asset in an Account, the client should understand that the Unsupervised Asset may not be included in performance reports provided to the client and that Baird and PAM Consultants do not manage, provide investment advice, or otherwise act as an investment adviser 28 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  operational limitations or other conditions beyond PAM’s or Baird’s control. investing assets in a new PAM FOCUS Program Account when the Account is opened shortly before a scheduled mutual fund distribution date. Asset Allocation Changes and Rebalancing or the client’s With respect to the PAM FOCUS Program, PAM or Baird may also change a client’s asset allocation for any reason, which may include, but shall not be limited to, updates made by PAM to the target asset allocations of its model portfolio strategies or changes in market conditions, PAM or Baird’s opinion on the future performance of particular asset financial classes circumstances. Any rebalance of a client’s Account or other change in asset allocation may result in taxable gains or losses. Third Party Information from the If a client’s Account participates in the PAM FOCUS Portfolios Program, the client authorizes PAM and Baird to rebalance the client’s Account assets to be consistent with the client’s chosen target asset allocation strategy at any time without prior notice to the client at such times and under such conditions as PAM or Baird, in their discretion, deems appropriate. When PAM or Baird rebalances a client’s Account, all or only a portion of, the Account may be traded. The frequency and conditions under which PAM or Baird rebalances a client Account in a Service may change at any time in their discretion and may be different frequency and conditions applicable to how a client Account is rebalanced in another Service. Accounts are also and Generally, PAM FOCUS Portfolios Program Account allocations are monitored weekly and rebalanced automatically if an asset class drifts by more than 5% from the target. PAM FOCUS Portfolios Program rebalanced automatically whenever the cash amount is negative or drifts by more than 1% above its target. When providing services to a client, PAM and Baird rely on information provided by third parties and other external sources believed to be reliable, including, but not limited to, information provided by investment managers. PAM and Baird assume that all such information is accurate, complete and current. PAM and Baird do not conduct an in- depth review of, or verify, such information, and they do not guarantee the accuracy of the “Portfolio Manager information used. See Selection Evaluation—Performance Calculation” and “Portfolio Manager Selection and Investment Evaluation—Methods of Analysis, Strategies and Risk of Loss—Methods of Analysis” below for more information. Household Management inconsistent with the household level PAM and Baird, at times, may adjust their typical rebalancing of a client Account based on certain tax considerations. For example, Baird will generally not rebalance an Account, particularly during the fourth calendar quarter, to the extent doing so would be its implementation of tax management services for the Account as described above. For more specific, current information about the frequency and conditions under which a particular Account will be rebalanced, a client should contact the client’s PAM Consultant. PAM and Baird reserve the right to delay or stop the rebalancing of a client's Account if PAM or Baird believes it is in the client’s best interest to do so. For example, PAM and Baird oftentimes delay rebalancing when doing so would cause the client’s Account to recognize taxable gains in the fourth quarter or have other negative tax consequences on the client’s Account. The rebalancing of a client Account may be delayed or events, negatively impacted by market Unless otherwise specified in writing, PAM and Baird manage client Advisory Accounts together at (“Household Management”). Household Management provides that the client’s Advisory Accounts are managed together toward a single, overall investment objective selected by the client with the flexibility of using multiple, eligible Advisory Accounts (“Household Management Accounts”) that may have different investment strategies or objectives. Household Management Accounts, taken together, will be managed or advised by Baird and client’s PAM Consultant in such a way so as to seek to achieve a single, overall goal or investment objective (“Household Management Objective”) chosen by the client. Each individual Account included in Household Management will also be managed or advised by Baird and client’s PAM Consultant in accordance with the terms of the 29 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  included applicable Advisory Program or Service and any investment strategy or objective applicable to the Account. However, each individual account included in Household Management may be managed or advised in any manner believed by Baird or the client’s PAM Consultant to be necessary or appropriate for the Household Management Accounts, taken together, to seek to achieve the Household Management Objective. the Household Management Objective. It is likely that one or more Accounts in a Household Management Plan, taken alone, will be managed or advised differently and will be subject to greater or enhanced risks than would be the case if the Account alone had the same objective as the Household Management Objective. Such enhanced risks include, without limitation, market risks, investment objective and asset allocation risks, capitalization risks, investment style risks, illiquid securities and liquidity risks, concentration risks, frequent trading and portfolio turnover risks, Non-Traditional Assets and Complex Strategies risks, and Complex Investment Product risks. is contained under Analysis—Investment The Household Management Objectives that Baird makes available to clients as part of Household Management include: (1) All Growth; (2) Capital Growth; (3) Growth with Income; (4) Income with Growth; (5) Conservative Income; and (6) Capital Preservation. A description of those objectives the heading “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Strategies—Asset Allocation Strategies” below. Plan will (a is A client should note that: if an Account is removed from a Household Management Plan for any reason, including if the client ceases to be a member of the same household, the Service and strategy for the Account removed from the remain Household Management unchanged unless a change is requested by the client; further, the Account removed from the Household Management Plan will not be allocated assets from other Accounts included in the Household Management Plan unless the client and all other applicable clients, if any, consent and direct Baird to do so and then only to the extent permitted by applicable law; and PAM and Baird will have no liability for implementing a Household Management Plan unless a client requests, in writing, that an Advisory Account be excluded from the Household Management Plan. Tax Management Services Unless otherwise specified in writing, clients that are part of the same household will include their eligible Advisory Accounts in the same household “Household for management purposes Management Plan”). It the client’s sole responsibility to notify PAM that the client should be excluded from a household so that PAM is aware that the client’s Advisory Accounts are to be managed independently. It is also the client’s sole responsibility to notify PAM whenever the client ceases to be part of a household if an account is part of a Household Management Plan. Failure to do so could have a materially negative impact on applicable accounts. is part An account will be removed from a Household Management Plan: (1) upon request or consent of the client, (2) if the Account ceases to be an eligible Advisory Account, (3) in the event the Account another Household of Management Plan, if the client notifies PAM that the client ceases to be a member of the applicable household, or (4) upon written notice from Baird that it is no longer able to manage the Account according to the Household Management Plan. Many Services and managers make available tax management strategies and services that are intended to reduce the negative impact of U.S. federal income taxes on an Account. Certain Services and managers include tax management services as a default feature of the Services or the manager’s services. A client is encouraged to discuss the client’s tax management needs with the client’s PAM Consultant before enrolling the Account in a Service or selecting a manager. A client should understand the terms of the tax management services that will be implemented, including the associated limitations, risks and additional costs, if any, before enrolling an Account in a Service or selecting a manager for that Account. A client that wishes to opt an Account out of participation in a tax management Given the nature of Household Management, a client should understand that each Account enrolled in a Household Management Plan may not be invested in a manner such that the individual Account alone would be able to achieve 30 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  should contact the client’s PAM Tax Harvesting Strategy service Consultant. The offering and performance of tax management services to a client’s Account does not constitute tax advice. A client is ultimately responsible for all tax-related consequences resulting from the tax management to utilize client’s decision services. Tax management services are provided solely based upon the direction and information provided by a client. Before enrolling in a tax management service, a client should consult the client’s tax advisors about the tax consequences of doing so. Baird and PAM Tax Management Strategies As a default feature of the PAM FOCUS Portfolios Program, the Baird PWM Home Office and PAM implement certain tax management investment strategies described below (“Baird TM Strategies”) for each non-Retirement Account enrolled in that Program unless the client opts out by contacting the client’s PAM Consultant. PAM Consultants also offer A tax harvesting strategy seeks to improve the value of an Account, on a post U.S. federal income tax basis, by offsetting capital losses in the Account with capital gains. This strategy is oftentimes referred to a “tax harvesting” or “tax loss harvesting”. When implementing a tax harvesting strategy, the Baird PWM Home Office or the PAM Consultant, as applicable, periodically, but at least annually, conducts an assessment of the Account to identify capital losses for tax harvesting opportunities. When an opportunity is identified, the Baird PWM Home Office or the PAM Consultant, as applicable, sells (or recommends the sale of) certain securities in the client’s Account in order for the Account to recognize the unrealized capital losses identified as part of the assessment process. The Baird PWM Home Office or the PAM Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in one or more replacement securities, which may include, without limitation, ETFs, cash, cash equivalents or other securities deemed appropriate by the Baird PWM Home Office or the PAM Consultant, as applicable. Unless the client instructs otherwise, such reinvestment will be made on a temporary basis and generally only for the duration of any applicable IRS wash sale rule period, currently 30 days, and within a reasonable time thereafter, the proceeds will be reinvested in a manner consistent with the way the Account was invested prior to the employment of the tax harvesting strategy. the implementation of the implementation of Generally, tax harvesting strategy is limited to open end mutual fund and ETF positions with unrealized capital losses over $1,000 for U.S. federal income tax purposes, unless Baird and the client otherwise agree. Certain tax management investment strategies (“PAM TM Strategies”), described below, to non-Retirement Accounts enrolled in PAM Consultant-directed Services, including the Advisory Choice Program and PAM Investment Management Service. A client is encouraged to ask the client’s PAM Consultant if PAM TM Strategies will be used if the Account is enrolled in a Service. PAM Consultants who offer PAM TM Strategies will generally implement such strategies for Accounts they manage on a discretionary basis unless a client opts out by contacting the client’s PAM Consultant. The Baird PWM Home Office will assist with the PAM TM the Strategies. Capital Gains Avoidance Strategy investment strategy designed Each Baird TM Strategy and PAM TM Strategy is a secondary to achieve a secondary objective of an Account to reduce the negative impact of U.S. federal income taxes and each such strategy is implemented together with the other primary investment strategies for the Account that are designed to achieve the client’s primary investment objectives or goals. The Baird TM Strategies and PAM TM Strategies features are not available to Retirement Accounts. A capital gains avoidance strategy seeks to avoid capital gains attributable to an investment in the Account for U.S. federal income tax purposes by selling the investment before the capital gain is distributed by the issuer. When implementing a capital gains avoidance strategy, the Baird PWM Home Office or the PAM Consultant, as applicable, periodically, but at least annually, monitors the issuers of investments held in the Account for capital gains distributions announcements and capital gains avoidance opportunities. When an opportunity is identified, the Baird PWM Home 31 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  identified as part of Office or the PAM Consultant, as applicable, sells (or recommends the sale of) such securities in the client’s Account the monitoring process in order for the Account to avoid a capital gain distribution made by the issuer. The Baird PWM Home Office or the PAM Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in cash until the capital gain distribution has been paid by the issuer, and then the securities will be purchased again. If the securities are sold at a loss, then Baird PWM or the PAM Consultant may employ (or recommend the employment of) the tax harvesting strategy described above. The implementation of the tax harvesting strategy and capital gains avoidance strategy (or the recommendation to implement a strategy) is done in the sole discretion of the Baird PWM Home Office or PAM Consultant, as applicable, and securities may be excluded from implementation of such strategies for a number of reasons, including without limitation, the length of time the security has been in the Account, the lack of a replacement security acceptable to Baird or the PAM Consultant, withdrawal and deposit activity in the Account, market conditions deemed unfavorable by Baird or the PAM Consultant, or if doing so would, in Baird’s or the PAM Consultant’s judgment, negatively impact management of the Account. The tax harvesting and capital gains avoidance strategies are provided by Baird and PAM Consultants on an Account-by-Account basis. When employing such strategies for a client Account, Baird does not monitor or consider the trading activity in any other client account, including any other Account held at Baird. Generally, the capital gains avoidance strategy is limited to open end mutual fund positions in a client Account, and a mutual fund position will be included in the implementation of the strategy only if the potential net U.S. federal income tax benefit to the Account related to such position is estimated by Baird to be $1,000 or more. For purposes of calculating the $1,000 threshold, the Account’s current unrealized gain or loss in each mutual fund position is analyzed in light of the applicable amount of capital gains distribution announced by the mutual fund company. Additional Important Information about Baird’s and PAM’s Tax Management Strategies. and PAM’s tax management Baird’s strategies are not intended to, and likely will not, eliminate a client’s U.S. federal income tax obligations. Like all investment strategies, there is no guarantee that the implementation of a tax management strategy will be successful. A client’s use of a tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. implementation of a The purchase or sale of securities by a client account (whether held at Baird or another firm) during any applicable IRS wash sale rule period that, in violation of such rule, overlaps with a purchase or sale of securities made in an Account as part of a Baird TM or PAM TM Strategy will result in applicable tax losses being disallowed by the IRS. Baird and PAM are not responsible for any such violations of the IRS wash sales rule or the negative consequences to the client of such violation. Before selling a security from an account, including any account held at a firm other than Baird, a client should contact the client’s PAM Consultant to determine if the sale of the security may be impacted by IRS wash sale rule limitations by reason of the tax management services being provided by Baird or PAM. The tax management strategy is based upon Baird’s or the PAM Consultant’s, as applicable, estimates of capital gains and losses associated with investments in client’s Account and information provided to them by third parties, such as issuers of securities. Capital losses will remain in an Account following the implementation of a tax harvesting strategy, and the Account will realize capital gains following the implementation of a capital gains avoidance strategy, the extent such estimates or to information are incorrect. Replacement securities selected in connection with the implementation of a Baird TM or PAM TM Strategy may not perform similarly to the securities they replace. The performance of Accounts utilizing a Baird TM or PAM TM Strategy will vary from similarly-managed Accounts that do not utilize such a strategy, possibly in a materially negative manner, and a client’s Account may not 32 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  be successful in pursuing its primary investment strategies, objectives or goals. A client should also note that when normal trading activity for the client’s is resumed Account, such activity could generate taxable gains or losses. Third Party Tax Management Services Income with Growth. An Income with Growth investment objective typically seeks to provide current income and some growth of capital. Typically, an Account pursuing an Income with Growth investment objective will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. Such an Account may also hold other types of investments. review the Some investment managers participating in the SMA Services offer tax management services and others do not. A client should consult the client’s investment PAM Consultant or manager’s Form ADV Part 2A Brochure for specific information. Investment Objectives Generally, every Account will have one of the investment objectives described below. Conservative Income. A Conservative Income investment objective typically seeks to provide current income. Typically, an Account pursuing a Conservative Income investment objective will experience relatively small fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. Such an Account may also hold other types of investments. All Growth. An All Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing an All Growth investment objective will experience high fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in equity securities. Such an Account may also hold other types of investments. Capital Preservation. A Capital Preservation investment objective typically seeks to preserve capital while generating current income. Typically, an Account pursuing a Capital Preservation investment objective will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in a mix of fixed income securities and cash. Such an Account may also hold other types of investments. Capital Growth. A Capital Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing a Capital Growth investment objective will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. Such an Account may also hold other types of investments. for a client’s specific investment objective Growth with Income. A Growth with Income investment objective typically seeks to provide moderate growth of capital and some current income. Typically, an Account pursuing a Growth with Income investment objective will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. Such an Account may also hold other types of investments. Opportunistic. An Opportunistic investment objective typically seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the percentage of assets held in various investment categories to take advantage of the manager’s perception of market pricing anomalies, market sectors deemed favorable for investment by the manager, the current interest rate environment or other macro-economic trends identified by the manager to achieve growth while accounting short, intermediate and long term investment and/or cash flow needs. Depending upon the investment strategy used, an Account pursuing an could Opportunistic experience high fluctuations in annual returns and 33 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  overall market value. The types of investments in which such an Account may invest will also vary widely, depending upon the particular investment strategy used. long-term growth by investments based upon in to implement a typically objective and overweighting index or Tactical. A tactical investment objective seeks to provide tactically and actively adjusting account allocations to different categories of the manager’s perception of how those investment the short-term. categories will perform tactical Strategies used involve investment underweighting account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, the market generally. benchmark Accounts with a tactical investment objective may have investments focused or concentrated in certain asset classes, geographic locations or market sectors and they often experience higher levels of trading and portfolio turnover relative to accounts with other investment objectives. indicates A Tax-Managed that the account Tax-Managed. investment is objective transitioning from one investment strategy to another using one or more tax management strategies or tax management considerations. The primary investment strategy or consideration for Accounts with a Tax-Managed investment objective will involve tax management, and such accounts may not be successful in pursuing any other investment strategies, objectives or goals. Goal. A Goal investment objective indicates that the Account is a Goal Management Account that is part of a Goal Management Plan and the Account will be managed or advised in accordance with the applicable Goal Management Objective. of Investment Objectives For information about the risks associated with the investment objectives described above, see the section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Risks Associated with and Asset Certain Allocation Strategies” below. Mutual Fund Share Class Policy Most mutual funds offer different share classes. While each share class of a given mutual fund has the same underlying investments, those share classes have different fees, costs and investment minimums, and they provide different levels of compensation to Baird. In an effort to provide clients with appropriate low cost mutual fund investment options for their fee-based investment advisory accounts, Baird has established a mutual fund share class policy (“Share Class Policy”) for certain PAM-directed Services, including Advisory Choice and PAM Investment Management (the “Share Class Policy Services”). Typically, only one share class of a given mutual fund family will be made available for purchase by clients in the Share Class Policy Services pursuant to the Share Class Policy (the “Approved Share Class”). When selecting the Approved Share Class for a mutual fund family, Baird endeavors to select the share class with the lowest expense ratio, based upon the average expense ratio of the class across all mutual funds in the mutual fund family, that are widely available for trading on the mutual fund trading platform of Charles Schwab & Co., Inc. (“Schwab”). In selecting the share class for a mutual fund family to be made available for purchase by clients in the Share Class Policy Services, Baird considers a number of factors, including the number of funds within the fund family that offer the share class, client positions in and demand funds, and the for those availability of the share classes and funds for purchase on the Schwab mutual fund trading platform. Generally, share classes designed for retirement plans and those that pay a distribution (12b-1) fee to Baird will not be permitted in those Services, or, if such share classes are permitted and the client’s Account is subject to an asset- based fee arrangement, Baird will either: (1) rebate the distribution (12b-1) fees to a client if the client is paying an asset-based Advisory Fee on such investment; or (2) exclude such fund shares from the calculation of the client’s asset- based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the distribution (12b-1) fee as further described under the heading “Additional Ethics, Information—Code Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions—Investment Product Selling or Servicing—Mutual Funds” below. Clients should note that the Approved Share Class for a mutual fund family is based upon the average expense ratio for the class across all mutual funds in the fund family and not on a fund-by-fund basis. Further, the expenses of every mutual fund can 34 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Custody Services and will vary over time. Therefore, while Baird has endeavored to select the lowest cost share classes as described above, in some instances, the Approved Share Class is not the least expensive share class for a particular mutual fund. Clients may be able to obtain a less expensive share class in other Programs or at another firm. from payments, revenue sharing Certain Services may require clients to custody their Account assets at Baird. If Baird is the custodian of a client’s assets, Baird will provide certain custody services, including holding the client’s Account assets, crediting contributions and interest and dividends received on securities held in a client’s Account, and making or “debiting” distributions the Account. Information about account statements and performance reports, if any, that PAM and Baird provide to clients is contained under the heading “Services, Fees and Compensation–Consulting Services” above and “Additional Information— Review of Accounts” below. the applicable mutual As custodian, Baird may hold a client’s Account assets in nominee or “street” name, a practice that refers to securities and assets being registered in Baird’s name or in a name that Baird designates, rather than in a client’s name directly. Baird will be the holder of record in those instances. Baird may utilize one or more subcustodians to provide for the custody of a client’s assets in certain circumstances. For instance, Baird utilizes subcustodians to maintain custody of certain client securities that are traded on foreign exchanges. Interest Baird receives certain compensation from mutual fund families in the form of distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support and administration fees. The amount of compensation paid to Baird generally varies based upon the share class of fund purchased by clients. Because the compensation that Baird receives from certain mutual funds is based upon share class purchased by clients, Baird has a financial incentive to make available to clients those share classes that provide Baird greater compensation, which, in many instances, would cause clients investing in those share classes to incur higher ongoing costs relative to other share classes made available by the fund families. This presents a conflict of interest. Baird addresses this conflict through the Share Class Policy described above and through disclosure in this Brochure. For more information about the compensation that Baird receives from mutual funds, see “Additional Information—Code of Ethics, Participation or in Client Transactions and Personal Trading—Participation or Interest in Client Transactions—Investment Product Selling and Servicing—Mutual Funds” below. Shares of mutual funds held in client Accounts that do not meet the requirements of the Share Class Policy will generally be converted to the applicable Approved Share Class subject to certain restrictions. The Share Class Policy is subject to change at Baird’s discretion without notice to clients. Additional information about the Share Class Policy is available on Baird’s website at bairdwealth.com/retailinvestor. to client Accounts on The Share Class Policy does not apply to the portion of a UAS Account managed by a third party managers. Third party managers are responsible for establishing their own criteria for selecting investments, including mutual funds, if any. PAM and Baird in their sole discretion may accept into a client’s Account, Held-Away Assets including assets that are held by another custodian (a “third party custodian”). A client who uses a third party custodian to hold Account assets does so at the client’s risk. A client should understand that PAM and Baird do not monitor, evaluate or review any third party custodian. The client should also understand that the client will pay a custody fee to the third party custodian in addition to the Advisory Fee. Baird may also impose additional fees on Accounts with assets held by a third party custodian due to the increase in resources needed to administer those Accounts. Further, such third party custody arrangements may limit the Services made available to the client. In addition, a client should understand that: (a) each third party custodian has exclusive control over the investment options made available the custodian’s platform; (b) PAM and Baird have no authority or ability to add to, or remove from, a custodian’s platform any investment option; (c) 35 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to provide FDIC is available any advice given by PAM or Baird with respect to the Account is inherently limited by the options available through a custodian’s platform; (d) PAM or Baird may have provided different investment advice with respect to the Account had they not been limited to the investment options made available through the custodian’s platform; and (e) certain investments, such as mutual fund shares, could be more or less expensive than if the investment was obtained from Baird or another firm. A client should further note that PAM and Baird may not provide performance review or reporting for Held-Away Assets. In addition, a client who uses a third party custodian is not eligible for cash sweep services offered by Baird. Clients using a third party custodian are encouraged to establish appropriate cash sweep arrangements. opposed to a single bank, the Bank Sweep Feature seeks insurance protection for a client’s cash balances of up to an aggregate deposit limit determined under the program (currently, $2,500,000 for most account types and $5,000,000 for joint accounts). A client receives interest on cash balances in deposit accounts under the Bank Sweep Feature at tiered rates that are based on the aggregate value of the accounts within the client’s household. The applicable client household tier values are: less than $1 million; at least $1 million but less than $2 million; at least $2 million but less than $5 million; and $5 million are more. Current rate at information rwbaird.com/cashsweeps. Each deposit account at a bank constitutes a direct obligation of the bank and is not directly or indirectly Baird’s obligation. (e.g., A client who uses a third party custodian authorizes PAM and Baird to give instructions to the client’s custodian for all actions necessary or incidental to the purchase, sale, exchange, and delivery of securities held in the client’s Account. Also, the client will receive account statements directly from the client’s selected custodian. A client should carefully review those account statements and them with any compare statements provided by PAM or Baird. A client should note that the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by PAM or Baird due to a variety of factors, including the use of different valuation sources and accounting settlement date trade or methods accounting) by the custodian and Baird. Cash Sweep Program Program is available Any aggregate cash balances held by a client in excess of the applicable aggregate deposit limit are automatically invested in shares of a money market mutual fund that Baird makes available in the Money Market Fund feature of the program. Cash held in employee benefit plan accounts, employee health and welfare plan accounts, and SEP and SIMPLE IRAs will be automatically invested or swept into a money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. In addition, clients with aggregate cash balances of $5 million or more across all of their accounts with Baird within the same household may opt out of the Bank Sweep Feature and instead have all of their cash balances automatically swept into an institutional money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. Effective June 1, 2025, clients with aggregate cash balances of $5 million or more across of their accounts with us within the same household both at the time of the request to opt out and as of the end of any two previous consecutive months beginning on April 30, 2025 and thereafter. More information about the Money Market Fund Feature of Baird’s Cash Sweep at rwbaird.com/cashsweeps. Baird maintains a Cash Sweep Program that is intended for clients who want to earn interest and receive FDIC insurance protection on their cash over short periods of time while awaiting investment. If a client participates in Baird’s Cash Sweep Program, uninvested cash in the client’s accounts will be automatically deposited or swept, on a daily basis, into one or more FDIC-insured deposit accounts at participating banks (the “Bank Sweep Feature”) or, under certain conditions, will be automatically invested in shares of a money market mutual fund that Baird makes available in the program (the “Money Market Fund Feature”), subject to the terms and conditions of the program. By using multiple participating banks as The Bank Sweep Feature seeks to provide FDIC insurance protection for a client’s cash balances up to an aggregate deposit limit determined under the program. Any deposits, including CDs, that a client maintains, directly or indirectly through an intermediary (such as us or another broker), with a bank participating in the Cash 36 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  related to those assets, and Sweep Program in the same capacity with the bank will be aggregated with the client’s cash balances deposited with the bank under the Cash Sweep Program for purposes of calculating the $250,000 FDIC insurance limit. Total deposits exceeding $250,000 at a bank may not be fully insured by the FDIC. A client is responsible for monitoring the total amount of other deposits that the client has with a bank outside the Cash Sweep Program in order to determine the extent of deposit insurance coverage available. Baird is not responsible for any insured or uninsured portion of a client’s deposits at a bank. Cash invested in a money market mutual fund under the Money Market Fund Feature is not FDIC insured, but is protected by Securities Investor Protection Corporation (“SIPC”) coverage up to applicable limits. deposit account or invested into a money market mutual fund under the Cash Sweep Program. As a result, Baird receives two layers of fees on a client’s assets swept or invested in the Cash Sweep Program: the Advisory Fee, which compensates Baird for the investment advice, trading and custody services provided to the client the compensation paid by the banks or money market funds related to those assets, which compensates Baird for the services Baird provides to the banks and funds and for Baird’s efforts in maintaining the Cash Sweep Program. The compensation that Baird receives from the Cash Sweep Program gives Baird a financial incentive to recommend that a client participate in the Cash Sweep Program and maintain high levels of uninvested cash balances in the client’s accounts. receives compensation for account values of As an alternative to the Cash Sweep Program, Baird makes available other money market mutual funds and other cash alternatives in which a client may invest, often at a higher yield, although these investments do not have an automatic sweep feature. In addition, instead of maintaining cash balances in an advisory Account, a client has the option to maintain such cash balances in a brokerage account that is not subject to an asset-based Advisory Fee. in connection with less. For A client should understand that the Cash Sweep Program is an ancillary account service and it is not nor is it part of any advisory program or investment advisory service. PAM and Baird do not act as investment adviser or a fiduciary to a the Cash Sweep client Program. However, a client should note that the amount of the client’s advisory Account dedicated to cash and cash equivalents is part of the overall investment allocation advice provided to the client and thus the amount of such cash and cash equivalents included in the calculation of the Advisory Fee for the client’s advisory Account. on website More detailed information about the Cash Sweep Program and the compensation Baird receives is available at Baird’s www.rwbaird.com/cashsweeps. A client also receives information about the compensation Baird receives from the Cash Sweep Program through a client’s account statements. Baird the administrative, accounting and other services that Baird provides under the program, which is paid out of the aggregate interest that is paid by the participating banks on the aggregate client balances in the deposit accounts participating in the Bank Sweep Feature. Baird’s annual rate of compensation may be up to 3.60% of the for clients with aggregate client balances household than less $1,000,000, 2.45% for clients with household account values of $1,000,000 but less than $2,000,000, 2.00% for clients with household account values of $2,000,000 but less than $5,000,000, and 1.75% for clients with household account values of $5,000,000 or more. In a lower interest rate environment Baird’s annual rate of compensation will be fee-based investment advisory IRA accounts participating in the Bank Sweep Feature, Baird’s compensation is a monthly per account fee (which is the same regardless of client balances in bank deposit accounts). The per account fee for these advisory IRA accounts is generally paid out of the interest that the banks pay on aggregate client balances in the deposit accounts, and the per account fee varies based on the applicable Fed Funds Target Rate but in no event will it exceed $19.00 per month. Baird also receives an annual rate of compensation of up to 0.50% of the aggregate client balances automatically invested into money market mutual funds under the Money Market Fund Feature. A client should note that the client will be charged the asset-based Advisory Fee on the value of all of the assets in the client’s Accounts, including cash that is swept into a bank 37 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Trust Services Arrangements Baird’s affiliation with Baird Trust and the compensation paid to Baird and PAM Consultants, Baird and PAM Consultants have a financial incentive to favor Baird Trust over other trust companies. services, including tax Margin Loans visit contact website a loan, Baird has an incentive financial incentive it Baird maintains an alliance with certain institutions, both non-affiliated and affiliated, including Baird Trust Company, that provide trust administration trust administration, custody, reporting and recordkeeping. PAM Consultants at times refer clients seeking trust services to institutions that are members of the alliance. Subject to its fiduciary duties, the trustee oftentimes retains Baird to provide investment advisory services to the client trust. A client should understand that any such referral for trust services under the Trust Alliance Program made by Baird and its PAM Consultants is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such trust services arrangement. Baird has a financial incentive to recommend that clients use Baird Trust, an affiliate, over other non-affiliated trust companies. As a result of this affiliation, Baird Trust also has a financial incentive to retain Baird to provide investment advisory or other services on behalf of the client. In addition, Baird and PAM Consultants have a to recommend arrangements that involve Baird and the PAM Consultant providing investment advisory services to the client and the trust company only providing trust administration services compared to an arrangement whereby a trust company would provide both investment advisory and trust administration services because is more profitable to Baird and the PAM Consultant. that any margin balance (i.e., ongoing Baird Trust generally Margin involves borrowing money from Baird using eligible securities as collateral, including for the purpose of buying securities. If a client uses margin, the client will pay Baird interest on the amount the client borrows. The rate of interest that a client pays on a margin loan will be at a base rate determined by Baird plus or minus a specified percentage that varies based on the outstanding debit balance of the margin loan and the client’s household account value. Interest rates are lower for larger debit balances and those with higher household account balances. As a result, rates will vary. To determine the actual interest rate that may apply to a client’s margin at Baird’s loan, rwbaird.com/loanrates PAM or Consultant. Because a client will pay interest to Baird on the outstanding balance of the client’s to margin recommend that a client use margin. Baird and PAM Consultants also have an incentive to recommend that a client use margin, because a margin loan allows a client to make larger securities purchases and retain assets in the client’s Accounts that pay an ongoing asset-based Advisory Fee instead of liquidating them to fund a cash need, which increases the asset-based fees Baird earns on a client’s Accounts. A client should the note outstanding amounts of the margin loan the client owes to Baird) in the client’s advisory Accounts will not be applied to reduce the client’s billable account value in calculating the client’s asset- based Advisory Fee, which gives Baird and PAM Consultants further incentive to recommend client use of margin instead of liquidating assets to fund a cash need. Because the interest Baird receives and fees Baird earns on a client’s Accounts increase as the amount of the client’s margin loan increases, Baird and PAM Consultants also have an incentive to recommend that the client continue to maintain a margin loan balance with Baird at high levels. Baird has the right to lend the securities a client pledges as collateral for the client’s margin loan, and Baird receives additional compensation for lending those securities, which In addition, outside of the Trust Alliance Program, PAM Consultants may refer a client to Baird Trust to provide investment management and trust administration services to the client. If a client enters into such a relationship with Baird Trust, Baird and the client’s PAM Consultant typically provide relationship management provides services. compensation to Baird and the client’s PAM Consultant for the referral and providing ongoing services, which may be up to 50% of the ongoing fees that a client pays to Baird Trust, and which is credited to the client’s PAM Consultant for purposes of determining the PAM Consultant’s compensation. The compensation paid to Baird and a client’s PAM Consultant does not increase the fees that the client pays to Baird Trust. Due to 38 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  provides Baird a further incentive to recommend margin to a client. A client should note that Baird’s margin loan program is generally intended to be used to fund additional purchases of securities. or short-term liquidity needs. If a client wishes to obtain a loan for some other purpose, a client should instead consider whether the client is eligible for Baird’s Securities-Based Lending Program, which involves clients obtaining loans from third-party lenders for general use purposes. Baird and PAM Consultants have a conflict to the extent they would recommend that a client use the Baird margin loan program instead of the Securities-Based Lending Program because a client pays interest and other fees to Baird instead of a third-party lender. financial incentive Additional important information about margin, including the risks and margin interest rates that apply, is set forth in the “Margin” section of Baird’s website at bairdwealth.com/retailinvestor. Securities-Based Lending Program of website an ongoing referral fee at an annual rate of up to 0.25% of the outstanding balance of the client’s loan, which is paid out of Baird’s administrative fee. A client should note that Baird and PAM Consultants will continue to receive compensation on assets held in the client’s accounts that serve as collateral for the client’s loans, including Advisory Fees. Because Baird receives an administrative fee and PAM Consultants receive a referral fee if a client obtains a loan from a third party lender under Baird’s Securities-Based Lending Program, Baird and PAM Consultants have an incentive to recommend that a client obtain loans under that program. Baird and PAM Consultants will continue to receive compensation on assets held in a client’s accounts that are collateral for such loans, including Advisory Fees on such assets if those assets are in the client’s advisory Account. As a result, Baird and PAM Consultants have a to recommend that a client obtain a loan under the program to provide for the client’s needs instead of liquidating assets in the client’s accounts with Baird because a decline in the amounts the client has in the client’s accounts will result in lower revenues to Baird and compensation paid to the client’s PAM Consultant. Additional important information about securities-based lending is set forth in the “Securities-Based Lending Program” section at Baird’s bairdwealth.com/retailinvestor. the loan or A client should understand that any referral made by Baird and PAM Consultants under the Securities-Based Lending Program is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such lending arrangement. Client Responsibilities A client is responsible for providing information to Baird and the client’s PAM Consultant reasonably requested by them in order to provide the services selected by the client. Baird, the client’s PAM Consultant and investment managers, if any, will rely on this information when providing services to the client. A client is also responsible for promptly informing the client’s PAM Consultant of any significant life changes (e.g., change in marital status, significant health issue, or change in employment) or if there is any change to the Baird offers clients an opportunity to borrow money from a third party lender under Baird’s Securities-Based Lending Program. These loans, if made, can be used for any personal or business purpose other than to purchase, carry or trade securities, or to repay margin debt. These loans are secured by the investments and other assets in the client’s accounts with Baird. A client will pay interest on the outstanding balance of the client’s loan. The rates of interest charged by the bank depends on many factors, such as the prevailing interest rate environment, the amount of line of credit, a client’s creditworthiness, and the aggregate assets in a client’s Baird accounts in the client’s household (“relationship size”). The interest rates are based on a benchmark rate, plus an applicable percentage that varies based on the approved loan amount and the relationship size. Rates are generally higher for smaller loans and relationship sizes and lower for larger loans and relationship sizes. The interest rate that will apply to a client’s loan will be set forth in the loan agreement the client enters into with the bank. Baird receives an ongoing administrative fee from the bank, at an annual rate of up to 2.50% of the outstanding balance under a client’s loan, which is paid by the bank out of the interest the client pays to the bank. A client’s PAM Consultant typically receives 39 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  development, evaluation, or efficacy of any such strategy. Advisory Fees Fee Options and Fee Schedules A client’s advisory agreement will set forth the actual compensation the client will pay to Baird. In most instances, a client pays an ongoing Advisory Fee based upon the value of assets in the client’s Account (an “asset-based fee”), although other options, such as a flat fee, are available. client’s investment objectives, risk tolerance, financial circumstances, investment needs, or other circumstances that may affect the manner in which the client’s assets are invested. None of Baird, the client’s PAM Consultant or any investment manager managing a client’s Account is responsible for any adverse consequence arising out of the client’s failure to promptly inform the client’s PAM Consultant of any such changes. Since investment goals and financial circumstances change over time, a client should review the client’s participation in a Service with the client’s PAM Consultant at least annually. Asset-Based Fee Arrangement Legal and Tax Considerations fee PAM generally offers one asset-based arrangement: a breakpoint fee schedule. PAM and Baird do not provide legal or tax advice to clients in connection with the Services. Account (“Retirement Under a breakpoint fee schedule, the asset-based fee is determined by reference to the market value of the client’s Account assets, with the fee rate being lower for accounts with higher levels of assets. The breakpoint fee, once determined, is then applied to all of the assets in the client’s Account. Additional laws, regulations and other conditions apply to Retirement Accounts. Each owner, trustee, named responsible plan fiduciary, fiduciary, or other fiduciary acting on behalf of a Retirement Account Fiduciary”) should understand that PAM and Baird do not provide legal advice regarding Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts. The asset-based fee may be a fixed percentage across all asset categories or investment strategies or may be a percentage that varies by asset category or investment strategy. For example, an Account pursuing an equity strategy may pay a higher fee rate than an Account pursuing a fixed income strategy. liquidations, redemptions, The typical asset-based fee varies depending upon the Service and the fee option selected by the client. Fee options and rates may also differ among different Accounts held by the same client, depending on the services selected for an Account. All new client Accounts paying an asset-based fee are generally subject to a unified advice fee arrangement (“Unified Advice Fee Arrangement”), which is described below. tax advice Unified Advice Fee Arrangement The investment strategies used for a client’s Account and transactions in a client’s Account, including and rebalancing transactions, may cause the client to realize gains or losses for income tax purposes. In addition, a client’s Account may be invested in investment products classified as partnerships for U.S. federal income tax purposes, which may result in unique tax treatment, including Schedule K-1 reporting. In addition, when held in a client’s Retirement Account under certain circumstances, such investments may produce unrelated business taxable income which may result in a current-year income tax obligation to the client. PAM does not provide any in connection with any of the Services. A client should discuss the potential tax implications of the client’s investment strategies, investment products, and transactions with the client’s tax advisor. If a client wishes for PAM to implement a particular investment strategy for tax purposes, and PAM agrees to implement such strategy, neither PAM nor Baird will be responsible for the Under a Unified Advice Fee Arrangement, the asset-based Advisory Fee is comprised of an advice fee (“Advice Fee”) and, for some Services, an additional portfolio fee (“Portfolio Fee”). The Advice Fee covers certain investment advisory, brokerage and custody services provided by PAM and Baird. The Portfolio Fee covers portfolio 40 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Additional Advisory Services. The following fee schedule sets forth the maximum breakpoint Advice Fee rates for other advisory services including Client Selected provided by PAM, Managers, Baird Advisory Choice, and PAM FOCUS Portfolios. management and other services provided by Baird and the manager to the client’s Account, which may include departments or affiliates of Baird. If a client has a Unified Advice Fee Arrangement, the client’s Advisory Fee rate will be equal to the sum of the applicable Advice Fee rate and the applicable Portfolio Fee rate, if any. Breakpoint Advice Fee Schedule Additional Advisory Services Clients with a Unified Advice Fee Arrangement generally choose a breakpoint fee schedule for the Advice Fee portion of the Advisory Fee. Value of Assets Annual Fee Rate $0 to $249,999 3.00% Breakpoint Advice Fee Schedules $250,000 to $499,999 2.50% $500,000 to $999,999 2.25% rates for PAM Recommended Managers Service. The following fee schedule sets forth the maximum breakpoint Advice Fee the PAM Recommended Managers Service. $1,000,000 to $1,999,999 2.00% $2,000,000 to $4,999,999 1.75% Breakpoint Advice Fee Schedule $5,000,000 and above 1.50% PAM Recommended Managers Service Value of Assets Annual Fee Rate Up to $5,000,000 1.05% $5,000,001 – $10,000,000 0.85% Consulting Services. The following fee schedule sets forth the maximum breakpoint Advice Fee rates for the Consulting Services provided by PAM. $10,000,001 – $20,000,000 0.80% Breakpoint Advice Fee Schedule $20,000,001 – $30,000,000 0.70% Consulting Services $30,000,001 – $50,000,000 0.55% Value of Assets Annual Fee Rate $50,000,001 – $100,000,000 0.45% Up to $10 million 0.50% Over $100,000,000 Negotiable $10 million - $25 million 0.45% $25,000,001 - 50 million 0.35% Above $50 million Negotiable for PAM Investment Management Service. The following fee schedule sets forth the maximum breakpoint Advice Fee the PAM rates Investment Management Service. Portfolio Fee Schedule Breakpoint Advice Fee Schedule PAM Investment Management Service following fee schedule sets forth Equity and Balanced Strategies Fixed Income Strategies The Portfolio Fee rate varies by Service, investment vehicle, and the type of investment strategy or style being pursued by the Account. the The maximum Portfolio Fee rates or range of rates for the Services. Portfolio Fee Schedule Annual Fee Rate Annual Fee Rate Value of Assets $100,000 to $499,999 3.00% 1.25% Service Annual Fee Rate or Range of Rates $500,000 to $999,999 2.50% 1.25% 0.00% Baird Advisory Choice Over $1,000,000 2.00% 1.00% 0.00% PAM FOCUS Portfolios 41 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio Fee Schedule Payments” available on Baird’s website at bairdwealth.com/retailinvestor. Service Annual Fee Rate or Range of Rates PAM Investment Management 0.00% PAM Recommended Managers 0.20% - 0.75% Equity SMA Strategies The Portfolio Fee rates set forth above do not include the overlay fees charged by the Overlay Manager for tax overlay or impact overlay services, which are generally 0.10% of the value of the Account annually. 0.20% - 0.52% Balanced SMA Strategies Flat Fee Arrangement 0.25% - 0.40% Fixed Income SMA Strategies 0.25% - 0.70% Global and International SMA Strategies 0.35% - 0.60% Alternative SMA Strategies 0.10% Tax Managed Strategies 0.09% Index SMA Strategies Baird SMA Network (BSN) 0.26% - 0.77% Equity SMA Strategies Under a flat fee arrangement, the applicable fee may be determined according to a fixed asset- based fee rate or may be a fixed dollar amount. Specific services may each have their own, separately stated flat fee, or several services may be grouped together under a single flat fee. Some services may entail a flat fee per usage. Flat fees are negotiable and vary by client. The details of flat fee arrangements, including fee amounts, the billing schedule, and the services covered, will be included in the client’s advisory agreement. 0.22% - 0.60% Balanced SMA Strategies 0.12% - 0.40% Fixed Income SMA Strategies Service Account Minimums 0.25% - 0.70% Global and International SMA Strategies The minimum asset value to open an Account in the Services is set forth in the table below. 0.32% - 0.60% Alternative SMA Strategies Account Minimum —* Dual Contract (DC) Service Asset Level Consulting Services Negotiable Baird Advisory Choice $10,000 Baird SMA Network $100,000(1) Dual Contract $100,000(1) * Fees charged by managers under the DC Program are negotiated by each client pursuant to a separate agreement that does not include Baird. Baird, therefore, does not have the necessary information to provide a definitive range of fees paid to managers under the DC Program. PAM FOCUS Portfolios $10,000 PAM Investment Management $100,000 PAM Recommended Managers $100,000(1) The Portfolio Fee rates are current as of the date of this Brochure. A client’s actual Portfolio Fees could be higher or lower than the amounts shown above if Baird adds new investment managers to the Services with higher or lower fees or if Baird and a manager renegotiate the amount of the subadvisory fee. than $1,000,000. As a (1) Investment managers typically have an account minimum of $100,000. However, each investment manager sets its own minimum account size requirements, which can range from $25,000 to more result, some investment managers may not be available to clients with smaller accounts. titled “Administrative In some instances, Baird provides operational and administrative services to third party managers in connection with their management of client Accounts. As compensation for those services, Baird receives a portion of the Portfolio Fee at an annual rate of up to 0.02% of the value of the Account. Additional information is contained in the document Servicing, Revenue Sharing, and Other Third Party A client’s Account may also be subject to a minimum quarterly Advisory Fee that will be set forth in the client’s advisory agreement regardless of the value of the assets in the client’s Account. The minimum annual Advice Fee for PAM Investment Management Accounts is generally $3,000 for equity or balanced Accounts and 42 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  $1,250 for fixed income Accounts. In addition, if a third party custodian has custody of the client’s Account assets, Baird may impose Account requirements different than those set forth above, including but not limited to higher minimums, and it may impose additional fees due to the increase in resources needed to administer the Account. household fee arrangement consents to PAM and Baird providing to each other client subject to such household fee arrangement, in PAM’s or Baird’s sole discretion, information about the aggregate level, or range, of household assets used for fee calculation purposes. As a result, each such client should understand that the other clients included in the household fee arrangement may be able to ascertain the amount of the client’s assets at Baird. A client is encouraged to periodically review with the client’s PAM Consultant the client’s Advisory Fee and the services provided to determine if the services and fees continue to meet the client’s needs. Calculation and Payment of Advisory Fees Baird will calculate a client’s Advisory Fee by applying the applicable fee rate to the value of all of the assets in the client’s Accounts, including cash and its equivalent and including all Held- Away Assets, unless otherwise agreed to in writing. 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. For purposes of calculating a client’s asset-based Advisory Fee, the value of a client’s assets is generally determined by Baird. Baird generally relies upon third party sources, such as third party pricing services when valuing Account assets. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian in determining the value of the assets in the client’s Account. is unreliable. Valuation data If requested by a client and approved by Baird, a client’s Advisory Fee may be determined by also including the aggregate value of assets in certain other Advisory accounts held by a client and certain members of the client’s household or family (a “household fee arrangement”). A client should note that Retirement Accounts may not be included in a household fee arrangement to the extent a prohibited transaction under ERISA or the IRC may result. The terms of any such household fee arrangement will be set forth in the client’s advisory agreement. third party pricing services, to inform the Neither PAM nor Baird conducts a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. PAM and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such valuations for investments, particularly annuities and Complex Investment Products, may not be provided to Baird in a timely manner, resulting in valuations that are not current. The prices obtained by Baird from issuers, sponsors and custodians may differ from prices that could be obtained from other sources. for a household A client should note that it is client’s sole responsibility client’s PAM Consultant that client’s household or family has two or more Advisory accounts that are eligible for a household fee arrangement. PAM and Baird do not undertake any obligation to ensure client Accounts are eligible fee arrangement. By agreeing to a household fee to such arrangement, each client subject Values used for fee-calculation purposes may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the Advisory Fee for some securities may be 43 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  calculated based on values that are greater than the amount a client would receive if the securities were actually sold from the client’s Account. the value of assets in the client’s Account on the Opening Date. The period which such payment covers shall run from the Opening Date through the last business day of the then current calendar quarterly billing period. Thereafter, the quarterly Advisory Fees shall be calculated based upon the Account’s asset value on the last business day of the prior calendar quarter and shall become payable on the first business day of the then current calendar quarter. As mentioned above, Baird will include cash and cash equivalent balances in a client’s Account when calculating a client’s asset-based Advisory Fee. Baird has adopted internal policies that monitor the percentage of an Account swept into cash under the Cash Sweep Program. These internal policies are designed to inform PAM Consultants and their clients who hold large cash sweep balances in their Accounts for sustained periods that those Accounts are holding large cash sweep balances and that there may be other investment or account options for their cash and that Baird receives direct compensation in addition to the Advisory Fee from client balances in the Cash Sweep Program. the client’s Account may A client’s Advisory Fees and other charges will be automatically deducted from the client’s Account, unless the client requests, and PAM and Baird agree, to an alternate arrangement, such as having Baird issue the client an invoice for the Advisory Fees (“direct billing”). A client should understand that the client’s Advisory Fees and other charges relating to the client’s Account may be satisfied from free credit balances and other assets in the client’s Account. If free credit balances in a client’s Account are insufficient to pay the Advisory Fees or other charges when due, investment manager PAM, Baird and any managing sell investments from the client’s Account to the extent they deem necessary and appropriate, in their sole discretion, to pay the client’s Advisory Fees and other charges. If a client maintains a debit balance in the client’s margin account with Baird, such balance has no bearing on the asset-based Advisory Fees charged on client’s Account. In other words, the margin balance (i.e., the outstanding amounts of the margin loan a client owes to Baird) in client’s Account will not be applied to reduce the client’s billable Account value in calculating the Advisory Fee. If a client’s Account is subject to direct billing, the client is required to pay each bill within 30 days of the date of the invoice. PAM and Baird may automatically deduct a client’s Advisory Fees and other charges from the client’s Account as described above in the event that Baird does not receive payment from the client within 30 days of the date of the invoice. PAM or Baird may rescind a direct billing arrangement with a client at any time. Direct billing may not be available for Retirement Accounts. The Account value used for the Advisory Fee calculation may differ from that shown on a client’s Account statement or performance report due to a variety of factors, including the client’s use of margin, options, short sales, and other considerations. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird. See “Services, Fees and Compensation— Additional Service Information—Custody Services” above for more information. To the extent permitted by applicable law, PAM or Baird may increase a client’s existing fees and other charges or add additional fees or charges by providing the client with 30 days’ prior written notice. the A client’s Advisory Fees are payable in accordance with the terms of the client’s advisory agreement. Typically, Advisory Fees are payable on a calendar quarterly basis, in advance. The initial billing client’s advisory period begins when agreement is accepted by Baird and the Account is opened by Baird (the “Opening Date”). The initial Advisory Fee payment will be adjusted for the number of days remaining in the then current quarter. The initial Advisory Fee will be based on If PAM, Baird or the client terminates the client’s advisory agreement or the client’s participation in a Service, a pro-rated refund from the date of termination through the end of the applicable billing period will generally be made to the client in the client’s affected Accounts. PAM and Baird 44 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Obtaining Services Separately: Brokerage or Advisory? Factors to Consider investment advice, will not implement a decrease in the client’s fee rate during a billing period or otherwise reimburse or adjust Advisory Fees during any such period for asset value appreciation or depreciation in a client’s Account during such period. For example, if a client’s Account is subject to a tiered or breakpoint fee schedule and the asset levels of the Account move into a new tier or cross a breakpoint during such period, no rebate or fee adjustment will be made. However, PAM and Baird, in their sole discretion, may make fee adjustments in response to asset fluctuations in a client’s Account occurring during a billing period that result from contributions to, or withdrawals from, the client’s Account. Under certain circumstances, PAM offers the Services to clients on an unbundled basis. In other words, PAM may permit clients to pay for services, such as trade execution, and custody separately. In addition, Baird offers brokerage accounts and other services to clients, and certain services provided to a client in connection with a particular Service may be available to a client outside of the Service separately. Thus, a client’s participation in a Service could cost the client more or less than if the client purchased each service separately. A number of factors bear upon the relative cost of each Service. In comparing the Services to brokerage accounts or other services, a client should consider a number of factors, including, but not limited to: • whether a client prefers to have ongoing monitoring, investment advice or professional management of the client’s investments, which are provided to Service Accounts, or whether the client does not want or need such services; Each Service may have a minimum asset value in order to open an Account, and a minimum Advisory Fee may be assessed against a client’s Account as further described under “Advisory Fee—Fee Schedules” above. The minimum Advisory Fee will be described in the client’s advisory agreement. PAM may waive the minimum asset value or minimum Advisory Fee at its discretion. The minimum Advisory Fee is subject to change upon notice to the client. • whether the types of investment strategies, products and solutions the client seeks are available; • whether there are limitations on the types of securities and other investments available for purchase and whether those limitations are significant to the client; The Advisory Fee and minimum account value are negotiable in certain instances and may vary based upon a number of factors, including but not limited to the size and nature of the assets in the client’s Account, the client’s particular investment strategy or objective, and any particular services requested by the client. In some instances, clients may pay a higher fee than indicated in the fee schedules above. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to the factors identified above. • whether the nature and level of transaction services, account performance reporting, or other ancillary services the client wants are available; • whether the client prefers to pay an ongoing Advisory Fee for continuous advice or pay commissions and other fees on a transaction- by-transaction basis; • the relative costs and expenses of a Service Account and a brokerage account, which will vary depending upon: The fee schedules set forth above are the current fee schedules for the Services. Each Service has had other fee schedules in effect, which may reflect fees that are lower or higher, as the case may be, than those shown above. As new fee schedules are put into effect, they are made applicable only to new clients, and fee schedules applicable to existing clients may not be affected. Therefore, some clients may pay different fees than those shown above. fee or commission rate the client o the negotiates; o the size of the client’s account; 45 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  o the level of trading activity and size of trade orders; Baird in those instances is equal to an annual rate of 0.10% of the value of a client’s Account. Such amounts are retained by Baird for the services it provides. o applicable account fees and charges; o the client’s use of third party managers who charge their own fees for managing accounts in addition to PAM’s Advice Fee; and As the portion of the Advisory Fee or Portfolio Fee paid to an investment manager increases, the portion of the Advisory Fee or Portfolio Fee that is retained by Baird decreases. Thus, Baird (but not PAM) has an incentive to recommend or favor investment managers that are paid less, because Baird will receive a higher portion of the Advisory Fee or Portfolio Fee. o the amount of the client’s account invested in investment products that have additional internal ongoing operating fees and expenses (e.g., Investment Funds). Additional important information about brokerage accounts and facts to consider when making account type decisions is contained in the Client Relationship Details document, which should have been delivered to the client and is available on Baird’s website at bairdwealth.com/retailinvestor. A client should review other account types and programs with the client’s PAM Consultant to determine whether they are more appropriate or should be used in addition to a Service. In addition, Baird has an incentive to favor related managers over other investment managers because the entire Advisory Fee is retained by Baird and those related investment managers. For more information about related managers, see “Additional Information—Other Financial Industry Activities and Affiliations” below. Given the nature of the Advisory Fee, Baird also has an incentive to recommend or select investment managers that trade less frequently with or that trade away from Baird because Baird will incur lower trading costs with respect to such managers and such relationships will be more profitable to Baird. Advisory Fee Payments to Baird, PAM Consultants and Investment Managers PAM and Baird and Baird’s affiliates and associates benefit from the Advisory Fees and charges clients pay for the services described in this Brochure. to fee as compensation for Baird retains the entire Advisory Fee paid by clients, except as further described below. With respect to the PAM Recommended Managers Service, Baird SMA Network Program and Dual Contract Program, Baird pays the manager (including Implementation Managers, if any) a the subadvisory manager’s services as further described below. recognition trips Client Accounts are generally subject to a Unified Advice Fee Arrangement in which the Advisory Fee consists of an Advice Fee and a separate Portfolio Fee. Baird pays the manager out of the Portfolio Fee paid by the client. The Portfolio Fee rates are set forth under “Fee Options and Fee Schedules—Unified Advice Fee Arrangement— Portfolio Fee” above. However, Baird, in many instances, retains a portion of the Portfolio Fee when a client’s Account is managed by an affiliated or unaffiliated investment manager. The maximum portion of the Portfolio Fee retained by A PAM Consultant is primarily compensated on a monthly basis based upon a percentage of the PAM Consultant’s total production each month, which primarily consists of the total advisory fees and transaction-based fees paid to Baird by the PAM Consultant’s clients and any other fees Baird earns on advisory and brokerage accounts held by those clients, including trail fees paid by third parties. The percentage of the PAM Consultant’s total production actually paid the PAM Consultant will increase as the total amount of the PAM Consultant’s production increases, meaning that, as the total amount of the PAM Consultant’s production increases, the rate and amount of compensation that Baird pays to the PAM Consultant also increase. PAM Consultants 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. PAM Consultants who achieve certain production thresholds are eligible for professional development conferences, business development coaching, reimbursements, awards and to attractive destinations. PAM Consultants are also eligible for professional bonuses for achievement of 46 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  designations depending on a PAM Consultant’s total production level. Thus, PAM Consultants have a general incentive to generate financial and other plans and charge higher fees for advisory accounts and recommend larger investments in advisory accounts. Interest in the Given the structure of their compensation, they also have an incentive to recommend that a client transfer the client’s accounts to Baird, establish new accounts with Baird (including IRA rollovers) and add more money into the client’s accounts. In addition, most PAM Consultants are shareholders of Baird Financial Group, Inc. (“BFG”), Baird’s parent company, and thus benefit financially from Baird’s overall success. The number of shares of BFG stock that a PAM Consultant may purchase is based in part on the PAM Consultant’s total production level. PAM Consultants generally receive compensation for referrals to certain affiliated managers and products and for referrals to a limited number of other firms. More specific information is provided under the headings “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or in Client Transactions” below. They also generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may 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 PAM Consultants an incentive to favor investment products and their sponsors that provide the greatest levels of compensation and benefits. to PAM Consultants under the heading Interest generally in equal installments on an annual basis thereafter for a certain number of years (generally from one to three years). Installment payments are generally contingent upon the PAM Consultant achieving annual production or client asset levels that exceed a significant percentage of the PAM Consultant’s annual production for the 1-year period prior to joining Baird or the client assets that the PAM Consultant had prior to joining Baird. The special compensation is intended to compensate PAM Consultants for the significant effort involved in transitioning their business from the prior firm. This compensation provides PAM Consultants who have left another firm additional incentive to recommend that clients of the prior firm become Baird clients and to recommend investment products and services that increase their production, and thus presents a conflict of interest. The special compensation is generally structured in the form of a forgivable loan from Baird to the PAM Consultant. Under the terms of the forgivable loan, Baird makes the upfront or installment payment to the PAM Consultant in the form of a loan, and Baird forgives a portion of the loan made to the PAM Consultant each month for so long as the PAM Consultant remains Baird’s employee. Should the PAM Consultant cease to be Baird’s employee prior to the maturity date of the loan, the PAM Consultant is required to repay Baird the amount of the loan outstanding and not forgiven by Baird. In other words, upon leaving Baird, the PAM Consultant would be required to repay to Baird a portion of the special compensation that the PAM Consultant had received and that had not been forgiven. The amount of such repayment declines over time in proportion to the time the PAM Consultant remains Baird’s employee. Structuring this special compensation form of forgivable loans provides the PAM Consultant added incentive to remain Baird’s employee and to recommend that persons become and remain a Baird client. Additional information about referral and non-cash compensation and other financial is incentives provided provided “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or in Client Transactions” below. Due to the manner in which Baird compensates PAM Consultants, a PAM Consultant generally will have a financial incentive to trade less for Baird traditional Advisory Choice Accounts than PAM Consultants generally receive recruitment bonuses and/or special compensation from Baird when they join Baird from another firm. The amount of such special compensation is typically based on the PAM Consultant’s production at the prior firm for the 1-year period prior to joining Baird or on the level of the PAM Consultant’s client assets at the prior firm. All or a substantial portion of the special compensation is paid in the form of an upfront bonus when the PAM Consultant joins Baird, and the remaining portion, if any, is paid in the form of back end bonuses 47 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Additional Account Fees and Charges website If the client’s Account is custodied at Baird, the client is also responsible for all applicable account fees and service charges Baird may impose in connection with the client’s agreements with Baird. A schedule of fees and service charges is available at Baird’s on bairdwealth.com/retailinvestor. brokerage accounts and to reduce trading or increase a client’s Advisory Fees if trading for a client’s Advisory Choice Account exceeds certain levels established by Baird. From time to time, Baird PAM Consultants outside of PAM may refer their clients to PAM Consultants. In those instances, the PAM Consultant generally shares a portion of his or her compensation with the referring Baird Financial Advisor. Other Fees and Charges In addition to the Advisory Fee described above, a client of PAM will incur other fees and expenses. A client is responsible for bearing or paying, in addition to the Advisory Fee, the costs of all: Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for PAM and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). Other Fees and Expenses Cost and Expense Information for Certain Investment Products • markups, markdowns, and spreads charged by Baird in a principal transaction with a client or charged by other broker-dealers that buy securities from, or sell securities to, the client’s Account (such costs are inherently reflected in the price the client pays or receives for such securities); • front-end or deferred sales charges, redemption fees, or other commissions or charges associated with securities transferred into or from an Account; • redemption fees, surrender charges or similar fees that an investment product or its sponsor may impose; • underwriting discounts, dealer concessions or similar fees related to the public offering of investment products; • extra or special fees or expenses that may result from the execution of odd lot trade orders (i.e., “odd-lot differential”); • electronic fund fees, wire transfer fees, fees for transferring an investment between firms, and similar fees or expenses related to account transfers (including any such fees imposed by Baird); • currency conversions and transactions; conversions, • securities important including, without limitation, the conversion of ADRs to or from foreign ordinary shares; • interest, fees and other costs related to margin accounts, short sales and options trades; related to the • fees establishment, administration or termination of Retirement Accounts, retirement or profit sharing plans, A client should be aware that certain investment products in which the client invests, such as mutual funds and other Investment Funds, annuities and other products, have their own ongoing management and other operating fees and expenses that are deducted from the assets of the product (or income or gains generated by the product on its investments) and thus reduce the value or return of the client’s investment in the product. These fees and expenses may include investment management fees, distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support payments, administration fees, custody fees, expense reimbursements, and expenses associated with executing securities transactions for the investment product’s portfolio (“ongoing operating expenses”). These ongoing operating expenses are separate from, and in addition to, the Advisory Fees. As a result of making investments in these types of products, a client should be aware that the client is paying multiple layers of fees and expenses on the amount of the client’s assets so invested—the ongoing operating expenses and the Advisory Fee. Additional information about ongoing fees and expenses that apply to those types of investments is provided in Baird’s Client Relationship Details document and Baird’s website at bairdwealth.com/retailinvestor. A client can find the actual ongoing fees and expenses of an investment product that the client will pay or bear in the product’s prospectus or offering document. 48 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  trusts or any other legal entity, including, without limitation, the calculation and payment of unrelated business income tax (“UBIT”); rebated to the client. Additionally, Unsupervised Assets in an Account are subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. • fees imposed by the SEC or securities markets, including transaction fees imposed by electronic trading platforms, which fees may be imbedded in the price the client receives for the security; and imposed upon or resulting • taxes Clients who have Accounts managed by PAM may also have other accounts with Baird that are not managed by PAM. Those accounts may be subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the services provided by PAM. from transactions effected for a client’s Account, such as income, transfer or transaction taxes, foreign stamp duties, or any other costs or fees mandated by law or regulation. Clients who use a custodian other than, or in addition to, Baird will pay the other custodian’s fees and expenses in addition to the Advisory Fee. In addition, if a third party custodian has custody of the client’s Account assets, the Account is subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. In addition to the Advisory Fee, a client will also be responsible for paying the fees charged by each investment manager selected by the client under the Dual Contract Program. If a client directs PAM or Baird to pay the client’s DC Manager’s fee out of the client’s Account, and PAM or Baird agree to do so, PAM and Baird will not be responsible for verifying the calculation or accuracy of such fee. specific about through another A client may also be assessed other trading costs in addition to the Advisory Fee if client trades are executed firm. Please see “Services, Fee and Compensation—Additional Service Information—Trading for Client Accounts” above for more information. Compensation—Additional and “Services, Fees Fees—Advisory Compensation Received by PAM and Baird The individual who recommends a Service to a client, including a PAM Consultant, receives compensation from Baird that is based upon the amount of the Advisory Fee paid by the client. The amount of the compensation may be more than what the individual would receive if the client participated in other Baird investment advisory services or paid separately for investment advice, brokerage, and other services. Accordingly, the individual may have a financial incentive to recommend a Service over other programs or services offered by Baird. However, when providing investment advisory services to clients, PAM and Baird are fiduciaries and are required to act solely in the best interest of clients. Baird addresses this conflict through disclosure in this Brochure and by adopting internal policies and procedures for PAM and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more Baird’s information compensation and other benefit arrangements and how Baird addresses the potential conflicts of interest, please see the sections “Services, Fees Service and and Information” Compensation—Advisory Fee Payments to Baird, PAM Consultants and Investment Managers” above, and “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information— Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. If a client holds an Unsupervised Asset in the client’s Account, the client may be charged a commission, markup or markdown in connection with its purchase or sale. The cash proceeds from the sale of an Unsupervised Asset that remain in a client’s Account are considered Permitted Investments subject to the asset-based Advisory Fee. If an asset becomes an Unsupervised Asset during a quarterly billing period, that asset will be excluded for purposes of determining the asset- based Advisory Fee beginning at the start of the next quarterly billing period, and no portion of the asset-based Advisory Fee paid by a client in advance for the quarter will be refunded or Account Requirements and Types of Clients Opening an Account A client that wishes to engage PAM will enter into an advisory agreement with PAM and Baird. The 49 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  client’s advisory agreement will contain the specific terms applicable to the services selected by the client, Advisory Fees payable by the client, and other terms applicable to the client’s advisory relationship with PAM and Baird. retain those documents for of the information in those documents may not apply to a client now, but may apply in the future if a client changes services or establishes other Accounts with PAM. PAM will generally not provide a client another copy of the agreements or this Brochure when a client changes services or establishes new Accounts unless the client requests a copy from PAM. Therefore, a client future should reference as they contain important information if a client changes services or establishes other Accounts with PAM. Certain Account Requirements Minimum Account Size In addition to the investment advisory services that PAM and Baird provide in connection with each Service, Baird, in its capacity as broker- dealer, also provides clients with trade execution, custody and other standard brokerage services. For this reason, a client will also enter into a client account agreement with Baird if the client has not already done so. The client account agreement is a brokerage agreement that authorizes Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally requires that assets in a client’s Account be held in a Baird account, for which Baird acts as custodian. However, in certain limited circumstances when requested by a client, Baird may permit a client to include Held-Away Assets in the client’s Account. Each Service has a minimum account size and may have a minimum Advisory Fee, which are described in the section entitled “Services, Fees and Compensation—Advisory Fees” above. PAM or Baird may remove an Account from a Service and immediately terminate the advisory agreement with respect to an Account upon written notice to the client if the client fails to maintain the required minimum asset levels in an Account or if the client fails to otherwise abide by the terms of a Service as determined by PAM or Baird in their sole discretion. Account Contributions and Withdrawals in to investment manager until A client may fund an Account with cash and with securities that PAM, Baird and the client’s investment manager, to be if any, deem acceptable their sole discretion. Funds deposited or transferred to a client’s SMAs from another Baird account and funds deposited or transferred to a client’s SMAs from outside of Baird will not be available for investment by the client’s the next business day and therefore the investment of such funds, at the discretion of the manager, will occur no earlier than the next business day. After a client has signed and delivered an advisory agreement to Baird, the agreement is subject to review and acceptance by the client’s PAM Consultant, his or her Market Director or PWM Supervision department supervisor (or his or her respective designee), and Baird PWM’s Home Office. The agreement and Baird’s advisory relationship with a client will become effective when the client’s paperwork is accepted by Baird PWM’s Home Office and following such acceptance the client written Baird has delivered confirmation of the Account’s enrollment in the applicable Service. A client should understand that the advisory agreement will not become effective, and Baird will not provide any advisory services to the client, until such time that Baird has accepted the advisory agreement. Baird may delay acceptance of the advisory agreement and the provision of advisory services to the client for various reasons, including deficiencies in the client’s paperwork. Once it has become effective, the agreement shall continue until it is terminated in accordance with the terms described in the advisory agreement. certain The terms of a client’s agreements and this Brochure apply to all Accounts that a client establishes with PAM, including any Accounts that a client may open with Baird in the future. Some Some PAM Consultants will invest, or recommend investing, cash contributions made to an Account over a period of time. This method of investment is sometimes referred to dollar cost averaging (“DCA”). The goal of this method of investment is to reduce the risk of making large purchases of securities at an inopportune time or price. The Overlay Manager investment and managers also offer an optional DCA service for Accounts they manage. Additional information will be provided to a client if the client enrolls in a DCA service. A client should note that, if dollar 50 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  considered investment advisory services of PAM, Baird or the client’s investment manager. If an asset transferred to an Account is an Unpermitted Investment under the terms of the applicable Service, PAM, Baird or the client’s investment manager may sell the asset or transfer it into a separate brokerage account. Alternatively, they may designate such asset as an Unsupervised Asset as further described under “Services, Fees and Compensation—Additional Service Assets” Information—Unsupervised above. cost averaging is used to invest cash in the client’s Account, the returns for the Account could, depending upon market and other conditions, be lower than the returns that could have been obtained had all the cash in the Account been fully invested upon contribution to the Account. In addition, a client should note that, when dollar cost averaging is used, the amount of cash in the client’s Account will be included in the value of the Account for fee calculation purposes. Whenever assets are contributed to an Account, a client should discuss with the client’s PAM Consultant the timing of when the assets will be invested. If DCA will be used to invest the assets, a client should ask for more specific information about how the assets will be invested and the associated timing for investing. that A client is responsible for notifying PAM and any investment manager managing the client’s Account of any contributions made into the Account and instructing PAM and any investment manager to liquidate positions in the event the client wishes to withdraw assets from the Account. PAM and Baird have no responsibility to invest cash deposits (other than complying with a client’s cash sweep instructions) or liquidate positions with respect to an Account managed by an Other Manager, and they are not responsible for any losses that may result from a client’s failure to notify PAM and any investment manager managing the client’s Account regarding deposits or withdrawals. A client may also incur additional expenses and liabilities, including tax related liabilities, when transferring assets out of an Account or Baird’s custody. See “Termination of Accounts” below. Liens and Use of Account Assets as Collateral sale could in adverse When a client funds an Account with securities, including when a client changes Services for an Account or changes investment managers for an Account within the same Service, the client should understand that PAM’s, Baird’s or the client’s investment manager’s review of securities used to fund the Account may delay investing. In addition, PAM, Baird or the client’s investment the if any, may determine manager, securities contributed to the Account may not be appropriate for the client’s strategy, and PAM, Baird or the investment manager, if any, may sell, or recommend the sale of, such securities. Further, an investment manager may be removed from the management of a client’s Account and a replacement investment manager may be appointed. In such event, Baird, at the direction of the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were managed by the prior manager and the replacement manager will reinvest the cash proceeds of those sales. Any such tax result consequences for the client. A client should note that securities transferred into an Account may be subject to the Advisory Fee immediately upon its transfer into the Account, even if the client paid a commission or front-end sales charge on the security prior to its transfer into the Account. In addition, if the securities are subject to deferred sales charges or redemption fees, the client will be responsible for paying those charges and fees. To the extent permitted by applicable law, certain funding transactions may be handled by Baird on a principal basis, and such transactions are not As security for the full and complete payment when due of any debts and other obligations that a client owes to PAM and Baird, and to the extent permitted by applicable law or regulation, all assets in a client’s Account held at Baird will be subject to a first priority security interest, lien and right of setoff in favor of Baird. Baird may sell assets in an Account to satisfy the lien. As a secured party, Baird may have interests that are adverse to a client. Neither PAM nor Baird will act as investment adviser to a client with respect to such sale of assets held in an Account. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Such sales could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the 51 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account’s performance. A client should review the client’s agreements for more information. Securities-Based Lending Program” above for more information. Investment Products” above Securities purchased on margin are used as Baird’s collateral for the margin loan. Clients that have a margin account should review the section “Services, Fees and Compensation—Additional Service Information—Complex Strategies and Complex for additional information. All of the assets in a client’s Account must be free and clear from any security interest, lien, charge or other encumbrance (other than a security interest, lien, charge or other encumbrance in favor of Baird) and must remain so for the duration of the client’s relationship with Baird, unless Baird otherwise specifically agrees in writing. Electronic Delivery of Documents By signing an advisory agreement, a client consents to the electronic delivery of documents that PAM or Baird may deliver to the client. The term of the consent to electronic delivery is indefinite but a client may revoke the consent at any time by notifying PAM. If a client wishes to obtain loans secured by assets in the client’s Account (commonly referred to as “securities-based lending”) and PAM and Baird agree to the arrangement, the client should understand that the lender may exercise certain rights and powers over the assets in the Account, including the disposition and sale of any and all assets pledged as collateral for the loan to meet a collateral call, which may occur without prior notice to the client. A collateral call could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should be aware of these and other potential adverse effects of securities-based lending and collateralizing Accounts before deciding to do so. A client is required to disclose the terms of the client’s agreements with Baird to any lender seeking to use Account assets as collateral. A client must promptly notify PAM and Baird of any default or similar event under the client’s collateral arrangements. Termination of Accounts The client’s advisory agreement will survive any event that causes the client’s PAM Consultant to be unable to provide services to the client (either on a temporary or permanent basis), including if the client’s PAM Consultant ceases to be employed by Baird. In any such event, Baird will endeavor to continue to provide services to the client and will as promptly as practicable assign another PAM Consultant or Baird Financial Advisor to the client’s Accounts (either on a temporary or permanent basis) and the client will be notified of any such change or, if Baird determines that it is unable to continue to provide advisory services to the client, Baird may remove the applicable Account from a Service or Program and convert the Account to a brokerage account upon notice to the client. A client should understand that neither PAM nor Baird will provide advice on or oversee a securities-based lending or collateral arrangement and they will not act as investment adviser or a fiduciary to the client with respect to the liquidation of securities held in the client’s Account to meet a collateral call. Any such liquidation will be executed in Baird’s capacity as broker-dealer and may, as permitted by law, result in executions on a principal basis. PAM or Baird may remove an Account from a Service and immediately close an Account upon written notice to a client if the client fails to abide by the terms of the Service. PAM or Baird may also remove an Account from a Service at any time upon written notice to a client if the client fails to maintain the required minimum asset levels in such Account. “Services, Fees In some instances, Baird and PAM Consultants may refer a client to a third party lender under Baird’s Securities-Based Lending Program that certain pays Baird and PAM Consultants compensation. and See Compensation—Additional Service Information— Upon the termination of an Account’s enrollment in a Service, PAM, Baird and, if relevant, any other investment manager managing such Account, shall have no obligation to act as investment adviser to such Account. If such Account is custodied at Baird, the Account shall be converted to and designated as a brokerage 52 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  exclusive responsibility to Types of Clients PAM offers the Services to all types of current or prospective clients, including, but not limited to: individuals; banks or thrift institutions; pension and profit sharing plans; trusts; estates; charitable organizations; and corporations or other business entities. in writing, account. PAM, Baird, and, if relevant, any other investment manager managing such Account, shall be under no obligation to recommend any action with regard to, or to liquidate the securities or other investments in, such Account. After an Account is removed from a Service, it is the issue client’s instructions, the regarding management of any assets in such Account. Portfolio Manager Selection and Evaluation The persons providing portfolio management services to clients vary by Service. Information about how Baird may select and evaluate portfolio managers is further described below. Selection and Evaluation PAM Recommended Managers or the heading If a client directs Baird to liquidate assets in connection with a closure of an Account, the client should understand that Baird acts as broker- dealer, and not investment adviser, when processing such a liquidation request and that the client will generally be charged commissions, sales charges, sales “loads”, or other applicable transaction-based fees in accordance with the applicable Baird fee schedule or other third-party transaction-based fee schedule for the particular investment then in effect. Additional information about the compensation that a client pays to Baird for effecting brokerage transactions is contained in Baird’s Client Relationship Details document, available on Baird’s website at bairdwealth.com/retailinvestor. selecting other When recommending investment managers to manage a client’s Account in the PAM Recommended Managers Service, PAM may utilize managers included on Baird’s Recommended Managers List described under “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis—Certain Recommended Lists—Baird’s Recommended Managers List” below. PAM may also select managers not included on Baird’s Recommended Managers List though its own manager evaluation process. A client may incur significant expenses and liabilities, including tax-related liabilities for which the client will be solely liable, if the client closes an Account, terminates an advisory agreement, or transfers assets out of Baird’s custody. PAM and Baird will not be liable to a client in any way with respect to the termination, closure, transfer or liquidation of the client’s Accounts. client’s involves in-person or PAM will select or replace, or recommend the selection or replacement of, a particular manager based upon the client’s particular goals and circumstances and investment the strategy. This may involve the selection or recommendation of a manager on Baird’s Recommended Managers List and it may involve managers not on such list. PAM typically conducts additional qualitative and quantitative reviews of managers on Baird’s Recommended Managers List and will conduct qualitative and quantitative reviews of managers on other managers not included on such List. PAM’s evaluation process typically telephonic interviews of the manager and a review of the manager’s historic performance, size of assets under management, asset flows, and an analysis of how the management firm adds value. The hiring of investment managers for a client account includes an initial screening by PAM of a potential manager for overall style, firm size, the Some of the investments offered in connection with the Services contain restrictions that limit their use, and such investments may be unavailable for purchase or holding outside of an Account. For example, certain Investment Funds held in an Account may only be available to a client through a PAM Service or may not be held at another firm. If such restrictions apply and the client terminates a Service or closes an Account, the Client will be required to sell or redeem such Investment Funds or exchange them for other Investment Funds that may be more costly to the client or have poorer performance. A client should consider restrictions applicable to investments carefully before participating in a Service. A client should contact the client’s PAM Consultant for specific information as to how Account closure, termination of an agreement, or asset transfers might impact the assets in the client’s Accounts. 53 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  third party Implementation Manager), the Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. Baird SMA Network and Dual Contract Programs age of the investment advisor, its compliance with GIPS composite standards, its average turnover, and its performance record in said style for at least the three (3) years preceding the review. A quantitative score calculation is assessed to each investment manager based upon the Sortino Ratio, Alpha, Standard Deviation, Market Capture, Batting Average and Retention, Sharpe ratio, one- year trailing return, the most recent quarter return, the up market capture ratio, and down market capture ratio. A weight is then assigned to each of the foregoing. Clients participating in the BSN Program or the DC Program should note that the level of initial and ongoing review performed by PAM and Baird on the managers and their SMA Strategies made available under those Programs, including any Affiliated SMA Strategies, is significantly less than that performed by PAM and Baird with respect to managers and their strategies eligible for the PAM Recommended Managers Service. A review of the investment manager’s long term and short term consistency with its stated investment style is then performed. A select group of managers who are found to meet quantitative and qualitative analysis standards set by PAM for this program are sent investment manager questionnaires. Upon completion of the form by the investment manager, PAM reviews the history of the investment management firm, ownership structure, investment professional biographies, investment professional turnover, buy/sell disciplines, and operations and trading. A model portfolio with holdings and weights is also requested from the investment manager. BSN and DC Managers are subject to an initial review by Baird that considers the manager’s assets under management, regulatory and compliance history, and certain other limited qualitative and quantitative factors deemed relevant by Baird. The ongoing review is generally performed on an annual basis and is generally limited to significant changes in the managers’ assets under management in the SMA Strategy and a review of the SMA strategy in comparison to a relevant peer group or benchmark. a client who wishes After the investment manager is selected, the manager is reviewed by PAM daily whereby a comparison of the manager’s performance is tracked against a suitable benchmark and daily trading activity of the manager is reviewed. PAM will typically remove a manager when the manager is removed from Baird’s Recommended Managers List or when PAM believes that the manager is experiencing significant and prolonged underperformance. The BSN and DC Programs are designed to accommodate to independently select an investment manager not available in the PAM Recommended Managers Service to manage the assets in the client’s Account. A client should note that PAM and Baird do not make any recommendation to clients regarding any BSN Strategy or DC Strategy or any representations regarding a BSN Manager’s or DC Manager’s qualifications as an investment adviser or abilities to manage client assets. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, a client should note that PAM and Baird do not monitor or ascertain whether a third party Implementation Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The Overlay Manager may provide review and ongoing evaluations of certain BSN Managers that it makes available through the BSN Program. Clients should review Overlay Manager’s Form ADV Part 2A Brochure for more information, which is available upon request, or contact their PAM Consultant for more information. is for A client assumes ultimate responsibility client’s selection of an Other Manager under the PAM Recommended Managers Program (including any third party Implementation Manager). PAM and Baird assume no responsibility for the client’s termination of an Other Manager (including any PAM and Baird do not monitor or ascertain whether the Overlay Manager fully and faithfully implementing Model Portfolios under the BSN Program on a continuous basis. 54 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  PAM FOCUS Portfolios Program and PAM Investment Management Service of Loss—Principal home office SMA Strategies offered under the BSN and DC Programs are subject to certain risks. See “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risks—Available Risk Investment Product Risks” below for more information. Portfolio management services under the PAM FOCUS Portfolios Program and PAM Investment Management Services are provided by Baird, Baird investment PWM’s professionals, and PAM. the A client should only participate in the BSN or DC Programs if the client wishes to take more responsibility for monitoring the client’s Account, the PAM Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. In order to provide portfolio management services, Baird requires that PAM Consultants and other Baird associates meet all applicable requirements set forth by applicable law and regulations of self-regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. Oversight of the Services retention of an Asset Management, PWM oversees The Investment Advisory Oversight Committee (“IAOC”) of Baird, which includes members of Baird’s Sales Investment Solutions, Asset Management, Manager Research, Compliance, Legal, and Risk Management the Departments, standards and implementation of the Services. A client should note that the client’s appointment and continued investment manager to manage the client’s Account in connection with the BSN or DC Programs are based ultimately upon the client’s independent review of the investment manager and the investment manager’s services. Once retained by the client, an investment manager will only be removed from managing the client’s Account upon the investment manager’s withdrawal, removal from the Program, or the client’s direction to do so. (including any Program PAM performance, compliance Baird’s Investment along with A client assumes ultimate responsibility for client’s selection of a manager under the BSN or DC Programs third party Implementation Manager). PAM and Baird assume no responsibility for the client’s termination of a manager under the BSN or DC Programs Implementation third party (including any Manager). PAM and Baird also assume no responsibility for any Other Manager’s investment decisions, with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. The IAOC delegates its day-to-day oversight responsibilities to certain subcommittees of the IAOC, the applicable Market Director and Baird’s PWM Supervision, Investment Solutions and Compliance Departments to monitor the Services and the performance of Baird associates providing portfolio management services under the PAM FOCUS Investment and Management Service. The applicable Market Director, along with Baird’s PWM Supervision and Compliance Departments and other designees, provide periodic review of the performance of PAM Consultants providing portfolio management services. Solutions the Compliance Department, Department and other designees, provide periodic the performance of other Baird review of associates portfolio management providing those Services. Performance services under information is provided to the IAOC or a subcommittee or delegate thereof. calculates Performance Calculation As part of Baird’s selection and evaluation of portfolio managers, Baird the investment performance of: Portfolio management services under the DC Program may be provided by an investment management department of Baird if the client selects such an SMA Strategy. In order to provide portfolio management services under the DC Program, Baird requires that Baird associates meet all applicable requirements set forth by applicable law and regulations of self-regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. • PAM and Baird associates acting as portfolio the PAM FOCUS, PAM managers under 55 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investment Management Services and PWM- Managed Portfolios; and • Managers on Baird’s Recommended Managers list that directly manage client accounts. independent third party reviews information for such managers. Baird obtains investment performance information for those managers directly from the managers (including the Overlay Manager) or from other external sources that Baird believes to be reliable. A client should understand that: Baird does not recalculate the performance provided by such managers or external sources; neither Baird nor the any performance information provided by such managers to verify its accuracy or compliance with presentation standards unless otherwise stated in writing; those managers may not calculate performance on a uniform or consistent basis; and Baird does not guarantee the accuracy of information provided by such managers or any external source. Fixed When Baird calculates a manager’s investment performance, Baird generally uses composites of the manager’s client accounts to calculate the manager’s performance. A composite is an aggregation of client accounts managed by the manager that are representative of a particular investment strategy, style, or objective. Examples of composites include large cap growth, all cap value, balanced (which includes equity and fixed income securities), and fixed income. Composites may be further broken down to separate taxable and non-taxable portfolios. income composites may be categorized by portfolio duration. Investment recommendations. Baird When calculating composite performance, Baird seeks to utilize calculation methods that adhere to Performance Standards Global calculates (GIPS®) the composite performance generally using following principles: • A total return calculation is used in reporting. • Current market value including accrued income is used. • Trade date accounting is used in deriving A client should note that Baird does not generally present its investment performance calculations to clients. The information that PAM or Baird provides to clients about portfolio managers from time to time may not be calculated by PAM or Baird but may be calculated by the managers themselves or derived from external sources. PAM and Baird do not audit or verify that investment performance information presented to clients that is calculated by managers or external sources is accurate. In addition, a client should note that such investment performance information may not be calculated on a uniform or consistent basis or reviewed by any independent third party. A client should ask the client’s PAM Consultant for more information. valuations. the • Monthly returns are calculated using Modified Dietz calculation. • Returns for periods greater than a month are calculated by geometrically linking the monthly returns. Returns for periods greater than one year are annualized. • Reporting is net of fees at the total portfolio, but gross of fees for individual investment categories (e.g., equity or fixed income). Portfolio Management by PAM, Baird and Related Persons Portfolio management services under the PAM FOCUS, PAM Investment Management, PAM Recommended Managers and DC Programs may be provided by Baird and managers affiliated with Baird. Such arrangements create a potential conflict of interest because Baird and its affiliates may receive higher aggregate compensation if clients retain Baird and affiliated managers instead of retaining unaffiliated managers. its or No independent third party reviews the composite performance information calculated by Baird to compliance with accuracy verify presentation standards. departments, To the extent Baird selects or reviews other portfolio managers participating in the Programs, Baird does not calculate investment performance The following Services exclusively offer portfolio management by Baird, its PAM Consultants, its PWM home office investment professionals, its investment management or investment managers that are affiliated with Baird: PAM FOCUS and PAM Investment (“Affiliates-Only Management Programs 56 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  is described under Programs”). The processes, if any, used by Baird those portfolio for selecting and reviewing managers the headings “Portfolio Manager Selection and Evaluation— Selection and Evaluation” above and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis” below. When providing investment advisory services to clients, PAM and Baird are fiduciaries and are required to act solely in the best interest of clients. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for PAM and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about these potential conflicts and how Baird addresses them, please see the sections “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. Advisory Business Baird is privately-held, employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. thereby Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. and periodically discuss A client should note that the processes and standards used by Baird in determining whether to make affiliated investment options available under Affiliates-Only Programs differ from those processes and standards used by Baird in determining whether to make non-affiliated investment options available under other Services. Baird approves, and continues to make available, affiliated investment options under Affiliates-Only Programs that would not be approved for, or would have been removed from, such other Services. For the Affiliates-Only Programs, this practice presents a conflict of interest because Baird has a financial incentive to maximize the number of affiliated investment options it makes available under Affiliates-Only Programs due to the fact that, by increasing investment options, Baird will likely attract more client assets and increase Baird’s revenues. A client participating in an Affiliates- Only Program should monitor the client’s Account performance the performance of such Account with the client’s PAM Consultant. analysis and research, analysis professionals, an planning; investment and account or for transactions and Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird include: portfolio management and offers recommendations analysis; investment regarding asset allocation and strategies; and recommendations regarding investment managers and individual securities; investment consulting; policy financial development; performance monitoring. Baird also offers clients execution of brokerage administrative services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers its services separately or in combination with other services. PAM and Baird tailor advisory services to the individual needs of clients. For more information about the services offered by PAM and Baird, please see “Services, Fees and Compensation” above. Portfolio management services under the PAM Recommended Managers Service or DC Program could be provided by Baird PWM home office investment investment management department of Baird or a manager affiliated with Baird should a client select an Affiliated SMA Strategy. When Baird selects SMA Strategies, or otherwise determines manager availability the Baird eligibility, Recommended Managers List or the DC Program, Affiliated SMA Strategies and affiliated investment managers are subject to the same selection and review processes, if any, that Baird applies to investment unaffiliated SMA Strategies and managers participating in each respective Service. The processes, if any, used by Baird for selecting and reviewing SMA Strategies and Affiliated SMA Strategies for those Services are further described under the heading “Portfolio Manager Selection and Evaluation—Selection and Evaluation” above. 57 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  see inequitable above Subject to the agreement of PAM, a client may impose reasonable restrictions on the securities or types of securities to be held in the client’s “Services, Fees and Account. Please Compensation—Additional Service Information— Investment Discretion” for more information. and comparing them to accounts not subject to a performance fee that are also managed using a similar strategy in an attempt to detect any treatment. Baird also possible attempts to minimize potential conflicts of interest posed by performance-based fee arrangements through internal trade allocation procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. by clients providing Baird participates in wrap fee programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee portfolio for paid management services under those wrap fee programs. Methods of Analysis, Investment Strategies and Risk of Loss Investment Strategies and Methods of Analysis Investment Strategies under management, As of December 31, 2024, Baird had approximately $342.1429 billion in regulatory assets approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. The investment styles, philosophies, strategies, techniques and methods of analysis that PAM, investment Baird, Baird PWM’s home office in professionals, and Other Managers use formulating investment advice for clients vary widely by Service and the person providing the advice. A brief description of commonly used strategies is provided below. Equity Strategies Performance-Based Fees and Side-By-Side Management PAM does not advise any client accounts that are subject to performance-based fee arrangements. Act. Performance-based focused, Equity strategies generally have an objective to provide growth of capital and primarily invest in equity securities, such as common stocks. However, these strategies may also invest in other types of investments, such as fixed income securities and cash. Equity strategies may invest in companies of all market capitalization ranges or focus on any combination of specific may capitalization ranges, such as large cap, mid cap or small cap companies. Equity strategies may be combined with other strategies described below, such as growth, value, income, economic industry or sector international, global, or geographic region or country focused strategies. Fixed Income or Bond Strategies Baird advises client accounts not participating in services described in this Brochure that are subject to performance-based fee arrangements. Performance-based fee arrangements involve the payment of fees based upon the capital gains or capital appreciation of a client’s account. Any such fee arrangements are made in compliance with applicable provisions of Rule 205-3 under the Advisers fee arrangements present a potential conflict of interest for Baird (but not PAM) with respect to other client accounts that are not subject to performance-based fee arrangements because such arrangements give Baird an incentive to favor client accounts subject to performance- based fees over client accounts that are not subject to performance-based fees. interest the arrangements holdings Fixed income or bond strategies generally have one or more of the following objectives: (1) provide current income; or (2) preservation of capital. These strategies primarily invest in fixed income securities, such as corporate bonds, municipal securities, mortgage-backed or asset- backed securities, or government or agency debt obligations. However, these strategies may also invest in other types of investments, such as equity securities or cash. Fixed income strategies In addition to complying with its fiduciary duties by disclosing this conflict of interest to clients through this Brochure, Baird generally addresses posed by of potential conflicts by performance-based fee and periodically monitoring performance of performance-based fee accounts 58 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  combination of investment grade and high yield bonds. This type of strategy may also invest in yield- or income-producing, Non-Traditional Assets. Economic Industry or Sector Focused Strategies region or country technology, may invest in debt obligations having any credit rating, maturity or duration, or they may focus on specific credit ratings, maturities or durations, such as investment grade, non-rated, or high yield (“junk”) bonds, or bonds having short-term, intermediate-term or long-term maturities. Fixed income strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic focused strategies. Balanced Strategies Economic industry or sector focused strategies primarily invest in companies in one or more economic industries or sectors, such as the telecommunications, industrial, materials, or financial sectors. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. International Strategies include companies ranges, regions, credit region or market Generally, international strategies primarily invest in securities issued by foreign companies, which in developed and may emerging markets. International strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization sectors, geographic ratings, maturities or durations. Balanced strategies generally have one or more of the following objectives: (1) provide current income; (2) growth of capital/principal or income; or (3) preservation of capital. These strategies primarily invest in a mix of equity, fixed income securities and cash. Balanced strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization ranges, credit ratings, maturities or durations as described above. Balanced strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic focused strategies. Global Strategies Value Strategies A value strategy typically invests primarily in equity securities of value companies, which are those that the investment manager believes are out of favor with investors, appear underpriced by the market relative to their earnings or intrinsic value, or have high dividend yields. This strategy is subject to investment style risks. ranges, regions, credit Growth Strategies Generally, global strategies invest in a mix of securities issued by U.S. and foreign companies, which may include companies in developed and emerging markets. Global strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization ratings, sectors, geographic maturities or durations. Geographic Region or Country Focused Strategies A growth strategy typically invests primarily in equity securities of growth companies, which are those that the investment manager believes exhibit signs of above-average growth relative to peers or the market, even if the share price is high relative to earnings or intrinsic value. This strategy is subject to investment style risks. Income Strategies An income strategy typically invests primarily in income-producing securities, such as dividend- income paying equity securities and in a securities. This strategy may fixed invest Geographic region or country focused strategies primarily invest in companies located a particular part of the world, such as Latin America, Europe or Asia, in a group of similarly-situated countries, such as developed or emerging markets, or one or more specific countries. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. 59 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Tactical and Rotation Strategies than other strategies. The to Opportunity strategies often experience higher fluctuations in annual returns and overall market value types of implement opportunity investments used strategies vary widely by manager and could include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Tax Management Strategies underweighting and taxable strategies are often subject these strategies Tactical strategies typically tactically and actively adjust account allocations to different categories of investments, such as asset classes, geographic locations or market sectors, based upon the manager’s perception of how those investments will perform in the short-term. Similarly, rotation typically actively adjust account strategies allocations to different market sectors based upon the manager’s perception of how those market sectors will perform in the short-term. Tactical and rotation strategies are often driven by technical analysis or methodologies and typically involve overweighting account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark index or the market generally. These strategies often will be focused or concentrated in one or more asset classes, geographic locations or market sectors from time to time, and it is likely that they will have limited or no exposure to one or more asset classes, geographic locations or market sectors. For that reason, tactical and rotation to concentration risk. Because the decision-making for tactical and rotation strategies is based upon the manager’s short-term market outlook, accounts pursuing often experience higher levels of trading and portfolio turnover relative to other strategies. Opportunity or Opportunistic Strategies the manager Tax management strategies involve buying and selling investments in a manner intended to reduce the negative impact of U.S. federal income taxes. They often involve buying or selling investments to limit taxable investment gains or to offset investment gains with investment losses or selling investments to avoid recognition of taxable investment gains. Tax management strategies are not intended to, and likely will not, eliminate a client’s tax obligations. A tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. A tax management strategy is typically a secondary strategy used to achieve a secondary tax management objective and it is typically implemented together with other primary investment strategies designed to achieve primary investment objectives or goals. However, managers in certain situations may use a tax management strategy as the primary investment strategy or tax management may be their primary consideration when managing client accounts, such as when is transitioning an account from one investment strategy to another. The performance of accounts utilizing a tax management strategy will vary from similarly-managed accounts that do not utilize such a strategy, possibly in a materially negative manner, and an account may not be successful in pursuing any other investment strategies, objectives or goals. Alternative Strategies and Complex Strategies invest Opportunity strategies will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and market sectors to take advantage of the manager’s perception of market pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager. Opportunity strategies often involve the use of other strategies, particularly tactical or rotation strategies, and will have the risks associated with those strategies. Opportunity Strategies may also involve investment in a more- limited number of companies compared to other strategies. As a result, a decline in value of one or a few investments will more adversely impact performance than if assets were more evenly invested in a larger number of companies. Alternative Strategies and other Complex Strategies may in a wide range of investments, which may include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Alternative Strategies and other Complex Strategies generally involve the use of margin, leverage, short sales and derivative instruments. Many Alternative Strategies and other Complex Strategies have no substantive restrictions on the types of investments that may be used. Examples 60 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  of Alternative Strategies and other Complex Strategies include the following. • Capital Structure Arbitrage Strategies. Capital structure arbitrage generally involves investing in multiple levels of a single company’s capital structure, often taking long and short positions in a company’s debt or equity in order to capitalize on perceived mispricings resulting from market inefficiencies or different pricing assumptions. This type of strategy typically involves the use of derivatives and structured products. • Relative Value Strategies. Relative value strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to exploit price differences among securities that share similar economic or financial characteristics. • Long/Short Strategies. Long/short strategies generally involve the purchase of securities believed to be undervalued and selling short securities believed to be overvalued. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. • Absolute Return, Total Return and Real Return Strategies. Absolute return, total return and real return strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets in an attempt to generate performance that has low correlation to the major equity markets over a complete market cycle. They may also involve the use of derivative instruments. • Event-Driven events (such • Market Neutral Strategies. Market neutral strategies generally involve the purchase of securities and selling securities short in similar dollar amounts in an attempt to produce returns that are independent of general market performance. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. and liquidations). Event-driven Strategies. strategies generally involve the use of Non- Traditional Assets, short sales and derivative instruments in an attempt to seek arbitrage opportunities, particularly those triggered by as mergers, corporate restructurings, These strategies typically involve the assessment of if, how and when an announced transaction will be completed. arbitrage strategies involve • Statistical Arbitrage Strategies. Statistical Arbitrage is based on the theory that stocks have a tendency to return to a short-term trend line. This type of strategy typically involves the “systematic” or automated trading of securities based upon where a security is relative to its trend line. in corporate buy-outs, restructurings is • Merger Arbitrage/Special Situations Strategies. Merger the purchase and sale of securities of companies reorganizations and involved business combinations, such as mergers, exchange offers, cash tender offers, spin-offs, and leveraged involve liquidations. These strategies often short selling, options trading, and the use of other derivative instruments. short securities believed • Convertible Arbitrage Strategies. Convertible arbitrage involves the purchase and short sale of multiple securities of the same company. The implemented by purchasing strategy securities believed to be undervalued and selling to be overvalued. Often, the strategy involves the purchase of a convertible bond issued by a company and selling short that company’s common stock. This strategy may involve the use of a wide range of derivative instruments. • Distressed Strategies. Distressed strategies generally involve the purchase of securities in companies that are in financial distress, or companies that are entering into or are already in bankruptcy. They may also involve the use of short sales and derivative instruments. • Fixed • Macro Strategies. Macro strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative Income Arbitrage Strategies. Fixed income arbitrage strategies generally seek to profit from interest rate, credit spread and other arbitrage opportunities by investing in fixed income securities, interest rate instruments and derivative instruments. 61 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in smaller capitalization, investment distressed or bankrupt companies. instruments in an attempt to profit from anticipated changes in securities markets, commodities markets, currency values, and/or interest rates. and Systematic • Discretionary industrial typically made strategies generally rely Trading Strategies. Discretionary trading strategies generally attempt to identify and capitalize on patterns or trends in the markets. Systematic trading on computerized trading systems or models to identify and capitalize on those patterns or trends. These strategies often involve the use of Non-Traditional Assets, short sales, derivative instruments and significant leverage. risks related • Private Investment Strategies. o Private Real Estate Strategies. Private real estate strategies invest in physical properties, such as office buildings, apartments, retail facilities. These centers, and through investments are participation in private REITs. Private real focus on specific estate strategies may geographic types, or regions, property economic sectors. Investments in private real estate can be illiquid, meaning they may take time to sell or refinance. Property values can fluctuate due to market conditions, supply and demand, and other factors. There are also tenant vacancies, to property damage, or environmental hazards. Leverage is often used in private real estate investments, which can increase potential returns but also amplifies potential losses. generally in companies involve in o Private invest types. Examples of include, These among utilities, investments o Private Equity Strategies. Private equity equity strategies investments private transactions. These investments are typically made through participation in private equity funds or funds of private equity funds. Private equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges. They may also focus on companies in one or more economic industries or sectors or geographic regions. Some private equity strategies focus on companies that are newly formed, in financial distress or already in bankruptcy. The securities purchased are typically unregistered and illiquid. Private equity strategies may also involve the use of leverage. Infrastructure Strategies. Private infrastructure in strategies infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and infrastructure asset others, investments and telecommunication, are transportation. typically made through participation in private infrastructure funds. Investments in private infrastructure strategies are often illiquid. They may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments and may, therefore, also lack diversification. typically unrated or • Leveraged Strategies. Leveraged strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to amplify returns or produce returns that are a multiple of a benchmark index. types of referred to as floating • Inverse Strategies. Inverse strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to produce returns that are the opposite of a benchmark index. o Private Debt or Private Credit Strategies. Private debt (also known as private credit) strategies invest in loans or debt instruments issued by companies in private transactions. These investments are typically made through participation in private debt funds or funds of private debt funds. The investments involved rated below are investment grade and are illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically investments are reset. These sometimes rate corporate debt, floating rate loans or floating rate bank loans. Private debt strategies often involve the use of leverage and may involve 62 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities; foreign fixed income securities; and broad fixed income securities; limited to, collateralized and • the Non-Traditional Assets category, which is comprised of certain asset classes, such as: commodities commodity-linked instruments; and currencies, cryptocurrencies and currency-linked instruments; • Reinsurance Strategies. Reinsurance investment strategies generally involve participation in the reinsurance market through investment in a variety of insurance-linked securities or other instruments. Investments may include, but are not reinsurance contracts, industry-loss warranties, catastrophe bonds, mortality bonds, equity investments in reinsurance companies, and insurance or insurance-linked swaps and other similar derivative instruments. • the Alternative Investment Products category which is comprised of certain asset classes, such as: hedge funds, private equity funds and managed futures; and • cash. allocation strategies have also have varying Alternative Strategies and other Complex Strategies are not appropriate for some clients because they are subject to special risks. See “Services, Fees and Compensation—Additional Service Information—Complex Strategies and Investment Products” above and Complex “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Non-Traditional Assets and Complex Strategies Risks” below for more information. Asset Allocation Strategies investing, which and actively typically adjusting asset including the PAM FOCUS Certain Services, Investment Management Program and PAM Service, make allocation available strategies. Asset allocation strategies involve investing following in one or more of the categories of assets: tactical varying Asset investment objectives, ranging from growth of capital to preservation of capital. Asset allocation strategies investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use involves tactical tactically account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short-term. Some asset allocation strategies involve the use of both strategic and investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and ETPs. The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. companies; U.S. cap located • the equity securities asset category, which is comprised of certain asset classes, such as, equity securities issued by: U.S. large cap growth companies; U.S. large cap value companies; U.S. large cap core companies; U.S. mid cap growth companies; U.S. mid cap value companies; U.S. mid cap core companies; U.S. small cap growth companies; U.S. small cap core small value companies; in foreign companies developed markets; foreign companies located in emerging markets; U.S. REITs; and foreign REITs; as: short-term taxable involves that are based upon • the fixed income securities asset category, which is comprised of certain asset classes, bonds; such intermediate term taxable bonds; long-term taxable bonds; short-term tax-exempt bonds; intermediate term tax-exempt bonds; long-term tax-exempt bonds; high yield fixed income Baird uses its Capital Market Assumptions in developing its proprietary model asset allocation strategies, including those used by some PAM Consultants. In determining its Capital Market Assumptions, Baird conducts an analysis of different asset classes and the different levels of risk associated with those investments. That analysis the consideration of past performance and the use of forward-looking projections certain assumptions made by Baird about how markets will perform in the future. There is no assurance 63 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s projections that asset classes or markets will perform in accordance with or assumptions. For more information about Baird’s Capital Market Assumptions, a client should contact the client’s PAM Consultant. asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to equity securities than fixed income securities. Baird’s most common asset allocation strategies are described below. A client should note that the specific investments in an Account following a particular asset allocation strategy could vary from the description below for a number of reasons, including market conditions. invest Income with Growth Portfolio. An Income with Growth Portfolio typically seeks to provide current income and some growth of capital. Typically, an Income with Growth Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to fixed income securities than equity securities. All Growth Portfolio. An All Growth Portfolio typically seeks to provide growth of capital. Typically, an All Growth Portfolio will experience high fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in equity securities. This strategy may also invest in other asset classes, such as fixed income securities, Non-Traditional Assets and cash. This strategy may also in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. experience relatively Conservative Income Portfolio. A Conservative Income Portfolio typically seeks to provide current Income income. Typically, a Conservative Portfolio will small fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets. Generally, under normal market conditions, this strategy will have a significantly higher allocation to fixed income securities and cash than equity securities. Capital Growth Portfolio. A Capital Growth Portfolio typically seeks to provide growth of capital. Typically, a Capital Growth Portfolio will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. This strategy may also invest in other asset classes, such as Non- Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a significantly higher allocation to equity securities than fixed income securities. Preservation A Portfolio. typically seeks Capital Capital Preservation Portfolio typically seeks to preserve capital while generating current income. Typically, a Capital Preservation Portfolio will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in a mix of fixed income securities and cash. This strategy may also invest in other asset classes, such as equity securities and Non- Traditional Assets. Growth with Income Portfolio. A Growth with Income Portfolio to provide moderate growth of capital and some current income. Typically, a Growth with Income Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. This strategy may also invest in other 64 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  income investments Objectives and investment restrictions, Some PAM Consultants and investment managers use asset allocation strategies that include target asset allocation percentages for equity and/or in the names or fixed descriptions of the strategies (e.g., 80-20, 60-40, 40-60, 20-80, etc.). A client should note that those percentages are intended to be asset allocation targets only. There is no guarantee that Accounts following asset allocation strategies will be invested strictly in accordance with target asset allocations. It is likely that the actual investments in Accounts following those strategies will vary, sometimes significantly, from the target asset allocations and may include other asset classes due to market conditions and the PAM Consultant’s or investment manager’s assessment of how to best invest a client’s Accounts. See “Important Information about Implementation of Investment Investment Strategies” below for more information. For information about the risks associated with the asset allocation strategies described above, see the section of the Brochure entitled “Principal Risks—Risks Associated with Certain Investment Objectives and Asset Allocation Strategies” below. Important Information about Implementation of Investment Objectives and Investment Strategies Account, or recommend that the client invest the Account, in a manner that is inconsistent with the investment strategy or investment objective selected by the client for the Account when the client’s PAM Consultant or investment manager determines that it is appropriate to do so, such as using defensive strategies in response to adverse market or other conditions or engaging in tax management. Similarly, a client’s Account may be invested in a manner inconsistent with the investment strategy or investment objective selected by the client for the Account in certain other circumstances, such as when the client’s Account is transitioning to a new Service, investment objective or investment strategy, or due to other factors, such as market appreciation or depreciation of the assets in the client’s Account, deposits and withdrawals made by the client, and if any, imposed by the client. A client’s Account may not be able to achieve its investment objectives during any such period of time and the Account may be subject to different or enhanced risks than would be the case had the Account been invested in a manner wholly consistent with the investment objective or investment strategy selected by the client. Clients are encouraged to discuss with their PAM Consultant on a regular basis how the Account is being managed or advised and whether any such conditions exist. Methods of Analysis invest Baird, its home office investment professionals, and PAM Consultants may use various forms of security analyses, including the following: A client should note that, to implement an investment strategy, a client’s PAM Consultant or investment manager may use or recommend mutual funds, ETPs or other Investment Funds that primarily in particular types of securities instead of direct investment in those types of securities. A client should also note that the client’s PAM Consultant or investment manager may use a strategy not described above or they may use a strategy with the same or similar name that is implemented differently. A client should ask the client’s PAM Consultant or investment manager for more specific information about the strategy being used for the client’s Account. • Fundamental Analysis. Fundamental analysis involves an approach to investing through a detailed analysis of specific companies, such as their financial statements and financial ratios, management, competitive advantages and markets, in an attempt to determine the value of an investment. Fundamental analysis may include qualitative and quantitative analyses. Analysis. Qualitative • Qualitative A client’s Account is subject to the risks associated with the Account’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. analysis involves the use of subjective judgment to analyze factors that may be difficult to quantify or measure objectively. As it pertains to managers and investment products, qualitative analysis may include review of the background and experience of a manager or a mutual fund company. From time to time, the client’s PAM Consultant or invest the client’s investment manager will 65 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in an attempt software readily • Quantitative Analysis. Quantitative analysis is a method of evaluating securities by analyzing a large amount of data through the use of to algorithms or models understand behavior, predict market events, market prices, etc., and generate an investment decision. As it pertains to managers and investment products, quantitative analysis may review of manager performance, include investment style, style consistency, risk, and risk-adjusted performance. and create asset we update at least quarterly. Some of the data, particularly general economic data, is publicly available, but PAM also pays for access to third- party databases which contain data used in our analyses. PAM does not accept fees or other remuneration from managers to be included in databases or in our manager search process. PAM may also employ the use of computers and third display to more party information, assist with the evaluation and analysis, allocation recommendations. Although they generally use information and tools that Baird deems reliable, PAM and Baird do not independently verify or guarantee the accuracy of the information or tools used. • Technical Analysis. Technical analysis is a method of analyzing past price and volume patterns and trends in the trading markets to attempt to predict the direction of both the overall market and specific investments. the client’s • Top-Down Analysis. Top-down analysis involves a consideration of certain macroeconomic trends, such as general economic conditions, geographic or market sector performance, fiscal and monetary policy, taxes, or interest rates, to make investment decisions. Baird and PAM Consultants may also utilize research reports created by Baird. However, it should be noted that PAM Consultants are not obligated to act in a manner consistent with Baird research reports and they may act in a manner that is contrary to those reports if they deem it to be consistent with investment objectives and in the client’s best interest. Analysis. Bottom-up • Bottom-Up investment, analysis involves consideration of factors particular to a particular such as business financials (e.g., balance sheet strength and cash flows), financial ratios (e.g., price-to- earnings ratio), and business fundamentals (e.g., management and product or services performance) to make investment decisions. tools economic, financial relies on independent, When providing investment advice to clients, PAM Consultants may also use the model portfolios or recommended or eligible product lists (described below) made available by Baird’s Asset Manager Research Department or other Baird departments, or they may use investment products that Baird has generally deemed to be “available” for use in its advisory programs (“Available Investment Products”). The level of initial and ongoing evaluation, monitoring and review that PAM and Baird perform on managers and on investment products varies. Available Investment Products generally do not receive the same level of initial or ongoing evaluation, monitoring or review by Baird as those managers or products that are included in a model portfolio or on a recommended or eligible product list. As a result, Available Investment Products are subject to certain risks. See “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks— Available Investment Product Risks” below for more information. performance, Baird, its home office investment professionals, and PAM use various third party research information and to provide related investment advice to clients. These sources of information and tools may include, among others, issuer-supplied literature (such as annual reports, information), and press releases and other external market, and investment data and analyses provided by organizations not affiliated with Baird. PAM third-party primarily research and information when analyzing market trends and conditions, investment manager performance, and asset class characteristics and performance. PAM has built and maintains a proprietary database of manager characteristics, including historical personnel details, fees, investment philosophy, ownership and legal history. PAM has purchased and customized software to analyze the data, which More specific information about Baird model portfolios, recommended lists and eligible product lists is provided below. A client should note that investment products recommended to the client or selected for the client’s Account, including 66 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird Rising Dividend Portfolio investment managers or products included on a Baird recommended or eligible product list, are those which, in Baird’s professional judgment, may be appropriate to help the client pursue the client’s financial goals. PAM and Baird do not represent or guarantee that such investment managers or products are or will be the best investment managers or products available. Under certain circumstances when requested by a client, PAM and Baird may allow a client to select a manager or investment product that is not on a Baird recommended or eligible product list or that is generally not made available to Baird clients. A client should note that PAM and Baird do not provide any initial or ongoing evaluation, monitoring or review of any such managers or investment products and that the client’s decision to select such a manager or investment product is based solely upon the client’s review of the manager or investment product. Certain PWM-Managed Portfolios Baird Recommended Portfolio The Baird Rising Dividend Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to provide a core equity strategy with a portfolio yield above that of the S&P 500 Index. The team’s top–down investment approach begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. The 30–50 stocks in the portfolio are primarily large cap stocks—as defined by a market capitalization of $10 billion or greater at the time of investment— and all are above $5 billion at the time of investment. The team looks for quality companies with strong fundamental characteristics and management, attractive dividend yields, and the ability to increase their dividends. Companies are screened for dividend history and consistency, earnings growth expectations, and balance sheet quality. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. A position can be reduced or removed due to changes in valuation, company fundamentals or the perceived ability to continue to raise its dividend in the future—among a variety of other potential reasons for portfolio changes including a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. AQA Portfolios to clients Analysis investment approach performance. The analysis certain Baird makes available Automated Quantitative (“AQA”) Portfolios, which are managed by Baird’s PWM Equity Research team. AQA is an analytical tool that seeks to identify stocks of companies that are undervalued by calculating the intrinsic values for the stocks and comparing the calculated values to current market prices. Focusing on a company’s past financial performance, AQA analyzes fundamental ratios and trends of the most recent eight-year history of a company and each company in its peer group, excluding estimates of future balance sheet and income statement is quantitative and ignores certain qualitative information such as company-specific material news and events. Stocks are ranked from the most undervalued to the most overvalued based on the difference between the values calculated by AQA and current market prices. The stocks identified by AQA as being the most undervalued are then selected for investment. Baird offers the The Baird Recommended Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to outperform the S&P 500 Index by investing in a diversified core portfolio of 35–50 stocks. The portfolio invests primarily in stocks with market capitalization greater than or equal to $10 billion (large cap). The portfolio may also contain stocks with market caps below $10 billion but these stocks generally will not represent more than 35% of the total portfolio. The team’s top– begins with down macroeconomic and market outlooks from Baird’s Investment Strategy team. This information is used to underweight or overweight particular industry sectors compared to the S&P 500 Index. Individual stocks are selected with an emphasis on higher quality companies that the team believes have strong fundamental characteristics teams, attractive growth and management reasonable price-appreciation prospects, and expectations. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. Stocks can be sold or positions reduced for a variety of reasons such as valuation, a change in company or industry fundamentals, or a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. 67 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  • competitiveness of their investment performance Baird’s Asset Manager Research Department may also employ the use of computers and third party software to more readily display information and assist with the evaluation and analysis. following four (4) AQA Portfolio strategies, each of which invest in undervalued stocks identified using AQA, excluding securities issued by banks, REITS and insurance companies: (1) the AQA All Cap Strategy, which primarily invests in stocks across market capitalizations, generally those included in the S&P 500®, S&P MidCap 400® or S&P SmallCap 600® Indices; (2) the AQA Large Cap Strategy, which primarily invests in large cap stocks, generally those included in the S&P 500® Index; (3) the AQA Mid Cap Strategy, which primarily invests in mid cap stocks, generally those included in the S&P MidCap 400® Index; and (4) the AQA Small Cap Strategy, which primarily invests in small cap stocks, generally those included in the S&P SmallCap 600® Index. Certain Recommended Lists Baird’s Recommended Managers List Baird’s initial screening process begins with a proprietary, multi-factor model that evaluates managers on different factors including risk- adjusted performance, consistency of returns and downside protection. These factors are scored over various time periods and relative to a specific peer group universe, narrowing the pool of managers for further evaluation. Baird’s Asset Manager Research Department then performs a more in-depth evaluation of managers that are identified through the initial screening process, which generally includes a review of the following factors: stability of the firm/team, the robustness and repeatability of the investment process, the portfolio’s past returns pattern and tax-efficiency, and how the manager adds value. The final determination of Baird’s Recommended Managers List is subject to the approval of Baird’s Investment Committee. conference calls, for removal When selecting managers and BRM Strategies for Baird’s Recommended Managers List, Baird often seeks registered investment advisory firms having portfolio managers with academic credentials such as a master’s degree or participation or completion of the Chartered Financial Analyst (“CFA”) program. Baird also typically looks for a portfolio manager with greater than three (3) years of investment experience focusing on the particular investment style that is offered by the portfolio manager. Baird generally looks for that have demonstrated portfolio managers success, that have performance histories showing sufficient ability to achieve returns in excess of their respective benchmarks, and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird also considers other qualitative and quantitative factors. change Ongoing manager evaluation generally includes quarterly performance attribution and periodic onsite visits. Material adverse changes affecting a manager may result in the manager being placed on “watch” status. Managers on “watch” status are scrutinized to see if improvement or degradation is taking place. from Baird’s Potential causes Recommended Managers List include fundamental changes in the operations of the manager, turnover in key personnel, substantial changes in management or ownership, a in investment philosophy or style, significant drift from stated objectives, major legal, regulatory or compliance difficulties, impairment of financial condition, sustained underperformance in relation to its peers, or other adverse changes affecting the manager that in Baird’s opinion warrants the manager’s removal. Baird’s Asset Manager Research Department is primarily responsible for selecting and evaluating included on Baird’s investment managers Recommended Managers List. selecting In investment managers, Baird’s Asset Manager Research Department utilizes quantitative and qualitative measures to evaluate managers based on the: • quality and stability of their organization • soundness and clarity of their investment philosophy • reliability and consistency of their investment If a Model-Traded BRM Strategy is selected for a client’s Account, it is important to note that Baird’s selection and ongoing evaluation of a BRM Strategy is based upon an assumption that the Recommended Manager’s Model Portfolio will be fully and faithfully implemented by the Overlay Manager or Implementation Manager on a process 68 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investment Committee its discretion, decides inclusion continuous basis. A client should understand that the Overlay Manager or Implementation Manager has discretion over the client’s Account and may invest the client’s Account in a manner that differs from the Model Portfolio. Baird does not monitor the Account’s performance nor does it ascertain whether the Overlay Manager or Implementation Manager is implementing the Model Portfolio as provided by the Recommended Manager. If the Overlay Manager or Implementation Manager, in the exercise of to implement the Model Portfolio differently, the performance of a client’s Account could be negatively impacted. Baird is not monitoring, evaluating or reviewing the Overlay Manager or Implementation Manager or the performance of a client’s Account under those circumstances. and removing funds for the Baird Recommended Fund List is similar to the process Baird uses to select and remove BRM Strategies described under “Baird’s Recommended Managers List” above. Baird’s is ultimately responsible for selecting funds included on the List. The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Aggregate Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Mid Cap Growth Fund, mutual funds affiliated with Baird, have been in Baird’s for selected by Baird Recommended Mutual Fund List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select affiliated funds for Baird’s Recommended Mutual Fund List are the same as those used for unaffiliated funds. Baird’s Recommended Funds of Hedge Fund List affiliated managers for Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select Baird’s Recommended Managers List are the same as those used for unaffiliated managers. Baird’s Recommended Mutual Fund List Baird’s Recommended Funds of Hedge Fund List contains a variety of funds of hedge funds (“FOHFs”) that pursue various Alternative Strategies or other Complex Strategies. Some FOHFs primarily use credit-oriented investment strategies, which Baird classifies as fixed income diversifiers. Some FOHFs primarily use equity- oriented investment strategies and are classified as equity diversifiers. Other FOHFs use a combination of credit- and equity-oriented strategies, which Baird views as balanced diversifiers. In certain circumstances, FOHFs may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. that to the for the fund; and Baird’s Asset Manager Baird’s Recommended Mutual Fund List is designed to include mutual funds and ETFs across numerous asset classes. When selecting funds for inclusion on the List, Baird generally seeks funds that have investment managers with tenure of at least three (3) years and have underlying fund’s adhere investments market capitalization policy and are consistent with the manager’s stated investment process and philosophy. Baird generally looks for funds that are among the top-performing funds in a style category in terms of risk-adjusted returns or that are managed by individuals or firms that have demonstrated success in other, related asset classes; that have performance histories showing sufficient ability to achieve returns in excess of their respective style index; and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird’s Asset Manager Research Department is primarily for assisting with selecting and responsible evaluating funds included on the List. In selecting funds, Research Department utilizes a quantitative and qualitative evaluation process of the investment managers of such funds. The process Baird uses for selecting To be added to Baird’s Recommended FOHF List, a FOHF must generally meet the following requirements: the investment advisor to the FOHF is registered as an Investment Adviser under the Advisers Act; the fund has stable to growing assets under management as determined by Baird, principals of the fund have an appropriate level of hedge fund management experience and a sufficient network of contacts in the industry as determined by to Baird; in Baird’s opinion, the fund has adequate diversification by number of hedge funds and type of hedge fund strategy; effective risk management programs have been established the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks FOHFs that it believes possess one or more unique 69 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  attributes that may lead to favorable performance relative to their peers going forward. legal documents offering memorandum, teams, weakening performance, or regulatory problems. Any firm that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long- term, and whether it can be remedied. Baird will remove a FOHF from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will terminate a FOHF from the List if it believes the issue is likely to be long-term and adversely affect the FOHF’s future performance. Baird’s Recommended Private Funds Lists Baird maintains lists of recommended private Funds (“Recommended Private Funds”), including a Recommended Funds of Private Equity Funds List, a Recommended Private Debt Fund List, and a Recommended Private Real Assets Fund List. investment thesis is presented In making that determination, funds, funds or Before adding a prospective FOHF to the List, Baird’s Asset Manager Research Department conducts an in-depth due diligence process. The process begins with a review of the FOHF’s responses to a due diligence questionnaire and of marketing and (such as, subscription documentation, investor agreements, and organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the FOHF identifies, hires, monitors, and terminates individual hedge funds. Baird also evaluates how the FOHF constructs its hedge fund portfolio and manages risk. In addition, Baird undertakes a brief review of the FOHF’s third party service providers. At the conclusion of the onsite review, to and an discussed with a Baird Investment Committee. The Committee votes on whether to add the FOHF to Baird’s Recommended Funds of Hedge Fund List. the Committee considers the information presented, taking into account the merits of the individual FOHF, how that FOHF compares to other FOHFs that Baird offers, and the level of expected demand for the particular FOHF. client’s allocation to and onsite Baird’s Recommended Funds of Private Equity Funds List contains funds of private equity funds that pursue certain Alternative Strategies or other Complex Strategies. These strategies can include buyout, growth equity, venture capital, special investments. The situations or distressed investments are typically structured in the form of primary co- secondary investments. Most will be to “middle market” companies, many of which have above average to high levels of leverage, or debt relative to equity. In certain circumstances, funds of private equity funds may be an appropriate substitute for part of a traditional equity investments. changes that pursue or After a FOHF is added to Baird’s Recommended Funds of Hedge Fund List, it is monitored each quarter, reviews subsequent periodically take place. As part of its quarterly monitoring, Baird evaluates a FOHF’s assets under (subscriptions and management and flows redemptions), organizational (e.g., personnel changes or new offerings), recent changes made to the FOHF portfolio (e.g., hedge funds added or removed), and reasons for performance differences between the FOHF and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. Baird’s Recommended Private Debt Fund List contains private debt funds (also known as private certain funds) credit other Complex Alternative Strategies Strategies. The private debt funds on Baird’s Private Debt Funds List generally make first lien, second lien and unsecured loans, primarily to middle market companies sponsored by private equity firms. In certain circumstances, private debt funds may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. funds that or Baird’s Recommended Private Real Assets Fund List contains private real estate and private pursue infrastructure certain Alternative Strategies other Complex Strategies. These strategies invest in different Baird may place a FOHF on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the FOHF’s performance going forward or possibly lead to the departure of an important member(s) of the FOHF. Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance 70 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  presented, taking into account the merits of the individual fund, how that fund compares to other similar funds that Baird offers, and the level of expected demand for that particular fund. utilities, telecommunication, The investments may with companies that real assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of investments may include, among others, real and estate, transportation. be structured in the form of asset ownership or leasing or include direct investment in or joint control ventures infrastructure assets. In certain circumstances, private real assets funds may be an appropriate substitute for part of a client’s allocation to traditional fixed income or equity investments. After a fund is added to a Baird Recommended Private Fund List, it is monitored each quarter, and subsequent onsite reviews periodically take place. As part of its quarterly monitoring, Baird evaluates a fund’s assets under management and fund flows (subscriptions and redemptions), organizational changes (e.g., personnel changes or new offerings), recent changes made to the portfolio, and reasons for performance differences between the fund and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. To be added to a Baird Recommended Private Fund List, a fund must generally meet the following requirements: the investment advisor to the fund is registered under the Advisers Act ; the fund has stable to growing assets under management as determined by Baird; principals of the fund have an appropriate level of applicable experience and a sufficient network of contacts in the industry as determined by Baird; effective risk management programs have been established for the fund; and the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks funds that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. fund Baird may place a Recommended Private Fund on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the fund’s performance going forward or possibly lead to the departure of an important member(s) of the investment team. fund’s Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any fund that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long-term, and whether it can be remedied. Baird will remove a fund from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will remove a fund from a Recommended Private Fund List if it believes the issue is likely to be long-term and adversely affect the fund’s future performance. Certain Eligible Product Lists Annuities the strength ratings When determining whether to make an annuity product available to Baird clients, Baird reviews the offering documents for the product and considers: the size of the insurer and the insurer’s credit rating, insurer’s distribution and support model, and product specifications and features of the product. Baird favors highly-rated insurers and evaluates them by using credit rating agencies and financial independent third-party research. Before adding a prospective to a Recommended Private Fund List, Baird’s Asset Manager Research Department conducts an in- depth due diligence process. The process begins with a review of the fund’s responses to a due diligence questionnaire (known as a DDQ or RFI) and of marketing and legal documents (such as, subscription documentation, investor agreements, offering memorandum, organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the fund makes investment decisions. Baird also evaluates how the fund constructs its portfolio and manages risk. In addition, Baird may undertake a brief review of the fund’s third-party service providers. At the conclusion of the onsite review, an investment thesis is presented to and discussed with a Baird Investment Committee. The Committee votes on whether to add the fund to a Baird Recommended Private Fund List. In making that determination, information considers the Committee the 71 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s ETF Focus List Investment Solutions Department the Programs. Baird’s Compliance, Legal, and Baird’s is primarily responsible for selecting and evaluating structured products made available to clients Alternative under Investment Committee, which includes members of Baird’s Investment Solutions, Asset Manager Research, Risk Management Departments, ultimately determines whether to make a structured product available to Baird clients. indices, Available Hedge Funds Baird’s ETF Focus List is designed to encompass numerous asset classes and varied investment objectives. Baird generally seeks to include ETPs, primarily ETFs, with transparent, experienced sponsors that have stable or growing assets under management and have demonstrated consistent strategy performance over time. Baird tends to favor ETPs that have well-known, diversified benchmark fees and tracking lower errors, and higher trading liquidity relative to other ETPs. Inclusion on or exclusion from the Baird ETF Focus List is not meant to be a buy or sell recommendation. Rather, the List is a collection of ETPs that may be appropriate to meet particular client investment goals. Managed Futures Effective March 1, 2018, Baird ceased maintaining an official list of managed futures funds that are structured as limited partnerships. Therefore, Baird does not, and will not in the future, provide any evaluation, monitoring or review of those funds or their sponsors. A client’s decision to invest in, or to maintain an investment in, a managed futures fund is based solely upon the client’s own review and evaluation of the fund. Structured Products Baird makes hedge funds available to clients in certain Programs sponsored by, affiliated with or offered by Capital Integration Systems LLC or CAIS Capital LLC (“CAIS”). An independent third- party research firm provides research and due diligence materials to Baird on the hedge funds available on the CAIS platform (“Available Hedge Funds”). Clients interested in an Available Hedge Fund or invested in an Available Hedge Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Hedge Fund, Baird does not conduct its own research or due diligence on any Available Hedge Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Available Private Funds is calculated, When determining whether to make a structured product available to Baird clients, Baird reviews the offering documents for the structured product and considers: the size of the issuer and issuer’s credit rating, the maturity of the product, how the underlying asset interest category (e.g., a basket of securities or currencies or a market index), applicable caps, barriers, and participation rate, and whether the structured product has principal protection. third-party research firm In addition to Recommended Private Funds, Baird makes available to clients in certain Programs other private funds sponsored by, affiliated with, or offered by CAIS (“Available Private Funds”), including Available Private Equity Funds, Available Private Debt Funds, Available Private REITs and Available Private Infrastructure Funds. When determining whether to make a fund an Available Private Fund, Baird utilizes the services of an independent that provides research and due diligence materials to Baird on the private funds available on the CAIS platform. Clients interested in an Available Private Fund or invested in an Available Private Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Private Fund, Baird does not conduct its own research or due diligence on any Available Private Fund, and Baird does not verify the Baird tends to favor larger-sized issuers of structured products over smaller-sized issuers and also tends to favor structured products that have shorter maturities, less complex payout structures, underlying assets that are more liquid or transparent, and offer full or partial principal protection. If a product does not offer full principal protection, Baird also considers how much principal is exposed to loss, whether, in Baird’s judgment, there is reasonable risk/reward trade-off for that exposure, as well as the events that could trigger loss of principal and Baird’s belief as to the likelihood of the occurrence of such events. 72 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  accuracy of the information contained in the research and due diligence materials. allocation of 70% of its assets to equity securities and 30% of its assets to fixed income securities. Affiliated Private Equity Funds fixed The Baird Trust Core + Satellite 50/50 (4) strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation portion of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and income securities. This strategy has a target allocation of 50% of its assets to equity securities and 50% of its assets to fixed income securities. Financial Industry Activities Affiliated and (5) The Baird Trust Equity Income strategy primarily invests in dividend paying companies that Baird Trust believes have the ability to consistently grow their dividend at attractive rates over the long‐term. In addition to Recommended Funds of Private Equity Funds and Available Private Equity Funds, Baird makes available to clients private equity funds that are affiliated with Baird (“Affiliated Private Equity Funds”). Baird does not subject Affiliated Private Equity Funds to the criteria imposed upon Recommended Funds of Private Equity Funds or Available Private Equity Funds described above when making them available to clients, and Baird does not perform any evaluation, monitoring or review of Affiliated Private Equity Funds. This presents a potential conflict of interest. See “Additional Information— and Other Affiliations—Certain Related Parties—Affiliated Private Equity Funds” below. Baird Trust Strategies More specific information about the particular investment strategies and methods of analysis that Baird uses in connection with each Program is further described below. The PAM Investment Process Baird makes available to clients five (5) portfolio strategies developed and maintained by Baird Trust (“Baird Trust Strategies”) described below. The Baird Trust Strategies invest in a mix of equity securities and ETFs. to foreign equity securities, fixed (1) The Baird Trust Large Cap Equity strategy invests in a fairly concentrated portfolio of large cap equity securities. This strategy is intended for clients seeking investment in large cap companies as one part of their overall asset allocation. This strategy is generally not intended to be a complete investment program. inverse PAM may using also other investment strategies, such (2) The Baird Trust Core + Satellite 100 strategy is a diversified portfolio with a 100% target equity allocation. The strategy uses the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) through the use of ETFs that principally invest in equity securities. This model does not include fixed income. When providing advice to clients, PAM generally recommends and provides its clients a diversified portfolio strategy incorporating U.S. income and securities, Non-Traditional Assets, such as real estate, commodities, currencies, and Alternative Investment Products, which may include the use of hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, REITs, funds and structured leveraged or its products. base recommendations investment strategies and investment products based upon a client’s particular needs. PAM may recommend certain as concentrated investment strategies and margin, and certain types of investments, such as illiquid securities. The exact composition of a client portfolio will be constrained by the client’s legal and tax considerations and greatly influenced by the client’s liquidity needs and tolerance for portfolio fluctuations. The process by which PAM evaluates a client’s investment needs and constructs and implements a client portfolio are described below. (3) The Baird Trust Core + Satellite 70/30 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and fixed income securities. This strategy has a target 73 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Phase 1: Evaluate for investments. PAM may recommend the portfolio components from several different asset classes and a mixture of active and passive investments. the a For each recommended asset class, PAM will also recommend specific investment managers. The managers may include SMAs, mutual funds, ETFs, and other investment vehicles. For most asset classes, PAM will typically recommend more than one manager in order to further reduce risk from significant underperformance by single manager. The systematic process PAM uses for choosing investment managers, commingled funds, mutual funds and ETFs consists of the following steps: After gathering pertinent information regarding the client, such as, tax considerations, liquidity needs, and investment time horizon, PAM will recommend a target allocation to one or more asset classes described above. For some clients, PAM will develop an Investment Policy Statement client. The through discussions with Investment Policy Statement will set forth the target asset allocation, set forth allowed and disallowed assets, and provide a description of the responsibilities of PAM, client’s other investment managers, if any, and the client. The Investment Policy Statement generally will be reviewed at least annually, and PAM will recommend changes if necessary to reflect any new circumstances communicated to PAM by the client, such as a change in a client’s liquidity needs or investment time horizon. Generally, any changes will be discussed with the client before implementation. and economic Phase 2: Strategy Design • Quantitative Screening. On a quantitative basis, takes a dynamic view of historical PAM time statistics over various performance conditions. The intervals approach is two-pronged: (1) assess peer universe comparisons; and (2) apply index- based measures, both on an absolute and risk- adjusted basis. The data is then analyzed using a proprietary scoring model, which places particular emphasis on consistent positive relative performance over the long-term. PAM will compile, with data supplied by the client, a source of funds document (“Source of Funds”), listing investment assets to be transferred to Baird and other significant investment assets which may not be managed by PAM but which PAM will consider in constructing the overall investment portfolio. PAM will review the Source of Funds with the client to reach agreement on the total assets available for investment and the ownership or registration of the same. and accounts, professional • Qualitative Screening. The candidate list is then further reduced by reviewing broader issues that help identify superior, stable organizations. Some examples of the issues examined include: size of assets under management, growth of staff assets qualifications and turnover, a strong investment buy and sell discipline, risk controls, and business, regulatory and legal history. Using the client’s target asset allocation, Source of Funds and Investment Policy Statement, if any, as guidelines, PAM will construct a recommended target allocation for client’s portfolio to specific investments that will detail asset classes, investment managers, investment vehicles (i.e., SMAs, mutual funds, ETFs, etc.) and target dollar values for each. The recommended allocation may include a series of investment phases to reach the long term target allocation depending on client preference, current investments, and market conditions. fixed • Rank and Sort Semifinalists. The investment selection process has now produced a short list of candidates; generally, between three and ten for each asset class. For new or emerging managers, PAM will typically conduct an onsite due diligence visit to determine and analyze more about team structure and strength, infrastructure, and hold discussions around philosophy and strategy. PAM then determines the appropriate investment structure to access the investment manager(s)—whether it be an SMA, commingled institutional class fund, mutual fund or ETF—with a view to try and In constructing the portfolio, PAM considers suitability of different asset classes (e.g., large cap value domestic equity, mid cap value domestic equity small cap value domestic equity, international equity, fixed income, etc.), the overall aggregate equity and income allocation for the entire portfolio, and use of index-tracking “active” and/or “passive” or 74 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  select the structure that is the most cost effective for clients. Department or other • Finalist Selection. PAM will analyze security overlap and correlation with other potential investment managers when determining the client’s final allocation. Final manager or fund selection depends on the specific client needs, which are defined through the investment policy development and investment recommendation stages. The managers or funds that are most appropriate to meet the guidelines of the client’s Investment Policy Statement, if any, are then chosen. described in the section “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Strategies” above or the model portfolios or recommended or eligible product lists made available by Baird’s Asset Manager Research Baird Departments, or they may use lists of investment products that Baird has generally deemed to be “available” for use in its advisory programs. For more information about Baird model portfolios, recommended lists and eligible product lists, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Methods of Analysis” above. PAM FOCUS Portfolios Program Each PAM FOCUS Portfolio provides for specific levels of investment (or allocation) across the following asset classes described under the heading “Investment Strategies—Asset Allocation Strategies” above. The recommended allocation will also include the fee for each manager, if any, as well as the PAM Advisory Fee. A weighted-average fee based on the recommended allocation will also be provided, but the actual fee paid by a client will vary depending on the dollar amounts actually invested, changes in the value of investments over time, and other factors. Phase 3: Implement The amount allocated to each asset class and type of investment varies by Portfolio. However, some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. Once the recommended allocation is reviewed with the client and a final allocation is approved by the client, PAM will implement the agreed upon plan. This usually includes setting up various Baird accounts, transferring assets from outside accounts to Baird, reconciling assets received against client-provided information as to the assets in the outside accounts, liquidation of some assets, transfers of some assets to investment managers, and purchase of mutual funds and ETFs. In order to implement the overall client portfolio strategy, PAM may utilize one or more of the combination of different Services and a investment vehicles, such as SMAs, mutual funds and ETFs. More specific information about the particular investment strategies and methods of analysis that PAM and Baird use in connection with each Service is further described below. Each PAM FOCUS Portfolio uses mutual funds and ETPs, primarily ETFs, in order to implement the model asset allocation. Depending on the PAM FOCUS Portfolio chosen, the PAM FOCUS Portfolio may consist of mutual funds and ETFs that have various investment objectives and strategies, including but not limited to, the following: large cap, mid cap and small cap strategies (which may include value, growth or core strategies); short- term, intermediate-term and long-term fixed income strategies (which may include high yield corporate bond strategies); balanced strategies; international and global equity and fixed income strategies; real estate strategies; commodities strategies; currency strategies; and Alternative Strategies. For additional information regarding the characteristics of the mutual funds and ETPs used in an ALIGN Portfolio, clients should contact their PAM Consultant or review the applicable prospectus. Baird Advisory Choice Program The PAM FOCUS Portfolios Program offers model portfolios that have varying strategic investment strategies. The PAM FOCUS Portfolios Program generally accommodates both taxable and tax- When recommending investment products to clients under the Baird Advisory Choice Program, PAM uses the investment process described in the section “The PAM Investment Process” above. PAM may also use the investment strategies 75 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  exempt accounts of clients with differing investment objectives and risk tolerances. allocation in mutual funds and ETFs that in turn principally invest in municipal securities. Multiple funds may be used for a particular asset class (referred to as a “sleeve”). PAM FOCUS Growth with Income Portfolio. The PAM FOCUS Growth with Income Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds and ETFs that in turn principally invest in equity securities or fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. Generally, under normal market conditions, the equity security allocation of each PAM FOCUS Portfolio is designed to be global in nature and attempts to be diversified across countries, industry sectors and company capitalization sizes, with an objective to participate in the total return potential of the global stock markets. The fixed income allocation is primarily domestic in nature, but is diversified across credit quality and maturity. The PAM FOCUS Portfolios are described below. its fixed PAM FOCUS Growth with Income (Tax Exempt) Portfolio. The PAM FOCUS Growth with Income (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the PAM FOCUS Growth with Income Portfolio described above, except that this Portfolio primarily income invests allocation in mutual funds and ETFs that in turn principally invest in municipal securities. above, including fixed PAM FOCUS All Growth Portfolio. The PAM FOCUS All Growth Portfolio seeks to provide aggressive capital. Under normal market growth of conditions, this Portfolio generally invests nearly all of its assets in mutual funds and ETFs that in turn principally invest in equity securities. This Portfolio may also invest in other asset classes described income securities, Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an All Growth Portfolio described below. PAM FOCUS Income with Growth Portfolio. The PAM FOCUS Income with Growth Portfolio seeks to provide high current income and some growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds and ETFs that in turn principally invest in fixed income securities or equity securities. This Portfolio normally will have a higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an Income with Growth Portfolio. PAM FOCUS Capital Growth Portfolio. The PAM FOCUS Capital Growth Portfolio seeks to provide capital. Under normal market growth of conditions, this Portfolio primarily invests its assets in mutual funds and ETFs that in turn principally invest in equity securities or fixed income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. its fixed PAM FOCUS Income with Growth (Tax Exempt) Portfolio. The PAM FOCUS Income with Growth (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the PAM FOCUS Income with Growth Portfolio described above, except that this Portfolio primarily income invests allocation in mutual funds and ETFs that in turn principally invest in municipal securities. that The descriptions of the PAM FOCUS Portfolios are current as of the date of this Brochure. However, PAM and Baird may change the objective, PAM FOCUS Capital Growth (Tax Exempt) Portfolio. The PAM FOCUS Capital Growth (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the PAM FOCUS Capital Growth this Portfolio described above, except income Portfolio primarily invests its fixed 76 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments, target allocations or risk profile for any Portfolio at any time. PAM and Baird may also offer other model portfolios under the Program from time to time. investment strategies, such An PAM FOCUS Portfolio is subject to the risks associated with the Portfolio’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. PAM manages client assets using investment strategies and investment products based upon a client’s particular investment objectives and financial goals. PAM may use a wide variety of investment products to implement the client’s investment strategy, which investments are further described under “Services, Fees and Compensation—Additional Service Information— Permitted Investments” above. PAM may also use certain as concentrated investment strategies and margin, and certain types of investments, such as illiquid securities and Complex Investment Products, including REITs, private equity funds, funds of private equity funds, leveraged or inverse funds and structured products. These investment strategies and products involve special risks and may not be appropriate for all clients. Please see “Principal Risks” below for more information. The process PAM uses for selecting and removing funds for the PAM FOCUS Portfolios Program is similar to the process described under “PAM Investment Management Service” above. The PAM FOCUS Portfolios Program may include funds included on Baird’s Recommended Mutual Fund List and funds affiliated with Baird. Principal Risks The Portfolio asset allocations and the funds included in the Program are evaluated on an ongoing basis, generally at least quarterly. Portfolios may be modified or rebalanced and funds may be removed or added as PAM or Baird determines is appropriate. PAM Investment Management Service Under the PAM Investment Management Service, PAM may use various investment strategies. A client’s particular investment strategy is typically determined by PAM in consultation with the client using the investment process described in the section “The PAM Investment Process” above. conditions and other the associated PAM Consultants, as a group, utilize a variety of investment styles and strategies, including the investment strategies described in the sections “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies” and “The PAM Investment Process” above. They may also use the model portfolios or recommended or eligible product lists made available by Baird’s Asset Manager Research Department or other Baird Departments, or they may use lists of investment products that Baird has generally deemed to be “available” for use in its advisory programs. For more information about Baird model portfolios, recommended lists and eligible product lists, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Methods of Analysis” above. Risk is inherent in any investment product and PAM and Baird do not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved, and a client could lose all or a portion of the amount invested. The management of client accounts and recommendations made to clients are based in part upon the use of forward- looking projections, which in turn are based upon certain assumptions about how markets will perform in the future. There can be no guarantee that markets will perform in the manner assumed and the actual performance of markets and a client’s Account could differ materially from those assumptions. Also, a client’s Account value may fluctuate, sometimes dramatically, depending upon the nature of the client’s investments, market factors. By participating in a Service, a client may be subject to certain risks, including, but not limited to the risks described below. The risks discussed below vary by Service, investment style or strategy, and the investments in the client’s Account, and each risk may or may not apply to a client. Clients should not pursue a strategy or invest in an investment product unless they are prepared to accept risks. Clients are encouraged to discuss with their PAM Consultant the risks that apply to them. A client should also review the prospectus or other disclosure document for any security or other investment product in which the client invests, as it will contain important information about the risks 77 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  associated with investing in such security or other investment product. General Risk Information risks of the Services include the General following: Conflicts of Interest Risks. Issuers, advisors or other sponsors of investment products or their affiliates may engage in business practices that conflict with the interests of investors. Among other things, these business practices can have a negative impact on the market price of the investment product. Clients are encouraged to review the prospectus or other disclosure document for the investment product and also discuss with their PAM Consultant the conflicts of interest risks that may apply to them. Stock Market Risks. Equity security prices vary and may fall, thus reducing the value of a client’s investments. Certain stocks selected for a client’s Account may decline in value more than the overall stock market. Market Risks. A client’s Account may change in value due to overall market fluctuations. General economic conditions, political developments, international events and other factors may cause the overall market to decline, which in turn may reduce the value of the client’s Account regardless of the relative strength of the securities held in the Account. Securities prices often vary for reasons unrelated to matters directly affecting the issuers of the securities. fluctuate client accounts about Equity Securities Risks. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets in general, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. Management and Securities Selection Risks. A client’s Account may in value differently than, or in the opposite direction as, the overall market or applicable benchmark because of the selection of individual securities for the Account. The judgments made by the persons managing the attractiveness, value and potential appreciation of particular securities may prove to be incorrect. For example, while the stock markets may experience increases in value, the client’s Account may experience a decline in value due to the underperformance of the stocks selected for investment in the client’s Account. Common Stock Risks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation interest rates; economic expansion or and contraction; and global or regional political, economic and banking crises. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors. Investment Objective and Asset Allocation Risks. A client’s investment objective and asset allocation strategies involve the risk that certain asset classes selected for the client’s Account may not perform as well as other asset classes during varying periods. In addition, clients who pursue more aggressive investment objectives and asset allocation strategies, while hoping to achieve high returns, may face greater risk of loss than clients with more conservative objectives and strategies. In developing investment objectives and asset allocation strategies, clients should carefully consider their financial situation and needs, investment goals, investment time horizon and risk tolerance. A client should inform the client’s PAM Consultant of these considerations so the PAM Consultant can assist in determining the client’s investment objectives and asset allocation strategies. Fixed Income Security Risks. Fixed income securities are subject to certain risks, including interest rate risk, credit risk and liquidity risk. In addition, they are subject to maturity risk. 78 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  larger companies. Therefore, Generally, the longer a bond’s maturity, the greater the interest rate risk and the higher its yield. Conversely, the shorter a bond’s maturity, the lower the interest rate risk and the lower its yield. Non-rated, split-rated, below investment grade, and asset-backed securities, including mortgage-backed securities and CMOs, have additional, special risks. them more susceptible companies may be substantially less than is typical of the securities of such companies may be subject to greater and more abrupt price fluctuations. In addition, small- and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making to market pressures and business failure. Interest Rate Risk. The value of some investment products, particularly fixed income securities, is affected significantly by changes in interest rates. Generally, when interest rates rise, the product’s market value declines and when interest rates decline, its market value rises. In addition, a rise in interest rates may have a negative impact on the issuer, which, in turn, could have a negative impact on the market value of the investment product. Growth and Value Investment Style Risks. Investment styles or strategies that focus on growth stocks may perform better or worse than styles or strategies that focus on value stocks or that are broader or more diversified. Similarly, investment styles or strategies that focus on value stocks may perform better or worse than styles or strategies that focus on growth stocks or that are broader or more diversified. A particular style of investing may go out of favor at times and for extended periods. Growth stocks are often characterized by high price-to-earnings ratios and may be more volatile than stocks with lower price-to-earnings ratios. Value stocks are subject to the risk that the broader market may not agree with the manager’s assessment of, or recognize, the investments’ intrinsic value. foreign Credit Risk. The value of some investment products, particularly fixed income securities, is affected by changes in the product’s credit quality rating or the issuer’s financial condition. If the credit quality rating or the issuer’s financial condition declines, so may the value of the investment product. Issuers may experience unanticipated financial problems and may be unable to meet its payment obligations. Municipal obligations in particular may be adversely affected by political and economic conditions and developments (for example, legislation reducing state aid to local governments.) Bonds receiving the lowest investment grade rating or a non- investment grade rating may have speculative characteristics and, compared to higher grade debt obligations, may have a weakened capacity to make principal and interest payments due to changes in economic conditions or other adverse circumstances. Ratings agencies such as Moody’s, Fitch and S&P provide ratings on bonds based on their analyses of information they deem relevant. Ratings are essentially opinions or judgments of the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and/or repay principal and an agency’s decision to downgrade a security. less liquid Foreign Issuer and Investment Risks. Securities of issuers, ADRs, Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”), and investments in foreign markets generally, are subject to certain inherent risks, such as political or economic instability of the country of issue, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. Such securities may also be subject to greater fluctuations in price than securities of domestic corporations. Investors in foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may enhance, erode, reverse gains or widen losses from investments denominated in foreign currencies. For instance, foreign governments may limit or prevent investors from transferring their capital out of a country. This may affect the value of a client’s investment in the country that adopts such currency controls. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing the credit risk of such debt. In addition, there may be less publicly available Capitalization Size Risks. A client may be invested in small and mid cap stocks, which are often more volatile and than investments in larger companies. The frequency and volume of trading in securities of such 79 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  resulting in financial information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries. Investments market depth, service providers have the ability to cause impact business operations, disruptions and potentially losses, interference with the ability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While issuers and other parties may establish business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. As a result, client accounts and investments could be negatively impacted. Emerging Markets Risks. in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development, political stability, infrastructure, capitalization, and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. issued by ESG Considerations Risk. Consideration of ESG factors in the investment process may cause an advisor or manager to forgo opportunities to recommend or invest in certain companies or to gain exposure to certain industries or regions. Therefore, there is a risk that, under certain market conditions, an Account pursuing strategies that consider ESG factors may underperform accounts that do not consider such factors. There are not universally accepted ESG factors and advisors and managers typically consider them in their discretion. Government Obligation Risks. Client assets may be invested in securities issued, sponsored or guaranteed by the U.S. Government, its agencies and instrumentalities. However, no assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored agencies or instrumentalities where it is not obligated to do so by law. For instance, securities issued by the Government National Mortgage Association (“Ginnie Mae”) are supported by the full faith and credit of the United States. the Federal National Securities Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) have historically been supported only by the discretionary authority of the U.S. Government. While the U.S. Government provides financial support to various U.S. Government- sponsored agencies and instrumentalities, such as those listed above, no assurance can be given that it will always do so. falling. Since interest federal taxation, Municipal Securities Risks. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. Municipal securities may also decrease in value during times when tax rates are income on municipal securities is normally not subject to the income regular attractiveness of municipal securities in relation to Cybersecurity Risks. With the increased use of technologies such as the Internet to conduct business, issuers of investments are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting issuers or their 80 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in such for purchases or withdrawals. redemptions in that event, the fund's holdings may be liquidated and distributed to the fund's shareholders. This liquidation process could take time to complete. During that time, the amounts a client has invested in the money market fund would not be available In addition, retail and institutional money market funds are required to impose redemption fees (also known as liquidity fees) and suspend redemptions (also known as redemption gates) in certain circumstances. Government money market funds may also impose redemption fees those same and suspend circumstances. More specific information about how a money market fund calculates its NAV and the circumstances under which it will impose a redemption fee or suspend redemptions is set forth in the prospectus for that money market fund. other investment alternatives is affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, such interest income. Any proposed or actual changes rates or exempt status, therefore, can significantly affect the liquidity, marketability and supply and demand for municipal securities, which would in turn affect Baird’s ability to acquire and dispose of municipal securities at desirable yield and price levels. Investment in tax-exempt debt obligations poses additional risks. In many cases, the IRS has not ruled on whether the interest received on a tax- exempt obligation is tax-exempt, and accordingly, purchases of these municipal securities are based on the opinion of bond counsel to the issuers at the time of issuance. Thus, there is a risk that interest may be taxable on a municipal security that is otherwise expected to produce tax-exempt interest. to lower securities, and/or to make a market for Illiquid Securities and Liquidity Risks. Liquidity risk is the risk that certain investments may be difficult or impossible to sell at the time and price that a client would like to sell. Clients may have the price, sell other investments or forego an investment opportunity, any of which may have a negative effect on the management or performance of client accounts. The liquidity of a particular investment depends on the strength of demand for the investment, which is generally related to the willingness of broker-dealers the investment as well as the interest of other investors to buy the investment. During periods of economic uncertainty, significant economic and market downturns and periods in which financial services firms are unable to commit capital to make a market in, or otherwise buy, certain investments, a client may experience challenges in selling such investments at optimal prices. In addition, recent regulatory changes applicable to financial intermediaries that make markets in debt securities have restricted or made it less desirable for those financial intermediaries to hold large inventories of debt securities. Because market makers provide stability to a market through their intermediary services, a reduction in dealer inventories may lead to decreased liquidity and increased volatility in the fixed income markets. In the event the client directs Baird to liquidate an illiquid investment, the client should understand that Baird may have difficulty finding a buyer in the market for such investment and such investment may be held in the Account for a Money Market Fund Risks. A money market fund is a type of mutual fund that generally invests in short-term debt instruments. Many investors use money market funds to store cash. There are three primary types of money market funds: (1) government money market funds (funds that invest nearly all assets in cash, government repurchase agreements collateralized by cash or government securities); (2) retail money market funds (funds that have policies and procedures reasonably designed to limit beneficial ownership to natural persons); and (3) institutional money market funds (funds that permit beneficial ownership by institutions and natural persons). The rules governing money market funds vary based on the type of money market fund. Government and retail money market funds generally try to keep their net asset value (NAV) at a stable $1.00 per share using special pricing and valuation conventions. Institutional money market funds are required to calculate their NAV in a manner such that the NAV will vary based upon the market value of assets and liabilities of the fund (also known as a “floating NAV”). An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although some money market funds seek to preserve the value of an investment at $1.00 per share, there can be no assurance that will occur, and it is possible to lose money should the fund value per share fall. In some circumstances, money market funds may be forced to cease operations when the value of a fund drops. In 81 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  period of time while Baird attempts to satisfy the client’s liquidation request. Concentration Risks. A client’s Account may consist of a portfolio of securities that is concentrated in an issuer or group of issuers, an industry or economic sector or group of related industries or sectors, or concentrated in limited asset classes. Client accounts with concentrated positions are susceptible to greater volatility and increased risk of loss than an Account that is diversified across several issuers and industries or sectors and asset classes. A client should not engage in strategies using concentration unless the client is prepared to experience significant losses in the value of the client’s Account. an investment by the that were not predicted by can be no assurance that Quantitative Strategy Risks. Some investment managers may employ quantitative investment methodologies or processes to make investment decisions. The success of the quantitative investment methodologies and processes used by investment managers depends on the analyses and assessments that were used in developing such methodologies and processes, as well as on the accuracy and reliability of models and data provided by third parties. Incorrect analyses and assessments or inaccurate or incomplete models and data would adversely affect performance. Additionally, manager’s methodologies and processes are predictive in nature, based on historical outcomes and trends. Certain low-probability events or factors that are assigned little weight may occur or prove to be more likely or may have more relevance than expected, for short or extended periods of time, which may adversely affect the portfolios generated investment manager’s quantitative methodologies and processes. It is also possible that prices of securities may move in the directions investment manager’s quantitative methodologies and processes or may fail to move as much as predicted, for reasons that were not expected. these There methodologies will enable a client to achieve the client’s objective. Frequent Trading and Portfolio Turnover Risks. Some of the investment strategies offered to clients in this Brochure may involve frequent or active trading for client accounts, which could result in high portfolio turnover. Strategies that involve frequent or active trading increase the management and securities selection risks because the persons managing the accounts are making more trading decisions, which may prove to be incorrect. A portfolio with a high turnover rate will also incur more transaction costs than one with a lower rate. Higher transaction costs may negatively impact the return of the portfolio. High portfolio turnover may also cause a client to experience adverse tax consequences due to the fact that the client may have increased instances of realized gains and losses and such gains and losses may commonly be characterized as short term gains and losses under applicable tax law. Technical Strategy Risks. Some investment managers may employ technical analysis or investment methodologies to make investment decisions or recommendations. The primary risk of using technical analysis is that past price and in the trading volume patterns and trends markets cannot predict future prices, volume patterns or trends. There is no guarantee that technical investment methods used are designed properly, are updated with new data as it becomes available, or can accurately predict future market or investment performance. In order for technical investment methods to work, there must be sufficient data about the markets available so that trends can be identified and predictions can be made. A technical method may fail to identify trends or be able to accurately predict future prices if a market does not have sufficient data or trends or if the market behaves erratically. Asset-Backed Securities Risks. Asset-backed securities are securities secured or backed by mortgage loans, student loans, automobile loans, installment sale contracts, credit card receivables or other assets and are issued by entities such as commercial banks, trusts, financial companies, finance subsidiaries of industrial companies, savings and loan associations, mortgage banks and investment banks. These securities represent interests in pools of assets in which periodic payments of interest or principal on the securities are made, thus, in effect passing through periodic payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. Asset-backed securities are issued in multiple classes (or tranches) and their relative payment rights may be structured in many ways. Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other instruments. Asset-backed 82 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities also can be more sensitive to interest rate risk than other types of fixed income securities. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. Asset-backed securities are subject to a number of other risks, including, but not limited to, market and valuation risks, liquidity risk, and prepayment risk. Split-Rated, and equity, securities include market selection Non-Rated, Below Investment Grade Securities (High Yield or “Junk” Bonds) Risks. Investing in securities or other investment products that are not rated, split-rated or are below investment grade (also known as high yield or “junk” bonds) involve significant, special risks. As a result, they may not be suitable for some clients. The risks associated with these investments include, but not limited to, price volatility risk, credit risk, default risk, and liquidity risk. Clients investing in securities or other investment products that are not rated, split-rated or are below investment grade should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. credit capitalization risk, foreign including equity, fixed investment style, Rather, shares of an ETF are commonly purchased or sold in the secondary market on a securities exchange, like common stocks. An ETF maintains a net asset value but, based on demand and other factors, the market price of shares of an ETF may vary from its net asset value. ETFs invest in and hold securities and other assets, such as stocks, bonds, commodities and currencies, and have stated investment objectives and principal strategies. ETFs can have many different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Many ETFs seek to track the performance of an index or other underlying benchmark. Passively managed ETFs will not be able to replicate exactly the performance of the indices the ETFs track because the total return generated by the securities will be reduced by management fees, transaction costs and other expenses incurred by the ETF. ETFs have other risk, risks, which may management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, rate risk, risk, investment style issuer and investment risk, and emerging market risk. Certain ETFs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of ETF selected. securities selection credit capitalization risk, foreign that fund Mutual Fund Risks. Mutual funds can have investment objectives and many different income, strategies, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, economic industry or sector, or geographic region. Mutual funds have risks, which may include market risk, management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. Certain mutual funds pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of mutual fund selected. Also, investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. that Closed-End Fund Risks. Unlike mutual funds which continuously offer and redeem their shares on a daily basis at net asset value, closed-end funds typically raise money by selling a fixed number of shares of common stock in a single, one-time offering, much the way a company issues stock in an initial public offering. Closed- end funds can have many different investment objectives and strategies, including equity, fixed international, and global income, balanced, strategies, and strategies focus on a particular market capitalization, investment style, industry or sector, or geographic economic shares are not region. Closed-end redeemable, meaning investors cannot require closed-end funds to buy back their shares, although closed-end fund shares are listed and traded on an exchange. For many reasons, closed-end fund shares often trade at a discount Exchange Traded Fund Risks. An ETF is different from a mutual fund in that an ETF does not sell its shares directly to public investors and does not redeem shares from public investors. 83 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for purposes of making securities selection other funds in the event of adverse changes in market or economic conditions. UITs have other risks, which may include management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain UITs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of UIT selected. Also, investment return and principal value will fluctuate, and units, if and when redeemed, may be worth more or less than their original cost. credit capitalization risk, foreign closed-end to their net asset value and the market prices of closed end fund shares often fall below their public offering prices. Clients are therefore cautioned about buying shares of a closed-end fund in its initial public offering. Closed-end funds often engage in leverage to raise additional capital investments through borrowings and issuances of senior securities (such as preferred stock). Such leverage may present the opportunity to enhance potential returns but also involve the risk of exacerbating losses and depreciation in the value of the underlying securities. Closed-end funds have other risks, which may include market risk, management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. funds pursue Complex Certain Strategies, which are subject to special risks. Some closed-end funds are organized as interval funds, which differ from traditional closed-end funds in that their shares do not trade on the secondary market, but instead their shares are subject to repurchase offers from the fund. Closed-end funds structured as an interval fund will, therefore be relatively less liquid. Interval funds also often impose a redemption fee when shares are sold back to the fund. The degree of these and other risks will vary depending on the type of close-end fund selected. is selected by negatively equity, Investment Fund Risks; Purchase and Redemption Risks. Investment Funds are generally subject to the same risks as the securities or other assets in which they invest. In from time to time Baird, a PAM addition, Consultant, or an investment manager may decide to add or remove an Investment Fund to or from an investment strategy or Service. In addition, they may decide to increase or decrease their clients’ account allocations to an Investment Fund. In general, they will place transactions for all affected Accounts at one time, which may cause the fund to experience relatively large purchases or redemptions. Significant purchases and redemptions may adversely affect the fund in question and consequently, a client’s investment. An Investment Fund receiving large purchase orders may have difficulty investing the cash, which may have a negative impact on the fund’s performance. An Investment Fund experiencing large redemption orders may have to sell portfolio securities, which may impact performance and which may have negative tax consequences. Large redemptions could also reduce liquidity as the fund may suspend or delay redemptions. These risks are more pronounced with respect to newer Investment Funds and those with smaller asset sizes. Non-Traditional Assets and Complex Strategies Risks such as commodities, Non-Traditional Assets Risks. Non-Traditional Assets, currencies, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, are subject to risks that are different from, and in some instances, greater than, other assets like Unit Investment Trust Risks. A UIT is a pooled in which a portfolio of investment vehicle securities the sponsor and deposited into the trust for a specified period of time. The portfolio of a UIT is designed to follow an investment objective over a specified time period, although there is no guarantee that the objective will be met. UITs can have many different investment objectives and strategies, income, balanced, fixed including international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. UITs are passively managed and follow a “buy and hold” strategy, meaning that UITs buy a fixed portfolio of securities and hold on to that portfolio until their termination date at which time the portfolio is liquidated with the net proceeds paid to investors. UITs, thus, generally have a relatively higher risk of loss than 84 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the stocks and bonds. Some Non-Traditional Assets are less transparent and more sensitive to domestic and foreign political and economic conditions than more traditional investments. Non-Traditional Assets are also generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Risks. Investments investments Leverage and Margin Risks. Leveraging strategies may amplify impact of any decrease in the value of underlying securities in the client’s Account, thereby increasing a client’s risk of loss. The use of leverage may also increase an Account’s volatility. Strategies involving margin can cause a client to lose more money than deposited in the client’s margin account. A client should not engage in strategies involving leverage or margin unless the client is prepared to experience significant losses in the value of the client’s Account. in securities. investment and trading activities Short Sales Risks. Short selling runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, which may result having to buy the securities sold short at an unfavorable price. A client should not engage in short sales unless the client is prepared to experience significant losses in the client’s Account. or consuming contracts other Commodities in commodities markets or a particular sector of the commodities markets, and in securities or other instruments denominated in or indexed or linked to commodities, are subject to certain risks. Those investments generally will subject a client Account to greater volatility than investments The traditional commodities markets are impacted by a variety of factors, including changes in overall market movements, domestic and foreign political and economic conditions, interest rates, inflation rates and in commodities. Prices of commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to in major supply and demand disruptions producing regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. No active trading market may exist for certain commodities investments, which may impair the value of the investments. instruments in that Derivative Instrument Risks. The values of options, convertible securities, futures, swaps, derivative and forward instruments is derived from an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments often have risks similar to the underlying asset, however, in certain cases, those risks are greater than the risks presented by the underlying asset. Derivative instruments may experience dramatic price changes and imperfect correlations between the price of the derivative and the underlying asset, which may increase volatility. Derivatives generally create leverage, and as a result, a small movement in the underlying asset's value can result in large change in the value of the derivative instrument. Derivatives are also subject to liquidity risk, interest rate risk, market risk, credit risk, management risk and counterparty risk. The use of these is not appropriate for some clients because they involve special risks. A client should not invest in these instruments unless the client is prepared to experience volatility and significant losses in the client’s Account. Currency Risks. Investments in currencies, and investments in securities or other instruments denominated in or indexed or linked to currencies, are subject to certain risks. Those investments are subject to all of the risks associated with foreign investing generally. In addition, currency markets generally are not as regulated as securities markets. Also, changes in currency exchange rates could adversely impact the investment. Devaluation of a currency by a country will also have a significant negative impact on investment the value of any denominated currency. Currency investments may also be positively or negatively affected by a country’s strategies intended to make its currency stronger or weaker relative to other currencies. 85 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  limited short sales, risks may securities include: market selection the underlying security or Options Risks. In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of index decreased below the strike price. credit capitalization risk, foreign Hedging Risks. When a derivative instrument is used as a hedge against an opposite position, any loss on the derivative instrument should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can be an effective way to reduce the investment risk, it may not always perfectly offset one position with another. As a result, there is no assurance that hedging transactions will be effective. which fair values are used. Investments in hedge funds and funds of hedge funds also have reduced liquidity compared to other investments and are generally subject to a higher risk of volatility. Investing in hedge funds and funds of hedge funds involves other special risks, including, but to, risks associated with Non- not Traditional Assets, leverage, derivative instruments, and Complex Strategies. risk, Other management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, rate risk, risk, investment style issuer and investment risk, and emerging market risk. Hedge funds and funds of hedge funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in hedge funds or funds of hedge funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Complex Investment Product Risks funds have unique in certain that may sectors, for those fee an incentive funds are subject to Hedge Funds and Funds of Hedge Fund Risks. Hedge funds typically engage in one or more Complex Strategies, including the use of Non-Traditional Assets, short sales, leverage and other derivative instruments. Funds of hedge funds typically invest substantially all of their assets in other hedge funds. Hedge funds and funds of hedge tax characteristics. A client should consult with a tax advisor before investing in those funds. Some hedge funds and funds of hedge funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of hedge funds and funds of hedge funds are typically higher than other types of funds. Investment advisers or funds often receive a managers management or plus performance-based fee. Because of the existence of a performance-based fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Hedge funds and funds of hedge funds are also subject to a higher risk of incorrect valuations. Many hedge funds hold investments for which market quotations are not readily available, which necessitates the use of “fair value” pricing. Fair value pricing is an inherently subjective process and may not accurately reflect the prices that can actually be obtained upon sale of the assets for Private Equity Funds and Funds of Private Equity Funds Risks. Private equity funds are pools of actively managed capital that invest primarily in private companies with the intent of creating value in the companies in which they invest by improving operations, reducing costs, selling non-core assets and maximizing cash flow. Private equity funds usually have an investment objective or strategy focus on industries, companies geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Funds of private equity funds typically invest substantially all of their assets in other private equity funds. Private equity funds and funds of private equity funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private equity funds and funds of private equity limited regulation and offer limited disclosure and transparency. Also, the costs of private equity funds and funds of private equity funds are funds. typically higher than other types of Investment advisers or managers for those funds often receive a management fee plus an incentive fee or carried interest. Private equity funds and funds of private equity fund are also generally fees and subject to administrative service 86 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  evaluated risks during compared other expect risk as securities selection risk, foreign investments investments securities. Thus, the fund is subject to the risk that those insurance companies may not have adequately the underwriting process. Reinsurance funds may also be subject to concentration risk as the market for certain insurance-linked securities is small and competition to buy insurance-linked securities has increased in recent years. Due to the nature of a reinsurance fund’s underlying investments, an investment in a reinsurance fund is subject to valuation fund’s underlying the investments may be difficult to accurately and timely value. Investing in reinsurance funds involves other special risks, including, but not limited to, dependence upon key personnel, Non- Traditional Assets risks, currency risks, leverage risks, derivative instrument risks and hedging risks. Other risks may include: market risk, management and risk, investment objective and asset allocation risk, equity securities risks, fixed income securities risks, interest rate risk, credit risk, foreign issuer and investment risks, emerging market risks, illiquid securities risks, quantitative strategy risks, and high yield or “junk” bond risks. Reinsurance funds are complex that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in reinsurance funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. portfolio company transaction fees. Because of the existence of a carried interest, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private equity funds and funds of private equity funds also have reduced investments. liquidity to Investors receive to should not distributions from a fund for a number of years. Private equity investing is very risky. Many investments made in portfolio companies are not profitable. In addition, investments made by private equity funds and funds of private equity funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private equity funds and funds of private equity funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. Private equity funds and funds of private equity funds are complex that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private equity funds and funds of private equity funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. is inversely correlated to those events are Reinsurance Fund Risks. Reinsurance funds invest primarily in insurance-linked securities or other instruments. A fund’s return on those investments the occurrence of applicable catastrophic or other events, such as hurricanes, tornados, floods, earthquakes or other natural disasters, or fires, explosions, aviation or marine accidents or other non-natural disasters. The occurrence and inherently severity of unpredictable. A fund could lose all or a significant portion of its investment upon the occurrence of an applicable event and the occurrence of multiple events could cause the fund to sustain substantial losses. In addition, certain investments may expose a fund to liability in excess of amounts received in connection with the investment. The performance of certain insurance-linked securities is dependent upon underwriting decisions made by insurance companies associated with those Private Debt Funds (or Private Credit Funds) and Funds of Private Debt Funds Risks. Private debt funds (also known as private credit funds) are pools of actively managed capital that invest primarily in loans or debt instruments issued by companies in private transactions. Sometimes, repayment of the loan is secured by assets of the companies obtaining the loans. However, the companies often have low or no credit ratings. Thus, investments held by private debt funds generally are subject the same risks as below investment grade or “junk” bonds. Trading markets for the investments held by those funds are also limited and their investments may be illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically reset. These types of investments are sometimes referred to as floating rate corporate debt, floating rate loans or floating rate bank funds usually have an loans. Private debt investment objective or strategy that may focus 87 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in certain sectors, accept lack of liquidity and potential loss of their investment. debt funds have unique warehouses, receive a management transaction should not expect to funds involves special in which they are risk, foreign fund risks, currency risk, growth on companies industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes, including focusing investments on smaller capitalization, distressed or bankrupt companies. Private debt funds commonly use borrowings or leverage to make investments. Funds of private debt funds typically invest substantially all of their assets in other private debt funds. Private debt funds and funds of private tax characteristics. A client should consult with a tax advisor before investing in those funds. Private debt funds and funds of private debt funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private debt funds and funds of private debt funds are typically higher than other types of funds. Investment advisers or managers for those funds often fee plus a performance fee. Private debt funds and funds of private debt fund are also generally subject to operational expenses and fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private debt funds and funds of private debt funds also have reduced liquidity compared to other investments. Investors receive distributions from a fund for a number of years. Private debt investing is very risky. Investments made by private debt funds and funds of private debt funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private debt funds and funds of private debt risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment risks and leveraging risks. Private debt funds and funds of private debt funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private debt funds and funds of private debt funds should have a high tolerance for risk, including the willingness and ability to Real Estate Investment Trusts (“REITs”) and Private REIT Risks. A REIT is a corporation, trust or association that owns and typically operates income-producing real estate or real estate-related assets. The income-producing real estate assets owned by a REIT may include office buildings, shopping malls, multi-family housing, student housing, hotels, resorts, hospitals and health care facilities, self-storage facilities, data telecommunications centers, facilities, and mortgages or loans. Many REITs are registered with the SEC and their common stock and preferred stock are publicly traded on a stock exchange. These are known as publicly-traded REITs. Others may be registered with the SEC but are not publicly traded. These are known as private REITs (also known as non-traded or non- exchange traded REITs). There is no public trading market for private REITs and the sole method for disposing of the shares may be limited to a periodic offer to redeem the shares by the issuer, if the issuer offers a redemption program. Private REITs are generally subject to limited limited disclosure and regulation and offer transparency. The shareholders of a REIT are responsible for paying taxes on the dividends that they receive and on any capital gains associated with their investment in the REIT. Dividends paid by REITs generally are treated as ordinary income and are not entitled to the reduced tax rates on other types of corporate dividends. Prices of REIT securities and trading volumes may be more volatile that other investments. Many REITs focus on a particular sector of the real estate market, such as apartments, student housing, hotels and hospitality, health care, office buildings, shopping malls, warehouses, self-storage facilities and the like. Those REITs are subject to risks associated with sectors focused. Additionally, many REITs may own properties that are concentrated in a particular geographic region or regions, which subject them to the risk of deteriorating economic conditions in those areas. Investing in REITs involves other special risks, including, but not limited to, real estate portfolio risk (including development, environmental, competition, occupancy and maintenance risk), liquidity risk, leverage risk, distribution risk, risk, capital markets access interest risk, counterparty risk, conflicts of risk, and dependence upon key personnel regulatory risk. Other risks may include: market 88 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  risk, credit risk, foreign should not expect to investing risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, interest issuer and rate investment risk, and emerging market risk. REITs involve significant, special risks and may not be suitable for some clients. Clients investing in REITs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility and volatility of regular distribution amounts, potential lack of liquidity and potential loss of their investment. fund risks, currency investments. Some may in properties industries, involved located improved management value. Investments in private real estate funds and funds of private real estate funds also have reduced liquidity compared to other investments. receive Investors distributions from a fund for a number of years. Private real estate is very risky. Investments made by private real estate funds and funds of private real estate funds may be concentrated in properties involved in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private real estate funds and funds of private real estate funds involves special risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, risks and investment leveraging risks. Private real estate funds and funds of private real estate funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private real estate funds and funds of private real estate funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. real estate funds typically telecommunication, Private utilities, infrastructure for those for those Private Real Estate Funds and Private Real Estate Fund of Funds. Private real estate funds are pools of actively managed capital that directly invest primarily in investments in real estate and investments. Private real real estate-related estate funds may invest in any number of types of real estate, such as office, apartment, retail, lodging, industrial and other real estate and real focus estate-related in certain investment sectors or certain in geographic regions or that have certain sizes of operations or investment requirements. Some may focus investment on properties the manager or sponsor believes are undervalued or undercapitalized or that require repositioning, redevelopment, or additional capital to reach their full value. Private real estate funds commonly use borrowings or leverage to make investments. Trading markets for investments held by those funds are limited and their investments may be illiquid. Funds of invest private substantially all of their assets in other private real estate funds. Private real estate funds and funds of private real estate funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private real estate funds and funds of private real estate funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private real estate funds and funds of private real estate funds are typically higher than other types of funds. Investment advisers or managers funds often receive a management fee plus a performance fee. Private real estate funds and funds of private real estate fund are also generally subject to operational expenses and transaction fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in Private Infrastructure Funds Risks. Private infrastructure funds are pools of actively managed capital that invest primarily in infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of infrastructure investments may include, among and others, transportation. funds usually have an investment objective or strategy that may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Private infrastructure funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private infrastructure funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private infrastructure funds are typically higher than other types of funds. Investment advisers or funds often receive a managers management fee plus an incentive fee. Private 89 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fees and for significant growth reduced liquidity compared investments made by industries or risks may securities include: market selection credit capitalization risk, foreign risk, foreign infrastructure funds are registered under the Investment Company Act of 1940. Issuers may also have the right and option to redeem ETNs. Redemptions are made at the ETN’s “indicative value” or “closing indicative value”. An ETN's closing indicative value is computed by the issuer and is distinct from an ETN's market price, which is the price at which an ETN trades in the secondary market. Issuers of ETNs may also issue and redeem notes as a means to keep the ETN’s market price in line with its indicative value, which have caused significant fluctuations in ETN prices. Investing in ETNs involves special risks, including, but not limited to, risks associated with Non-Traditional Assets and derivative instruments and the risk that the actual market price for an ETN may vary significantly from the indicative value computed by the issuer. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, rate risk, risk, investment style issuer and investment risk, and emerging market risk. ETNs are complex investments and involve significant, special risks. As a result, ETNs may not be suitable for some clients. pools (typically structured infrastructure funds are also generally subject to administrative service investment transaction fees. Because of the existence of incentive fees, fund managers may be motivated investments that have the to make riskier potential in value. Investments in private infrastructure funds also have to other investments. Investors should not expect to receive distributions from a fund for a number of years. Private infrastructure investing is very risky. Many investments are not profitable. In private addition, infrastructure funds may be concentrated in one or more economic sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private infrastructure funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. risk, Other risk, management and investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. complex Private investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private infrastructure funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. throughout in managed Exchange Traded Notes Risks. An ETN is a type of debt security that trades on an exchange and provides a return linked to the performance of an underlying benchmark. The underlying benchmark can be a particular security, bond, commodity, currency, or other Non-Traditional Asset type, a group or basket of companies, securities, commodities, currencies, derivative instruments, Non-Traditional Asset investments or other assets, or an index or other benchmark linked to stocks, market volatility, bonds, interest rates, Treasury yields, yield curves and spreads, derivative instruments, strategies, commodities, currencies or other assets. ETNs trade on exchanges the day at prices determined by the market. Unlike ETFs, issuers of ETNs do not buy or hold assets to replicate or approximate the performance of the underlying benchmark. Also in contrast to ETFs, ETNs also do not calculate their net asset value, are generally not redeemable on a daily basis, and are not Managed Futures Risks. Managed futures are as commodity investment partnerships) managed by a futures trading adviser that trade speculatively in various derivative instruments and other investments. There are significantly higher fees and expenses associated with investments in managed futures than other types of funds. Sponsors or managers for these pools often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. Managed futures may seek exposure to different asset classes, such as equity securities, fixed income securities, commodities (such as metals, agricultural products, and energy products), currencies, interest rates, and indices. Managed futures often obtain this exposure through derivative instruments, which may be traded on U.S. or foreign exchanges or markets. Managed futures often employ computerized, systematic and often proprietary trading models and systems. Investing futures involves special risks, including, but not limited to, liquidity risks and risks associated with 90 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  currencies, funds and they Assets, leverage, compared to other involve significant, special risks. As a result, they may not be suitable for some clients. A client should not invest in these securities unless the client is prepared to experience significant losses in the value of the client’s Account. Investing and other Non- commodities, Traditional derivative instruments and Complex Strategies. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Managed futures can be speculative investments because of the types of investments they make and they involve significant, special risks. As a result, they may not be suitable for some clients. Clients investing in these funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. risks may securities include: market selection risk, credit risk, risk, foreign emerging market inverse Structured Products Risks. Structured products are a hybrid between two asset classes (typically issued in the form of a CD or note) but instead of having a pre-determined rate of interest, the return is linked to the performance of an underlying asset class, such as single security or basket or index of securities; a commodity or basket or index of commodities, including futures; and a foreign currency or basket of foreign currencies. in structured products involves special risks, including, but not limited to, risks associated with derivative instruments. risk, Other management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest issuer and rate investment risk, commodities risk and currency risk. Structured products are complex investments and involve special risks. As a result, they may not be suitable for some clients. is those Leveraged Fund and Inverse Fund Risks. Leveraged funds and inverse funds may be structured as ETNs, ETFs or open-end mutual funds. Leveraged funds seek to deliver multiples of the performance of the index or benchmark they track. Inverse funds seek to deliver the opposite of the performance of the index or benchmark they track. Leveraged inverse funds seek to achieve a return that is a multiple of the inverse performance of the underlying index. Most leveraged and funds “reset” daily, meaning that they are designed to achieve their stated objectives on a daily basis. Because of the effects of compounding, volatility and the fund expenses, the returns of a leveraged or inverse fund over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. To achieve their objectives, leveraged and inverse funds typically employ aggressive investment techniques, such as the use of leverage, short sales, swap contracts, futures, options and other derivative instruments. Investing in leveraged funds and inverse funds involves special risks, including, but not limited to, risks associated with Non-Traditional Assets, short sales, leverage, and derivative instruments. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Leveraged funds and inverse funds are complex investments that have an increased risk of loss Business Development Company Risks. A BDC closed-end typically a domestic, investment company that is operated for the purpose of making equity and debt investments in small and developing businesses, as well as financially troubled businesses. As a result, investments made by BDCs tend to be risky and speculative. Investment advisers or managers for BDCs often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. BDCs commonly use borrowings or leverage to make investments in portfolio companies. Adverse interest rate movements can negatively impact a BDC’s ability to make investments. Investments made by BDCs are typically illiquid, and valuing such investments is challenging. It is possible that valuations on investments used are materially different from the values that BDCs will ultimately receive upon investments. Changing disposition of market and economic conditions affecting a BDC’s 91 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  including, but not risk, capital markets access movements. Investing in MLPs involves other special risks, limited to, macroeconomic risk, interest rate risk, liquidity risk, operating risk, capital markets access risk, growth risk, distribution risk, conflicts of interest risk, and regulatory risk. MLPs are complex investments that have significant, special risks. As a result, MLPs may not be suitable for some clients. Clients investing in MLPs should have a high tolerance for risk, including the willingness and ability to accept potential lack of liquidity and potential loss of their investment. information about Additional certain Complex Investment Products and other investments pursuing Complex Strategies, including the risks associated with those investments, is available on Baird’s website at bairdwealth.com/retailinvestor and on FINRA’s website at www.finra.org/ Investors. A client is encouraged to read the included on those disclosure documents websites carefully before investing. investments may cause significant volatility in the BDC’s net asset value and stock price. Due to the nature of BDCs’ investments, securities issued by BDCs are subject to greater liquidity risk than other investments. A debt security or preferred stock issued by a BDC, in many cases, is non- rated or is rated below investment grade, which can carry its own risks. Investing in BDCs involves other special risks, including, but not limited to, portfolio company credit and investment risk, risk, leverage dependence upon key personnel risk, and regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, and interest rate risk. BDCs can be speculative investments because of the types of investments they make and involve significant, special risks. As a result, BDC investments may not be suitable for some clients. Clients investing in BDCs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Risks Associated with Certain Investment Objectives and Asset Allocation Strategies Each Account is subject to the risks associated with the investments in the Account. Generally, an Account will be subject to the risks associated with the portfolio listed below that corresponds to the investment objective of the Account or the asset allocation strategy pursued by the Account. risk, common stock to other primary risks, risks, foreign All Growth Portfolio. An All Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. All Growth Portfolios have historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a high risk of price declines, especially during periods when stock markets in general are declining. An All Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject investment style issuer and investment risks, emerging market risks, fixed income security risks, below investment grade (high yield or “junk” bonds) securities risks, and Master Limited Partnership Risks. An MLP is a form of publicly-traded partnership that is taxed as a partnership. MLPs have unique tax characteristics. A client should consult with a tax advisor before investing in MLPs. An MLP must generally earn at least 90% of its income from certain qualifying sources, which includes income and gains from certain activities involving natural resources such as oil, natural gas, natural gas liquids, refined petroleum products, coal, carbon dioxide and biofuels. An MLP is generally structured as a limited partnership or limited liability company and managed and operated by a general partner or manager. Owners of an MLP are called “limited partners” or “unit holders”. Unit holders own interests or units in the MLP (“units”) that are traded on a stock exchange. MLPs make distributions to unit holders of their available cash flows. Many MLPs focus on a particular sector or industry. Those MLPs are subject to risks associated with sectors or industries in which they are focused. The value of an investment in an MLP and the amount of distributions it makes may depend on the prices of the underlying commodity, such as oil or natural gas. Many MLPs are sensitive to changes in the prevailing level of commodity prices. MLPs have also shown sensitivity to interest rate 92 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. upon Portfolio’s foreign issuer and investment risks, foreign the headings Capital Growth Portfolio. A Capital Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. Capital Growth Portfolios have historically experienced moderately high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining. A Capital Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending specific the investments, the Portfolio may also be subject to other primary risks, including investment style risks, risks, emerging market risks, fixed income securities risk, interest rate risk, credit risk, asset-backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Income with Growth Portfolio. An Income with Growth Portfolio will generally be invested in a manner that seeks to provide current income and some growth of capital. Income with Growth Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to interest rates and market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when interest rates are rising or when stock markets in general are declining. An Income with Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including issuer and investment style investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. to economic The to other primary risks, risks, foreign Growth with Income Portfolio. A Growth with Income Portfolio will generally be invested in a manner that seeks to provide moderate growth of capital and some current income. Growth with Income Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions and interest rates. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining or when interest rates are rising. A Growth with Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject including investment style issuer and investment risks, emerging market risks, asset- backed securities risks, below investment grade Conservative Income Portfolio. A Conservative Income Portfolio will generally be invested in a manner that seeks to provide current income. Relative the portfolios described above, Conservative Income Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and Portfolio’s conditions. investments are subject to risk of price declines, especially during periods when interest rates are rising. A Conservative Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, equity securities risk, and common stock risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject to other primary risks, 93 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  risks, foreign investment style issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. income. Relative to fixed income security Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style risks, foreign issuer and investment risks, emerging market risks, risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non-Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. interest rates are fixed Capital Preservation Portfolio. A Capital Preservation Portfolio will generally be invested in a manner that seeks to preserve capital while generating current the portfolios described above, Capital Preservation Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and economic conditions. The Portfolio’s investments are subject to risk of price declines, especially during periods rising. A Capital when Preservation Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset income securities risk, allocation risk, interest rate risk, credit risk, and money market fund risk. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including foreign issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. Additional Considerations. A client should note that an Account pursuing a particular investment objective or asset allocation strategy will from time to time be subject to actual risks that are higher or lower than, or different from, the risks described above under certain circumstances. See “Investment Strategies and Methods of Analysis— Investment Strategies—Important Information about Implementation of Investment Objectives and Investment Strategies” above for more information. In addition to the specific risks described above, a client’s Account may be subject to additional risks, depending upon the particular investments in the client’s Account. A client should discuss the risks of particular investments with the client’s PAM Consultant. A client should also note that there is no guarantee as to how an Account will perform in the future. It is possible that an Account could experience more dramatic return or market value fluctuations than occurred in the past. to perception take advantage of of market Available Investment Product Risks the Portfolios have that Baird establishes for the investments made, The use of Available Investment Products, including SMA Strategies made available under the BSN and DC Programs, are subject to additional risks compared to the use of Baird recommended investment products. Available Investment Products are investment products that generally do not meet the qualifications and standards its recommended product lists. As a result, there is a higher likelihood that some Available Investment Products will have poor performance and will significantly underperform compared to an applicable benchmark index or peer group. Available Investment Products are also subject to review by Baird rigorous significantly less Opportunistic Portfolio. An Opportunistic Portfolio will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and the market sectors manager’s pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager to achieve growth while accounting for a client’s specific short, intermediate and long term investment and/or cash flow needs. Depending investment strategy used, some upon Opportunistic historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. Depending upon the investment strategy used and the Portfolio’s investments may be subject to a high risk of price declines, especially during periods when stock markets in general are declining. An Opportunistic 94 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  if an Available Voting Client Securities Baird Advisory Choice Program and Other Non-Discretionary Accounts Product experiences organizational, is a higher risk that Product that experiences Under the Baird Advisory Choice Program and with respect to any other Accounts over which the client retains discretionary investment authority, a client retains the right to vote proxies with respect to the securities held in such Accounts. Accordingly, the client is responsible for voting proxies and otherwise addressing all matters submitted for consideration by security holders, and PAM and Baird are under no obligation to take any action or render any advice regarding such matters. The client’s PAM Consultant may, upon the client’s request, provide advice on proxy voting or what other action the client could take. the list of Separately Managed Accounts compared to recommended investment products. Thus, Investment Product experiences significant performance problems or if the manager or sponsor of an Available Investment significant management, operational, compliance, legal, regulatory or other problems, there the Available Investment Product will be made available (and will continue to be made available) to clients by Baird. An investment by a client in an Available Investment the occurrence of any such event could negatively impact the client’s Account. Available Investment Products should only be used by a client if the client wishes to take more responsibility for monitoring and managing the assets in the recommended client’s Account, products does not contain an investment product that meets the client’s particular needs, and the client understands the risks of doing so. Recent Events U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and other global macro factors. The transition to a new administration following the recent U.S. Presidential election may introduce meaningful market uncertainty as new legislation are policies, executive orders, or proposed or enacted. Under the PAM Recommended Managers Service, Baird SMA Network Program and Dual Contract Program, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or the client may delegate such right to the investment manager selected to manage the client’s Account (which may include Baird, the Overlay Manager or an Implementation Manager). A client may select either option by making the appropriate election in the client’s advisory agreement (and in the case of a dual contract arrangement under the Dual Contract Program, by providing proper instructions to the manager directly). For information about a manager’s voting policies and procedures, clients should review the manager’s Form ADV Part 2A Brochure. Discretionary Services Geopolitical risks appear elevated with the war between Ukraine and Russia now passing its third anniversary, tensions remaining high in the Middle East, and relations between the U.S. and China and other countries are strained. Under the PAM FOCUS Portfolios Program and the PAM Investment Management Service, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or a client may delegate such right to Baird. Domestically, inflation remains an area of focus since getting to the U.S. Federal Reserve Board’s 2% target may prove to be more challenging than the market expects. In addition, the level of political discord remains high. result in an elevated If a client retains proxy voting authority, Baird will forward proxy materials that Baird actually receives to the client. The client will then be solely responsible for analyzing the materials and casting the vote. The uncertain course of these various factors may have a significant negative impact on the global economy, may risk environment with increased volatility in asset prices, which could have an adverse effect on a client’s Account. If a client delegates voting authority to Baird, Baird will vote proxies solicited by, or with respect to, securities held in the client’s Account for the 95 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  exclusive benefit of the client and in accordance with policies and procedures adopted by Baird. for other Baird clients based on differing views of PAM Consultants and other Baird portfolio managers. Baird has adopted written policies and procedures that are reasonably designed to ensure that it votes client securities in the best interests of clients. Those procedures address material conflicts of interest that may arise between Baird’s interests and those of its clients. Although a description of Baird’s proxy voting policies and procedures is provided below, Baird will furnish a copy of its proxy voting policies and procedures to clients upon their request. Additionally, clients may obtain information on how Baird actually voted proxies with respect to the securities held in their accounts by contacting their PAM Consultant or by calling (414) 765-3500. Baird uses ISS’s electronic vote management system to cast votes on behalf of clients. In connection with Baird’s use of that system, ISS pre-populates how client votes should be cast based upon ISS’s voting recommendations. The system allows Baird to change the pre-populated vote (to the extent permitted by Baird’s proxy voting policies) up until a certain time prior to the applicable meeting (the “voting cut-off time”). Baird’s proxy voting policies are designed to address situations when additional information becomes available after the votes are pre- populated in the system and before the voting cut-off time. However, there is no guarantee that all information that could affect Baird’s proxy voting decision will be received or considered by Baird prior to a vote being cast. interests. Baird utilizes governance services, (or voting recommendations. interests of In situations in which a client has delegated to Baird voting authority with respect to securities in the client’s Account, Baird will vote proxies in a manner that Baird believes is consistent with the client’s best an independent provider of proxy voting and corporate currently Institutional Shareholder Services (“ISS”), to analyze proxy materials and votes and make independent ISS provides proxy voting guidelines regarding its position on various matters presented by companies to their shareholders for consideration. Baird will typically vote shares in accordance with the recommendations made by ISS. However, ISS’s guidelines are not exhaustive, do not address all potential voting issues, and do not necessarily correspond with the opinions of PAM Consultants. In the event the client’s PAM Consultant believes the ISS recommendation is not in the best interest of the client, the PAM Consultant will bring the issue to Baird’s Proxy Voting Sub-Committee through a proxy challenge process. The Sub-Committee will then be responsible for determining how the vote will be cast. The decision made by the Proxy Voting Sub- Committee on the proxy challenge applies to all advisory accounts managed by the PAM Consultant (or team of PAM Consultants), unless the client has directed Baird to utilize specific voting guidelines (e.g., Taft-Hartley guidelines). For those matters for which the independent proxy voting service does not provide a specific voting recommendation, each PAM Consultant will cast the vote in a manner he or she believes is in the best interest of clients. The votes cast for a client’s Account may differ from those votes cast The proxy voting policies and procedures also address instances in which Baird’s interests may appear to conflict with client interests, such as when Baird or an affiliate of Baird is managing or to manage or seeking administering administer) a corporate retirement, pension or employee benefit plan or providing (or seeking to provide) advisory or other services to a company whose management is soliciting proxies. In such instances, there may be a concern that Baird would be inclined to vote in favor of management because of Baird’s relationship or pursuit of a relationship with the company. In situations where there is a potential conflict of interest, Baird’s Proxy Voting Sub-Committee will determine the nature and materiality of the conflict. If the conflict is determined to not be material, the Sub-Committee will vote the proxy in a manner the Sub-Committee believes is in the best the client and without consideration of any benefit to Baird or its affiliates. If the potential conflict is determined to be material, Baird’s Proxy Voting Sub-Committee will take one of the following steps to address the potential conflict: (1) cast the vote in accordance with the recommendations of ISS or other independent third party; (2) refer the proxy to the client or to a fiduciary of the client for voting purposes; (3) suggest that the client engage another party to determine how the proxy should be voted; (4) if the matter is not addressed by ISS, vote in accordance with management’s recommendation; or (5) abstain from voting. 96 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Legal Proceedings and Corporate Actions While Baird uses its best efforts to vote proxies, there are instances when voting is not practical or is not, in Baird’s or PAM Consultants’ view, in the best interest of clients. For example, casting a vote on a foreign security may involve additional costs or may prevent, for a period of time, sales of shares that have been voted. Also, when a client has entered into a securities lending program, Baird generally will not seek to recall the securities on loan for the purpose of voting the securities; however, Baird reserves the right to recall the shares on loan on a best efforts basis if the client’s PAM Consultant becomes aware of a proxy proposal where the proxy vote is materially important to the client’s Account. Generally, none of PAM, Baird or any Other Manager responsible for managing all or a portion of the assets in a client’s Account will render advice or take action on a client’s behalf with respect to securities that are or were held in the client’s Account, or the issuers thereof, which go into default or become the subject of legal proceedings, such as class action claims, defaults or bankruptcies. Also, they may or may not vote or advise clients on other corporate actions, like tender offers, that are not solicited by a proxy statement. At a client’s request, Baird will forward information that Baird actually receives to the client. In addition to the services described above, Baird has engaged ISS for vote execution and record- keeping services. Other Proxy Voting Information include the Clients wishing to direct particular votes once they have granted Baird discretionary voting authority may do so by contacting their PAM Consultant. However, if Baird has been granted discretionary voting authority, neither PAM nor Baird will provide a client with notice that Baird has received a proxy solicitation, nor will they consult with the client before casting a vote, unless the client otherwise directs them to do so. Client Information Provided to Portfolio Managers Under the PAM Recommended Managers Service, Baird SMA Network Program and Dual Contract certain Program, PAM and Baird provide information about the client to the investment managers managing the client’s Account (which the Overlay Manager or an may Implementation Manager) when client establishes the advisory relationship with such managers. Such information includes the client’s investment objectives and risk tolerance and tax lot information for the applicable Account assets. Under the PAM Recommended Managers Service, PAM and Baird also provide to the investment manager a client’s age, investment timeframe, and liquidity requirements. Except to the extent a client has delegated proxy voting authority to Baird, PAM and Baird have no authority, direct or implicit, and accept no responsibility for taking any action or rendering any advice with respect to the voting of proxies related to securities held in a client’s Accounts. Providing Baird Voting Instructions Unless specifically requested to do so by a client, PAM and Baird do not generally provide such information about the client on an ongoing basis to the investment manager managing the client’s Account. Baird also generally provides the following to the client’s manager unless otherwise instructed by a client: trade confirmations, account statements, and access to client’s Account on Baird’s system. their accounts. Client Contact with Portfolio Managers PAM and Baird do not place any restrictions upon clients who wish to contact or consult with Other Managers managing PAM encourages clients to discuss their accounts with their PAM Consultant. As mentioned above, Baird may be the holder of record for certain securities in a client’s Account. If the client retains voting authority over such securities (or delegates such authority to party other than Baird), and a proxy is solicited with respect to any such securities, the client (or other authorized party) will need to provide voting instructions to Baird. To the extent the client (or other authorized party) does not provide timely voting instructions, Baird will vote such securities to the extent permitted by law and in compliance with the rules of the New York Stock Exchange and the SEC relating to such matters. 97 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  taken against the disciplinary action firm supervisor did not relate to PAM or its business operations. certain of the its Additional Information Disciplinary Information In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have retirement plan and disadvantaged certain charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. to adopt or to designed provide to Baird’s clients and supervisor within In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by subadvisors participating in Baird’s wrap fee programs offered through Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have implement policies and failed specific procedures information financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. Initiative.” Under In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a its Private Wealth firm Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. The In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) and 207 of for making the Advisers Act inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure (or SCSD) the program, investment advisory firms were offered the opportunity to voluntarily self-report violations of the federal securities laws relating to mutual fund 98 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  supervisory system firms bought fees and/or the conflict of maintain a reasonably designed to prevent charging a customer a commission that is unreasonable or unfair in violation of FINRA Rules 3110, 2121, and 2010. Baird also consented to a censure, a fine in the amount of $150,000, and the payment of restitution of $266,481 plus interest. The findings related to FINRA’s routine examination of Baird in 2020. During that examination, Baird modified its minimum commission schedule and supervisory procedures. Baird also took steps to make payments to the affected customers, which on average amounted to $36.62 per trade and $57.64 per customer. Baird will continue to make efforts to ensure that it charges fair prices and commissions on all securities transactions with its customers. its share class selection and related disclosure issues and agree to settlement terms imposed by the SEC, including returning money to affected investment advisory clients. The central issue identified by the SEC was that, in many cases, investment advisory for or recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the firms when lower- cost share classes were available to those advisory clients, and the investment advisory firms did not adequately disclose their receipt of 12b-1 interest associated with those 12b-1 paying share classes. Baird and many other firms self-reported under the program and entered into substantially identical orders. By self-reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. More information about the order is contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public Disclosure website at https://www.adviserinfo.sec.gov/IAPD/Default.as px or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press- release/2019-28. other reports about an reports was engaged to disclose In June 2019, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that between late April 2013 and early July 2013 it published research issuer without disclosing that the research analyst who authored the in employment discussions with the issuer that constituted an actual, material conflict of interest and that the failure research analyst’s the employment discussions with the issuer in the research reports made those reports misleading. Baird was censured and fined $150,000. the brokerage customers an it charged communications. As part of In September 2023, Baird entered into an Offer of Settlement with the SEC, in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business- related communications made by Baird associates when they used their personal devices (“off- channel communications”) and for failing to supervise business-related associates’ communications. The settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were text and properly retaining business-related instant messages off-channel and communications sent and received on employees’ personal devices. Following the commencement of the SEC’s initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it was discovered that certain Baird supervisors communicated off-channel using non-Baird approved methods on their personal devices about Baird’s broker-dealer and investment adviser businesses, and findings were reported to the SEC. Baird took steps prior to and after the SEC’s review, including implementing a for Baird new communication tool designed associates’ personal devices, conducting training, and periodically requiring requisite associates to provide an attestation relating to their business- the related settlement, Baird was censured and ordered to In August 2022, Baird, without admitting or denying the findings, consented to the entry of findings of FINRA, which found that it charged certain unfair commission when its published minimum commission amount of $100 on 7,277 retail equity trades and failed to establish and 99 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  are affiliated or related to with Baird. In those cases, Baird and its PAM Consultants do not impose the same criteria or level of review. Broker-Dealer Activities including: training, cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies and surveillance program, procedures, technology solutions and similar matters related to off-channel communications. Baird is engaged in a broad range of broker- dealer activities, individual and institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. Additional information about Baird’s disciplinary history is available on the SEC’s website at www.adviserinfo.sec.gov. Certain PAM and Baird associates and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. Investment Management Activities Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker- dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker- dealers, financial investment advisors, other services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. Baird and PAM Consultants may, from time to time refer clients to Baird Advisors or Baird Equity investment management Asset Management, departments of Baird, or CCM, a division of Baird Equity Asset Management. receive higher through disclosure Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. In addition, investment products and services offered by Baird Advisors, Baird Equity Asset Management and CCM are made available to clients through the Services. Baird has a financial incentive to favor Baird Advisors, Baird Equity Asset Management and CCM because Baird receives more compensation if Baird Advisors, Baird Equity Asset Management or CCM manages a client’s Account rather than other unrelated managers. Certain Affiliated and Related Parties Affiliated Broker-Dealers From time to time, Baird and its PAM Consultants may recommend that clients retain the services of financial services firms or invest in investment products that are affiliated with or related to Baird. Such a recommendation of affiliated or related financial services firms or investment products creates a potential conflict of interest because Baird, its PAM Consultants and related parties may aggregate compensation if clients retain those firms or invest in those investment products instead of retaining unrelated firms or investing in unrelated this investment products. Baird addresses potential conflict this in Brochure. Further, when acting as fiduciaries, Baird and its PAM Consultants are required to select or recommend investment products only when they determine it to be in the client’s best interest to do so. The criteria used by them in deciding to select or recommend affiliated or related investment products are generally the same as those used for unrelated investment products. However, a client should note that certain Services and certain categories of investment products made available to clients only offer advisors or investment products that Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Certain investment products associated with Strategas Securities are made available to clients through the Services. Due to 100 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in its affiliation with Strategas Securities, Baird has a financial incentive to favor Strategas Securities’ investment products and services. Affiliated and Related Investment Advisors 55ip uses research and other services from Riverfront, an affiliate of Baird, the development of its portfolios under the BSN Program, and Riverfront receives compensation from 55ip with respect to those portfolios. Due to its affiliation with Riverfront, Baird has a financial incentive to favor 55ip portfolios that use Riverfront services. information about Riverfront Affiliated and Related Mutual Funds, ETFs and Investment Companies Baird is affiliated, and may be deemed to be under common control, with Riverfront by virtue of their common indirect ownership by BFG. Additional is available in Riverfront’s Form ADV Part 2A Brochure. Certain Riverfront investment products and services are made available to PAM clients through the Services. Due to its affiliation with Riverfront, Baird has a financial incentive to favor Riverfront investment products and services. Baird is related to Greenhouse and Greenhouse Fund GP LLC (“Greenhouse GP”) by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. From time to time, recommend PAM Consultants may use or Greenhouse or Greenhouse GP investment products and services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor their investment products and services. Baird is affiliated, and may be deemed to be under common control, with Strategas, by virtue of their common indirect ownership by BFG. Certain Strategas investment products and services are made available to clients through the Services. Due to its affiliation with Strategas, Baird has a financial incentive to favor Strategas investment products and services. Baird is the investment adviser and principal underwriter for the Baird Funds. Baird Advisors provides investment management, administrative, and other services to certain Baird Funds investing primarily in fixed income securities (the “Baird Bond Funds”). Baird Equity Asset Management and CCM provide investment management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”), and Greenhouse is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus and statement of additional information available on Baird’s website at bairdassetmanagement.com/baird-funds. Certain Baird Funds have been selected by Baird for inclusion in the PAM FOCUS Portfolios Program and on Baird’s Recommended Mutual Fund List, and all Baird Funds are made available to PAM clients through other Services. Baird has a financial incentive to favor the Baird Funds because Baird receives more compensation if a client invests in the Baird Funds rather than other unrelated funds. and BFG’s Baird is affiliated, and may be deemed to be under common control, with GAMMA by virtue of BFG’s and Riverfront’s indirect minority ownership of Gamma and Riverfront’s representation on the board of directors of Gamma. Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. for Baird is related to LoCorr by virtue of BFG’s indirect minority ownership of the holding company of LoCorr and BFG’s representation on such holding company’s board of managers. From time to time, PAM Consultants may use or recommend LoCorr investment products and services. Due to its relation to LoCorr, Baird has a financial incentive to favor LoCorr investment products and services. Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives compensation those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available 101 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fund’s prospectus and statement of in the additional information. Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. is available in information about Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products, including information relating to the compensation paid to Strategas and Strategas Securities, the applicable prospectus. Those investment products are made available to clients through the Services. Due to its affiliation with Strategas and Strategas Securities, Baird has a financial incentive to favor those investment products. those funds for and statement of CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those services. Additional those mutual funds, including information relating to the fees paid by investment management services, is available in the funds’ prospectus additional information. LoCorr acts as investment advisor to the LoCorr Funds. The LoCorr Funds are made available to clients through the Services. Due to its relation to the LoCorr Funds, Baird has a financial incentive to favor the LoCorr Funds. Affiliated Private Funds funds are private pooled Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend Income Trust the Automated Quantitative Analysis Series, (AQA®) Portfolio Series, and the AQA® Large- Cap Portfolio Series. Additional information about those investment products, including information relating to the compensation paid to Baird is available in the applicable prospectus and other fund documents. Those investment products are made available to clients through the Programs. Due to its affiliation with those investment products, Baird has a financial incentive to favor those investment products. CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those investment vehicles that are not required to be registered with the SEC as investment companies. Due to their affiliation with the Chautauqua Private Funds, Baird Equity Asset Management, CCM and Baird have a financial incentive to favor those funds. Affiliated Private Equity Funds funds and ETFs, those funds for and statement of Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange- Traded Fund III. Additional information about those mutual including information relating to the compensation paid to investment Riverfront by management services, is available in each fund’s prospectus additional information. Certain mutual funds and ETFs managed by Riverfront are made available to clients. Due to its affiliation with Riverfront, Baird has a financial incentive to favor funds managed by Riverfront. Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird and its PAM Consultants may refer clients to Baird Capital. The private equity funds offered through Baird Capital make venture capital, growth equity and private equity investments primarily in the business-to- business, technology and services sector. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. 102 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. Baird Venture Partners Management Company III, LLC Baird Venture Partners III Limited Partnership BVP III Affiliates Fund Limited Partnership BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Limited Partnership Baird Venture Partners Management Company V, LLC Baird Venture Partners V Limited Partnership BVP V Affiliates Fund Limited Partnership PAM Consultants who assist in obtaining a client’s investment in a private equity fund offered through Baird Capital are eligible for referral compensation from the general partner of the fund. The actual amount of private equity compensation may vary based upon the client’s investment commitment and will be disclosed to a client in the documentation the client receives in connection with the investment. Due to Baird’s affiliation with those private equity funds and the referral compensation paid to PAM Consultants, Baird and PAM Consultants have a financial incentive to favor those private equity funds. BVP V Special Affiliates Fund Limited Partnership Baird Capital Partners Management Company V, LLC Baird Capital Partners V Limited Partnership BCP V Affiliates Fund Limited Partnership BCP V Special Affiliates Limited Partnership Baird Capital Management Company, LLC on Baird Baird Venture Partners GP VI, LLC Baird Venture Partners VI LP Baird also has a financial incentive to the extent it would recommend that a client invest in a portfolio company owned by an affiliated private equity fund. A list of the portfolio investments held by private equity funds affiliated with Baird is located at Capital’s website https://www.bairdcapital.com/portfolio/baird- capital-portfolio.aspx. BVP VI Affiliates Fund LP BVP VI Special Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management I LP Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP BCGF I Special Affiliates LP BCGF I Affiliates Fund LP Baird Capital Management Company, LLC The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. These funds generally co-invest with unaffiliated private equity funds and private equity professionals in transactions in the United States and Europe. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. Baird Capital Global Fund Management II LLC Baird Capital Global Fund II Limited Partnership Certain Baird Principal Group-Related Entities BCGF II Affiliates Fund Limited Partnership Investment Advisor Private Equity Fund(s) BCGF II Special Affiliates Limited Partnership Baird Principal Group Management Company I, LLC Baird Capital Management Company, LLC Baird Principal Group Partners Fund I Limited Baird Capital Global GP III LLC Partnership Baird Capital Global Fund III LP Baird Principal Group Management Company II, LLC BCGF III Affiliates Fund LP Baird Principal Group Partners Fund II Limited BCGF III Special Affiliates LP Partnership Baird Capital Partners Europe Limited* Baird Principal Group Management Company, LLC Baird Capital Partners Europe II LP Baird Principal Group Partners Fund III, LP Baird Capital Partners Europe II Special Affiliates LP The Growth Fund 103 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Related Hedge Funds firms or this conflict Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. The Greenhouse Onshore Fund LP is available to clients under the Services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor those hedge funds. Other Affiliated Financial Services Firms Baird is affiliated, and may be deemed to be under common control, with Baird Trust, a Kentucky-chartered trust company, by virtue of their common indirect ownership by BFG. Certain Baird Trust investment products and services, such as the Baird Trust Strategies, are made available to clients through the Services. Due to its affiliation with Baird Trust, Baird has a financial incentive to favor Baird Trust investment products and services. advisory clients when selecting or recommending investment management their to such clients. Baird investment products through potential addresses disclosure in this Brochure. Further, Baird does not consider the extent to which an investment management firm directs or is expected to direct trades to Baird for execution when considering the eligibility of an investment management firm or its investment products for Baird’s advisory programs (including when PAM constructs the PAM FOCUS Portfolios Program and when Baird constructs its Recommended Managers List or Recommended Mutual Fund List). In addition, investment management firms are, absent client direction to the contrary, obligated at all times to retain the broker or dealer providing the client best execution as described under the heading “Services, Fees and Compensation—Additional Service Information—Trading for Client Accounts” above. In addition, mutual fund companies are prohibited from considering Baird’s efforts in marketing and selling their funds when selecting Baird for executing portfolio trades for the funds. To learn more about how a mutual fund company selects brokerage firms for trade execution, a client should consult the fund’s statement of additional information, available from each fund. Baird and PAM Consultant receive compensation for referring clients and from Baird Trust providing ongoing relationship management services to clients engaging Baird Trust for trust administration services as described under the heading “Services, Fees and Compensation— Additional Service Information—Trust Services Arrangements” above. Baird and PAM Consultants thus have a financial incentive to favor Baird Trust over other trust companies. Other Financial Industry Activities managers, including Certain Baird associates from time to time may provide clients with tax return preparation, bill pay or related services. In some instances, the fee for those services may be bundled with the Advisory Fee. A client should understand that the provision of such services is separate from, and not related to, the Services offered under this Brochure and will be governed by an agreement separate from the client’s advisory agreement with Baird. A client should understand that Baird and its associates do not act as investment adviser or fiduciary to the client when providing tax return preparation, bill pay or related non- advisory services to the client. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics the services of such Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, Baird has business relationships with many investment those participating in the Services, separate and apart from the Services. Other investment management firms may select Baird, in its capacity as a broker- dealer, to execute portfolio trades for their clients, including for Investment Funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. This may create an incentive for Baird to favor investment management firms or their products, including the Investment Funds advised by such investment management firms. However, Baird is a fiduciary that is required to act in the best interest of 104 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. incentive to recommend an investment advisory account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. Select clients may pay a fixed dollar fee, which presents a conflict in that such fee does not give the PAM Consultant an incentive to make recommendations that could benefit the client’s account, or a performance or incentive fee, which presents a conflict because it gives the PAM Consultant an incentive to recommend riskier investments in order to achieve the level of performance in the account that would result in payment of the fee. Accounts and Investments Provide Different Levels of Compensation investment products The accounts and investments Baird offers provide Baird different levels of compensation. Baird and PAM Consultants have an incentive to generate revenues from client accounts and to and make offer recommendations that will provide them the greatest level of compensation. or by Baird’s Recommendations of Related, Proprietary or Affiliated Funds and Managers “Additional To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, including PAM Consultants, their supervisors, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. The Code also generally prohibits Access Persons from executing a security transaction for their personal accounts during a blackout period one business day before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by Baird Compliance management Department. In addition, orders for the accounts of Access Persons and other Baird associates that are under discretionary management by Baird may be aggregated with orders for other Baird client accounts, so long as the order is executed as part of a block transaction with client orders. A copy of the Code is available to clients or prospective clients upon request. Baird and PAM Consultants have an incentive to recommend related, proprietary or affiliated funds or managers because when client’s invest in affiliated funds or select an affiliated manager to manage client accounts, they will make more money. See Information—Other Industry Activities and Affiliations—Certain Affiliated and Related Parties” above and “List of Affiliated Companies, Funds and Managers” on Baird’s website at bairdwealth.com/retailinvestor. Referral Compensation Paid to PAM Consultants Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients. Industry Activities Participation or Interest in Client Transactions Investment Advisory Accounts Asset-based Advisory Fee arrangements create an incentive for Baird and PAM Consultants to set the applicable fee rate at a high level and to encourage clients to add more money into their accounts. Baird and PAM Consultants also have an PAM Consultants receive additional compensation to certain of Baird’s for referring clients proprietary or affiliated funds or managers described above. Such special compensation and referral fees give PAM Consultants an incentive to recommend or refer clients to these proprietary or affiliated funds and managers. See “Additional Information—Other and Affiliations—Certain Affiliated and Related Parties” above. PAM Consultants also receive additional compensation for referring clients to Baird Trust and for referring clients to unaffiliated banks that make loans to clients under Baird’s Securities- Based Lending Program. See “Trust Services Arrangements” and “Securities-Based Lending 105 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Program” below. In addition to those referral arrangements, PAM Consultants receive special compensation for referring business to certain of Baird’s other departments. See “Investment Banking, Public Finance and Institutional Equities Trading Activities” below. Ongoing Product Fees Consultants an incentive to recommend or invest client accounts in mutual fund shares that pay greater 12b-1 fees. Baird addresses this conflict by adopting a Mutual Fund Share Class Policy described above and by adopting internal policies that limit the circumstances under which mutual fund investments in client accounts can be designated as unbillable assets and 12b-1 fees can be retained. receives ongoing fees Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors invested in Baird from certain investment products that are purchased and held in client Accounts. Those fees, such as distribution (12b-1) and/or service fees (“12b-1 fees”) from mutual funds, are based on the value of client assets those products. A PAM Consultant’s compensation increases as those fees increase. Thus, Baird and PAM Consultants have an incentive to recommend such products and to recommend such products that pay the greatest ongoing fees. Certain mutual funds charge 12b-1 fees, which are paid to Baird. Baird receives 12b-1 fees on an ongoing basis as compensation for the services Baird provides to the applicable mutual fund. The 12b-1 fees paid by a mutual fund are disclosed in the mutual fund’s prospectus. Trust Portfolios and Baird generally does not allow mutual funds with 12b-1 fees to be purchased for PAM Service Accounts. If Baird receives 12b-1 fees from a fund with respect to a client’s mutual fund investment in the client’s Account and the client’s Account is subject to an asset-based fee arrangement, Baird either: (1) rebates such 12b-1 fees to the client’s Account if the client is paying an asset-based Advisory Fee on such investment; or (2) excludes such fund shares from the calculation of the client’s asset-based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the 12b-1 fee. 12b-1 fees rebated to a client’s Account are estimated based on the average daily balance of the mutual fund shares in the Account and the annual rate of the 12b-1 fee paid by the applicable fund. If any rebated fees remain in a client’s Account at the time of billing, those rebated amounts will be included in the Account assets subject to the Advisory Fee. Baird receives marketing support or revenue sharing payments (“marketing support”) from the sponsors and investment advisers of certain mutual funds. These payments, which are based on sales of, or client assets invested in, such funds, are intended to compensate Baird for providing marketing, distribution and other services for the mutual funds. Marketing support is not paid by sponsors or investment advisers of mutual funds on mutual fund assets held in investment advisory Retirement Accounts to the extent prohibited by applicable law. Baird received marketing support payments over the past two calendar years from the sponsors or investment advisers of Alliance Bernstein Funds, American Funds, Franklin Templeton Funds, Fidelity Funds, Goldman Sachs Funds, Hartford Funds, Invesco Funds, John Hancock Funds, JPMorgan Funds, Lord Abbett Funds, MFS Funds, PIMCO Funds and Principal Funds. Baird also generally receives marketing support related to the sale of units of UITs. Sponsors of UITs typically make marketing or concession payments to the firms that sell their UITs, including Baird. These payments are typically calculated as a percentage of the total volume of sales of the sponsor’s UITs made by the firm during a typically particular period. That percentage increases as higher sales volume levels are achieved. Descriptions of these additional payments are provided in a UIT’s prospectus. UIT sponsors that have paid volume concessions to Baird over the past two calendar years include Advisors Asset Management (AAM), SmartTrust, First Guggenheim Investments. Receipt of marketing support payments from sponsors and investment advisers of mutual funds and UITs provides Baird an incentive to offer, market and recommend such mutual funds and UITs and to favor mutual funds and UITs with sponsors or investment advisers that make the greatest levels of such payments. If Baird receives 12b-1 fees with respect to mutual fund shares that are designated as unbillable assets in a client’s Account, Baird will retain such 12b-1 fees. This presents a conflict of interest because it provides Baird and its PAM 106 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Please see seminars supporting Baird Please see Baird does not share these payments with PAM Consultants. “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. an incentive to promote or market the sponsors’ investment products in order to persuade them to and continue “Revenue conferences. Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Schwab Clearing Arrangement PAM Consultants Receive Benefits from Product Providers benefits. see PAM Consultants generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may include invitations to attend conferences or educational seminars, payment of related travel, lodging and meal expenses, and receipt of gifts and entertainment. For example, PAM Consultants are invited to educational conferences hosted by sponsors of mutual funds, annuities and other investment products, with the costs associated with such conference (including travel and lodging) paid by the sponsors. In addition, PAM Consultants hold client events with some or all of the costs of such events paid by sponsors of investment products. Product sponsors may also provide gifts and entertainment in connection with those or other events. These benefits present a conflict of interest in that they give PAM Consultants an incentive to recommend investment products and their sponsors that provide the greatest levels of such “Revenue Please Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Cash Sweep Program Program Baird Baird has a clearing arrangement with Charles Schwab & Co., Inc. (“Schwab”) whereby Schwab maintains an omnibus account with certain mutual fund families for Baird on behalf of Baird clients. Under the clearing arrangement, Schwab provides clearing services for most “no load” funds and “load” funds held by Baird clients. Although Baird pays Schwab a fee for its clearing and omnibus services, Schwab generally passes through to Baird the shareholder servicing fees that Schwab receives from the funds. Shareholder servicing fees are not paid by Schwab on mutual fund assets held in Retirement Accounts to the extent prohibited by applicable law. The amount of the shareholder servicing fees paid to Baird is based on the value of the client assets invested in those funds. However, the shareholder servicing fee rate varies based on the type of fund (load or no load), the value of client assets in those funds, and the relationship that Schwab has with those funds (whether or not Schwab receives payments from those funds or their sponsors, and the rates of such payments). As a result, Baird has an incentive to recommend mutual funds from which Baird would receive higher payments from Schwab. However, Baird generally does not compensate PAM Consultants based upon the amounts Baird receives from Schwab except with respect to amounts attributable to sales loads and 12b-1 fees that Baird would otherwise receive directly from a fund if it were not for the existence of the clearing arrangement with Schwab. If Baird receives 12b-1 fees from Schwab with respect to a mutual fund investment in a client’s Account, Baird rebates or retains such fees as further described under the heading “Ongoing Product Fees” above. Baird Conference Sponsorships Baird has an incentive to have clients participate and maintain significant balances in Baird’s Cash Sweep receives because substantial compensation on client cash balances that are automatically swept into bank deposit accounts and invested in money market mutual funds under the program. Please see “Services, Fees and Compensation—Additional Service Information—Cash Sweep Program” above for more detailed information. Trust Services Arrangements funds, the opportunity Baird hosts a number of seminars and conferences for PAM Consultants in any given year, including Baird’s PWM Symposium, which gives sponsors of investment products, such as mutual to make presentations at, and contribute money toward the cost of, such seminars and conferences. This presents a conflict of interest in that it gives Baird Baird and PAM Consultants have an incentive to recommend that a client retain Baird Trust for the client’s trust services needs rather than an unaffiliated firm because it is more profitable for 107 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  above for more Baird and they receive compensation from Baird Trust if the client retains Baird Trust. Please see “Services, Fees and Compensation—Additional Services Information—Trust Service Arrangements” detailed information. Margin Loans to recommend Account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. However, because Baird’s revenues and the compensation paid to PAM Consultants from brokerage accounts increase as the level of trading increases, Baird and PAM Consultants have an incentive to recommend a brokerage account to a client rather than an investment advisory Account if the client has, or is expected to have, significant trading activity in the client’s account. PAM Consultants also have a financial certain wealth incentive management services, such as financial planning. Please see “Services, Fees and Compensation— Advisory Fees—Advisory Fee Payments to Baird, PAM Consultants and Investment Managers” above for more detailed information. fee. Please see Account Transfers and New Accounts Loans” above Baird has an incentive to recommend that a client use margin because Baird receives interest on client margin loans, and Baird and PAM Consultants also have an incentive to recommend that a client use margin, because a margin loan allows the client to make larger and more securities purchases. It also increases the value of a client’s Account and thus the Advisory Fee associated with that Account because the margin loan is not deducted for purposes of calculating the “Services, Fees and Compensation—Additional Service Information— Margin for more detailed information. Securities-Based Lending Program for Baird and a client’s PAM Consultant have an incentive to recommend that the client transfer the client’s accounts to Baird and establish new accounts with Baird (including IRA rollovers) because doing so will result in increased revenues the PAM to Baird and compensation Consultant. PAM Consultants receive Recommendations to Open Different Types of Accounts Baird and PAM Consultants have an incentive to recommend that a client participate in Baird’s Securities-Based Lending Program because Baird and referral compensation and such loans allow a client to keep more assets in the client’s Accounts, which result in more advisory fees for us and paid to the client’s PAM Consultant. Please see “Services, Fees and Compensation—Additional Service Information—Securities-Based Lending Program” above for more detailed information. Investment Advisory and Brokerage Account and Service Recommendations to clients rather Baird and PAM Consultants have an incentive to recommend that a client open different types of accounts with Baird, such as individual accounts, IRA rollovers, joint accounts, 529 plan accounts and UGMA/UTMA accounts, because if a client has different types of accounts with Baird, the client brings more of the client’s investable assets to Baird, on which fees can be generated, thereby increasing Baird’s revenues and the client’s PAM Consultant’s compensation. Also, if a client has more account types with Baird, the client is statistically more likely to maintain the client’s relationship with Baird and the client’s PAM Consultant for longer periods of time. Baird Stock Ownership Consultant receive Baird and PAM Consultants generally have a financial incentive to recommend investment advisory Accounts than brokerage accounts because Advisory Fee revenue is recurring, more predictable and typically greater than the revenues Baird earns, and the compensation PAM Consultants receive, from brokerage accounts. In addition, because Advisory Fees are paid by a client regardless of the trade activity in the client’s advisory Account, Baird will receive greater revenue, and the client’s PAM greater will compensation, from a low trade-activity advisory Account than from a low trade-activity brokerage account. Baird and PAM Consultants thus have an incentive to recommend an investment advisory Most PAM Consultants own common stock of BFG, Baird’s ultimate parent, and when offered the opportunity to buy BFG stock they usually do so. The amount of BFG stock that a PAM Consultant may purchase is based in part on the PAM Consultant’s total production level. A client’s PAM incentive to make Consultant thus has an PAM recommendations that increase the 108 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  with Baird, even if Information—Trading for receive on principal trades, such as a markup or markdown, is often higher than the compensation they receive when executing trades as agent, such as commissions. The compensation received by Baird and PAM Consultants is in addition to the asset-based Advisory Fee a client pays on the client’s advisory Accounts. Thus, Baird and PAM Consultants have an incentive to trade as principal rather than as agent. Principal trades also allow Baird to sell securities from Baird’s account that Baird deems undesirable and to buy securities for Baird’s account that Baird deems desirable. For more information, please see “Services, Fees and Compensation—Additional Service Client Accounts—Trade Execution Services Performed by Baird—Principal Trades” above. to a client even though Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities Consultant’s total production on the client’s accounts with Baird. Moreover, revenues from Baird’s PWM department, in which PAM Consultants operate, contribute substantially to BFG’s overall revenues and profitability, and the performance of BFG’s stock price is largely due to the profitability of Baird’s PWM department. As a result, a client’s PAM Consultant’s ownership of BFG stock creates a financial incentive to make recommendations to the client that increase the amount of revenues generated from the client’s accounts those recommendations will not increase the PAM Consultant’s production, so as to increase the revenues and profitability of Baird’s PWM department and thus of BFG, which will serve to grow the value of the BFG stock. For example, ownership of BFG stock provides a client’s PAM Consultant an incentive to recommend affiliated products such recommendation does not increase the client’s PAM Consultant’s production. Relationships with Issuers of Securities related services in companies or fees the services Investment Banking invest From time to time, Baird may have proprietary issuers whose investments securities are offered and sold to clients, a PAM Consultant or another Baird associate may have significant investments in companies or issuers whose securities are offered and sold to clients, or a PAM Consultant or another other Baird associate (or their spouses, partners or family members) may have a position as an officer or director of a company or issuer whose securities are offered and sold to clients. In such cases, Baird and/or a client’s PAM Consultant will have an incentive to recommend that the client in those companies. PAM Consultants Transferring to Baird the securities issued in to Baird’s A PAM Consultant joining Baird from another firm has an incentive to recommend that a client to transfer the client’s accounts from such firm to Baird because doing so will increase the PAM Consultant’s compensation. Please see “Services, Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, PAM Consultants and Investment Managers” above for more detailed information. Principal Trading Through its Investment Banking, Public Finance and Institutional Equities Services Departments, Baird provides investment banking, municipal advisory, securities underwriting, stock buyback and to various corporate, municipal, and other issuers of securities. Baird from such receives compensation and entities it in connection with provides. Baird may, therefore, have an incentive to favor the securities of issuers for which Baird provides such services over the securities of issuers for which Baird does not provide such services. A PAM Consultant who refers a client to Baird for a possible transaction in which Baird Investment Banking earns a financial advisory or underwriting fee receives a portion of such fee. A PAM Consultant who refers a client to Baird Public Finance for a municipal advisory or underwriting opportunity receives a portion of the compensation earned by Baird Public Finance on that opportunity. Baird and PAM Consultants thus have an incentive to recommend those offerings. A PAM Consultant who refers a Institutional Equities corporation business for a stock buy-back program receives a portion of the commissions earned by Baird’s Institutional Equities business. Baird and its PAM Consultants may, therefore, have an incentive to buy, and to recommend that clients sell, the securities of issuers that are part of Baird’s buyback services. For more information about referral compensation paid to PAM Consultants and related conflicts of interest, please see “Baird Baird and PAM Consultants have an incentive to execute a trade for a client on a principal basis. The compensation that Baird and PAM Consultants 109 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s Other Broker-Dealer and Related Activities Referral Programs” on Baird’s website at bairdwealth.com/retailinvestor. Baird Underwritten Offerings In their broker-dealer, and broker-dealer representative capacities, respectively, Baird and its PAM Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, Complex Investment Products and other securities. Baird and its PAM Consultants receive compensation based upon the sale of such investment products. Baird and PAM Consultants have an incentive to recommend that clients purchase securities in offerings underwritten by Baird because the underwriting compensation that Baird and PAM Consultants will earn on those offerings tends to be higher than the compensation they would normally receive if clients were to buy them in the secondary market, and because the profitability of underwritten offerings to Baird depends upon Baird’s ability to sell the securities allocated to Baird in the offering. Allocations of IPOs and Other Public Offerings time that investments PAM Consultants have the incentive to favor some clients over other clients when allocating shares issued in public offerings, particularly those clients with larger accounts or accounts that generate high fees and compensation, as a reward for their past business or to generate future business. Compensation—Additional Research Activities Baird and its affiliates and associates may buy or sell investments that are recommended to or owned by a client for their own accounts, or they may act as broker or agent for other clients buying or selling those investments. Those include buying or selling transactions may investments in a manner that differs from, or is inconsistent with, the advice given to a client, and those transactions may occur at or about the same are such recommended to or are purchased or sold for a client’s account. Baird may also engage in agency cross transactions and principal transactions with clients as further described under “Services, Fees Service and Information—Trading for Client Accounts—Trade Execution Services Performed by Baird” above. The investment advice provided to a client may be based on the research opinions of Baird’s research departments. Baird does, and seeks to do, business with companies covered by those research departments and as a result, Baird may have a conflict of interest that could affect the content of its research reports. Trade Error Correction As a registered broker-dealer, Baird effects transactions in securities on a national exchange and may receive and retain compensation for such services, subject to the limitations and restrictions made applicable to such transactions by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder. Baird may also benefit from the possession or use of any free credit balances in client Accounts, subject to restrictions imposed by Rule 15c3-3 under the Exchange Act. Free credit balances include uninvested cash in client Accounts that has not been automatically deposited or swept into a bank deposit account or money market mutual fund. It is Baird’s policy that a client’s account will be fully compensated for any losses incurred as a result of a trade error for which Baird is responsible. If the trade error results in a gain, the gain may be retained by Baird. For more information, please see “Services, Fees and Compensation—Additional Service Information— Trading for Client Accounts—Baird’s Trading Practices—Trade Error Correction” above. securities exchanges Other Client Relationships Baird may route certain securities orders to other broker-dealers or for execution. Baird selects execution venues based on the size of the order, trading characteristics of the security, speed of execution, likelihood of price improvement, availability of efficient automated transaction processing, guaranteed automatic execution levels, and other qualitative factors. Baird receives remuneration in the form of payment or liquidity rebates on certain options Certain client accounts overseen by Baird and PAM Consultants may have similar investment objectives and strategies but may be subject to different fee schedules or commission rates. Thus, Baird and its PAM Consultants have an incentive to favor client accounts that generate a higher level of compensation. 110 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Referrals and may recommend to clients, and may buy and sell for client’s Account, securities in which Baird and its affiliates and associates have a material financial interest or practices that present a conflict of interest. For more information, please see “Services, Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, PAM Consultants and Investment Managers” and “Additional Information—Other Financial Industry Activities and Affiliations” above, and “Additional Information—Client Other Compensation” below. Addressing Conflicts or equity securities orders routed to some venues (commonly known as “payment for order flow”). This compensation, although not material to Baird’s trading business, gives Baird an incentive to route client orders for securities transactions to those venues that provide Baird the greatest levels of compensation. At a client’s request, Baird will make available certain information about the routing of such client’s orders routed for execution in the six months prior to the request. Such information will include the identity of the venue to which orders were routed, whether such orders were directed or non- directed and the time of the transactions, if any, that resulted from such orders. Baird also prepares a quarterly summary discussing certain orders routed away for execution, including the type and the identity of the broker-dealers or exchanges receiving such orders. This summary as well as other important information about Baird’s order routing practices are available at: http://www.rwbaird.com/help/account- disclosures/routing-equity-orders.aspx. for Baird and The foregoing activities could create a conflict of interest with clients. In addition to the measures described above, Baird addresses conflicts posed by those activities through disclosure in this Brochure, the client’s agreements with Baird, the Client Relationship Booklet and prospectuses, offering documents or other disclosure documents provided or made available to clients. Baird has also adopted a Code of Ethics and other internal policies and procedures its associates that: from time • require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); that • are designed securities to ensure allocations made to discretionary client accounts are made in a manner such that all such clients receive fair and equitable treatment over time; Baird and its associates, by reason of Baird’s investment banking or other broker-dealer, time acquire to activities, may information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information with respect to any client Account. Baird’s other activities thus present a potential conflict of interest because such activities may limit Baird’s ability to advise or manage client Accounts. Other Conflicts of Interest • address Baird’s and its associates’ trading activities and are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients; and • address and limit cash and non-cash benefits provided to PAM Consultants by third parties in an attempt to avoid any question of propriety or any conduct inconsistent with Baird’s high standards of ethics. Duration Compensation Will Be Received Baird offers to clients other investment products and services not described in this Brochure. These investment products and services provide different levels of compensation to Baird and its PAM Consultants. Baird and its PAM Consultants have an incentive to favor those investment products and services that generate a higher level of compensation than those that generate a lower level of compensation. For more information about the other investment products and services offered by Baird, clients should contact Baird or a PAM Consultant. Other sections of this Brochure also describe instances when Baird and its PAM Consultants If a client holds any of the investment products its affiliates and described above, Baird, associates will receive the fees and payments described above for the duration of the client’s advisory In some relationship with Baird. circumstances, the receipt of such compensation advisory may extend beyond a client’s 111 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  relationship with Baird if the client continues to hold those assets at Baird. performance reporting to a client at any time for any reason upon notice. retain If Baird, or an affiliate or associate of Baird, receives any compensation or benefit described in this Brochure from or related to a client’s investment, the they will generally compensation or benefit. Except as otherwise described above, Baird generally does not rebate these amounts to a client’s Account or credit the amount against the Advisory Fees payable by a client unless such compensation may not be retained under applicable law or regulation. Client performance reports usually contain a portfolio valuation and typically show the asset allocation of the client’s portfolio, changes in a client’s portfolio, and account performance compared to a benchmark market index or indices (such as the S&P 500® Index or the Bloomberg U.S. Intermediate Government/Credit Bond Index). The benchmark may be a blended benchmark that combines the returns for two or more indices. Review of Accounts Client Account Review A client should note that past performance does not indicate or guarantee future results. None of PAM, Baird, or investment managers managing the client’s Account promise or guarantee any level of investment returns or that the client’s investment objective will be achieved. Client accounts are monitored on a periodic basis by the client’s PAM Consultant and are subject to review by the Baird Market Director or PWM Supervision department supervisor (or his or her respective designee) responsible for supervising the client’s PAM Consultant. A client’s PAM Consultant generally reviews the performance of the client’s Account at least annually. However, the client’s PAM Consultant may not review the performance of a client’s SMAs managed by Other Managers under the Baird SMA Network Program or Dual Contract Program. Baird has designated individuals who are responsible for monitoring a client’s PAM Consultant with respect to the client account’s trading activity and attempting to ascertain whether client accounts within each composite are being treated equitably. Benchmarks shown in performance reports are for informational purposes only. PAM’s selection and use of benchmarks is not a promise or guarantee that the performance of a client’s Account will meet or exceed the stated benchmark. When the client compares Account performance to the performance of a market index, the client should recognize that a market index merely reflects the performance of a list of unmanaged securities included in the index and the index performance does not take into account management fees, execution costs, and other expenses related to investing for a client’s Account. The securities included in a client’s Account generally do not exactly mirror the securities included in the index. Account Statements and Performance Reports performance comparisons If Baird provides transaction execution services to a client, Baird will generally provide the client with a monthly brokerage account statement when activity occurs during that month. Otherwise, Baird will provide the client with a quarterly statement if there has not been any intervening monthly transaction activity. The benchmarks used by Baird with respect to a client’s SMA may differ from the benchmarks used by the manager of the client’s SMA. As a result, the in Baird’s performance reports may differ from reports provided to clients directly by the investment manager for the client’s SMA. The performance of investment managers may, under certain circumstances, be presented to clients on a “gross” or “gross of fees” basis, which means the performance results being presented does not reflect the deduction of Advisory Fees and other costs that clients have incurred and will incur when retaining the manager. Had applicable Advisory Fees and other costs been included in the manager’s the performance calculation, A client’s PAM Consultant will provide the client with a written report on the client’s Account’s performance as often as the client and the PAM Consultant may from time to time mutually agree. Performance reporting may not be available for Account assets that are not custodied at Baird. For more information about performance reports provided by PAM, see “Services, Fees and Compensation—Description of Advisory Services” above. PAM or Baird may change or discontinue 112 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  calculation of is unreliable. Valuation data in a timely manner, resulting performance results would have been lower than the performance results presented. Documents presenting a manager’s performance results on a fees basis should contain certain gross of disclosures about the performance results being presented. Clients are urged to review carefully those disclosures because they contain important information about the the performance results. If a client is presented performance information for a manager’s strategy on a gross of fees basis and the client has an Account managed by that manager pursuant to the client should obtain a that strategy, performance report for the Account and review that performance information carefully because the performance report for the Account will reflect the deduction of applicable Advisory Fees and other costs. PAM and Baird do not conduct a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. PAM and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such for valuations investments, particularly annuities and Complex Investment Products, may not be provided to PAM or Baird in valuations that are not current. The prices obtained by PAM and Baird from the third party pricing services, issuers, sponsors and custodians may differ from prices that could be obtained from other sources. Values used in account statements and performance reports may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the values may be greater than the amount a client would receive if the securities were actually sold from the client’s Account. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by PAM or Baird. See “Services, Fees and Compensation—Additional Service Information—Custody Services” above for more information. Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by Baird client Accounts pursuing the Model Portfolio strategy. See “Additional Service Information—Trading for Client Accounts—Trading Practices of Investment Managers” above for more information. including, but not limited to, role in developing the these fees to Client Referrals and Other Compensation PAM or Baird may provide compensation to individuals who refer clients in some instances. When applicable, the compensation paid is a percentage of the client’s fee payments or the value of the client’s Account. The amount of compensation will vary, with the specific level determined based upon consideration of various factors the individual’s client relationship and the assets under management. Baird may pay registered representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird. When preparing a client’s Account statements and performance reports, PAM and Baird generally rely upon third party sources, such as third party pricing services. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian. PAM and Baird and Baird’s affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections 113 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  entitled “Services, Fees and Compensation”, “Account Requirements and Types of Clients”, “Additional Information—Other Financial Industry “Additional Activities and Affiliations” and Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” above. Financial Information PAM does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of Baird’s most recent fiscal year. Neither Baird nor PAM is aware of any financial condition that is reasonably likely to impair their ability to meet their contractual commitments to clients, nor has either been the subject of a bankruptcy petition at any time during the past ten years. investment investment product including, of Labor without (“DOL”) client and each Retirement Account Fiduciary of the client acknowledge in the client’s advisory agreement that: (i) the investment in affiliated investment products for the client’s Account is appropriate because of, among other things, the investment goals, redeemability, liquidity, and diversification of those products; (ii) subject to the terms of the applicable Service, all assets of the client’s Account may be invested in one or more of the affiliated investment products; (iii) the client and such Retirement Account Fiduciary received prospectuses or other offering or disclosure documents for the affiliated investment products that may be used in connection with the Account, each of which include a summary of all fees that may be paid by the affiliated investment products to Baird or its affiliates; and (iv) the client received information concerning the nature and extent of any differential between the rate of such affiliated investment product fees and the Advisory Fees payable by the client. The differential between the fees to be charged by PAM and Baird for the investment advisory services they provide to the client and, if applicable, the investment advisory and other similar fees paid by the affiliated investment product to Baird or its affiliates with respect to the services Baird or any of its affiliates provides to the affiliated is the difference between the Advisory Fee disclosed in the client’s advisory agreement and the applicable investment management, investment advisory and other similar fees detailed in the applicable prospectus or other offering or disclosure documents for the affiliated investment product. Special Considerations for Retirement Accounts Each Retirement Account Fiduciary of a client should understand that PAM or Baird may invest for the client, recommend that the client invest in, to plan for or make available participants, affiliated investment products, that Baird and its affiliates will receive fees or other compensation related to such investments, and that they will retain such compensation to the extent permitted by applicable law, rule or limitation, regulation, Department Prohibited Transaction Exemption (“PTE”) 77-4, DOL PTE 2020-02 or other advisory opinions issued by the DOL. that directed the fiduciary Fiduciary such Fiduciary is that for complying with all If the client’s Account is a Retirement Account and if PAM is directed to implement a directed brokerage arrangement for the Account, each Retirement Account Fiduciary of the client should brokerage the understand: arrangement must be for the exclusive benefit of participants and beneficiaries of the Retirement Account; and responsibilities discussed in ERISA Technical Bulletin 86-1. Each should also Retirement Account solely understand responsible fiduciary responsibilities discussed in ERISA Technical Bulletin 86-1, including, without limitation, the duty to make an initial determination that the directed broker-dealer is capable of providing best execution for the client’s brokerage transactions, the duty to monitor the services provided by the directed broker-dealer so as to assure that the To the extent Baird and its affiliates rely upon PTE 77-4, each Retirement Account Fiduciary should also understand that when PAM or Baird invests the assets of a Retirement Account in an affiliated investment product that pays investment advisory fees to Baird or any of its affiliates, Baird and its affiliates will receive such investment advisory fees in accordance with the terms of DOL PTE 77- 4, and, as required thereby, PAM and Baird will waive the asset-based Advisory Fees on that portion of the assets invested in the affiliated investment product for such period of time so invested or Baird will offset the investment advisory fees received by Baird or any of its affiliates from the affiliated investment product against the asset-based Advisory Fee that PAM and Baird charge to the client. For the purpose of complying with the terms of DOL PTE 77-4, the 114 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  transactions, and the duty broker-dealer, and terminating monitoring a client has received best execution of the client’s brokerage to determine that the commissions paid by the client and any other fees or costs incurred by the client are reasonable in relation to the value of the brokerage and other services received by the client. The client and each Retirement Account Fiduciary of the client should also understand that the client and the client’s Retirement Account Fiduciaries are solely responsible for engaging a its directed performance directed brokerage arrangement, and that PAM and Baird are not responsible for determining whether a directed broker-dealer is capable of providing best execution. For more information If a client’s Account is a Retirement Account and if the client has selected an investment manager or product related to Baird (such as the use of services or products offered by Baird Advisors, Baird Equity Asset Management, CCM, Baird Trust, GAMMA, Greenhouse, LoCorr, Riverfront, Strategas or any Investment Fund affiliated with any of them), each Retirement Account Fiduciary of the client understands and agrees that in making such selection: (a) Baird and its affiliates may receive higher aggregate compensation than if the client selected investment managers, funds or other products not affiliated with Baird and thus Baird may have an incentive to offer such affiliated investment managers, funds or other products; (b) Baird makes available to the client investment managers, funds and products not affiliated with Baird and the client may obtain additional information about such unaffiliated investment managers, funds or products at any time by contacting the client’s PAM Consultant; and (c) the client is free to choose another investment option or participate in another Baird advisory program that does not use investment managers, funds or products affiliated with Baird at any time by contacting the client’s PAM Consultant. about investment managers and products that are affiliated with Baird, please see “Additional Information—Other Financial Industry Activities and Affiliations” above. 115 Baird PAM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

Baird Private Wealth Management Brochure March 21, 2025 Financial Planning Services 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”) and its Private Wealth Management Department’s Financial Planning Services. Clients should carefully consider this information before becoming a client of Baird. If you have any questions about the contents of this Brochure, please contact us 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 Robert W. Baird & Co. Incorporated (“Baird”) updated the Form ADV Part 2A brochure for its Private Wealth Management Department’s Financial Planning Services (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that Baird has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Baird updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Advisory Business” for more information. • Baird updated information about Baird’s affiliates and related persons. See the Section of the Brochure entitled “Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents Advisory Business .......................................................................................................... 1 Robert W. Baird & Co. Incorporated .............................................................................. 1 The Client-Baird Fiduciary Relationship .......................................................................... 1 Description of Services ................................................................................................ 2 Additional Service Information ...................................................................................... 4 Fees and Compensation ................................................................................................. 5 Advisory Fees ............................................................................................................. 5 Other Fees and Expenses ............................................................................................. 8 Other Compensation Received by Baird ......................................................................... 8 Performance-Based Fees and Side-By-Side Management ............................................... 8 Types of Clients .............................................................................................................. 8 Methods of Analysis, Investment Strategies and Risk of Loss ........................................ 8 Disciplinary Information ................................................................................................ 9 Other Financial Industry Activities and Related Parties ............................................... 10 Broker-Dealer Activities ............................................................................................. 10 Investment Management Activities .............................................................................. 11 Certain Affiliated and Related Parties ........................................................................... 11 Other Financial Industry Activities ............................................................................... 13 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading...................................................................................................... 13 Code of Ethics .......................................................................................................... 13 Participation or Interest in Client Transactions .............................................................. 14 Brokerage Practices ..................................................................................................... 16 Review of Accounts ...................................................................................................... 16 Client Referrals and Other Compensation ..................................................................... 16 Custody ........................................................................................................................ 16 Investment Discretion .................................................................................................. 16 Voting Client Securities ................................................................................................ 16 Financial Information ................................................................................................... 16 iii Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  its services separately or recommendations regarding investment managers and individual securities; investment consulting; wealth planning; investment policy development; and account performance monitoring. Baird also offers clients execution of brokerage transactions and administrative services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers in combination with other services. Baird participates in wrap fee programs, including programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid by clients for providing portfolio management services under those wrap fee programs. billion in regulatory assets As of December 31, 2024, Baird had approximately under $342.1429 management, approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. Advisory Business This Brochure describes the Wealth Planning Services that the Private Wealth Management Department of Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients. Separate brochures describe those other investment advisory services and discuss the terms and conditions, fees and costs and potential conflicts of interest associated with those services. This Brochure also references other documents that contain additional important information about Baird. Those documents describe the types of services that Baird offers to clients and certain types of investments it makes available to clients, including the terms, conditions, fees and costs applicable to those services and investments and certain risks and conflicts of interest associated with those services and investments. Those documents are available on Baird’s website at bairdwealth.com/retailinvestor. Included on that website is Baird’s Client Relationship Booklet, which contains Baird’s Form CRS Client Relationship Summary and Baird’s Client Relationship Details document. The Client Relationship Booklet also contains an important disclosure document for retirement investors that have retirement accounts, which include employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as amended (“IRC”) (collectively, “Retirement Accounts”). A client of Baird should have already received a copy of the Client Relationship Booklet. A client or prospective client who wishes to obtain a brochure for another investment advisory service provided by Baird, or a paper copy of any of the other documents referenced in this Brochure, including the Client Relationship Booklet, should contact a Baird Financial Advisor or call Baird toll-free at 1-800-792- 2473. The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. information is privately-held, Robert W. Baird & Co. Incorporated Baird employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. The Client-Baird Fiduciary Relationship Baird is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Baird and its associates are deemed to have a fiduciary relationship with a client when providing the investment advisory services that are described in this Brochure. That means that Baird and its associates are required to act in the best interest of the client when providing investment advisory services. From time to time, Baird or its associates may engage in certain business practices or may receive compensation or other benefits that create a potential for conflict between the interests of clients and the interests of Baird or its associates. Baird generally addresses potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements that contain individuals providing about investment advice to clients and the services they provide, and the agreements clients enter into with Baird. In addition, Baird has adopted internal policies and procedures for Baird and its associates that require them to: provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; and act with utmost care and good faith in dealings with advisory clients. The specific business practices that create potential conflicts of interest with clients and additional measures used by Baird to address them are discussed in other sections of this Brochure. A client should note that registration as an investment adviser does not imply a certain level of skill or training. Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird offers include: portfolio management and analysis; analysis and regarding asset allocation and recommendations and investment strategies; research, analysis 1 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Description of Services Baird offers the services described in this Brochure (the “Services”) through its Financial Advisors and certain of its home office professionals in its Financial & Estate Planning Department (the “Department”). meeting those needs. The Plan generally includes an analysis of the client’s investment needs and goals and recommends an asset allocation and/or broad categories of investment alternatives designed to achieve Client’s goals. Recommended investment categories may include one or more of the following categories of assets: Baird Financial Advisors and its home office professionals tailor their advisory services to the individual needs of clients. • the equity securities asset category, which is comprised of certain asset classes, such as, equity securities issued by: U.S. large cap growth companies; U.S. large cap value companies; U.S. large cap core companies; U.S. mid cap growth companies; U.S. mid cap value companies; U.S. mid cap core companies; U.S. small cap growth companies; U.S. small cap value companies; U.S. small cap core companies; foreign companies located in developed markets; foreign companies located in emerging markets; U.S. real estate investment trusts (‘REITs”); and foreign REITs; The Services are non-discretionary in nature and a client retains full discretionary authority to manage the client’s assets. The Services may be provided on an individual, one-time basis (“Individual Planning Services”) or may be provided on an ongoing basis (“Ongoing Planning Services”), depending upon the selection made by the client. Certain Baird Financial Advisors may also provide financial analyses and related financial consulting services in connection with a divorce. A client will enter into a wealth planning agreement (an “Agreement”) with Baird, which will identify the specific Services being provided, the advisory fee (“Advisory Fee”) payable by the client and other terms applicable to the client’s relationship with Baird. • the fixed income securities asset category, which is comprised of certain asset classes, such as: short-term taxable bonds; intermediate term taxable bonds; long- term taxable bonds; short-term tax-exempt bonds; intermediate term tax-exempt bonds; long-term tax- exempt bonds; high yield fixed income securities; foreign fixed income securities; and broad fixed income securities; In certain instances, particularly if a client has selected Ongoing Planning Services, the client will open an account at Baird (an “Account”) by entering into another, separate account agreement with Baird, such as the Client Relationship Agreement. • the non-traditional assets category, which is comprised of certain asset classes, such as: commodities and commodity-linked instruments; and currencies and currency-linked instruments; Wealth Planning Services Individual Planning Services • the alternative investment products category which is comprised of certain asset classes, such as: hedge funds, private equity funds and managed futures; and Investment Advisory Services • cash. Baird offers to clients Individual Planning Services, pursuant to which Baird prepares and delivers to the client one wealth plan (a “Plan”) each time the client engages Baird to provide such Services. Each asset allocation strategy has different allocations across each asset class, and some strategies may have no allocation to one or more asset classes described above. Additional Individual Planning Services If the client wishes to obtain Individual Planning Services from Baird, the client will need to define his or her financial goals, needs and objectives and gather and provide relevant information to Baird. A client will typically complete a wealth planning questionnaire to help define the client’s financial goals, needs and objectives and provide relevant information to Baird. Upon request, a Baird Financial Adviser or other Baird representative may provide assistance with the questionnaire. In addition to the Individual Planning Services described above, Baird and a client’s Baird Financial Advisor offer certain additional Individual Planning Services for which they do not act as an investment advisor or a fiduciary. These services may include the following. Estate Plan Analysis Based upon information provided by the client and client’s legal advisors, the Department may analyze the client’s estate plan including an analysis designed to provide information on possible gift and estate tax consequences for the client related to the transfer of assets during his or her lifetime or at death. This estate plan analysis may Based upon the responses to the questionnaire and other information provided by the client, the client’s Baird Financial Advisor and/or the Department will prepare a Plan for the client. The contents of a Plan depend upon the particular needs and requests of the client. A Plan generally evaluates the client’s retirement, life insurance, education funding, estate and/or other cash flow needs for and provides recommendations and strategies 2 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  provide guidance regarding advanced estate planning techniques specific to high-net-worth families. evaluation of the Plan and whether the client should engage Baird to update the Plan. Insurance Needs Analysis Ongoing Planning Services An Insurance Needs Analysis may assess client needs for life insurance, long-term care insurance and disability insurance. It may also provide information about the costs of obtaining insurance coverage. Tax Planning Analysis In addition to the services available in the Individual Planning Services described above, Baird also offers Ongoing Planning Services. The Ongoing Planning Services made available to clients may include: a discovery process, general wealth planning and budget review, preparation and delivery of a Plan described more fully above (which may include reviewing and updating a Plan), goal setting and action planning (which may include goals and strategies for debt reduction or savings for education or other funding needs), goal progress meetings, investment and asset allocation review and retirement funding review. A client’s Agreement will set forth the specific Services to be provided. Generally, each Service selected by a client will be provided once annually unless the client’s Agreement provides otherwise. Divorce Financial Analyst and Consulting Services Based upon tax return and other information provided by the client or a client’s tax advisors, Baird may provide a tax planning analysis. The analysis may offer planning considerations and/or illustrate the tax consequence for the client of various transactions and planning techniques. Scenarios can be shown for a single year, or multiple years into the future. The offering and performance of tax planning services does not constitute tax advice. Tax planning services are provided solely based upon the direction and information provided by a client. Before obtaining a tax planning service or taking action based upon that service, a client should consult the client’s tax advisors about the tax consequences of doing so. Important Individual Planning Services Information forth recommended actions insurance in The Plan will set furtherance of the client’s goals, needs and objectives. In developing a client’s Plan, Baird does not assume or undertake any responsibility for implementing the recommended actions or for monitoring the actions taken by the client unless Baird has otherwise agreed to do so in writing. credits and reimbursements, A Baird Financial Advisor may assist the client in implementing the Plan under a separate arrangement; however, the client is not obligated to implement the Plan through Baird. Clients may utilize a financial advisor of their choice and may choose to implement only a portion of the recommendations included in the Plan. A Baird Financial Advisor may be engaged by a client (or the client’s attorney) to provide financial analyses and related financial consulting services in connection with a divorce. These services are provided upon request and may include: gathering of financial details relevant to the divorce, assessment of marital/community and separate property, financial income and expense analysis, modeling, cash flow forecasts, examination of retirement and issues, property division analysis, preparation of asset inventories and financial settlement scenarios, present value calculations, and tracing of financial statements to help categorize flow of funds or potential and communications with the client’s attorneys and tax advisers. Under certain limited circumstances approved by Baird’s home office, a Baird Financial Advisor may also provide testimony and reports in the divorce proceeding as to the analytical services provided. Baird may provide its analyses and reports to a client’s attorneys and, with the consent of the client or the client’s attorney, as required by law or in order to provide the services requested by the client, to the client’s tax adviser and other client representatives as well as insurance companies, mediators, judges, opposing parties and other third parties. A client selecting Individual Planning Services should note that Baird only prepares and delivers one Plan to the client, Baird’s engagement and the Agreement to provide Individual Planning Services ends once the Plan is delivered to the client and that, after a client has received the Plan, Baird undertakes no obligation to implement the actions recommended in the Plan, to review or monitor a client’s investments, other assets, financial position or returns, or to update or modify the Plan, unless the client Baird enters into another Agreement with Baird. the analyses, The divorce financial analyses and related consulting services Baird provides are based on information provided by the client and third parties (including without limitation the client’s attorneys and tax advisers, forensic accountants, opposing parties, mediators, actuaries, pension valuators, insurance companies and others). Baird relies on the accuracy and completeness of the information provided to it without independent verification. Baird does not take responsibility for any losses resulting from incorrect or incomplete information A Plan is effective as of the date indicated thereon. Any changes to a client’s financial and personal position and needs will affect information and recommendations made in a Plan. Financial planning is an ongoing process and a client should regularly consider whether financial and personal changes warrant a re- 3 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird receives from the client, the client’s advisers or third parties. individuals Baird’s analyses and reports are effective as of the dates indicated thereon or, if not so indicated, on the dates they are delivered to the client or the client’s attorney. After providing the analyses and other services requested, Baird undertakes no obligation to review or update them. The Services provided by Baird may also include limited consultations with the other professionals assisting the client, such as the client’s attorney or tax adviser. More comprehensive wealth planning services may involve the Baird Financial Advisor, working either independently or with from other Baird departments, considering more complex issues in wealth planning and reviewing estate planning strategies. A client’s other professional advisers often play an integral role in the Services. questionnaire and If a client desires to engage Baird to provide additional services, either at the time Baird is providing divorce financial analyst and related consulting services or after such services have been provided, the client will be required to enter into a separate agreement with Baird describing those additional services. Additional Service Information In preparing a Plan for a client or providing other Services, Baird relies on the accuracy and completeness of the information that the client provides in the wealth otherwise, without planning independent verification. Baird is not responsible for any inadequacies or errors contained in the Plan or other advice provided in connection with the Services that result from a client’s failure to provide Baird with accurate or complete information. implementation of include Baird’s advisory relationship with the client terminates automatically upon the cessation of Services, which occurs when Baird delivers a Plan to the client, unless Baird has agreed in writing to provide Ongoing Planning Services, in which event the advisory relationship terminates upon termination of the client’s Agreement. A client should note that the Services do not include the analysis or recommendation of specific securities or other investments or the investment strategies, although those services may be provided by Baird and/or a Baird Financial Advisor under a separate agreement with Baird. The Services only offer a client a recommendation as to the allocation of the client’s investment portfolio among various asset classes generally, which may recommendations regarding allocations to complex investment products or alternative investment asset classes. rates, rates of return, A client or prospective client may, but is not required to, enter into a separate relationship with Baird to implement the Plan or other recommendations made by Baird. In some cases, the client may already have a separate brokerage or advisory relationship with Baird while the wealth planning Services are being provided to the client, and the termination of wealth planning Services will not affect that pre-existing relationship. When a client enters into a separate relationship with Baird following the cessation of wealth planning Services, that relationship would generally be brokerage in nature and not advisory unless the client or prospective client and Baird separately agree to enter into an investment advisory contract. The Services are based upon certain hypothetical assumptions about future events. Some of these hypothetical assumptions include, without limitation, hypothetical assumptions about future: rates of inflation, levels of asset interest appreciation, dividend rates, growth rates, a client’s income and expenditure amounts, and a client’s taxes, tax rates, and tax filing status. These hypothetical assumptions vary by client and market and other conditions existing at the time the Services are provided. For more specific information about the particular hypothetical assumptions made when providing the Services, a client should refer to the written Plan or other documentation provided to the client or ask the client’s Financial Advisor. If a client engages Baird to provide brokerage or advisory services in addition to the preparation of a Plan or provision of Services, Baird will earn additional compensation in the form of fees and/or commissions. Thus, any recommendation to use Baird to implement the Plan or other recommendations made pursuant to the Services presents a conflict of interest. Additional Service Information Custody Services The Services will typically also reflect Baird’s and/or the client’s Financial Advisor’s analysis of different asset classes and the different levels of risk associated with each asset class. That analysis typically involves the consideration of past performance of an asset class and the use of forward-looking projections that are based upon certain assumptions about how markets will perform in the future. Baird may provide custody services in connection with the Services pursuant to a separate agreement between Baird and the client. See “Custody” below for more specific information. Baird and a client’s Financial Advisor may use other third parties to assist in the preparation of a Plan or provision of Services, such as the use of third party planning software and research providers. Baird will not separately charge a client for use of these other entities except with a client’s consent. 4 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Trust Services Arrangements significant health issue, or change objectives, risk tolerance, of any significant life changes (e.g., change in marital status, in employment) or if there is any change to the client’s financial investment circumstances, investment needs, or other circumstances that may affect the manner in which the client’s assets are invested. Neither Baird nor the client’s Baird Financial Advisor is responsible for any adverse consequence arising out of the client’s failure to promptly inform the client’s Baird Financial Advisor of any such changes. Since investment goals and financial circumstances change over time, a client should review the client’s participation in a Service with the client’s Baird Financial Advisor at least annually. Legal and Tax Considerations Baird and its associates will not provide any legal or tax advice to a client as part of the Services and no advice provided by Baird or any of its associates shall be deemed to be legal or tax advice. A client is urged to consult with the client’s personal legal and accounting professionals regarding any Plan or other wealth planning Services provided by Baird. If a client obtains an estate plan analysis, the client is urged to consult with the client’s personal legal and accounting professionals to determine appropriate estate planning strategies and to prepare any necessary documents required to implement an estate plan. Baird maintains an alliance with certain institutions, both non-affiliated and affiliated, including Baird Trust Company, that provide trust administration services, including custody, tax reporting and recordkeeping. Baird Financial Advisors at times refer clients seeking trust administration services to institutions that are members of the alliance. Subject to its fiduciary duties, the trustee oftentimes retains Baird to provide investment advisory services to the client trust. A client should understand that any such referral for trust services under the Trust Alliance Program made by Baird and its Financial Advisors is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such trust services arrangement. Baird has a financial incentive to recommend that clients use Baird Trust, an affiliate, over other non-affiliated trust companies. As a result of this affiliation, Baird Trust also has a financial incentive to retain Baird to provide investment advisory or other services on behalf of the client. In addition, Baird and Baird Financial Advisors have a financial incentive to recommend arrangements that involve Baird and the Baird Financial Advisor providing investment advisory services to the client and the trust company only providing trust administration services compared to an arrangement whereby a trust company would provide both investment advisory and trust administration services because it is more profitable to Baird and the Baird Financial Advisor. If a client obtains financial analyses or related financial consulting services in connection with a divorce, the client should understand that Baird does not provide legal or tax advice even though Baird’s services are provided in connection with a divorce or related legal process. Clients are encouraged at all times to obtain legal and tax services from licensed professionals. Baird is not responsible for judgments, settlements, consent decrees, awards or other decisions relating to a client’s divorce, the division of assets or support payments. Those matters are the responsibility of the client and the client’s legal professionals. In addition, outside of the Trust Alliance Program, Baird Financial Advisors may refer a client to Baird Trust to provide investment advisory and trust administration services to the client. If a client enters into such a relationship with Baird Trust, Baird and the client’s Baird Financial Advisor typically provide ongoing relationship management services. Baird Trust generally provides compensation to Baird and the client’s Baird Financial Advisor for the referral and providing ongoing services, which may be up to 50% of the ongoing fees that a client pays to Baird Trust, and which is credited to the client’s Baird Financial Advisor for purposes of determining the Financial Advisor’s compensation. The compensation paid to Baird and a client’s Baird Financial Advisor does not increase the fees that the client pays to Baird Trust. Due to Baird’s affiliation with Baird Trust and the compensation paid to Baird and Baird Financial Advisors, Baird and Baird Financial Advisors have a financial incentive to favor Baird Trust over other trust companies. Additional laws, regulations and other conditions apply to Retirement Accounts. Each owner, trustee, named fiduciary, responsible plan fiduciary, or other fiduciary acting on behalf of a Retirement Account (“Retirement Account Fiduciary”) should understand that Baird and its associates do not provide legal advice regarding Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts. Client Responsibilities Fees and Compensation Advisory Fees Wealth Planning Plans and other Services are provided for a fee. The fees for the Services are negotiated between the Baird A client is responsible for providing information to Baird and the client’s Baird Financial Advisor reasonably requested by them in order to provide the services selected by the client. Baird and the client’s Baird Financial Advisor will rely on this information when providing services to the client. A client is also responsible for promptly informing the client’s Baird Financial Advisor 5 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  client an invoice for the fees and charges (“direct billing”). A client’s Agreement will set for the specific fee amount and terms of payment. Divorce Financial Analytical Services the client and Baird agree Financial Advisor and the client. Generally, the fees are based upon the specific Services provided by Baird to the client. A wide range of Services are available, and the client selects the combination of Services that best fits his or her goals and objectives. The fees for the Services vary based upon a number of factors, including the complexity of the client’s Plan, if any, the other Services to be provided, if any, and the frequency and level of interaction that the client’s Baird Financial Advisor has with the client’s other professional consultants, including, among others, Certified Public Accountants (“CPAs”), trust department personnel, and legal professionals. Fees may vary from client to client based on a number of factors, including, but not limited to, the factors described above. Baird may waive all fees for Services in its sole discretion. Baird Financial Advisors who have been approved by Baird may also provide financial, analytical and related consulting services to clients in connection with a divorce for a flat fee or at an hourly rate, or a combination thereof. The flat fee or hourly rate is negotiated between the Baird Financial Advisor and the client. The fee or hourly rate is reflected in the agreement signed by the client. The fee or hourly rate will be reflected in an invoice sent to the client and paid within 30 days by the client (unless to another arrangement, such as debiting the amount from the client’s account at Baird). The flat fee will normally be paid in whole or in part in advance by the client, as reflected in the agreement signed by the client. If reflected in the agreement signed by the client, a flat fee may be imposed for each service provided. If agreed to by Baird, the flat fee may be paid upon completion of the services provided by Baird or on an installment basis. The flat fee will be subject to a minimum of $500 unless Baird and the client negotiate a different minimum amount, to be reflected in the client’s agreement. incur additional charges for The Advisory Fee the client pays to Baird for the Services and how it is to be paid will be set forth in the Agreement. The Services related to a Plan are typically provided under a flat fee arrangement, although hourly fee arrangements may also be available. Currently, the flat fee for preparing a Plan and providing related wealth planning services generally ranges from $500 to $10,000, but may be higher depending upon the particular Services requested and complexity of the Plan. The flat fee is generally paid in full following delivery of the Plan to the client. For clients paying an hourly rate, Baird may require a retainer (in an amount agreed to by the client) against which the hourly rate and out of pocket expenses will be applied. Following delivery of a Plan, clients will generally follow-up consultations at a rate agreed to by the client and the Baird Financial Advisor. flat The Ongoing Planning Services are typically provided under a fee arrangement, although other arrangements may be available in certain circumstances. The flat fee for Ongoing Planning Services generally ranges from $125 to $10,000 annually, but may be higher depending upon the particular Services requested. The Ongoing Planning Services are typically billed and paid quarterly out of an Account held by the client at Baird. The client may also negotiate fees based upon the number hours it takes to complete a Plan. The hourly rate is negotiated by each individual client and the rate varies widely, depending upon the complexity of the Plan and the persons providing the services. As an alternative to the flat fee, or in addition to the flat fee, Baird may provide services at an hourly rate. The hourly rate will be reflected in the agreement signed by the client. The hourly rate may vary depending on the nature of the service provided. Normally, the hourly rate will be higher for any testimony, analyses and reports that Baird provides in the divorce proceeding. For clients paying an hourly rate, Baird may require a retainer (in an amount agreed to by the client) against which the hourly rate and out of pocket expenses will be applied. Baird will keep track of the time spent on the services provided in 0.25 hour increments, and provide an invoice each month showing the amount of time spent on the services provided and if, applicable, the amounts charged against the retainer and the remaining retainer balance. If the retainer amount is exhausted, Baird may require that an additional retainer be provided to cover the cost of anticipated additional services. Any part of the retainer that is not used shall be promptly refunded following completion of the services provided or earlier termination of the relationship; provided, however, a minimum fee of $500 will be charged in all cases. There is no fee for an initial consultation. Clients are not obligated to use any other Baird service to receive an initial consultation. Since Baird began providing these Services, it has had other fee ranges and schedules in effect, which may provide fees lower or higher, as the case may be, than those described above. As new fees are put into effect, they are made applicable only to new clients, and fees for existing clients are not affected. Therefore, some clients may pay different fees than those shown above. For Services related to a Plan, fees are generally payable as Services are rendered. Fees associated with Ongoing Planning Services are generally paid quarterly in advance. Baird’s fees and other charges relating to the Services may be automatically deducted from a client’s Baird account or the client may instruct Baird to issue the 6 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  There is no minimum dollar value of assets or other conditions required of a client to receive the Services. from Baird and Baird may waive any applicable minimum fee on a temporary or indefinite basis or negotiate a fee level different from the schedule described above or set a different payment schedule. Advisory Fee Payments to Baird and Baird Financial Advisors Baird and its associates benefit from the Advisory Fees and charges clients pay for the services described in this Brochure. Baird retains the entire Advisory Fee paid by clients. provided under the headings “Additional Information— Other Financial Industry Activities and Affiliations” and “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading— Participation or Interest in Client Transactions” below. They also generally receive non-cash compensation and other benefits from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may 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. conferences, business A 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 Baird by the Financial Advisor’s clients and any other fees Baird earns 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 Baird pays 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 wealth planning, and their total production levels. Baird Financial Advisors who achieve certain production thresholds are eligible for professional development 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 generate financial and other plans and charge higher fees for advisory accounts and recommend larger investments in advisory accounts. Baird Financial Advisors generally receive recruitment bonuses and/or special compensation from Baird when they join Baird from another firm. The amount of such special compensation is typically based on the Baird Financial Advisor’s production at the prior firm for the 1- year period prior to joining Baird or on the level of the Financial Advisor’s client assets at the prior firm. All or a substantial portion of the special compensation is paid in the form of an upfront bonus when the Baird Financial Advisor joins Baird, and the remaining portion, if any, is paid in the form of back-end bonuses generally in equal installments on an annual basis thereafter for a certain number of years (generally from one to three years). Installment payments are generally contingent upon the Baird Financial Advisor achieving annual production or client asset levels that exceed a significant percentage of the Financial Advisor’s annual production for the 1-year period prior to joining Baird or the client assets that the Financial Advisor had prior to joining Baird. The special compensation is intended to compensate Baird Financial Advisors for the significant effort involved in transitioning their business from the prior firm. This compensation provides Baird Financial Advisors who have left another firm additional incentive to recommend that clients of the prior firm become Baird clients and to recommend investment products and services that increase their production and thus presents a conflict of interest. The special compensation is generally structured in the form of a forgivable loan from Baird to the Baird Financial Advisor. Under the terms of the forgivable loan, Baird makes the upfront or installment payment to the Baird Financial Advisor in the form of a loan, and Baird forgives a portion of the loan made to the Baird Financial Advisor each month for so long as the Baird Financial Advisor remains Baird’s employee. Should the Baird Financial Advisor cease to be Baird’s employee prior to the maturity date of the loan, the Baird Financial Advisor is required to repay Baird the amount of the loan outstanding and not forgiven by Baird. In other words, upon leaving Baird, the Baird Financial Advisor would be required to repay to Baird a portion of the special compensation that the Baird Financial Advisor had received and that had not been forgiven. The amount of Given the structure of their compensation, they also have an incentive to recommend that a client transfer the client’s accounts to Baird, establish new accounts with Baird (including IRA rollovers) and add more money into the client’s accounts. In addition, most Baird Financial Advisors are shareholders of Baird Financial Group, Inc. (“BFG”), Baird’s parent company, and thus benefit financially from Baird’s overall success. The number of shares of BFG stock that a Financial Advisor may purchase is based in part on the Financial Advisor’s total production level. Baird Financial Advisors generally receive compensation for referrals to certain affiliated managers and products and for referrals to a limited number of other firms. More specific information is 7 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  not recommend any particular investment product in connection with providing the Services. A client has the option to purchase investment products through brokers or agents that are not affiliated with Baird. and performance-based fee fee arrangements involve such repayment declines over time in proportion to the time the Baird Financial Advisor remains Baird’s employee. Structuring this special compensation in the form of forgivable loans provides the Baird Financial Advisor added incentive to remain Baird’s employee and to recommend that persons become and remain a Baird client. Additional information about referral and non-cash compensation and other financial incentives provided to Baird Financial Advisors is provided under the heading “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions” below. Performance-Based Fees and Side-By-Side Management Baird advises client accounts not participating in Services described in this Brochure that are subject to asset-based arrangements. fee Performance-based the payment of fees based upon the capital gains or capital appreciation of a client’s account. However, Baird does not offer these fee arrangements for wealth planning services. If a client participates in other services provided by Baird, the client should review the Form ADV Part 2A Brochure for those services for more information about these types of fee arrangements. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for Baird and its associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). including, but not Types of Clients Baird offers the Services to all types of current or prospective clients, limited to: individuals, banks or thrift institutions; pension and profit sharing plans; trusts; estates; charitable organizations; and corporations or other business entities. Other Fees and Expenses The fees and charges paid to Baird by the client only cover the preparation and delivery of the Plan, and if applicable, the performance of the Ongoing Planning Services. Baird’s fees and charges do not include any costs or expenses associated with implementing the Plan or the recommendations made by Baird in connection with the Services, including, without limitation, fees that may be charged by investment advisors or managers advising the client or managing the client’s assets or other service providers, such as custodians and broker- dealers. If a Baird Financial Advisor or other representative of Baird discusses matters relating to a Plan or the Services with a client’s tax or legal advisors, the client may be charged a separate fee by those advisors. Clients may also subscribe to other services or programs offered by Baird. Those service and programs may be subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the Service. Methods of Analysis, Investment Strategies and Risk of Loss Baird Financial Advisors and the Department may use various forms of third party research information and related tools to provide the Services. These sources of information and tools may include, among others, external market, economic, financial and investment data and analyses provided by organizations not affiliated with Baird. Baird Financial Advisors and the Department may also use research reports created by Baird. However, it should be noted that the Department and Baird Financial Advisors are not obligated to act in a manner consistent with Baird research reports and they may act in a manner that is contrary to those reports if they deem it to be consistent with the client’s investment objectives and in the client’s best interest. They may also employ the use of computers and third party wealth planning software to more readily display information, assist with analysis, and make asset allocation recommendations. Although they use information and tools that Baird deems reliable, Baird does not independently verify or guarantee the accuracy of the information or tools used. involves Other Compensation Received by Baird Baird is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and its Financial Advisors are registered broker-dealer representatives of Baird. In such capacities, Baird and its Financial Advisors provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, private investment funds, and other securities, and sales of life insurance policies and annuities. Baird and its Financial Advisors receive compensation based upon the sale of such securities and other investment products, including asset-based sales charges and service fees on the sale of mutual funds. However, Baird and its Financial Advisors only offer asset allocation and similar investment recommendations of a general nature when providing the Services, and they do Risk is inherent in any investment in securities and Baird does not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved if the client decides to implement a Plan. Baird’s recommendations are based in part upon its Capital Market Assumptions. In determining its Capital Market Assumptions, Baird conducts an analysis of different asset classes and the different levels of risk associated with those investments. the consideration of past That analysis performance and the use of forward-looking projections 8 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. that are based upon certain assumptions made by Baird about how markets will perform in the future. For more information about Baird’s Capital Market Assumptions and any other assumptions used by a client’s Financial Advisor, a client should contact the client’s Financial Advisor. There can be no guarantee that markets will perform in the manner assumed and the actual performance of markets and a client’s investments could differ materially from those assumptions. Clients are encouraged to discuss with their Financial Advisor the risks that apply to them. A client should also review the prospectus or other disclosure document for any security or other investment product in which the client invests, as it will contain important information about the risks associated with investing in such security or other investment product. In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by certain of the subadvisors participating in Baird’s wrap fee programs offered through its Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have failed to adopt or implement policies and procedures designed to provide specific information to Baird’s clients and financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. Disciplinary Information In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of FINRA that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front- end sales charge. The findings also stated that these customers were instead sold Class A shares with a front- end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a firm supervisor within its Private Wealth Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade to ensure errors that was reasonably designed In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) and 207 of the Advisers Act for making inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure (or SCSD) Initiative.” Under the program, investment advisory firms were offered the opportunity to voluntarily self-report violations of the federal securities laws relating to mutual fund share class selection and related disclosure issues and agree to settlement terms imposed by the SEC, including returning money to affected investment advisory clients. The central issue identified by the SEC was that, in many cases, investment advisory firms bought for or recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the firms when lower-cost share classes were available to those advisory clients, and the investment advisory firms did not adequately disclose their receipt of 12b-1 fees and/or the conflict of interest associated with those 12b-1 paying share classes. Baird and many other firms self-reported under the program and entered into substantially identical orders. By self- 9 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that certain Baird reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. More information about the order is contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public Disclosure website at https://www.adviserinfo.sec.gov/IAPD/Default.aspx or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press-release/2019-28. In June 2019, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that between late April 2013 and early July 2013 it published research reports about an issuer without disclosing that the research analyst who authored the reports was engaged in employment discussions with the issuer that constituted an actual, material conflict of interest and that the failure to disclose the research analyst’s employment discussions with the issuer in the research reports made those reports misleading. Baird was censured and fined $150,000. communications sent and received on employees’ personal devices. Following the commencement of the SEC’s initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it was discovered supervisors communicated off-channel using non-Baird approved methods on their personal devices about Baird’s broker- dealer and investment adviser businesses, and the findings were reported to the SEC. Baird took steps prior to and after the SEC’s review, including implementing a new communication tool designed for Baird associates’ personal devices, conducting training, and periodically requiring requisite associates to provide an attestation relating to their business-related communications. As part of the settlement, Baird was censured and ordered to cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies and procedures, training, surveillance program, technology solutions and similar matters related to off-channel communications. on SEC’s website Additional information about Baird’s disciplinary history is at the available www.adviserinfo.sec.gov. Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker-dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker-dealers, investment advisors, other financial services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. In September 2022, Baird, without admitting or denying the findings, consented to the entry of findings of FINRA, which found that it charged certain brokerage customers an unfair commission when it charged its published minimum commission amount of $100 on 7,277 retail equity trades and failed to establish and maintain a supervisory system reasonably designed to prevent charging a customer a commission that is unreasonable or unfair in violation of FINRA Rules 3110, 2121, and 2010. Baird also consented to a censure, a fine in the amount of $150,000, and the payment of restitution of $266,481 plus interest. The findings related to FINRA’s routine examination of Baird in 2020. Following that examination, Baird modified its minimum commission schedule and supervisory procedures. Baird also took steps to make payments to the affected customers, which on average amounted to $36.62 per trade and $57.64 per customer. Baird will continue to make efforts to ensure that it charges fair prices and commissions on all securities transactions with its customers. including: individual and Broker-Dealer Activities Baird is engaged in a broad range of broker-dealer activities, institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. its Certain Baird Financial Advisors and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. In September 2023, Baird entered into an Offer of Settlement with the SEC, in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a- 4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business-related communications made by Baird associates when they used their personal devices (“off-channel communications”) and for failing to supervise business-related associates’ communications. The settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were properly retaining business- related text and instant messages and other off-channel 10 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  on website prospectus and statement of additional information available at Baird’s bairdassetmanagement.com/baird-funds. Investment Management Activities Baird Advisors and Baird Equity Asset Management are investment management departments of Baird, and Chautauqua Capital Management (“CCM”) is a division of Baird Equity Asset Management. Certain Affiliated and Related Parties Affiliated Broker-Dealers is available in the Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, fund’s prospectus and statement of additional information. Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Affiliated and Related Investment Advisors Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. Baird is affiliated, and may be deemed to be under common control, with Riverfront Investment Group, LLC indirect ("Riverfront") by virtue of their common ownership by BFG. Additional information about Riverfront is available in Riverfront’s Form ADV Part 2A Brochure. is related to Greenhouse Funds Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. LLLP Baird (“Greenhouse”) and Greenhouse Fund GP LLC (“Greenhouse GP”) by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. funds, Baird is affiliated, and may be deemed to be under common control, with Strategas Asset Management, LLC (“Strategas”), by virtue of their common indirect ownership by BFG. CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those services. Additional information about including those mutual information relating to the fees paid by those funds for investment management services, is available in the funds’ prospectus and statement of additional information. Baird is affiliated, and may be deemed to be under common control, with GAMMA Investing, LLC (“GAMMA”) by virtue of BFG’s and Riverfront’s indirect minority ownership of GAMMA and BFG’s and Riverfront’s representation on the board of directors of GAMMA. Income Trust Series, Baird is related to LoCorr Fund Management, LLC (“LoCorr”) by virtue of BFG’s indirect minority ownership of the holding company of LoCorr and BFG’s representation on such holding company’s board of managers. Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend the Automated Quantitative Analysis (AQA®) Portfolio Series, and the AQA® Large-Cap Portfolio Series. Additional information about those investment products, including information relating to the compensation paid to Baird is available in the applicable prospectus and other fund documents. Affiliated and Related Mutual Funds, ETFs and Investment Companies Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange-Traded Fund III. Additional information about those mutual funds and ETFs, including information relating to the compensation paid to Riverfront by those funds for investment management services, is available in each fund’s prospectus and statement of additional information. Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Baird is the investment adviser and principal underwriter for Baird Funds, Inc. (the “Baird Funds”). Baird Advisors provides investment management, administrative, and other services to certain Baird Funds investing primarily in fixed-income securities (the “Baird Bond Funds”). Baird Equity Asset Management and CCM provide investment management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”), and Greenhouse is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s 11 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) Baird Capital Management Company, LLC Baird Venture Partners GP VI, LLC Baird Venture Partners VI LP Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products, including information relating to the compensation paid to Strategas and Strategas Securities, is available in the applicable prospectus. BVP VI Affiliates Fund LP BVP VI Special Affiliates Fund LP LoCorr acts as investment advisor to the LoCorr Funds. Baird Capital Management Company, LLC Affiliated Private Funds Baird Capital Global Fund Management I LP Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP BCGF I Special Affiliates LP BCGF I Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management II LLC CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those funds are private pooled investment vehicles that are not required to be registered with the SEC as investment companies. Baird Capital Global Fund II Limited Partnership BCGF II Affiliates Fund Limited Partnership Affiliated Private Equity Funds BCGF II Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Capital Global GP III LLC Baird Capital Global Fund III LP BCGF III Affiliates Fund LP BCGF III Special Affiliates LP Baird Capital Partners Europe Limited* Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird and its Financial Advisors may refer clients to Baird Capital. The private equity funds offered through Baird Capital make venture capital, growth equity and private equity investments primarily in the healthcare, technology and services, and products sectors. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. Baird Capital Partners Europe II LP Baird Capital Partners Europe II Special Affiliates LP Certain Baird Capital-Related Entities The Growth Fund Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC Baird Venture Partners III Limited Partnership * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. BVP III Affiliates Fund Limited Partnership BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Limited Partnership The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. These funds generally co-invest with unaffiliated private equity funds and private equity professionals in transactions in the United States and Europe. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. Baird Venture Partners Management Company V, LLC Baird Venture Partners V Limited Partnership Certain Baird Principal Group-Related Entities BVP V Affiliates Fund Limited Partnership Investment Advisor Private Equity Fund(s) BVP V Special Affiliates Fund Limited Partnership Baird Principal Group Management Company I, LLC Baird Capital Partners Management Company V, LLC Baird Principal Group Partners Fund I Limited Baird Capital Partners V Limited Partnership Partnership BCP V Affiliates Fund Limited Partnership Baird Principal Group Management Company II, LLC BCP V Special Affiliates Limited Partnership 12 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Principal Group-Related Entities client should consult the fund’s statement of additional information, available from each fund. Investment Advisor Private Equity Fund(s) Baird Principal Group Partners Fund II Limited Partnership Baird Principal Group Management Company, LLC Baird Principal Group Partners Fund III, LP Related Hedge Funds Certain Baird associates from time to time may provide clients with tax return preparation, bill pay or related services. In some instances, the fee for those services may be bundled with advisory fees. A client should understand that the provision of such services is separate from, and not related to, the advisory services offered under this Brochure and will be governed by an agreement separate from the client’s advisory agreement with Baird. A client should understand that Baird and its associates do not act as investment adviser or fiduciary to the client when providing tax return preparation, bill pay or related non-advisory services to the client. Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. Other Affiliated Financial Services Firms Baird is affiliated, and may be deemed to be under common control, with Baird Trust, a Kentucky-chartered trust company, by virtue of their common indirect ownership by BFG. Service Information—Trust Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. Baird and Baird Financial Advisors receive compensation from Baird Trust for referring clients and providing ongoing relationship management services to clients engaging Baird Trust for trust administration services as described under the heading “Advisory Business— Additional Services Arrangements” above. Baird and Baird Financial Advisors thus have a financial incentive to favor Baird Trust over other trust companies. including Baird Financial Advisors, information relating To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, their supervisors, and certain associates who have access to non-public to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. The Code also generally prohibits Access Persons from executing a security transaction for their personal accounts during a blackout period one business day before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by Baird management or by Baird’s Compliance Department. In addition, orders for the accounts of Access Persons and other Baird associates that are under discretionary management by Baird may be aggregated with orders for other Baird client accounts, so long as the order is executed as part of a block transaction with client orders. A copy of the Code is available to clients or prospective clients upon request. Other Financial Industry Activities Baird has business relationships with many investment managers. Other investment management firms may select Baird, in its capacity as a broker-dealer, to execute portfolio trades for their clients, including for investment funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. This may create an incentive for Baird to favor the services of such investment management firms or their products, including the investment funds advised by such investment management firms. However, Baird is a fiduciary that is required to act in the best interest of advisory clients when selecting or recommending investment management firms or their investment products to such clients. Baird addresses this potential conflict through disclosure in this Brochure. In addition, investment management firms are, absent client direction to the contrary, obligated at all times to retain the broker or dealer providing the client best execution. In addition, mutual fund companies are prohibited from considering Baird’s efforts in marketing and selling their funds when selecting Baird for executing portfolio trades for the funds. To learn more about how a mutual fund company selects brokerage firms for trade execution, a Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from 13 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Information —Trust Services Arrangements” above for more detailed information. Securities-Based Lending Program improperly benefiting from the trading activities of Baird’s advisory clients. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients. Participation or Interest in Client Transactions Investment Advisory Accounts Baird and Baird Financial Advisors have an incentive to recommend that a client participate in Baird’s Securities- Based Lending Program because Baird and Baird Financial Advisors receive referral compensation and such loans allow a client to keep more assets in the client’s Accounts, which result in more advisory fees for us and paid to the client’s Baird Financial Advisor. Please see “Advisory Business—Additional Service Information —Securities- Based Lending Program” above for more detailed information. Investment Advisory and Brokerage Account and Service Recommendations Asset-based Advisory Fee arrangements create an incentive for Baird and Baird Financial Advisors to set the applicable fee rate at a high level and to encourage clients to add more money into their accounts. Baird and Baird Financial Advisors also have an incentive to recommend an investment advisory account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. Select clients may pay a fixed dollar fee, which presents a conflict in that such fee does not give the Baird Financial Advisor an incentive to make recommendations that could benefit the client’s account, or a performance or incentive fee, which presents a conflict because it gives the Baird Financial Advisor an incentive to recommend riskier investments in order to achieve the level of performance in the account that would result in payment of the fee. Baird also periodically provides special incentives to Baird Financial Advisors to recommend advisory products and services to clients and to recommend that clients put more assets into their Accounts. Accounts and Investments Provide Different Levels of Compensation The accounts and investments Baird offers provide Baird different levels of compensation. Baird and Baird Financial Advisors have an incentive to generate revenues from client accounts and to offer investment products and make recommendations that will provide them the greatest level of compensation. Cash Sweep Program because Baird receives Baird and Baird Financial Advisors generally have a financial incentive to recommend investment advisory Accounts to clients rather than brokerage accounts because Advisory Fee revenue is recurring, more predictable and typically greater than the revenues Baird earns, and the compensation Baird Financial Advisors receive, from brokerage accounts. In addition, because Advisory Fees are paid by a client regardless of the trade activity in the client’s advisory Account, Baird will receive greater revenue, and the client’s Baird Financial Advisor will receive greater compensation, from a low trade- activity advisory Account than from a low trade-activity brokerage account. Baird and Baird Financial Advisors thus have an incentive to recommend an investment advisory Account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. However, because Baird’s revenues and the compensation paid to Baird Financial Advisors from brokerage accounts increase as the level of trading increases, Baird and Baird Financial Advisors have an incentive to recommend a brokerage account to a client rather than an investment advisory Account if the client has, or is expected to have, significant trading activity in the client’s account. Baird Financial Advisors also have a financial incentive to recommend certain wealth management services, such as wealth planning. Please see “Fees and Compensation— Advisory Fees—Advisory Fee Payments to Baird and Baird Financial Advisors” above for more detailed information. Account Transfers and New Accounts Baird has an incentive to have clients participate and maintain significant balances in Baird’s Cash Sweep substantial Program compensation on client cash balances that are automatically swept into bank deposit accounts and invested in money market mutual funds under the program. Please see “Advisory Business—Additional Service Information—Cash Sweep Program” above for more detailed information. Trust Services Arrangements Baird and a client’s Baird Financial Advisor have an incentive to recommend that the client transfer the client’s accounts to Baird and establish new accounts with Baird (including IRA rollovers) because doing so will result in increased revenues to Baird and compensation for the Baird Financial Advisor. Recommendations to Open Different Types of Accounts Baird and Baird Financial Advisors have an incentive to recommend that a client retain Baird Trust for the client’s trust services needs rather than an unaffiliated firm because it is more profitable for Baird and they receive compensation from Baird Trust if the client retains Baird Trust. Please see “Advisory Business—Additional Service Baird and Baird Financial Advisors have an incentive to recommend that a client open different types of accounts with Baird, such as individual accounts, IRA rollovers, joint accounts, 529 plan accounts and UGMA/UTMA 14 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird may have a conflict of interest that could affect the content of its research reports. Baird’s Other Broker-Dealer and Related Activities likely to maintain accounts, because if a client has different types of accounts with Baird, the client brings more of the client’s investable assets to Baird, on which fees can be generated, thereby increasing Baird’s revenues and the client’s Baird Financial Advisor’s compensation. Also, if a client has more account types with Baird, the client is statistically more the client’s relationship with Baird and the client’s Baird Financial Advisor for longer periods of time. Baird Stock Ownership As a registered broker-dealer, Baird effects transactions in securities on a national exchange and may receive and retain compensation for such services, subject to the limitations and restrictions made applicable to such transactions by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder. Baird may also benefit from the possession or use of any free credit balances in client Accounts, subject to restrictions imposed by Rule 15c3-3 under the Exchange Act. Free credit balances include uninvested cash in client Accounts that has not been automatically deposited or swept into a bank deposit account or money market mutual fund. Baird and its associates, by reason of its broker-dealer, investment banking or other activities, may from time to time acquire information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information with respect to any client Account. Baird’s other activities thus present a potential conflict of interest because such activities may limit Baird’s ability to advise or manage client Accounts. Other Conflicts of Interest Most Baird Financial Advisors own common stock of BFG, Baird’s ultimate parent, and when offered the opportunity to buy BFG stock they usually do so. The amount of BFG stock that a Financial Advisor may purchase is based in part on the Financial Advisor’s total production level. A client’s Baird Financial Advisor thus has an incentive to make recommendations that increase the Financial Advisor’s total production on the client’s accounts with Baird. Moreover, revenues from Baird’s PWM department, in which Baird Financial Advisors operate, contribute substantially to BFG’s overall revenues and profitability, and the performance of BFG’s stock price is largely due to the profitability of Baird’s PWM department. As a result, a client’s Baird Financial Advisor’s ownership of BFG stock creates a financial incentive to make recommendations to the client that increase the amount of revenues generated from the client’s accounts with Baird, even if those recommendations will not increase the Baird Financial Advisor’s production, so as to increase the revenues and profitability of Baird’s PWM department and thus of BFG, which will serve to grow the value of the BFG stock. For example, ownership of BFG stock provides a client’s Baird Financial Advisor an incentive to recommend affiliated products to a client even though such recommendation does not increase the client’s Baird Financial Advisor’s production. Other Client Relationships Baird offers to clients other investment products and services not described in this Brochure. These investment products and services provide different levels of compensation to Baird and its Financial Advisors. Baird and its Financial Advisors have an incentive to favor those investment products and services that generate a higher level of compensation than those that generate a lower level of compensation. For more information about the other investment products and services offered by Baird, clients should contact Baird or a Baird Financial Advisor. Certain client accounts overseen by Baird and Baird Financial Advisors may have similar investment objectives and strategies but may be subject to different fee schedules or commission rates. Thus, Baird and its Financial Advisors have an incentive to favor client accounts that generate a higher level of compensation. Baird Financial Advisors Transferring to Baird Other sections of this Brochure also describe instances when Baird and its Financial Advisors may recommend to clients, and may buy and sell for client’s Account, securities in which Baird and its affiliates and associates have a material financial interest or practices that present a conflict of interest. For more information, please see “Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, Baird Financial Advisors and Investment Managers” and “Additional Information— Other Financial Industry Activities and Affiliations” above, and “Additional Information—Client Referrals and Other Compensation” below. A Baird Financial Advisor joining Baird from another firm has an incentive to recommend that a client to transfer the client’s accounts from such firm to Baird because doing so will increase the Baird Financial Advisor’s compensation. Please see “Fees and Compensation— Advisory Fees—Advisory Fee Payments to Baird and Baird Financial Advisors” above for more detailed information. Addressing Conflicts Research Activities in this Brochure, The foregoing activities could create a conflict of interest with clients. In addition to the measures described above, Baird addresses conflicts posed by those activities the client’s through disclosure agreements with Baird, the Client Relationship Booklet The investment advice provided to a client may be based on the research opinions of Baird’s research departments. Baird does, and seeks to do, business with companies covered by those research departments and as a result, 15 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  unaffiliated solicitors that have entered into a written agreement with Baird. and prospectuses, offering documents or other disclosure documents provided or made available to clients. Baird has also adopted a Code of Ethics and other internal policies and procedures for Baird and its associates that: • require them to provide investment advice that is the for advisory clients (based upon “Other Financial suitable information provided by such clients); and Baird and its affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” above. • address and limit cash and non-cash benefits provided to Baird Financial Advisors by third parties in an attempt to avoid any question of propriety or any conduct inconsistent with Baird’s high standards of ethics. Custody Baird does not have custody of client assets as part of the Services. However, some clients may elect to establish a brokerage account or participate in other advisory programs or services provided by Baird to implement the advice provided by Baird or a client’s Baird Financial Advisor. Under those circumstances, Baird may agree to provide such services and serve as custodian under a separate agreement. A client should consult with the client’s Baird Financial Advisor or review Baird’s Form ADV Part 2A Brochure and agreement for the other advisory program or service for more information. select broker-dealers Investment Discretion Baird does not have discretionary authority to buy or sell securities for client accounts or otherwise act for client accounts in connection with the Services. A client retains full discretionary authority over client’s accounts and is solely responsible for implementing any Plan. Brokerage Practices The Services provided under this Brochure only include services related to the creation of a Plan. The Services do not include the implementation of the Plan or the solicitation or recommendation of specific investments or securities transactions. As a result, Baird does not recommend or to effect transactions for client accounts as part of the Services. However, some clients elect to participate in other advisory programs or services provided by Baird to implement a Plan. Under those circumstances, Baird may select broker-dealers. A client should consult with the client’s Financial Advisor or review Baird’s Form ADV Part 2A Brochure and agreement for the other advisory program or service for more information. Voting Client Securities Baird does not have authority to vote proxies with respect to the securities held in the client’s account or otherwise act for client accounts in connection with the Services. A client retains the right to vote proxies with respect to the securities held in such accounts and is solely responsible for voting any such proxies. Review of Accounts Unless the client and Baird otherwise agree in writing, the client’s Financial Advisor and the Department generally do not provide ongoing review of a Plan or the client’s Accounts or ongoing reporting unless the client has selected Ongoing Planning Services. If a client has selected Ongoing Planning Services, the scope and frequency of the review or performance of other Services will be specified in the client’s Agreement. If a client opens an Account with Baird, Baird will generally provide the client with a monthly brokerage account statement when activity occurs during that month. Otherwise, Baird will provide the client with a quarterly statement if there has not been any intervening monthly transaction activity. Financial Information Baird does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of its most recent fiscal year. Baird is not aware of any financial condition that is reasonably likely to impair its ability to meet its contractual commitments to clients, nor has it been the subject of a bankruptcy petition at any time during the past ten years. in some instances. When applicable, Client Referrals and Other Compensation Baird may provide compensation to individuals who refer clients the compensation paid is a percentage of the client’s fee payments or the value of the client’s account. The amount of compensation will vary, with the specific level determined based upon consideration of various factors including, but not limited to, the individual’s role in developing the client relationship and the assets under management. Baird may pay these fees to registered representatives of Baird and its affiliates as well as to 16 Baird FPS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

Baird Private Wealth Management Wrap Fee Program Brochure March 21, 2025 Discretionary Programs ALIGN Strategic Portfolios BairdNext Portfolios Private Investment Management Russell Model Strategies Non-Discretionary Program Baird Advisory Choice Separate Managed Account Programs Baird Affiliated Managers Baird Recommended Managers Baird SMA Network Dual Contract Unified Managed Account Programs ALIGN UMA Select Portfolios Unified Advisory Select Portfolios 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 wrap fee program brochure (“Brochure”) provides information about the qualifications and business practices of Robert W. Baird & Co. Incorporated (“Baird”) and Baird Private Wealth Management, a department of Baird. Clients should carefully consider this information before becoming a client of Baird. If you have any questions about the contents of this Brochure, please contact us 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 Robert W. Baird & Co. Incorporated (“Baird”) updated the Form ADV Part 2A wrap fee program brochure for its Private Wealth Management Department (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that Baird has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Additional tax management services are now available through the ALIGN 55ip Tax Managed Solutions. See the Section of the Brochure entitled “Services, Fees and Compensation—SMA Programs—Baird Recommended Managers Program” for specific information. • Effective May 30, 2025, the ALIGN Satellite Sleeve, an investment portfolio currently consisting of the Allspring Emerging Market Equity, BlackRock High Yield Bond, and DWS RREEF Real Assets mutual funds that was managed by Baird’s Asset Manager Research Department (“AMR”), will be discontinued and no longer offered as an investment option in the UAS Program. After that date, a client’s Baird Financial Advisor will work with the client to identify investments that meet the client’s needs for exposure to the types of investments contained within the ALIGN Satellite Sleeve. It is important to note that, as of the date of the Brochure, the mutual funds that comprise the ALIGN Satellite Sleeve remain on AMR’s Recommended Mutual Fund List and available for investment in the UAS Program. They simply will not be offered as a combined investment portfolio that is managed by AMR. No changes to a client’s UAS Account will be made as a result of the discontinuation of the ALIGN Satellite Sleeve. A client currently investing in the ALIGN Satellite Sleeve will continue to hold those mutual funds after May 30, 2025, unless otherwise directed by the client. • As optional services under the UMA Programs, the Overlay Manager now makes available tax overlay and values overlay services. See the Section of the Brochure entitled “Services, Fees and Compensation—Additional Program Information—Tax Management and Overlay Services—Overlay Manager Tax Overlay and Values Overlay Services (UMA Programs Only)” for specific information. • Baird updated the description of investment options available under its Cash Sweep Program. See the Section of the Brochure entitled “Services, Fees and Compensation—Additional Program Information— Cash Sweep Program” for specific information. • Baird updated information about risks associated with recent events, such as those associated with potential market uncertainty caused by policy changes as the result of the recent U.S. Presidential election, Russia’s ongoing war with Ukraine, conflicts in the Middle East, the strained relationship between the U.S. and China and other countries, inflation, discord in U.S. politics and other geopolitical events. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” for more specific information. • Baird updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Advisory Business” for more information. • Baird updated information about Baird’s affiliates and related persons. See the Section of the Brochure entitled “Additional Information—Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents Services, Fees and Compensation ................................................................... 1 The Client-Baird Fiduciary Relationship ............................................................ 1 Summary of Services .................................................................................... 1 Discretionary Programs ................................................................................. 4 ALIGN Strategic Portfolios Program ........................................................... 4 BairdNext Portfolios Program .................................................................... 5 Private Investment Management Program .................................................. 6 Russell Model Strategies Program ............................................................. 6 Non-Discretionary Programs .......................................................................... 7 Baird Advisory Choice Program ................................................................. 7 SMA Programs ............................................................................................. 9 Baird Affiliated Managers Program ............................................................ 9 Baird Recommended Managers Program .................................................. 13 Baird SMA Network Program .................................................................. 16 Dual Contract Program .......................................................................... 18 Other SMA Strategy Information ............................................................. 19 UMA Programs ........................................................................................... 19 ALIGN UMA Select Portfolios Program ...................................................... 19 Unified Advisory Select Portfolios Program ............................................... 21 SMA Strategy Information ...................................................................... 24 Additional Program Information .................................................................... 25 Investment Discretion ........................................................................... 25 Trading for Client Accounts .................................................................... 27 Complex Strategies and Complex Investment Products .............................. 33 Permitted Investments .......................................................................... 36 Unsupervised Assets ............................................................................. 38 Special Considerations for the Programs .................................................. 38 Goal Management ................................................................................. 39 Tax Management and Overlay Services .................................................... 40 Investment Objectives ........................................................................... 43 Mutual Fund Share Class Policy ............................................................... 44 Custody Services .................................................................................. 45 Cash Sweep Program ............................................................................ 46 Trust Services Arrangements .................................................................. 48 Margin Loans ........................................................................................ 48 Securities-Based Lending Program .......................................................... 49 Client Responsibilities ............................................................................ 50 Legal and Tax Considerations ................................................................. 50 Program Fees ............................................................................................. 50 Fee Options and Fee Schedules............................................................... 50 Program Account Minimums ................................................................... 53 Calculation and Payment of Program Fees ................................................ 54 Obtaining Program Services Separately: Brokerage or Advisory? Factors to Consider ............................................................. 56 Program Fee Payments to Baird, Financial Advisors and Investment Managers ........................................................................ 57 iii Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Other Fees and Expenses ............................................................................ 59 Cost and Expense Information for Certain Investment Products .................. 59 Additional Account Fees and Charges ...................................................... 59 Other Fees and Charges ........................................................................ 59 Compensation Received by Baird and Baird Financial Advisors ......................... 60 Account Requirements and Types of Clients .................................................. 61 Opening an Account .................................................................................... 61 Certain Account Requirements ..................................................................... 61 Minimum Account Size ........................................................................... 61 Account Contributions and Withdrawals ................................................... 61 Liens and Use of Account Assets as Collateral ........................................... 62 Electronic Delivery of Documents ............................................................ 63 Termination of Accounts .............................................................................. 63 Types of Clients.......................................................................................... 64 Portfolio Manager Selection and Evaluation .................................................. 64 Selection and Evaluation ............................................................................. 64 Baird Affiliated Managers Program .......................................................... 64 Baird Recommended Managers Program .................................................. 65 Baird SMA Network and Dual Contract Programs ....................................... 65 ALIGN, BairdNext Portfolios, PIM and Russell Programs ............................. 66 UMA Programs ...................................................................................... 66 Oversight of the Programs ..................................................................... 69 Performance Calculation .............................................................................. 69 Portfolio Management by Baird and Related Persons ....................................... 70 Advisory Business ....................................................................................... 71 Performance-Based Fees and Side-By-Side Management ................................. 71 Methods of Analysis, Investment Strategies and Risk of Loss ........................... 72 Investment Strategies and Methods of Analysis ........................................ 72 Principal Risks ..................................................................................... 105 Voting Client Securities .............................................................................. 122 Baird Advisory Choice Program and Other Non-Discretionary Accounts ......................................................................................... 122 UMA Programs ..................................................................................... 122 Separately Managed Accounts ............................................................... 122 Discretionary Programs ........................................................................ 122 Other Proxy Voting Information ............................................................. 124 Providing Baird Voting Instructions......................................................... 124 Legal Proceedings and Corporate Actions ................................................ 124 Client Information Provided to Portfolio Managers ..................................... 124 Client Contact with Portfolio Managers ....................................................... 125 Additional Information ................................................................................ 125 Disciplinary Information ............................................................................. 125 Other Financial Industry Activities and Related Parties ................................... 127 Broker-Dealer Activities ........................................................................ 127 Investment Management Activities ......................................................... 127 Certain Affiliated and Related Parties ...................................................... 128 Other Financial Industry Activities .......................................................... 131 iv Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................................................................... 132 Code of Ethics ..................................................................................... 132 Participation or Interest in Client Transactions ......................................... 132 Review of Accounts .................................................................................... 139 Client Account Review .......................................................................... 139 Account Statements and Performance Reports ......................................... 139 Client Referrals and Other Compensation ..................................................... 141 Financial Information ................................................................................. 141 Special Considerations for Retirement Accounts ............................................ 141 v Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Private Wealth Management those contain information about contains Baird’s as amended (the “Advisers Act”). Baird and its associates are deemed to have a fiduciary relationship with a client when providing the investment advisory services that are described in this Brochure. That means that Baird and its associates are required to act in the best interest of the client when providing investment advisory services. From time to time, Baird or its associates may engage in certain business practices or may receive compensation or other benefits that create a potential for conflict between the interests of clients and the interests of Baird or its associates. Baird generally addresses potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements that individuals providing investment advice to clients and the services they provide, and the agreements clients enter into with Baird. In addition, Baird has adopted internal policies and procedures for Baird and its associates that require them to: provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; act with utmost care and good faith in dealings with advisory clients; and seek to obtain “best execution” of advisory client transactions. The specific business practices that create potential conflicts of interest with clients and additional measures used by Baird to address them are discussed in other sections of this Brochure. A client should note that registration as an investment adviser does not imply a certain level of skill or training. Services, Fees and Compensation This Brochure describes some of the investment advisory services that Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients through its (“PWM”) department. Baird and PWM offer other investment advisory services not described in this Brochure. other Separate brochures describe investment advisory services and discuss the terms and conditions, fees and costs and potential conflicts of interest associated with those services. This Brochure also references other documents that contain additional important information about Baird. Those documents describe the types of services that Baird offers to clients and certain types of investments it makes available to clients, including the terms, conditions, fees and costs applicable to those services and investments and certain risks and conflicts of interest associated with those services and investments. Those documents are available on Baird’s website at bairdwealth.com/retailinvestor. Included on that website is Baird’s Client Relationship Booklet, which Form CRS Client Relationship Summary and Baird’s Client Relationship Details document. The Client Relationship Booklet also contains an important disclosure document for retirement investors that have retirement accounts, which include employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as amended (“IRC”) (collectively, “Retirement Accounts”). A client of Baird should have already received a copy of the Client Relationship Booklet. A client or prospective client who wishes to obtain a brochure for another investment advisory service provided by Baird, or a paper copy of any of the other documents referenced in this Brochure, including the Client Relationship Booklet, should contact a Baird Financial Advisor or call Baird toll-free at 1- 800-792-2473. The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. Summary of Services investment This Brochure describes certain advisory programs and services that Baird PWM offers to clients (“Programs”) and applies to each advisory account enrolled in a Program (“Account”). The investment advisory services offered under the Programs generally include investment advice and consulting services, which are provided by Baird PWM’s home office investment professionals or the client’s Baird Financial Advisor, and, depending upon the Program that a client selects, the Program may include portfolio management. The Programs consist of: The Client-Baird Fiduciary Relationship Baird is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, 1 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the client has • discretionary programs, whereby a client gives Baird (including Baird PWM’s home office investment professionals or the client’s Baird Financial Advisor) full discretionary authority to manage the client’s Account (“Discretionary Programs”); client does not have an agreement directly with the client’s investment manager. Under the Dual Contract Program, a client has a “dual contract” two arrangement, meaning contracts; one contract with Baird and another contract with the client’s investment manager. investment advice • non-discretionary programs, whereby Baird provides and recommendations but the client retains full authority with respect to the management of the client’s Account (“Non-Discretionary Programs”); The UMA Programs allow a client to invest in a combination of mutual funds, exchange traded products (“ETPs”), primarily exchange traded funds (“ETFs”) and exchange traded notes (“ETNs”), SMA Strategies, and groups of mutual funds and ETFs (referred to as “sleeves”) and other model portfolios of securities managed by Baird PWM (such sleeves and model portfolios collectively, “PWM-Managed Portfolios”) using a single Account. to clients • separately managed account (“SMA”) programs and services, whereby investment managers, which may include third party investment managers unrelated or related to Baird (“Other Managers”) or Baird, manage the client’s Account according to a strategy (each, an “SMA Strategy”) with full discretionary authority, and Baird provides additional consulting services to the client (collectively, “SMA Programs”); and firm, Envestnet • unified managed account (“UMA”) Programs, whereby the client gives Baird and an overlay management Asset Management, Inc. (the “Overlay Manager”), selected by Baird authority to manage the client’s Account according to a strategy (each, a “UMA Strategy”) selected by the client (“UMA Programs”). Depending on their particular needs or objectives, clients may use one or more of these Programs. The Discretionary Programs include: ALIGN Strategic Portfolios; BairdNext Portfolios; Private Investment Management (“PIM”); and Russell Model Strategies. The Non-Discretionary Programs include: Baird Advisory Choice. The SMA Programs include: Baird Affiliated Managers (“BAM”); Baird Recommended Managers (“BRM”); Baird SMA Network (“BSN”); and Dual Contract (“DC”). The UMA Programs include: ALIGN UMA Select Portfolios and Unified Advisory Select (“UAS”) Portfolios. Baird has engaged the Overlay Manager to provide certain subadvisory services that participate in certain SMA Programs and the UMA Programs. The SMA and UMA Programs make available two types of SMA Strategies: (1) manager-traded strategies, whereby the manager itself manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Manager-Traded Strategy”); and (2) model-traded strategies, whereby the manager does not manage a client’s Account (a “Model Provider”) but instead provides a model portfolio (“Model Portfolio”) to an overlay management firm, which may include the Overlay Manager, Baird or other third party firm (each, an “Implementation Manager”), that in turn manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Model-Traded Strategy”). If a client selects a Model-Traded Strategy, the Model Provider will provide the Model Portfolio and updates to the Implementation Manager, and the Implementation Manager will manage the client’s Account with full discretionary authority according to the strategy selected by the client. Otherwise, if the client selects a Manager- Traded Strategy, the investment manager will directly manage the client’s Account with full discretionary authority as more fully described below. The SMA Programs are generally offered under a “single contract” arrangement. Under a single contract arrangement, a client enters into an advisory agreement with Baird, and Baird, in turn, enters into a subadvisory or similar agreement with the investment manager on the client’s behalf. This type of arrangement is frequently referred to as a single contract arrangement because there is only one contract between the client and Baird; the Baird is also registered with the SEC as a broker- dealer under Securities Exchange Act of 1934, as amended (the “Exchange Act”). Baird provides the Programs described in this Brochure under a “wrap fee” arrangement. This means that in addition to the investment advisory services that Baird provides in connection with each Program, Baird, 2 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in its capacity as broker-dealer, also provides clients with trade execution, custody and other standard brokerage services for a single fee (“Program Fee”). A client should note that the client may incur costs in addition to the Program Fee. See “Additional Program Information— Trading for Client Accounts” and “Other Fees and Expenses” below for more information. tactical execute without Each Program is designed to address different investment needs of clients. All of the Programs discussed in this Brochure may not be appropriate for every client. For example, the Programs may not be appropriate for clients who have low or no trading activity, who desire to pay transaction- based fees, who maintain their accounts invested in high levels of cash or other concentrated positions, who do not want ongoing professional investment advice or account monitoring, who tend to the transactions recommendation or advice of an advisor, which are commonly referred to as “unsolicited” transactions, or who intend to utilize an investment strategy, product or solution that is not available in a Program. Investment Products and cash, and one or more subcategories of assets, called asset classes. Asset allocation strategies have varying investment objectives and investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use tactical investing, which typically involves tactically and actively adjusting account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short-term. Some asset allocation strategies involve the use of both strategic and investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and ETPs, including ETFs and ETNs. The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. See “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies— Asset Allocation Strategies” below for more information. and bonds (collectively, Greenhouse Funds Some Programs offer clients the ability to pursue alternative investment strategies (“Alternative Strategies”) or other non-traditional or complex investment strategies that involve special risks not apparent in more traditional investments like stocks “Complex Strategies”). Similarly, some Programs offer clients the ability to invest in non-traditional or real assets (“Non-Traditional Assets”). Some Programs also offer the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies (collectively, “Complex Investment Products”). The use of these strategies and investment products involves special risks, and a client should not engage in a strategy or purchase an investment product unless the client understands the related risks. See “Additional Program Information— Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. The Programs make available investment products and services offered by parties that are not related to Baird. Some Programs make available investment products and services offered by parties related to Baird, including: Baird Advisors and Baird Equity Asset Management, investment management departments of Baird; Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management; GAMMA Investing, LLC LLLP (“GAMMA”), (“Greenhouse”), LoCorr Fund Management, LLC (“LoCorr”), Riverfront Investment Group, LLC (“Riverfront”) and Strategas Asset Management, LLC (“Strategas”), investment managers that are affiliated with Baird; Baird Trust Company (“Baird Trust”), a trust company that is affiliated with Baird; mutual funds offered by Baird Funds, Inc. (the “Baird Funds”), which is affiliated with Baird; and mutual funds offered by LoCorr Investment Trust (the “LoCorr Funds”), which is related to Baird. Those affiliated investment products and services generally consist of mutual funds, ETPs or other funds offered by Baird or parties related to Baird (“Affiliated Funds”) and SMA Strategies offered by Baird or parties related to Baird Certain Programs make available asset allocation investment strategies. Asset allocation strategies involve investing in one or more categories of assets, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative 3 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  (“Affiliated SMA Strategies”). For more information about these and other related parties, see “Additional Information—Other Financial Industry Activities and Affiliations” below. depth of initial and ongoing research, evaluation, monitoring and review of the investments in a client’s Account, varies by Program and the investments selected for the Account. their client’s The foregoing discussion of the Programs is only a summary. More specific information about the Programs and the particular investment advisory services that Baird provides in connection with each Program are further described below and in the client’s advisory agreement. Clients are encouraged to review this Brochure and their advisory agreement carefully. Baird clients typically work with a Baird Financial Advisor to determine the services that are financial goals and appropriate given circumstances. During the new account process, clients provide information that assists the client and the client’s Financial Advisor with determining the investment needs, objectives, investment time horizon, and risk tolerances for the assets being invested. However, it is a client that ultimately selects the Program and investment strategy that is most appropriate for the client. Discretionary Programs ALIGN Strategic Portfolios Program the specific A client that wishes to participate in a Program will enter into a client relationship agreement or other investment advisory agreement with Baird (“advisory agreement”). The client’s advisory terms agreement will contain applicable to the services selected by the client, fees payable by the client, and other terms applicable to the client’s advisory relationship with Baird. A client should note that the client’s advisory relationship with Baird does not begin until Baird enters into the applicable advisory agreement with the client, which occurs when Baird PWM’s Home Office has accepted the client’s advisory agreement and determined that all of the client’s paperwork is in order. See “Account Requirements and Types of Clients” below for more information. Under the ALIGN Strategic Portfolios Program, Baird manages a client’s Account with full discretionary authority according to a proprietary model strategic asset allocation strategy developed by Baird (each such model an “ALIGN Strategic Portfolio”) that is selected by the client. The ALIGN Strategic Portfolios Program offers model asset allocation portfolios that have different investment objectives and use different strategic investment strategies. Each ALIGN Strategic Portfolio provides for specific levels of investment across different asset classes, such as equity securities, fixed income Assets, securities, Non-Traditional Alternative Investment Products and cash. Each Portfolio generally uses mutual funds and ETPs, primarily ETFs, in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. in As mentioned above, Baird, in its capacity as broker-dealer, also provides Program clients with trade execution, custody and other standard brokerage services. For this reason, a client will also enter into a client relationship agreement or other account agreement with Baird (“account agreement”) if the client has not already done so. The client’s account agreement authorizes Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally does not permit a client to include assets in the client’s Account that are held by a third party custodian or that are otherwise held outside of a Baird account (“Held-Away Assets”). Baird constructs each ALIGN Strategic Portfolio and adjusts the asset allocation of each ALIGN Strategic Portfolio from time to time. Baird also determines the mutual funds and ETPs that are available the ALIGN Strategic Portfolios Program, including the percentage each mutual fund or ETP comprises in each asset class within an ALIGN Strategic Portfolio. Baird may make changes to an ALIGN Strategic Portfolio from time to time as it deems appropriate and without providing prior notice to, or obtaining the consent of, a client. Program has different the Each structures, administration, types and levels of service, and fees and expenses. In particular, a client should note that investment advisory services provided by Baird and its associates, including the The ALIGN Strategic Portfolios include certain element portfolios (“ALIGN Elements Portfolios”) that are designed for certain specific client investment preferences, such as clients preferring 4 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Assets, Alternative passive investment management or tax efficiency, and clients with smaller accounts. ALIGN Elements Portfolios do not invest in as many mutual funds or ETFs compared to other ALIGN Strategic Portfolios and are therefore comparatively less diversified. level of initial and ongoing of investment across different asset classes, such as equity securities, fixed income securities, Non- Traditional Investment Products and cash. Each Portfolio generally uses mutual funds and ETPs, primarily ETFs, in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. For more specific information about the investment options made available through the Program and the research, evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—ALIGN Programs” below. including Some of the services provided under this Program may be provided to a client by a Baird Financial Advisor assigned to the client’s Account. Typically, a client selects the ALIGN Strategic Portfolio appropriate for the client’s Account with the assistance of the client’s Baird Financial Advisor. Baird constructs each BairdNext Portfolio and adjusts the asset allocation of each BairdNext Portfolio from time to time. Baird also determines the mutual funds and ETPs that are available in the BairdNext Portfolios Program, the percentage each mutual fund or ETP comprises in each asset class within a BairdNext Portfolio. Baird may make changes to a BairdNext Portfolio from time to time as it deems appropriate and without providing prior notice to, or obtaining the consent of, a client. in Programs” and “Additional The BairdNext Portfolios Program is designed for clients with smaller accounts and as such does not invest in as many mutual funds or ETFs compared to other Programs. Clients that are able to satisfy applicable account minimums for other Programs are encouraged to discuss with their Financial Advisor whether another Program may be a more appropriate choice for them. Baird may replace investments in a client’s Account, rebalance a client’s Account assets to be consistent with the client’s chosen ALIGN Strategic Portfolio strategy, change the client’s asset allocation, or engage tax management strategies in certain circumstances. See “Additional Program Information—Special Considerations for Program the Information—Tax Management” below for more information. level of initial and ongoing Important Information about Affiliated Funds. Some of the mutual funds offered by Baird Funds, which is affiliated with Baird, have been selected by Baird for inclusion in certain ALIGN Strategic Portfolios. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. For more specific information about the investment options made available through the Program and research, the evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—BairdNext Portfolios Program” below. BairdNext Portfolios Program Some of the services provided under this Program may be provided to a client by a Baird Financial Advisor assigned to the client’s Account. Typically, a client selects the BairdNext Portfolio appropriate for the client’s Account with the assistance of the client’s Baird Financial Advisor. Baird may replace investments in a client’s Account, rebalance a client’s Account assets to be consistent with the client’s chosen BairdNext Portfolio strategy, change the client’s asset Under the BairdNext Portfolios Program, Baird manages a client’s Account with full discretionary authority according to a proprietary model strategic asset allocation strategy developed by Baird (each such model, a “BairdNext Portfolio”) that is selected by the client. The BairdNext Portfolios Program offers model asset allocation portfolios that have different investment objectives and use different strategic investment strategies. Each BairdNext Portfolio provides for specific levels 5 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in Programs” and “Additional allocation, or engage tax management strategies in certain circumstances. See “Additional Program Information—Special Considerations for Program the Information—Tax Management” below for more information. the heading “Additional assets in a client’s Account may be held in cash or cash equivalents, including securities issued by money market mutual funds, or may be deposited interest-bearing bank accounts. Additional in information about the types of investments a PIM Manager may use for client accounts is contained under Program Information—Permitted Investments” below. For more information about the PIM Program, see “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods Investment Management of Analysis—Private Program” below. Information about Affiliated Important Funds. Some of the mutual funds offered by Baird Funds, which is affiliated with Baird, have been selected by Baird for inclusion in certain BairdNext Portfolios. This presents a conflict of interest. For more information, see “Additional Information— Other Financial Industry Affiliations and Activities” below. Private Investment Management Program Baird may remove any PIM Manager or strategy from the PIM Program at any time and transfer day-to-day management responsibility of a client’s Account to another PIM Manager or Baird Financial Advisor at any time without providing prior notice to, or obtaining the consent of, a client. Under the PIM Program, a client grants full discretionary authority and management of the client’s Account to Baird and the client’s Baird Financial Advisor who has been approved by Baird to manage client accounts in the PIM Program (a “PIM Manager”). concentrated and Program Important Information about PIM Accounts. PIM Managers may engage in strategies that involve: less diversified portfolios of securities; leverage; and frequent trading for client accounts. In addition, PIM Managers may invest client accounts in illiquid securities, community bank stocks and Complex Investment Products. These types of strategies and investments involve special, sometimes significant, risks and are not appropriate for all clients. A client should understand those risks before engaging in those strategies or investing in those products. See “Additional Information—Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. Mutual funds, ETFs and other investment products affiliated with Baird are available to clients under the PIM Program. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. In the PIM Program, a client’s PIM Manager seeks to meet the client’s particular investment needs by identifying or developing an investment strategy based upon guidelines that are jointly established by the client and the client’s PIM Manager. At the commencement of services, the client’s PIM Manager reviews the client’s investment objectives and risk tolerance. Based upon that review and other information provided by the client, the PIM Manager makes a subsequent recommendation to the client as to which investment strategy the PIM Manager believes is best suited for the client. Some PIM Managers use model portfolios, which may include proprietary model asset allocation portfolio strategies developed by Baird, or other investment strategies. Some PIM Managers take a “counseled” or more customized approach to management of client accounts. A client makes the final decision as to which investment strategy is chosen for the client’s Account. More specific information as to how the client’s PIM Manager will manage the client’s Account is provided to the client in connection with the opening of the Account. Russell Model Strategies Program A PIM Manager may make investments in various types of securities, including, but not limited to, equity securities, fixed income securities, Non- Traditional Assets, certain Alternative Investment Products and mutual funds and ETPs that in turn invest in those investments. All or a portion of the Under the Russell Model Strategies Program (the “Russell Program”), Baird manages a client’s Account with full discretionary authority according to a model mutual fund asset allocation strategy (a by Russell “Russell Strategy”) developed 6 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  a client selects the Russell Strategy appropriate for the client’s Account with the assistance of the client’s Baird Financial Advisor. See Baird may rebalance a client’s Account assets to be consistent with the client’s chosen asset allocation strategy, change the client’s asset allocation, or engage in tax management strategies in certain Program circumstances. “Additional Information—Special Considerations the for Programs” and “Additional Program Information— Tax Management” below for more information. Non-Discretionary Programs Baird Advisory Choice Program typically The Baird Advisory Choice Program is a Non- Discretionary Program whereby Baird provides advice to a client in connection with the client’s own management of the client’s Account. Investment Management, LLC (“Russell”) that is selected by a client. The Russell Program offers model asset allocation portfolios that have different investment objectives and use different strategic and tactical investment strategies. Each Russell Strategy provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Each Strategy generally uses mutual funds and ETFs in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Strategy, and some Strategies may have little or no allocation to one or more asset classes or types of investments described above. Each Russell Strategy will invest exclusively or significantly in mutual funds offered by Russell Investment Company (the “Russell Funds”), although some non-Russell Funds may be used. Some of the services provided under this Program may be provided to a client by a Baird Financial Advisor assigned to the client’s Account. Russell constructs each Russell Strategy and adjusts the asset allocation of each Strategy from time to time. Russell also determines the mutual funds and ETFs, including the Russell Funds, that are available in each Russell Strategy, including the percentage each mutual fund and ETF comprises in each Strategy. From time to time, Russell may remove mutual funds and ETFs and replace them with other mutual funds and ETFs. Some Baird Financial Advisors may recommend that a client implement a model portfolio in the client’s Advisory Choice Account. A client implementing a model portfolio in the client’s Advisory Choice Account may have the option to have Baird and the client’s Financial Advisor rebalance the client’s Advisory Choice Account to the target asset allocations specified by the model portfolio at predetermined intervals. Currently, Baird offers the following rebalance options to applicable Advisory Choice Accounts: annual, semi-annual and quarterly. Baird anticipates that it generally will implement a Russell Strategy as proposed by Russell. However, Baird has sole discretionary authority over a client’s Account invested in a Russell Strategy, and Baird may implement a Russell Strategy differently than proposed by Russell or may sell the client’s investments if Baird determines such action to be necessary and in the client’s best interest. level of initial and ongoing the Account, without Baird Advisory Choice For more specific information about the investment options made available through the Program and the research, evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Russell Model Strategies Program” below. Baird does not have discretionary authority over the assets in a client’s Baird Advisory Choice Account, and Baird and the client’s Baird Financial Advisor cannot purchase or sell any securities or other investments in the client’s Baird Advisory Choice Account, including purchases and sales to the client’s rebalance authorization. Ultimately, the client makes the final decision as to selection of investments for the client’s Account. Furthermore, if a client selects a model portfolio for the client’s Baird Advisory Choice Account, a client should understand that the client is ultimately responsible for: the selection of the model portfolio, the model portfolio’s implementation, and the selection of a rebalance option, if any. Some of the services provided under this Program may be provided to a client by a Baird Financial Advisor assigned to the client’s Account. Typically, 7 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the client’s Baird Financial Advisor will use in order to meet the client’s objectives. is appropriate. In making current assets, A client should understand that Baird only provides a client with certain consulting services and, for eligible Accounts, Account rebalancing services under the Baird Advisory Choice Program. The consulting services that may be available in the Program from the client’s Financial Advisor include research, analysis, advice and recommendations regarding: financial and investment goals and needs; asset allocation strategies, investment strategies and investment restrictions; methods for implementing investment strategies; trends and expectations regarding securities and other investments, securities markets, and economic sectors and industries; and the purchase, holding and sale of securities and other investments. The specific consulting services to be provided to a client will be determined by mutual agreement between the client and the client’s Financial Advisor. Baird does not undertake to provide any other consulting or investment advisory services under this Program unless Baird agrees to do so in writing. in various Baird or the client’s Financial Advisor will provide investment recommendations for the client’s Account and may recommend the amount, type and timing with respect to buying, holding, exchanging, converting and selling securities and other assets for the client’s Account. Baird or the recommend client’s Financial Advisor may types of securities, investments including, but not limited to, equity securities, fixed income securities, Non-Traditional Assets, certain Alternative Investment Products and mutual funds and ETPs that in turn invest in those investments. All or a portion of the assets in a client’s Account may be held in cash or cash equivalents, including securities issued by money market mutual funds, or may be deposited in interest-bearing bank accounts. Additional information about the types of investments Baird or a Financial Advisor may recommend for client accounts is contained under the heading “Additional Program Information— Permitted For more Investments” below. information about the Baird Advisory Choice Program, see “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Baird Advisory Choice Program” below. A client should ask the client’s Baird Financial Advisor questions about the investment styles, philosophies, strategies, analyses and techniques Important Information about Baird Advisory Choice Accounts. A Baird Advisory Choice Account provides a fee-based alternative to a traditional, commission-based brokerage account. Unlike a traditional brokerage account where a client is paying for traditional brokerage services, an Advisory Choice client is also paying for investment advice and other investment advisory services above and beyond those available in a traditional brokerage account. Each client should determine whether a Baird Advisory Choice Account this determination, a client should carefully consider all relevant factors, including the client’s investment objectives, risk tolerance, past and anticipated trading practices, current investments, the value and type of Permitted Investments to be held in the Account, anticipated use of other Baird products and services, and the costs and benefits of the Account. The costs of a Baird Advisory Choice Account may be more or less than in an account where the client is charged on a per-transaction basis. A Baird Advisory Choice Account may not be appropriate for a client who anticipates little or no trading activity, a client who prefers to direct the client’s own investment strategies and security selection independent of the advice of Baird or their Financial Advisor or a client who does not receive or request investment advisory or other non-trading services from Baird. A Baird Advisory Choice Account is also not for day trading or other extreme trading activity, including excessive options trading or trading in mutual funds based on market timing. If a client’s Baird Advisory Choice Account engages in “excessive trading activity” (herein defined as activity that would be considered “excessive” by industry professionals in a non-discretionary, fee-based program, as determined by Baird in its sole discretion), Baird may, to the extent permitted by applicable law, immediately, upon sending notice to the client, restrict the activity occurring in the client’s Account, terminate the Account, convert the Account to a commission-based account, or charge a higher fee at such rate as Baird, in its sole discretion, may elect. A client is responsible for monitoring the client’s Account and determining the desirability of maintaining the Account as opposed to maintaining a traditional, commission- based brokerage account. In addition to Baird traditional, Advisory Choice Accounts and commission-based brokerage accounts, Baird 8 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  SMA Programs Baird Affiliated Managers Program offers various other advisory programs in which it has investment discretion. A client should periodically reevaluate whether the ongoing use of this Non-Discretionary Advisory Program is desired and request a Baird Financial Advisor to explain the benefits and disadvantages of maintaining a Baird Advisory Choice Account and the availability of alternative arrangements. The BAM Program is a program whereby a client independently selects Baird or an investment manager related to Baird to manage the client’s Account with full discretionary authority according to a strategy selected by the client. The BAM Program is designed to accommodate a client who wishes to select Baird or an investment manager related to Baird to manage the assets in the client’s Account instead of an unaffiliated manager made available in other SMA Programs. available on Baird’s website Additional information regarding the differences between brokerage and advisory relationships can be found in the “Understanding Brokerage and Investment Advisory Relationships” document that is at bairdwealth.com/retailinvestor. it into a Under the BAM Program, Baird determines the investment managers (“BAM Managers”) and their strategies (“BAM Strategies”) eligible to participate in the Program. The BAM Strategies and BAM Managers are not subject to the same evaluation process or eligibility standards imposed upon on other SMA Strategies and SMA Managers offered through other SMA Programs. A client may terminate a Baird Advisory Choice Account and convert traditional, commission-based brokerage account at any time by contacting the client’s Baird Financial Advisor. Baird also has the right, at any time upon notice to a client, to terminate a client’s Baird Advisory Choice Account and convert it into commission- based brokerage account. and For more specific information about eligibility standards imposed upon the managers and SMA Strategies made available through the BAM Program, see “Portfolio Manager Selection and Evaluation—Selection Evaluation—Baird Affiliated Managers Program” below. A client should only participate in the BAM Program if the client wishes to select Baird or a manager related to Baird to manage the client’s Account and the client understands the potential conflicts of interest presented by the arrangement and the risks of doing so. have varying Program A client should note that the client’s Baird Advisory Choice Account may be engaged in strategies that involve concentrated and less diversified portfolios of securities, leverage or margin, options, and frequent trading. In addition, the client’s Baird Advisory Choice Account may be invested in illiquid securities and Complex Investment Products. These types of strategies and investments involve special, sometimes significant, risks and are not appropriate for all clients. A client should understand those risks before engaging in those strategies or investing in those products. See “Additional Information—Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. BAM Managers investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the BAM Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. Currently, certain PWM-Managed Portfolios and SMA Strategies offered by Baird Equity Asset Management, Baird Trust, GAMMA, Riverfront and Strategas are offered through the BAM Program. Mutual funds, ETFs and other investment products affiliated with Baird are available to clients under the Advisory Choice Program. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. PWM-Managed Portfolios Under the BAM Program, Baird makes available to clients the following PWM-Managed Portfolios managed by Baird PWM’s Research team: the Baird 9 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  receipts Recommended Portfolio, the Baird Rising Dividend Portfolio, and the AQA Portfolios, which are described under the heading “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis—Certain PWM-Managed Portfolios” below. BAM SMA Strategies The CCM Portfolios invest in equity securities of companies located in different regions around the world, primarily in developed markets but also in emerging and less developed markets. Each Portfolio generally uses common or ordinary shares, depositary representing an ownership interest in ordinary shares, preferred stocks, in order to implement the strategy. The CCM Portfolios generally invest in a limited number of securities, but seek to be diversified in terms of currencies, regions and economic sectors. Baird Equity Asset Management include mutual Baird Equity Asset Management may invest a client’s Baird Equity Asset Management Strategies Account in various types of securities, which will be chosen by Baird Equity Asset Management and which may funds or other investment products affiliated with Baird. Baird Trust Under the BAM Program, Baird makes available to clients certain SMA Strategies offered by Baird Equity Asset Management, including: growth investment strategies (the “Baird Equity Asset Management Growth Strategies”); Specialized Asset Management (“SAM”) portfolio strategies (the “SAM Strategies”), consisting of SAM Strategic Portfolio strategies and SAM Custom Portfolio strategies; and certain CCM International Growth and CCM Global Growth SMA Strategies (“CCM Portfolios”). Under the BAM Program, Baird makes available to clients five (5) portfolio strategies developed and maintained by Baird Trust (“Baird Trust Strategies”) described under the heading “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis—Baird Trust Strategies” below. The Baird Trust Strategies invest in a mix of equity securities and ETFs. Baird Equity Asset Management also manages client portfolios according to other strategies selected by clients (“Other Baird Equity Asset Management Strategies”, and with the Baird Equity Asset Management Growth Strategies and the SAM Strategies, the “Baird Equity Asset Management Strategies”). The SAM Strategic Strategies are model asset allocation portfolios that have different investment objectives and strategies. Each SAM Strategy provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Each Strategy generally uses individual securities, mutual funds and ETFs in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Strategy, and some Strategies may have little or no allocation to one or more asset classes or types of investments described above. In addition, Baird makes available to clients Baird Trust Custom Portfolio Management℠, which offers clients a customized approach to investing and the ability to work directly with an in-house Baird Trust Portfolio Manager. A client’s Baird Trust Portfolio Manager and Financial Advisor will work closely with a client to develop a diversified, customized investment portfolio, managed to fit a client’s specific needs. The Baird Trust Portfolio Manager will determine the investments for a client’s Account based on a comprehensive assessment process that includes the client’s financial investment objective, time horizon, situation, and special circumstances. Once the assessment is complete, a client’s portfolio construction begins. Baird Trust Custom Portfolio Management accounts typically invest in a mix of equity securities, fixed income securities, mutual funds and ETFs, depending upon the needs of a particular client. A SAM Custom Portfolio provides a client with a customized level of investment across one or more of the asset classes described above. The custom model asset allocation strategy is determined by the client with the assistance of Baird Equity Asset Management. 10 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  GAMMA The Riverfront Portfolio strategies that Riverfront offers under the Baird Affiliated Managers Program include Riverfront Asset Allocation Portfolios (also known as “Advantage Portfolios”); Riverfront ETF Portfolios (also known as “ETF Advantage Portfolios”); Riverfront Income ETF Portfolios (also known as “Income ETF Advantage Portfolios”); RiverShares Model Portfolios; and Riverfront Custom Portfolios. Strategas Under the BAM Program, Baird makes available to clients certain SMA Strategies offered by GAMMA (“GAMMA Portfolios”). GAMMA offers Custom Indexing strategies providing for specific levels of investment across different asset classes, such as equity securities, fixed income securities, and cash. Each Portfolio generally uses stocks and ETPs, primarily ETFs and ETNs, in order to implement the target strategy. When deemed appropriate, GAMMA’s management may also involve the use of Alternative Investment Products. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. benchmarks. Custom The GAMMA Custom Indexing strategies that GAMMA offers under the Baird Affiliated Managers Program include managed portfolios of individual securities that seek to deliver similar return and risk characteristics as an index strategy (“target strategy”) selected by the client. Custom Indexing strategies can be benchmarked to any standard or customized index, or combination of standard or Indexing customized strategies typically invest directly in a subset of the securities which make up the target strategy. The investment objective of each Custom Indexing strategy is to provide exposure to a client selected market segment or combination of market segments into an overall asset allocation while maximizing after-tax returns. Under the BAM Program, Baird makes available to clients certain SMA Strategies offered by Strategas (“Strategas Portfolios”). The Strategas Portfolios include thematic strategies (“Strategas Thematic Portfolios”), asset allocation strategies (“Strategas Asset Allocation Portfolios”) and fixed income strategies (“Strategas Fixed Income Portfolios”). The Strategas Thematic Strategies invest principally in equity securities using certain proprietary investment themes, ideas or trends. The Strategas Asset Allocation Portfolios invest primarily in equity and fixed income securities in a manner that aligns with client goals and risk preferences over a medium-term time horizon. Each Portfolio combines Strategas’s strategic asset allocation outlook with tactical tilts towards those sectors and investments that it believes are most favorable for investment. The Strategas Fixed Income Strategies are actively managed, multisector, enhanced total return bond strategies that seek to maximize return, while seeking to minimize total return volatility. The Strategas Fixed Income Strategies primarily invest in sector- focused ETFs. Riverfront Additional Information about the BAM Program strategic and tactical Clients are urged to review the BAM Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the BAM Manager, including information about the BAM Manager’s strategies, the types of investments the BAM Manager may use for a client’s Account, and the risks associated with investing in a BAM Strategy. Such brochures are available upon request. Under the BAM Program, Baird makes available to clients certain SMA Strategies offered by Riverfront (“Riverfront Portfolios”). The Riverfront Portfolio strategies are model asset allocation portfolios that have different investment objectives and use different investment strategies. Each Riverfront Portfolio provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Each Portfolio generally uses mutual funds and ETPs, primarily ETFs and ETNs, in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. Some of the services provided under the BAM Program may be provided to a client by a Baird Financial Advisor assigned to the client’s Account, and the client’s Financial Advisor may provide his or her own advice and recommendations about BAM Managers. 11 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  If a client participates in the BAM Program, the client authorizes and directs Baird to appoint the BAM Manager selected by the client to serve as sub-adviser to the client’s Account. The client also authorizes and directs the BAM Manager to manage client’s Account with full discretionary authority in accordance with the BAM Strategy selected by the client. after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Baird client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Program Information—Trading for Client Accounts—Trading Practices of Investment Managers” below for more information. does not provide the client’s Account with the financial Certain BAM Strategies are only made available through the Overlay Manager. The BAM Strategies offered through the Overlay Manager consist of Manager-Traded Strategies and Model-Traded Strategies. If a client selects a BAM Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager full to manage discretionary authority in accordance with the BAM Strategy selected by the client. If a client selects a Manager-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to appoint the applicable BAM Manager as sub- adviser, and the client also authorizes and directs such BAM Manager to manage the client’s Account with full discretionary authority in accordance with the BAM Strategy selected by the client. If a client’s Account is managed by an Other Manager under the BAM Program, the client should understand that: Baird does not manage the Account and does not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, Baird is not responsible for the decisions made by the Other Manager; Baird any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and Baird and the client’s Financial Advisor only provide the client with certain consulting services, which may include the client’s Financial Advisor’s assistance with determining needs, client’s investment goals and investment restrictions and periodically reviewing the manager’s performance. Baird does not undertake to provide any other consulting or investment advisory services under the BAM Program unless Baird agrees to do so in writing. is fully and A client that participates in the BAM Program is strongly encouraged to contact the client’s Baird Financial Advisor or BAM Manager on a periodic basis to discuss: the Account and its investment performance; the BAM Manager’s investment philosophy and style (to determine if the BAM Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the BAM Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviser info.sec.gov. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that Baird does not monitor or ascertain whether the Overlay Manager faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s Financial Advisor. Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager The BAM Strategies and BAM Managers made available under the BAM Program are subject to change or removal at any time in Baird’s sole discretion. A client’s appointment and continued retention of a BAM Manager to manage the client’s 12 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird Recommended Managers Program The Baird Recommended Managers Program is a program whereby a client provides Baird and the client’s Financial Advisor with discretionary authority to appoint investment managers to manage the client’s Account with full discretionary authority and to terminate or replace investment managers for the client’s Account. The Baird Recommended Managers Program is designed for a client who wishes to have the client’s Account managed by investment managers that are monitored by Baird on an ongoing basis. the Under the Baird Recommended Managers Program, Baird determines investment managers (“Recommended Managers”) and their strategies (“BRM Strategies”) eligible to participate in the Program through an initial and ongoing evaluation process. and Evaluation—Baird Account are based upon the client’s review of the BAM Manager and its services. In selecting the BAM Strategy, the client ultimately determines that the strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BAM Manager will only be removed from managing the client’s Account upon the BAM Manager’s removal from the Program by Baird, the BAM Manager’s withdrawal or the client’s direction to do so. Under the terms of the BAM Program, Baird cannot appoint a replacement manager without client consent. Given the terms of the BAM Program, upon the withdrawal or removal of an investment manager from the BAM Program, a client’s BAM Program Account will be automatically removed from the BAM Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to Baird. See “Portfolio Manager Selection and Evaluation— Affiliated Selection Managers Program” below for further information. Recommended For more specific information about the managers and SMA Strategies made available through the Baird Recommended Managers Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, see “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Baird Managers Program” below. Important Information about Affiliated Managers All of the BAM Strategies made available under the BAM Program are offered by Baird or a manager affiliated with Baird. PWM- Managed Portfolios are Managed by Baird PWM. Baird Equity Asset Management and CCM are investment management departments of Baird. Baird Trust, GAMMA, Riverfront and Strategas are affiliated with Baird. Baird has a potential conflict of interest to the extent Baird would advise clients to participate in the BAM Program. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. Recommended Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the Recommended Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. the investments Clients are urged to review the Recommended Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the Recommended Manager, including information about the Recommended Manager’s the types of strategies, Recommended Manager may use for a client’s Account, and the risks associated with investing in a BRM Strategy. Such brochures are available upon request. A client’s appointment and continued retention of a BAM Manager to manage the client’s Account are based upon the client’s review of the BAM Manager and its services. In selecting the BAM Strategy, the client ultimately determines that the strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BAM Manager will only be removed from managing the client’s Account upon the BAM Manager’s removal from the Program by Baird, the BAM Manager’s withdrawal or the client’s direction to do so. Some of the services provided under the Baird Recommended Managers Program will be provided to a client by a Baird Financial Advisor assigned to the client’s Account. A client, typically working with a Baird Financial Advisor, initially selects the 13 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Recommended Manager and BRM Strategy for the client’s Account. Thereafter, whenever Baird or the client’s Financial Advisor deems it necessary, Baird or the client’s Financial Advisor will replace a Recommended Manager or BRM Strategy with another Recommended Manager or BRM Strategy for the client’s Account based upon the list of Recommended Managers and BRM Strategies that Baird makes available for the Baird Recommended Managers Program. Implementation Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Implementation Manager determines such action to be necessary and in the client’s best interest. A client should note that Baird does not monitor or ascertain whether a third party Implementation Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s Financial Advisor. the terms of If a client participates in the Baird Recommended Managers Program, the client authorizes and directs Baird to appoint Recommended Managers to serve as sub-adviser to the client’s Account and to otherwise manage the client’s Account in accordance with the Baird Recommended Managers Program. The client also authorizes and directs the Recommended Managers to manage the client’s Account with full discretionary authority in accordance with the BRM Strategy selected. offered through Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Baird client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of other client accounts those Model Providers. See managed by “Additional Program for Information—Trading Client Accounts—Trading Practices of Investment Managers” below for more information. the discretionary recommendation or also authorizes and directs If a client’s Account is managed by an Other Manager under the Baird Recommended Managers Program, the client should understand that, notwithstanding authority granted to Baird and the client’s Financial Advisor under the Program: Baird and the client’s Financial Advisor do not manage the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, Baird and the client’s Financial Advisor are not responsible for the decisions made by the Other Manager; and Baird and the client’s Financial Advisor do not provide any investment advice regarding the purchase or sale of investment products made for the client’s Account. full discretionary authority Certain BRM Strategies are only made available through Implementation Managers. The BRM Strategies Implementation Managers consist of Manager-Traded Strategies and Model-Traded Strategies. If a BRM Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs Baird to appoint the Implementation Manager to serve as sub-adviser to the client’s Account. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to manage the client’s Account with full discretionary authority in accordance with the selected BRM Strategy. If a Manager-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to appoint the applicable Recommended Manager as sub-adviser, and the client such Recommended Manager to manage the client’s Account with in accordance with the selected BRM Strategy. Provider. However, has If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the Implementation Manager will typically implement the Model Portfolio as proposed by the since Model the discretionary Implementation Manager the authority over the client’s Account, From time to time, Baird may remove investment managers from the Baird Recommended Managers Program, and Baird may select a replacement manager to manage the client’s Account. In such event, Baird, at the direction of the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were the managed by the prior manager and 14 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  could in adverse replacement manager will reinvest the cash proceeds of those sales. Sales of securities or other investments tax result consequences for the client. to invest, with client also authorizes and directs 55ip to manage the client’s Account with full discretionary authority: (1) to transition the Account holdings to reflect the target portfolio holdings of the Target ALIGN Strategy selected by the client using its tax management strategies; and (2) in accordance with the selected ALIGN Strategic Portfolio strategy together with its tax management strategies on an ongoing basis, as applicable. Additional information about the ALIGN Strategic Portfolio strategies is contained under the heading “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—ALIGN Programs” below. If Baird terminates an investment manager from the Baird Recommended Managers Program, a full client authorizes Baird discretionary authority, the assets in the client’s Account previously managed by the terminated investment manager in other securities, including, but not limited to, mutual funds and ETPs. Baird’s discretionary authority to make such other investments will continue until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. investment strategies, there Like all is no guarantee that 55ip’s implementation of tax management strategies will be successful, and when such strategies are used, a client’s Account may not be successful in pursuing its primary investment strategies, objectives or goals. A client who prefers to continue using an investment manager that has been removed from the Baird Recommended Managers Program, or who directs or otherwise requests that a particular investment manager not recommended by Baird be selected to manage the client’s Account, will need to move to another Program, such as the BSN Program. See “Baird SMA Network Program” below for more information. Clients who elect to do so will no longer receive the same level of rigorous ongoing monitoring, evaluation, or review of that investment manager from Baird. Clients are urged to review 55ip’s Form ADV Part 2A Brochure, which should contain additional important including information about 55ip, information about 55ip’s strategies, the types of investments 55ip may use for a client’s Account, and the risks associated with 55ip’s strategies. Such brochure is available upon request. ALIGN 55ip Tax Managed Solutions A client should note that the time it takes to transition an Account to a Target ALIGN Strategy could be significant and involve a period of five (5) years or more. The actual time can vary greatly by Account and will depend on a number of factors, including, but not limited to, the differences between the holdings of the Account and the Target ALIGN Portfolio, the tax basis of the Account holdings, and additions to and withdrawals from the Account. an The Baird Recommended Managers Program makes available ALIGN 55ip Tax Managed Solutions that are designed for a client that: (1) desires to have the strategy for the client’s Account transitioned to an ALIGN Strategic Portfolio strategy selected by the client (the “Target ALIGN Strategy”) using tax management strategies that are intended to reduce the negative impact of U.S. federal income taxes on an Account resulting from the transition; (2) seeks investment in an ALIGN Strategic Portfolio strategy together with enhanced tax management strategies on an ongoing basis; or (3) a combination of both services. Baird has engaged 55I, LLC (d/b/a 55ip, “55ip”) to provide tax management services on a subadvisory basis to clients that select ALIGN 55ip Tax Managed Solutions. “Additional Important Information about Affiliated Managers. The Baird Recommended Managers Program makes available to clients investment services that are offered by Baird Equity Asset Management, investment management department of Baird. Baird has a potential conflict of interest to the extent Baird would advise a client to select investment products offered by Baird Equity Asset Management. For more information, see Information—Other Financial Industry Affiliations and Activities” below. Baird If a client selects an ALIGN 55ip Tax Managed Solution for the client’s Account, the client authorizes and directs Baird to appoint 55ip to serve as sub-adviser to the client’s Account. The 15 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  exclusively invest in Investment Funds (“Fund Strategist Portfolios”). receives a portion of the Portfolio Fee paid by clients pursuing ALIGN 55ip Tax Managed Solutions for portfolio management services that Baird provides in connection with those Solutions. Such compensation provides Baird a financial incentive to recommend those Solutions. Baird SMA Network Program Clients are urged to review the BSN Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the BSN Manager, including information about the BSN Manager’s strategies, the types of investments the BSN Manager may use for a client’s Account, and the risks associated with investing in a BSN Strategy. Such brochures are available upon request. is designed The BSN Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The BSN Program accommodate a client who wishes to independently select an investment manager not available in the Baird Recommended Managers Program to manage the assets in the client’s Account. Some of the services provided under the BSN Program may be provided to a client by a Baird Financial Advisor assigned to the client’s Account, and the client’s Financial Advisor may provide his or her own advice and recommendations about BSN Managers. to If a client participates in the BSN Program, the client authorizes and directs Baird to appoint the BSN Manager selected by the client to serve as sub-adviser to the client’s Account. The client also authorizes and directs the BSN Manager to manage client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. Under the BSN Program, Baird determines the investment managers (“BSN Managers”) and their strategies (“BSN Strategies”) eligible to participate in the Program through a significantly less rigorous evaluation process compared the Baird Recommended Managers Program. However, a client should note that Baird does not make any recommendation to clients regarding any BSN Strategy or any representations regarding a BSN Manager’s qualifications as an investment adviser or abilities to manage client assets. For more specific information about the managers and SMA Strategies made available through the BSN Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, if any, see “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below. the client’s Account with A client should only participate in the BSN Program if the client wishes to take more responsibility for monitoring the Baird the client’s Account, Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and the client understands the risks of doing so. Certain BSN Strategies are only made available through the Overlay Manager. The BSN Strategies offered through the Overlay Manager consist of Manager-Traded Strategies and Model-Traded Strategies. If a client selects a BSN Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to manage full discretionary authority in accordance with the BSN Strategy selected by the client. If a client selects a Manager-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to appoint the applicable BSN Manager as sub- adviser, and the client also authorizes and directs such BSN Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. BSN Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the BSN Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. Certain managers offer strategies that 16 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the BSN Program unless Baird agrees to do so in writing. is fully and If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that Baird does not monitor or ascertain whether faithfully the Overlay Manager implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s Financial Advisor. A client that participates in the BSN Program is strongly encouraged to contact the client’s Baird Financial Advisor or BSN Manager on a periodic basis to discuss: the Account and its investment performance; the BSN Manager’s investment philosophy and style (to determine if the BSN Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the BSN Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviser info.sec.gov. Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Baird client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Program Information—Trading for Client Accounts—Trading Practices of Investment Managers” below for more information. for The BSN Strategies and BSN Managers made available under the BSN Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the BSN Program, Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the BSN Program, upon the withdrawal or removal of an investment manager from the BSN Program, a client’s BSN Program Account will be automatically removed from the BSN Program and the Account will become an unmanaged brokerage account, unless the client instructions to Baird. See provides contrary “Portfolio Manager Selection and Evaluation— Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below further information. does not provide Important Information about the BSN Program. Portfolios managed by 55I, LLC (d/b/a 55ip, “55ip”) are made available under the BSN Program. 55ip uses research and other services from Riverfront, an affiliate of Baird, in the development of certain of those portfolios, and Riverfront receives compensation from 55ip with respect to those portfolios. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. the financial If a client’s Account is managed by an Other Manager under the BSN Program, the client should understand that: Baird does not manage the Account and does not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, Baird is not responsible for the decisions made by the Other Manager; Baird any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and Baird and the client’s Financial Advisor only provide the client with certain consulting services, which may include the client’s Financial Advisor’s assistance with determining needs, client’s investment goals and investment restrictions and periodically reviewing the manager’s performance. Baird does not undertake to provide any other consulting or investment advisory services under The BSN Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the Baird Recommended Managers Program to manage the client’s Account. The client assumes ultimate responsibility for monitoring the client’s 17 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  A client should only participate in the DC Program if the client wishes to take more responsibility for monitoring the Baird the client’s Account, Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and the client understands the risks of doing so. include mutual DC Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the DC Manager and which funds, ETFs or other may investment products affiliated with the manager or Baird. BSN Program Account and the BSN Manager’s performance. A client’s appointment and continued retention of a BSN Manager to manage the client’s Account are based ultimately upon the client’s independent review of the BSN Manager and the BSN Manager’s services. The client ultimately determines that the BSN Strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BSN Manager will only be removed from managing the client’s BSN Program Account upon the manager’s withdrawal, removal from the BSN Program, or the client’s direction to do so. A client should carefully consider the foregoing when deciding to participate in the BSN Program and also consider whether another Baird Program, such as the Baird Recommended Managers Program, may be more appropriate for the client. Dual Contract Program Clients are urged to review the DC Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the DC Manager, including information about the DC Manager’s strategies, the types of investments the DC Manager may use for a client’s Account, and the risks associated with investing in a DC Strategy. Such brochures are available upon request. is designed Some of the services provided under the DC Program may be provided to a client by a Baird Financial Advisor assigned to the client’s Account, and the client’s Financial Advisor may provide his or her own advice and recommendations about DC Managers. The DC Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The DC Program accommodate a client who wishes to independently select an investment manager not available in the Baird Recommended Managers Program or BSN Program to manage the assets in the client’s Account. to Under the DC Program, Baird determines the investment managers (“DC Managers”) and their strategies (“DC Strategies”) eligible to participate in the Program through a significantly less rigorous evaluation process compared the Baird Recommended Managers Program. However, a client should note that Baird does not make any recommendation to clients regarding any DC Strategy or any representations regarding a DC Manager’s qualifications as an investment adviser or abilities to manage client assets. Under the DC Program, DC Managers are offered to clients through a dual contract arrangement, and a client will need to enter into a separate agreement with the DC Manager in addition to the advisory agreement the client enters into with Baird. A client participating in the DC Program is solely responsible for negotiating the client’s agreement with the client’s DC Manager, and neither Baird nor its Financial Advisors will participate or advise a client regarding the terms of such an agreement, the advisability of entering into such an agreement, or the retention of the client’s DC Manager. For more specific information about the managers and SMA Strategies made available through the DC Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, if any, see “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below. If a client’s Account is managed by an Other Manager under the DC Program, the client should understand that: Baird does not manage the Account and does not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, Baird is not responsible for the decisions made by the Other any Manager; Baird does not provide 18 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the financial services. The recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and Baird and the client’s Financial Advisor only provide the client with certain consulting services, which may include the client’s Financial Advisor’s assistance with determining needs, client’s investment goals and investment restrictions and periodically reviewing the manager’s performance. Baird does not undertake to provide any other consulting or investment advisory services under the DC Program unless Baird agrees to do so in writing. the DC Manager’s The DC Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the Baird Recommended Managers Program or BSN Program to manage the client’s Account. The client assumes ultimate responsibility for monitoring the client’s DC Program Account and the DC Manager’s performance. A client’s appointment and continued retention of a DC Manager to manage the client’s Account are based ultimately upon the client’s independent review of the DC Manager and the DC Manager’s client ultimately determines that the DC Strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a DC Manager will only be removed from managing the client’s DC Program Account upon the manager’s withdrawal, removal from the DC Program, or the client’s direction to do so. A client should carefully consider the foregoing when deciding to participate in the DC Program and also consider whether another Baird Program, such as the Baird Recommended Managers Program, may be more appropriate for the client. Other SMA Strategy Information A client that participates in the DC Program is strongly encouraged to contact the client’s Baird Financial Advisor or DC Manager on a periodic basis to discuss: the Account and its investment performance; investment philosophy and style (to determine if the DC Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the DC Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviserinfo.sec.gov. Certain SMA Strategies are available through multiple Programs. The overall cost of an SMA Strategy and the types and levels of service provided to a client in connection with an SMA Strategy will vary depending upon the particular Program selected by the client. A client should ask the client’s Financial Advisor whether an SMA Strategy is available through multiple Programs and, if so, the client should discuss with the Financial Advisor the different costs of the Programs and the types and levels of service provided in connection with the Programs. A client is solely responsible for selecting the Program in which the client’s Account will participate. and Evaluation—Selection UMA Programs ALIGN UMA Select Portfolios Program The DC Strategies and DC Managers made available under the DC Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the DC Program, Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the DC Program, upon the withdrawal or removal of an investment manager from the DC Program, a client’s DC Program Account will be automatically removed from the DC Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to Baird. See “Portfolio Manager Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below for more information. Information about the DC Important Program. Other investment management departments of Baird and managers affiliated with Baird are available to clients under the DC Program. This presents a conflict of interest. For more information, see “Additional Information— Other Financial Industry Affiliations and Activities” below. Under the ALIGN UMA Select Portfolios Program, Baird and the Overlay Manager manage a client’s Account with full discretionary authority according to a proprietary model asset allocation strategy developed by Baird (each such model, an “ALIGN UMA Select Portfolio”) that is selected by the client. The ALIGN UMA Select Portfolios Program offers model asset allocation portfolios that have different investment objectives and use different investment strategies. Each ALIGN UMA Select Portfolio 19 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investment managers participating in the ALIGN UMA Select Portfolios Program have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the investment manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Each Portfolio generally uses mutual funds, ETPs, primarily ETFs, and SMA Strategies in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. the investment manager, the Clients are urged to review the investment manager’s Form ADV Part 2A Brochure, which should contain additional important information including about investment manager’s information about the strategies, the investments types of investment manager may use for a client’s Account, and the risks associated with investing in the investment manager’s SMA Strategies. Such brochures are available upon request. Some of the services provided under this Program may be provided to a client by a Baird Financial Advisor assigned to the client’s Account. Typically, a client selects the ALIGN UMA Select Portfolio appropriate for the client’s Account with the assistance of the client’s Baird Financial Advisor. Baird constructs each ALIGN UMA Select Portfolio and adjusts the asset allocation of each ALIGN UMA Select Portfolio from time to time. Baird also determines the mutual funds, ETPs, or SMA Strategies that are available in the ALIGN UMA Select Portfolios Program, including the percentage each investment comprises in each asset class within an ALIGN UMA Select Portfolio. Baird may remove mutual funds, ETPs, or SMA Strategies used in the ALIGN UMA Select Portfolios Program from time to time and replace them with other investment options. Baird may make changes to an ALIGN UMA Select Portfolio from time to time as it deems appropriate and without providing prior notice to, or obtaining the consent of, a client. The ALIGN UMA Select Portfolios Program makes available: (1) certain mutual funds and ETPs that Baird determines are eligible for the UMA Programs through an initial and ongoing evaluation process (“UMA Recommended Funds”), which may include Affiliated Funds; (2) certain BRM Strategies that Baird determines are eligible for the UMA Programs through an initial and ongoing evaluation process (“UMA Recommended SMA Strategies”), which may include Affiliated SMA Strategies; and (3) PWM-Managed Portfolios. level of initial and ongoing full discretionary authority For more specific information about the investment options made available through the Program and the research, evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Evaluation— Selection and Evaluation—UMA Programs” and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—UMA Programs” below. to appoint Baird has engaged the Overlay Manager to provide certain subadvisory services in connection with the ALIGN UMA Select Portfolios Program. The ALIGN UMA Select Portfolios Program makes both Manager-Traded Strategies and Model-Traded Strategies available to clients. If a client selects an ALIGN UMA Select Portfolio, the client authorizes and directs Baird to manage the client’s Account with full discretionary authority in accordance with the ALIGN UMA Select Portfolio selected by the client. The client also authorizes and directs Baird to appoint the Overlay Manager to serve as sub- adviser to the client’s Account and directs the Overlay Manager to manage the client’s Account in accordance with the ALIGN UMA Select Portfolio selected by the client and the terms of the ALIGN UMA Select Program. If an ALIGN UMA Select Portfolio contains a Model-Traded Strategy, the client authorizes and directs the Overlay Manager to manage such SMA Strategy within the client’s Account with in accordance with the SMA Strategy. If an ALIGN UMA Select Portfolio contains a Manager-Traded Strategy, the client authorizes and directs the Overlay Manager the applicable investment manager as sub-adviser, and the client also authorizes and directs such investment manager to manage such SMA Strategy within the 20 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  client’s Account with full discretionary authority in accordance with the SMA Strategy. for consistent with the client’s chosen asset allocation strategy, or engage in tax management strategies in certain circumstances. See “Additional Program the Information—Special Considerations Programs” and “Additional Program Information— Tax Management” below for more information. inclusion Information about Affiliated Important Products. Some of the investment services and products offered by Riverfront, and mutual funds offered by the Baird Funds, both of which are affiliated with Baird, have been selected by Baird in certain ALIGN UMA Select for Portfolios. This presents a conflict of interest. For more information, see “Additional Information— Other Financial Industry Affiliations and Activities” below. If an ALIGN UMA Select Portfolio contains a Model- Traded Strategy, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the applicable portion of the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that Baird does not monitor or ascertain whether the Overlay Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s Financial Advisor. Unified Advisory Select Portfolios Program Assets, Alternative Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Baird client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Program Information—Trading for Client Accounts—Trading Practices of Investment Managers” below for more information. Under the UAS Portfolios Program, Baird and the Overlay Manager generally manage a client’s Account on a non-discretionary basis according to a custom model asset allocation strategy (each such model, a “UAS Portfolio”) that is selected by the client. UAS Portfolios involve the use of various different investment strategies because they are customized for each client. A UAS Portfolio provides a client with a customized level of investment across different asset classes, such as equity securities, fixed income securities, Non- Investment Traditional Products and cash. To implement the asset allocation strategy, a client selects the investments for the Account from among those mutual funds, ETPs, SMA Strategies and PWM-Managed Portfolios that Baird has determined are eligible for use in the Program. If a portion of client’s ALIGN UMA Select Portfolios Account is managed by an Other Manager, the client should understand that: Baird does not manage such portion of the Account and does not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, Baird is not responsible for the decisions made by the Other Manager; and Baird does not provide any recommendation or investment advice regarding the purchase or sale of investment products made for such portion of the client’s Account. A client participating in the ALIGN UMA Select Program gives the Overlay Manager and Baird the authority to replace investments in a client’s Account, rebalance a client’s Account assets to be The UAS Portfolios Program also makes available a discretionary management option, whereby a client grants discretionary investment authority over the client’s UAS Program Account to Baird and a Financial Advisor who has been approved by Baird to manage client accounts in the UAS Portfolios Program (a “UAS Manager”). If a client selects that option, a client grants full discretionary authority and management of the client’s Account to Baird and the client’s UAS Manager. A client’s UAS Manager will manage the client’s Account on a discretionary basis according to the UAS Portfolio strategy selected by the client by investing Account assets in various mutual funds, ETPs, SMA Strategies and PWM-Managed Portfolios that Baird has determined are eligible for use in the Program. 21 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  The UAS Portfolios Program makes available two categories of mutual funds and ETPs: (1) UMA Recommended Funds, which may include Affiliated Funds, that Baird determines are eligible for the UMA Programs through an initial and ongoing evaluation process; and (2) certain other mutual funds and ETPs that Baird makes available under the UAS Program through a significantly less rigorous evaluation process compared to the UMA Recommended Funds (“UAS Available Funds”), which may include Affiliated Funds. and to Affiliated Funds and Affiliated SMA Strategies are subject to the same eligibility standards that are imposed upon mutual funds, ETFs and SMA Strategies that are not affiliated with Baird. However, when Affiliated Funds are included in the UAS Available Funds lineup, and when Affiliated SMA Strategies are included in the UAS Available SMA Strategies lineup, those Affiliated Funds and Affiliated SMA Strategies are not subject to the same eligibility standards that are imposed upon mutual funds, ETFs and SMA Strategies that are not affiliated with Baird. To be included in the UAS Available Fund lineup or the UAS Available SMA Strategy lineup, an Affiliated Fund or Affiliated SMA Strategy, respectively, only needs to meet certain limited criteria. For more specific information about the investment options made available through the Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those investment options, if any, see “Portfolio Manager Selection and Evaluation—UMA Evaluation—Selection Programs” and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—UMA Programs” below. Similarly, the UAS Portfolios Program makes available two categories of SMA Strategies: (1) UMA Recommended SMA Strategies, which may include Affiliated SMA Strategies, that Baird determines are eligible for the UMA Programs through an initial and ongoing evaluation process; and (2) certain SMA Strategies made available by certain managers (“UAS Available Managers”) through the Overlay Manager that Baird makes available under the UAS Program through a less rigorous evaluation process significantly compared the UMA Recommended SMA Strategies (“UAS Available SMA Strategies”), which may include Affiliated SMA Strategies. the A client retaining discretion over the client’s UAS Program Account should only select UAS Available Funds or UAS Available SMA Strategies if the client wishes to take more responsibility for managing and monitoring the client’s UAS Program Account, the UMA Recommended Funds and UMA Recommended SMA Strategies do not meet the client’s particular needs, and client understands the risks of doing so. qualifications as Investment managers participating in the UAS Portfolios Program have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the investment manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. If a client has not selected the discretionary management option of the UAS Program, the client should note that: (1) the UAS Available Funds and UAS Available SMA Strategies are made available to accommodate a client who wishes to independently select investments that are not on a Baird recommended list for the client’s Account; (2) Baird does not make any recommendation to clients regarding any UAS Available Fund or UAS Available SMA Strategy and Baird does not select any investments for the client’s UAS Program Account; and (3) Baird does not make any representation to clients regarding any UAS Available Manager’s an investment adviser or abilities to manage client assets. If a client has selected the discretionary option of the UAS Program, the client should note that the client’s UAS Manager may use UAS Available Funds and UAS Available SMA Strategies for the client’s UAS Program Account if the UAS Manager believes such investments are consistent investment objectives, risk with the client’s tolerance and in the client’s best interest. the investment manager, the Clients are urged to review the investment manager’s Form ADV Part 2A Brochure, which should contain additional important information about including investment manager’s information about the strategies, the investments types of investment manager may use for a client’s Account, and the risks associated with investing in When Affiliated Funds are included in the UMA Recommended Funds lineup, and when Affiliated the UMA included SMA Strategies are in lineup, those Recommended SMA Strategies 22 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the investment manager’s SMA Strategies. Such brochures are available upon request. Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that Baird does not monitor or ascertain whether the Overlay Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s Financial Advisor. client has Some of the services provided under this Program may be provided to a client by a Baird Financial Advisor assigned to the client’s Account. Typically, a client develops and selects the UAS Portfolio appropriate for the client’s Account with the assistance of the client’s Baird Financial Advisor. If the the discretionary selected management option of the Program, Baird and the Financial Advisor, acting as UAS Manager, will manage the client’s Account. Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Baird client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Program Information—Trading for Client Accounts—Trading Practices of Investment Managers” below for more information. full discretionary authority the financial Baird has engaged the Overlay Manager to provide certain subadvisory services in connection with the UAS Select Portfolios Program. The UAS Portfolios Program makes both Manager-Traded Strategies and Model-Traded Strategies available to clients. If a client selects a UAS Portfolio, the client authorizes and directs Baird to manage the client’s Account in accordance with the UAS Portfolio selected by the client and the terms of the UAS Program. The client also authorizes and directs Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account and directs the Overlay Manager to manage the client’s Account in accordance with the UAS Portfolio selected by the client and the terms of the UAS Program. If a UAS Portfolio contains a Model-Traded Strategy, the client authorizes and directs the Overlay Manager to manage such SMA Strategy within the client’s Account with in accordance with the SMA Strategy. If a UAS Portfolio contains a Manager-Traded Strategy, the client authorizes and directs the Overlay Manager to appoint the applicable investment manager as sub-adviser, and the client also authorizes and directs such investment manager to manage such SMA Strategy within the client’s Account with full discretionary authority in accordance with the SMA Strategy. If a UAS Portfolio contains a PWM- Managed Portfolio, the client authorizes and directs Baird to manage such PWM-Managed Portfolio within the client’s Account with full discretionary authority in accordance with the PWM-Managed Portfolio. If a portion of client’s UAS Program Account is managed by an Other Manager, the client should understand that: Baird does not manage such portion of the Account and does not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, Baird is not responsible for the decisions made by the Other Manager; and Baird does not provide any recommendation or investment advice regarding the purchase or sale of investment products made for such portion of the client’s Account; and if the client has not the discretionary selected management option of the Program, Baird and the client’s Financial Advisor only provide the client with certain consulting services, which may include the client’s Financial Advisor’s assistance with determining needs, client’s investment goals and investment restrictions and periodically reviewing the manager’s performance. Baird does not undertake to provide any other consulting or investment advisory services under this Program unless Baird agrees to do so in writing. If a UAS Portfolio contains a Model-Traded Strategy, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the applicable portion of the client’s Account, the Overlay Manager may implement the Model A client that selects a UAS Available SMA Strategy is strongly encouraged to contact the client’s Baird Financial Advisor or investment manager on a periodic basis to discuss: the Account and its 23 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  performance; the Program. Other the UAS Important Information about Portfolios investment management departments of Baird, and managers, mutual funds and ETFs affiliated with Baird are available to clients under the UAS Portfolios Program. This presents a conflict of interest. For more information, see “Additional Information— Other Financial Industry Affiliations and Activities” below. on the SEC's website investment investment manager’s investment philosophy and style (to determine if the UAS Available SMA Strategy remains appropriate for the client); any potential conflicts of investment interest; and any restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the investment manager, described on the manager’s Form ADV, which is available at www.adviserinfo.sec.gov. Baird constructs each PWM-Managed Portfolio and may make changes to a PWM-Managed Portfolio from time to time as it deems appropriate and without providing prior notice to, or obtaining the consent of, a client. See A client participating in the UAS Portfolios Program gives the Overlay Manager and Baird the authority to replace investments in a client’s Account, rebalance a client’s Account assets to be consistent with the client’s chosen asset allocation strategy, or engage in tax management strategies in certain Program circumstances. “Additional the for Information—Special Considerations Programs” and “Additional Program Information— Tax Management” below for more information. If a client has not selected the discretionary management option of the UAS Program, it is important to note that: the UAS Available Funds and UAS Available SMA Strategies are made available to accommodate a client who wishes to independently select investments that are not on a Baird recommended list for the client’s Account; the client assumes ultimate responsibility for monitoring each UAS Available Fund and UAS Available SMA Strategy and the manager’s performance; the client’s selection and continued holding of a UAS Available Fund or a UAS Available SMA Strategy are based ultimately upon the client’s independent review of such investment; the client ultimately determines that each UAS Available Fund and UAS Available SMA Strategy in the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance; and once an investment is made by the client, the investment will only be removed from the client’s Account upon the manager’s withdrawal, removal of the investment from the Program, or the client’s direction to do so. A client should carefully consider the foregoing when deciding to select a UAS Available Fund or UAS Available SMA Strategy or when deciding to participate in the UAS Program and also consider whether another mutual fund, ETF, SMA Strategy or Baird Program may be more appropriate for the client. full discretionary authority SMA Strategy Information If a client has not selected the discretionary management option of the Program, the client retains discretionary authority over the selection of mutual funds, ETFs, SMA Strategies and PWM- Managed Portfolios for the Account. However, by selecting an SMA Strategy or PWM-Managed Portfolio, the client authorizes and directs Baird, the Overlay Manager and the client’s investment manager, as applicable, to manage each SMA Strategy or PWM-Managed Portfolio portion of the Account with in accordance with the SMA Strategy or PWM- Managed Portfolio selected by the client. the discretionary If a client has selected management option of the UAS Portfolios Program, the client should note that Baird may remove any UAS Manager or strategy from the UAS Portfolios Program at any time and transfer day-to-day management responsibility of a client’s Account to another UAS Manager or Baird Financial Advisor at any time without providing prior notice to, or obtaining the consent of, a client. Certain SMA Strategies are available through multiple Programs. The overall cost of an SMA Strategy and the types and levels of service provided to a client in connection with an SMA Strategy will vary depending upon the particular Program selected by the client. A client should ask the client’s Financial Advisor whether an SMA Strategy is available through multiple Programs and, if so, the client should discuss with the Financial Advisor the different costs of the Programs and the types and levels of service provided in connection with the Programs. A client 24 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  is solely responsible for selecting the Program in which the client’s Account will participate. Additional Program Information Investment Discretion Investment Selection and Trading Authorizations retains complete discretion over A client investment selection and trading decisions with respect to assets in a client’s Non-Discretionary Program Accounts, and Baird will only execute transactions for such Accounts pursuant to the client’s instruction or authorization. If a client’s Account participates in a Discretionary Program, the client’s advisory agreement provides Baird and the client’s Financial Advisor, as applicable, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the Program selected by the client. an investment manager If a client grants discretionary authority over the client’s Account to Baird, the client’s Financial Advisor or the client’s investment manager, the client’s advisory agreement authorizes Baird, the client’s Financial Advisor and the client’s investment manager, as applicable, to manage the client’s Account and to make investment decisions for the client’s Account, with the authority to determine the amount, type and timing for buying, holding, exchanging, converting and selling securities and other assets for the client’s Account, subject to the terms of the Program selected by the client. The client’s advisory agreement also grants to Baird, the client’s Financial Advisor and the client’s investment manager, as applicable, complete and unlimited trading authorization and appoints them as the client’s agents and attorneys- in-fact to manage the assets in the client’s Account on the client’s behalf, subject to the terms of the Program selected by the client. Pursuant to such authorization and powers of attorney, Baird, the the client’s client’s Financial Advisor and investment manager may, in their sole discretion and at the client’s risk, purchase, sell, exchange, convert and otherwise trade the securities and other assets in the client’s Account, as well as arrange for delivery and payment in connection with the above, and act on the client’s behalf in all matters necessary or incidental to the handling of the client’s Account without prior notice to the client. Such trading authorizations and powers of attorney, whether granted to Baird, the client’s Financial Advisor or the client’s investment manager, shall remain in full force and effect until terminated by the client, the client’s investment manager or Baird. If a client’s Account participates in the Baird Recommended Managers Program, the client’s advisory agreement provides Baird and the client’s Financial Advisor discretionary authority to appoint investment managers to manage the client’s Account and to terminate or replace investment managers for the client’s Account for any reason without prior notice to the client. If Baird from terminates management of a client’s Baird Recommended Managers Program Account, the client’s advisory agreement provides Baird discretionary authority to manage the assets in the client’s Account until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. include If a client’s Account participates in an SMA Program, the client’s advisory agreement provides the investment manager selected to manage the client’s Account, which may an Implementation Manager, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the SMA Program selected by the client. Orders for the purchase and sale of securities in a client’s Discretionary Program Accounts will generally be executed by Baird, in its capacity as broker-dealer, as further described under the heading “Trading for Client Accounts” below, unless Baird’s duty to seek to obtain best execution otherwise requires or unless the client has provided other instructions to Baird in writing. Baird does not have discretionary authority over the assets in a client’s SMAs or UMAs that are managed by an Other Manager and cannot purchase or sell such assets without the consent of the client or such Other Manager. The investment manager for a client’s SMAs or UMAs may initiate securities transactions through Baird, in its capacity as broker-dealer, as further described under the heading “Trading for Client Accounts” below, subject to the manager’s duty to seek to obtain If a client’s Account participates in a UMA Program, the client provides Baird, the client’s UAS Manager, the Overlay Manager and the client’s investment manager, as applicable, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the UMA Program selected by the client. 25 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  best execution, or unless a client has provided other instructions in writing. Baird, as broker- dealer, will rely upon any such instructions of any investment managers selected to manage the client’s Account. that, if the client’s Account holds any investment vehicle (such as a mutual fund or ETF), any investment restrictions the client places on the client’s Account may not flow through to the securities owned by that investment vehicle. Should a client wish to impose or modify existing restrictions, or the client’s financial condition or investment objectives have changed, the client should contact the client’s Financial Advisor. Affiliated Investment Products If a client participates in an SMA or UMA Program, the client authorizes Baird to share client’s information with the Overlay Manager and any Other Manager or Implementation Manager managing the client’s Account. The client also authorizes and directs Baird to transmit to the Overlay Manager and any such Other Manager or Implementation Manager any instructions that the client may provide to Baird to the extent necessary to carry out the client’s instructions. Client Investment Restrictions Baird and its affiliates may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with Baird or that pay fees to Baird or to any of its affiliates for investment advisory or other services they provide (“affiliated investment products”). Baird and its affiliates may receive fees or other compensation related to such investments made by the client. The Discretionary, SMA and UMA Programs offer a client the ability to impose reasonable investment restrictions on the management of an Account, including the designation of particular securities or types of securities that should not be purchased for the client’s Account, but a client may not require that particular funds or securities (or types) be purchased for the client’s Account. Reasonable investment restrictions requested by a client will apply only to those assets over which Baird or a client’s investment manager has discretion. clients a socially Certain Programs offer responsible investing (“SRI”) service, which assists a client in restricting investments to those that are consistent with the client’s social investment guidelines or objectives. Clients electing the SRI service generally bear the cost of the SRI service as it is generally included in the Program Fee. “Portfolio Manager Selection By signing an advisory agreement with Baird, a client consents to Baird and its affiliates investing all or a portion of the client’s Account in affiliated investment products. The amount of fees received by Baird and its affiliates is generally described in the prospectus or other offering or disclosure documents for the investment product. Additional information is also available on Baird’s website at its bairdwealth.com/retailinvestor. Baird and affiliates will use their discretionary authority to invest the client’s Account in affiliated investment products when they determine it to be in the client’s best interest to do so. Generally, the criteria used by them in deciding to invest in affiliated investment products are the same as those used in deciding to invest a client’s assets in investment products unaffiliated with Baird. For more information about the criteria used by Baird, clients should review the section of the Brochure entitled and Evaluation” below. For more information about the criteria used by Baird’s affiliates, clients should review the affiliate’s Form ADV Part 2A Brochure. A client’s consent may be revoked at any time. In the event that a client’s Account is restricted from investing in certain securities, Baird or the client’s investment manager, as applicable, will select such other replacement securities, if any, as they deem appropriate. Accounts with investment restrictions may perform differently from accounts without restrictions and performance may be poorer. In addition, in the event there is a change in the classification or credit rating of a security held in the client’s Account, a client’s investment force Baird or the client’s restrictions may investment manager to sell such security at an inopportune time, possibly negatively impacting Account performance and causing the client’s Account to realize taxable gains or losses, which could be significant. A client should also be aware Other Managers may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with the Other Manager or that pay fees to the Other Manager or to any of its affiliates for investment advisory or other services they provide. 26 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Class Shares is not available, Baird may redeem or sell such Advisory Class Shares. Trading for Client Accounts Baird’s Trading Practices Placement of Client Trade Orders trade orders By signing an advisory agreement with Baird, a client consents to each Other Manager managing client’s Account investing all or a portion of the client’s Account in investment products that pay advisory or other fees to the Other Manager or its affiliates. Each Other Manager is responsible for providing to the client information about the amount of fees received by the Other Manager and its affiliates and the criteria used by the Other Manager in deciding to invest in products affiliated with the Other Manager. A client should contact the Other Manager and review the Other Manager’s Form ADV Part 2A Brochure for more information. A client’s consent may be revoked at any time. Investment Policy Statements Baird and its associates will not review, monitor, accept or adhere to an investment policy statement or similar document that was not prepared by Baird, unless Baird otherwise specifically agrees to do so in writing. Adherence to any such investment policy statement or similar document is solely a client’s responsibility. financial responsibility, and Conversion, Exchange or Sale of Certain Investments Baird will select the broker-dealers that will for Non-Discretionary execute Accounts and with respect to Accounts that are managed directly by Baird unless the client has provided instructions to Baird to the contrary. As investment adviser, Baird has an obligation to seek “best execution” of client trade orders. “Best execution” means that Baird must place client trade orders with those broker-dealers that Baird believes are capable of providing the best qualitative execution of client trade orders under the circumstances, taking into account the full range and quality of the services offered by the broker-dealer, including the value of the research provided (if any), the broker-dealer’s execution capabilities, the cost of the trade, the broker- dealer’s its responsiveness to Baird. It is important to note that Baird’s best execution obligation does not require Baird to solicit competitive bids for each transaction or to seek the lowest available cost of trade orders, so long as Baird reasonably believes that the broker-dealer selected can be reasonably expected to provide clients with the best qualitative execution under the circumstances. (collectively, institutional class shares, By participating in a Program, a client authorizes Baird to convert or exchange any shares of investment funds, such as mutual funds, ETFs, closed-end funds, unit investment trusts (“UITs”), Complex Investment Products, and other similar investment pools “Investment Funds”) held in the client’s Account to a class of shares of the same fund, such as advisory class financial shares, intermediary class shares, or another class of shares primarily designed for use in advisory programs (collectively, “Advisory Class Shares”), to the extent made available by the mutual fund or other Investment Fund in accordance with policies established by Baird from time to time, including, without limitation the Mutual Fund Share Class Policy that is described below. Because a client does not pay commissions to Baird when Baird, acting as broker-dealer, executes a client’s trade orders, and because a client may incur commission costs in addition to the Program Fee if trade orders were to be executed by another broker-dealer firm, clients generally receive a cost advantage whenever Baird executes client transactions. For this reason, and given Baird’s execution capabilities as broker-dealer, Baird expects that it will generally execute trade orders, as broker-dealer, for Non-Discretionary Accounts and the client’s Accounts that are directly managed by Baird. A client should understand that, the client may not hold Advisory Class Shares in a non-Advisory Account and that the client may not be able to hold certain Advisory Class Shares in an account held at another firm. Upon the termination of a Program for an Account or the closure of an Account for any reason, Baird may convert or exchange the Advisory Class Shares held in the Account to an appropriate non-Advisory Class Shares issued by the same fund, or, if an appropriate non-Advisory However, in some instances, circumstances may arise that may require Baird, in compliance with its best execution obligations to a client, to place a client’s trade order with a firm other than Baird. If Baird places trade orders for the client’s Account for execution by a firm other than Baird, and the other firm imposes a commission or equivalent fee on the trade (including a commission imbedded in 27 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the price of the investment), the client will incur trading costs in addition to the Program Fee. Trade Aggregation, Allocation and Rotation Practices Baird may aggregate contemporaneous buy and sell orders for the accounts over which it has discretionary authority (a practice also known as bunching trades or block transactions). This practice may enable Baird to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist Baird in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing client orders. time, may not satisfy the needs of all clients participating in a block transaction and may be insufficient to provide full allocation across all client accounts. To address this possibility, Baird has adopted trade allocation policies and procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. If a block transaction cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day will generally be allocated pro rata among the clients participating in the block transaction. However, Baird may also make random allocations to client accounts in certain circumstances, such as when Baird deems a partial fill for the total block order to be low. Adjustments may also be made to avoid a nominal allocation to client accounts. When Baird is not able to aggregate trades, Baird generally uses a trade rotation process that is designed to be fair and equitable to its advisory clients over time. However, a client should be aware that Baird’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in the rotation, and, as a result, the client may receive a less favorable net price for the applicable trade. into consideration account Baird generally aggregates buy and sell orders when executing trades for client account assets under its direct discretionary management when it has the opportunity to do so. When utilizing block transactions, Baird generally aggregates a client’s trade orders with trade orders for clients who are participating in the same Program and pursuing the same model portfolio or strategy. In some cases, Baird may aggregate a client’s trade orders with trade orders for other advisory clients who are not participants in the Programs described in this Brochure. However, Baird determines whether or not to utilize block transactions for a client in its sole discretion and Baird’s decision is subject to its duty to seek best execution. In determining the amount to be allocated to an account, if any, Baird takes specific investment restrictions, undesirable position size, account portfolio weightings, client tax status, client cash positions and client preferences. for All advisory clients participating in a block transaction will receive the same execution price for the security bought or sold. Average prices may be used when allocating purchases and sales to a client’s Account because such securities may be purchased and sold at different prices in a series of block transactions. As a result, the average price received by a client may be higher or lower than the price the client may have received had the transaction been effected client the independently from the block transaction. in Notwithstanding the foregoing, if an aggregated trade order involves fixed income securities, Baird and its Financial Advisors may allocate the securities based on the needs of client accounts. In addition, Baird and its Financial Advisors will at times place aggregated trade orders for fixed income securities prior to determining how the aggregated trade order will be allocated to client accounts. In those instances when an aggregated trade order for fixed income securities is placed prior to determining client allocations or when such trade order is only partially filled, Baird or the Financial Advisor will seek to allocate trades in manner intended to be fair and equitable to applicable clients over time. Furthermore, when a trade order for fixed income securities is only partially filled, Baird and its Financial Advisors may place orders for other fixed income securities that have similar characteristics, such as issuer name, structure, credit rating, or market sector. The amount of securities available the marketplace, at a particular price at a particular 28 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s rotation. As a result, the client may receive a less favorable net price for the trade. continue the directed Because Baird is unable to buy or sell any security for a client’s Non-Discretionary Accounts without the client’s authorization, Baird generally does not aggregate or bunch trades for those Accounts with the same or similar trades for other client accounts. Because similar orders for the client and Baird’s other clients may be placed and filled at different times, the client may buy or sell securities at prices that are different from the prices obtained by other clients who received the same or similar advice from Baird or the client’s Baird Financial Advisor. Directed Brokerage Arrangements If a client directs Baird to use a particular broker- dealer, and if the particular broker-dealer referred the client to Baird or if the particular broker-dealer refers other clients to Baird in the future, Baird may from the client’s directed brokerage benefit arrangement. Because of these potential benefits, Baird may have an economic interest in having the client brokerage arrangement. The benefits that Baird receives conflict with the client’s interest in having Baird recommend that the client utilize another broker- dealer to execute some or all transactions for the client’s Account. Before directing Baird to use a particular broker- dealer, a client should carefully consider the possible costs or disadvantages of directed brokerage arrangements. Cross Trading Involving Advisory Accounts of Non-Discretionary the purchase of Baird PWM generally does not in engage in cross transactions, including agency cross transactions, except in limited instances such as when clients buy or sell variable rate demand obligations which are also known as “put bonds”. When Baird believes that the transaction is consistent with each client’s best interest, Baird, acting as investment manager, may cause (or in the case of Non-Discretionary accounts, recommend) the sale of securities from the account of an advisory client while at or about the same time causing (or, in the accounts, case recommending) the same securities for the account of another Baird advisory client. Such transactions may have the benefit of reducing transaction and market impact costs. reference In some cases, a client may direct Baird to use a particular broker-dealer for execution of the client’s trade orders (a “directed brokerage arrangement”), and Baird may agree to the arrangement. This may occur when a client’s Account is held at another broker-dealer firm and a client directs Baird to execute trades through such firm, or when a client’s Retirement Account or other account is maintained on a platform operated and managed by a third party unaffiliated with Baird and trades must be executed through that platform. A client should understand that Baird considers such arrangements to be directed brokerage arrangements. A client should also understand that if the client has a directed brokerage arrangement, Baird may be unable to achieve best execution for the client’s transactions. A client should note that any costs related to the directed brokerage arrangement are not included in the Program Fee and that the client will be solely responsible for monitoring, evaluating and reviewing the arrangement with the directed broker-dealer and paying any commissions or markups or markdowns or other costs imposed by the directed broker-dealer. A client should also note that Baird generally will not aggregate the client’s directed brokerage trade orders with orders for other Baird clients. As a result, a client’s transaction costs may be higher because the client will not benefit from any volume discounts or other reduced transaction costs that Baird may obtain for its other clients. A client should further note that Baird generally will not include such client trade orders in its trade rotation process and that Baird will generally place the client’s trade orders with the directed broker-dealer after Baird completes its trading for other Baird client accounts. The client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in In such cases, because Baird is acting as investment adviser for both buyer and seller, Baird is subject to potentially conflicting interests in causing (or recommending) the transactions. Also, because Baird is acting as investment adviser for both buyer and seller, transaction prices may be determined more by to market information or dealer indications for the securities involved, and less through the type of independent arms-length negotiation that might otherwise occur. Baird has adopted internal policies and procedures that require Baird and its Financial Advisors to obtain approval of Baird’s Compliance Department before affecting a cross trade. 29 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Trade Error Correction executed through one broker-dealer. This practice may enable the investment manager to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist the investment manager in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing client orders. However, as it pertains to Baird Program clients, this practice may result in “trading away” from Baird, which is more fully described below. It is Baird’s policy that if there is a trade error for which Baird is responsible, Baird will take actions, based on the facts and circumstances surrounding the error, to put the client’s Account in the position that it would have been in as if the error had not occurred, including by adjusting or reversing the transaction, entering an offsetting transaction, or other methods that may be deemed appropriate by Baird. Errors caused by Baird will be corrected at no cost to client’s Account, with the client’s Account not recognizing any loss from the error. Baird may net gains and losses from a single error event involving more than one transaction in a security or transactions in multiple securities. The client’s Account will be fully compensated for any losses incurred as a result of an error event. If the trade error results in a gain, the gain may be retained by Baird but such gain is not given to or shared with any Baird associate. Baird offers many services and, from time to time, may have other clients in other programs trading in opposition to a client. To avoid favoring one client over another client, Baird attempts to use objective market data in the correction of any trading errors. Alternatively, an investment manager may utilize a trade rotation process where one group of clients may have a transaction effected before or after another group of the investment manager’s clients. A client should be aware that an investment manager’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the investment manager’s rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in the investment manager’s rotation, and, as a result, the client may receive a less favorable net price for the trade. Additional information regarding an investment manager’s trade rotation policies, if any, is available in the investment manager’s Form ADV Part 2A Brochure. If a client’s Account is managed by an Other Manager, the client should review the Other the Other Manager’s Brochure and contact Manager for information about how the Other Manager corrects trade errors. Trading Practices of Investment Managers If a client’s Account or a portion thereof is managed by an investment manager, the client should note that, like Baird, such investment manager has a duty to seek best execution for the client’s Account. Investment managers may participate in other wrap fee programs sponsored by firms other than Baird. In addition, investment managers may manage institutional and other accounts not part of a wrap fee program. In the event an investment manager purchases or sells a security for all accounts using a particular SMA Strategy offered by the investment manager, the investment manager may have to potentially effect similar transactions through a number of different broker- dealers. In some cases, to address this situation, investment managers may decide to aggregate all such client transactions into a block trade that is Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. The Overlay Manager has provided to Baird a list of Model Providers that have such trade rotation policies, which list is available on Baird’s website at bairdwealth.com/retailinvestor. A Baird client should understand that an Account pursuing a Model Portfolio strategy offered by those Model Providers will have trades executed for the client’s Account at the end of the Model Provider’s trade rotation on a regular and consistent basis. As a result, trade orders for such an Account will significantly bear the market price impact, if any, of those trades executed earlier in the Model Provider’s rotation and the performance of the Account will differ, perhaps in a materially negative manner, from the performance of client accounts managed by the Model Provider. In addition and for the the same reasons described above, 30 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  client’s Account with a firm other than Baird, and the other firm imposes a commission or equivalent fee on the trade (including a commission imbedded in the price of the investment), the client will incur trading costs in addition to the Program Fee. in broker-dealer firm imposes Some managers have historically placed nearly all client trades with broker-dealer firms other than Baird for execution. Some managers have placed nearly all or all client trades resulting from changes to their model portfolios or strategies with firms other than Baird. Similarly, some managers have frequently placed client trade orders for fixed income, foreign and small cap securities with firms other than Baird. In some cases, the other executing a commission or markup or markdown (which is embedded in the price of the security) for executing the trade. As a result, these types of managers and their strategies could be more costly to a client than managers that primarily place client trade orders with Baird for execution. performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by Baird client Accounts pursuing the Model Portfolio strategy. Baird does not make or control any investment manager’s trade rotation policies, and Baird does not monitor, evaluate or review any investment manager’s compliance with the manager’s trade rotation policies or whether such trade rotation policies result inequitable performance of client Accounts. A client selecting a Model Portfolio offered by such a Model Provider is urged to obtain a copy of the Model Provider’s Form ADV Part 2A Brochure and review the description of the Model Provider’s trade rotation policy contained in that document. A copy of a Model Provider’s Brochure can be obtained by contacting a Baird Financial Advisor. A client should also monitor the performance of an Account pursuing such a Model Portfolio strategy and compare that performance with the performance reported for the Model Portfolio by the Model Provider. A client should discuss questions about Account performance or the Model Provider’s trade rotation policy with the client’s Financial Advisor. is based solely upon independently verified A list of managers that have informed Baird that they have traded away from Baird during 2023 - 2024 and general information about the additional cost of those trades (if any) is available on Baird’s website at bairdwealth.com/retailinvestor. The information about each manager provided on Baird’s website the information provided to Baird by such manager. Baird has not the information, and as a result, none of Baird or any of its affiliates or associates makes any representation as to the accuracy of any such information. A client should contact the client’s Baird Financial Advisor or investment manager if the client would like to obtain specific information about trade aways and the amount of commissions or other costs, if any, the client incurred in connection with step out trades. Because a client does not pay commissions to Baird when Baird, acting as broker-dealer, executes a client’s trade orders, and because a client generally would incur trading costs in addition to the Program Fee if trade orders were to be executed by another broker-dealer firm, clients generally receive a cost advantage whenever Baird executes Program client transactions. For this reason, and given Baird’s execution capabilities as broker- dealer, investment managers may determine that placing trade orders for the client’s Account with Baird is the most favorable option for the client. However, investment managers may place a client’s trade orders with a broker-dealer firm other than Baird if the manager determines that it must do so to comply with its best execution obligations. This practice is frequently referred to as “trading away” and these types of trades are frequently called “step out trades”. A client’s trade order so executed is then cleared and settled through Baird in what is frequently referred to as a “step in”. A client should note that each investment manager is solely responsible for ensuring that it complies with its best execution obligations to the client. A client should review the manager’s trading for the client’s Account because Baird does not monitor, review or evaluate whether the manager is complying with its best execution obligations to the client. A client should review the manager’s Form ADV Part 2A Brochure, inquire about the manager’s trading practices, and consider that information In some instances, step out trades are executed by the other firm without any additional commission or markup or markdown, but in other instances, the executing firm may impose a commission or a markup or markdown on the trade. If a client’s investment manager places trade orders for the 31 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  carefully, before selecting a manager. In particular, the client should carefully consider any additional trading costs the client may incur before selecting a manager to manage the client’s Account. accordance with the requirements of Rule 206(3)- 2 under the Advisers Act. Furthermore, Baird will comply with additional regulations applicable to Retirement Accounts. A client should note that the client’s advisory agreement permits Baird to trade as principal on orders received from Other Managers. See “Trade Execution Services Performed by Baird—Principal Transactions” below for more information. to effect “agency Trade Execution Services Performed by Baird Where applicable, a client’s advisory agreement discusses agency cross transactions and authorizes Baird and its Financial Advisors to effect agency cross transactions for a client’s Account. A client’s its Financial authorization to Baird and Advisors cross” transactions is given pursuant to Rule 206(3)-2 under the Advisers Act and may be revoked at any time by the client in client’s sole discretion by notifying the client’s Baird Financial Advisor in writing. Principal Transactions If Baird provides trade execution services for a client’s Account, Baird will generally act as agent when routing client trade orders for execution. However, Baird may cross trades between client accounts or may act as principal for its own account in certain circumstances to the extent permitted by applicable law as is more fully described below. transactions. Riskless A client should understand that certain securities, such as securities traded over-the-counter and fixed income securities, are primarily traded in dealer markets. When Baird purchases or sells these types of securities for client accounts, it generally does so through broker-dealer firms acting as a dealer or principal. Dealers executing principal trades typically include a markup, markdown or spread in the net price at which transactions are executed. A client bears such costs in addition to the Program Fee. Agency Cross Transactions Subject to the requirements of applicable law, Baird and its Financial Advisors may execute transactions for a client’s Account while acting as principal for Baird’s own account. Baird and its Financial Advisors act as principal when they sell a security from Baird’s inventory to a client or they purchase a security from a client for Baird’s inventory. Baird and its Financial Advisors also act as principal when they sell new issue securities to clients in securities offerings underwritten by Baird. Baird also acts as principal in riskless principal principal transactions refer to transactions in which Baird, after having received a client’s order, executes an identical order in the marketplace to fill the client’s order while acting as principal. Baird and its Financial Advisors commonly engage in principal trades with clients in the Baird Advisory Choice Program. realize profits Baird may from principal transactions with a client based on the difference between the price Baird paid for the security and the price at which Baird sold the security, which may include a markup, markdown or spread from the prevailing market price, an underwriting fee, selling dealer concession, or other incentive to execute the transaction. Baird Financial Advisors may receive compensation from Baird related to principal trades of securities underwritten by Baird. Any compensation received by Baird or a Financial Advisor in a principal transaction is in addition to the Program Fee paid by the client. Principal trades also allow Baird to sell securities from its account that it deems undesirable and to buy securities for its account that it deem desirable. Thus, in trading Baird PWM generally does not in engage in agency cross transactions, except in limited instances. However, in certain circumstances and to the extent permitted by applicable law and regulation, Baird and its Financial Advisors may effect “agency cross” transactions with respect to a client’s Account. An “agency cross” transaction is a transaction in which Baird or its affiliates act as broker for the party or parties on both sides of the transaction. As compensation for brokerage services, Baird may receive compensation from parties on both sides of an agency cross transaction, the amount of which may vary. Baird Financial Advisors may receive compensation from Baird related to agency cross transactions. Therefore, Baird and its Financial Advisors may have a conflicting division of loyalties and responsibilities. However, in all cases, Baird and its Financial Advisors will seek to obtain the best execution for each respective advisory client and will effect agency cross transactions only in 32 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Complex Strategies and Complex Investment Products as principal with a client, Baird and its Financial Advisors will have potentially conflicting division of loyalties and responsibilities regarding their own interests and the interests of the client. This potential compensation may give Baird and its Financial Advisors an incentive to recommend a transaction in which Baird and its Financial Advisors act as principal over other transactions. Nonetheless, Baird and its Financial Advisors have a fiduciary duty to act in the client’s best interest and to seek best execution for advisory clients. Baird addresses this conflict through disclosure in this Brochure. Furthermore, Baird has adopted internal procedures that require Baird and its Financial Advisors, when acting in a principal capacity, to disclose all material information regarding Baird’s interest in the transaction, and obtain the client’s approval of the transaction prior to settlement. Strategies invest in transactions, and each is contained under A client’s advisory agreement discloses, where applicable, the possibility of Baird’s role in potential principal transaction confirmation sent to Baird clients discloses the capacity in which Baird served in the transaction and whether Baird is a market maker in each security the client bought or sold. Some Programs offer clients the ability to pursue Alternative Strategies or other Complex Strategies that involve special risks not apparent in more traditional investments like stocks and bonds. Complex Strategies may be pursued in multiple ways, including by investing in alternative mutual funds, ETFs, hedge funds, managed futures, private equity funds and SMAs managed by third party managers. Some Complex Strategies invest in Non-Traditional Assets, such as real estate, commodities (which may include metals, mining, energy and agricultural products), currencies, movements in securities indices, credit spreads and interest rates, and venture capital and buyout investments in private companies. Some Complex Strategies engage in the use of margin or leverage or selling securities short (“short sales”). Some Complex derivative instruments such as options, convertible securities, futures, swaps, or forward contracts. Complex Investment Products generally engage in one or more Complex Strategies. Additional information about Alternative Strategies and Complex Strategies the heading “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies—Alternative Strategies and Complex Strategies” below. Additional information about Complex Strategies and Complex Investment Products, generally, is provided below. Non-Traditional Assets currencies, To the extent permitted by applicable law and regulation, if a client’s Account participates in a Non-Discretionary Program or other non- discretionary service, or if the Account is managed by an Other Manager, the client’s advisory agreement provides Baird and its Financial Advisors with a blanket authorization to act as principal for Baird’s own account in selling any security to, or purchasing any security from, the client’s Account. With this authorization, Baird and its Financial Advisors may effect any and all principal transactions with the client’s Account without having to provide specific written disclosures or obtain written client consent prior to completion of each proposed principal trade, subject to the requirements of an exemptive order issued by the SEC to Baird (Rel. No. IA-4596) and other applicable regulation. This law and authorization to enable Baird and its Financial Advisors to trade as principal with a client’s Account may be revoked at any time by the client in client’s sole discretion by notifying the client’s Baird Financial Advisor in writing. Non-Traditional Assets, such as investments in commodities, cryptocurrencies, securities indices, interest rates, credit spreads, for and private companies, may be used diversification purposes. They may also be used to try to reduce market and inflation risk. The performance of Non-Traditional Assets may not correspond to the performance of the stock markets generally, and investments in Non- Traditional Assets will generally impact an account’s returns differently than more traditional investments like stocks or bonds. Non-Traditional Assets are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Non-Traditional Assets are generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. 33 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Margin and Leverage Margin products in the client’s Account may also engage in short sales. Thus, a client’s Account will be subject to short sales risks if the investment manager managing the client’s Account or an investment product in the client’s Account engages in short sales. Options and Other Derivative Instruments Derivative Instruments instruments, in a security, commodity, Margin involves borrowing money from a firm, such as Baird, to buy securities or other property. If a client wishes to pay for securities by borrowing part of the purchase price from Baird, a client must open a margin account with Baird, and Baird may provide the client with a margin loan. Securities held in a client’s margin account are used as Baird’s collateral for the margin loan. The value of the collateral the margin account must be maintained at a certain level relative to the margin loan for the duration of the loan. If the securities in the margin account decline in value, so does the value of the collateral supporting the margin loan, and as a result, Baird may take action, such as issue a margin call and sell securities in the account. Leverage Investing Derivatives such as options, convertible securities, futures, swaps, and forward contracts are financial contracts that derive value based upon the value of an underlying asset, such as currency, cryptocurrency, or index. Derivative instruments may be used as a substitute for taking a position in the underlying asset. Derivative instruments may also be used to try to hedge or reduce exposure to other risks. They may also be used to make speculative investments on the movement of the value of an underlying asset. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. in derivatives also generally involves leverage. Derivatives are also generally less liquid, and subject to greater volatility compared to stocks and bonds. Leverage generally attempts to obtain investment exposure in excess of available assets through the use of borrowings, short sales and other derivative instruments. While leverage can potentially enhance returns, it can also exacerbate losses if changes in the markets, or the values of the investments subject to the leverage, are adverse to the strategy being pursued. The use of leverage may also increase an Account’s volatility. Options Short Sales to benefit Options transactions may involve the buying or writing of puts or calls on securities. In some cases, Baird may require clients to open a margin account to engage in options trading. With a call option, the purchaser has the right to buy, and the seller (writer) the obligation to sell, the underlying security or index at a predetermined price (i.e., the exercise or strike price) prior to expiration of the option. The premium paid to the seller (writer) for the option is in consideration for the underlying obligations imposed on the seller should the option be exercised. With a put option, the purchaser has the right to sell, and the seller has the obligation to buy, the underlying security or index at the exercise price prior to expiration of the option. Short selling attempts from an anticipated decline in the market value of a security. To affect a short sale, a client sells a security the client does not own. When a client sells a security short, Baird borrows the security from a lender and makes delivery to the buyer on the client’s behalf. Because short sales involve an extension of credit from Baird to the client, a client must use a margin account. A client must also eventually purchase the same shares sold short and return them back to the lender. It is possible that the prices of securities that a client sells short may increase in value, in which case the client may lose money on the short position. Short selling thus runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. Clients should note that investment managers investment managing a client’s Account or In buying a call option, the purchaser expects that the market value of the underlying security or index will appreciate, which would enable the purchaser of a call to buy the underlying security or index at a strike price lower than the prevailing market price. The purchaser of the call option 34 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Complex Investment Products Products include futures, but also makes a profit if the prevailing market price is greater than the sum of the strike price plus the premium paid for the option. The seller of a call option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will depreciate such that the option will expire without being exercised. The seller of a call option makes a profit if the prevailing market price of the underlying security or index is less than the sum of the strike price plus the premium received. ETNs, business Complex Investment Products typically invest primarily in Non-Traditional Assets or engage in one or more Complex Strategies. Complex Investment Alternative Investment Products, such as hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds, and managed include other investments pursuing Complex Strategies, including but not limited to, exchange or swap funds, leveraged funds, inverse funds, and other special situation funds, structured certificates of (“structured deposit and structured notes products”), development companies (“BDCs”), real estate investment trusts limited partnerships (“REITs”), and master (“MLPs”). thereby making In addition, a client should be aware that more traditional investments, such as mutual funds, ETFs, UITs and variable annuities may also pursue Complex Strategies, them Complex Investment Products. A client should carefully review the prospectus or other offering document for each investment and understand the strategy being pursued before deciding to invest. More detailed information about mutual funds, ETFs, UITs and variable annuities is available on Baird’s website at bairdwealth.com/retailinvestor. In buying a put option, the purchaser expects that the market value of the underlying security or index will depreciate, which would enable the purchaser of a put to sell the underlying security or index at a strike price higher than the prevailing market price. The purchaser of the put option makes a profit if the prevailing market price is less than the sum of the strike price and the premium paid for the option. The seller of a put option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will appreciate such that the option will expire without being exercised. The seller of a put option makes a profit if the prevailing market price of the underlying security or index is greater than the difference between the strike price and the premium. Additional Important Information losses in In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of the underlying security or index decreased below the strike price. Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in options transactions. Thus, a client’s Account will be subject to options risks if the investment manager managing the client’s Account or an investment product in the client’s Account engages in options transactions. The use of Complex Strategies or Complex Investment Products is not appropriate for some clients because they involve special risks. A client should not engage in those strategies or invest in those products unless the client is prepared to experience significant the client’s Account. This is especially true for short selling, which can result in unlimited losses as there is no limit to the amount borrowed securities can rise in value. See “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. Before using those types of strategies or products, a client is strongly urged to discuss them with the client’s Financial Advisor and any investment manager managing the client’s Account. A client should also carefully review the client’s agreements with Baird and related disclosure documents, which the client should have received when opening the Account. Additional information about Complex Strategies and Complex Investment Products is provided under 35 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and on website the heading “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies— Alternative Strategies and Complex Strategies” below at Baird’s bairdwealth.com/retailinvestor. evaluation, monitoring and review that Baird and its Financial Advisors perform on Permitted Investments varies. For more information, see the descriptions of each Program under “Services, Fees and Compensation” above and under “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis” below. Baird may add Permitted Investments or restrict client access to a Permitted Investment at any time in its sole discretion. in A client assumes responsibility for engaging in Complex Strategies and investing in Complex Investment Products. If a client determines that the client no longer wants to engage in those strategies or invest in those products, the client is responsible for notifying the client’s Financial Advisor and any investment manager managing the client’s Account. Baird is not responsible for any losses resulting from any Other Manager’s implementing any such failure or delay instructions. Some Permitted Investments contain restrictions that limit their use, and clients will not be permitted to purchase or hold such investments outside of an Account. See “Account Requirements and Types of Clients” below for more information. In certain limited instances, Baird may allow a client to hold an investment in an Account that is an Unpermitted Investment. The use of Complex Strategies or Complex Investment Products has a unique impact upon the calculation of a client’s asset-based Program Fee. See “Program Fees—Calculation and Payment of Program Fees” below for more information. A client should also understand that Baird and the client’s Financial Advisor have a financial incentive to use, or recommend the use of, certain Complex Strategies or Complex Investment Products, including margin and short sales. See “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. ALIGN, BairdNext Portfolios and UMA Programs. The ALIGN, BairdNext Portfolios and UMA Programs generally only permit investments in certain mutual funds and ETPs, and with respect to UMA Portfolios, SMA Strategies and PWM- Managed Portfolios, that Baird has selected for use in those Programs. For more information, see the descriptions of each Program under “Services, Fees and Compensation” above. Baird Advisory Choice Program. Permitted Investments for the Baird Advisory Choice Program generally include, but are not limited to, the following types of investments: As a creditor, Baird may have interests that are adverse to a client. Neither Baird nor its Financial Advisors will act as investment adviser to a client with respect to the liquidation of securities held in an Account to meet a call on a margin loan. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. • equity securities, including, but not limited to, common stocks, American Depositary Receipts (“ADRs”), and ordinary shares, including whether exchange-traded, or over-the-counter traded; Permitted Investments access for investment (“CMOs”)); convertible their Under the Discretionary, Non-Discretionary and UMA Programs, Baird determines the asset categories and investment products that clients (“Permitted may Investments”) and those that are not permitted in Program Accounts (“Unpermitted Investments”). Permitted Investments vary by Program. Although Baird determines the Permitted Investments under those Programs, the level of initial and ongoing • fixed income securities, including but not limited to, debt securities issued by domestic and foreign corporations and other entities; preferred stocks, asset-backed securities (including mortgage- backed securities and collateralized mortgage obligations debt securities; obligations issued by U.S., state, or foreign governments or agencies, instrumentalities, or authorities, such as securities issued by the U.S. Treasury, federal 36 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for use fee-based • variable annuities that have cost structures designed investment in advisory programs; and (“CDs”) • cash and cash equivalents. government agencies or federal government- sponsored enterprises (“Agency securities”), or foreign governments; municipal securities; money market mutual funds; certificates of deposit (primary or secondary); commercial paper; The Unpermitted Investments for the Baird Advisory Choice Program generally include, but are not limited to: • rights or warrants on equity securities, and written covered call and written cash secured put equity options; • Class B or Class C shares offered by mutual funds or any other class of mutual fund shares that impose a contingent deferred or level sales charge (back-end or level load); • inverse funds; • UITs that impose an initial or deferred sales charge (load); • most private REITs and other real estate interests, and MLPs and LLC units that are not publicly-traded; • open-end mutual funds shares that Baird has selected for use in the Program, which generally includes only those funds with which Baird has a selling agreement and only those funds that are no-load, load-waived, or institutional are allowed that were originally for purchase; shares purchased in a Baird brokerage account and not sold when transitioned to an advisory account will held in the account as non-billable assets when the original purchase was subject to a front-end sales charge (typically 36 months) or until the Contingent Deferred Sales Charge (CDSC) expires (typically 13 months) if subject to a back-end sales charge after which time they will be converted to the appropriate advisory share class and become billable assets; in fee-based • all annuities and insurance products, except for variable annuities that have cost structures designed investment for use advisory programs; for use in • commodities, futures or options on commodities, and commodity pools; and purpose acquisition • closed-end funds, ETFs, and UITs that have cost structures designed fee-based investment advisory programs; UITs originally purchased in a brokerage account and not sold when transitioned to an advisory account will be held as non-billable assets until the UIT termination date at which time they will be liquidated and the proceeds are billable; • private investment funds, “blank check” or special companies (“SPACs”), and Complex Investment Products that Baird has not selected for use in the Program. • BDCs, publicly-traded REITs, certain non publicly-traded (or private) REITs, and MLPs (which may be organized as limited liability companies (“LLCs”)); PIM Program. Permitted Investments and Unpermitted Investments for the PIM Program are generally the same as the Baird Advisory Choice Program, except the following types of investments are generally not permitted for PIM Accounts: • ETNs, opportunity zone funds, and other special situation mutual funds, and exchange or swap funds; • put options; • certain hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, structured products, private debt funds and managed futures that Baird has selected for use in the Program; • hedge funds, funds of hedge funds, private equity funds, funds of private equity funds structured products, private debt funds, opportunity zone funds, interval funds and managed futures; and • variable annuities. 37 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  should also understand that holding an Unsupervised Asset in an Account may increase the risk of trade errors, overinvestment, and negative Account performance. A client should consult the client’s Financial Advisor for further information. Special Considerations for the Programs SMA Programs. Investment products under the SMA Programs are selected solely by the investment manager providing services to the client. The investment products used by an investment manager may include products that Baird does not permit to be used in connection with the other Programs described above. A client should review the investment manager’s Form ADV Part 2A Brochure for more information. ALIGN, BairdNext Portfolios, Russell, SMA and UMA Clients Selection of Investment Options Russell Program. The Russell Program generally only permits investments in mutual funds and ETFs selected by Russell, which will exclusively or substantially consist of Russell Funds, although non-Russell Funds may be used. Unsupervised Assets Baird solely determines the investment options made available to a client under the ALIGN, BairdNext Portfolios, Russell and UMA Programs. ALIGN, BairdNext Portfolios, Russell and UMA Program Accounts will generally be invested in mutual funds or ETPs, and, with respect to UMA Portfolios, SMA Strategies or PWM-Managed Portfolios. If Baird has discretion over a client’s Account (or a portion thereof), Baird may invest such Account (or such portion of an Account over which Baird has discretion) in any investment product it deems appropriate for the client’s Accounts participating in those Programs. Replacement of Investment Options From time to time, Baird may remove mutual funds, ETPs, SMA Strategies and PWM-Managed Portfolios, from the ALIGN, BairdNext Portfolios, Russell or UMA Programs, and Baird may replace them with other mutual funds, ETPs, or SMA Strategies or PWM-Managed Portfolios, as it deems appropriate. If a client’s Account participates in those Programs, Baird may replace any such investments in the client’s Account whenever Baird from those investment option removes the Programs. Baird may make such replacement in the client’s Account without providing prior notice to, or obtaining the consent of, the client. Timing of Investment adviser with respect to In certain instances, Baird may delay investing client assets when Baird determines it is in the client’s best interest to do so. For example, in order to minimize potential negative tax consequences on a client, Baird may delay investing assets in a new ALIGN Strategic Program Account when the Account is opened shortly before a scheduled mutual fund distribution date. Asset Allocation Changes and Rebalancing fees upon Accounts Under certain circumstances, Baird, in its sole discretion, may accept a client request to hold an asset in an Account that is not included in the investment advisory services provided by Baird or a Baird Financial Advisor or otherwise monitored, overseen or supervised by them (an “Unsupervised Asset”). For example, if Baird permits a client to hold an Unpermitted Investment in an Account, the asset is typically also considered an Unsupervised Asset. Baird, in its sole discretion, may also designate an asset that is otherwise a Permitted Investment as an Unsupervised Asset under certain circumstances, such as when a client acquires the asset in an unsolicited transaction, transfers the asset from an account held at another firm or Baird brokerage account, or continues to hold the asset against Baird’s or the client’s Financial Advisor’s recommendation. If a client holds an Unsupervised Asset in an Account, the client should understand that the Unsupervised Asset may not be included in performance reports provided to the client and that Baird and its Financial Advisors do not manage, provide investment advice, or otherwise act as an investment the Unsupervised Asset, even if the Unsupervised Asset is included in account statements or performance reports provided to the client. Because Baird and its Financial Advisors do not manage or provide investment advisory services regarding Unsupervised Assets, no asset-based Program Fee is charged on Unsupervised Assets. While Unsupervised Assets are not subject to the asset-based Program Fee, Baird may impose additional holding Unsupervised Assets. See “Other Fees and Expenses” below for more information. A client If a client’s Account participates in an ALIGN Program, the BairdNext Portfolios Program, the Russell Program, or a UMA Program, the client 38 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  ALIGN UMA Select Portfolios Program, and the Russell Program, and with respect to PWM- Managed Models in the UAS Portfolios Program, Baird may also change a client’s asset allocation for any reason, which may include, but shall not be limited to, updates made by Baird to the target asset allocations of its model portfolio strategies or changes in market conditions, Baird’s opinion on the future performance of particular asset classes or the client’s financial circumstances. authorizes Baird to rebalance the client’s Account assets to be consistent with the client’s chosen target asset allocation strategy at any time without prior notice to the client at such times and under such conditions as Baird, in its discretion, deems appropriate. When Baird rebalances a client’s Account, all or only a portion of, the Account may be traded. The frequency and conditions under which Baird rebalances a client Account in a Program may change at any time in Baird’s discretion and may be different from the frequency and conditions applicable to how a client Account is rebalanced in another Program. Any rebalance of a client’s Account or other change in asset allocation may result in taxable gains or losses. Overlay Manager be performed Under the ALIGN or UMA Programs, asset allocation changes, rebalancing, and other changes described or above may implemented by the Overlay Manager. Third Party Information A client’s Financial Advisor may also rebalance the client’s Account enrolled in the ALIGN Strategic Portfolios Program in accordance with rebalancing options that Baird makes available to Baird Financial Advisors. Current rebalancing options for those Programs include rebalancing annually on the Account’s anniversary date, quarterly whenever the Account’s allocation to an asset class drifts by 3% or more from the target allocation, or upon Financial Advisor Review after an Account’s allocation to an asset class drifts by 3% or more from the target allocation. reliable, limited information When providing services to a client, Baird and its Financial Advisors rely on information provided by third parties and other external sources believed to to, including, but not be information provided by investment managers. Baird and its Financial Advisors assume that all such is accurate, complete and current. Baird and its Financial Advisors do not conduct an in-depth review of, or verify, such information, and they do not guarantee the accuracy of the information used. See “Portfolio Manager Selection and Evaluation—Performance Calculation” and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Methods of Analysis” below for more information. Baird, at times, may adjust its typical rebalancing of a client Account based on certain tax considerations. For example, Baird will generally not rebalance an Account, particularly during the fourth calendar quarter, to the extent doing so would be inconsistent with its implementation of tax management services for the Account as described above. For more specific, current information about the frequency and conditions under which a particular Account will be rebalanced, a client should contact the client’s Baird Financial Advisor. Goal Management Baird reserves the right to delay or stop the rebalancing of a client's Account if Baird believes it is in the client’s best interest to do so. For example, Baird oftentimes delays rebalancing when doing so would cause the client’s Account to recognize taxable gains in the fourth quarter or have other negative tax consequences on the client’s Account. The rebalancing of a client Account may be delayed impacted by market events, or negatively operational limitations or other conditions beyond Baird’s control. With respect to the ALIGN Strategic Portfolios Program, the BairdNext Portfolios Program, the Baird makes available to clients an optional goal management service (“Goal Management”). Goal Management provides clients the ability to set a single, overall investment objective for all or a portion of assets selected by the client with the flexibility of using multiple, eligible Advisory Accounts that may have different investment strategies or objectives. If a client elects to have Baird implement a plan of Goal Management (a “Goal Management Plan”) using two or more eligible Advisory Accounts (“Goal Management Accounts”), the Goal Management Accounts, taken together, will be managed or advised by Baird and client’s Financial Advisor in such a way so as to 39 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  seek to achieve a single, overall goal or investment objective (“Goal Management Objective”) chosen by the client. Each individual Account included in a Goal Management Plan will also be managed or advised by Baird and client’s Financial Advisor in accordance with the terms of the applicable Advisory Program and any investment strategy or objective applicable to the Account. However, to the extent consistent with the terms applicable to an Account included in a Goal Management Plan, each individual Account included in the Goal Management Plan may be managed or advised in any manner believed by Baird or the client’s Financial Advisor to be necessary or appropriate for the Goal Management Accounts, taken together, to seek to achieve the Goal Management Objective. Given the nature of Goal Management, a client enrolling Accounts in a Goal Management Plan should understand that each Account enrolled in a Goal Management Plan may not be invested in a manner such that the individual Account alone would be able to achieve the Goal Management Objective. It is likely that one or more Accounts included in a Goal Management Plan, taken alone, will be managed or advised differently and will be subject to greater or enhanced risks than would be the case if the Account alone had the same objective as the Goal Management Objective. Such enhanced risks include, without limitation, market risks, investment objective and asset allocation risks, capitalization risks, investment style risks, illiquid securities and liquidity risks, concentration risks, frequent trading and portfolio turnover risks, Non-Traditional Assets and Complex Strategies risks, and Complex Investment Product risks. Income; and (6) include eligible Advisory Accounts Strategies—Asset The Goal Management Objectives that Baird makes available to clients as part of Goal Management include: (1) All Growth; (2) Capital Growth; (3) Growth with Income; (4) Income with Growth; (5) Capital Conservative Preservation. A description of those objectives is contained under the heading “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Allocation Strategies” below. A client should note, particularly if the client elects in a to Household Goal Management Plan, that: if an Account is removed from a Goal Management Plan for any reason, including if the client ceases to be a member of the same household, the Program and strategy for the Account removed from the Goal Management Plan will remain unchanged unless a change is requested by the client; further, the Account removed from the Goal Management Plan will not be allocated assets from other Accounts included in the Goal Management Plan unless the client and all other applicable clients, if any, consent and direct Baird to do so and then only to the extent permitted by applicable law; and Baird will have no liability for implementing a Goal Management Plan as requested by the client. Tax Management and Overlay Services In certain circumstances, clients that are part of the same household may include their eligible Advisory Accounts in the same Goal Management Plan (a “Household Goal Management Plan”). It is the client’s sole responsibility to notify Baird that the client is part of a household so that Baird is aware of the client’s eligibility for a Household Goal Management Plan. It is also the client’s sole responsibility to notify Baird whenever the client ceases to be part of a household if an Account is part of a Household Goal Management Plan. Failure to do so could have a materially negative impact on applicable Accounts. from a Goal An Account will be removed Management Plan: (1) upon request or consent of the client, (2) if the Account ceases to be an eligible Advisory Account, (3) in the event the Account is part of a Household Goal Management Plan, if the client notifies Baird that the client ceases to be a member of the applicable household, or (4) upon written notice from Baird that it is no longer able to manage the Account according to the Goal Management Plan. Many Programs and managers make available tax management strategies and services that are intended to reduce the negative impact of U.S. federal income taxes on an Account. Certain Programs and managers include tax management services as a default feature of the Program or the manager’s services. A client is encouraged to discuss the client’s tax management needs with the client’s Baird Financial Advisor before enrolling the Account in a Program or selecting a manager. A client should understand the terms of the tax management services that will be implemented, including the associated limitations, risks and additional costs, if any, before enrolling an Account in a Program or selecting a manager for that 40 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  The Baird TM Strategies and FA TM Strategies features are not available to Retirement Accounts. Account. A client that wishes to opt an Account out of participation in a tax management service should contact the client’s Baird Financial Advisor. Baird Tax Harvesting Strategy The offering and performance of tax management services to a client’s Account does not constitute tax advice. A client is ultimately responsible for all from the tax-related consequences resulting client’s decision tax management to utilize services. Tax management services are provided solely based upon the direction and information provided by a client. Before enrolling in a tax management service, a client should consult the client’s tax advisors about the tax consequences of doing so. Baird Tax Management Strategies implements certain As a default feature of the ALIGN Strategic Portfolios, the BairdNext Portfolios, the Russell Model Strategies and the UMA Programs, the Baird PWM Home Office tax investment strategies described management below (“Baird TM Strategies”) for each non- Retirement Account enrolled in one of those Programs unless the client opts out by contacting the client’s Baird Financial Advisor. A tax harvesting strategy seeks to improve the value of an Account, on a post U.S. federal income tax basis, by offsetting capital losses in the Account with capital gains. This strategy is oftentimes referred to a “tax harvesting” or “tax loss harvesting”. When implementing a tax harvesting strategy, the Baird PWM Home Office or the Baird Financial Advisor, as applicable, periodically, but at least annually, conducts an assessment of the Account to identify capital losses for tax harvesting opportunities. When an opportunity is identified, the Baird PWM Home Office or the Baird Financial Advisor, as applicable, sells (or recommends the sale of) certain securities in the client’s Account in order for the Account to recognize the unrealized capital losses identified as part of the assessment process. The Baird PWM Home Office or the Baird Financial Advisor will then reinvest (or recommend the reinvestment of) the proceeds of such sale in one or more replacement securities, which may include, without limitation, ETFs, cash, cash equivalents or other securities deemed appropriate by the Baird PWM Home Office or the Baird Financial Advisor, as applicable. Unless the client instructs otherwise, such reinvestment will be made on a temporary basis and generally only for the duration of any applicable IRS wash sale rule period, currently 30 days, and within a reasonable time thereafter, the proceeds will be reinvested in a manner consistent with the way the Account was invested prior to the employment of the tax harvesting strategy. the implementation of the Certain Baird Financial Advisors also offer tax management investment strategies (“FA TM Strategies”), described below, to non-Retirement Accounts enrolled in Baird Financial Advisor- directed Programs, including the Advisory Choice, PIM, and UAS Programs. A client is encouraged to ask the client’s Baird Financial Advisor if FA TM Strategies will be used if the Account is enrolled in a Program. PIM Managers and UAS Managers who offer FA TM Strategies will generally implement such strategies for Accounts they manage on a discretionary basis unless a client opts out by contacting the client’s Baird Financial Advisor. The Baird PWM Home Office will assist with the implementation of the FA TM Strategies. Generally, tax harvesting strategy is limited to open end mutual fund and ETF positions with unrealized capital losses over $1,000 for U.S. federal income tax purposes, unless Baird and the client otherwise agree. Baird Capital Gains Avoidance Strategy investment strategy designed Each Baird TM Strategy and FA TM Strategy is a secondary to achieve a secondary objective of an Account to reduce the negative impact of U.S. federal income taxes and each such strategy is implemented together with the other primary investment strategies for the Account that are designed to achieve the client’s primary investment objectives or goals. A capital gains avoidance strategy seeks to avoid capital gains attributable to an investment in the Account for U.S. federal income tax purposes by selling the investment before the capital gain is distributed by the issuer. When implementing a capital gains avoidance strategy, the Baird PWM Home Office or the Baird Financial Advisor, as applicable, periodically, but at least annually, monitors the issuers of investments held in the 41 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for capital gains the extent such estimates or strategy, to information are incorrect. (or recommend Account distributions announcements and capital gains avoidance opportunities. When an opportunity is identified, the Baird PWM Home Office or the Baird Financial Advisor, as applicable, sells (or recommends the sale of) such securities in the client’s Account identified as part of the monitoring process in order for the Account to avoid a capital gain distribution made by the issuer. The Baird PWM Home Office or the Baird Financial Advisor will then reinvest (or recommend the reinvestment of) the proceeds of such sale in cash until the capital gain distribution has been paid by the issuer, and then the securities will be purchased again. If the securities are sold at a loss, then Baird PWM or the Baird Financial Advisor may employ the employment of) the tax harvesting strategy described above. The implementation of the tax harvesting strategy and capital gains avoidance strategy (or the recommendation to implement a strategy) is done in the sole discretion of the Baird PWM Home Office or Baird Financial Advisor, as applicable, and securities may be excluded from implementation of such strategies for a number of reasons, including without limitation, the length of time the security has been in the Account, the lack of a replacement security acceptable to Baird or the Baird Financial Advisor, withdrawal and deposit activity in the Account, market conditions deemed unfavorable by Baird or the Baird Financial Advisor, or if doing so would, in Baird’s or the Baird Financial Advisor’s judgment, negatively impact management of the Account. The tax harvesting and capital gains avoidance strategies are provided by Baird and Baird Financial Advisors on an Account-by-Account basis. When employing such strategies for a client Account, Baird does not monitor or consider the trading activity in any other client account, including any other Account held at Baird. Generally, the capital gains avoidance strategy is limited to open end mutual fund positions in a client Account, and a mutual fund position will be included in the implementation of the strategy only if the potential net U.S. federal income tax benefit to the Account related to such position is estimated by Baird to be $1,000 or more. For purposes of calculating the $1,000 threshold, the Account’s current unrealized gain or loss in each mutual fund position is analyzed in light of the applicable amount of capital gains distribution announced by the mutual fund company. Additional Important Information about Baird’s Tax Management Strategies. investment strategies, there Baird’s tax management strategies are not intended to, and likely will not, eliminate a client’s U.S. federal income tax obligations. Like all is no guarantee that the implementation of a tax management strategy will be successful. A client’s use of a tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. The purchase or sale of securities by a client account (whether held at Baird or another firm) during any applicable IRS wash sale rule period that, in violation of such rule, overlaps with a purchase or sale of securities made in an Account as part of a Baird TM or FA TM Strategy will result in applicable tax losses being disallowed by the IRS. Baird is not responsible for any such violations of the IRS wash sales rule or the negative consequences to the client of such violation. Before selling a security from an account, including any account held at a firm other than Baird, a client should contact the client’s Baird Financial Advisor to determine if the sale of the security may be impacted by IRS wash sale rule limitations by reason of the tax management services being provided by Baird. remain following Replacement securities selected in connection with the implementation of a Baird TM or FA TM Strategy may not perform similarly to the securities they replace. The performance of Accounts utilizing a Baird TM or FA TM Strategy will vary from similarly-managed Accounts that do not The implementation of a tax management strategy is based upon Baird’s or the Baird Financial Advisor’s, as applicable, estimates of capital gains and losses associated with investments in client’s Account and information provided to them by third parties, such as issuers of securities. Capital losses will the in an Account implementation of a tax harvesting strategy, and the Account will realize capital gains following the implementation of a capital gains avoidance 42 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  utilize such a strategy, possibly in a materially negative manner, and a client’s Account may not be successful in pursuing its primary investment strategies, objectives or goals. A client should also note that when normal trading activity is resumed for the client’s Account, such activity could generate taxable gains or losses. If a client selects tax overlay or values overlay services, the client should understand that Baird does not determine the strategies used in connection with such services, implement any such strategies, or otherwise have any influence over the Overlay Manager’s investment decisions, and therefore, Baird is not responsible for the tax overlay or values overlay services provided by the Overlay Manager. Investment Objectives Third Party Manager Tax Management Services Generally, every Account will have one of the investment objectives described below. Some investment managers participating in the SMA and UMA Programs offer tax management services and others do not. A client should consult the client’s Baird Financial Advisor or review the investment manager’s Form ADV Part 2A Brochure for specific information. Overlay Manager Tax Overlay and Values Overlay Services (UMA Programs Only) All Growth. An All Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing an All Growth investment objective will experience high fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in equity securities. Such an Account may also hold other types of investments. Capital Growth. A Capital Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing a Capital Growth investment objective will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. Such an Account may also hold other types of investments. Growth with Income. A Growth with Income investment objective typically seeks to provide moderate growth of capital and some current income. Typically, an Account pursuing a Growth with Income investment objective will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. Such an Account may also hold other types of investments. Income with Growth. An Income with Growth investment objective typically seeks to provide current income and some growth of capital. Typically, an Account pursuing an Income with investment objective will experience Growth The Overlay Manager offers an optional tax overlay service and a values overlay service in connection with the UMA Programs. The Overlay Manager’s tax overlay service seeks to consider tax implications that may detract from the client’s after-tax returns. The Overlay Manager’s values overlay service provides a client the opportunity to restrict investments in companies that derive revenues from certain business areas or that are involved in certain business activities that the client may find objectionable. A client that wishes to enroll in one or more of those services can do so by contacting the client’s Baird Financial Advisor. These services provided by the Overlay Manager may involve direct indexing strategies (also known as direct index investing), whereby a client owns the individual securities that are constituents of a selected benchmark index instead of a pooled investment vehicle, such as a mutual fund or ETF, which presents certain risks and may not be appropriate for certain clients. The Overlay Manager charges an additional fee for tax and values overlay services. The cost of tax and values overlay services are generally the same whether the client enrolls in one or both services. The amount of the tax or values overlay fee will be disclosed to a client prior to enrolling an Account in the service. Additional information about the Overlay Manager’s tax overlay services, including the risks associated with those services, is contained in a document entitled “Important Additional Information About Tax Overlay Services Provided by Envestnet Asset Management, Inc.” and is available upon request. 43 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  account allocations investments based upon in moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. Such an Account may also hold other types of investments. index or investments Tactical. A tactical investment objective seeks to provide long-term growth by tactically and actively to different adjusting the categories of manager’s perception of how those investment categories will perform the short-term. Strategies used to implement a tactical investment objective typically involve underweighting and overweighting account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark the market generally. Accounts with a tactical investment objective may have focused or concentrated in certain asset classes, geographic locations or market sectors and they often experience higher levels of trading and portfolio turnover relative to accounts with other investment objectives. Conservative Income. A Conservative Income investment objective typically seeks to provide current income. Typically, an Account pursuing a Conservative Income investment objective will experience relatively small fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. Such an Account may also hold other types of investments. A Tax-Managed The Tax-Managed. investment objective indicates that the account is transitioning from one investment strategy to another using one or more tax management strategies or tax management primary considerations. investment strategy or consideration for Accounts with a Tax-Managed investment objective will involve tax management, and such accounts may not be successful in pursuing any other investment strategies, objectives or goals. Capital Preservation. A Capital Preservation investment objective typically seeks to preserve capital while generating current income. Typically, an Account pursuing a Capital Preservation investment objective will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in a mix of fixed income securities and cash. Such an Account may also hold other types of investments. Goal. A Goal investment objective indicates that the Account is a Goal Management Account that is part of a Goal Management Plan and the Account will be managed or advised in accordance with the applicable Goal Management Objective. For information about the risks associated with the investment objectives described above, see the section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Risks Associated with Certain Investment Objectives and Asset Allocation Strategies” below. for a client’s specific Mutual Fund Share Class Policy investment objective Opportunistic. An Opportunistic investment objective typically seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the percentage of assets held in various investment categories to take advantage of the manager’s perception of market pricing anomalies, market sectors deemed favorable for investment by the manager, the current interest rate environment or other macro-economic trends identified by the manager to achieve growth while short, accounting intermediate and long term investment and/or cash flow needs. Depending upon the investment strategy used, an Account pursuing an could Opportunistic experience high fluctuations in annual returns and overall market value. The types of investments in which such an Account may invest will also vary widely, depending upon the particular investment strategy used. Most mutual funds offer different share classes. While each share class of a given mutual fund has the same underlying investments, those share classes have different fees, costs and investment minimums, and they provide different levels of compensation to Baird. In an effort to provide clients with appropriate low cost mutual fund investment options for their fee-based investment 44 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  may be able to obtain a less expensive share class in other Programs or at another firm. payments, revenue sharing Interest is subject to an asset-based Baird receives certain compensation from mutual fund families in the form of distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing and support administration fees. The amount of compensation paid to Baird generally varies based upon the share class of the applicable mutual fund purchased by clients. Because the compensation that Baird receives from certain mutual funds is based upon share class purchased by clients, Baird has a financial incentive to make available to clients those share classes that provide Baird greater compensation, which, in many instances, would cause clients investing in those share classes to incur higher ongoing costs relative to other share classes made available by the fund families. This presents a conflict of interest. Baird addresses this conflict through the Share Class Policy described above and through disclosure in this Brochure. For more information about the compensation that Baird receives from mutual funds, see “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or in Client Transactions—Investment Product Selling and Servicing—Mutual Funds” below. subject to under the heading Shares of mutual funds held in client Accounts that do not meet the requirements of the Share Class Policy will generally be converted to the applicable Approved Share Class certain restrictions. The Share Class Policy is subject to change at Baird’s discretion without notice to clients. Additional information about the Share Class Policy is available on Baird’s website at bairdwealth.com/retailinvestor. Interest The Share Class Policy does not apply to the portion of a UAS Account managed by a third party managers. Third party managers are responsible for establishing their own criteria for selecting investments, including mutual funds, if any. Custody Services advisory accounts, Baird has established a mutual fund share class policy (“Share Class Policy”) for certain Baird Financial Advisor-directed Programs, including the Advisory Choice, PIM, and UAS Programs (the “Share Class Policy Programs”). Typically, only one share class of a given mutual fund family will be made available for purchase by clients in the Share Class Policy Programs pursuant to the Share Class Policy (the “Approved Share Class”). When selecting the Approved Share Class for a mutual fund family, Baird endeavors to select the share class with the lowest expense ratio, based upon the average expense ratio of the class across all mutual funds in the mutual fund family, that are widely available for trading on the mutual fund trading platform of Charles Schwab & Co., Inc. (“Schwab”). In selecting the share class for a mutual fund family to be made available for purchase by clients in the Share Class Policy Programs, Baird considers a number of factors, including the number of funds within the fund family that offer the share class, client positions in and demand for those funds, and the availability of the share classes and funds for purchase on the Schwab mutual fund trading platform. Generally, share classes designed for retirement plans and those that pay a distribution (12b-1) fee to Baird will not be permitted in those Programs, or, if such share classes are permitted and the client’s Account fee arrangement, Baird will either: (1) rebate the distribution (12b-1) fees to a client if the client is paying an asset-based Program Fee on such investment; or (2) exclude such fund shares from the calculation of the client’s asset-based Program Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the distribution (12b-1) fee as further described “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or in Client Transactions—Investment Product Selling or Servicing—Mutual Funds” below. Clients should note that the Approved Share Class for a mutual fund family is based upon the average expense ratio for the class across all mutual funds in the fund family and not on a fund-by-fund basis. Further, the expenses of every mutual fund can and will vary over time. Therefore, while Baird has endeavored to select the lowest cost share classes as described above, in some instances, the Approved Share Class is not the least expensive share class for a particular mutual fund. Clients Each Program generally requires clients to custody their Account assets at Baird. If Baird is the custodian of a client’s assets, Baird will provide certain custody services, including holding the client’s Account assets, crediting contributions and interest and dividends received on securities held 45 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Assets. In addition, a client who uses a third party custodian is not eligible for cash sweep services offered by Baird. Clients using a third party custodian are encouraged to establish appropriate cash sweep arrangements. in a client’s Account, and making or “debiting” distributions from the Account. Information about account statements and performance reports, if any, that Baird provides to clients is contained under the heading “Additional Information— Review of Accounts” below. As custodian, Baird may hold a client’s Account assets in nominee or “street” name, a practice that refers to securities and assets being registered in Baird’s name or in a name that Baird designates, rather than in a client’s name directly. Baird will be the holder of record in those instances. Baird may utilize one or more subcustodians to provide for the custody of a client’s assets in certain circumstances. For instance, Baird utilizes subcustodians to maintain custody of certain client securities that are traded on foreign exchanges. A client who uses a third party custodian authorizes Baird to give instructions to the client’s custodian for all actions necessary or incidental to the purchase, sale, exchange, and delivery of securities held in the client’s Account. Also, the client will receive account statements directly from the client’s selected custodian. A client should carefully review those account statements and compare them with any statements provided by Baird. A client should note that the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird due to a variety of factors, including the use of different valuation sources and accounting methods (e.g., trade or settlement date accounting) by the custodian and Baird. Cash Sweep Program to client Accounts on the program Baird maintains a Cash Sweep Program that is intended for clients who want to earn interest and receive FDIC insurance protection on their cash over short periods of time while awaiting investment. If a client participates in Baird’s Cash Sweep Program, uninvested cash in the client’s accounts will be automatically deposited or swept, on a daily basis, into one or more FDIC-insured deposit accounts at participating banks (the “Bank Sweep Feature”) or, under certain conditions, will be automatically invested in shares of a money market mutual fund that Baird makes available in the program (the “Money Market Fund Feature”), subject to the terms and conditions of the program. By using multiple participating banks as opposed to a single bank, the Bank Sweep Feature seeks to provide FDIC insurance protection for a client’s cash balances of up to an aggregate deposit limit determined under (currently, types and for most account $2,500,000 $5,000,000 for joint accounts). A client receives interest on cash balances in deposit accounts under the Bank Sweep Feature at tiered rates that are based on the aggregate value of the accounts within the client’s household. The applicable client household tier values are: less than $1 million; at least $1 million but less than $2 million; at least $2 million but less than $5 million; and $5 million are more. Current rate information is available at Baird in its sole discretion may accept Held-Away Assets into a client’s Account, including assets that are held by another custodian (a “third party custodian”). A client who uses a third party custodian to hold Account assets does so at the client’s risk. A client should understand that Baird does not monitor, evaluate or review any third party custodian. The client should also understand that the client will pay a custody fee to the third party custodian in addition to the Program Fee. Baird may also impose additional fees on Accounts with assets held by a third party custodian due to the increase in resources needed to administer those Accounts. Further, such third party custody arrangements may limit the Programs made available to the client. In addition, a client should understand that: (a) each third party custodian has exclusive control over the investment options made available the custodian’s platform; (b) Baird has no authority or ability to add to, or remove from, a custodian’s platform any investment option; (c) any advice given by Baird or the client’s Financial Advisor with respect to the Account is inherently limited by the options available through a custodian’s platform; (d) Baird or the client’s Financial Advisor may have provided different investment advice with respect to the Account had they not been limited to the investment options made available through the custodian’s platform; and (e) certain investments, such as mutual fund shares, could be more or less expensive than if the investment was obtained from Baird or another firm. A client should further note that Baird generally does not provide performance review or reporting for Held-Away 46 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investor Protection Corporation (“SIPC”) coverage up to applicable limits. rwbaird.com/cashsweeps. Each deposit account at a bank constitutes a direct obligation of the bank and is not directly or indirectly Baird’s obligation. receives compensation for Any aggregate cash balances held by a client in excess of the applicable aggregate deposit limit are automatically invested in shares of a money market mutual fund that Baird makes available in the Money Market Fund feature of the program. Cash held in employee benefit plan accounts, employee health and welfare plan accounts, and SEP and SIMPLE IRAs will be automatically invested or swept into a money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. In addition, clients with aggregate cash balances of $5 million or more across all of their accounts with Baird within the same household may opt out of the Bank Sweep Feature and instead have all of their cash balances automatically swept into an institutional money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. Effective June 1, 2025, clients with aggregate cash balances of $5 million or more across of their accounts with us within the same household both at the time of the request to opt out and as of the end of any two previous consecutive months beginning on April 30, 2025 and thereafter. More information about the Money Market Fund Feature of Baird’s Cash Sweep Program is available at rwbaird.com/cashsweeps. the Baird administrative, accounting and other services that Baird provides under the program, which is paid out of the aggregate interest that is paid by the participating banks on the aggregate client balances in the deposit accounts participating in the Bank Sweep Feature. Baird’s annual rate of compensation may be up to 3.60% of the aggregate client balances for clients with household account values of less than $1,000,000, 2.45% for clients with household account values of $1,000,000 but less than $2,000,000, 2.00% for clients with household account values of $2,000,000 but less than $5,000,000, and 1.75% for clients with household account values of $5,000,000 or more. In a lower interest rate environment Baird’s annual rate of compensation will be less. For fee-based investment advisory IRA accounts participating in the Bank Sweep Feature, Baird’s compensation is a monthly per account fee (which is the same regardless of client balances in bank deposit accounts). The per account fee for these advisory IRA accounts is generally paid out of the interest that the banks pay on aggregate client balances in the deposit accounts, and the per account fee varies based on the applicable Fed Funds Target Rate but in no event will it exceed $19.00 per month. Baird also receives an annual rate of compensation of up to 0.50% of the aggregate client balances automatically invested into money market mutual funds under the Money Market Fund Feature. A client should note that the client will be charged the asset-based Program Fee on the value of all of the assets in the client’s Accounts, including cash that is swept into a bank deposit account or invested into a money market mutual fund under the Cash Sweep Program. As a result, Baird receives two layers of fees on a client’s assets swept or invested in the Cash Sweep Program: the Program Fee, which compensates Baird for the investment advice, trading and custody services provided to the client related to those assets, and the compensation paid by the banks or money market funds related to those assets, which compensates Baird for the services Baird provides to the banks and funds and for Baird’s efforts in maintaining the Cash Sweep Program. The compensation that Baird receives from the Cash Sweep Program gives Baird a financial incentive to recommend that a client participate in the Cash Sweep Program and The Bank Sweep Feature seeks to provide FDIC insurance protection for a client’s cash balances up to an aggregate deposit limit determined under the program. Any deposits, including CDs, that a client maintains, directly or indirectly through an intermediary (such as us or another broker), with a bank participating in the Cash Sweep Program in the same capacity with the bank will be aggregated with the client’s cash balances deposited with the bank under the Cash Sweep Program for purposes of calculating the $250,000 FDIC insurance limit. Total deposits exceeding $250,000 at a bank may not be fully insured by the FDIC. A client is responsible for monitoring the total amount of other deposits that the client has with a bank outside the Cash Sweep Program in order to insurance the extent of deposit determine coverage available. Baird is not responsible for any insured or uninsured portion of a client’s deposits at a bank. Cash invested in a money market mutual fund under the Money Market Fund Feature is not FDIC insured, but is protected by Securities 47 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  maintain high levels of uninvested cash balances in the client’s accounts. As an alternative to the Cash Sweep Program, Baird makes available other money market mutual funds and other cash alternatives in which a client may invest, often at a higher yield, although these investments do not have an automatic sweep feature. In addition, instead of maintaining cash balances in an advisory Account, a client has the option to maintain such cash balances in a brokerage account that is not subject to an asset- based Program Fee. fiduciary to the client when making such a referral and they will not provide advice on or oversee any such trust services arrangement. Baird has a financial incentive to recommend that clients use Baird Trust, an affiliate, over other non-affiliated trust companies. As a result of this affiliation, Baird Trust also has a financial incentive to retain Baird to provide investment advisory or other services on behalf of the client. In addition, Baird and Baird Financial Advisors have a financial incentive to recommend arrangements that involve Baird and the Baird Financial Advisor providing investment advisory services to the client and the trust company only providing trust administration services compared to an arrangement whereby a trust company would provide both investment advisory and trust administration services because it is more profitable to Baird and the Baird Financial Advisor. A client should understand that the Cash Sweep Program is an ancillary account service and it is not nor is it part of any advisory program or investment advisory service. Baird does not act as investment adviser or a fiduciary to a client in connection with the Cash Sweep Program. However, a client should note that the amount of the client’s advisory Account dedicated to cash and cash equivalents is part of the overall investment allocation advice provided to the client and thus the amount of such cash and cash equivalents included in the calculation of the Program Fee for the client’s advisory Account. Baird Trust generally on website More detailed information about the Cash Sweep Program and the compensation Baird receives is at Baird’s available www.rwbaird.com/cashsweeps. A client also receives information about the compensation Baird receives from the Cash Sweep Program through a client’s account statements. Trust Services Arrangements services, including In addition, outside of the Trust Alliance Program, Baird Financial Advisors may refer a client to Baird Trust to provide investment management and trust administration services to the client. If a client enters into such a relationship with Baird Trust, Baird and the client’s Baird Financial Advisor typically provide ongoing relationship management services. provides compensation to Baird and the client’s Baird Financial Advisor for the referral and providing ongoing services, which may be up to 50% of the ongoing fees that a client pays to Baird Trust, and which is credited to the client’s Baird Financial Advisor for purposes of determining the Financial Advisor’s compensation. The compensation paid to Baird and a client’s Baird Financial Advisor does not increase the fees that the client pays to Baird Trust. Due to Baird’s affiliation with Baird Trust and the compensation paid to Baird and Baird Financial Advisors, Baird and Baird Financial Advisors have a financial incentive to favor Baird Trust over other trust companies. tax Margin Loans its Margin involves borrowing money from Baird using eligible securities as collateral, including for the purpose of buying securities. If a client uses margin, the client will pay Baird interest on the amount the client borrows. The rate of interest that a client pays on a margin loan will be at a base rate determined by Baird plus or minus a specified percentage that varies based on the outstanding debit balance of the margin loan and the client’s household account value. Interest rates are lower Baird maintains an alliance with certain institutions, both non-affiliated and affiliated, including Baird Trust Company, that provide trust administration trust administration, custody, reporting and recordkeeping. Baird Financial Advisors at times refer clients seeking trust administration services to institutions that are members of the alliance. Subject to fiduciary duties, the trustee oftentimes retains Baird to provide investment advisory services to the client trust. A client should understand that any such referral for trust services under the Trust Alliance Program made by Baird and its Financial Advisors is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a 48 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  apply, is set forth in the “Margin” section of Baird’s website at bairdwealth.com/retailinvestor. Securities-Based Lending Program for larger debit balances and those with higher household account balances. As a result, rates will vary. To determine the actual interest rate that may apply to a client’s margin loan, visit Baird’s website at rwbaird.com/loanrates or contact a Baird Financial Advisor. Because a client will pay interest to Baird on the outstanding balance of the client’s margin loan, Baird has an incentive to recommend that a client use margin. Baird and Baird Financial Advisors also have an incentive to recommend that a client use margin, because a margin loan allows a client to make larger securities purchases and retain assets in the client’s Accounts that pay an ongoing asset-based Program Fee instead of liquidating them to fund a cash need, which increases the asset-based fees Baird earns on a client’s Accounts. A client should note that any margin balance (i.e., the outstanding amounts of the margin loan the client owes to Baird) in the client’s advisory Accounts will not be applied to reduce the client’s billable account value in calculating the client’s asset-based Program Fee, which gives Baird and Baird Financial Advisors further incentive to recommend client use of margin instead of liquidating assets to fund a cash need. Because the interest Baird receives and fees Baird earns on a client’s Accounts increase as the amount of the client’s margin loan increases, Baird and Baird Financial Advisors also have an incentive to recommend that the client continue to maintain a margin loan balance with Baird at high levels. Baird has the right to lend the securities a client pledges as collateral for the client’s margin loan, and Baird receives additional compensation for lending those securities, which provides Baird a further incentive to recommend margin to a client. A client should note that Baird’s margin loan program is generally intended to be used to fund additional purchases of securities or short-term liquidity needs. If a client wishes to obtain a loan for some other purpose, a client should instead consider whether the client is eligible for Baird’s Securities-Based Lending Program, which involves clients obtaining loans from third-party lenders for general use purposes. Baird and Baird Financial Advisors have a conflict to the extent they would recommend that a client use the Baird margin loan program instead of the Securities-Based Lending Program because a client pays interest and other fees to Baird instead of a third-party lender. Additional important information about margin, including the risks and margin interest rates that Baird offers clients an opportunity to borrow money from a third party lender under Baird’s Securities- Based Lending Program. These loans, if made, can be used for any personal or business purpose other than to purchase, carry or trade securities, or to repay margin debt. These loans are secured by the investments and other assets in the client’s accounts with Baird. A client will pay interest on the outstanding balance of the client’s loan. The rates of interest charged by the bank depends on many factors, such as the prevailing interest rate environment, the amount of the loan or line of the credit, a client’s creditworthiness, and aggregate assets in a client’s Baird accounts in the client’s household (“relationship size”). The interest rates are based on a benchmark rate, plus an applicable percentage that varies based on the approved loan amount and the relationship size. Rates are generally higher for smaller loans and relationship sizes and lower for larger loans and relationship sizes. The interest rate that will apply to a client’s loan will be set forth in the loan agreement the client enters into with the bank. Baird receives an ongoing administrative fee from the bank, at an annual rate of up to 2.50% of the outstanding balance under a client’s loan, which is paid by the bank out of the interest the client pays to the bank. A client’s Baird Financial Advisor typically receives an ongoing referral fee at an annual rate of up to 0.25% of the outstanding balance of the client’s loan, which is paid out of Baird’s administrative fee. A client should note that Baird and Baird Financial Advisors will continue to receive compensation on assets held in the client’s accounts that serve as collateral for the client’s loans, including Program Fees. Because Baird receives an administrative fee and Baird Financial Advisors receive a referral fee if a client obtains a loan from a third party lender under Baird’s Securities-Based Lending Program, Baird and Baird Financial Advisors have an incentive to recommend that a client obtain loans under that program. Baird and Baird Financial Advisors will continue to receive compensation on assets held in a client’s accounts that are collateral for such loans, including Program Fees on such assets if those assets are in the client’s advisory Account. As a result, Baird and Baird Financial Advisors have a financial incentive to recommend that a client obtain a loan under the program to provide for the 49 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account (“Retirement lending is set fiduciary, or other fiduciary acting on behalf of a Retirement Account Fiduciary”) should understand that Baird and its associates do not provide legal advice regarding Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts. client’s needs instead of liquidating assets in the client’s accounts with Baird because a decline in the amounts the client has in the client’s accounts will result in lower revenues to Baird and compensation paid to the client’s Baird Financial Advisor. Additional important information about securities-based forth in the “Securities-Based Lending Program” section of Baird’s website at bairdwealth.com/retailinvestor. liquidations, redemptions, A client should understand that any referral made by Baird and its Financial Advisors under the Securities-Based Lending Program is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such lending arrangement. Client Responsibilities implications of the client’s The investment strategies used for a client’s Account and transactions in a client’s Account, including and rebalancing transactions, may cause the client to realize gains or losses for income tax purposes. In addition, a client’s Account may be invested in investment products classified as partnerships for U.S. federal income tax purposes, which may result in unique tax treatment, including Schedule K-1 reporting. In addition, when held in a client’s Retirement Account under certain circumstances, such investments may produce unrelated business taxable income which may result in a current-year income tax obligation to the client. Baird does not provide any tax advice in connection with any of the Programs. A client should discuss the potential tax investment strategies, investment products, and transactions with the client’s tax advisor. If a client wishes for Baird to investment implement a particular strategy for tax purposes, and Baird agrees to implement such strategy, Baird will not be responsible for the development, evaluation or efficacy of any such strategy. Program Fees Fee Options and Fee Schedules is responsible for any A client’s advisory agreement will set forth the actual compensation the client will pay to Baird. In most instances, a client pays an ongoing Program Fee based upon the value of assets in the client’s Account (an “asset-based fee”), although other options, such as a flat fee, may be available. Asset-Based Fee Arrangements A client is responsible for providing information to Baird and the client’s Baird Financial Advisor reasonably requested by them in order to provide the services selected by the client. Baird, the client’s Baird Financial Advisor and investment managers, if any, will rely on this information when providing services to the client. A client is also responsible for promptly informing the client’s Baird Financial Advisor of any significant life changes (e.g., change in marital status, significant health issue, or change in employment) or if there is any change to the client’s investment objectives, risk tolerance, financial circumstances, investment needs, or other circumstances that may affect the manner in which the client’s assets are invested. None of Baird, the client’s Baird Financial Advisor or any investment manager managing a client’s Account adverse consequence arising out of the client’s failure to promptly inform the client’s Baird Financial Advisor of any such changes. Since investment goals and financial circumstances change over time, a client should review the client’s participation in a Program with the client’s Baird Financial Advisor at least annually. Baird generally offers two types of asset-based fee arrangements: a tiered fee schedule and a breakpoint fee schedule. Legal and Tax Considerations Baird and its associates do not provide legal or tax advice to clients in connection with the Programs. Additional laws, regulations and other conditions apply to Retirement Accounts. Each owner, responsible plan fiduciary, trustee, named Under a tiered fee schedule, the asset-based fee will vary for different segments of client assets, gradually decreasing as the Account balance increases. For example, a client with an Account value of $1,000,000 may pay one rate on the first $250,000 of assets in the Account, a lower rate on 50 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Tiered Advice Fee Schedule Value of Assets Annual Fee Rate the next $250,000 of assets in the Account and a still lower rate on the remaining $500,000 of assets. Use of a tiered fee schedule will result in a blended asset-based fee rate. Next $1,000,000 1.50% Next $3,000,000 1.35% Next $5,000,000 1.25% Above $10,000,000 1.00% Breakpoint Advice Fee Schedule Under a breakpoint fee schedule, the asset-based fee is determined by reference to the market value of the client’s Account assets, with the fee being equal or lower for accounts with higher levels of assets. The breakpoint fee, once determined, is then applied to all of the assets in the client’s Account. The following fee schedule sets forth the maximum breakpoint Advice Fee rates for the Programs. Breakpoint Advice Fee Schedule Value of Assets Annual Fee Rate $0 to $1,000,000 2.00% $1,000,000 to $1,999,999 1.75% $2,000,000 and above 1.50% The typical asset-based fee varies depending upon the Program and the fee option selected by the client. Fee options and rates may also differ among different Accounts held by the same client, depending on the Program and services selected for an Account. Portfolio Fee Schedule All new client Accounts paying an asset-based fee are generally subject to a unified advice fee arrangement (“Unified Advice Fee Arrangement”), which is described below. Unified Advice Fee Arrangement The Portfolio Fee rate varies by Program, investment vehicle, and the type of investment strategy or style being pursued by the Account. The following fee schedule sets forth the maximum Portfolio Fee rates or range of rates for the Programs. Portfolio Fee Schedule Program Annual Fee Rate or Range of Rates 0.00% ALIGN Elements Portfolios 0.00% ALIGN Strategic Portfolios ALIGN UMA Select Portfolios 0.25% - 0.52% Equity SMA Strategies* 0.16% - 0.40% Fixed Income SMA Strategies 0.25% - 0.60% Under a Unified Advice Fee Arrangement, the asset-based Program Fee is comprised of an advice fee (“Advice Fee”) and, for some Programs, an additional portfolio fee (“Portfolio Fee”). The Advice Fee covers certain investment advisory, brokerage and custody services provided by Baird. The Portfolio Fee covers portfolio management and other services provided by Baird and the manager include to the client’s Account, which may departments or affiliates of Baird. If a client has a Unified Advice Fee Arrangement, the client’s Program Fee rate will be equal to the sum of the applicable Advice Fee rate and the applicable Portfolio Fee rate, if any. Global and International SMA Strategies 0.00% Mutual Funds 0.00% ETFs 0.00% ALIGN Strategic Sleeve or Portfolio Clients with a Unified Advice Fee Arrangement may generally choose a tiered or breakpoint fee schedule for the Advice Fee portion of the Program Fee. 0.00% Baird Advisory Choice Tiered Advice Fee Schedule 0.00% BairdNext Portfolios Baird Affiliated Managers Portfolios The following fee schedule sets forth the maximum tiered Advice Fee rates for the Programs. PWM-Managed Portfolios Tiered Advice Fee Schedule 0.00% AQA Portfolios Value of Assets Annual Fee Rate 0.00% Baird Recommended Portfolio First $1,000,000 2.00% 51 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio Fee Schedule Portfolio Fee Schedule Program Annual Fee Rate or Range of Rates Program Annual Fee Rate or Range of Rates 0.00% 0.00% ALIGN Elements Portfolios Baird Rising Dividend Portfolio 0.00% Baird Equity Asset Management ALIGN Strategic Sleeve or Portfolio 0.35% - 0.50% 0.00% SAM Strategic Portfolios AQA Portfolios 0.32% - 0.50% 0.00% Other Portfolios Baird Recommended Portfolio 0.32% - 0.50% 0.00% Riverfront Managed Portfolios Baird Rising Dividend Portfolio 0.35% 0.32% -0.40% Baird Trust Strategies Baird Equity Asset Management Portfolios 0.35% - 0.37% CCM Portfolios 0.35% Baird Trust Strategies 0.15% - 0.30% GAMMA Portfolios 0.35% - 0.37% CCM Portfolios 0.02% - 0.37% Strategas Portfolios 0.02% - 0.37% Strategas Portfolios Baird Recommended Managers 0.20% - 0.75% Equity SMA Strategies 0.20% - 0.52% Balanced SMA Strategies 0.25% - 0.40% Fixed Income SMA Strategies 0.25% - 0.52% * Reflects the range of fees charged by managers or products that are not affiliated with Baird. The range of fees charged by Baird or by managers or products affiliated with Baird are shown elsewhere in the Portfolio Fee Schedule. Global and International SMA Strategies 0.35% - 0.60% Alternative SMA Strategies 0.10% ALIGN 55ip Tax Managed Solutions Baird SMA Network (BSN) ** Fees charged by managers under the DC Program are negotiated by each client pursuant to a separate agreement that does not include Baird. Baird, therefore, does not have the necessary information to provide a definitive range of fees paid to managers under the DC Program. 0.26% - 0.77% Equity SMA Strategies 0.22% - 0.60% Balanced SMA Strategies 0.12% - 0.40% Fixed Income SMA Strategies 0.25% - 0.60% Global and International SMA Strategies 0.32% - 0.60% Alternative SMA Strategies 0.02% - 0.50% Fund Strategist Portfolios The Portfolio Fee rates are current as of the date of this Brochure. A client’s actual Portfolio Fees could be higher or lower than the amounts shown above if Baird adds new investment managers to the Programs with higher or lower fees or if Baird and a manager renegotiate the amount of the subadvisory fee. —** Dual Contract (DC) 0.00% Private Investment Management (PIM) 0.00% Russell Model Strategies Unified Advisory Select (UAS) Portfolios 0.25% - 0.52% Equity SMA Strategies* 0.25% - 0.52% Balanced SMA Strategies 0.16% - 0.40% Fixed Income SMA Strategies 0.25% - 0.60% Global and International SMA Strategies Baird provides operational and administrative in connection with 55ip’s services to 55ip management of client Accounts using an ALIGN 55ip Tax Managed Solution. As compensation for those services, Baird receives a portion of the Portfolio Fee at an annual rate of up to 0.02% of the value of the Account. Additional information is contained in the document titled “Administrative Servicing, Revenue Sharing, and Other Third Party Payments” available on Baird’s website at bairdwealth.com/retailinvestor. 0.32% - 0.50% Riverfront SMA Strategies 0.02% - 0.50% Fund Strategist Portfolios 0.00% Mutual Funds The Portfolio Fee rates set forth above do not include the overlay fees charged by the Overlay Manager for tax overlay or values overlay services, 0.00% ETFs 52 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account Minimum which are generally 0.10% of the value of the Account annually. Program Asset Level ALIGN Strategic Portfolios investments ALIGN UMA Select Portfolios $25,000 $100,000(1) Baird Advisory Choice $10,000 BairdNext Portfolios $5,000 Baird Affiliated Managers $250,000 Baird Equity Asset Management Growth Portfolios $250,000(2) Baird Equity Asset Management SAM Portfolios Baird Trust $80,000 $50,000(3) Riverfront Managed Portfolios $50,000 Riverfront Managed ETF Portfolios CCM Portfolios $100,000 GAMMA Portfolios Strategas Portfolios $250,000 $100,000(4) Important Information about UMAs and Blended Rates. UMAs offer in different investment vehicles (such as mutual funds, ETFs, SMAs and PWM-Managed Portfolios) and asset classes (such as equity securities and fixed income securities). Each investment vehicle and asset class may have a different Portfolio Fee rate, which is shown in the table above. For purposes of calculating the Portfolio Fee for a UMA, the Portfolio Fee rate applicable to each investment vehicle or asset class will be applied to the value of assets invested in each such investment vehicle or asset class in the Account. In other words, the overall Portfolio Fee rate for the UMA as a whole will be a blended rate. The blended Portfolio Fee rate, and the actual Portfolio Fee paid by a client, will vary over time due to many factors, including market appreciation or depreciation of the assets in the Account and changes in allocations to different investment vehicles or asset classes in the Account. $100,000(5) Baird Recommended Managers Overlay Manager Tax Overlay Services Baird SMA Network Dual Contract $100,000(5) $100,000(5) $50,000(6) Private Investment Management Russell Model Strategies $10,000 The Overlay Manager charges an additional fee for tax overlay services, which will be included in the Program Fee. The amount of the fee will be disclosed to a client prior to enrolling an Account in the service. $5,000(7) Unified Advisory Select (UAS) Portfolios Flat Fee Arrangement (1) Account minimums for ALIGN UMA Select Portfolios range from $100,000 to $400,000, depending upon the particular Portfolio. (2) Baird Equity Asset Management’s SAM Strategic Portfolios have a minimum account requirement of $250,000 and its SAM Custom Portfolios have a minimum account requirement of $1,000,000. (3) Riverfront Managed Portfolios have an account minimum ranging from $50,000 to $100,000. Under a flat fee arrangement, the applicable fee may be determined according to a fixed asset- based fee rate or may be a fixed dollar amount. Specific services may each have their own, separately stated flat fee, or several services may be grouped together under a single flat fee. Some services may entail a flat fee per usage. Flat fees are negotiable and vary by client. The details of flat fee arrangements, including fee amounts, the billing schedule, and the services covered, will be included in the client’s advisory agreement. Program Account Minimums (4) Strategas Managed Portfolios that use strategies that primarily invest in mutual funds or ETFs may have an account minimum as low as $25,000. The minimum asset value to open an Account in a Program is set forth in the table below. Account Minimum Program Asset Level (5) Investment managers typically have an account minimum of $100,000. However, each investment manager sets its own minimum account size requirements, which can range from $25,000 to more than $1,000,000. As a result, some investment managers may not be available to clients with smaller accounts. ALIGN Elements Portfolios $5,000 53 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  (6) PIM Accounts that use strategies that primarily invest in mutual funds or ETFs may have an account minimum of less than $50,000. (7) Account minimums vary depending upon the investments that are selected for UAS Program Account and will be significantly higher if, for example, an SMA Strategy is selected. fee arrangement, including but not A client should note that it is client’s sole responsibility to inform the client’s Financial Advisor that client’s household or family has two or more Advisory accounts that are eligible for a household fee arrangement. Baird and its Financial Advisors do not undertake any obligation to ensure client Accounts are eligible for a household fee arrangement. By agreeing to a household fee to such arrangement, each client subject household fee arrangement consents to Baird providing to each other client subject to such household in Baird’s sole discretion, information about the aggregate level, or range, of household assets used for fee calculation purposes. As a result, each such client should understand that the other clients included in the household fee arrangement may be able to ascertain the amount of the client’s assets at Baird. A client’s Account may also be subject to a minimum quarterly Program Fee that will be set forth in the client’s advisory agreement regardless of the value of the assets in the client’s Account. In addition, if a third party custodian has custody of the client’s Account assets, Baird may impose Account requirements different than those set forth above, limited to higher minimums, and it may impose additional fees due to the increase in resources needed to administer the Account. A client is encouraged to periodically review with the client’s Financial Advisor the client’s Program Fee and the services provided to determine if the services and fees continue to meet the client’s needs. Calculation and Payment of Program Fees For purposes of calculating a client’s asset-based Program Fee, the value of a client’s assets is generally determined by Baird. Baird generally relies upon third party sources, such as third party pricing services when valuing Account assets. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities, Complex Investment Products, community bank stocks and private funds. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian in determining the value of the assets in the client’s Account. Baird will calculate a client’s Program Fee by applying the applicable fee rate to the value of all of the assets in the client’s Accounts, including cash and its equivalent and including all Held-Away Assets, unless otherwise agreed to in writing. 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 Program Fee. The value of cash balances held in a client’s Account will be excluded from the calculation of a client's Program 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. for Complex Investment If requested by a client and approved by Baird, a client’s Program Fee may be determined by also including the aggregate value of assets in certain other Advisory accounts held by a client and certain members of the client’s household or family (a “household fee arrangement”). A client should note that Retirement Accounts may not be included in a household fee arrangement to the extent a prohibited transaction under ERISA or the IRC may result. The terms of any such household fee arrangement will be set forth in the client’s advisory agreement. Baird does not conduct a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and it does not verify or guarantee the accuracy of such information. Baird does not accept responsibility for valuations provided by third parties that are inaccurate unless Baird has a reason to believe that the source of such valuations is unreliable. investments, particularly Valuation data annuities, Products, community bank stocks and private funds, may not be provided to Baird in a timely manner, resulting in valuations that are not current. The prices obtained by Baird from third party pricing services, 54 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  issuers, sponsors and custodians may differ from prices that could be obtained from other sources. Values used for fee-calculation purposes may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the Program Fee for some securities may be calculated based on values that are greater than the amount a client would receive if the securities were actually sold from the client’s Account. quarterly basis, in advance. The initial billing period begins when the client’s advisory agreement is accepted by Baird and the Account is opened by Baird (the “Opening Date”). The initial Program Fee payment will be adjusted for the number of days remaining in the then current quarter. The initial Program Fee will be based on the value of assets in the client’s Account on the Opening Date. The period which such payment covers shall run from the Opening Date through the last business day of the then current calendar quarterly billing period. Thereafter, the quarterly Program Fees shall be calculated based upon the Account’s asset value on the last business day of the prior calendar quarter and shall become payable on the first business day of the then current calendar quarter. As mentioned above, Baird will include cash and cash equivalent balances in a client’s Account when calculating a client’s asset-based Program Fee. Baird has adopted internal policies that monitor the percentage of an Account swept into cash under the Cash Sweep Program. These internal policies are designed to inform Baird Financial Advisors and their clients who hold large cash sweep balances in their Accounts for sustained periods that those Accounts are holding large cash sweep balances and that there may be other investment or account options for their cash and that Baird receives direct compensation in addition to the Program Fee from client balances in the Cash Sweep Program. A client’s Program Fees and other charges will be automatically deducted from the client’s Account, unless the client requests, and Baird agrees, to an alternate arrangement, such as having Baird issue the client an invoice for the Program Fees (“direct billing”). A client should understand that the client’s Program Fees and other charges relating to the client’s Account may be satisfied from free credit balances and other assets in the client’s Account. If free credit balances in a client’s Account are insufficient to pay the Program Fees or other charges when due, Baird and any investment manager managing the client’s Account may sell investments from the client’s Account to the extent they deem necessary and appropriate, in their sole discretion, to pay the client’s Program Fees and other charges. If a client maintains a debit balance in the client’s margin account with Baird, such balance has no bearing on the asset-based Program Fees charged on client’s Account. In other words, the margin balance (i.e., the outstanding amounts of the margin loan a client owes to Baird) in client’s Account will not be applied to reduce the client’s billable Account value in calculating the Program Fee. If a client’s Account is subject to direct billing, the client is required to pay each bill within 30 days of the date of the invoice. Baird may automatically deduct a client’s Program Fees and other charges from the client’s Account as described above in the event that Baird does not receive payment from the client within 30 days of the date of the invoice. Baird may rescind a direct billing arrangement with a client at any time. Direct billing may not be available for Retirement Accounts. The Account value used for the Program Fee calculation may differ from that shown on a client’s Account statement or performance report due to a variety of factors, including the client’s use of margin, options, sales, and other short considerations. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird. See “Services, Fees and Compensation—Additional Program Information—Custody Services” above for more information. To the extent permitted by applicable law, Baird may modify a client’s existing fees and other charges or add additional fees or charges by providing the client with 30 days’ prior written notice. If either Baird or the client terminates the client’s advisory agreement or the client’s participation in A client’s Program Fees are payable in accordance with the terms of the client’s advisory agreement. Typically, Program Fees are payable on a calendar 55 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Obtaining Program Services Separately: Brokerage or Advisory? Factors to Consider a Program, a pro-rated refund from the date of termination through the end of the applicable billing period will generally be made to the client in the client’s affected Accounts. Baird will not implement a decrease in the client’s fee rate during a billing period or otherwise reimburse or adjust Program Fees during any such period for asset value appreciation or depreciation in a client’s Account during such period. For example, if a client’s Account is subject to a tiered or breakpoint fee schedule and the asset levels of the Account move into a new tier or cross a breakpoint during such period, no rebate or fee adjustment will be made. However, Baird, in its sole discretion, may make fee adjustments in response to asset fluctuations in a client’s Account occurring during a billing period that result from contributions to, or withdrawals from, the client’s Account. Baird generally does not offer the Programs to clients on an unbundled basis. In other words, the Programs do not permit clients to pay for services, such as investment advice, trade execution, and custody separately. However, Baird offers brokerage accounts and other services to clients, and certain services provided to a client in connection with a particular Program may be available to a client outside of the Program separately. Thus, a client’s participation in a Program could cost the client more or less than if the client purchased each service separately. A number of factors bear upon the relative cost of each Program. In comparing the Programs to brokerage accounts or other services, a client should consider a number of factors, including, but not limited to: “Program Fees—Program • whether a client prefers to have ongoing monitoring, investment advice or professional management of the client’s investments, which are provided to Program Accounts, or whether the client does not want or need such services; Each Program may have a minimum asset value in order to open an Account as further described Account under Minimums” above. A client’s Account may be subject to a minimum Program Fee. The minimum Program Fee will be described in the client’s advisory agreement. Baird may waive the minimum Program Fee at its discretion. The minimum Program Fee is subject to change upon notice to the client. • whether the types of investment strategies, products and solutions the client seeks are available; • whether there are limitations on the types of securities and other investments available for purchase and whether those limitations are significant to the client; • whether the nature and level of transaction services, account performance reporting, or other ancillary services the client wants are available; The Program Fee and minimum account value are negotiable in certain instances and may vary based upon a number of factors, including but not limited to the size and nature of the assets in the client’s Account, the client’s particular investment strategy or objective, and any particular services requested by the client. In some instances, clients may pay a higher fee than indicated in the fee schedules above. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to the factors identified above. • whether the client prefers to pay an ongoing Program Fee for continuous advice or pay commissions and other fees on a transaction-by- transaction basis; • the relative costs and expenses of a Program Account and a brokerage account, which will vary depending upon: fee or commission rate the client o the negotiates; o the size of the client’s account; The fee schedules set forth above are the current fee schedules for the Programs. Each Program has had other fee schedules in effect, which may reflect fees that are lower or higher, as the case may be, than those shown above. As new fee schedules are put into effect, they are made applicable only to new clients, and fee schedules applicable to existing clients may not be affected. Associates and affiliates of Baird may be eligible for reduced fees. Therefore, some clients may pay different fees than those shown above. 56 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  o the level of trading activity and size of trade orders; o applicable account fees and charges; a portion of the Portfolio Fee when a client’s Account is managed by an affiliated or unaffiliated investment manager. The maximum portion of the Portfolio Fee retained by Baird in those instances is equal to an annual rate of 0.10% of the value of a client’s Account. Such amounts are retained by Baird for the services it provides. o the client’s use of third party managers who charge their own fees for managing accounts in addition to Baird’s Advice Fee; and o the amount of the client’s account invested in investment products that have additional internal ongoing operating fees and expenses (e.g., Investment Funds). As the portion of the Program Fee or Portfolio Fee paid to an investment manager increases, the portion of the Program Fee or Portfolio Fee that is retained by Baird decreases. Thus, Baird (but not incentive to its Financial Advisors) has an recommend or favor investment managers that are paid less, because Baird will receive a higher portion of the Program Fee or Portfolio Fee. Additional important information about brokerage accounts and facts to consider when making account type decisions is contained in the Client Relationship Details document, which should have been delivered to the client and is available on Baird’s website at bairdwealth.com/retailinvestor. A client should review other account types and programs with the client’s Financial Advisor to determine whether they are more appropriate or should be used in addition to a Program. Program Fee Payments to Baird, Financial Advisors and Investment Managers Baird and its affiliates and associates benefit from the Program Fees and charges clients pay for the services described in this Brochure. In addition, Baird has an incentive to favor related investment managers over other managers because the entire Program Fee is retained by Baird and those related investment managers. For more information about related managers, see “Additional Information—Other Financial Industry Activities and Affiliations” below. Given the nature of the Program Fee, Baird also has an incentive to recommend or select investment managers that trade less frequently with or that trade away from Baird because Baird will incur lower trading costs with respect to such managers and such relationships will be more profitable to Baird. With respect to UMAs, Baird retains a portion of the Portfolio Fee paid to certain managers as described above. Thus, Baird has an incentive to favor SMA Strategies provided by those managers over other SMA Strategies, mutual funds, ETPs and PWM- Managed Portfolios because it will be more profitable for Baird. Baird retains the entire Program Fee paid by clients, except as further described below. With respect to Baird Affiliated Managers Program Accounts managed by Baird Trust, GAMMA, Riverfront or Strategas, and with respect to the Baird Recommended Managers Program, Baird SMA Network Program, and Dual Contract Program, and with respect to investment managers providing SMA Strategies under the UMA Programs, Baird pays the manager (including Implementation Managers, if any) a Portfolio Fee or subadvisory fee as compensation for the manager’s services as further described below. Client Accounts are generally subject to a Unified Advice Fee Arrangement in which the Program Fee consists of an Advice Fee and a separate Portfolio Fee. Baird pays the manager out of the Portfolio Fee paid by the client. The Portfolio Fee rates are set forth under “Fee Options and Fee Schedules— Unified Advice Fee Arrangement—Portfolio Fee” above. However, Baird, in many instances, retains A 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 Baird by the Financial Advisor’s clients and any other fees Baird earns 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 Baird pays to the Financial Advisor also increase. Baird Financial Advisors generally also receive deferred compensation or 57 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  eligible for professional 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 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 generate financial and other plans and charge higher fees for advisory accounts and recommend larger investments in advisory accounts. of Given the structure of their compensation, they also have an incentive to recommend that a client transfer the client’s accounts to Baird, establish new accounts with Baird (including IRA rollovers) and add more money into the client’s accounts. In addition, most Baird Financial Advisors are shareholders of Baird Financial Group, Inc. (“BFG”), Baird’s parent company, and thus benefit financially from Baird’s overall success. The number of shares of BFG stock that a Financial Advisor may purchase is based in part on the Financial Advisor’s total production level. Baird Financial Advisors generally receive compensation for referrals to certain affiliated managers and products and for referrals to a limited number of other firms. More specific information is provided under the headings “Additional Information—Other Financial Industry Activities and Affiliations” and Ethics, Information—Code “Additional Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions” below. They also generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may 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. from Baird when they join Baird from another firm. The amount of such special compensation is typically based on the Baird Financial Advisor’s production at the prior firm for the 1-year period prior to joining Baird or on the level of the Financial Advisor’s client assets at the prior firm. All or a substantial portion of the special compensation is paid in the form of an upfront bonus when the Baird Financial Advisor joins Baird, and the remaining portion, if any, is paid in the form of back end bonuses generally in equal installments on an annual basis thereafter for a certain number of years (generally from one to three years). Installment payments are generally contingent upon the Baird Financial Advisor achieving annual production or client asset levels that exceed a significant percentage of the Financial Advisor’s annual production for the 1-year period prior to joining Baird or the client assets that the Financial Advisor had prior to joining Baird. The special compensation is intended to compensate Baird Financial Advisors for the significant effort involved in transitioning their business from the prior firm. This compensation provides Baird Financial Advisors who have left another firm additional incentive to recommend that clients of the prior firm become Baird clients and to recommend investment products and services that increase their production, and thus presents a conflict of interest. The special compensation is generally structured in the form of a forgivable loan from Baird to the Baird Financial Advisor. Under the terms of the forgivable loan, Baird makes the upfront or installment payment to the Baird Financial Advisor in the form of a loan, and Baird forgives a portion of the loan made to the Baird Financial Advisor each month for so long as the Baird Financial Advisor remains Baird’s employee. Should the Baird Financial Advisor cease to be Baird’s employee prior to the maturity date of the loan, the Baird Financial Advisor is required to repay Baird the amount of the loan outstanding and not forgiven by Baird. In other words, upon leaving Baird, the Baird Financial Advisor would be required to repay to Baird a portion of the special compensation that the Baird Financial Advisor had received and that had not been forgiven. The amount of such repayment declines over time in proportion to the time the Baird Financial Advisor remains Baird’s employee. Structuring this special compensation in the form of forgivable loans provides the Baird Financial Advisor added incentive to remain Baird’s employee and to recommend that persons become and remain a Baird client. Additional information about referral receive Baird Financial Advisors generally recruitment bonuses and/or special compensation 58 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  under the heading Interest and non-cash compensation and other financial incentives provided to Baird Financial Advisors is provided “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or in Client Transactions” below. that the client is paying multiple layers of fees and expenses on the amount of the client’s assets so invested—the ongoing operating expenses and the Program Fee. Additional important information about ongoing fees and expenses that apply to those types of investments is provided in Baird’s Client Relationship Details document and Baird’s website at bairdwealth.com/retailinvestor. A client can find the actual ongoing fees and expenses of an investment product that the client will pay or bear in the product’s prospectus or offering document. than Additional Account Fees and Charges website Due to the manner in which Baird compensates its Financial Advisors, a Financial Advisor generally will have a financial incentive to trade less for Baird Advisory Choice Accounts traditional brokerage accounts and to reduce trading or increase a client’s Program Fees if trading for a client’s Advisory Choice Account exceeds certain levels established by Baird. From time to time, Baird Financial Advisors outside of the PIM Program may refer their clients to PIM Managers. In those instances, the PIM Manager generally shares a portion of his or her compensation with the referring Baird Financial Advisor. If the client’s Account is custodied at Baird, the client is also responsible for all applicable account fees and service charges Baird may impose in connection with the client’s agreements with Baird. A schedule of fees and service charges is available on at Baird’s bairdwealth.com/retailinvestor. Other Fees and Charges In addition to the Program Fee described above, a client will incur other fees and expenses. A client is responsible for bearing or paying, in addition to the Program Fee, the costs of all: Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for Baird and its associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). Other Fees and Expenses Cost and Expense Information for Certain Investment Products • markups, markdowns, and spreads charged by Baird in a principal transaction with a client or charged by other broker-dealers that buy securities from, or sell securities to, the client’s Account (such costs are inherently reflected in the price the client pays or receives for such securities); • front-end or deferred sales charges, redemption fees, or other commissions or charges associated with securities transferred into or from an Account; • redemption fees, surrender charges or similar fees that an investment product or its sponsor may impose; • underwriting discounts, dealer concessions or similar fees related to the public offering of investment products; • extra or special fees or expenses that may result from the execution of odd lot trade orders (i.e., “odd-lot differential”); • electronic fund fees, wire transfer fees, fees for transferring an investment between firms, and similar fees or expenses related to account A client should be aware that certain investment products in which the client invests, such as mutual funds and other Investment Funds, annuities and their own ongoing other products, have management and other operating fees and expenses that are deducted from the assets of the product (or income or gains generated by the product on its investments) and thus reduce the value or return of the client’s investment in the product. These fees and expenses may include investment management fees, distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support payments, administration fees, custody fees, expense reimbursements, and expenses associated with executing securities transactions for the investment product’s portfolio (“ongoing operating expenses”). These ongoing operating expenses are separate from, and in addition to, the Program Fees. As a result of making investments in these types of products, a client should be aware 59 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  transfers (including any such fees imposed by Baird); • currency conversions and transactions; conversions, • securities including, without limitation, the conversion of ADRs to or from foreign ordinary shares; • interest, fees and other costs related to margin accounts, short sales and options trades; • fees related to the establishment, administration or termination of Retirement Accounts, retirement or profit sharing plans, trusts or any other legal entity, including, without limitation, the calculation and payment of unrelated business income tax (“UBIT”); commission, markup or markdown in connection with its purchase or sale. The cash proceeds from the sale of an Unsupervised Asset that remain in a considered Permitted client’s Account are Investments subject to the asset-based Program Fee. If an asset becomes an Unsupervised Asset during a quarterly billing period, that asset will be excluded for purposes of determining the asset- based Program Fee beginning at the start of the next quarterly billing period, and no portion of the asset-based Program Fee paid by a client in advance for the quarter will be refunded or rebated to the client. Additionally, Unsupervised Assets in an Account are subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. • fees imposed by the SEC or securities markets, including transaction fees imposed by electronic trading platforms, which fees may be imbedded in the price the client receives for the security; and imposed upon or resulting • taxes Clients who have Accounts may also have other accounts with Baird under programs or services not described in this Brochure. Those accounts may be subject to fees, commissions or other expenses that are entirely separate from the payment of Program Fees. from transactions effected for a client’s Account, such as income, transfer or transaction taxes, foreign stamp duties, or any other costs or fees mandated by law or regulation. to all set-up, maintenance Clients who use a custodian other than, or in addition to, Baird will pay the other custodian’s fees and expenses in addition to the Program Fee. In addition, if a third party custodian has custody of the client’s Account assets, the Account is subject and administrative fees, if any, established by Baird. Baird may waive such fees in its discretion. In addition to the Program Fee, a client will be responsible for paying the fees charged by each DC Manager selected by the client under the Dual Contract Program. If a client directs Baird to pay the client’s DC Manager’s fee out of the client’s Account, and Baird agrees to do so, Baird will not be responsible for verifying the calculation or accuracy of such fee. through another A client may also be assessed other trading costs in addition to the Program Fee if client trades are executed firm. Please see “Services, Fee and Compensation—Additional Program Information—Trading for Client Accounts” above for more information. Compensation Received by Baird and Baird Financial Advisors The individual who recommends a Program to a client, including a Baird Financial Advisor, receives compensation from Baird that is based upon the amount of the Program Fee paid by the client. The amount of the compensation may be more than what the individual would receive if the client participated in other Baird investment advisory programs or paid separately for investment advice, brokerage, and other services. Accordingly, the individual may have a financial incentive to recommend a Program over other programs or services offered by Baird. However, when providing investment advisory services to clients, Baird and its Financial Advisors are fiduciaries and are required to act solely in the best interest of clients. Baird addresses this conflict through disclosure in this Brochure and by adopting internal policies and procedures for Baird and its associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about Baird’s compensation and other benefit arrangements and how Baird addresses the potential conflicts of interest, please see the sections “Services, Fees and Compensation— Additional Program Information” and “Services, Fees and Compensation—Program Fees—Program If a client holds an Unsupervised Asset in the client’s Account, the client may be charged a 60 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Fee Payments to Baird, Financial Advisors and Investment Managers” above, and “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. acceptance of the advisory agreement and the provision of advisory services to the client for various reasons, including deficiencies in the client’s paperwork. Once it has become effective, the agreement shall continue until it is terminated in accordance with the terms described in the advisory agreement. Account Requirements and Types of Clients Opening an Account A client that wishes to participate in a Program will enter into an advisory agreement with Baird. The client’s advisory agreement will contain the specific terms applicable to the services selected by the client, Program Fees payable by the client, and other terms applicable to the client’s advisory relationship with Baird. The terms of a client’s agreements and this Brochure apply to all Accounts that a client establishes with Baird, including any Accounts that a client may open with Baird in the future. Some of the information in those documents may not apply to a client now, but may apply in the future if a client changes Programs or services or establishes other Accounts with Baird. Baird will generally not provide a client another copy of the agreements or this Brochure when a client changes Programs or services or establishes new Accounts unless the client requests a copy from a Financial Advisor. Therefore, a client should retain those documents for future reference as they contain important information if a client changes Programs or services or establishes other Accounts with Baird. Certain Account Requirements Minimum Account Size In addition to the investment advisory services that Baird provides in connection with each Program, Baird, in its capacity as broker-dealer, also provides clients with trade execution, custody and other standard brokerage services. For this reason, a client will also enter into a client account agreement with Baird if the client has not already done so. The client account agreement is a brokerage agreement that authorizes Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally requires that assets in a client’s Account be held in a Baird account, for which Baird acts as custodian. However, in certain limited circumstances when requested by a client, Baird may permit a client to include Held-Away Assets in the client’s Account. Each Program has a minimum account size and may have a minimum Program Fee, which are described in the section entitled “Services, Fees and Compensation—Program Fees” above. Baird may remove a client from a Program and immediately terminate the advisory agreement with respect to an Account upon written notice to the client if the client fails to maintain the required minimum asset levels in an Account or if the client fails to otherwise abide by the terms of a Program as determined by Baird in its sole discretion. Account Contributions and Withdrawals to A client may fund an Account with cash and with securities that Baird and the client’s investment manager, if any, deem to be acceptable in their sole discretion. Funds deposited or transferred to a client’s SMAs or UMAs from another Baird account and funds deposited or transferred to a client’s SMAs or UMAs from outside of Baird will not be available for investment by the client’s investment manager until the next business day and therefore the investment of such funds, at the discretion of the manager, will occur no earlier than the next business day. After a client has signed and delivered an advisory agreement to Baird, the agreement is subject to review and acceptance by the client’s Financial Advisor, his or her Branch Office Manager or PWM Supervision department supervisor (or his or her respective designee), and Baird PWM’s Home Office. The agreement and Baird’s advisory relationship with a client will become effective when the client’s paperwork is accepted by Baird PWM’s Home Office and following such acceptance the client written Baird has delivered confirmation of the Account’s enrollment in the applicable Program. A client should understand that the advisory agreement will not become effective, and Baird will not provide any advisory services to the client, until such time that Baird has accepted the advisory agreement. Baird may delay 61 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  immediately upon its transfer into the Account, even if the client paid a commission or front-end sales charge on the security prior to its transfer into the Account. In addition, if the securities are subject to deferred sales charges or redemption fees, the client will be responsible for paying those charges and fees. To the extent permitted by applicable law, certain funding transactions may be handled by Baird on a principal basis, and such transactions are not considered investment advisory services of Baird or the client’s investment manager. If an asset transferred to an Account is an Unpermitted Investment under the terms of the applicable Program, Baird, the client’s Financial Advisor or the client’s investment manager may sell the asset or transfer it into a separate brokerage account. Alternatively, they may designate such asset as an Unsupervised Asset as further described under “Services, Fees and Compensation—Additional Program Information— Unsupervised Assets” above. Some Baird Financial Advisors will invest, or recommend investing, cash contributions made to an Account over a period of time. This method of investment is sometimes referred to dollar cost averaging (“DCA”). The goal of this method of investment is to reduce the risk of making large purchases of securities at an inopportune time or price. The Overlay Manager and certain investment managers also offer an optional DCA service for Accounts they manage. Additional information will be provided to a client if the client enrolls in a DCA service. A client should note that, if dollar cost averaging is used to invest cash in the client’s Account, the returns for the Account could, depending upon market and other conditions, be lower than the returns that could have been obtained had all the cash in the Account been fully invested upon contribution to the Account. In addition, a client should note that, when dollar cost averaging is used, the amount of cash in the client’s Account will be included in the value of the Account for fee calculation purposes. Whenever assets are contributed to an Account, a client should discuss with the client’s Baird Financial Advisor the timing of when the assets will be invested. If DCA will be used to invest the assets, a client should ask for more specific information about how the assets will be invested and the associated timing for investing. A client is responsible for notifying the client’s Financial Advisor and any investment manager managing the client’s Account of any contributions made into the Account and instructing the client’s Financial Advisor and any investment manager to liquidate positions in the event the client wishes to withdraw assets from the Account. Baird and its Financial Advisors have no responsibility to invest cash deposits (other than complying with a client’s cash sweep instructions) or liquidate positions with respect to an Account managed by an Other Manager, and they are not responsible for any losses that may result from a client’s failure to notify the client’s Financial Advisor and any investment manager managing the client’s Account regarding deposits or withdrawals. A client may also incur additional expenses and liabilities, including tax-related liabilities, when transferring assets out of an Account or Baird’s custody. See “Termination of Accounts” below. Liens and Use of Account Assets as Collateral As security for the full and complete payment when due of any debts and other obligations that a client owes to Baird, and to the extent permitted by applicable law or regulation, all assets in a client’s Account held at Baird will be subject to a first priority security interest, lien and right of setoff in favor of Baird. Baird may sell assets in an Account When a client funds an Account with securities, including when a client changes Programs for an Account or changes investment managers for an Account within the same Program, the client should understand that Baird’s or the client’s investment manager’s review of securities used to fund the Account may delay investing. In addition, Baird or the client’s investment manager, if any, may determine that the securities contributed to the Account may not be appropriate for the client’s strategy, and Baird or the investment manager, if any, may sell, or recommend the sale of, such securities. Further, an investment manager may be removed from the management of a client’s Account and a replacement investment manager may be appointed. In such event, Baird, at the direction of the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were managed by the prior manager and the replacement manager will reinvest the cash proceeds of those sales. Any such sale could result in adverse tax consequences for the client. A client should note that securities transferred into an Account may be subject to the Program Fee 62 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  In some instances, Baird and its Financial Advisors may refer a client to a third party lender under its Securities-Based Lending Program that pays Baird and its Financial Advisors certain compensation. See “Services, Fees and Compensation—Additional Program Information—Securities-Based Lending Program” above for more information. review to satisfy the lien. As a secured party, Baird may have interests that are adverse to a client. Neither Baird nor its Financial Advisors will act as investment adviser to a client with respect to such sale of assets held in an Account. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Such sales could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should review the client’s agreements for more information. Investment Products” above Securities purchased on margin are used as Baird’s collateral for the margin loan. Clients that have a margin account should the section “Services, Fees and Compensation—Additional Program Information—Complex Strategies and Complex for additional information. Electronic Delivery of Documents All of the assets in a client’s Account must be free and clear from any security interest, lien, charge or other encumbrance (other than a security interest, lien, charge or other encumbrance in favor of Baird) and must remain so for the duration of the client’s relationship with Baird, unless Baird otherwise specifically agrees in writing. By signing an advisory agreement, a client consents to the electronic delivery of documents that Baird may deliver to the client. The term of the consent to electronic delivery is indefinite but a client may revoke the consent at any time by notifying the client’s Baird Financial Advisor. If a client wishes to obtain loans secured by assets in the client’s Account (commonly referred to as “securities-based lending”) and Baird agrees to the arrangement, the client should understand that the lender may exercise certain rights and powers over the assets in the Account, including the disposition and sale of any and all assets pledged as collateral for the loan to meet a collateral call, which may occur without prior notice to the client. A collateral call could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should be aware of these and other potential adverse effects of securities-based lending and collateralizing Accounts before deciding to do so. A client is required to disclose the terms of the client’s agreements with Baird to any lender seeking to use Account assets as collateral. A client must promptly notify Baird of any default or similar event under the client’s collateral arrangements. Termination of Accounts The client’s advisory agreement will survive any event that causes the client’s Financial Advisor to be unable to provide services to the client (either on a temporary or permanent basis), including if the client’s Financial Advisor ceases to be employed by Baird. In any such event, Baird will endeavor to continue to provide services to the client and will as promptly as practicable assign another Financial Advisor to the client’s Accounts (either on a temporary or permanent basis) and the client will be notified of any such change. Similarly, if a client’s PIM Manager or UAS Manager ceases to participate in the PIM of UAS Program or be employed by Baird, Baird may assign the client’s PIM or UAS Account to another PIM Manager, UAS Manager or Financial Advisor, as applicable, or, if Baird determines that it is unable to continue to provide advisory services to the client, Baird may remove the applicable Account from the PIM or UAS Program and convert the Account to a brokerage account upon notice to the client. A client should understand that Baird and its Financial Advisors will not provide advice on or oversee a securities-based lending or collateral arrangement and they will not act as investment adviser or a fiduciary to the client with respect to the liquidation of securities held in the client’s Account to meet a collateral call. Any such liquidation will be executed in Baird’s capacity as broker-dealer and may, as permitted by law, result in executions on a principal basis. Baird may remove an Account from a Program and immediately close an Account upon written notice to a client if the client fails to abide by the terms of the Program. Baird may also remove an Account from a Program at any time upon written notice to a client if the client fails to maintain the required minimum asset levels in such Account. 63 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  consider restrictions applicable to investments carefully before participating in a Program. A client should contact the client’s Financial Advisor for specific information as to how Account closure, termination of an agreement, or asset transfers might impact the assets in the client’s Accounts. instructions, Types of Clients Baird offers the Programs to all types of current or prospective clients, including, but not limited to: individuals; trusts; estates; Retirement Accounts; pension and profit sharing plans; charitable organizations; and corporations or other business entities. Upon the termination of an Account’s enrollment in a Program, Baird and, if relevant, any other investment manager managing such Account, shall have no obligation to act as investment adviser to such Account. If such Account is custodied at Baird, the Account shall be converted to and designated as a brokerage account. Baird, and, if relevant, any other investment manager managing such to Account, shall be under no obligation recommend any action with regard to, or to liquidate the securities or other investments in, such Account. After an Account is removed from a Program, it is the client’s exclusive responsibility to issue in writing, regarding the management of any assets in such Account. Portfolio Manager Selection and Evaluation The persons providing portfolio management services to clients vary by Program. Information about how Baird may select and evaluate portfolio managers is further described below. Selection and Evaluation Baird Affiliated Managers Program website If a client directs Baird to liquidate assets in connection with a closure of an Account, the client should understand that Baird acts as broker- dealer, and not investment adviser, when processing such a liquidation request and that the client will generally be charged commissions, sales charges, sales “loads”, or other applicable transaction-based fees in accordance with the applicable Baird fee schedule or other third-party transaction-based fee schedule for the particular investment then in effect. Additional information about the compensation that a client pays to Baird for effecting brokerage transactions is contained in Baird’s Client Relationship Details document, at Baird’s on available bairdwealth.com/retailinvestor. The process and standards that Baird uses for determining whether to make PWM-Managed Portfolios and SMA Strategies available under the Baird Affiliated Managers Program are significantly less rigorous than those used in connection with other SMA Programs offered by Baird. Baird generally makes available all SMA Strategies offered by Baird Equity Asset Management, Baird Trust, GAMMA, Riverfront and Strategas under the Program, and Baird generally does not remove any of those SMA Strategies from the Program unless Baird Equity Asset Management, Baird Trust, GAMMA, Riverfront or Strategas ceases to offer the SMA Strategy or otherwise requests that Baird remove the SMA Strategy from the Program. A client may incur significant expenses and liabilities, including tax-related liabilities for which the client will be solely liable, if the client closes an Account, terminates an advisory agreement, or transfers assets out of Baird’s custody. Baird will not be liable to a client in any way with respect to the termination, closure, transfer or liquidation of the client’s Accounts. PWM-Managed Portfolios and Baird Equity Asset Management In order for Baird PWM and Baird Equity Asset Management to provide portfolio management services under the Program, Baird requires that Baird PWM and Baird Equity Asset Management associates meet all applicable requirements set forth by self-regulatory organizations. Baird Equity Asset Management also requires Baird Equity Asset Management portfolio managers to have an undergraduate degree. Furthermore, Baird Equity Asset Management strongly encourages all Baird Equity Asset Management portfolio managers to Some of the investments offered in connection with the Programs contain restrictions that limit their use, and such investments may be unavailable for purchase or holding outside of an Account. For example, certain Investment Funds held in an Account may only be available to a client through a Baird Program or may not be held at another firm. If such restrictions apply and the client terminates a Program or closes an Account, the Client will be required to sell or redeem such Investment Funds or exchange them for other Investment Funds that may be more costly to the client or have poorer performance. A client should 64 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  termination of an Other Manager (including any third party Implementation Manager), the Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. stated objectives, Baird SMA Network and Dual Contract Programs pursue and work towards the attainment of the CFA designation or a relevant graduate level degree. Baird may remove a PWM or Baird Equity from Asset Management portfolio manager providing services under the Program if Baird deems circumstances warrant removal. Potential causes for removal may include significant drift from sustained underperformance in relation to peers, or other adverse changes affecting the manager. Baird Trust, GAMMA, Riverfront and Strategas information about Clients participating in the BSN Program or the DC Program should note that the level of initial and ongoing review performed by Baird on the managers and their SMA Strategies made available under those Programs, including any Affiliated SMA Strategies, is significantly less than that performed by Baird with respect to managers and their strategies eligible for the Baird Recommended Managers Program. Baird conducts a very limited review of Baird Trust, GAMMA, Riverfront and Strategas consisting solely of an annual compliance questionnaire that asks the manager to confirm certain matters or provide certain the manager’s compliance policies and procedures, material legal and regulatory matters, management of the firm, the manager’s presentation of performance information, and delivery of the manager’s Form ADV Part 2 brochure documents to clients. Baird Recommended Managers Program BSN and DC Managers are subject to an initial review by Baird that considers the manager’s regulatory and assets under management, compliance history, and certain other limited qualitative and quantitative factors deemed relevant by Baird. The ongoing review is generally performed on an annual basis and is generally limited to significant changes in the managers’ assets under management in the SMA Strategy and a review of the SMA strategy in comparison to a relevant peer group or benchmark. Analysis—Methods of Lists—Baird’s When selecting and removing BRM Strategies for the Baird Recommended Managers Program, Baird uses the process described under the heading “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods Analysis—Certain of Recommended Recommended Managers List” below. Using the BRM Strategies made available for the Baird Recommended Managers Program, Baird Financial Advisors will select or replace, or recommend the selection or replacement of, a particular BRM Strategy based upon the client’s particular goals and circumstances. The BSN and DC Programs are designed to accommodate a client who wishes to independently select an investment manager not available in the to Baird Recommended Managers Program manage the assets in the client’s Account. A client should note that Baird does not make any recommendation to clients regarding any BSN Strategy or DC Strategy or any representations regarding a BSN Manager’s or DC Manager’s qualifications as an investment adviser or abilities to manage client assets. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, a client should note that Baird does not monitor or ascertain whether a third party Implementation Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The Overlay Manager may provide review and ongoing evaluations of certain BSN Managers that it makes available through the BSN Program. Clients should review Overlay Manager’s Form ADV Part 2A Brochure for more information, which is available upon request, or contact their Financial Advisor for more information. Baird does not monitor or ascertain whether the faithfully Overlay Manager is fully and A client assumes ultimate responsibility for client’s selection of an Other Manager under the Baird Recommended Managers Program (including any third party Implementation Manager). Baird the client’s assumes no responsibility for 65 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  implementing Model Portfolios under the BSN Program on a continuous basis. ALIGN, BairdNext Portfolios, PIM and Russell Programs SMA Strategies offered under the BSN and DC Programs are subject to certain risks. See “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Available Investment Product Risks” below for more information. Portfolio management services under the ALIGN, BairdNext Portfolios, PIM and Russell Programs are provided by Baird PWM, Baird PWM’s home office investment professionals, and Baird Financial Advisors. In order to provide portfolio management services under the Programs, Baird requires that Baird associates meet all applicable requirements set forth by applicable law and regulations of self- regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. A client should only participate in the BSN or DC Programs if the client wishes to take more responsibility for monitoring the client’s Account, the Baird Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and the client understands the risks of doing so. A client should note that the client’s appointment and continued retention of an investment manager to manage the client’s Account in connection with the BSN or DC Programs are based ultimately upon the client’s independent review of the investment manager and the investment manager’s services. Once retained by the client, an investment manager will only be removed from managing the client’s Account upon the investment manager’s withdrawal, removal from the Program, or the client’s direction to do so. requirements when it deems (including any third Typically, PIM Managers must also meet the following additional criteria: endorsement by his or her Branch Office Manager; completion of a portfolio management course acceptable to Baird, which may include an Accredited Portfolio Management Advisor (APMA), Chartered Financial Analyst (CFA), Certified Investment Management Analyst® (CIMA®) or Certified Portfolio Manager (CPM) designation; and completion of an application to the PIM Program, which typically requires the PIM Manager to complete one or more investment strategy or experience statements acceptable to Baird. Certain PIM Managers may have been admitted to the PIM Program using different qualifications than those currently in place. In some instances, Baird may waive certain it eligibility appropriate to do so, such as when a PIM Manager acted as a portfolio manager (or in a similar capacity) at another investment firm prior to joining Baird. A client assumes ultimate responsibility for client’s selection of a manager under the BSN or DC Programs party Implementation Manager). Baird assumes no responsibility for the client’s termination of a manager under the BSN or DC Programs (including any third party Implementation Manager). Baird also assumes no responsibility for any Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. Potential causes for removing a PIM Manager from the PIM Program include operating outside of the policies of the Program, a change in investment philosophy or style, significant drift from stated objectives, significant and sustained performance issues over lengthy periods of time, or other adverse changes affecting the PIM Manager that in Baird’s opinion warrants removal. UMA Programs and regulations of Portfolio management services under the DC Program may be provided by an investment management department of Baird if the client selects such an SMA Strategy. In order to provide portfolio management services under the DC Program, Baird requires that Baird associates meet all applicable requirements set forth by applicable law self-regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. Portfolio management services under the UMA Programs are provided by Baird PWM, Baird PWM’s home office investment professionals, investment management departments of Baird and Baird Financial Advisors. In order to provide portfolio management services under the Programs, Baird requires that Baird associates meet all applicable requirements set forth by applicable law and 66 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  regulations of self-regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. described under the heading “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis—Certain Recommended Lists—Baird’s Recommended Managers List” below. In addition to the UMA Recommended Funds and the UMA Recommended SMA Strategies, the UAS Program also makes available UAS Available Funds and UAS Available SMA Strategies. Clients participating in the UAS Program should note that the level of initial and ongoing review performed by Baird on UAS Available Funds and UAS Available SMA Strategies, including Affiliated Funds and Affiliated SMA Strategies, is significantly less than that performed by Baird with respect to UMA Recommended Funds and UMA Recommended SMA Strategies. Typically, UAS Managers must also meet the following additional criteria: endorsement by his or her Branch Office Manager; completion of a portfolio management course acceptable to Baird, which may include a CFA, Certified Financial PlannerTM (CFP), Certified Private Wealth Advisor® (CPWA®), or CIMA® designation or acceptance in the PIM Program as a PIM Manager; and completion of an application to the UAS Program, which typically requires the UAS Manager to complete one or more investment strategy or experience statements acceptable to Baird. Certain UAS Managers may have been admitted to the UAS Program using different qualifications than those currently in place. In some instances, Baird may waive certain eligibility requirements when it deems it appropriate to do so, such as when a UAS Manager acted as a portfolio manager (or in a similar capacity) at another investment firm prior to joining Baird. Potential causes for removing a UAS Manager from the UAS Program include operating outside of the policies of the Program, a change in investment philosophy or style, significant drift from stated objectives, significant and sustained performance issues over lengthy periods of time, or other adverse changes affecting the UAS Manager that in Baird’s opinion warrants removal. UAS Available Funds, other than Affiliated Funds, are subject to an initial review by Baird that considers the fund’s assets under management, regulatory and compliance history, and certain other limited qualitative and quantitative factors deemed relevant by Baird. The ongoing review is generally performed on an annual basis and is generally limited to significant changes in the managers’ assets under management and a review of the fund strategy in comparison to a relevant peer group or benchmark. The process Baird uses for selecting and removing UAS Available SMA Strategies, other than Affiliated SMA Strategies, from the UAS Program is the same process used for selecting and removing BSN Strategies from the BSN Program, which is described under the heading “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Baird SMA Network and Dual Contract Programs” above. Under the UMA Programs, portfolio management services are also provided by managers of mutual funds and ETPs, if those investments are part of a UMA Portfolio, and by Other Managers and the Overlay Manager, if an SMA Strategy is part of the UMA Portfolio. and Evaluation—Selection To be included the UAS Available Funds lineup or the UAS Available SMA Strategies lineup, Affiliated Funds and Affiliated SMA Strategies, respectively, are subject to less rigorous standards than the standards imposed upon funds and SMAs that are not affiliated with Baird. The standards used by Baird are substantially similar to those it uses when including Affiliated SMA Strategies in the BAM Program. For more information see the information contain under the heading “Portfolio Manager Selection and Evaluation—Baird Affiliated Managers Program” above. The UMA Programs make available UMA Recommended Funds and UMA Recommended SMA Strategies. The process Baird uses for selecting and removing UMA Recommended Funds for the UMA Programs is substantially similar to the process Baird uses to select and remove mutual funds and ETPs in connection with the ALIGN Strategic Portfolios Program described under “ALIGN Programs—ALIGN Strategic Portfolios” below. The process Baird uses for selecting and removing UMA Recommended SMA Strategies for the UMA Programs is the same process used for selecting and removing BRM Strategies, which is 67 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the wishes to take more responsibility for managing and monitoring the client’s UAS Program Account, the UMA Recommended Funds and UMA Recommended SMA Strategies do not meet the client’s particular needs, and client understands the risks of doing so. and Evaluation—Baird Likewise, the PWM-Managed Portfolios made available under the UAS Program are not subject to the same processes and standards used by Baird in determining whether to make non-affiliated investment options available under other Programs. The process Baird uses for selecting and removing PWM-Managed Portfolios from the UAS Program is the same process used for selecting and removing PWM-Managed Portfolios from the BAM Program, which is described under the heading “Portfolio Manager Selection and Evaluation— Selection Affiliated Managers Program” above. If a client has not selected the discretionary management option of the UAS Program, it is important to note that: the UAS Available Funds and UAS Available SMA Strategies are made available to accommodate a client who wishes to independently select investments that are not on a Baird recommended list for the client’s Account; the client assumes ultimate responsibility for monitoring each UAS Available Fund and UAS Available SMA Strategy and the manager’s performance; the client’s selection and continued holding of a UAS Available Fund or a UAS Available SMA Strategy are based ultimately upon the client’s independent review of such investment; and once an investment is made by the client, the investment will only be removed from the client’s Account upon the manager’s withdrawal, removal of the investment from the Program, or the client’s direction to do so. qualifications as If a client has not selected the discretionary management option of the UAS Program, the client should note that: (1) the UAS Available Funds and UAS Available SMA Strategies are made available to accommodate a client who wishes to independently select investments that are not on a Baird recommended list for the client’s Account; (2) Baird does not make any recommendation to clients regarding any UAS Available Fund or UAS Available SMA Strategy and Baird does not select any investments for the client’s UAS Program Account; and (3) Baird does not make any representation to clients regarding any UAS Available Manager’s an investment adviser or abilities to manage client assets. Manager’s investment A client assumes ultimate responsibility for client’s selection of an Other Manager under the UAS Program (including any third party Implementation Manager). Baird assumes no responsibility for the client’s termination of an Other Manager (including any third party Implementation Manager), the Other decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. The Overlay Manager may provide review and ongoing evaluations of certain UAS Available Managers that it makes available through the UAS Program. Clients should review Overlay Manager’s Form ADV Part 2A Brochure for more information, which is available upon request, or contact their Financial Advisor for more information. is fully and Baird does not monitor or ascertain whether the Overlay Manager faithfully implementing Model Portfolios under the UMA Programs on a continuous basis. the Financial UAS Available Funds and UAS Available SMA Strategies are subject to certain risks. See “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Available Investment Product Risks” below for more information. Portfolio management services under the UMA Programs may be provided by Baird PWM’s home office investment professionals or an investment management department of Baird if the client selects a model portfolio or an SMA Strategy offered by them. In order to provide portfolio management services under the UMA Programs, Baird requires that Baird associates meet all applicable requirements set forth by applicable law and regulations of self-regulatory organizations, Industry Regulatory such as Authority, Inc., exchanges, and governmental agencies. A client retaining discretion over the client’s UAS Program Account should only select UAS Available Funds or UAS Available SMA Strategies if the client 68 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Oversight of the Programs Fixed and non-taxable portfolios. income composites may be categorized by portfolio duration. Asset Management, PWM Investment recommendations. Baird When calculating composite performance, Baird seeks to utilize calculation methods that adhere to Performance Standards Global calculates (GIPS®) composite performance generally using the following principles: The Investment Advisory Oversight Committee (“IAOC”) of Baird, which includes members of Sales Baird’s Management, Investment Solutions, Asset Manager Research, Compliance, Legal, and Risk Management Departments, oversees the standards and implementation of the Programs. In addition, Baird Equity Asset Management’s Director also oversees the Baird Equity Asset Management portfolio managers. • A total return calculation is used in reporting. • Current market value including accrued income is used. • Trade date accounting is used in deriving valuations. providing • Monthly returns are calculated using the Modified Dietz calculation. • Returns for periods greater than a month are calculated by geometrically linking the monthly returns. Returns for periods greater than one year are annualized. information • Reporting is net of fees at the total portfolio, but gross of fees for individual investment categories (e.g., equity or fixed income). The IAOC delegates its day-to-day oversight responsibilities to certain subcommittees of the IAOC, Baird’s PWM Supervision, Investment Solutions and Compliance Departments to monitor the Programs and the performance of Baird associates portfolio management services under the ALIGN, BairdNext, PIM, Russell and ALIGN UMA Select Programs, and the discretionary management of UAS Program Accounts by UAS Managers. Baird’s Investment Solutions Department, along with the Compliance Department and other designees, provide periodic review of the performance of Baird associates providing portfolio management services under those Programs. Performance is provided to the IAOC or a subcommittee thereof. calculates No independent third party reviews the composite performance information calculated by Baird to verify its accuracy or compliance with presentation standards. Performance Calculation As part of Baird’s selection and evaluation of portfolio managers, Baird the investment performance of: • Baird associates acting as portfolio managers under the ALIGN, BairdNext, PIM, Baird Affiliated Managers, ALIGN UMA Select Programs and PWM-Managed Portfolios; and • Recommended Managers that directly manage client accounts under a Manager-Traded Strategy. To the extent Baird selects or reviews other portfolio managers participating in the Programs, Baird does not calculate investment performance information for such managers. Baird obtains investment performance information for those managers directly from the managers (including the Overlay Manager) or from other external sources that Baird believes to be reliable. A client should understand that: Baird does not recalculate the performance provided by such managers or sources; neither Baird nor any external independent third party reviews the performance information provided by such managers to verify its accuracy or compliance with presentation standards unless otherwise stated in writing; those managers may not calculate performance on a uniform or consistent basis; and Baird does not guarantee the accuracy of information provided by such managers or any external source. When Baird calculates a manager’s investment performance, Baird generally uses composites of the manager’s client accounts to calculate the manager’s performance. A composite is an aggregation of client accounts managed by the manager that are representative of a particular investment strategy, style, or objective. Examples of composites include large cap growth, all cap value, balanced (which includes equity and fixed income securities), and fixed income. Composites may be further broken down to separate taxable 69 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  thereby and periodically discuss A client should note that Baird does not generally present its investment performance calculations to clients. The information that Baird provides to clients about portfolio managers from time to time may not be calculated by Baird but may be calculated by the managers themselves or derived from external sources. Baird does not audit or verify that investment performance information presented to clients that is calculated by managers or external sources is accurate. In addition, a client should note that such investment performance information may not be calculated on a uniform or consistent basis or reviewed by any independent third party. A client should ask the client’s Financial Advisor for more information. Affiliates-Only Programs that would not be approved for, or would have been removed from, such other Programs. For the Affiliates-Only Programs, this practice presents a conflict of interest because Baird has a financial incentive to maximize the number of affiliated investment options it makes available under Affiliates-Only Programs due to the fact that, by increasing investment options, Baird will likely attract more client assets and increase Baird’s revenues. A client participating in an Affiliates-Only Program should monitor the client’s Account the performance performance of such Account with the client’s Financial Advisor. professionals, an or for Portfolio Management by Baird and Related Persons Portfolio management services under the ALIGN, BairdNext Portfolios, PIM, Russell, BAM, Baird Recommended Managers, DC and UMA Programs may be provided by Baird and managers affiliated with Baird. Such arrangements create a potential conflict of interest because Baird and its affiliates may receive higher aggregate compensation if clients retain Baird and affiliated managers instead of retaining unaffiliated managers. departments, Portfolio management services under the Baird Recommended Managers Program or DC Program could be provided by Baird PWM home office investment investment management department of Baird or a manager affiliated with Baird should a client select an Affiliated SMA Strategy. When Baird selects SMA Strategies, or otherwise determines manager availability the Baird eligibility, Recommended Managers Program or the DC Program, Affiliated SMA Strategies and affiliated investment managers are subject to the same selection and review processes, if any, that Baird to unaffiliated SMA Strategies and applies in each investment managers participating respective Program. The processes, if any, used by Baird for selecting and reviewing SMA Strategies and Affiliated SMA Strategies for those Programs are further described under the heading “Portfolio Manager Selection and Evaluation—Selection and Evaluation” above. is described under The following Programs exclusively offer portfolio management by Baird, its Financial Advisors, its PWM home office investment professionals, its investment management or investment managers that are affiliated with Baird: ALIGN, BairdNext Portfolios, PIM, Russell and Baird Affiliated Managers Programs (“Affiliates-Only Programs”). The processes, if any, used by Baird those portfolio for selecting and reviewing managers the headings “Portfolio Manager Selection and Evaluation— Selection and Evaluation” above and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis” below. from A client should note that the processes and standards used by Baird in determining whether to make affiliated investment options available under those Affiliates-Only Programs differ processes and standards used by Baird in determining whether to make non-affiliated investment options available under other Programs. Baird approves, and continues to make available, affiliated investment options under Portfolio management services under the UMA Programs could be provided by Baird PWM home office investment professionals, an investment management department of Baird or a manager affiliated with Baird. The PWM-Managed Portfolios made available under the UAS Program exclusively offer portfolio management by Baird. If a client selects the discretionary management option of the UAS Program, portfolio management is also provided by the client’s UAS Manager. When Baird selects SMA Strategies, or otherwise determines manager availability or eligibility, for the UMA Recommended SMA Strategies lineup for the UMA Programs, Affiliated SMA Strategies and affiliated investment managers are subject to the same selection and review processes that Baird applies to unaffiliated SMA Strategies and investment 70 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and recommendations consulting; financial of brokerage transactions and Evaluation—Selection Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird offers include: portfolio management and analysis; analysis and recommendations regarding asset allocation and investment strategies; research, analysis regarding investment managers and individual securities; planning; investment investment policy development; and account performance monitoring. Baird also offers clients execution and including maintaining administrative services, custody of account assets. Clients may also negotiate other services with Baird. Baird offers its services separately or in combination with other services. Baird tailors its advisory services to the individual needs of clients. For more information about the services offered by Baird, please see “Services, Fees and Compensation” above. managers. However, when Baird selects SMA Strategies, or otherwise determines manager availability or eligibility, for the UAS Available SMA Strategies lineup for the UAS Program, Affiliated SMA Strategies and affiliated investment managers are subject to a less rigorous selection and review processes than Baird applies to unaffiliated SMA Strategies and investment managers. Likewise, the PWM-Managed Portfolios made available under the UAS Program are not subject to the same processes and standards used by Baird in determining whether to make non-affiliated investment options available under other Programs. The processes, if any, used by Baird for selecting and reviewing those portfolio managers is described under the headings “Portfolio Manager Selection and Evaluation” above and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis” below. see through disclosure in above Subject to the agreement of Baird, a client may impose reasonable restrictions on the securities or types of securities to be held in the client’s Account. Please “Services, Fees and Compensation—Additional Program Information— for more Investment Discretion” information. Baird participates in wrap fee programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid by clients for providing portfolio management services under those wrap fee programs. When providing investment advisory services to clients, Baird and its Financial Advisors are fiduciaries and are required to act solely in the best interest of clients. Baird addresses the conflicts this described above Brochure and by adopting internal policies and procedures for Baird and its associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about these potential conflicts and how Baird addresses them, please see the sections “Additional Information—Other Financial Industry “Additional Activities and Affiliations” and Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. As of December 31, 2024, Baird had approximately $342.1429 billion in regulatory assets under management, approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non-discretionary basis. Advisory Business Baird is privately-held, employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. performance-based fee Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. Performance-Based Fees and Side-By-Side Management Baird advises client accounts not participating in services described in this Brochure that are subject to arrangements. Performance-based fee arrangements involve the payment of fees based upon the capital gains or capital appreciation of a client’s account. Any such fee arrangements are made in compliance with applicable provisions of Rule 205-3 under the fee Advisers Act. Performance-based 71 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  focused, such as growth, value, income, economic industry or sector international, global, or geographic region or country focused strategies. fee arrangements because Fixed Income or Bond Strategies arrangements present a potential conflict of interest for Baird with respect to other client accounts that are not subject to performance- such based arrangements give Baird an incentive to favor client accounts subject to performance-based fees over client accounts that are not subject to performance-based fees. Fixed income or bond strategies generally have one or more of the following objectives: (1) provide current income; or (2) preservation of capital. These strategies primarily invest in fixed income securities, such as corporate bonds, municipal securities, mortgage-backed or asset-backed securities, or government or agency debt obligations. However, these strategies may also invest in other types of investments, such as equity securities or cash. Fixed income strategies may invest in debt obligations having any credit rating, maturity or duration, or they may focus on specific credit ratings, maturities or durations, such as investment grade, non-rated, or high yield (“junk”) bonds, or bonds having short-term, intermediate- term or income long-term maturities. Fixed strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic region or country focused strategies. In addition to complying with its fiduciary duties by disclosing this conflict of interest to clients through this Brochure, Baird generally addresses potential conflicts of interest posed by performance-based fee arrangements by periodically monitoring the holdings and performance of performance-based fee accounts and comparing them to accounts not subject to a performance fee that are also managed using a similar strategy in an attempt to detect any possible inequitable treatment. Baird also attempts to minimize potential conflicts of interest posed by performance-based fee arrangements through internal trade allocation procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. Balanced Strategies Methods of Analysis, Investment Strategies and Risk of Loss Investment Strategies and Methods of Analysis Investment Strategies The investment styles, philosophies, strategies, techniques and methods of analysis that Baird PWM home office investment professionals, its Financial Advisors and Other Managers use in formulating investment advice for clients vary widely by Program and the person providing the advice. A brief description of commonly used strategies is provided below. Balanced strategies generally have one or more of the following objectives: (1) provide current income; (2) growth of capital/principal or income; or (3) preservation of capital. These strategies primarily invest in a mix of equity, fixed income securities and cash. Balanced strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization ranges, credit ratings, maturities or durations as described above. Balanced strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic region or market focused strategies. Equity Strategies Value Strategies A value strategy typically invests primarily in equity securities of value companies, which are those that the investment manager believes are out of favor with investors, appear underpriced by the market relative to their earnings or intrinsic value, or have high dividend yields. This strategy is subject to investment style risks. Equity strategies generally have an objective to provide growth of capital and primarily invest in equity securities, such as common stocks. However, these strategies may also invest in other types of investments, such as fixed income securities and cash. Equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges, such as large cap, mid cap or small cap companies. Equity strategies may be combined with other strategies described below, 72 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Growth Strategies geographic regions, credit ratings, maturities or durations. Geographic Region or Country Focused Strategies A growth strategy typically invests primarily in equity securities of growth companies, which are those that the investment manager believes exhibit signs of above-average growth relative to peers or the market, even if the share price is high relative to earnings or intrinsic value. This strategy is subject to investment style risks. Income Strategies fixed invest Geographic region or country focused strategies primarily invest in companies located a particular part of the world, such as Latin America, Europe or Asia, in a group of similarly-situated countries, such as developed or emerging markets, or one or more specific countries. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. Tactical and Rotation Strategies An income strategy typically invests primarily in income-producing securities, such as dividend- income paying equity securities and securities. This strategy may in a combination of investment grade and high yield bonds. This type of strategy may also invest in income-producing, Non-Traditional yield- or Assets. Economic Industry or Sector Focused Strategies technology, and overweighting Economic industry or sector focused strategies primarily invest in companies in one or more economic industries or sectors, such as the telecommunications, industrial, materials, or financial sectors. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. International Strategies ranges, Generally, international strategies primarily invest in securities issued by foreign companies, which may include companies in developed and emerging markets. International strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization industries or sectors, geographic regions, credit ratings, maturities or durations. Global Strategies Tactical strategies typically tactically and actively adjust account allocations to different categories of investments, such as asset classes, geographic locations or market sectors, based upon the manager’s perception of how those investments will perform in the short-term. Similarly, rotation strategies typically actively adjust account allocations to different market sectors based upon the manager’s perception of how those market sectors will perform in the short-term. Tactical and rotation strategies are often driven by technical analysis or methodologies and typically involve underweighting account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark index or the market generally. These strategies often will be focused or concentrated in one or more asset classes, geographic locations or market sectors from time to time, and it is likely that they will have limited or no exposure to one or more asset classes, geographic locations or market sectors. For that reason, tactical and rotation strategies are often subject to concentration risk. Because the decision-making for tactical and rotation strategies is based upon the manager’s short-term market outlook, accounts pursuing these strategies often experience higher levels of trading and portfolio turnover relative to other strategies. Opportunity or Opportunistic Strategies Generally, global strategies invest in a mix of securities issued by U.S. and foreign companies, which may include companies in developed and emerging markets. Global strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific industries or sectors, capitalization ranges, Opportunity strategies will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset 73 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and an account may not be successful in pursuing any other investment strategies, objectives or goals. Alternative Strategies and Complex Strategies invest adversely Alternative Strategies and other Complex Strategies may in a wide range of investments, which may include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Alternative Strategies and other Complex Strategies generally involve the use of margin, leverage, short sales and derivative instruments. Many Alternative Strategies and other Complex Strategies have no substantive restrictions on the types of investments that may be used. Examples of Alternative Strategies and other Complex Strategies include the following. than other strategies. The to classes and market sectors to take advantage of the manager’s perception of market pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager. Opportunity strategies often involve the use of other strategies, particularly tactical or rotation strategies, and will have the risks associated with those strategies. Opportunity Strategies may also involve investment in a more-limited number of companies compared to other strategies. As a result, a decline in value of one or a few investments will more impact performance than if assets were more evenly invested in a larger number of companies. Opportunity strategies often experience higher fluctuations in annual returns and overall market value types of investments used implement opportunity strategies vary widely by manager and could include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Tax Management Strategies similar or • Relative Value Strategies. Relative value strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to exploit price differences among securities that financial economic share characteristics. • Long/Short Strategies. Long/short strategies generally involve the purchase of securities believed to be undervalued and selling short securities believed to be overvalued. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. tax obligations. A • Market Neutral Strategies. Market neutral strategies generally involve the purchase of securities and selling securities short in similar dollar amounts in an attempt to produce returns independent of general market that are performance. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. • Statistical Arbitrage Strategies. Statistical Arbitrage is based on the theory that stocks have a tendency to return to a short-term trend line. This type of strategy typically involves the “systematic” or automated trading of securities based upon where a security is relative to its trend line. Tax management strategies involve buying and selling investments in a manner intended to reduce the negative impact of U.S. federal income taxes. They often involve buying or selling investments to limit taxable investment gains or to offset taxable investment gains with investment losses or selling investments to avoid recognition of taxable investment gains. Tax management strategies are not intended to, and likely will not, eliminate a tax management client’s strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. A tax management strategy is typically a secondary strategy used to achieve a secondary tax management objective and it is typically implemented together with other primary investment strategies designed to achieve primary investment objectives or goals. However, managers in certain situations may use a tax management strategy as the primary investment strategy or tax management may be their primary consideration when managing client accounts, such as when the manager is transitioning an account from one investment strategy to another. The performance of accounts utilizing a tax management strategy will vary from similarly- managed accounts that do not utilize such a strategy, possibly in a materially negative manner, • Convertible Arbitrage Strategies. Convertible arbitrage involves the purchase and short sale of 74 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  outs, restructurings and liquidations. These strategies often involve short selling, options trading, and the use of other derivative instruments. multiple securities of the same company. The strategy is implemented by purchasing securities believed to be undervalued and selling short securities believed to be overvalued. Often, the strategy involves the purchase of a convertible bond issued by a company and selling short that company’s common stock. This strategy may involve the use of a wide range of derivative instruments. • Distressed Strategies. Distressed strategies generally involve the purchase of securities in companies that are in financial distress, or companies that are entering into or are already in bankruptcy. They may also involve the use of short sales and derivative instruments. interest rate • Fixed Income Arbitrage Strategies. Fixed income arbitrage strategies generally seek to profit from interest rate, credit spread and other arbitrage opportunities by investing in fixed income securities, instruments and derivative instruments. • Macro Strategies. Macro strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to profit from anticipated changes in securities markets, commodities markets, currency values, and/or interest rates. trading • Capital Structure Arbitrage Strategies. Capital structure arbitrage generally involves investing in multiple levels of a single company’s capital structure, often taking long and short positions in a company’s debt or equity in order to capitalize on perceived mispricings resulting from market inefficiencies or different pricing assumptions. This type of strategy typically involves the use of derivatives and structured products. • Discretionary and Systematic Trading Strategies. Discretionary strategies generally attempt to identify and capitalize on patterns or trends in the markets. Systematic trading strategies generally rely on computerized trading systems or models to identify and capitalize on those patterns or trends. These strategies often involve the use of Non-Traditional Assets, short sales, derivative instruments and significant leverage. • Private Investment Strategies. • Absolute Return, Total Return and Real Return Strategies. Absolute return, total return and real return strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets in an attempt to generate performance that has low correlation to the major equity markets over a complete market cycle. They may also involve the use of derivative instruments. typically made as mergers, restructurings, • Event-Driven Strategies. Event-driven strategies generally involve the use of Non-Traditional Assets, short sales and derivative instruments in an attempt to seek arbitrage opportunities, particularly those triggered by corporate events (such and liquidations). These strategies typically involve the assessment of if, how and when an announced transaction will be completed. reorganizations and o Private Equity Strategies. Private equity strategies generally involve equity investments in companies in private transactions. These investments are through participation in private equity funds or funds of private equity funds. Private equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges. They may also focus on companies in one or industries or sectors or more economic geographic regions. Some private equity strategies focus on companies that are newly formed, in financial distress or already in bankruptcy. The securities purchased are typically unregistered and illiquid. Private equity strategies may also involve the use of leverage. • Merger Arbitrage/Special Situations Strategies. Merger arbitrage strategies involve the purchase and sale of securities of companies involved in corporate business combinations, such as mergers, exchange offers, cash tender offers, spin-offs, leveraged buy- 75 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments and may, therefore, also lack diversification. • Leveraged Strategies. Leveraged strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to amplify returns or produce returns that are a multiple of a benchmark index. • Inverse Strategies. Inverse strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to produce returns that are the opposite of a benchmark index. involve investment in distressed or o Private Debt or Private Credit Strategies. Private debt (also known as private credit) strategies invest in loans or debt instruments issued by companies in private transactions. These investments are typically made through participation in private debt funds or funds of private debt funds. The investments involved are typically unrated or rated below investment grade and are illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically reset. These types of investments are sometimes referred to as floating rate corporate debt, floating rate loans or floating rate bank loans. Private debt strategies often involve the use of leverage and smaller may bankrupt capitalization, companies. industrial typically made Alternative Strategies and other Complex Strategies are not appropriate for some clients because they are subject to special risks. See “Services, Fees and Compensation—Additional Program Information—Complex Strategies and Investment Products” above and Complex “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Non-Traditional Assets and Complex Strategies Risks” below for more information. Asset Allocation Strategies Certain Programs, including the ALIGN, BairdNext Portfolios, PIM, Russell, Baird Affiliated Managers, and UMA Programs, make available asset allocation strategies. Asset allocation strategies involve investing in one or more of the following categories of assets: o Private Real Estate Strategies. Private real estate strategies invest in physical properties, such as office buildings, apartments, retail facilities. These centers, and investments are through participation in private REITs. Private real focus on specific estate strategies may geographic types, or regions, property economic sectors. Investments in private real estate can be illiquid, meaning they may take time to sell or refinance. Property values can fluctuate due to market conditions, supply and demand, and other factors. There are also risks related to tenant vacancies, property damage, or environmental hazards. Leverage is often used in private real estate investments, which can increase potential returns but also amplifies potential losses. o Private invest and transportation. typically made • the equity securities asset category, which is comprised of certain asset classes, such as, equity securities issued by: U.S. large cap growth companies; U.S. large cap value companies; U.S. large cap core companies; U.S. mid cap growth companies; U.S. mid cap value companies; U.S. mid cap core companies; U.S. small cap growth companies; U.S. small cap value companies; U.S. small cap core companies; foreign companies located in developed markets; foreign companies located in emerging markets; U.S. REITs; and foreign REITs; in private Infrastructure Strategies. Private infrastructure in strategies infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of infrastructure investments include, among others, telecommunication, These utilities, investments are through participation in private infrastructure funds. Investments infrastructure strategies are often illiquid. They may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of • the fixed income securities asset category, which is comprised of certain asset classes, such as: short-term taxable bonds; intermediate term taxable bonds; long-term taxable bonds; short- term tax-exempt bonds; intermediate term tax- 76 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that are based upon exempt bonds; long-term tax-exempt bonds; high yield fixed income securities; foreign fixed income securities; and broad fixed income securities; projections certain assumptions made by Baird about how markets will perform in the future. There is no assurance that asset classes or markets will perform in accordance with Baird’s projections or assumptions. For more information about Baird’s Capital Market Assumptions, a client should contact the client’s Financial Advisor. • the Non-Traditional Assets category, which is comprised of certain asset classes, such as: commodities and commodity-linked instruments; and currencies, cryptocurrencies and currency- linked instruments; Baird’s most common asset allocation strategies are described below. A client should note that the specific investments in an Account following a particular asset allocation strategy could vary from the description below for a number of reasons, including market conditions. • the Alternative Investment Products category which is comprised of certain asset classes, such as: hedge funds, private equity funds and managed futures; and • cash. allocation strategies have All Growth Portfolio. An All Growth Portfolio typically seeks to provide growth of capital. Typically, an All Growth Portfolio will experience high fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in equity securities. This strategy may also invest in other asset classes, such as fixed income securities, Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Asset varying investment objectives, ranging from growth of capital to preservation of capital. Asset allocation strategies also have varying investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use tactical investing, which typically involves tactically and actively adjusting account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short- term. Some asset allocation strategies involve the use of both strategic and tactical investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and ETPs. The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. Capital Growth Portfolio. A Capital Growth Portfolio typically seeks to provide growth of capital. Typically, a Capital Growth Portfolio will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a significantly higher allocation to equity securities than fixed income securities. typically seeks Growth with Income Portfolio. A Growth with to provide Income Portfolio moderate growth of capital and some current income. Typically, a Growth with Income Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will Baird uses its Capital Market Assumptions in developing its proprietary model asset allocation strategies, including those used in the ALIGN, BairdNext Portfolios and UMA Programs, and those used by some PIM Managers. In determining its Capital Market Assumptions, Baird conducts an analysis of different asset classes and the different levels of risk associated with those investments. That analysis involves the consideration of past performance and the use of forward-looking 77 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  classes, such as equity securities and Non- Traditional Assets. primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to equity securities than fixed income securities. fixed Some ALIGN Programs, UMA Programs, Baird Financial Advisors and investment managers use asset allocation strategies that include target asset allocation percentages for equity and/or fixed income investments in the names or descriptions of the strategies (e.g., 80-20, 60-40, 40-60, 20- 80, etc.). A client should note that those percentages are intended to be asset allocation targets only. There is no guarantee that Accounts following asset allocation strategies will be invested strictly in accordance with target asset allocations. It is likely that the actual investments in Accounts following those strategies will vary, sometimes significantly, from the target asset allocations and may include other asset classes due to market conditions and Baird’s, the Financial Advisor’s or investment manager’s assessment of how to best invest a client’s Accounts. See “Important Information about Implementation of Investment Objectives and Investment Strategies” below for more information. Income with Growth Portfolio. An Income with Growth Portfolio typically seeks to provide current income and some growth of capital. Typically, an Income with Growth Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of income securities and equity securities, with a bias towards fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to fixed income securities than equity securities. For information about the risks associated with the asset allocation strategies described above, see the section of the Brochure entitled “Principal Risks— Risks Associated with Certain Investment Objectives and Asset Allocation Strategies” below. Important Information about Implementation of Investment Objectives and Investment Strategies Conservative Income Portfolio. A Conservative Income Portfolio typically seeks to provide current income. Typically, a Conservative Income Portfolio will experience relatively small fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets. Generally, under normal market conditions, this strategy will have a significantly higher allocation to fixed income securities and cash than equity securities. Preservation A Portfolio. A client should note that, to implement an investment strategy, a client’s Financial Advisor or investment manager may use or recommend mutual funds, ETPs or other Investment Funds that primarily invest in particular types of securities instead of direct investment in those types of securities. A client should also note that the client’s Financial Advisor or investment manager may use a strategy not described above or they may use a strategy with the same or similar name that is implemented differently. A client should ask the client’s Financial Advisor or investment manager for more specific information about the strategy being used for the client’s Account. Capital Capital Preservation Portfolio typically seeks to preserve capital while generating current income. Typically, a Capital Preservation Portfolio will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in a mix of fixed income securities and cash. This strategy may also invest in other asset A client’s Account is subject to the risks associated with the Account’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. 78 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  include review of the background and experience of a manager or a mutual fund company. in an attempt • Quantitative Analysis. Quantitative analysis is a method of evaluating securities by analyzing a large amount of data through the use of algorithms or models to understand behavior, predict market events, market prices, etc., and generate an investment decision. As it pertains to managers and investment products, quantitative analysis may include review of manager performance, investment style, style consistency, risk, and risk-adjusted performance. • Technical Analysis. Technical analysis is a method of analyzing past price and volume patterns and trends in the trading markets to attempt to predict the direction of both the overall market and specific investments. • Top-Down Analysis. Top-down analysis involves a consideration of certain macroeconomic trends, such as general economic conditions, geographic or market sector performance, fiscal and monetary policy, taxes, or interest rates, to make investment decisions. From time to time, the client’s Financial Advisor or investment manager will invest the client’s Account, or recommend that the client invest the Account, in a manner that is inconsistent with the investment strategy or investment objective selected by the client for the Account when the client’s Financial Advisor or investment manager determines that it is appropriate to do so, such as using defensive strategies in response to adverse market or other conditions or engaging in tax management. Similarly, a client’s Account may be invested in a manner inconsistent with the investment objective investment strategy or selected by the client for the Account in certain other circumstances, such as when the client’s Account is transitioning to a new Program, investment objective or investment strategy, or due to other factors, such as market appreciation or depreciation of the assets in the client’s Account, deposits and withdrawals made by the client, and investment restrictions, if any, imposed by the client. A client’s Account may not be able to achieve its investment objectives during any such period of time and the Account may be subject to different or enhanced risks than would be the case had the Account been invested in a manner wholly investment objective or consistent with the investment strategy selected by the client. Clients are encouraged to discuss with their Financial Advisor on a regular basis how the Account is being managed or advised and whether any such conditions exist. (e.g., price-to-earnings Methods of Analysis its PWM home office • Bottom-Up Analysis. Bottom-up analysis involves consideration of factors particular to a particular investment, such as business financials (e.g., balance sheet strength and cash flows), financial ratios ratio), and business fundamentals (e.g., management and product or services performance) to make investment decisions. Baird, investment professionals, and its Financial Advisors may use various forms of security analyses, including the following: its PWM home office • Fundamental Analysis. Fundamental analysis involves an approach to investing through a detailed analysis of specific companies, such as their financial statements and financial ratios, management, competitive advantages and markets, in an attempt to determine the value of an investment. Fundamental analysis may include qualitative and quantitative analyses. and create asset Baird, investment professionals, and its Financial Advisors use various third party research information and related tools to provide investment advice to clients. These sources of information and tools may include, among others, issuer-supplied literature (such as annual reports, press releases and other information) and external market, economic, financial and investment data and analyses provided by organizations not affiliated with Baird. They may also employ the use of computers and third party software to more readily display information, assist with the evaluation and analysis, allocation recommendations. Although they generally use information and tools that Baird deems reliable, • Qualitative Analysis. Qualitative analysis involves the use of subjective judgment to analyze factors that may be difficult to quantify or measure objectively. As it pertains to managers and investment products, qualitative analysis may 79 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird does not independently verify or guarantee the accuracy of the information or tools used. recommended or eligible product list or that is generally not made available to Baird clients. A client should note that Baird does not provide any initial or ongoing evaluation, monitoring or review of any such managers or investment products and that the client’s decision to select such a manager or investment product is based solely upon the client’s review of the manager or investment product. Certain PWM-Managed Portfolios Baird and its Financial Advisors may also utilize research reports created by Baird. However, it should be noted that Baird Financial Advisors are not obligated to act in a manner consistent with Baird research reports and they may act in a manner that is contrary to those reports if they deem it to be consistent with the client’s investment objectives and in the client’s best interest. Baird Recommended Portfolio investment approach When providing investment advice to clients, Baird Financial Advisors may also use the model portfolios or recommended or eligible product lists (described below) made available by Baird’s Asset Manager Research Department or other Baird departments, or they may use investment products that Baird has generally deemed to be “available” for use in its advisory programs (“Available Investment Products”). The level of initial and ongoing evaluation, monitoring and review that Baird and its Financial Advisors perform on managers and on investment products varies. Available Investment Products generally do not receive the same level of initial or ongoing evaluation, monitoring or review by Baird as those managers or products that are included in a model portfolio or on a recommended or eligible product list. As a result, Available Investment Products are subject to certain risks. See “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Available Investment Product Risks” below for more information. for the client’s Account, The Baird Recommended Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to outperform the S&P 500 Index by investing in a diversified core portfolio of 35–50 stocks. The portfolio invests primarily in stocks with market capitalization greater than or equal to $10 billion (large cap). The portfolio may also contain stocks with market caps below $10 billion but these stocks generally will not represent more than 35% of the total portfolio. The team’s top– down begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. This information is used to underweight or overweight particular industry sectors compared to the S&P 500 Index. Individual stocks are selected with an emphasis on higher quality companies that the team believes have strong fundamental characteristics and management teams, attractive growth prospects, and reasonable price-appreciation expectations. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. Stocks can be sold or positions reduced for a variety of reasons such as valuation, a change in company or industry fundamentals, or a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. Baird Rising Dividend Portfolio More specific information about Baird model portfolios, recommended lists and eligible product lists is provided below. A client should note that investment products recommended to the client or selected including investment managers or products included on a Baird recommended or eligible product list, are those which, in Baird’s professional judgment, may be appropriate to help the client pursue the client’s financial goals. Baird and its Financial Advisors do not represent or guarantee that such investment managers or products are or will be the best investment managers or products available. Under certain circumstances when requested by a client, Baird may allow a client to select a manager or investment product that is not on a Baird The Baird Rising Dividend Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to provide a core equity strategy with a portfolio yield above that of the S&P 500 Index. The team’s top–down investment approach begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. The 30–50 stocks in the portfolio are primarily large cap stocks—as defined by a market capitalization of $10 billion or greater at the time of investment— 80 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in the S&P MidCap 400® Index; and (4) the AQA Small Cap Strategy, which primarily invests in small cap stocks, generally those included in the S&P SmallCap 600® Index. Certain Recommended Lists Baird’s Recommended Managers List and all are above $5 billion at the time of investment. The team looks for quality companies with strong fundamental characteristics and management, attractive dividend yields, and the ability to increase their dividends. Companies are screened for dividend history and consistency, earnings growth expectations, and balance sheet quality. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. A position can be reduced or removed due to changes in valuation, company fundamentals or the perceived ability to continue to raise its dividend in the future—among a variety of other potential reasons for portfolio changes including a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. AQA Portfolios When selecting managers and BRM Strategies for Baird’s Recommended Managers List, Baird often seeks registered investment advisory firms having portfolio managers with academic credentials such as a master’s degree or participation or completion of the Chartered Financial Analyst (“CFA”) program. Baird also typically looks for a portfolio manager with greater than three (3) years of investment experience focusing on the particular investment style that is offered by the portfolio manager. Baird generally looks for portfolio managers that have demonstrated success, that have performance histories showing sufficient ability to achieve returns in excess of their respective benchmarks, and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird also considers other qualitative and quantitative factors. Baird’s Asset Manager Research Department is primarily responsible for selecting and evaluating included on Baird’s investment managers selecting In Recommended Managers List. investment managers, Baird’s Asset Manager Research Department utilizes quantitative and qualitative measures to evaluate managers based on the: • quality and stability of their organization • soundness and clarity of their investment philosophy • reliability and consistency of their investment process • competitiveness of their investment performance Baird’s Asset Manager Research Department may also employ the use of computers and third party software to more readily display information and assist with the evaluation and analysis. Baird makes available to clients certain Automated Quantitative Analysis (“AQA”) Portfolios, which are managed by Baird’s PWM Equity Research team. AQA is an analytical tool that seeks to identify stocks of companies that are undervalued by calculating the intrinsic values for the stocks and comparing the calculated values to current market prices. Focusing on a company’s past financial performance, AQA analyzes fundamental ratios and trends of the most recent eight-year history of a company and each company in its peer group, excluding estimates of future balance sheet and income statement performance. The analysis is quantitative and ignores certain qualitative information such as company-specific material news and events. Stocks are ranked from the most undervalued to the most overvalued based on the difference between the values calculated by AQA and current market prices. The stocks identified by AQA as being the most undervalued are then selected for investment. Baird offers the following four (4) AQA Portfolio strategies, each of which invest in undervalued stocks identified using AQA, excluding securities issued by banks, REITS and insurance companies: (1) the AQA All Cap Strategy, which primarily invests in stocks across market capitalizations, generally those included in the S&P 500®, S&P MidCap 400® or S&P SmallCap 600® Indices; (2) the AQA Large Cap Strategy, which primarily invests in large cap stocks, generally those included in the S&P 500® Index; (3) the AQA Mid Cap Strategy, which primarily invests in mid cap stocks, generally those included Baird’s initial screening process begins with a proprietary, multi-factor model that evaluates managers on different factors including risk- adjusted performance, consistency of returns and 81 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  a client’s Account could be negatively impacted. Baird is not monitoring, evaluating or reviewing the Overlay Manager or Implementation Manager or the performance of a client’s Account under those circumstances. affiliated managers for Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select Baird’s Recommended Managers List are the same as those used for unaffiliated managers. downside protection. These factors are scored over various time periods and relative to a specific peer group universe, narrowing the pool of managers for further evaluation. Baird’s Asset Manager Research Department then performs a more in- depth evaluation of managers that are identified through the initial screening process, which generally includes a review of the following factors: stability of the firm/team, the robustness and repeatability of the investment process, the portfolio’s past returns pattern and tax-efficiency, and how the manager adds value. The final determination of Baird’s Recommended Managers List is subject to the approval of Baird’s Investment Committee. Baird’s Recommended Mutual Fund List to see for removal Ongoing manager evaluation generally includes quarterly conference calls, performance attribution and periodic onsite visits. Material adverse changes affecting a manager may result in the manager being placed on “watch” status. Managers on if “watch” status are scrutinized improvement or degradation is taking place. Potential causes from Baird’s Recommended Managers List include fundamental changes in the operations of the manager, turnover in key personnel, substantial changes in management or ownership, a change in investment philosophy or style, significant drift from stated objectives, major legal, regulatory or compliance difficulties, impairment of financial condition, sustained underperformance in relation to its peers, or other adverse changes affecting the manager that in Baird’s opinion warrants the manager’s removal. that Baird’s Recommended Mutual Fund List is designed to include mutual funds and ETFs across numerous asset classes. When selecting funds for inclusion on the List, Baird generally seeks funds that have investment managers with tenure of at least three (3) years and have underlying investments that adhere to the fund’s market capitalization policy and are consistent with the manager’s stated investment process and philosophy. Baird generally looks for funds that are among the top- performing funds in a style category in terms of risk-adjusted returns or that are managed by individuals or firms that have demonstrated success in other, related asset classes; that have performance histories showing sufficient ability to achieve returns in excess of their respective style index; and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird’s Asset Manager Research Department is primarily responsible for assisting with selecting and evaluating funds included on the List. In selecting funds, Baird’s Asset Manager Research Department utilizes a quantitative and qualitative evaluation process of the investment managers of such funds. The process Baird uses for selecting and removing funds for the Baird Recommended Fund List is similar to the process Baird uses to select and remove BRM Strategies described under “Baird’s Recommended Managers List” above. Baird’s Investment Committee is ultimately responsible for selecting funds included on the List. The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Aggregate Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Mid Cap Growth Fund, mutual funds affiliated with Baird, have been selected by Baird for inclusion in If a Model-Traded BRM Strategy is selected for a client’s Account, it is important to note that Baird’s selection and ongoing evaluation of a BRM Strategy the is based upon an assumption Recommended Manager’s Model Portfolio will be fully and faithfully implemented by the Overlay Manager or Implementation Manager on a continuous basis. A client should understand that the Overlay Manager or Implementation Manager has discretion over the client’s Account and may invest the client’s Account in a manner that differs from the Model Portfolio. Baird does not monitor the Account’s performance nor does it ascertain whether the Overlay Manager or Implementation Manager is implementing the Model Portfolio as provided by the Recommended Manager. If the Overlay Manager or Implementation Manager, in the exercise of its discretion, decides to implement the Model Portfolio differently, the performance of 82 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s Recommended Mutual Fund List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select affiliated funds for Baird’s Recommended Mutual Fund List are the same as those used for unaffiliated funds. Baird’s Recommended Funds of Hedge Fund List onsite review, where Baird meets with one or more principals and analysts to assess how the FOHF identifies, hires, monitors, and terminates individual hedge funds. Baird also evaluates how the FOHF constructs its hedge fund portfolio and manages risk. In addition, Baird undertakes a brief review of the FOHF’s third party service providers. At the conclusion of the onsite review, an investment thesis is presented to and discussed with a Baird Investment Committee. The Committee votes on whether to add the FOHF to Baird’s Recommended Funds of Hedge Fund List. In making that determination, the Committee considers the information presented, taking into account the merits of the individual FOHF, how that FOHF compares to other FOHFs that Baird offers, and the level of expected demand for the particular FOHF. and onsite Baird’s Recommended Funds of Hedge Fund List contains a variety of funds of hedge funds (“FOHFs”) that pursue various Alternative Strategies or other Complex Strategies. Some FOHFs primarily use credit-oriented investment strategies, which Baird classifies as fixed income diversifiers. Some FOHFs primarily use equity- oriented investment strategies and are classified as equity diversifiers. Other FOHFs use a combination of credit- and equity-oriented strategies, which Baird views as balanced diversifiers. In certain circumstances, FOHFs may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. the changes After a FOHF is added to Baird’s Recommended Funds of Hedge Fund List, it is monitored each reviews subsequent quarter, periodically take place. As part of its quarterly monitoring, Baird evaluates a FOHF’s assets under (subscriptions and management and flows redemptions), organizational (e.g., personnel changes or new offerings), recent changes made to the FOHF portfolio (e.g., hedge funds added or removed), and reasons for performance differences between the FOHF and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. To be added to Baird’s Recommended FOHF List, a FOHF must generally meet following requirements: the investment advisor to the FOHF is registered as an Investment Adviser under the Advisers Act; the fund has stable to growing assets under management as determined by Baird, principals of the fund have an appropriate level of fund management experience and a hedge sufficient network of contacts in the industry as determined by to Baird; in Baird’s opinion, the fund has adequate diversification by number of hedge funds and type of hedge fund strategy; effective risk management programs have been established for the fund; and the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks FOHFs that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. legal documents Baird may place a FOHF on “watch” status if it has experienced a material event that, in Baird’s the FOHF’s opinion, may negatively affect performance going forward or possibly lead to the departure of an important member(s) of the FOHF. Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any firm that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long-term, and whether it can be remedied. Baird will remove a FOHF from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will terminate a FOHF from the List if it believes the issue is likely to be long-term and adversely affect the FOHF’s future performance. offering memorandum, Before adding a prospective FOHF to the List, Baird’s Asset Manager Research Department conducts an in-depth due diligence process. The process begins with a review of the FOHF’s responses to a due diligence questionnaire and of marketing and (such as, subscription documentation, investor agreements, and organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an 83 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s Recommended Private Funds Lists Baird maintains lists of recommended private Funds (“Recommended Private Funds”), including a Recommended Funds of Private Equity Funds List, a Recommended Private Debt Fund List, and a Recommended Private Real Assets Fund List. To be added to a Baird Recommended Private Fund List, a fund must generally meet the following requirements: the investment advisor to the fund is registered under the Advisers Act ; the fund has stable to growing assets under management as determined by Baird; principals of the fund have an appropriate level of applicable experience and a sufficient network of contacts in the industry as determined by Baird; effective risk management programs have been established for the fund; and the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks funds that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. fund Baird’s Recommended Funds of Private Equity Funds List contains funds of private equity funds that pursue certain Alternative Strategies or other Complex Strategies. These strategies can include buyout, growth equity, venture capital, special investments. The situations or distressed investments are typically structured in the form of primary funds, secondary funds or co-investments. Most will be to “middle market” companies, many of which have above average to high levels of leverage, or debt relative to equity. In certain circumstances, funds of private equity funds may be an appropriate substitute for part of a client’s allocation to traditional equity investments. third-party service providers. At Baird’s Recommended Private Debt Fund List contains private debt funds (also known as private credit funds) that pursue certain Alternative Strategies or other Complex Strategies. The private debt funds on Baird’s Private Debt Funds List generally make first lien, second lien and unsecured loans, primarily to middle market companies sponsored by private equity firms. In certain circumstances, private debt funds may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. the to a Before adding a prospective Recommended Private Fund List, Baird’s Asset Manager Research Department conducts an in- depth due diligence process. The process begins with a review of the fund’s responses to a due diligence questionnaire (known as a DDQ or RFI) and of marketing and legal documents (such as, subscription documentation, investor agreements, offering memorandum, organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the fund makes investment decisions. Baird also evaluates how the fund constructs its portfolio and manages risk. In addition, Baird may undertake a brief review of the fund’s the conclusion of the onsite review, an investment thesis is presented to and discussed with a Baird Investment Committee. The Committee votes on whether to add the fund to a Baird Recommended Private Fund List. In making that determination, information considers the Committee presented, taking into account the merits of the individual fund, how that fund compares to other similar funds that Baird offers, and the level of expected demand for that particular fund. Baird’s Recommended Private Real Assets Fund List contains private real estate and private infrastructure funds that pursue certain Alternative Strategies or other Complex Strategies. These strategies invest in different real assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of investments may include, among others, real estate, telecommunication, utilities, and transportation. The investments may be structured in the form of asset ownership or leasing or include direct investment in or joint ventures with companies that control infrastructure assets. In certain circumstances, private real assets funds may be an appropriate substitute for part of a client’s allocation to traditional fixed income or equity investments. After a fund is added to a Baird Recommended Private Fund List, it is monitored each quarter, and subsequent onsite reviews periodically take place. As part of its quarterly monitoring, Baird evaluates a fund’s assets under management and fund flows (subscriptions and redemptions), organizational changes (e.g., personnel changes or new offerings), recent changes made to the portfolio, and reasons for performance differences between the fund and its benchmark. Subsequent onsite 84 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Managed Futures reviews are similar in nature and scope to the initial on-site review. Effective March 1, 2018, Baird ceased maintaining an official list of managed futures funds that are structured as limited partnerships. Therefore, Baird does not, and will not in the future, provide any evaluation, monitoring or review of those funds or their sponsors. A client’s decision to invest in, or to maintain an investment in, a managed futures fund is based solely upon the client’s own review and evaluation of the fund. Structured Products When determining whether to make a structured product available to Baird clients, Baird reviews the offering documents for the structured product and considers: the size of the issuer and issuer’s credit rating, the maturity of the product, how interest is calculated, the underlying asset category (e.g., a basket of securities or currencies or a market index), applicable caps, barriers, and participation rate, and whether the structured product has principal protection. Baird may place a Recommended Private Fund on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the fund’s performance going forward or possibly lead to the departure of an important member(s) of the investment team. fund’s Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any fund that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long-term, and whether it can be remedied. Baird will remove a fund from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will remove a fund from a Recommended Private Fund List if it believes the issue is likely to be long-term and adversely affect the fund’s future performance. Certain Eligible Product Lists Annuities that are more Baird tends to favor larger-sized issuers of structured products over smaller-sized issuers and also tends to favor structured products that have shorter maturities, less complex payout structures, underlying assets liquid or transparent, and offer full or partial principal protection. If a product does not offer full principal protection, Baird also considers how much principal is exposed to loss, whether, in Baird’s judgment, there is reasonable risk/reward trade-off for that exposure, as well as the events that could trigger loss of principal and Baird’s belief as to the likelihood of the occurrence of such events. When determining whether to make an annuity product available to Baird clients, Baird reviews the offering documents for the product and considers: the size of the insurer and the insurer’s credit rating, the insurer’s distribution and support model, and product specifications and features of the product. Baird favors highly-rated insurers and evaluates them by using credit rating agencies financial strength ratings and independent third- party research. Investment Solutions Department Baird’s ETF Focus List Baird’s is primarily responsible for selecting and evaluating structured products made available to clients under the Programs. Baird’s Alternative Investment Committee, which includes members of Baird’s Investment Solutions, Asset Manager Research, Compliance, Legal, and Risk Management Departments, ultimately determines whether to make a structured product available to Baird clients. Available Hedge Funds is not meant Baird’s ETF Focus List is designed to encompass numerous asset classes and varied investment objectives. Baird generally seeks to include ETPs, primarily ETFs, with transparent, experienced sponsors that have stable or growing assets under management and have demonstrated consistent strategy performance over time. Baird tends to favor ETPs that have well-known, diversified benchmark indices, lower fees and tracking errors, and higher trading liquidity relative to other ETPs. Inclusion on or exclusion from the Baird ETF Focus List to be a buy or sell recommendation. Rather, the List is a collection of ETPs that may be appropriate to meet particular client investment goals. Baird makes hedge funds available to clients in certain Programs sponsored by, affiliated with or offered by Capital Integration Systems LLC or CAIS Capital LLC (“CAIS”). An independent third-party research firm provides research and due diligence 85 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Affiliated and Related Parties—Affiliated Private Equity Funds” below. Baird Trust Strategies Under the BAM and UAS Programs, Baird makes available to clients five (5) portfolio strategies developed and maintained by Baird Trust (“Baird Trust Strategies”) described below. The Baird Trust Strategies invest in a mix of equity securities and ETFs. materials to Baird on the hedge funds available on the CAIS platform (“Available Hedge Funds”). Clients interested in an Available Hedge Fund or invested in an Available Hedge Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Hedge Fund, Baird does not conduct its own research or due diligence on any Available Hedge Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Available Private Funds (1) The Baird Trust Large Cap Equity strategy invests in a fairly concentrated portfolio of large cap equity securities. This strategy is intended for clients seeking investment in large cap companies as one part of their overall asset allocation. This strategy is generally not intended to be a complete investment program. third-party research firm (2) The Baird Trust Core + Satellite 100 strategy is a diversified portfolio with a 100% target equity allocation. The strategy uses the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) through the use of ETFs that principally invest in equity securities. This model does not include fixed income. In addition to Recommended Private Funds, Baird makes available to clients in certain Programs other private funds sponsored by, affiliated with, or offered by CAIS (“Available Private Funds”), including Available Private Equity Funds, Available Private Debt Funds, Available Private REITs and Available Private Infrastructure Funds. When determining whether to make a fund an Available Private Fund, Baird utilizes the services of an independent that provides research and due diligence materials to Baird on the private funds available on the CAIS platform. Clients interested in an Available Private Fund or invested in an Available Private Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Private Fund, Baird does not conduct its own research or due diligence on any Available Private Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. (3) The Baird Trust Core + Satellite 70/30 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and fixed income securities. This strategy has a target allocation of 70% of its assets to equity securities and 30% of its assets to fixed income securities. Affiliated Private Equity Funds (4) The Baird Trust Core + Satellite 50/50 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation portion of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and fixed income securities. This strategy has a target allocation of 50% of its assets to equity securities and 50% of its assets to fixed income securities. “Additional In addition to Recommended Funds of Private Equity Funds and Available Private Equity Funds, Baird makes available to clients private equity funds that are affiliated with Baird (“Affiliated Private Equity Funds”). Baird does not subject Affiliated Private Equity Funds to the criteria imposed upon Recommended Funds of Private Equity Funds or Available Private Equity Funds described above when making them available to clients, and Baird does not perform any evaluation, monitoring or review of Affiliated Private Equity Funds. This presents a potential conflict of interest. Information—Other Financial See and Affiliations—Certain Industry Activities (5) The Baird Trust Equity Income strategy primarily invests in dividend paying companies that Baird Trust believes have the ability to consistently 86 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  grow their dividend at attractive rates over the long‐term. objectives and use different strategic investment strategies. The ALIGN Strategic Portfolios Program generally accommodates both taxable and tax- exempt accounts of clients with differing investment objectives and risk tolerances. More specific information about the particular investment strategies and methods of analysis that Baird uses in connection with each Program is further described below. ALIGN Strategic Portfolios Program The ALIGN Strategic Portfolios include active and hybrid options. Active ALIGN Strategic Portfolios primarily consist of actively managed mutual funds and hybrid ALIGN Strategic Portfolios primarily consist of both actively managed mutual funds and passive ETFs. Multiple funds may be used for a particular asset class (referred to as a “sleeve”). The ALIGN Strategic Portfolios Program offers model asset allocation portfolios that have varying investment objectives and strategies. Each ALIGN Portfolio provides for specific levels of investment (or allocation) across the asset classes described under the heading “Investment Strategies—Asset Allocation Strategies” above. Some ALIGN Strategic Portfolios invest a material portion of assets in mutual funds and ETFs that pursue Alternative Strategies designed to provide absolute return. Those strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of derivative instruments in an attempt to generate performance that has low correlation to the major equity markets over a complete market cycle. Some ALIGN Strategic Portfolio Strategies invest a material portion of assets in mutual funds and ETFs that that focus on investments that provide diversified yield or sources of income, such as dividend-paying stocks, preferred stocks, high yield bonds, foreign (including emerging markets) fixed income securities, Non-Traditional Assets, Alternative Investment Products and derivative instruments. review Each ALIGN Portfolio generally uses mutual funds and ETPs, primarily ETFs and ETNs, in order to implement the model asset allocation strategy. Depending on the ALIGN Portfolio chosen, the ALIGN Portfolio may consist of mutual funds and ETFs that have various investment objectives and strategies, including but not limited to, the following: large cap, mid cap and small cap strategies (which may include value, growth or core strategies); short-term, intermediate-term and long-term fixed income strategies (which may include high yield corporate bond strategies); balanced strategies; international and global equity and fixed income strategies; market sector focused strategies, geographic area focused strategies; real estate strategies; commodities strategies; currency strategies; managed futures strategies; and other Alternative Strategies. For additional information regarding the characteristics of the mutual funds and ETPs used in an ALIGN their Baird Portfolio, clients should contact Financial Advisor or the applicable prospectus. The amount allocated to each asset class and type of investment varies by Portfolio. However, some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. More specific information about how Baird develops its asset allocation strategies is contained under the heading “Investment Strategies—Asset Allocation Strategies” above. The ALIGN Strategic Portfolios Program offers “environmental, social and governance” (“ESG”) portfolios, which focus investments in mutual funds and ETFs with investment managers that evaluate portfolio companies’ performance on various environmental, social and corporate governance criteria as part of the managers’ investment process. The particular environmental, social and governance criteria used by mutual funds and ETFs vary by mutual fund and ETF and are determined by the manager for the applicable mutual fund or ETF and not Baird. How each company performs with respect to those criteria is a matter of subjective judgement. It is possible managers could come to different conclusions about how a particular company performs with respect to the same environmental, social and governance criteria. The ALIGN Strategic Portfolios Program offers model portfolios that have different investment 87 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  cash. This Portfolio has the same risk profile as an All Growth Portfolio. underlying investments, Product allocations intended to ALIGN Strategic All Growth Hybrid (Absolute Return) Portfolio. The ALIGN Strategic All Growth Hybrid (Absolute Return) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic All Growth (Absolute Return) Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. Generally, under normal market conditions, the equity security allocation of each ALIGN Strategic Portfolio is designed to be global in nature and attempts to be diversified across countries, industry sectors and company capitalization sizes, with an objective to participate in the total return potential of the global stock markets. The fixed income allocation is also normally global in nature and diversified across credit quality and maturity. The Non-Traditional Asset and Alternative provide Investment diversification and are reduce correlation to U.S. stock and bond markets. The ALIGN Strategic Portfolios are described below. ALIGN Strategic Capital Growth Portfolio. The ALIGN Strategic Capital Growth Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. ALIGN Strategic All Growth Portfolio. The ALIGN Strategic All Growth Portfolio seeks to provide aggressive growth of capital. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds that in turn principally invest in equity securities. This Portfolio may also invest in other asset classes described above, including fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN Strategic Capital Growth Hybrid Portfolio. The ALIGN Strategic Capital Growth Hybrid Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. ALIGN Strategic All Growth Hybrid Portfolio. The ALIGN Strategic All Growth Hybrid Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic All Growth Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. ALIGN Strategic Capital Growth (Tax Exempt) Portfolio. The ALIGN Strategic Capital Growth (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. ALIGN Strategic All Growth (Absolute Return) Portfolio. The ALIGN Strategic All Growth (Absolute Return) Portfolio seeks to provide aggressive growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities. A material portion of this Portfolio will normally seek to provide absolute return by investing in Alternative Investment Products, primarily mutual funds, that pursue that strategy. This may involve material exposure to Non- Traditional Assets, leverage, short sales, and derivative instruments. This Portfolio may also invest in other asset classes described above, including fixed income securities, Non-Traditional Assets, other Alternative Investment Products and ALIGN Strategic Capital Growth Hybrid (Tax Exempt) Portfolio. The ALIGN Strategic Capital Growth Hybrid (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth Portfolio described above, except that this Portfolio: (1) includes investments in passively managed ETFs in addition to actively 88 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. in passively managed ETFs in addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. ALIGN Strategic Capital Growth (Absolute Return) Portfolio. The ALIGN Strategic Capital Growth (Absolute Return) Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. A material portion of this Portfolio will normally seek to provide absolute return by investing in Alternative Investment Products, primarily mutual funds, that pursue that strategy. This may involve material exposure to Non-Traditional Assets, leverage, short sales, and derivative instruments. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, other Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. ALIGN Strategic Capital Growth (Diversified Yield) Portfolio. The ALIGN Strategic Capital Growth (Diversified Yield) Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. A material portion of this Portfolio will normally seek to provide diversified yield by investing in mutual funds that pursue that strategy. This may involve material exposure to high yield bonds, foreign (including emerging markets) fixed income securities, Non-Traditional Assets, REITs, MLPs, and derivative instruments. This Portfolio may also invest in other asset classes described above, including Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. ALIGN Strategic Capital Growth Hybrid (Absolute Return) Portfolio. The ALIGN Strategic Capital Growth Hybrid (Absolute Return) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth (Absolute Return) Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. ALIGN Strategic Growth with Income Portfolio. The ALIGN Strategic Growth with Income Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. ALIGN Strategic Capital Growth (Tax Exempt with Absolute Return) Portfolio. The ALIGN Strategic Capital Growth (Tax Exempt with Absolute Return) Portfolio Has the same description as the ALIGN Strategic Capital Growth (Absolute Return) Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. ALIGN Strategic Growth with Income Hybrid Portfolio. The ALIGN Strategic Growth with Income Hybrid Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Growth with Income Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. ALIGN Strategic Capital Growth Hybrid (Tax Exempt with Absolute Return) Portfolio. The ALIGN Strategic Capital Growth Hybrid (Tax Exempt with Absolute Return) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth (Absolute Return) Portfolio described above, except that this Portfolio: (1) includes investments ALIGN Strategic Growth with Income (Tax Exempt) Portfolio. The ALIGN Strategic Growth with Income (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Growth with Income 89 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. Income (Absolute Return) Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. underlying investments, ALIGN Strategic Growth with Income Hybrid (Tax Exempt) Portfolio. The ALIGN Strategic Growth with Income Hybrid (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Growth with Income Portfolio described above, except that this Portfolio: (1) includes investments in passively managed ETFs in addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. ALIGN Strategic Growth with Income Hybrid (Tax Exempt with Absolute Return) Portfolio. The ALIGN Strategic Growth with Income Hybrid (Tax Exempt with Absolute Return) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic Growth with Income (Absolute Return) Portfolio described above, except that this Portfolio: (1) includes investments in passively managed ETFs in addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. fixed ALIGN Strategic Growth with Income (Absolute Return) Portfolio. The ALIGN Strategic Growth with Income (Absolute Return) Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. A material portion of this Portfolio will normally seek to provide absolute return by investing in Alternative Investment Products, primarily mutual funds, that pursue that strategy. This may involve material exposure to Non-Traditional Assets, leverage, short sales, and derivative instruments. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, other Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. ALIGN Strategic Growth with Income (Diversified Yield) Portfolio. The ALIGN Strategic Growth with Income (Diversified Yield) Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. A material portion of this Portfolio will normally seek to provide diversified yield by investing in mutual funds that pursue that strategy. This may involve material exposure to high yield bonds, foreign (including emerging markets) income securities, Non-Traditional Assets, REITs, MLPs, and derivative instruments. This Portfolio may also invest in other asset classes described above, including Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. ALIGN Strategic Growth with Income Hybrid (Absolute Return) Portfolio. The ALIGN Strategic Growth with Income Hybrid (Absolute Return) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Growth with Income (Absolute Return) Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. Assets, Alternative ALIGN Strategic Income with Growth Portfolio. The ALIGN Strategic Income with Growth Portfolio seeks to provide high current income and some growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in fixed income securities or equity securities. This Portfolio normally will have a higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, including Non- Traditional Investment Products and cash. This Portfolio has the same risk profile as an Income with Growth Portfolio. ALIGN Strategic Growth with Income (Tax Exempt with Absolute Return) Portfolio. The ALIGN Strategic Growth with Income (Tax Exempt with Absolute Return) Portfolio Has the same description as the ALIGN Strategic Growth with 90 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  ALIGN Strategic Income with Growth Hybrid Portfolio. The ALIGN Strategic Income with Growth Hybrid Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Income with Growth Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. ALIGN Strategic Conservative Income Portfolio. The ALIGN Strategic Conservative Income Portfolio seeks to provide high current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in fixed income securities and equity securities. This Portfolio normally will have a significantly higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets and cash. This Portfolio has the same risk profile as a Conservative Income Portfolio. ALIGN Strategic Income with Growth (Tax Exempt) Portfolio. The ALIGN Strategic Income with Growth (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Income with Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. ALIGN Strategic Conservative Income Hybrid Portfolio. The ALIGN Strategic Conservative Income Hybrid Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Conservative Income Portfolio described above, except that this Portfolio also includes investments in passively managed ETFs in addition to actively managed mutual funds. Income The ALIGN ALIGN Strategic Income with Growth Hybrid (Tax Exempt) Portfolio. The ALIGN Strategic Income with Growth Hybrid (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Income with Growth Portfolio described above, except that this Portfolio: (1) includes investments in passively managed ETFs in addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. (Tax ALIGN Strategic Conservative Exempt) Strategic Portfolio. Conservative Income (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Conservative Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. Portfolio. The ALIGN Income Hybrid ALIGN Strategic Conservative Income Hybrid (Tax Strategic Exempt) Conservative (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Conservative Income Portfolio described above, except that this Portfolio: (1) includes investments in passively managed ETFs in addition to actively managed mutual funds; and (2) primarily invests its fixed income allocation in actively managed mutual funds and ETFs that in turn principally invest in municipal securities. clients preferring passive ALIGN Strategic Income with Growth (Diversified Yield) Portfolio. The ALIGN Strategic Income with Growth (Diversified Yield) Portfolio seeks to provide high current income and some growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in fixed income securities or equity securities. This Portfolio normally will have a higher underlying asset allocation to fixed income securities than equity securities. A material portion of this Portfolio will normally seek to provide diversified yield by investing in mutual funds that pursue that strategy. This may involve material exposure to high yield bonds, foreign (including emerging markets) fixed income securities, Non-Traditional Assets, REITs, MLPs, and derivative instruments. This Portfolio may also invest in other asset classes described above, including Alternative Investment Products and cash. This Portfolio has the same risk profile as an Income with Growth Portfolio. The ALIGN Strategic Portfolios also include certain ALIGN Elements Portfolios that are designed for certain specific client investment preferences, such as investment management or tax efficiency, and clients with smaller accounts. ALIGN Elements Portfolios do not invest in as many mutual funds or ETFs compared 91 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to other ALIGN Strategic Portfolios and are therefore comparatively less diversified. profile as the ALIGN Strategic Capital Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. The ALIGN Elements Portfolios are described below. same objective, that ALIGN Elements Capital Growth ETF Portfolio. The ALIGN Elements Capital Growth ETF Portfolio has the types of underlying investments, target allocations and risk profile as the ALIGN Elements Capital Growth Portfolio described above, except this Portfolio primarily invests in passively managed ETFs instead of actively man ALIGN Elements All Growth Portfolio. The ALIGN Elements All Growth Portfolio seeks to provide aggressive growth of capital. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds that in turn principally invest in equity securities. This Portfolio may also invest in other asset classes described above, including fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN Elements Capital Growth ETF (Tax Exempt) Portfolio. The ALIGN Elements Capital Growth (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Capital Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in passively managed ETFs that in turn principally invest in municipal securities. aged mutual funds. ALIGN Elements All Growth ETF Portfolio. The ALIGN Elements All Growth ETF Portfolio has the same objective, types of underlying investments, target allocations and risk profile as the ALIGN Elements All Growth Portfolio described above, except that this Portfolio primarily invests in passively managed ETFs instead of actively managed mutual funds. that ALIGN Elements ETF Capital Growth ESG Portfolio. The ALIGN Elements Capital Growth ESG Portfolio has the same objective, types of underlying investments, target allocations and risk profile as the ALIGN Elements Capital Growth Portfolio this Portfolio described above, except primarily invests in ETFs that incorporate ESG criteria into their investment process. ALIGN Elements ETF All Growth ESG Portfolio. The ALIGN Elements All Growth ESG Portfolio has the same objective, types of underlying investments, target allocations and risk profile as the ALIGN Elements All Growth Portfolio described above, except that this Portfolio primarily invests in ETFs that incorporate ESG criteria into their investment process. ALIGN Elements Growth with Income Portfolio. The ALIGN Elements Growth with Income Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. ALIGN Elements Capital Growth Portfolio. The ALIGN Elements Capital Growth Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. ALIGN Elements Growth with Income (Tax Exempt) Portfolio. The ALIGN Elements Growth with Income (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Growth with Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in ALIGN Elements Capital Growth (Tax Exempt) Portfolio. The ALIGN Elements Capital Growth (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk 92 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  actively managed mutual funds that in turn principally invest in municipal securities. actively managed mutual funds that in turn principally invest in municipal securities. ALIGN Elements Growth with Income ETF Portfolio. The ALIGN Elements Growth with Income ETF Portfolio has the same objective, types of underlying investments, target allocations and risk profile as the ALIGN Elements Growth with Income Portfolio described above, except that this Portfolio primarily invests in passively managed ETFs instead of actively managed mutual funds. ALIGN Elements Income with Growth ETF Portfolio. The ALIGN Elements Income with Growth ETF Portfolio has the same objective, types of underlying investments, target allocations and risk profile as the ALIGN Elements Income with Growth Portfolio described above, except that this Portfolio primarily invests in passively managed ETFs instead of actively managed mutual funds. underlying investments, underlying investments, ALIGN Elements Growth with Income ETF (Tax Exempt) Portfolio. The ALIGN Elements Growth with Income (Tax Exempt) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic Growth with Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in passively managed ETFs that in turn principally invest in municipal securities. ALIGN Elements Income with Growth ETF (Tax Exempt) Portfolio. The ALIGN Elements Income with Growth (Tax Exempt) Portfolio has the same objective, target allocations and risk profile as the ALIGN Strategic Income with Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in passively managed ETFs that in turn principally invest in municipal securities. ALIGN Elements ETF Growth with Income ESG Portfolio. The ALIGN Elements Growth with Income ESG Portfolio has the same objective, types of underlying investments, target allocations and risk profile as the ALIGN Elements Growth with Income Portfolio described above, except that this Portfolio primarily invests in ETFs that incorporate ESG criteria into their investment process. ALIGN Elements Conservative Income Portfolio. The ALIGN Elements Conservative Income Portfolio seeks to provide high current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in fixed income securities and equity securities. This Portfolio normally will have a significantly higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets and cash. This Portfolio has the same risk profile as a Conservative Income Portfolio. Income ALIGN Assets, Alternative ALIGN Elements Income with Growth Portfolio. The ALIGN Elements Income with Growth Portfolio seeks to provide high current income and some growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in fixed income securities or equity securities. This Portfolio normally will have a higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, including Non- Traditional Investment Products and cash. This Portfolio has the same risk profile as an Income with Growth Portfolio. (Tax ALIGN Elements Conservative Exempt) Elements The Portfolio. Conservative Income (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Conservative Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. ALIGN Elements Income with Growth (Tax Exempt) Portfolio. The ALIGN Elements Income with Growth (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Income with Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in ALIGN Elements Conservative Income ETF Portfolio. The ALIGN Elements Conservative Income ETF Portfolio has the same objective, types of underlying investments, target allocations and risk profile as the ALIGN Elements Conservative Income Portfolio described above, except that this 93 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio primarily invests in passively managed ETFs instead of actively managed mutual funds. Portfolio. ALIGN The Portfolio asset allocations and the funds included in the Program are evaluated on an ongoing basis, generally at least quarterly. Portfolios may be modified or rebalanced and funds may be removed or added as Baird determines is appropriate. BairdNext Portfolios Program ALIGN Elements Conservative Income ETF (Tax Exempt) Elements The Conservative Income (Tax Exempt) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN Strategic Conservative Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in passively managed ETFs that in turn principally invest in municipal securities. The BairdNext Portfolios Program offers model asset allocation portfolios that have different investment objectives and use different strategic investment strategies. Each BairdNext Portfolio provides for specific levels of investment (or allocation) across the asset classes described under the heading “Investment Strategies—Asset Allocation Strategies” above. The descriptions of the ALIGN Strategic Portfolios are current as of the date of this Brochure. However, Baird may change the objective, investments, target allocations or risk profile for any Portfolio at any time. Baird may also offer other model portfolios under the Program from time to time. An ALIGN Strategic Portfolio is subject to the risks associated with the Portfolio’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. The construction of the ALIGN Strategic Portfolios, including allocation and strategic decisions, and the selection of the mutual funds and ETFs for each Strategic Portfolio, are made by Baird’s ALIGN Oversight Committee. review Each BairdNext Portfolio generally uses mutual funds or ETPs, primarily ETFs, in order to implement the model asset allocation. Depending on the BairdNext Portfolio chosen, the BairdNext Portfolio may consist of mutual funds and ETFs that have various investment objectives and strategies, including but not limited to, the following: large cap, mid cap and small cap strategies (which may include value, growth or core strategies); short- term, intermediate-term and long-term fixed income strategies (which may include high yield corporate bond strategies); balanced strategies; international and global equity and fixed income focused strategies, strategies; market sector geographic area focused strategies; real estate strategies; commodities strategies; currency strategies; and Alternative Strategies. For additional information regarding the characteristics of the mutual funds and ETFs used in a BairdNext Portfolio, clients should contact their Baird Financial Advisor or the applicable prospectus. and remove funds invest Recommended The amount allocated to each asset class and type of investment varies by Portfolio. However, some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. While the BairdNext Portfolios may in Non-Traditional Assets and Alternative Investment Products, those Portfolios tend to have little or no allocation to those asset classes. Baird’s Asset Manager Research Department is primarily responsible for assisting with selecting and evaluating mutual funds and ETFs available in the ALIGN Strategic Portfolios Program. The process Baird uses for selecting and removing funds for the ALIGN Strategic Portfolios Program is substantially similar to the process Baird uses to select from Baird’s Recommended Mutual Fund List described under the heading “Portfolio Manager Selection and Investment Evaluation—Methods of Analysis, Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Methods of Analysis— Certain Lists—Baird’s Recommended Mutual Fund List” above. The ALIGN Strategic Portfolios Program may include funds included on Baird’s Recommended Mutual Fund List and funds affiliated with Baird. More specific information about how Baird develops its asset allocation strategies is contained under the heading “Investment Strategies—Asset Allocation Strategies” above. 94 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  The BairdNext Portfolios include mutual fund and ETF portfolio options. BairdNext mutual fund portfolios primarily consist of actively managed funds; and BairdNext ETF portfolios mutual primarily consist of passively managed ETFs. assets in mutual funds that in turn principally invest in equity securities. This Portfolio may also invest in other asset classes described above, including fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an All Growth Portfolio. Program BairdNext Capital Growth Portfolio. The BairdNext Capital Growth Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. The BairdNext offers Portfolios “environmental, social and governance” (“ESG”) portfolios, which focus investments in mutual funds and ETFs with investment managers that evaluate portfolio companies’ performance on various environmental, social and corporate governance criteria as part of the managers’ investment process. The particular environmental, social and governance criteria used by mutual funds and ETFs vary by mutual fund and ETF and are determined by the manager for the applicable mutual fund or ETF and not Baird. How each company performs with respect to those criteria is a matter of subjective judgement. It is possible managers could come to different conclusions about how a particular company performs with respect to the same environmental, social and governance criteria. including Non-Traditional BairdNext Growth with Income Portfolio. The BairdNext Growth with Income Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds that in turn principally invest in equity securities or fixed income securities. This Portfolio may also invest in other asset classes described Assets, above, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. Product allocations intended to Generally, under normal market conditions, the equity security allocation of each BairdNext Portfolio is designed to be global in nature and attempts to be diversified across countries, industry sectors and company capitalization sizes, with an objective to participate in the total return potential of the global stock markets. The fixed income allocation is also normally global in nature and diversified across credit quality and maturity. The Non-Traditional Asset and Alternative provide Investment diversification and are reduce correlation to U.S. stock and bond markets. BairdNext ETF All Growth Portfolio. The BairdNext ETF Growth Portfolio has the same objective, underlying investments, target allocations and risk profile as the BairdNext Growth Portfolio described above, except that this Portfolio invests in passively managed ETFs instead of actively managed mutual funds. underlying investments, The BairdNext Portfolios Program is designed for clients with smaller accounts and as such does not invest in as many mutual funds or ETFs compared to other Programs. Clients that are able to satisfy applicable account minimums for other Programs are encouraged to discuss with their Financial Advisor whether another Program may be a more appropriate choice for them. The BairdNext Portfolios are described below. BairdNext ETF All Growth Portfolio ESG. The BairdNext ESG Growth Portfolio has the same objective, target allocations and risk profile as the BairdNext Growth Portfolio described above, except that this Portfolio invests in passively managed ETFs that incorporate ESG criteria into their investment process instead of actively managed mutual funds. BairdNext All Growth Portfolio. The BairdNext Growth Portfolio seeks to provide aggressive growth of capital. Under normal market conditions, this Portfolio generally invests nearly all of its BairdNext ETF Capital Growth Portfolio. The BairdNext ETF Capital Growth Portfolio has the 95 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  BairdNext Portfolio may include funds included on Baird’s Recommended Mutual Fund List and funds and ETFs offered by managers affiliated with Baird. same objective, underlying investments, target allocations and risk profile as the BairdNext Capital Growth Portfolio described above, except that this Portfolio invests in passively managed ETFs instead of actively managed mutual funds. included The Portfolio asset allocations and the investment options in the BairdNext Portfolios Program are evaluated on an ongoing basis, generally at least quarterly. Baird Advisory Choice Program BairdNext ETF Capital Growth Portfolio ESG. The BairdNext ETF Capital Growth Portfolio ESG has the same objective, underlying investments, target allocations and risk profile as the BairdNext Capital Growth Portfolio described above, except that this Portfolio invests in passively managed ETFs that incorporate ESG criteria into their investment process instead of actively managed mutual funds. BairdNext ETF Growth with Income Portfolio. The BairdNext ETF Growth with Income Portfolio has the same objective, underlying investments, target allocations and risk profile as the BairdNext Growth with Income Portfolio described above, except that this Portfolio invests in passively managed ETFs instead of actively managed mutual funds. When recommending investment products to clients under the Baird Advisory Choice Program, Baird Financial Advisors may use the investment strategies described in the section “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Strategies” above. They may also use the model portfolios or recommended or eligible product lists made available by Baird’s Asset Manager Research Department or other Baird Departments, or they may use lists of investment products that Baird has generally deemed to be “available” for use in its advisory programs. For more information about Baird model portfolios, recommended lists and eligible product lists, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Methods of Analysis” above. Private Investment Management Program BairdNext ETF Growth with Income Portfolio ESG. The BairdNext ETF Growth with Income ESG Portfolio has the same objective, underlying investments, target allocations and risk profile as the BairdNext Growth with Income Portfolio described above, except that this Portfolio invests in passively managed ETFs that incorporate ESG criteria into their investment process instead of actively managed mutual funds. Under the PIM Program, a PIM Manager may use various investment strategies. A client’s particular investment strategy is typically determined by the client’s PIM Manager in consultation with the client. The descriptions of the BairdNext Portfolios are current as of the date of this Brochure. However, Baird may change the objective, investments, target allocations or risk profile for any Portfolio at any time. Baird may also offer other model portfolios under the Program from time to time. A BairdNext Portfolio is subject to the risks associated with the Portfolio’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. PIM Managers, as a group, utilize a wide variety of investment styles, philosophies, strategies and techniques, including the investment strategies described in the section “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Strategies” above. They may also use the model portfolios or recommended or eligible product lists made available by Baird’s Asset Manager Research Department or other Baird Departments, or they may use lists of investment products that Baird has generally deemed to be “available” for use in its advisory programs. For more information about Baird model portfolios, recommended lists and eligible product lists, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Methods of Analysis” above. The process Baird uses for selecting and removing funds and ETFs for the BairdNext Portfolios Program is substantially similar to the process Baird uses to select and remove mutual funds and ETFs in connection with the ALIGN Strategic Portfolio Program described under “ALIGN Programs—ALIGN Strategic Portfolios” above. A 96 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  The amount allocated to each asset class and type of investment varies by Strategy. However, some Strategies may have little or no allocation to one or more asset classes or types of investments described above. PIM Managers may use a wide variety of investment products to implement the client’s investment strategy, which investments are further described under “Services, Fees and Compensation—Additional Program Information— Permitted Investments” above. PIM Managers may also engage in certain strategies and use certain investments that involve special, sometimes risks. See “Services, Fees and significant, Compensation—Discretionary Programs—Private Investment Management Program” above for more information. Russell generally reviews A client should ask the client’s PIM Manager for additional information about the investment styles, philosophies, strategies, analyses, techniques and investments the PIM Manager will use in order to meet the client’s objectives. Russell Model Strategies Program organization, information management, Strategies—Asset The Russell Program offers model asset allocation portfolios that have different investment objectives and use different strategic and tactical investment strategies. Each Russell Strategy provides for specific levels of investment (or allocation) across the asset classes described under the heading “Investment Allocation Strategies” above. Russell performs a quantitative and qualitative assessment in the selection of money managers for the mutual funds and ETFs included in the Russell Strategies. The quantitative review generally includes a performance and investment profile analysis. the performance patterns of the money managers relative to historic market trends, comparing the manager’s performance to benchmarks and peer group performance statistics. Russell also may review the money manager’s performance in volatile markets for adherence to the money manager’s stated investment philosophy and relative performance in such markets. The qualitative review may include a review of the ownership, money manager’s leadership, experience, research and development efforts, investment process, stability of personnel, adherence to philosophy and risk management. Based on Russell’s quantitative and qualitative assessment, Russell establishes an overall opinion of the money manager. Each Russell Strategy allocates a portion of the client’s Account to a short term component, typically a money market mutual fund. This allocation is typically for the payment of fees and other charges. Russell determines the percent allocated to this short term component; however, Baird determines which short term investment product is used. This short term investment allocation may include investments in money market mutual funds affiliated with Baird. Each Russell Strategy generally uses mutual funds and ETFs in order to implement the model asset allocation. Depending on the Russell Strategy chosen, the Russell Strategy may consist of mutual funds and ETFs that have various investment objectives and strategies, including but not limited to, the following: large cap, mid cap and small cap strategies (which may include value, growth or core strategies); short-term, intermediate-term and long-term fixed income strategies (which may include high yield corporate bond strategies); balanced strategies; international and global equity and fixed income strategies; market sector focused strategies, geographic area focused strategies; real estate strategies; commodities strategies; currency strategies; and Alternative Strategies. Each Russell Strategy will typically invest exclusively or significantly in mutual funds offered by Russell Funds. For additional information regarding the characteristics of the mutual funds and ETFs used in a Russell Strategy, clients should contact their Baird Financial Advisor or review the applicable prospectus. The Russell Program offers a number of investment strategies through four primary asset allocation models: core models (“Russell Core Models”), tax- managed models (“Russell Tax-Managed Models”), hybrid Models (“Russell Hybrid Models”), and income models (“Russell Income Models”). Russell Core Model Strategies and Russell Tax-Managed Model Strategies primarily consist of actively managed mutual funds; and Russell Hybrid Model and Income Model Strategies primarily consist of both actively managed mutual funds and passive ETFs. 97 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Russell Core Model Strategies The Russell Core Model Strategies offer model portfolios that have different investment objectives and use different strategic investment strategies. Assets, Alternative securities, equity securities. This Strategy normally will have a significantly higher underlying asset allocation to fixed income securities than equity securities. This Portfolio will also invest in other asset classes described above, including Non- Traditional Investment Products and cash. Generally, under normal market conditions, the Russell Core Model Strategies are designed to be globally diversified and offer exposure to mix of asset classes and investment styles. The Russell Core Model Strategies are described below. Russell Conservative Strategy. The Russell Conservative Strategy seeks to provide low long- term capital appreciation and high current income. Under normal market conditions, this Strategy generally invests nearly all of its assets in mutual funds that in turn principally invest in fixed income securities. This Portfolio will also invest in other asset classes described above, including equity securities, Non-Traditional Assets, Alternative Investment Products and cash. Russell Tax-Managed Model Strategies Assets, Alternative Russell Equity Growth Strategy. The Russell Equity Growth Strategy seeks to provide high long-term capital appreciation. Under normal market conditions, this Strategy generally invests nearly all of its assets in mutual funds that in turn principally invest in equity securities. This Portfolio will also invest in other asset classes described above, including fixed income securities, Non- Investment Traditional Products and cash. The Russell Tax-Managed Models also seek to improve after-tax returns by investing in actively managed mutual funds that place a higher priority on managing tax liability, such as mutual funds that consider shareholder tax consequences when buying and selling portfolio securities or that invest in tax-exempt securities. Russell Growth Strategy. The Russell Growth Strategy seeks to provide high long-term capital appreciation and low current income. Under normal market conditions, this Strategy generally invests nearly all of its assets in mutual funds that in turn principally invest in equity securities, fixed income securities. This Strategy normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This Portfolio will also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. The Russell Tax-Managed Model Strategies generally include: (1) a Tax-Managed Equity Growth Strategy; (2) a Tax-Managed Growth Strategy; (3) a Tax-Managed Balanced Strategy; (4) a Tax-Managed Moderate Strategy; and (5) a Tax-Managed Conservative Strategy. Each Russell Tax-Managed Model Strategy generally has the same objective and target asset allocations as its counterpart Russell Core Model Strategy discussed above, except that Russell Tax-Managed Models will seek to achieve their objectives by investing in actively managed mutual funds that place a higher priority on managing tax liability as described above. Russell Hybrid Model Strategies Russell Balanced Strategy. The Russell Balanced Strategy seeks to provide above average capital appreciation and moderate current income. Under normal market conditions, this Strategy generally invests nearly all of its assets in mutual funds that in turn principally invest in equity securities, fixed income securities. This Portfolio will also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. Russell Moderate Strategy. The Russell Moderate Strategy seeks to provide moderate long-term capital appreciation and high current income. Under normal market conditions, this Strategy generally invests nearly all of its assets in mutual funds that in turn principally invest in fixed income The Russell Hybrid Model Strategies are designed to balance an investor’s preference for active management and the investor’s aversion to the risk of relative underperformance associated with active management. The Russell Hybrid Model Strategies invest in a mix of actively managed mutual funds, multi-factor mutual funds that focus on certain investment characteristics (also known as factors), such as value, quality, momentum or low volatility, and passively managed ETFs. The 98 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments if Baird determines such action to be necessary and in the client’s best interest. Russell Hybrid Model Strategies will likely engage in short- and intermediate-term tactical trading that will cause the Strategy’s actual asset allocation to differ from the Strategy’s long-term strategic target asset allocation from time to time. regarding Clients should contact their Baird Financial Advisor with any questions the Russell Strategies. UMA Programs Strategies—Asset The UMA Programs offer model asset allocation portfolios that have varying investment objectives and strategies. Each UMA Portfolio provides for specific levels of investment (or allocation) across the asset classes described under the heading “Investment Allocation Strategies” above. The Russell Hybrid Model Strategies generally include: (1) a Hybrid Equity Growth Strategy; (2) a Hybrid Growth Strategy; (3) a Hybrid Balanced Strategy; (4) a Hybrid Moderate Strategy; and (5) a Hybrid Conservative Strategy. Each Russell Hybrid Model Strategy generally has the same objective and target asset allocations as its counterpart Russell Core Model Strategy discussed above, except that Hybrid Model Strategies will seek to achieve their objectives by investing in a mix of actively managed mutual funds, multi-factor mutual funds and passively managed ETFs as described above. Russell Income Model Strategies The Russell Income Models have a dynamic, yield- oriented income approach to investing. The Income Model Strategies invest in a mix of actively managed mutual funds and passively managed ETFs. Russell Conservative Income Strategy. The Russell Conservative Income Strategy is designed to seek current income over a long-term time horizon. It is intended to be a core part of an income-seeking portfolio. intended to be a complete Each UMA Portfolio may use mutual funds, ETPs, primarily ETFs, and SMA Strategies, and with respect to the UAS Program, PWM-Managed Portfolios, in order to implement the model asset allocation. Depending on the UMA Portfolio chosen, the UMA Portfolio may consist of mutual funds, ETFs, SMAs and PWM-Managed Portfolios that have various investment objectives and strategies, including but not limited to, the following: large cap, mid cap and small cap strategies (which may include value, growth or core strategies); ultra- short term, short-term, intermediate-term and long-term fixed income strategies (which may include high yield corporate bond strategies); international and global balanced strategies; equity and fixed income strategies; market sector focused strategies, geographic area focused strategies; real estate strategies; commodities strategies; currency strategies; and Alternative Strategies. For additional information regarding the characteristics of the mutual funds and ETPs used in a UMA Portfolio, clients should contact their Baird Financial Advisor or review the applicable prospectus. Russell Balanced Income Strategy. The Russell Balanced Income Strategy is designed to meet more aggressive current income needs and has a higher potential for capital depreciation compared to the Russell Conservative Income Strategy. It is not investment program, but rather it is intended to be a compliment to other income sources. The UMA Programs may offer investment in the following sleeves of mutual funds used in the ALIGN Strategic Portfolios Program (the “ALIGN Strategic Sleeves”): Under normal market conditions, the Russell Income Models will invest in mutual funds and ETFs that invest in a mix of equity securities, fixed income Assets, securities, Non-Traditional Alternative Investment Products and cash. • ALIGN Large Cap Growth Sleeve, which seeks to provide consistent exposure to larger companies that have above-market growth rates; Implementation by Baird typically implement • ALIGN Large Cap Value Sleeve, which seeks to provide consistent exposure to larger companies that are trading at below-market valuations, on average; Baird will the Russell Strategies as they are proposed by Russell. However, since Baird has discretionary authority, Baird may implement a Russell Strategy differently than proposed by Russell or may sell the client’s 99 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  • ALIGN Mid Cap Sleeve, which seeks to provide to medium-sized exposure consistent companies; The amount allocated to each asset class and type of investment varies by Portfolio. However, some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. • ALIGN Small Cap Sleeve, which seeks to provide consistent exposure to smaller-sized companies; More specific information about how Baird develops its asset allocation strategies is contained under the heading “Investment Strategies—Asset Allocation Strategies” above. • ALIGN International Equity Sleeve, which seeks to provide consistent exposure to non-U.S. companies; • ALIGN Satellite Sleeve, which seeks to provide exposure to asset classes that are not commonly owned in many investors' portfolios, including emerging markets securities, commodities, real estate, high yield bonds and other Non- Traditional Assets; Some UMA Portfolios have a risk profile designation of (1) All Growth Portfolio, (2) Capital Growth Portfolio, (3) Growth with Income Portfolio, (4) Income with Growth Portfolio, (5) Conservative Income Portfolio, or (6) Capital Preservation Portfolio, which are described under “Principal Risks—Risk Information for ALIGN, PIM, and UMA Program Accounts and Other Accounts Following Asset Allocation Strategies” below. ALIGN UMA Select Portfolios • ALIGN Absolute Return Sleeve, which seeks to provide diversification to a traditional stock and bond allocation by investing in Alternative Strategies; • ALIGN Diversified Yield Sleeve, which seeks to provide exposure to a wide range of income- producing securities, including various equity investments such as dividend-paying stocks, MLPs, and REITs, as well as various fixed income instruments; The ALIGN UMA Select Portfolios Program offers model portfolios that have different investment objectives and use different investment strategies. The ALIGN UMA Select Portfolios Program generally accommodates both taxable and tax-exempt accounts of clients with differing investment objectives and risk tolerances. • ALIGN Short-Term Taxable Fixed Income Sleeve, which seeks to provide consistent exposure to fixed income securities that have shorter maturities, typically less than five years; • ALIGN Short-Term Tax Exempt Fixed Income Sleeve, which seeks to provide consistent exposure to municipal or other tax exempt fixed income securities that have shorter maturities, typically less than five years; Product allocations intended to Generally, under normal market conditions, the equity security allocation of each ALIGN UMA Select Portfolio is designed to be global in nature and attempts to be diversified across countries, industry sectors and company capitalization sizes, with an objective to participate in the total return potential of the global stock markets. The fixed income allocation is also normally global in nature and diversified across credit quality and maturity. The Non-Traditional Asset and Alternative provide Investment diversification and are reduce correlation to U.S. stock and bond markets. • ALIGN Intermediate Taxable Fixed Income Sleeve, which seeks to provide consistent exposure to a broad range of fixed income securities that under normal market conditions on average will have intermediate term durations and maturities; and performance on Certain strategies offered under the ALIGN UMA Select Portfolios Program are “environmental, social and governance” (“ESG”) portfolios, which focus investments in mutual funds, ETFs and SMAs with investment managers that evaluate portfolio companies’ various environmental, social and corporate governance criteria as part of the managers’ investment process. The particular environmental, social and governance criteria used by mutual funds and ETFs • ALIGN Intermediate Tax Exempt Fixed Income Sleeve, which seeks to provide consistent exposure to a broad range of municipal or other tax exempt fixed income securities that under normal market conditions on average will have intermediate term durations and maturities. 100 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities, Non-Traditional Assets, income Alternative Investment Products and cash. However, it tends to have little or no allocation to those asset classes, except for cash. This Portfolio has the same risk profile as an All Growth Portfolio. vary by mutual fund and ETF and are determined by the manager for the applicable mutual fund or ETF and not by Baird. How each company performs with respect to those criteria is a matter of subjective judgement. It is possible managers could come to different conclusions about how a particular company performs with respect to the same environmental, social and governance criteria. The ALIGN UMA Select Portfolios are described below. ALIGN UMA Select Traditional Equity Portfolio. The ALIGN UMA Select Traditional Equity Portfolio seeks to provide growth of capital, with some consideration for volatility. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities. While this Portfolio may invest in companies across all market capitalizations, the equity securities portion of this Portfolio tends to emphasize mid cap and large cap companies. This Portfolio may also invest in other asset classes described above, including fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. However, it tends to have little or no allocation to those asset classes, except for cash. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN UMA Select All Growth Portfolio. The ALIGN UMA Select All Growth Portfolio seeks to provide aggressive growth of capital. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities. This Portfolio may also invest in other asset classes described above, including fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as an All Growth Portfolio. in companies across ALIGN UMA Select ESG Equity. The ALIGN UMA Select ESG Equity Portfolio seeks to provide growth of capital, with some consideration for volatility. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities and that have investment managers that that incorporate ESG criteria into their investment process. While this Portfolio may invest all market capitalizations, the equity securities portion of this Portfolio tends to emphasize mid cap and large cap companies. This Portfolio may also invest in other asset classes described above, including fixed Assets, securities, Non-Traditional income Alternative Investment Products and cash. However, it tends to have little or no allocation to those asset classes, except for cash. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN UMA Select Conservative Equity Portfolio. The ALIGN UMA Select Conservative Equity Portfolio seeks to provide growth of capital, with great consideration for volatility. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities. While this Portfolio may invest in companies across all market capitalizations and geographic locations, the equity securities portion of this Portfolio tends to emphasize mid cap and large cap companies and the foreign equity securities portion of this Portfolio tends to emphasize developed market companies. This Portfolio may also invest in other asset classes described above, including fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. However, it tends to have little or no allocation to those asset classes, except for cash. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN UMA Select Opportunistic Equity Portfolio. The ALIGN UMA Select Opportunistic Equity Portfolio seeks to provide growth of capital, with limited consideration for volatility. Under normal market conditions, this Portfolio generally invests nearly all of its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities. This Portfolio may also invest in other asset classes described above, including fixed ALIGN UMA Select Capital Growth Portfolio. The ALIGN UMA Select Capital Growth Portfolio seeks to provide growth of capital. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities or fixed income securities. This Portfolio normally will have a significantly higher underlying asset allocation to equity securities than fixed income securities. This 101 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Products and cash. This Portfolio has the same risk profile as an Income with Growth Portfolio. Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Capital Growth Portfolio. investments, ALIGN UMA Select Income with Growth (Municipal) Portfolio. The ALIGN UMA Select Income with the same Growth (Municipal) Portfolio has objective, target underlying allocations and risk profile as the ALIGN UMA Select Income with Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. in turn principally invest ALIGN UMA Select Capital Growth (Municipal) Portfolio. The ALIGN UMA Select Capital Growth (Municipal) Portfolio has the same objective, underlying investments, target allocations and risk profile as the ALIGN UMA Select Capital Growth Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds, ETPs and SMAs that in municipal securities. such as included on Baird Research Equity Portfolio. The Baird Research Equity Portfolio seeks to provide aggressive growth of capital. The Baird Research Equity portfolio provides a globally-diversified allocation to equity securities by investing in stocks included in the Baird Recommended Portfolio, which is then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve and the ALIGN International Equity Sleeve. The Portfolio may also include other investments deemed appropriate by Baird, the funds Recommended Mutual Fund List. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN UMA Select Growth with Income Portfolio. The ALIGN UMA Select Growth with Income Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds, ETFs and SMAs that in turn principally invest in equity securities or fixed income securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment Products and cash. This Portfolio has the same risk profile as a Growth with Income Portfolio. investments, ALIGN UMA Select Growth with Income (Municipal) Portfolio. The ALIGN UMA Select Growth with the same Income (Municipal) Portfolio has objective, target underlying allocations and risk profile as the ALIGN UMA Select Growth with Income Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in actively managed mutual funds that in turn principally invest in municipal securities. Baird Research Income Portfolio. The Baird Research Income Portfolio seeks to provide income while outperforming the MSCI ACWI index on a risk-adjusted basis over full market cycles. The Baird Research Income Portfolio provides a solution for certain income-oriented investors seeking to benefit from broader diversification. The Portfolio invests in stocks included in Baird’s Rising Dividend Portfolio, which is then complimented by investing in the ALIGN Diversified Yield Sleeve and mutual funds included on the Baird Recommended Mutual Fund List for exposure to non-US dividend stocks and high yield fixed income. This Portfolio has the same risk profile as an All Growth Portfolio. ALIGN UMA Select Income with Growth Portfolio. The ALIGN UMA Select Income with Growth Portfolio seeks to provide current income and some growth. Under normal market conditions, this Portfolio primarily invests its assets in mutual funds, ETFs and SMAs that in turn principally invest in fixed income securities or equity securities. This Portfolio normally will have a higher underlying asset allocation to fixed income securities than equity securities. This Portfolio may also invest in other asset classes described above, including Non-Traditional Assets, Alternative Investment included Baird Research Capital Growth (Taxable) Portfolio. The Baird Research Capital Growth (Taxable) Portfolio seeks to provide growth of capital. Under normal market conditions, the Baird Research Capital Growth (Taxable) Portfolio provides a globally-diversified asset allocation with a target allocation of 80% to equity securities and 20% to fixed income securities. The Portfolio invests in stocks in the Baird Recommended Portfolio, which is then complimented by investing 102 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Income Sleeve, and ALIGN Taxable Fixed Intermediate Taxable Fixed Income Sleeve. The Portfolio may also include other investments deemed appropriate by Baird, such as funds included on the Recommended Mutual Fund List. This Portfolio has the same risk profile as a Capital Growth Portfolio. in stocks included in Portfolio, which is funds included on in stocks included in Portfolio, which is Baird Research Growth with Income (Tax-Exempt) Portfolio. The Baird Research Growth with Income (Tax-Exempt) Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, the Baird Research Growth with Income (Tax-Exempt) Portfolio provides a globally-diversified asset allocation with a target allocation of 60% to equity securities and 40% to fixed income securities. The Portfolio the Baird invests Recommended then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Tax-Exempt Fixed Income Sleeve, and ALIGN Intermediate Tax- Exempt Fixed Income Sleeve. The Portfolio may also include other investments deemed appropriate by Baird, such as the Recommended Mutual Fund List. This Portfolio has the same risk profile as a Growth with Income Portfolio. funds included on Baird Research Capital Growth (Tax-Exempt) Portfolio. The Baird Research Capital Growth (Tax- Exempt) Portfolio seeks to provide growth of capital. Under normal market conditions, the Baird Research Capital Growth (Tax-Exempt) Portfolio provides a globally-diversified asset allocation with a target allocation of 80% to equity securities and 20% to fixed income securities. The Portfolio the Baird invests Recommended then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Tax-Exempt Fixed Income Sleeve, and ALIGN Intermediate Tax- Exempt Fixed Income Sleeve. The Portfolio may also include other investments deemed appropriate by Baird, such as the Recommended Mutual Fund List. This Portfolio has the same risk profile as a Capital Growth Portfolio. such as included on included Baird Research Income with Growth (Taxable) Portfolio. The Baird Research Income with Growth (Taxable) Portfolio seeks to provide high current income and some growth of capital. Under normal market conditions, the Baird Research Income with Growth (Taxable) Portfolio provides a globally- diversified asset allocation with a target allocation of 40% to equity securities and 60% to fixed income securities. The Portfolio invests in stocks included in the Baird Recommended Portfolio, which is then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Taxable Fixed Income Sleeve, and ALIGN Intermediate Taxable Fixed Income Sleeve. The Portfolio may also include other investments deemed appropriate by Baird, the funds Recommended Mutual Fund List. This Portfolio has the same risk profile as an Income with Growth Portfolio. Baird Research Growth with Income (Taxable) Portfolio. The Baird Research Growth with Income (Taxable) Portfolio seeks to provide moderate growth of capital and some current income. Under normal market conditions, the Baird Research Growth with Income (Taxable) Portfolio provides a globally-diversified asset allocation with a target allocation of 60% to equity securities and 40% to fixed income securities. The Portfolio invests in stocks in the Baird Recommended Portfolio, which is then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Taxable Fixed Income Sleeve, and ALIGN Intermediate Taxable Fixed Income Sleeve. The Portfolio may also include other investments deemed appropriate by Baird, such as funds included on the Recommended Mutual Fund List. This Portfolio has the same risk profile as a Growth with Income Portfolio. Baird Research Income with Growth (Tax-Exempt) Portfolio. The Baird Research Income with Growth (Tax-Exempt) Portfolio seeks to provide high current income and some growth of capital. Under normal market conditions, the Baird Research Income with Growth (Tax-Exempt) Portfolio provides a globally-diversified asset allocation with a target allocation of 40% to equity securities and 60% to fixed income securities. The Portfolio the Baird invests in stocks included in 103 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio, which is Certain mutual funds, ETPs, SMA Strategies and PWM-Managed Portfolios are available to clients to pursue an investment objective or implement a customized asset allocation strategy. funds included on Recommended then complimented by investing in sleeves of mutual funds used in the ALIGN Mid Cap Sleeve, ALIGN Small Cap Sleeve, the ALIGN International Equity Sleeve, ALIGN Short-Term Tax-Exempt Fixed Income Sleeve, and ALIGN Intermediate Tax- Exempt Fixed Income Sleeve. The Portfolio may also include other investments deemed appropriate the by Baird, such as Recommended Mutual Fund List. This Portfolio has the same risk profile as an Income with Growth Portfolio. and Mutual Funds and ETPs. The UAS Portfolios Program makes available two categories of mutual funds and ETPs: (1) UMA Recommended Funds and (2) UAS Available Funds. The process Baird uses for selecting and removing mutual funds and ETPs under the UAS Portfolios Program is described under the heading “Portfolio Manager Selection and Evaluation—UMA Evaluation—Selection Programs” above. The descriptions of the ALIGN UMA Select Portfolios are current as of the date of this Brochure. However, Baird may change the objective, investments, target allocations or risk profile for any Portfolio at any time. Baird may also offer other model portfolios under the Program from time to time. and SMA Strategies. The UAS Portfolios Program makes available two categories of SMA Strategies: (1) UMA Recommended SMA Strategies; and (2) UAS Available SMA Strategies. The process Baird uses for selecting and removing SMA Strategies under the UAS Portfolios Program is described under the “Portfolio Manager Selection and heading Evaluation—Selection Evaluation—UMA Programs” above. An ALIGN UMA Select Portfolio is subject to the risks associated with the Portfolio’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. PWM-Managed Portfolios. The PWM-Managed Portfolios made available under the UAS Portfolios Program include the following: • The ALIGN Strategic Sleeves; The ALIGN UMA Select Portfolios Program makes available certain UMA Recommended Funds and certain UMA Recommended SMA Strategies. The process Baird uses for selecting and removing UMA Recommended Funds and UMA Recommended SMA Strategies under the ALIGN UMA Select Portfolio Program is described under the heading “Portfolio Manager Selection and Evaluation— Selection and Evaluation—UMA Programs” above. • the Baird Recommended Portfolio, Baird Rising Dividend Portfolio, and AQA Portfolios described under the heading “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis—Certain PWM-Managed Portfolios” above; and An ALIGN UMA Select Portfolio may include funds included on Baird’s Recommended Mutual Fund List and products and SMA Strategies offered by Baird and managers affiliated with Baird. • certain ALIGN Elements Portfolios and ALIGN Strategic Portfolios described under the heading “ALIGN Programs” above. The Portfolio asset allocations and the investment options included in the ALIGN UMA Select Program are evaluated on an ongoing basis, generally at least quarterly. Unified Advisory Select Portfolios The descriptions of the PWM-Managed Portfolios are current as of the date of this Brochure. However, Baird may change the objective, investments or target allocations for any PWM- Managed Portfolio at any time. Baird may also offer other PWM-Managed Portfolios under the Program from time to time. Discretionary Management by UAS Managers. If a client has selected the discretionary management option of the UAS Program, the Financial Advisor, UAS Portfolios involve the use of various different investment strategies because they are customized for each client. A client’s particular investment strategy is typically determined by the client in consultation with the client’s Financial Advisor. 104 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  be subject to certain risks, including, but not limited to the risks described below. The risks discussed below vary by Program, investment style or strategy, and the investments in the client’s Account, and each risk may or may not apply to a client. Clients should not pursue a strategy or invest in an investment product unless they are prepared to accept the associated risks. Clients are encouraged to discuss with their Financial Advisor the risks that apply to them. A client should also review the prospectus or other disclosure document for any security or other investment product in which the client invests, as it will contain important information about the risks associated with investing in such security or other investment product. General Risk Information include the Strategies—Asset General risks of the Programs following: acting as UAS Manager, will manage the client’s Account in accordance with the UAS Portfolio strategy selected by client. UAS Managers, as a group, utilize a wide variety of investment styles, philosophies, strategies and techniques, including the investment strategies described in the section “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies” above. To implement a client’s UAS Portfolio strategy, UAS Managers may use any of the mutual funds, ETPs, SMA Strategies and PWM-Managed Portfolios made available by Baird for use in the Program. UAS Portfolio strategies will have one of the following investment objectives: (1) All Growth Portfolio, (2) Capital Growth Portfolio, (3) Growth with Income Portfolio, (4) Income with Growth Portfolio, (5) Conservative Income Portfolio, or (6) Capital Preservation Portfolio, which are described under “Investment Allocation Strategies” above. A client should ask the client’s Financial Advisor for additional information about the investment styles, philosophies, strategies, analyses and techniques the Financial Advisor will use in order to meet the client’s objectives. Market Risks. A client’s Account may change in value due to overall market fluctuations. General economic conditions, political developments, international events and other factors may cause the overall market to decline, which in turn may reduce the value of the client’s Account regardless of the relative strength of the securities held in the Account. Securities prices often vary for reasons unrelated to matters directly affecting the issuers of the securities. A UAS Portfolio is subject to the risks associated with the Portfolio’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. Principal Risks Management and Securities Selection Risks. A client’s Account may fluctuate in value differently than, or in the opposite direction as, the overall market or applicable benchmark because of the selection of individual securities for the Account. The judgments made by the persons managing client accounts about the attractiveness, value and potential appreciation of particular securities may prove to be incorrect. For example, while the stock markets may experience increases in value, the client’s Account may experience a decline in value due to the underperformance of the stocks selected for investment in the client’s Account. value may fluctuate, Risk is inherent in any investment product and Baird does not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved, and a client could lose all or a portion of the amount invested. The management of client accounts and recommendations made to clients are based in part upon the use of forward-looking projections, which in turn are based upon certain assumptions about how markets will perform in the future. There can be no guarantee that markets will perform in the manner assumed and the actual performance of markets and a client’s Account could differ materially from those assumptions. Also, a client’s Account sometimes dramatically, depending upon the nature of the client’s investments, market conditions and other factors. By participating in a Program, a client may Investment Objective and Asset Allocation Risks. A client’s investment objective and asset allocation strategies involve the risk that certain asset classes selected for the client’s Account may not perform as well as other asset classes during varying periods. In addition, clients who pursue more aggressive investment objectives and asset allocation strategies, while hoping to achieve high 105 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors. returns, may face greater risk of loss than clients with more conservative objectives and strategies. In developing investment objectives and asset allocation strategies, clients should carefully consider their financial situation and needs, investment goals, investment time horizon and risk tolerance. A client should inform the client’s Financial Advisor of these considerations so the Financial Advisor can assist in determining the client’s investment objectives and asset allocation strategies. Fixed Income Security Risks. Fixed income securities are subject to certain risks, including interest rate risk, credit risk and liquidity risk. In addition, they are subject to maturity risk. Generally, the longer a bond’s maturity, the greater the interest rate risk and the higher its yield. Conversely, the shorter a bond’s maturity, the lower the interest rate risk and the lower its yield. Non-rated, split-rated, below investment grade, and asset-backed securities, including mortgage-backed securities and CMOs, have additional, special risks. Conflicts of Interest Risks. Issuers, advisors or other sponsors of investment products or their affiliates may engage in business practices that conflict with the interests of investors. Among other things, these business practices can have a negative impact on the market price of the investment product. Clients are encouraged to review the prospectus or other disclosure document for the investment product and also discuss with their Financial Advisor the conflicts of interest risks that may apply to them. Stock Market Risks. Equity security prices vary and may fall, thus reducing the value of a client’s investments. Certain stocks selected for a client’s Account may decline in value more than the overall stock market. Interest Rate Risk. The value of some investment products, particularly fixed income securities, is affected significantly by changes in interest rates. Generally, when interest rates rise, the product’s market value declines and when interest rates decline, its market value rises. In addition, a rise in interest rates may have a negative impact on the issuer, which, in turn, could have a negative impact on the market value of the investment product. Equity Securities Risks. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets in general, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. Common Stock Risks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are factors based on various and unpredictable including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. Holders of common Credit Risk. The value of some investment products, particularly fixed income securities, is affected by changes in the product’s credit quality rating or the issuer’s financial condition. If the credit quality rating or the issuer’s financial condition declines, so may the value of the investment product. Issuers may experience unanticipated financial problems and may be unable to meet its payment obligations. Municipal obligations in particular may be adversely affected by political and economic conditions and developments (for example, legislation reducing state aid to local governments.) Bonds receiving the lowest investment grade rating or a non- investment grade rating may have speculative characteristics and, compared to higher grade debt obligations, may have a weakened capacity to make principal and interest payments due to changes in economic conditions or other adverse circumstances. Ratings agencies such as Moody’s, Fitch and S&P provide ratings on bonds based on their analyses of information they deem relevant. Ratings are essentially opinions or judgments of 106 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments denominated in the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and/or repay principal and an agency’s decision to downgrade a security. less liquid financial financial there confiscatory in the U.S. dollar’s value versus other currencies may enhance, erode, reverse gains or widen losses from foreign currencies. For instance, foreign governments may limit or prevent investors from transferring their capital out of a country. This may affect the value of a client’s investment in the country that adopts such currency controls. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing the credit risk of such debt. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and reporting standards comparable to those applicable to domestic companies. With respect to certain is a possibility of foreign countries, expropriation or taxation, or diplomatic developments, which could affect investment in those countries. Capitalization Size Risks. A client may be invested in small and mid cap stocks, which are often more volatile and than investments in larger companies. The frequency and volume of trading in securities of such companies may be substantially less than is typical of larger companies. Therefore, the securities of such companies may be subject to greater and more abrupt price fluctuations. In addition, small- and mid-size companies may lack the management resources and product experience, diversification of larger companies, making them more susceptible to market pressures and business failure. Investments Emerging Markets Risks. in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development, political stability, market depth, infrastructure, capitalization, and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Growth and Value Investment Style Risks. Investment styles or strategies that focus on growth stocks may perform better or worse than styles or strategies that focus on value stocks or that are broader or more diversified. Similarly, investment styles or strategies that focus on value stocks may perform better or worse than styles or strategies that focus on growth stocks or that are broader or more diversified. A particular style of investing may go out of favor at times and for extended periods. Growth stocks are often characterized by high price-to-earnings ratios and may be more volatile than stocks with lower price- to-earnings ratios. Value stocks are subject to the risk that the broader market may not agree with the manager’s assessment of, or recognize, the investments’ intrinsic value. foreign ESG Considerations Risk. Consideration of ESG factors in the investment process may cause an advisor or manager to forgo opportunities to recommend or invest in certain companies or to gain exposure to certain industries or regions. Therefore, there is a risk that, under certain market conditions, an Account pursuing strategies that consider ESG factors may underperform accounts that do not consider such factors. There are not universally accepted ESG factors and advisors and managers typically consider them in their discretion. Foreign Issuer and Investment Risks. Securities of issuers, ADRs, Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”), and investments in foreign markets generally, are subject to certain inherent risks, such as political or economic instability of the country of issue, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. Such securities may also be subject to greater fluctuations in price than securities of domestic corporations. Investors in foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations Cybersecurity Risks. With the increased use of technologies such as the Internet to conduct business, issuers of investments are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber 107 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  above, no assurance can be given that it will always do so. corrupting data, or falling. Since interest Municipal Securities Risks. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. Municipal securities may also decrease in value during times when tax rates are income on municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, such interest income. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the liquidity, marketability and supply and demand for municipal securities, which would in turn affect Baird’s ability to acquire and dispose of municipal securities at desirable yield and price levels. Investment in tax-exempt debt obligations poses additional risks. In many cases, the IRS has not ruled on whether the interest received on a tax-exempt obligation is tax-exempt, and accordingly, purchases of these municipal securities are based on the opinion of bond counsel to the issuers at the time of issuance. Thus, there is a risk that interest may be taxable on a municipal security that is otherwise expected to produce tax- exempt interest. attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting issuers or their service providers have the ability to cause impact business operations, disruptions and potentially resulting in financial losses, interference with the ability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While issuers and other parties may establish business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. As a result, client accounts and investments could be negatively impacted. and/or repurchase supported only by Government Obligation Risks. Client assets may be invested in securities issued, sponsored or guaranteed by the U.S. Government, its agencies and instrumentalities. However, no assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored agencies or instrumentalities where it is not obligated to do so by law. For instance, securities issued by the Government National Mortgage Association (“Ginnie Mae”) are supported by the full faith and credit of the United States. Securities issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) have the historically been discretionary authority of the U.S. Government. While the U.S. Government provides financial support to various U.S. Government-sponsored agencies and instrumentalities, such as those listed Money Market Fund Risks. A money market fund is a type of mutual fund that generally invests in short-term debt instruments. Many investors use money market funds to store cash. There are three primary types of money market funds: (1) government money market funds (funds that invest nearly all assets in cash, government agreements securities, collateralized by cash or government securities); (2) retail money market funds (funds that have policies and procedures reasonably designed to limit beneficial ownership to natural persons); and (3) institutional money market funds (funds that permit beneficial ownership by institutions and natural persons). The rules governing money market funds vary based on the type of money market fund. Government and retail money market funds generally try to keep their net asset value (NAV) at a stable $1.00 per share using special pricing and valuation conventions. Institutional money market funds are required to calculate their NAV in a manner such that the NAV will vary based upon the market value of assets and liabilities of 108 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fund value per share fall. reduction in dealer inventories may lead to decreased liquidity and increased volatility in the fixed income markets. In the event the client directs Baird to liquidate an illiquid investment, the client should understand that Baird may have difficulty finding a buyer in the market for such investment and such investment may be held in the Account for a period of time while Baird attempts to satisfy the client’s liquidation request. to the an investment the fund (also known as a “floating NAV”). An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although some money market funds seek to preserve the value of an investment at $1.00 per share, there can be no assurance that will occur, and it is possible to lose money should the In some circumstances, money market funds may be forced to cease operations when the value of a fund drops. In that event, the fund's holdings may be liquidated and distributed fund's shareholders. This liquidation process could take time to complete. During that time, the amounts a client has invested in the money market fund would not be available for purchases or withdrawals. In addition, retail and institutional money market funds are required to impose redemption fees (also known as liquidity fees) and suspend redemptions (also known as redemption gates) in certain circumstances. Government money market funds may also impose redemption fees and suspend redemptions in those same circumstances. More specific information about how a money market fund calculates its NAV and the circumstances under which it will impose a redemption fee or suspend redemptions is set forth in the prospectus for that money market fund. by the that were not predicted by effect on can be no assurance that Quantitative Strategy Risks. Some investment managers may employ quantitative investment methodologies or processes to make investment decisions. The success of the quantitative investment methodologies and processes used by investment managers depends on the analyses and assessments that were used in developing such methodologies and processes, as well as on the accuracy and reliability of models and data provided by third parties. Incorrect analyses and assessments or inaccurate or incomplete models and data would adversely affect performance. Additionally, manager’s methodologies and processes are predictive in nature, based on historical outcomes and trends. Certain low-probability events or factors that are assigned little weight may occur or prove to be more likely or may have more relevance than expected, for short or extended periods of time, the portfolios which may adversely affect investment manager’s generated quantitative methodologies and processes. It is also possible that prices of securities may move in directions the investment manager’s quantitative methodologies and processes or may fail to move as much as predicted, for reasons that were not expected. There these methodologies will enable a client to achieve the client’s objective. Illiquid Securities and Liquidity Risks. Liquidity risk is the risk that certain investments may be difficult or impossible to sell at the time and price that a client would like to sell. Clients may have to lower the price, sell other investments or forego an investment opportunity, any of which may have a the management or negative performance of client accounts. The liquidity of a particular investment depends on the strength of demand for the investment, which is generally related to the willingness of broker-dealers to make a market for the investment as well as the interest of other investors to buy the investment. During periods of economic uncertainty, significant economic and market downturns and periods in which financial services firms are unable to commit capital to make a market in, or otherwise buy, certain investments, a client may experience challenges in selling such investments at optimal prices. In addition, recent regulatory changes applicable to financial intermediaries that make markets in debt securities have restricted or made it less desirable for those financial intermediaries to hold large inventories of debt securities. Because market makers provide stability to a market through their intermediary services, a Technical Strategy Risks. Some investment managers and Financial Advisors may employ technical analysis or investment methodologies to make investment decisions or recommendations. The primary risk of using technical analysis is that past price and volume patterns and trends in the trading markets cannot predict future prices, volume patterns or trends. There is no guarantee that technical investment methods used are designed properly, are updated with new data as it becomes available, or can accurately predict future market or investment performance. In order for technical investment methods to work, there must be sufficient data about the markets available so 109 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that trends can be identified and predictions can be made. A technical method may fail to identify trends or be able to accurately predict future prices if a market does not have sufficient data or trends or if the market behaves erratically. Asset-backed securities are issued in multiple classes (or tranches) and their relative payment rights may be structured in many ways. Asset- backed securities may be subject to greater risk of default during periods of economic downturn than other instruments. Asset-backed securities also can be more sensitive to interest rate risk than other types of fixed income securities. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. Asset-backed securities are subject to a number of other risks, including, but not limited to, market and valuation risks, liquidity risk, and prepayment risk. Split-Rated, and Concentration Risks. A client’s Account may is consist of a portfolio of securities that concentrated in an issuer or group of issuers, an industry or economic sector or group of related industries or sectors, or concentrated in limited asset classes. Client accounts with concentrated positions are susceptible to greater volatility and increased risk of loss than an Account that is diversified across several issuers and industries or sectors and asset classes. A client should not engage in strategies using concentration unless the client is prepared to experience significant losses in the value of the client’s Account. rate. Higher Non-Rated, Below Investment Grade Securities (High Yield or “Junk” Bonds) Risks. Investing in securities or other investment products that are not rated, split- rated or are below investment grade (also known as high yield or “junk” bonds) involve significant, special risks. As a result, they may not be suitable for some clients. The risks associated with these investments include, but not limited to, price volatility risk, credit risk, default risk, and liquidity risk. Clients investing in securities or other investment products that are not rated, split-rated or are below investment grade should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. equity, Frequent Trading and Portfolio Turnover Risks. Some of the investment strategies offered to clients in this Brochure may involve frequent or active trading for client accounts, which could result in high portfolio turnover. Strategies that involve frequent or active trading increase the management and securities selection risks because the persons managing the accounts are making more trading decisions, which may prove to be incorrect. A portfolio with a high turnover rate will also incur more transaction costs than one with a lower transaction costs may negatively impact the return of the portfolio. High portfolio turnover may also cause a client to experience adverse tax consequences due to the fact that the client may have increased instances of realized gains and losses and such gains and losses may commonly be characterized as short term gains and losses under applicable tax law. Mutual Fund Risks. Mutual funds can have many different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Mutual funds have risks, which may include market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market funds pursue Complex risk. Certain mutual Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of mutual fund selected. Also, investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Asset-Backed Securities Risks. Asset-backed securities are securities secured or backed by mortgage loans, student loans, automobile loans, installment sale contracts, credit card receivables or other assets and are issued by entities such as commercial banks, trusts, financial companies, finance subsidiaries of industrial companies, savings and loan associations, mortgage banks and investment banks. These securities represent interests in pools of assets in which periodic payments of interest or principal on the securities are made, thus, in effect passing through periodic payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. 110 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments securities selection closed-end fund shares often trade at a discount to their net asset value and the market prices of closed end fund shares often fall below their public offering prices. Clients are therefore cautioned about buying shares of a closed-end fund in its initial public offering. Closed-end funds often engage in leverage to raise additional capital for purposes of making through borrowings and issuances of senior securities (such as preferred stock). Such leverage may present the opportunity to enhance potential returns but also involve the risk of exacerbating losses and depreciation in the value of the underlying securities. Closed-end funds have other risks, which may include market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain closed-end funds pursue Complex Strategies, which are subject to special risks. Some closed-end funds are organized as interval funds, which differ from traditional closed-end funds in that their shares do not trade on the secondary market, but instead their shares are subject to repurchase offers from the fund. Closed-end funds structured as an interval fund will, therefore be relatively less liquid. Interval funds also often impose a redemption fee when shares are sold back to the fund. The degree of these and other risks will vary depending on the type of close-end fund selected. Exchange Traded Fund Risks. An ETF is different from a mutual fund in that an ETF does not sell its shares directly to public investors and does not redeem shares from public investors. Rather, shares of an ETF are commonly purchased or sold in the secondary market on a securities exchange, like common stocks. An ETF maintains a net asset value but, based on demand and other factors, the market price of shares of an ETF may vary from its net asset value. ETFs invest in and hold securities and other assets, such as stocks, bonds, commodities and currencies, and have stated investment objectives and principal strategies. ETFs can have many different investment objectives and strategies, including equity, fixed income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Many ETFs seek to track the performance of an index or other underlying benchmark. Passively managed ETFs will not be able to replicate exactly the performance of the indices the ETFs track because the total return generated by the securities will be reduced by management fees, transaction costs and other expenses incurred by the ETF. ETFs have other risks, which may include market risk, management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain ETFs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of ETF selected. including equity, fixed including equity, fixed Closed-End Fund Risks. Unlike mutual funds which continuously offer and redeem their shares on a daily basis at net asset value, closed-end funds typically raise money by selling a fixed number of shares of common stock in a single, one-time offering, much the way a company issues stock in an initial public offering. Closed-end funds can have many different investment objectives and strategies, income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Closed-end fund shares are not redeemable, meaning that investors cannot require closed-end funds to buy back their shares, although closed-end fund shares are listed and traded on an exchange. For many reasons, Unit Investment Trust Risks. A UIT is a pooled investment vehicle in which a portfolio of securities is selected by the sponsor and deposited into the trust for a specified period of time. The portfolio of a UIT is designed to follow an investment objective over a specified time period, although there is no guarantee that the objective will be met. UITs can have many different investment objectives and strategies, income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. UITs are passively managed and follow a “buy and hold” strategy, meaning that UITs buy a fixed portfolio of securities and hold on to that portfolio until their termination date at which time the portfolio is liquidated with the net proceeds paid to investors. UITs, thus, generally have a relatively higher risk of loss than other funds in the event of adverse 111 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Community bank stocks are also subject to capitalization risk and illiquid securities and liquidity risks described above. Non-Traditional Assets and Complex Strategies Risks such as commodities, changes in market or economic conditions. UITs have other risks, which may include management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain UITs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of UIT selected. Also, investment return and principal value will fluctuate, and units, if and when redeemed, may be worth more or less than their original cost. Non-Traditional Assets Risks. Non-Traditional currencies, Assets, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Some Non-Traditional Assets are less transparent and more sensitive to domestic and foreign political and economic conditions than more traditional investments. Non-Traditional Assets are also generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. relatively large purchases Significant purchases negatively Investment Fund Risks; Purchase and Investment Funds are Redemption Risks. generally subject to the same risks as the securities or other assets in which they invest. In addition, from time to time Baird, a PIM Manager, or an investment manager may decide to add or remove an Investment Fund to or from an investment strategy or Program. In addition, they may decide to increase or decrease their clients’ account allocations to an Investment Fund. In general, they will place transactions for all affected Accounts at one time, which may cause the fund to or experience redemptions. and redemptions may adversely affect the fund in question and consequently, a client’s investment. An Investment Fund receiving large purchase orders may have difficulty investing the cash, which may have a negative impact on the fund’s performance. An Investment Fund experiencing large redemption orders may have to sell portfolio securities, which may impact performance and which may have negative tax consequences. Large redemptions could also reduce liquidity as the fund may suspend or delay redemptions. These risks are more pronounced with respect to newer Investment Funds and those with smaller asset sizes. Commodities Risks. Investments in commodities markets or a particular sector of the commodities markets, and investments in securities or other instruments denominated in or indexed or linked to commodities, are subject to certain risks. Those investments generally will subject a client Account to greater volatility than investments in traditional securities. The commodities markets are impacted by a variety of factors, including changes in overall market movements, domestic and foreign political and economic conditions, interest rates, inflation rates and investment and trading activities in commodities. Prices of commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. No active trading market may exist for certain commodities investments, which may impair the value of the investments. in which they are Currency Risks. Investments in currencies, and investments in securities or other instruments denominated in or indexed or linked to currencies, are subject to certain risks. Those investments are subject to all of the risks associated with foreign Community Bank Stock Risks. Stocks issued by community banks, small banks and their holding companies are subject to unique risks. Unlike national or larger regional banks, community banks are less geographically diversified and their businesses and revenues tend to be closely tied to the economies located. Investments in community bank stocks could therefore be negatively impacted by adverse local economies. conditions affecting those 112 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  adversely the interest rate risk, market risk, credit risk, management risk and counterparty risk. The use of these instruments is not appropriate for some clients because they involve special risks. A client should not invest in these instruments unless the client is prepared to experience volatility and significant losses in the client’s Account. investing generally. In addition, currency markets generally are not as regulated as securities markets. Also, changes in currency exchange rates investment. impact could Devaluation of a currency by a country will also have a significant negative impact on the value of any investment denominated in that currency. Currency investments may also be positively or negatively affected by a country’s strategies intended to make its currency stronger or weaker relative to other currencies. Options Risks. In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of the underlying security or index decreased below the strike price. Leverage and Margin Risks. Leveraging strategies may amplify the impact of any decrease in the value of underlying securities in the client’s Account, thereby increasing a client’s risk of loss. The use of leverage may also increase an Account’s volatility. Strategies involving margin can cause a client to lose more money than deposited in the client’s margin account. A client should not engage in strategies involving leverage or margin unless the client is prepared to experience significant losses in the value of the client’s Account. Hedging Risks. When a derivative instrument is used as a hedge against an opposite position, any loss on the derivative instrument should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can be an effective way to reduce the investment risk, it may not always perfectly offset one position with another. As a result, there is no assurance that hedging transactions will be effective. Complex Investment Product Risks Short Sales Risks. Short selling runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, which may result having to buy the securities sold short at an unfavorable price. A client should not engage in short sales unless the client is prepared to experience significant losses in the client’s Account. for those Hedge Funds and Funds of Hedge Fund Risks. Hedge funds typically engage in one or more Complex Strategies, including the use of Non- Traditional Assets, short sales, leverage and other derivative instruments. Funds of hedge funds typically invest substantially all of their assets in other hedge funds. Hedge funds and funds of hedge funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Some hedge funds and funds of hedge funds are subject to limited limited disclosure and regulation and offer transparency. Also, the costs of hedge funds and funds of hedge funds are typically higher than other types of funds. Investment advisers or managers funds often receive a management fee plus an incentive or performance- based fee. Because of the existence of a performance-based fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Hedge funds and funds of hedge funds are also subject to Derivative Instrument Risks. The values of options, convertible securities, futures, swaps, forward contracts and other derivative instruments is derived from an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments often have risks similar to the underlying asset, however, in certain cases, those risks are greater than the risks presented by the underlying asset. Derivative instruments may experience dramatic price changes and imperfect correlations between the price of the derivative and the underlying asset, which may increase volatility. Derivatives generally create leverage, and as a result, a small movement in the underlying asset's value can result in large change in the value of the derivative instrument. Derivatives are also subject to liquidity risk, 113 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments short sales, leverage, risk, foreign a higher risk of incorrect valuations. Many hedge funds hold for which market quotations are not readily available, which necessitates the use of “fair value” pricing. Fair value pricing is an inherently subjective process and may not accurately reflect the prices that can actually be obtained upon sale of the assets for which fair values are used. Investments in hedge funds and funds of hedge funds also have reduced liquidity compared to other investments and are generally subject to a higher risk of volatility. Investing in hedge funds and funds of hedge funds involves other special risks, including, but not limited to, risks associated with Non-Traditional Assets, derivative instruments, and Complex Strategies. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Hedge funds and funds of hedge funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in hedge funds or funds of hedge funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. funds. Investment advisers or managers for those funds often receive a management fee plus an incentive fee or carried interest. Private equity funds and funds of private equity fund are also generally subject to administrative service fees and portfolio company transaction fees. Because of the existence of a carried interest, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private equity funds and funds of private equity funds also have reduced liquidity compared to other investments. Investors should not expect to receive distributions from a fund for a number of years. Private equity investing is very in portfolio risky. Many investments made companies are not profitable. In addition, investments made by private equity funds and funds of private equity funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private equity funds and funds of private equity funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. Private equity funds and funds of private equity funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private equity funds and funds of private equity funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. Private Equity Funds and Funds of Private Equity Funds Risks. Private equity funds are pools of actively managed capital that invest primarily in private companies with the intent of creating value in the companies in which they invest by improving operations, reducing costs, selling non-core assets and maximizing cash flow. Private equity funds usually have an investment objective or strategy that may focus on companies in certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of funds investments. Funds of private equity typically invest substantially all of their assets in other private equity funds. Private equity funds and funds of private equity funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private equity funds and funds of private equity funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private equity funds and funds of private equity funds are typically higher than other types of Private Debt Funds (or Private Credit Funds) and Funds of Private Debt Funds Risks. Private debt funds (also known as private credit funds) are pools of actively managed capital that invest primarily in loans or debt instruments issued by companies in private transactions. Sometimes, repayment of the loan is secured by assets of the companies obtaining the loans. However, the companies often have low or no credit ratings. Thus, investments held by private debt funds generally are subject the same risks as below investment grade or “junk” bonds. Trading markets for the investments held by those funds are also limited and their investments may be illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest 114 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investing in private debt funds and funds of private debt funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. receive a management transaction rate, such as the federal funds rate, which is periodically reset. These types of investments are sometimes referred to as floating rate corporate debt, floating rate loans or floating rate bank loans. Private debt funds usually have an investment objective or strategy that may focus on companies in certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes, including focusing investments on smaller capitalization, distressed or bankrupt companies. Private debt funds commonly use borrowings or leverage to make investments. Funds of private debt funds typically invest substantially all of their assets in other private debt funds. Private debt funds and funds of private debt funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private debt funds and funds of private debt funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private debt funds and funds of private debt funds are typically higher than other types of funds. Investment advisers or managers for those funds often fee plus a performance fee. Private debt funds and funds of private debt fund are also generally subject to operational expenses and fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private debt funds and funds of private debt funds also have reduced liquidity compared to other investments. Investors should not expect to receive distributions from a fund for a number of years. Private debt investing is very risky. Investments made by private debt funds and funds of private debt funds may be concentrated in one or more economic industries regions, stages of or sectors, geographic development or operation, or sizes. Investing in private debt funds and funds of private debt funds involves special risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment fund risks, currency risks and leveraging risks. Private debt funds and funds of private debt funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients Real Estate Investment Trusts (“REITs”) and Private REIT Risks. A REIT is a corporation, trust or association that owns and typically operates income-producing real estate or real estate-related assets. The income-producing real estate assets owned by a REIT may include office buildings, shopping malls, multi-family housing, student housing, hotels, resorts, hospitals and health care facilities, self-storage facilities, data centers, warehouses, telecommunications facilities, and mortgages or loans. Many REITs are registered with the SEC and their common stock and preferred stock are publicly traded on a stock exchange. These are known as publicly-traded REITs. Others may be registered with the SEC but are not publicly traded. These are known as private REITs (also known as non-traded or non-exchange traded REITs). There is no public trading market for private REITs and the sole method for disposing of the shares may be limited to a periodic offer to redeem the shares by the issuer, if the issuer offers a redemption program. Private REITs are generally subject to limited regulation and offer limited disclosure and transparency. The shareholders of a REIT are responsible for paying taxes on the dividends that they receive and on any capital gains associated with their investment in the REIT. Dividends paid by REITs generally are treated as ordinary income and are not entitled to the reduced tax rates on other types of corporate dividends. Prices of REIT securities and trading volumes may be more volatile that other investments. Many REITs focus on a particular sector of the real estate market, such as apartments, student housing, hotels and hospitality, health care, office buildings, shopping malls, warehouses, self-storage facilities and the like. Those REITs are subject to risks associated with sectors in which they are focused. Additionally, many REITs may own properties that are concentrated in a particular geographic region or regions, which subject them to the risk of deteriorating economic conditions in those areas. Investing in REITs involves other special risks, including, but not limited to, real estate portfolio (including development, environmental, risk competition, occupancy and maintenance risk), liquidity risk, leverage risk, distribution risk, capital markets access risk, growth risk, counterparty risk, conflicts of interest risk, dependence upon key personnel risk, and regulatory risk. Other risks may 115 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  geographic regions, stages include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. REITs involve significant, special risks and may not be suitable for some clients. Clients investing in REITs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility and volatility of regular distribution amounts, potential lack of liquidity and potential loss of their investment. of interest securities risks, market selection risk, foreign fund risks, currency redevelopment, of private real estate funds also have reduced liquidity compared to other investments. Investors should not expect to receive distributions from a fund for a number of years. Private real estate investing is very risky. Investments made by private real estate funds and funds of private real estate funds may be concentrated in properties involved in one or more economic industries or of sectors, development or operation, or sizes. Investing in private real estate funds and funds of private real estate funds involves special risks, including, but not limited to, dependence upon key personnel, risk, conflicts management and risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, issuer and investment style investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment risks and leveraging risks. Private real estate funds and funds of private real estate funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private real estate funds and funds of private real estate funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. telecommunication, utilities, fee, Private Real Estate Funds and Private Real Estate Fund of Funds. Private real estate funds are pools of actively managed capital that directly invest primarily in investments in real estate and real estate-related investments. Private real estate funds may invest in any number of types of real estate, such as office, apartment, retail, lodging, industrial and other real estate and real estate- related investments. Some may focus investment in properties involved in certain sectors or industries, located in certain geographic regions or that have certain sizes of operations or investment requirements. Some may focus investment on properties the manager or sponsor believes are undervalued or undercapitalized or that require repositioning, improved management or additional capital to reach their full value. Private real estate funds commonly use borrowings or leverage to make investments. Trading markets for investments held by those funds are limited and their investments may be illiquid. Funds of private real estate funds typically invest substantially all of their assets in other private real estate funds. Private real estate funds and funds of private real estate funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private real estate funds and funds of private real estate funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private real estate funds and funds of private real estate funds are typically higher than other types of funds. Investment advisers or managers for those funds often receive a management fee plus a performance fee. Private real estate funds and funds of private real estate fund are also generally subject to operational expenses and transaction fees. Because of the existence of a performance fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private real estate funds and funds Private Infrastructure Funds Risks. Private infrastructure funds are pools of actively managed capital that invest primarily in infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of infrastructure investments may include, among others, and transportation. Private infrastructure funds usually have an investment objective or strategy that may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Private infrastructure funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private infrastructure funds are subject to limited regulation and offer limited disclosure and costs of private the transparency. Also, infrastructure funds are typically higher than other types of funds. Investment advisers or managers for those funds often receive a management fee plus an incentive fee. Private infrastructure funds are also generally subject to administrative service 116 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  reduced liquidity compared risk, foreign value” or “closing indicative value”. An ETN's closing indicative value is computed by the issuer and is distinct from an ETN's market price, which is the price at which an ETN trades in the secondary market. Issuers of ETNs may also issue and redeem notes as a means to keep the ETN’s market price in line with its indicative value, which have caused significant fluctuations in ETN prices. Investing in ETNs involves special risks, including, but not limited to, risks associated with Non- Traditional Assets and derivative instruments and the risk that the actual market price for an ETN may vary significantly from the indicative value computed by the issuer. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. ETNs are complex investments and involve significant, special risks. As a result, ETNs may not be suitable for some clients. pools (typically structured fees and investment transaction fees. Because of the existence of incentive fees, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private infrastructure funds also have to other investments. Investors should not expect to receive distributions from a fund for a number of years. Private infrastructure investing is very risky. Many investments are not profitable. In addition, investments made by private infrastructure funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private infrastructure funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, issuer and investment style investment risk, and emerging market risk. Private infrastructure funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private infrastructure funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. in managed risks and currencies, Assets, leverage, Exchange Traded Notes Risks. An ETN is a type of debt security that trades on an exchange and provides a return linked to the performance of an underlying benchmark. The underlying benchmark can be a particular security, bond, commodity, currency, or other Non-Traditional Asset type, a group or basket of companies, securities, commodities, currencies, derivative instruments, Non-Traditional Asset investments or other assets, or an index or other benchmark linked to stocks, market volatility, bonds, interest rates, Treasury yields, yield curves and spreads, derivative instruments, strategies, commodities, currencies or other assets. ETNs trade on exchanges throughout the day at prices determined by the market. Unlike ETFs, issuers of ETNs do not buy or hold assets to replicate or approximate the performance of the underlying benchmark. Also in contrast to ETFs, ETNs also do not calculate their net asset value, are generally not redeemable on a daily basis, and are not registered under the Investment Company Act of 1940. Issuers may also have the right and option to redeem ETNs. Redemptions are made at the ETN’s “indicative Managed Futures Risks. Managed futures are as commodity investment partnerships) managed by a futures trading adviser that trade speculatively in various derivative instruments and other investments. There are significantly higher fees and expenses associated with investments in managed futures than other types of funds. Sponsors or managers for these pools often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. Managed futures may seek exposure to different asset classes, such as equity securities, fixed income securities, commodities (such as metals, agricultural products, and energy products), currencies, interest rates, and indices. Managed futures often obtain this exposure through derivative instruments, which may be traded on U.S. or foreign exchanges or markets. Managed futures often employ computerized, systematic and often proprietary trading models and systems. Investing futures involves special risks, including, but not limited to, risks associated with liquidity and other Non- commodities, Traditional derivative instruments and Complex Strategies. Other risks may include: market risk, management and 117 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  prepared to experience significant losses in the value of the client’s Account. Investing securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Managed futures can be speculative investments because of the types of investments they make and they involve significant, special risks. As a result, they may not be suitable for some clients. Clients investing in these funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Structured Products Risks. Structured products are a hybrid between two asset classes (typically issued in the form of a CD or note) but instead of having a pre-determined rate of interest, the return is linked to the performance of an underlying asset class, such as single security or basket or index of securities; a commodity or basket or index of commodities, including futures; and a foreign currency or basket of foreign in structured products currencies. involves special risks, including, but not limited to, risks associated with derivative instruments. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, emerging market risk, commodities risk and currency risk. Structured products are complex investments and involve special risks. As a result, they may not be suitable for some clients. funds Leveraged Fund and Inverse Fund Risks. Leveraged funds and inverse funds may be structured as ETNs, ETFs or open-end mutual funds. Leveraged funds seek to deliver multiples of the performance of the index or benchmark they track. Inverse funds seek to deliver the opposite of the performance of the index or benchmark they track. Leveraged inverse funds seek to achieve a return that is a multiple of the inverse performance of the underlying index. Most leveraged and inverse funds “reset” daily, meaning that they are designed to achieve their stated objectives on a daily basis. Because of the effects of compounding, volatility and the fund expenses, the returns of a leveraged or inverse fund over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. To achieve their objectives, leveraged and inverse typically employ aggressive investment techniques, such as the use of leverage, short sales, swap contracts, futures, options and other derivative instruments. Investing in leveraged funds and inverse funds involves special risks, including, but not limited to, risks associated with Non-Traditional Assets, short sales, leverage, and derivative instruments. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Leveraged funds and inverse funds are complex investments that have an increased risk of loss compared to other funds and they involve significant, special risks. As a result, they may not be suitable for some clients. A client should not invest in these securities unless the client is Business Development Company Risks. A BDC is typically a domestic, closed-end investment company that is operated for the purpose of making equity and debt investments in small and developing businesses, as well as financially troubled businesses. As a result, investments made by BDCs tend to be risky and speculative. Investment advisers or managers for BDCs often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. BDCs commonly use borrowings or leverage to make investments in portfolio companies. Adverse interest rate movements can negatively impact a BDC’s ability to make investments. Investments made by BDCs are typically illiquid, and valuing such investments is challenging. It is possible that valuations on investments used are materially different from the values that BDCs will ultimately receive upon disposition of those investments. Changing market and economic conditions affecting a BDC’s investments may cause significant volatility in the BDC’s net asset value and stock price. Due to the nature of BDCs’ investments, securities issued by BDCs are subject to greater liquidity risk than other investments. A debt security or preferred stock issued by a BDC, 118 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  a result, MLPs may not be suitable for some clients. Clients investing in MLPs should have a high tolerance for risk, including the willingness and ability to accept potential lack of liquidity and potential loss of their investment. on website and Additional information about certain Complex Investment Products and other investments pursuing Complex Strategies, including the risks associated with those investments, is at available Baird’s bairdwealth.com/retailinvestor on at www.finra.org/ FINRA’s website Investors. A client is encouraged to read the disclosure documents included on those websites carefully before investing. Risks Associated with Certain Investment Objectives and Asset Allocation Strategies in many cases, is non-rated or is rated below investment grade, which can carry its own risks. Investing in BDCs involves other special risks, including, but not limited to, portfolio company credit and investment risk, leverage risk, capital markets access risk, dependence upon key personnel risk, and regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, and interest rate risk. BDCs can be speculative investments because of the types of investments they make and involve significant, special risks. As a result, BDC investments may not be suitable for some clients. Clients investing in BDCs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. partnership. MLPs have unique Each Account is subject to the risks associated with the investments in the Account. Generally, an Account will be subject to the risks associated with the portfolio listed below that corresponds to the investment objective of the Account or the asset allocation strategy pursued by the Account. risk, common stock to other primary risks, risks, foreign including, but not All Growth Portfolio. An All Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. All Growth Portfolios have historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a high risk of price declines, especially during periods when stock markets in general are declining. An All Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity risk, and securities capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject issuer and investment style investment risks, emerging market risks, fixed income security risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Capital Growth Portfolio. A Capital Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. Capital Growth Master Limited Partnership Risks. An MLP is a form of publicly-traded partnership that is taxed as a tax characteristics. A client should consult with a tax advisor before investing in MLPs. An MLP must generally earn at least 90% of its income from certain qualifying sources, which includes income and gains from certain activities involving natural resources such as oil, natural gas, natural gas liquids, refined petroleum products, coal, carbon dioxide and biofuels. An MLP is generally structured as a limited partnership or limited liability company and managed and operated by a general partner or manager. Owners of an MLP are called “limited partners” or “unit holders”. Unit holders own interests or units in the MLP (“units”) that are traded on a stock exchange. MLPs make distributions to unit holders of their available cash flows. Many MLPs focus on a particular sector or industry. Those MLPs are subject to risks associated with sectors or industries in which they are focused. The value of an investment in an MLP and the amount of distributions it makes may depend on the prices of the underlying commodity, such as oil or natural gas. Many MLPs are sensitive to changes in the prevailing level of commodity prices. MLPs have also shown sensitivity to interest rate movements. Investing in MLPs involves other limited to, special risks, macroeconomic risk, interest rate risk, liquidity risk, operating risk, capital markets access risk, growth risk, distribution risk, conflicts of interest risk, and regulatory risk. MLPs are complex investments that have significant, special risks. As 119 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities selection securities selection to other primary risks, risks, foreign Portfolios have historically experienced moderately high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining. A Capital Growth Portfolio’s primary risks generally include: market risk, risk, management and investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style risks, foreign issuer and investment risks, emerging market risks, fixed income securities risk, interest rate risk, credit risk, asset-backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. some growth of capital. Income with Growth Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to interest rates and market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when interest rates are rising or when stock markets in general are declining. An Income with Growth Portfolio’s primary risks generally include: market risk, management and risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject investment style issuer and investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. to economic The upon Portfolio’s foreign issuer and investment and Conservative Income Portfolio. A Conservative Income Portfolio will generally be invested in a manner that seeks to provide current income. Relative the portfolios described above, Conservative Income Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates Portfolio’s conditions. and investments are subject to risk of price declines, especially during periods when interest rates are rising. A Conservative Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, equity securities risk, and common stock risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style risks, foreign issuer and investment risks, asset- backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. Growth with Income Portfolio. A Growth with Income Portfolio will generally be invested in a manner that seeks to provide moderate growth of capital and some current income. Growth with Income Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions and interest rates. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining or when interest rates are rising. A Growth with Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, and capitalization risks. Depending specific the investments, the Portfolio may also be subject to other primary risks, including investment style risks, risks, emerging market risks, asset-backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non-Traditional Assets and “Complex Complex Strategies Risks” Investment Product Risks” above. Income with Growth Portfolio. An Income with Growth Portfolio will generally be invested in a manner that seeks to provide current income and Capital Preservation Portfolio. A Capital Preservation Portfolio will generally be invested in a manner that seeks to preserve capital while the generating current income. Relative to 120 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non-Traditional Assets and “Complex Complex Strategies Risks” Investment Product Risks” above. interest rates are under certain upon Portfolio’s portfolios described above, Capital Preservation Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and economic conditions. The Portfolio’s investments are subject to risk of price declines, especially during periods rising. A Capital when Preservation Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, and money market fund risk. Depending specific the investments, the Portfolio may also be subject to other primary risks, including foreign issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. Additional Considerations. A client should note that an Account pursuing a particular investment objective or asset allocation strategy will from time to time be subject to actual risks that are higher or lower than, or different from, the risks described above circumstances. See “Investment Strategies and Methods of Analysis— Investment Strategies—Important Information about Implementation of Investment Objectives and Investment Strategies” above for more information. In addition to the specific risks described above, a client’s Account may be subject to additional risks, depending upon the particular investments in the client’s Account. A client should discuss the risks of particular investments with the client’s Financial Advisor. A client should also note that there is no guarantee as to how an Account will perform in the future. It is possible that an Account could experience more dramatic return or market value fluctuations than occurred in the past. Available Investment Product Risks that Baird establishes for the less if an Available upon Portfolio’s foreign issuer and investment The use of Available Investment Products, including SMA Strategies made available under the BSN and DC Programs, and including UAS Available SMA Strategies and UAS Available Funds made available under the UAS Program, are subject to additional risks compared to the use of Baird recommended investment products. Available Investment Products are investment products that generally do not meet the qualifications and standards its recommended product lists. As a result, there is a higher likelihood that some Available Investment Products will have poor performance and will significantly underperform compared to an applicable benchmark index or peer group. Available Investment Products are also subject to significantly review by Baird rigorous compared to recommended investment products. Thus, Investment Product experiences significant performance problems or if the manager or sponsor of an Available Investment Product experiences significant management, organizational, operational, compliance, legal, regulatory or other problems, there is a higher risk that the Available Investment Product will be made Opportunistic Portfolio. An Opportunistic Portfolio will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and market sectors to take advantage of the manager’s perception of market pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager to achieve growth while accounting for a client’s specific short, intermediate and long term investment and/or cash flow needs. Depending upon the investment strategy used, some Opportunistic Portfolios have historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. Depending upon investment strategy used and the investments made, the Portfolio’s investments may be subject to a high risk of price declines, especially during periods when stock markets in general are declining. An Opportunistic Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending specific the investments, the Portfolio may also be subject to other primary risks, including investment style risks, risks, emerging market risks, fixed income security risks, 121 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  consideration by security holders, and Baird is under no obligation to take any action or render any advice regarding such matters. The client’s Baird Financial Advisor may, upon the client’s request, provide advice on proxy voting or what other action the client could take. UMA Programs available (and will continue to be made available) to clients by Baird. An investment by a client in an Available Investment Product that experiences the occurrence of any such event could negatively impact the client’s Account. Available Investment Products should only be used by a client if the client wishes to take more responsibility for monitoring and managing the assets in the client’s Account, the list of recommended products does not contain an investment product that meets the client’s particular needs, and the client understands the risks of doing so. Recent Events U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and other global macro factors. Under the ALIGN UMA Select Portfolios and UAS Portfolios Programs, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or the client may delegate such right to the Overlay Manager. A client may select either option by making the appropriate election in the client’s advisory agreement. For information about the Overlay Manager’s voting policies and procedures, clients should review the Overlay Manager’s Form ADV Part 2A Brochure. Separately Managed Accounts The transition to a new administration following the recent U.S. Presidential election may introduce meaningful market uncertainty as new policies, executive orders, or legislation are proposed or enacted. Geopolitical risks appear elevated with the war between Ukraine and Russia now passing its third anniversary, tensions remaining high in the Middle East, and relations between the U.S. and China and other countries are strained. Domestically, inflation remains an area of focus since getting to the U.S. Federal Reserve Board’s 2% target may prove to be more challenging than the market expects. In addition, the level of political discord remains high. Under the Baird Affiliated Managers Program, Baird Recommended Managers Program, Baird SMA Network Program, and Dual Contract Program, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or the client may delegate such right to the investment manager selected to manage the client’s Account (which may include Baird, the Overlay Manager or an Implementation Manager). A client may select either option by making the in the client’s advisory appropriate election agreement (and in the case of a dual contract arrangement under the Dual Contract Program, by providing proper instructions to the manager directly). For information about a manager’s voting policies and procedures, clients should review the manager’s Form ADV Part 2A Brochure. result in an elevated Discretionary Programs The uncertain course of these various factors may have a significant negative impact on the global economy, may risk environment with increased volatility in asset prices, which could have an adverse effect on a client’s Account. Under the ALIGN Strategic Portfolios, BairdNext Portfolios, PIM, and Russell Programs, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or a client may delegate such right to Baird. Voting Client Securities Baird Advisory Choice Program and Other Non-Discretionary Accounts If a client retains proxy voting authority, Baird will forward proxy materials that Baird actually receives to the client. The client will then be solely responsible for analyzing the materials and casting the vote. If a client delegates voting authority to Baird, Baird will vote proxies solicited by, or with respect to, Under the Baird Advisory Choice Program and with respect to any other Accounts over which the client retains discretionary investment authority, a client retains the right to vote proxies with respect to the securities held in such Accounts. Accordingly, the client is responsible for voting proxies and otherwise addressing all matters submitted for 122 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities held in the client’s Account for the exclusive benefit of the client and in accordance with policies and procedures adopted by Baird. a specific voting recommendation, each Financial Advisor or Baird portfolio manager will cast the vote in a manner he or she believes is in the best interest of clients. The votes cast for a client’s Account may differ from those votes cast for other Baird clients based on differing views of Baird Financial Advisors and other Baird portfolio managers. Baird has adopted written policies and procedures that are reasonably designed to ensure that it votes client securities in the best interests of clients. Those procedures address material conflicts of interest that may arise between Baird’s interests and those of its clients. Although a description of Baird’s proxy voting policies and procedures is provided below, Baird will furnish a copy of its proxy voting policies and procedures to clients upon their request. Additionally, clients may obtain information on how Baird actually voted proxies with respect to the securities held in their accounts by contacting their Baird Financial Advisor or by calling (414) 765-3500. Baird uses ISS’s electronic vote management system to cast votes on behalf of clients. In connection with Baird’s use of that system, ISS pre-populates how client votes should be cast based upon ISS’s voting recommendations. The system allows Baird to change the pre-populated vote (to the extent permitted by Baird’s proxy voting policies) up until a certain time prior to the applicable meeting (the “voting cut-off time”). Baird’s proxy voting policies are designed to address situations when additional information becomes available after the votes are pre- populated in the system and before the voting cut- off time. However, there is no guarantee that all information that could affect Baird’s proxy voting decision will be received or considered by Baird prior to a vote being cast. currently and make independent (or manager believes the In situations in which a client has delegated to Baird voting authority with respect to securities in the client’s Account, Baird will vote proxies in a manner that Baird believes is consistent with the client’s best interests. Baird utilizes an independent provider of proxy voting and corporate governance services, Institutional Shareholder Services (“ISS”), to analyze proxy materials and votes voting recommendations. ISS provides proxy voting guidelines regarding its position on various matters presented by companies to their shareholders for consideration. Baird will typically vote shares in accordance with the recommendations made by ISS. However, ISS’s guidelines are not exhaustive, do not address all potential voting issues, and do not necessarily correspond with the opinions of Baird Financial Advisors or other Baird portfolio managers managing a client’s Account. In the event the client’s Financial Advisor or Baird ISS portfolio recommendation is not in the best interest of the client, the Financial Advisor or Baird portfolio manager, as applicable, will bring the issue to Baird’s Proxy Voting Sub-Committee through a proxy challenge process. The Sub-Committee will then be responsible for determining how the vote will be cast. The decision made by the Proxy Voting Sub-Committee on the proxy challenge applies to all advisory accounts managed by the Financial Advisor or Baird portfolio manager (or team of Financial Advisors or Baird portfolio managers), unless the client has directed Baird to utilize specific voting guidelines (e.g., Taft-Hartley guidelines). For those matters for which the independent proxy voting service does not provide The proxy voting policies and procedures also address instances in which Baird’s interests may appear to conflict with client interests, such as when Baird or an affiliate of Baird is managing or administering to manage or seeking administer) a corporate retirement, pension or employee benefit plan or providing (or seeking to provide) advisory or other services to a company whose management is soliciting proxies. In such instances, there may be a concern that Baird would be inclined to vote in favor of management because of Baird’s relationship or pursuit of a relationship with the company. In situations where there is a potential conflict of interest, Baird’s Proxy Voting Sub-Committee will determine the nature and materiality of the conflict. If the conflict is determined to not be material, the Sub- Committee will vote the proxy in a manner the Sub-Committee believes is in the best interests of the client and without consideration of any benefit to Baird or its affiliates. If the potential conflict is determined to be material, Baird’s Proxy Voting Sub-Committee will take one of the following steps to address the potential conflict: (1) cast the vote in accordance with the recommendations of ISS or other independent third party; (2) refer the proxy to the client or to a fiduciary of the client for voting purposes; (3) suggest that the client engage 123 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in another party to determine how the proxy should be voted; (4) if the matter is not addressed by ISS, vote accordance with management’s recommendation; or (5) abstain from voting. voting instructions, Baird will vote such securities to the extent permitted by law and in compliance with the rules of the New York Stock Exchange and the SEC relating to such matters. Legal Proceedings and Corporate Actions While Baird uses its best efforts to vote proxies, there are instances when voting is not practical or is not, in Baird’s or Baird Financial Advisors’ view, in the best interest of clients. For example, casting a vote on a foreign security may involve additional costs or may prevent, for a period of time, sales of shares that have been voted. Also, when a client has entered into a securities lending program, Baird generally will not seek to recall the securities on loan for the purpose of voting the securities; however, Baird reserves the right to recall the shares on loan on a best efforts basis if the client’s Financial Advisor becomes aware of a proxy proposal where the proxy vote is materially important to the client’s Account. Generally, neither Baird nor any Other Manager responsible for managing all or a portion of the assets in a client’s Account will render advice or take action on a client’s behalf with respect to securities that are or were held in the client’s Account, or the issuers thereof, which go into default or become the subject of legal proceedings, such as class action claims, defaults or bankruptcies. Also, they may or may not vote or advise clients on other corporate actions, like tender offers, that are not solicited by a proxy statement. At a client’s request, Baird will forward information that Baird actually receives to the client. In addition to the services described above, Baird has engaged ISS for vote execution and record- keeping services. Other Proxy Voting Information Clients wishing to direct particular votes once they have granted Baird discretionary voting authority may do so by contacting their Baird Financial Advisor. However, if Baird has been granted discretionary voting authority, neither Baird nor the client’s Financial Advisor will provide a client with notice that Baird has received a proxy solicitation, nor will they consult with the client before casting a vote, unless the client otherwise directs them to do so. Client Information Provided to Portfolio Managers Under the Baird Affiliated Managers Program, Baird Recommended Managers Program, Baird SMA Network Program, and Dual Contract Program, and UMA Programs, Baird provides certain information about the client to the investment managers managing the client’s Account (which may include the Overlay Manager or an Implementation Manager) when the client establishes the advisory relationship with such managers. Such information includes the client’s investment objectives and risk tolerance and tax lot information for the applicable Account assets. Under the Baird Recommended Managers Program and Baird SMA Network Program, Baird also provides to the investment manager a client’s age, investment timeframe, and liquidity requirements. Except to the extent a client has delegated proxy voting authority to Baird, Baird has no authority, direct or implicit, and accepts no responsibility for taking any action or rendering any advice with respect to the voting of proxies related to securities held in a client’s Accounts. Providing Baird Voting Instructions Unless specifically requested to do so by a client, Baird does not generally provide such information about the client on an ongoing basis to the the client’s investment manager managing Account. Baird also generally provides the following to the client’s manager unless otherwise instructed by a client: trade confirmations, account statements, and access to client’s Account on Baird’s system. As mentioned above, Baird may be the holder of record for certain securities in a client’s Account. If the client retains voting authority over such securities (or delegates such authority to party other than Baird), and a proxy is solicited with respect to any such securities, the client (or other authorized party) will need to provide voting instructions to Baird. To the extent the client (or other authorized party) does not provide timely 124 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. Client Contact with Portfolio Managers Baird does not place any restrictions upon clients who wish to contact or consult with Other their accounts. Baird Managers managing encourages clients to discuss their accounts with their Baird Financial Advisor. the found fees for Additional Information Disciplinary Information In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was to have retirement plan and disadvantaged certain charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. In September 2016, the SEC announced that Baird, without admitting or denying findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by certain of the subadvisors participating in Baird’s wrap fee programs offered through its Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have failed to adopt or implement policies and procedures designed to provide specific information to Baird’s clients and financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. the program, In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a firm supervisor within its Private Wealth Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) and 207 of the Advisers Act for making inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure (or SCSD) investment Initiative.” Under advisory firms were offered the opportunity to 125 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  reasonably designed findings related to FINRA’s fees and/or the conflict of trades and failed to establish and maintain a supervisory system to prevent charging a customer a commission that is unreasonable or unfair in violation of FINRA Rules 3110, 2121, and 2010. Baird also consented to a censure, a fine in the amount of $150,000, and the payment of restitution of $266,481 plus interest. The routine examination of Baird in 2020. Following that examination, Baird modified its minimum commission schedule and supervisory procedures. Baird also took steps to make payments to the affected customers, which on average amounted to $36.62 per trade and $57.64 per customer. Baird will continue to make efforts to ensure that it charges fair prices and commissions on all securities transactions with its customers. its Disclosure website voluntarily self-report violations of the federal securities laws relating to mutual fund share class selection and related disclosure issues and agree to settlement terms imposed by the SEC, including returning money to affected investment advisory clients. The central issue identified by the SEC was that, in many cases, investment advisory firms bought for or recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the firms when lower-cost share classes were available to those advisory clients, and the investment advisory firms did not adequately disclose their receipt of 12b-1 interest associated with those 12b-1 paying share classes. Baird and many other firms self-reported under the program and entered into substantially identical orders. By self-reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. More information about the order is contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public at https://www.adviserinfo.sec.gov/IAPD/Default.as px or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press- release/2019-28. other In June 2019, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that between late April 2013 and early July 2013 it published research reports about an issuer without disclosing that the research analyst who authored the reports was engaged in employment discussions with the issuer that constituted an actual, material conflict of interest and that the failure to disclose the research analyst’s employment discussions with the issuer in the research reports made those reports misleading. Baird was censured and fined $150,000. including implementing a it charged In September 2023, Baird entered into an Offer of Settlement with the SEC, in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business- related communications made by Baird associates when they used their personal devices (“off- channel communications”) and for failing to supervise business-related associates’ communications. The settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were text and properly retaining business-related instant messages off-channel and communications sent and received on employees’ personal devices. Following the commencement of the SEC’s initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it was discovered that certain Baird supervisors communicated off-channel using non-Baird approved methods on their personal devices about Baird’s broker-dealer and investment adviser businesses, and the findings were reported to the SEC. Baird took steps prior to and after the SEC’s review, new communication tool designed for Baird associates’ training, and personal devices, conducting periodically requiring requisite associates to provide an attestation relating to their business- related communications. As part of the settlement, Baird was censured and ordered to cease and In August 2022, Baird, without admitting or denying the findings, consented to the entry of findings of FINRA, which found that it charged certain brokerage customers an unfair commission its published minimum when commission amount of $100 on 7,277 retail equity 126 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  In those cases, Baird and its Financial Advisors do not impose the same criteria or level of review. Broker-Dealer Activities including to desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204- 2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, retaining an independent compliance consultant to conduct a review of Baird’s policies and procedures, training, surveillance program, technology solutions and similar matters off-channel related communications. Baird is engaged in a broad range of broker-dealer activities, including: individual and institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. Additional information about Baird’s disciplinary history is available on the SEC’s website at www.adviserinfo.sec.gov. Certain Baird associates and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. Investment Management Activities Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker-dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker-dealers, investment advisors, other financial services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. Baird and its Financial Advisors may, from time to time refer clients to Baird Advisors or Baird Equity Asset Management, investment management departments of Baird, or CCM, a division of Baird Equity Asset Management. Baird Financial Advisors are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. Baird Financial Advisors may have a financial incentive to recommend to clients the services of those Baird investment management departments over the services provided by other investment managers. investing in unrelated related Baird Equity Asset Management acts as investment manager to clients pursuing the Baird Equity Asset Management Strategies under the Baird Affiliated Managers Program. Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion in the Baird Recommended Managers Program and on Baird’s Recommended Managers List. In addition, investment products and services offered by Baird Advisors, Baird Equity Asset Management and CCM have been selected by Baird for inclusion in the BAM and UMA Programs and are made available to clients through other Programs. Baird has a financial incentive to favor Baird Advisors, Baird Equity Asset Management and CCM because Baird receives more compensation if Baird Advisors, Baird Equity Asset Management or CCM manages a client’s Account rather than other unrelated managers. From time to time, Baird and its Financial Advisors may recommend that clients retain the services of financial services firms or invest in investment products that are affiliated with or related to Baird. Such a recommendation of affiliated or related financial services firms or investment products creates a potential conflict of interest because Baird, its Financial Advisors and related parties may receive higher aggregate compensation if clients retain those firms or invest in those investment products instead of retaining unrelated investment firms or products. Baird addresses this potential conflict through disclosure in this Brochure. Further, when acting as fiduciaries, Baird and its Financial Advisors are required to select or recommend investment products only when they determine it to be in the client’s best interest to do so. The criteria used by them in deciding to select or recommend affiliated or investment products are generally the same as those used for unrelated investment products. However, a client should note that certain Programs and certain categories of investment products made available to clients only offer advisors or investment products that are affiliated with or related to Baird. 127 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Affiliated and Related Parties Affiliated Broker-Dealers and Riverfront’s indirect minority ownership of GAMMA and BFG’s and Riverfront’s representation on the board of directors of GAMMA. Certain GAMMA investment products and services have been selected by Baird for inclusion in the BAM and UMA Programs and are made available to clients through other Programs. Due to its affiliation with GAMMA, Baird has a financial incentive to favor GAMMA investment products and services. Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Certain investment products associated with Strategas Securities are made available to clients through the Programs. Due to its affiliation with Strategas Securities, Baird has a financial incentive to favor Strategas Securities’ investment products and services. Affiliated and Related Investment Advisors Baird is related to LoCorr by virtue of BFG’s indirect minority ownership of the holding company of LoCorr and BFG’s representation on such holding company’s board of managers. From time to time, Baird Financial Advisors may use or recommend LoCorr investment products and services. Due to its relation to LoCorr, Baird has a financial incentive to favor LoCorr investment products and services. is available 55ip uses research and other services from Riverfront, an affiliate of Baird, in the development of its portfolios under the BSN Program, and Riverfront receives compensation from 55ip with respect to those portfolios. Due to its affiliation with Riverfront, Baird has a financial incentive to favor 55ip portfolios that use Riverfront services. Affiliated and Related Mutual Funds, ETFs and Investment Companies Baird is affiliated, and may be deemed to be under common control, with Riverfront by virtue of their common indirect ownership by BFG. Additional information about Riverfront in Riverfront’s Form ADV Part 2A Brochure. Riverfront provides investment management services under the Baird Affiliated Managers Program. Some Riverfront Portfolios utilize research or other services provided by Strategas or CCM. Certain Riverfront investment products and services have been selected by Baird for inclusion in the BAM and UMA Programs and are made available to clients through other Programs. Due to its affiliation with Riverfront, Baird has a financial incentive to favor Riverfront investment products and services. Baird is related to Greenhouse and Greenhouse Fund GP LLC (“Greenhouse GP”) by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. From time to time, Baird Financial Advisors may use or recommend Greenhouse or Greenhouse GP investment products and services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor their investment products and services. strategies discussed above. Baird is affiliated, and may be deemed to be under common control, with Strategas by virtue of their common indirect ownership by BFG. Certain Strategas investment products and services have been selected by Baird for inclusion in the BAM and UMA Programs and are made available to clients through other Programs. Due to its affiliation with Strategas, Baird has a financial incentive to favor Strategas investment products and services. Baird is the investment adviser and principal underwriter for the Baird Funds. Baird Advisors provides investment management, administrative, and other services to certain Baird Funds investing primarily in fixed income securities (the “Baird Bond Funds”). Baird Equity Asset Management and CCM provide investment management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”), and Greenhouse is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. Certain Baird Equity Funds have investment objectives and strategies substantially similar to certain of the Baird Equity Asset Management As Portfolio compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus and statement of additional information available on Baird’s website at bairdassetmanagement.com/baird-funds. Certain Baird Funds have been selected by Baird for inclusion in the ALIGN, BairdNext Portfolios and UMA Programs and on Baird’s Recommended Mutual Fund List, and all Baird Funds are made available to clients through other Programs. Baird Baird is affiliated, and may be deemed to be under common control, with GAMMA by virtue of BFG’s 128 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  has a financial incentive to favor the Baird Funds because Baird receives more compensation if a client invests in the Baird Funds rather than unrelated funds. information about Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend Income Trust Series, the Automated Quantitative Analysis (AQA®) Portfolio Series, and the AQA® Large-Cap Portfolio Series. Additional those investment products, including information relating to the compensation paid to Baird is available in fund the applicable prospectus and other documents. Those investment products are made available to clients through the Programs. Due to its affiliation with those investment products, Baird has a financial incentive to favor those investment products. Baird Financial Advisors who refer clients to the Baird Funds are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. The amount of the referral compensation is disclosed in each Fund’s statement of additional information available on Baird’s website at Baird bairdassetmanagement.com/baird-funds. Financial Advisors may have a financial incentive to favor investments in those Funds over investments in other mutual funds and to favor the Baird Equity over the Baird Bond Funds. for in each Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. for Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange- Traded Fund III. Additional information about those mutual funds and ETFs, including information relating to the compensation paid to Riverfront by those funds for investment management services, fund’s prospectus and is available statement of additional information. Certain mutual funds and ETFs managed by Riverfront have been selected by Baird for inclusion in the ALIGN and UMA Programs, and all such mutual funds and ETFs are made available to clients through other Programs. Due to its affiliation with Riverfront, Baird has a financial incentive to favor funds managed by Riverfront. Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives those services. Additional compensation information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products, including information relating to the compensation paid to Strategas and Strategas Securities, is available in the applicable prospectus. Those investment products are made available to clients through the Programs. Due to its affiliation with Strategas and Strategas Securities, Baird has a financial incentive to favor those investment products. LoCorr acts as investment advisor to the LoCorr Funds. The LoCorr Funds are made available to clients through the Programs. Due to its relation to CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those services. Additional information about those mutual funds, including information relating to the fees paid by those funds for investment management services, is available in the funds’ prospectus and statement of additional information. 129 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities the LoCorr Funds, Baird has a financial incentive to favor the LoCorr Funds. Investment Advisor Private Equity Fund(s) Affiliated Private Funds Baird Capital Management Company, LLC Baird Venture Partners GP VI, LLC Baird Venture Partners VI LP BVP VI Affiliates Fund LP BVP VI Special Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management I LP Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP BCGF I Special Affiliates LP BCGF I Affiliates Fund LP CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those funds are private pooled investment vehicles that are not required to be registered with the SEC as investment companies. Due to their affiliation with the Chautauqua Private Funds, Baird Equity Asset Management, CCM and Baird have a financial incentive to favor those funds. Baird Capital Management Company, LLC Baird Capital Global Fund Management II LLC Affiliated Private Equity Funds Baird Capital Global Fund II Limited Partnership BCGF II Affiliates Fund Limited Partnership BCGF II Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Capital Global GP III LLC Baird Capital Global Fund III LP BCGF III Affiliates Fund LP BCGF III Special Affiliates LP Baird Capital Partners Europe Limited* Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird and its Financial Advisors may refer clients to Baird Capital. The private equity funds offered through Baird Capital make venture capital, growth equity and private equity investments primarily in the business-to- business, technology and services sector. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. Baird Capital Partners Europe II LP Baird Capital Partners Europe II Special Affiliates LP Certain Baird Capital-Related Entities The Growth Fund Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. Baird Venture Partners III Limited Partnership BVP III Affiliates Fund Limited Partnership BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Limited Partnership Baird Venture Partners Management Company V, LLC Baird Venture Partners V Limited Partnership BVP V Affiliates Fund Limited Partnership BVP V Special Affiliates Fund Limited Partnership Baird Capital Partners Management Company V, LLC Baird Capital Partners V Limited Partnership Baird Financial Advisors who assist in obtaining a client’s investment in a private equity fund offered through Baird Capital are eligible for referral compensation from the general partner of the private equity fund. The actual amount of compensation may vary based upon the client’s investment commitment and will be disclosed to a client in the documentation the client receives in connection with the investment. Due to Baird’s affiliation with those private equity funds and the referral compensation paid to Baird Financial Advisors, Baird and its Financial Advisors have a financial incentive to favor those private equity funds. BCP V Affiliates Fund Limited Partnership BCP V Special Affiliates Limited Partnership 130 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  inclusion in the BAM and UMA Programs and are made available to clients through other Programs. Due to its affiliation with Baird Trust, Baird has a financial incentive to favor Baird Trust investment products and services. Baird website Baird also has a financial incentive to the extent it would recommend that a client invest in a portfolio company owned by an affiliated private equity fund. A list of the portfolio investments held by private equity funds affiliated with Baird is located on at Capital’s https://www.bairdcapital.com/portfolio/baird- capital-portfolio.aspx. Baird and Baird Financial Advisors receive compensation from Baird Trust for referring clients and providing ongoing relationship management services to clients engaging Baird Trust for trust administration services as described under the heading “Services, Fees and Compensation— Additional Program Information—Trust Services Arrangements” above. Baird and Baird Financial Advisors thus have a financial incentive to favor Baird Trust over other trust companies. Other Financial Industry Activities The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. These funds generally co-invest with unaffiliated private equity funds and private equity professionals in transactions in the United States and Europe. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. managers, including Certain Baird Principal Group-Related Entities the Programs. Other Investment Advisor Private Equity Fund(s) Baird Principal Group Management Company I, LLC Baird Principal Group Partners Fund I Limited Partnership Baird Principal Group Management Company II, LLC Baird Principal Group Partners Fund II Limited Partnership Baird Principal Group Management Company, LLC Baird Principal Group Partners Fund III, LP Related Hedge Funds or recommending firm directs or Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. The Greenhouse Onshore Fund LP is available to clients under the Programs. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor those hedge funds. Other Affiliated Financial Services Firms Baird has business relationships with many investment those participating in the Programs, separate and apart investment from management firms may select Baird, in its capacity as a broker-dealer, to execute portfolio trades for their clients, including for Investment Funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. This may create an incentive for Baird to favor the services of such investment management firms or their products, including the Investment Funds advised by such investment management firms. However, Baird is a fiduciary that is required to act in the best interest of advisory clients when investment selecting management firms or their investment products to such clients. Baird addresses this potential conflict through disclosure in this Brochure. Further, Baird does not consider the extent to which an is investment management expected to direct trades to Baird for execution when considering the eligibility of an investment management firm or its investment products for Baird’s advisory programs (including when Baird constructs its ALIGN Strategic Portfolios Program, BairdNext Portfolios Program, Baird Recommended Managers Program, UMA Programs, Recommended Managers List or Recommended Mutual Fund List). In addition, investment management firms are, absent client direction to the contrary, obligated at all times to retain the broker or dealer providing the client best execution as described under the heading “Services, Fees and Compensation— Additional Program Information—Trading for Client Baird is affiliated, and may be deemed to be under common control, with Baird Trust, a Kentucky- chartered trust company, by virtue of their common indirect ownership by BFG. Certain Baird Trust investment products and services, such as the Baird Trust Strategies, have been selected for 131 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  firms for appropriate deemed or by Baird’s Accounts” above. In addition, mutual fund companies are prohibited from considering Baird’s efforts in marketing and selling their funds when selecting Baird for executing portfolio trades for the funds. To learn more about how a mutual fund company selects brokerage trade execution, a client should consult the fund’s statement of additional information, available from each fund. prohibits Access Persons from executing a security transaction for their personal accounts during a blackout period one business day before or after the date that a client transaction in that same security is executed. The Code provides for certain by Baird exceptions management Compliance Department. In addition, orders for the accounts of Access Persons and other Baird associates that are under discretionary management by Baird may be aggregated with orders for other Baird client accounts, so long as the order is executed as part of a block transaction with client orders. A copy of the Code is available to clients or prospective clients upon request. Certain Baird associates from time to time may provide clients with tax return preparation, bill pay or related services. In some instances, the fee for those services may be bundled with the Program Fee. A client should understand that the provision of such services is separate from, and not related to, the Programs offered under this Brochure and will be governed by an agreement separate from the client’s advisory agreement with Baird. A client should understand that Baird and its associates do not act as investment adviser or fiduciary to the client when providing tax return preparation, bill pay or related non-advisory services to the client. Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Participation or Interest in Client Transactions Investment Advisory Accounts Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. Asset-based Program Fee arrangements create an incentive for Baird and Baird Financial Advisors to set the applicable fee rate at a high level and to encourage clients to add more money into their accounts. Baird and Baird Financial Advisors also have an incentive to recommend an investment advisory account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. Select clients may pay a fixed dollar fee, which presents a conflict in that such fee does not give the Baird Financial Advisor an incentive to make recommendations that could benefit the client’s account, or a performance or incentive fee, which presents a conflict because it gives the Baird Financial Advisor an incentive to recommend riskier investments in order to achieve the level of performance in the account that would result in payment of the fee. Baird also periodically provides special incentives to Baird Financial Advisors to recommend advisory products and services to clients and to recommend that clients put more assets into their Accounts. To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, including Baird Financial Advisors, their supervisors, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. The Code also generally 132 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Accounts and Investments Provide Different Levels of Compensation assets invested in those products. A Baird Financial Advisor’s compensation increases as those fees increase. Thus, Baird and Baird Financial Advisors have an incentive to recommend such products and to recommend such products that pay the greatest ongoing fees. investment products The accounts and investments Baird offers provide Baird different levels of compensation. Baird and Baird Financial Advisors have an incentive to generate revenues from client accounts and to offer and make recommendations that will provide them the greatest level of compensation. Recommendations of Related, Proprietary or Affiliated Funds and Managers Certain mutual funds charge 12b-1 fees, which are paid to Baird. Baird receives 12b-1 fees on an ongoing basis as compensation for the services Baird provides to the applicable mutual fund. The 12b-1 fees paid by a mutual fund are disclosed in the mutual fund’s prospectus. Baird and Baird Financial Advisors have an incentive to recommend related, proprietary or affiliated funds or managers because when client’s invest in affiliated funds or select an affiliated manager to manage client accounts, they will make more money. See “Additional Information—Other Industry Activities and Affiliations—Certain Affiliated and Related Parties” above and “List of Affiliated Companies, Funds and Managers” on Baird’s website at bairdwealth.com/retailinvestor. Referral Compensation Paid to Baird Financial Advisors Baird generally does not allow mutual funds with 12b-1 fees to be purchased for Program Accounts. If Baird receives 12b-1 fees from a fund with respect to a client’s mutual fund investment in the client’s Account and the client’s Account is subject to an asset-based fee arrangement, Baird either: (1) rebates such 12b-1 fees to the client’s Account if the client is paying an asset-based Program Fee on such investment; or (2) excludes such fund shares from the calculation of the client’s asset- based Program Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the 12b-1 fee. 12b-1 fees rebated to a client’s Account are estimated based on the average daily balance of the mutual fund shares in the Account and the annual rate of the 12b-1 fee paid by the applicable fund. If any rebated fees remain in a client’s Account at the time of billing, those rebated amounts will be included in the Account assets subject to the Program Fee. receive additional Baird Financial Advisors compensation for referring clients to certain of Baird’s proprietary or affiliated funds or managers described above. Such special compensation and referral fees give Baird Financial Advisors an incentive to recommend or refer clients to these proprietary or affiliated funds and managers. See “Additional Information—Other Industry Activities and Affiliations—Certain Affiliated and Related Parties” above. Baird Financial Advisors also receive additional compensation for referring clients to Baird Trust and for referring clients to unaffiliated banks that make loans to clients under Baird’s Securities-Based Lending Program. See “Trust Services Arrangements” and “Securities- Based Lending Program” below. In addition to those referral arrangements, Baird Financial Advisors receive special compensation for referring business to certain of Baird’s other departments. See “Investment Banking, Public Finance and Institutional Equities Trading Activities” below. Ongoing Product Fees If Baird receives 12b-1 fees with respect to mutual fund shares that are designated as unbillable assets in a client’s Account, Baird will retain such 12b-1 fees. This presents a conflict of interest because it provides Baird and its Financial Advisors an incentive to recommend or invest client accounts in mutual fund shares that pay greater 12b-1 fees. Baird addresses this conflict by adopting a Mutual Fund Share Class Policy described above and by adopting internal policies that limit the circumstances under which mutual fund investments in client accounts can be designated as unbillable assets and 12b-1 fees can be retained. receives ongoing fees Baird from certain investment products that are purchased and held in client Accounts. Those fees, such as distribution (12b-1) and/or service fees (“12b-1 fees”) from mutual funds, are based on the value of client 133 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors Under the clearing arrangement, Schwab provides clearing services for most “no load” funds and “load” funds held by Baird clients. Although Baird pays Schwab a fee for its clearing and omnibus services, Schwab generally passes through to Baird the shareholder servicing fees that Schwab receives from the funds. Shareholder servicing fees are not paid by Schwab on mutual fund assets held in Retirement Accounts to the extent prohibited by applicable law. The amount of the shareholder servicing fees paid to Baird is based on the value of the client assets invested in those funds. However, the shareholder servicing fee rate varies based on the type of fund (load or no load), the value of client assets in those funds, and the relationship that Schwab has with those funds (whether or not Schwab receives payments from those funds or their sponsors, and the rates of such payments). As a result, Baird has an incentive to recommend mutual funds from which Baird would receive higher payments from Schwab. However, Baird generally does not compensate Baird Financial Advisors based upon the amounts Baird receives from Schwab except with respect to amounts attributable to sales loads and 12b-1 fees that Baird would otherwise receive directly from a fund if it were not for the existence of the clearing arrangement with Schwab. If Baird receives 12b-1 fees from Schwab with respect to a mutual fund investment in a client’s Account, Baird rebates or retains such fees as further described under the heading “Ongoing Product Fees” above. Baird Conference Sponsorships Trust Portfolios and for Third Baird receives marketing support or revenue sharing payments (“marketing support”) from the sponsors and investment advisers of certain mutual funds. These payments, which are based on sales of, or client assets invested in, such funds, are intended to compensate Baird for providing marketing, distribution and other services for the mutual funds. Marketing support is not paid by sponsors or investment advisers of mutual funds on mutual fund assets held in investment advisory Retirement Accounts to the extent prohibited by applicable law. Baird received marketing support payments over the past two calendar years from the sponsors or investment advisers of Alliance Bernstein Funds, American Funds, Franklin Templeton Funds, Fidelity Funds, Goldman Sachs Funds, Hartford Funds, Invesco Funds, John Hancock Funds, JPMorgan Funds, Lord Abbett Funds, MFS Funds, PIMCO Funds and Principal Funds. Baird also generally receives marketing support related to the sale of units of UITs. Sponsors of UITs typically make marketing or concession payments to the firms that sell their UITs, including Baird. These payments are typically calculated as a percentage of the total volume of sales of the sponsor’s UITs made by the firm during a particular period. That percentage typically increases as higher sales volume levels are these additional achieved. Descriptions of payments are provided in a UIT’s prospectus. UIT sponsors that have paid volume concessions to Baird over the past two calendar years include Advisors Asset Management (AAM), SmartTrust, Guggenheim First Investments. Receipt of marketing support payments from sponsors and investment advisers of mutual funds and UITs provides Baird an incentive to offer, market and recommend such mutual funds and UITs and to favor mutual funds and UITs with sponsors or investment advisers that make the greatest levels of such payments. Baird does not share these payments with Baird Financial Advisors. Please see “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor more information. Payments” for Baird hosts a number of seminars and conferences for Baird Financial Advisors in any given year, including Baird’s PWM Symposium, which gives sponsors of investment products, such as mutual funds, the opportunity to make presentations at, and contribute money toward the cost of, such seminars and conferences. This presents a conflict of interest in that it gives Baird an incentive to promote or market the sponsors’ investment products in order to persuade them to continue supporting Baird seminars and conferences. Please see “Revenue Sharing/Marketing Support and Other at Party bairdwealth.com/retailinvestor more information. Schwab Clearing Arrangement Baird Financial Advisors Receive Benefits from Product Providers Baird has a clearing arrangement with Charles Schwab & Co., Inc. (“Schwab”) whereby Schwab maintains an omnibus account with certain mutual fund families for Baird on behalf of Baird clients. Baird Financial Advisors generally receive non-cash compensation and other benefits from Baird and 134 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  a client use margin, because a margin loan allows the client to make larger and more securities purchases. It also increases the value of a client’s Account and thus the Program Fee associated with that Account because the margin loan is not deducted for purposes of calculating the fee. Please see “Services, Fees and Compensation—Additional Program Information—Margin Loans” above for more detailed information. Securities-Based Lending Program Compensation—Additional such benefits. Please see Baird and Baird Financial Advisors have an incentive to recommend that a client participate in Baird’s Securities-Based Lending Program because Baird and Baird Financial Advisors receive referral compensation and such loans allow a client to keep more assets in the client’s Accounts, which result in more advisory fees for us and paid to the client’s Baird Financial Advisor. Please see “Services, Fees and Program Information—Securities-Based Lending Program” above for more detailed information. from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may include invitations to attend conferences or educational seminars, payment of related travel, lodging and meal expenses, and receipt of gifts and entertainment. For example, Baird Financial Advisors are invited to educational conferences hosted by sponsors of mutual funds, annuities and other investment products, with the costs associated with such conference (including travel and lodging) paid by the sponsors. In addition, Baird Financial Advisors hold client events with some or all of the costs of such events paid by sponsors of investment products. Product sponsors may also provide gifts and entertainment in connection with those or other events. These benefits present a conflict of interest in that they give Baird Financial Advisors an incentive to recommend investment products and their sponsors that provide the greatest levels of “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Investment Advisory and Brokerage Account and Service Recommendations Cash Sweep Program revenue the revenues Baird earns, and Baird has an incentive to have clients participate and maintain significant balances in Baird’s Cash Sweep Program because Baird receives substantial compensation on client cash balances that are automatically swept into bank deposit accounts and invested in money market mutual funds under the program. Please see “Services, Fees and Compensation—Additional Program Information— Cash Sweep Program” above for more detailed information. Advisor receive Trust Services Arrangements above for more Baird and Baird Financial Advisors have an incentive to recommend that a client retain Baird Trust for the client’s trust services needs rather than an unaffiliated firm because it is more profitable for Baird and they receive compensation from Baird Trust if the client retains Baird Trust. Please see “Services, Fees and Compensation— Additional Program Information—Trust Services Arrangements” detailed information. Margin Loans Baird and Baird Financial Advisors generally have a financial incentive to recommend investment advisory Accounts to clients rather than brokerage accounts because Program Fee is recurring, more predictable and typically greater the than compensation Baird Financial Advisors receive, from brokerage accounts. In addition, because Program Fees are paid by a client regardless of the trade activity in the client’s advisory Account, Baird will receive greater revenue, and the client’s Baird Financial greater will compensation, from a low trade-activity advisory Account than from a low trade-activity brokerage account. Baird and Baird Financial Advisors thus have an incentive to recommend an investment advisory Account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. However, because Baird’s revenues and the compensation paid to Baird Financial Advisors from brokerage accounts increase as the level of trading increases, Baird and Baird Financial Advisors have an incentive to recommend a brokerage account to a client rather than an investment advisory Account if the client has, or is expected to have, significant trading activity in the client’s account. Baird Financial incentive to Advisors also have a financial Baird has an incentive to recommend that a client use margin because Baird receives interest on client margin loans, and Baird and Baird Financial Advisors also have an incentive to recommend that 135 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  recommend certain wealth management services, such as financial planning. Please see “Services, Fees and Compensation—Program Fees—Program Fee Payments to Baird, Financial Advisors and Investment Managers” above for more detailed information. Account Transfers and New Accounts recommendations will not increase the Baird Financial Advisor’s production, so as to increase the revenues and profitability of Baird’s PWM department and thus of BFG, which will serve to grow the value of the BFG stock. For example, ownership of BFG stock provides a client’s Baird Financial Advisor an incentive to recommend affiliated products to a client even though such recommendation does not increase the client’s Baird Financial Advisor’s production. Relationships with Issuers of Securities in companies or Baird and a client’s Baird Financial Advisor have an incentive to recommend that the client transfer the client’s accounts to Baird and establish new accounts with Baird (including IRA rollovers) because doing so will result in increased revenues to Baird and compensation for the Baird Financial Advisor. Recommendations to Open Different Types of Accounts From time to time, Baird may have proprietary investments issuers whose securities are offered and sold to clients, a Baird Financial Advisor or another Baird associate may have significant investments in companies or issuers whose securities are offered and sold to clients, or a Baird Financial Advisor or another other Baird associate (or their spouses, partners or family members) may have a position as an officer or director of a company or issuer whose securities are offered and sold to clients. In such cases, Baird and/or a client’s Baird Financial Advisor will have an incentive to recommend that the client invest in those companies. Baird Financial Advisors Transferring to Baird Baird and Baird Financial Advisors have an incentive to recommend that a client open different types of accounts with Baird, such as individual accounts, IRA rollovers, joint accounts, 529 plan accounts and UGMA/UTMA accounts, because if a client has different types of accounts with Baird, the client brings more of the client’s investable assets to Baird, on which fees can be generated, thereby increasing Baird’s revenues and the client’s Baird Financial Advisor’s compensation. Also, if a client has more account types with Baird, the client is statistically more likely to maintain the client’s relationship with Baird and the client’s Baird Financial Advisor for longer periods of time. Baird Stock Ownership A Baird Financial Advisor joining Baird from another firm has an incentive to recommend that a client to transfer the client’s accounts from such firm to Baird because doing so will increase the Baird Financial Advisor’s compensation. Please see “Services, Fees and Compensation—Program Fees—Program Fee Payments to Baird, Financial Advisors and Investment Managers” above for more detailed information. Principal Trading the compensation they a financial incentive Most Baird Financial Advisors own common stock of BFG, Baird’s ultimate parent, and when offered the opportunity to buy BFG stock they usually do so. The amount of BFG stock that a Financial Advisor may purchase is based in part on the Financial Advisor’s total production level. A client’s Baird Financial Advisor thus has an incentive to make recommendations that increase the Financial Advisor’s total production on the client’s accounts with Baird. Moreover, revenues from Baird’s PWM department, in which Baird Financial Advisors operate, contribute substantially to BFG’s overall revenues and profitability, and the performance of BFG’s stock price is largely due to the profitability of Baird’s PWM department. As a result, a client’s Baird Financial Advisor’s ownership of BFG stock creates to make recommendations to the client that increase the amount of revenues generated from the client’s those accounts with Baird, even if Baird and Baird Financial Advisors have an incentive to execute a trade for a client on a principal basis. The compensation that Baird and Baird Financial Advisors receive on principal trades, such as a markup or markdown, is often higher than receive when executing trades as agent, such as commissions. The compensation received by Baird and Baird Financial Advisors is in addition to the asset-based Program Fee a client pays on the client’s advisory Accounts. Thus, Baird and Baird Financial Advisors have an incentive to trade as principal rather than as agent. Principal trades also allow Baird to sell securities from Baird’s account that Baird deems undesirable and to buy securities for Baird’s 136 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  them in the secondary market, and because the profitability of underwritten offerings to Baird depends upon Baird’s ability to sell the securities allocated to Baird in the offering. account that Baird deems desirable. For more information, please see “Services, Fees and Compensation—Additional Program Information— Trading for Client Accounts—Trade Execution Services Performed by Baird—Principal Trades” above. Allocations of IPOs and Other Public Offerings Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities Baird Financial Advisors have the incentive to favor some clients over other clients when allocating shares issued in public offerings, particularly those clients with larger accounts or accounts that generate high fees and compensation, as a reward for their past business or to generate future business. related services Research Activities The investment advice provided to a client may be based on the research opinions of Baird’s research departments. Baird does, and seeks to do, business with companies covered by those research departments and as a result, Baird may have a conflict of interest that could affect the content of its research reports. Trade Error Correction the securities issued in It is Baird’s policy that a client’s account will be fully compensated for any losses incurred as a result of a trade error for which Baird is responsible. If the trade error results in a gain, the gain may be retained by Baird. For more information, please see “Services, Fees and Compensation—Additional Program Information— Trading for Client Accounts—Baird’s Trading Practices—Trade Error Correction” above. to Baird’s Other Client Relationships Certain client accounts overseen by Baird and Baird Financial Advisors may have similar investment objectives and strategies but may be subject to different fee schedules or commission rates. Thus, Baird and its Financial Advisors have an incentive to favor client accounts that generate a higher level of compensation. Through its Investment Banking, Public Finance and Institutional Equities Services Departments, Baird provides investment banking, municipal advisory, securities underwriting, stock buyback and to various corporate, municipal, and other issuers of securities. Baird receives compensation and fees from such entities in connection with the services it provides. Baird may, therefore, have an incentive to favor the securities of issuers for which Baird provides such services over the securities of issuers for which Baird does not provide such services. A Baird Financial Advisor who refers a client to Baird Investment Banking for a possible transaction in which Baird Investment Banking earns a financial advisory or underwriting fee receives a portion of such fee. A Baird Financial Advisor who refers a client to Baird Public Finance for a municipal advisory or underwriting opportunity receives a portion of the compensation earned by Baird Public Finance on that opportunity. Baird and Baird Financial Advisors thus have an incentive to recommend those offerings. A Baird Financial Advisor who refers a corporation Institutional Equities business for a stock buy-back program receives a portion of the commissions earned by Baird’s Institutional Equities business. Baird and its Financial Advisors may, therefore, have an incentive to buy, and to recommend that clients sell, the securities of issuers that are part of Baird’s buyback services. For more information about referral compensation paid to Baird Financial Advisors and related conflicts of interest, please see “Baird Referral Programs” on Baird’s website at bairdwealth.com/retailinvestor. Baird’s Other Broker-Dealer and Related Activities Baird Underwritten Offerings its Financial Advisors Baird and Baird Financial Advisors have an incentive to recommend that clients purchase securities in offerings underwritten by Baird because the underwriting compensation that Baird and Baird Financial Advisors will earn on those offerings tends to be higher than the compensation they would normally receive if clients were to buy In their broker-dealer, and broker-dealer representative capacities, respectively, Baird and its Financial Advisors provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, Complex Investment Products and other securities. Baird and receive compensation based upon the sale of such investment products. 137 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  routed away were directed or non-directed and the time of the transactions, if any, that resulted from such orders. Baird also prepares a quarterly summary for discussing certain orders execution, including the type and the identity of the broker-dealers or exchanges receiving such orders. This summary as well as other important information about Baird’s order routing practices at: available are http://www.rwbaird.com/help/account- disclosures/routing-equity-orders.aspx. Information—Trading for from time Baird and its affiliates and associates may buy or sell investments that are recommended to or owned by a client for their own accounts, or they may act as broker or agent for other clients buying or selling those investments. Those transactions may include buying or selling investments in a manner that differs from, or is inconsistent with, the advice given to a client, and those transactions may occur at or about the same time that such investments are recommended to or are purchased or sold for a client’s account. Baird may also engage in agency cross transactions and principal transactions with clients as further described under “Services, Fees and Compensation—Additional Program Client Accounts—Trade Execution Services Performed by Baird” above. Baird and its associates, by reason of Baird’s investment banking or other broker-dealer, activities, may time acquire to information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information with respect to any client Account. Baird’s other activities thus present a potential conflict of interest because such activities may limit Baird’s ability to advise or manage client Accounts. Other Conflicts of Interest As a registered broker-dealer, Baird effects transactions in securities on a national exchange and may receive and retain compensation for such services, subject to the limitations and restrictions made applicable to such transactions by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder. Baird may also benefit from the possession or use of any free credit balances in client Accounts, subject to restrictions imposed by Rule 15c3-3 under the Exchange Act. Free credit balances include uninvested cash in client Accounts that has not been automatically deposited or swept into a bank deposit account or money market mutual fund. securities exchanges Baird offers to clients other investment products and services not described in this Brochure. These investment products and services provide different levels of compensation to Baird and its Financial Advisors. Baird and its Financial Advisors have an incentive to favor those investment products and services level of that generate a higher compensation than those that generate a lower level of compensation. For more information about the other investment products and services offered by Baird, clients should contact Baird or a Baird Financial Advisor. Referrals and Other sections of this Brochure also describe instances when Baird and its Financial Advisors may recommend to clients, and may buy and sell for client’s Account, securities in which Baird and its affiliates and associates have a material financial interest or practices that present a conflict of interest. For more information, please see “Services, Fees and Compensation—Program Fees—Program Fee Payments to Baird, Baird Financial Advisors and Investment Managers” and “Additional Information—Other Financial Industry Activities and Affiliations” above, and “Additional Information—Client Other Compensation” below. Baird may route certain securities orders to other broker-dealers or for execution. Baird selects execution venues based on the size of the order, trading characteristics of the security, speed of execution, likelihood of price improvement, availability of efficient automated transaction processing, guaranteed automatic execution levels, and other qualitative factors. Baird receives remuneration in the form of payment or liquidity rebates on certain options or equity securities orders routed to some venues (commonly known as “payment for order flow”). This compensation, although not material to Baird’s trading business, gives Baird an incentive to route client orders for securities transactions to those venues that provide Baird the greatest levels of compensation. At a client’s request, Baird will make available certain information about the routing of such client’s orders routed for execution in the six months prior to the request. Such information will include the identity of the venue to which orders were routed, whether such orders 138 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Addressing Conflicts Review of Accounts Client Account Review Advisor generally reviews The foregoing activities could create a conflict of interest with clients. In addition to the measures described above, Baird addresses conflicts posed by those activities through disclosure in this Brochure, the client’s agreements with Baird, the Client Relationship Booklet and prospectuses, offering documents or other disclosure documents provided or made available to clients. Baird has also adopted a Code of Ethics and other internal policies and procedures for Baird and its associates that: • require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); • are designed to ensure that securities allocations made to discretionary client accounts are made in a manner such that all such clients receive fair and equitable treatment over time; Client accounts are monitored on a periodic basis by the client’s Financial Advisor and are subject to review by the Baird Branch Office Manager or PWM Supervision department supervisor (or his or her respective designee) responsible for supervising the client’s Financial Advisor. A client’s Baird Financial the performance of the client’s Account at least annually. However, the client’s Financial Advisor may not review the performance of a client’s SMAs managed by Other Managers under the Baird SMA Network Program or Dual Contract Program. Baird has designated individuals who are responsible for monitoring a client’s PIM Manager or UAS Manager with respect to the client account’s trading activity, verifying that the PIM Manager’s or UAS Manager’s composites of client accounts are generally being managed in accordance with the manager’s investment philosophy statement and attempting to ascertain whether client accounts within each composite are being treated equitably. • address Baird’s and its associates’ trading activities and are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients; and is most suitable • address and limit cash and non-cash benefits provided to Baird Financial Advisors by third parties in an attempt to avoid any question of propriety or any conduct inconsistent with Baird’s high standards of ethics. The performance of a client’s PIM Account may be compared to one or more benchmark indices that the PIM Manager, in conjunction with a PIM Product Manager, determines for comparison with the portfolio’s investment style or the Account may be monitored using a risk score assigned to the Account by Baird based upon information provided by the client. Baird may at times change a client’s PIM Account benchmark index without prior notice to the client. Duration Compensation Will Be Received Account Statements and Performance Reports If a client holds any of the investment products described above, Baird, its affiliates and associates will receive the fees and payments described above for the duration of the client’s advisory relationship with Baird. In some circumstances, the receipt of such compensation may extend beyond a client’s advisory relationship with Baird if the client continues to hold those assets at Baird. If Baird provides transaction execution services to a client, Baird will generally provide the client with a monthly brokerage account statement when activity occurs during that month. Otherwise, Baird will provide the client with a quarterly statement if there has not been any intervening monthly transaction activity. retain form at If Baird, or an affiliate or associate of Baird, receives any compensation or benefit described in this Brochure from or related to a client’s investment, the they will generally compensation or benefit. Except as otherwise described above, Baird generally does not rebate these amounts to a client’s Account or credit the amount against the Program Fees payable by a client unless such compensation may not be retained under applicable law or regulation. A client’s Baird Financial Advisor will provide the client with a written report on the client’s Account’s performance as often as the client and the Financial Advisor may from time to time mutually agree. PIM clients generally receive a performance report in paper or electronic least annually. Performance reporting may not be available for Account assets that are not custodied at Baird. Baird may change or discontinue performance 139 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  reporting to a client at any time for any reason upon notice. calculation of Client performance reports usually contain a portfolio valuation and typically show the asset allocation of the client’s portfolio, changes in a client’s portfolio, and account performance compared to a benchmark market index or indices (such as the S&P 500® Index or the Bloomberg U.S. Intermediate Government/Credit Bond Index). The benchmark may be a blended benchmark that combines the returns for two or more indices. performance results would have been lower than the performance results presented. Documents presenting a manager’s performance results on a fees basis should contain certain gross of disclosures about the performance results being presented. Clients are urged to review carefully those disclosures because they contain important information about the the performance results. If a client is presented performance information for a manager’s strategy on a gross of fees basis and the client has an Account managed by that manager pursuant to the client should obtain a that strategy, performance report for the Account and review that performance information carefully because the performance report for the Account will reflect the deduction of applicable Program Fees and other costs. A client should note that past performance does not indicate or guarantee future results. None of Baird, its associates or investment managers managing the client’s Account promise or guarantee any level of investment returns or that the client’s investment objective will be achieved. Account performance to above Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by Baird client Accounts pursuing the Model Portfolio strategy. See “Additional Program Information— Trading for Client Accounts—Trading Practices of Investment Managers” for more information. Benchmarks shown in performance reports are for informational purposes only. Baird’s selection and use of benchmarks is not a promise or guarantee that the performance of a client’s Account will meet or exceed the stated benchmark. When the client compares the performance of a market index, the client should recognize that a market index merely reflects the performance of a list of unmanaged securities included in the index and the index performance does not take into account management fees, execution costs, and other expenses related to investing for a client’s Account. The securities included in a client’s Account generally do not exactly mirror the securities included in the index. The benchmarks used by Baird with respect to a client’s SMA may differ from the benchmarks used by the manager of the client’s SMA. As a result, the performance comparisons in Baird’s performance reports may differ from reports provided to clients directly by the investment manager for the client’s SMA. When preparing a client’s Account statements and performance reports, Baird generally relies upon third party sources, such as third party pricing services. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities, Complex Investment Products, community bank stocks and private limited partnerships. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian. The performance of investment managers may, under certain circumstances, be presented to clients on a “gross” or “gross of fees” basis, which means the performance results being presented does not reflect the deduction of Program Fees and other costs that clients have incurred and will incur when retaining the manager. Had applicable Program Fees and other costs been included in the the manager’s performance calculation, 140 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  of Financial Industry Activities and Affiliations” and “Additional Ethics, Information—Code Participation or Interest in Client Transactions and Personal Trading” above. for Complex Investment Financial Information Baird does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of its most recent fiscal year. Baird is not aware of any financial condition that is reasonably likely to impair its ability to meet its contractual commitments to clients, nor has it been the subject of a bankruptcy petition at any time during the past ten years. Baird does not conduct a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and it does not verify or guarantee the accuracy of such information. Baird does not accept responsibility for valuations provided by third parties that are inaccurate unless Baird has a reason to believe that the source of such valuations is unreliable. investments, particularly Valuation data annuities, Products, community bank stocks and private funds, may not be provided to Baird in a timely manner, resulting in valuations that are not current. The prices obtained by Baird from the third party pricing services, issuers, sponsors and custodians may differ from prices that could be obtained from other sources. Values used in account statements and performance reports may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the values may be greater than the amount a client would receive if the securities were actually sold from the client’s Account. Special Considerations for Retirement Accounts Each Retirement Account Fiduciary of a client should understand that Baird may invest for the client, recommend that the client invest in, or make available for investment to plan participants, affiliated investment products, that Baird and its affiliates will receive fees or other compensation related to such investments, and that they will retain such compensation to the extent permitted by applicable law, rule or regulation, including, without limitation, Department of Labor (“DOL”) Prohibited Transaction Exemption (“PTE”) 77-4, DOL PTE 2020-02 or other advisory opinions issued by the DOL. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird. See “Services, Fees and Compensation—Additional Program Information— Custody Services” above for more information. relationship and Client Referrals and Other Compensation Baird may provide compensation to individuals who refer clients in some instances. When applicable, the compensation paid is a percentage of the client’s fee payments or the value of the client’s Account. The amount of compensation will vary, with the specific level determined based upon consideration of various factors including, but not limited to, the individual’s role in developing the client the assets under management. Baird may pay these fees to registered representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird. Baird and its affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled “Services, Fees and Compensation”, “Account Requirements and Types of Clients”, “Additional Information—Other To the extent Baird and its affiliates rely upon PTE 77-4, each Retirement Account Fiduciary should understand that when Baird invests the assets of a Retirement Account in an affiliated investment product that pays investment advisory fees to Baird or any of its affiliates, Baird and its affiliates will receive such investment advisory fees in accordance with DOL PTE 77-4, and, as required thereby, Baird will waive its asset-based Program Fees on that portion of the assets invested in the affiliated investment product for such period of time so invested or Baird will offset the investment advisory fees received by Baird or any of its affiliates from the affiliated investment product against the asset-based Program Fee that Baird charges to the client. For the purpose of complying with the terms of DOL PTE 77-4, the client and each Retirement Account Fiduciary of the client acknowledge in the client’s advisory agreement that: (i) the investment in affiliated investment products for the client’s Account is appropriate because of, among other things, the investment goals, redeemability, liquidity, and diversification 141 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Fiduciaries are also understand that the client and the client’s Retirement Account solely responsible for engaging a directed broker-dealer, monitoring its performance and terminating a directed brokerage arrangement, and that Baird is not responsible for determining whether a directed broker-dealer is capable of providing best execution. Greenhouse, LoCorr, of those products; (ii) subject to the terms of the applicable Program, all assets of the client’s Account may be invested in one or more of the affiliated investment products; (iii) the client and such Retirement Account Fiduciary received prospectuses or other offering or disclosure documents for the affiliated investment products that may be used in connection with the Account, each of which include a summary of all fees that may be paid by the affiliated investment products to Baird or its affiliates; and (iv) the client received information concerning the nature and extent of any differential between the rate of such affiliated investment product fees and the Program Fees payable by the client. The differential between the fees to be charged by Baird for the investment advisory services it provides to the client and, if applicable, the investment advisory and other similar fees paid by the affiliated investment product to Baird or its affiliates with respect to the services Baird or any of its affiliates provides to the affiliated investment product is the difference between the Program Fee disclosed in the client’s advisory agreement and the applicable investment management, investment advisory and other similar fees detailed in the applicable prospectus or other offering or disclosure documents for the affiliated investment product. that directed the fiduciary “Additional Fiduciary If a client’s Account is a Retirement Account and if the client has selected an investment manager or product related to Baird (such as the use of services or products offered by Baird Advisors, Baird Equity Asset Management, CCM, Baird Trust, GAMMA, Riverfront, Strategas or any Investment Fund affiliated with any of them), each Retirement Account Fiduciary of the client understands and agrees that in making such selection: (a) Baird and its affiliates may receive higher aggregate compensation than if the client selected investment managers, funds or other products not affiliated with Baird and thus Baird may have an incentive to offer such affiliated investment managers, funds or other products; (b) Baird makes available to the client investment managers, funds and products not affiliated with Baird and the client may obtain additional information about such unaffiliated investment managers, funds or products at any time by contacting the client’s Baird Financial Advisor; and (c) the client is free to choose another investment option or participate in another Baird advisory program that does not use investment managers, funds or products affiliated with Baird at any time by contacting the client’s Baird Financial Advisor. For more information about investment managers and products that are affiliated with Baird, please see Information—Other Financial Industry Activities and Affiliations” above. If the client’s Account is a Retirement Account and if Baird is directed to implement a directed brokerage arrangement for the Account, each Retirement Account Fiduciary of the client should understand: brokerage the arrangement must be for the exclusive benefit of participants and beneficiaries of the Retirement Account; and responsibilities discussed in ERISA Technical Bulletin 86-1. Each Retirement Account should also understand that such Fiduciary is solely responsible for complying with all fiduciary responsibilities discussed in ERISA Technical Bulletin 86-1, including, without limitation, the duty to make an initial determination that the directed broker- dealer is capable of providing best execution for the client’s brokerage transactions, the duty to monitor the services provided by the directed broker-dealer so as to assure that the client has received best execution of the client’s brokerage transactions, and the duty to determine that the commissions paid by the client and any other fees or costs incurred by the client are reasonable in relation to the value of the brokerage and other services received by the client. The client and each Retirement Account Fiduciary of the client should 142 Baird PWM Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

The DDK Group Brochure March 21, 2025 The DDK Group 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Toll Free: 800-792-2473 www.rwbaird.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”) and the DDK Group (“DDK”), a team within Baird’s Private Wealth Management department. Clients should carefully consider this information before becoming a client of DDK. If you have any questions about the contents of this Brochure, please contact DDK 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 The DDK Group (“DDK”), a team within the Private Wealth Management department of Robert W. Baird & Co. Incorporated (“Baird”), updated its Form ADV Part 2A brochure (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that DDK has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Baird updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Advisory Business” for more information. • Baird updated the description of investment options available under its Cash Sweep Program. See the Section of the Brochure entitled “Advisory Business—Additional Service Information—Cash Sweep Program” for specific information. • Baird updated information about risks associated with recent events, such as those associated with potential market uncertainty caused by policy changes as the result of the recent U.S. Presidential election, Russia’s ongoing war with Ukraine, conflicts in the Middle East, the strained relationship between the U.S. and China and other countries, inflation, discord in U.S. politics and other geopolitical events. See the Section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” for more specific information. • Baird updated information about Baird’s affiliates and related persons. See the Section of the Brochure entitled “Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents Advisory Business ........................................................................................... 1 Robert W. Baird & Co. Incorporated ................................................................ 1 The Client-Baird Fiduciary Relationship ............................................................ 1 Summary of DDK’s Services .......................................................................... 2 Consulting Services ...................................................................................... 5 Financial Planning ................................................................................... 5 Risk Analysis .......................................................................................... 5 Asset Allocation and Investment Strategy Development ............................... 5 Consolidated Reporting ............................................................................ 5 Additional Consultant Services .................................................................. 5 Discretionary Services ................................................................................... 6 DDK Investment Management Service ....................................................... 6 SMA Services ............................................................................................... 7 DDK Recommended Managers Service ....................................................... 7 Baird SMA Network Program .................................................................... 9 Dual Contract Program .......................................................................... 11 Other SMA Strategy Information ............................................................. 13 Additional Service Information ..................................................................... 13 Conversion, Exchange or Sale of Certain Investments ............................... 13 Complex Strategies and Complex Investment Products .............................. 13 Permitted Investments .......................................................................... 16 Unsupervised Assets ............................................................................. 17 Special Considerations for the Services .................................................... 18 Goal Management ................................................................................. 18 Tax Management Services ..................................................................... 19 Investment Objectives ........................................................................... 21 Mutual Fund Share Class Policy ............................................................... 22 Custody Services .................................................................................. 23 Cash Sweep Program ............................................................................ 23 Trust Services Arrangements .................................................................. 25 Margin Loans ........................................................................................ 26 Securities-Based Lending Program .......................................................... 26 Client Responsibilities ............................................................................ 27 Legal and Tax Considerations ................................................................. 27 Account Requirements ........................................................................... 28 Fees and Compensation ................................................................................ 31 Advisory Fees ............................................................................................ 31 Fee Options and Fee Schedule ................................................................ 31 Service Account Minimums ..................................................................... 33 Calculation and Payment of Advisory Fees ................................................ 33 Obtaining Services Separately: Brokerage or Advisory? Factors to Consider ...................................................................................... 35 Advisory Fee Payments to Baird, DDK Consultants and Investment Managers ........................................................................ 36 Other Fees and Expenses ............................................................................ 38 Cost and Expense Information for Certain Investment Products .................. 38 iii DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Additional Account Fees and Charges ...................................................... 38 Other Fees and Charges ........................................................................ 38 Other Compensation Received by DDK and Baird ............................................ 39 Performance-Based Fees and Side-By-Side Management .............................. 40 Types of Clients............................................................................................. 40 Methods of Analysis, Investment Strategies and Risk of Loss ....................... 40 Investment Strategies and Methods of Analysis .............................................. 40 Investment Strategies ........................................................................... 40 Methods of Analysis .............................................................................. 47 The DDK Investment Process ................................................................. 55 Service Information............................................................................... 56 Portfolio Management by DDK, Baird and Related Persons ......................... 58 Principal Risks ............................................................................................ 59 General Risk Information ....................................................................... 59 Non-Traditional Assets and Complex Strategies Risks ................................ 66 Complex Investment Product Risks ......................................................... 67 Risks Associated with Certain Investment Objectives and Asset Allocation Strategies ......................................................................... 73 Available Investment Product Risks ......................................................... 75 Recent Events ...................................................................................... 76 Disciplinary Information ............................................................................... 76 Other Financial Industry Activities and Related Parties ................................ 78 Broker-Dealer Activities ............................................................................... 78 Investment Management Activities ............................................................... 79 Certain Affiliated and Related Parties ............................................................ 79 Affiliated Broker-Dealers ........................................................................ 79 Affiliated and Related Investment Advisors ............................................... 79 Affiliated and Related Mutual Funds, ETFs and Investment Companies ....................................................................................... 80 Affiliated Private Equity Funds ................................................................ 81 Related Hedge Funds ............................................................................. 82 Other Affiliated Financial Services Firms................................................... 82 Other Financial Industry Activities ................................................................ 82 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................................................................ 83 Code of Ethics ............................................................................................ 83 Participation or Interest in Client Transactions ............................................... 84 Investment Advisory Accounts ................................................................ 84 Accounts and Investments Provide Different Levels of Compensation .................................................................................. 84 Recommendations of Related, Proprietary or Affiliated Funds and Managers ................................................................................... 84 Referral Compensation Paid to DDK Consultants ....................................... 84 Ongoing Product Fees ............................................................................ 84 Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors ................................................................................... 85 Schwab Clearing Arrangement ................................................................ 85 iv DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird Conference Sponsorships ............................................................... 86 DDK Consultants Receive Benefits from Product Providers .......................... 86 Cash Sweep Program ............................................................................ 86 Trust Services Arrangements .................................................................. 86 Margin Loans ........................................................................................ 86 Securities-Based Lending Program .......................................................... 86 Investment Advisory and Brokerage Account and Service Recommendations............................................................................. 86 Account Transfers and New Accounts ...................................................... 87 Recommendations to Open Different Types of Accounts ............................. 87 Baird Stock Ownership .......................................................................... 87 Relationships with Issuers of Securities ................................................... 87 DDK Consultants Transferring to Baird ..................................................... 87 Principal Trading ................................................................................... 88 Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities ................................................................. 88 Baird Underwritten Offerings .................................................................. 88 Allocations of IPOs and Other Public Offerings .......................................... 88 Research Activities ................................................................................ 88 Trade Error Correction ........................................................................... 88 Other Client Relationships ...................................................................... 89 Baird’s Other Broker-Dealer and Related Activities .................................... 89 Other Conflicts of Interest ...................................................................... 89 Addressing Conflicts .............................................................................. 90 Duration Compensation Will Be Received ................................................. 90 Brokerage Practices ...................................................................................... 90 DDK’s and Baird’s Trading Practices .............................................................. 90 Broker-Dealer Selection ......................................................................... 90 Trade Aggregation, Allocation and Rotation Practices ................................. 91 Directed Brokerage Arrangements........................................................... 92 Cross Trading Involving Advisory Accounts ............................................... 92 Trade Error Correction ........................................................................... 93 Soft Dollar Benefits ............................................................................... 93 Trading Practices of Investment Managers ..................................................... 93 Trade Execution Services Performed by Baird ................................................. 94 Agency Cross Transactions ..................................................................... 94 Principal Transactions ............................................................................ 95 Review of Accounts ....................................................................................... 95 Client Account Review ................................................................................. 95 Account Statements and Performance Reports ............................................... 96 Client Referrals and Other Compensation ..................................................... 97 Custody ......................................................................................................... 97 Investment Discretion .................................................................................. 98 Investment Selection and Trading Authorizations ........................................... 98 Client Investment Restrictions ...................................................................... 99 Affiliated Investment Products..................................................................... 100 Investment Policy Statements ..................................................................... 100 v DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Conversion, Exchange or Sale of Certain Investments .................................... 100 Voting Client Securities ............................................................................... 101 Non-Discretionary Accounts ........................................................................ 101 Separately Managed Accounts ..................................................................... 101 Discretionary Services ................................................................................ 101 Other Proxy Voting Information ................................................................... 102 Providing Baird Voting Instructions .............................................................. 103 Legal Proceedings and Corporate Actions ...................................................... 103 Financial Information.................................................................................. 103 Special Considerations for Retirement Accounts ......................................... 103 vi DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Robert W. Baird & Co. Incorporated Baird is privately-held, employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. those other Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. analysis and research, analysis planning; investment and account transactions and retirement accounts, which Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird include: portfolio management and offers recommendations analysis; investment regarding asset allocation and strategies; and recommendations regarding investment managers and individual securities; investment consulting; policy financial development; performance monitoring. Baird also offers clients execution of administrative brokerage services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers its services separately or in combination with other services. (“IRC”) (collectively, Baird participates in wrap fee programs, including programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid by clients for providing portfolio management services under those wrap fee programs. under management, including Advisory Business This Brochure describes some of the investment advisory services that Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients through the DDK Group (“DDK”), a team within Baird’s Private Wealth Management (“PWM”) department. Baird and DDK offer other investment advisory services not described in this Brochure. Separate brochures describe investment advisory services and discuss the terms and conditions, fees and costs and potential conflicts of interest associated with those services. This Brochure also references other documents that contain additional important information about Baird. Those documents describe the types of services that Baird offers to clients and certain types of investments it makes available to clients, including the terms, conditions, fees and costs applicable to those services and investments and certain risks and conflicts of interest associated with those services and investments. Those documents are available on Baird’s website at bairdwealth.com/retailinvestor. Included on that website is Baird’s Client Relationship Booklet, contains Baird’s Form CRS Client which and Baird’s Client Relationship Summary Relationship Details document. The Client Relationship Booklet also contains an important disclosure document for retirement investors that have include employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as “Retirement amended Accounts”). A client of Baird should have already received a copy of the Client Relationship Booklet. A client or prospective client who wishes to obtain a brochure for another investment advisory service provided by Baird, or a paper copy of any of the other documents referenced in this Brochure, the Client Relationship Booklet, should contact a DDK Consultant or call Baird toll-free at 1-800-792-2473. As of December 31, 2024, Baird had approximately $342.1429 billion in regulatory assets approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. The Client-Baird Fiduciary Relationship is registered with the Securities and Baird Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). DDK and Baird are deemed to have a fiduciary relationship with a client when providing the investment 1 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  office investment professionals or the client’s DDK Consultant) full discretionary authority to manage the client’s Account (“Discretionary Services”); provide investment advice client’s Account • non-discretionary services, whereby DDK or Baird and recommendations but the client retains full authority with respect to the management of the (“Non-Discretionary Services”); and contain information about • separately managed account (“SMA”) programs and services, whereby investment managers, which may include third party investment managers unrelated or related to Baird (“Other Managers”) or Baird, manage the client’s Account according to a strategy (each, an “SMA Strategy”) with full discretionary authority, and DDK and Baird provide additional consulting services the client (collectively, “SMA to Services”). Depending on their particular needs or objectives, clients may use one or more of these Services. advisory services that are described in this Brochure. That means that DDK and Baird are required to act in the best interest of the client when providing investment advisory services. From time to time DDK and Baird may engage in certain business practices or may receive compensation or other benefits that create a potential for conflict between the interests of clients and the interests of DDK and Baird. DDK and Baird generally address potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements that individuals providing investment advice to clients and the services they provide, and the agreements clients enter into with DDK and Baird. In addition, Baird has adopted internal policies and procedures for DDK and Baird that require them to: provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; act with utmost care and good faith in dealings with advisory clients; and seek to obtain “best execution” of advisory client transactions. The specific business practices that create potential conflicts of interest with clients and additional measures used by DDK and Baird to address them are discussed in other sections of this Brochure. A client should note that registration as an investment adviser does not imply a certain level of skill or training. The Consulting Services include: Financial Planning; Risk Analysis; Asset Allocation and Investment Strategy Development; Consolidated Reporting; and Additional Consultant Services described below. The Discretionary Services include: DDK Investment Management. The SMA Services include: DDK Recommended Managers; Baird SMA Network (“BSN”); and Dual Contract (“DC”). The Additional Consultant Services are only provided to certain clients upon request by a client and agreement to do so by DDK. DDK primarily provides Consulting Services and recommends the DDK Investment Management Service and DDK Recommended Managers Service to clients when appropriate. DDK will infrequently recommend the other Services when DDK believes it is appropriate for a particular client. Summary of DDK’s Services This Brochure describes certain investment advisory programs and services that DDK and Baird offer to clients (“Services”) and applies to each advisory account advised by DDK (“Account”). The investment advisory services offered under the Services generally include investment advice and consulting services, which are provided by Baird PWM’s home office investment professionals or DDK, and, depending upon the Service that a client selects, the Service may include portfolio management. The Services consist of: consulting services (“Consulting • certain funds and exchange traded Services”); Generally, DDK provides clients with analysis and recommendations on investment managers and strategies. Investment strategies typically may include either public or private securities, private institutional placements, limited partnerships, mutual funds (“ETFs”). Often these investment managers or strategies may be affiliated with external custodians. DDK will assist clients in evaluating • discretionary services, whereby a client gives DDK or Baird (including Baird PWM’s home 2 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  custodians and negotiating custodial fees, trading commissions, as well as, investment management fees. the investment manager will directly manage the client’s Account with full discretionary authority as more fully described below. Baird is also registered with the SEC as a broker- dealer under Securities Exchange Act of 1934, as amended (the “Exchange Act”). Baird, in its capacity as broker-dealer, may also provide clients with trade execution, custody and other standard brokerage services. However, trade execution services, whether provided by Baird or another firm, are not included in the advisory fee the client pays for the Services (“Advisory Fee”). A client should note that the client will incur costs in addition to the Advisory Fee. See “Fees and Compensation—Other Fees and Expenses” below for more information. the client has The SMA Services are generally offered under a “single contract” arrangement. Under a single contract arrangement, a client enters into an advisory agreement with DDK and Baird, and Baird, in turn, enters into a subadvisory or similar agreement with the investment manager on the client’s behalf. This type of arrangement is frequently referred to as a single contract arrangement because there is only one contract between the client and DDK and Baird; the client does not have an agreement directly with the client’s investment manager. Under the Dual Contract Program, a client has a “dual contract” two arrangement, meaning contracts; one contract with DDK and Baird and another contract with the client’s investment manager. Certain Programs may allow a client to invest in groups of mutual funds and ETFs (referred to as “sleeves”) and other model portfolios of securities managed by Baird PWM (such sleeves and model portfolios collectively, “PWM-Managed Portfolios”). tend DDK and Baird tailor advisory services to the individual needs of clients. Each Service is designed to address different investment needs of clients. All of the Services discussed in this Brochure may not be appropriate for every client. For example, the Services may not be appropriate for clients who have low or no trading activity, who desire to pay transaction-based fees, who maintain their accounts invested in high levels of cash or other concentrated positions, who do not want ongoing professional investment advice or account monitoring, who to execute transactions without the recommendation or advice of an advisor, which are commonly referred to as “unsolicited” transactions, or who intend to utilize an investment strategy, product or solution that is not available in a Service. and bonds (collectively, Manager, and investment products Baird has engaged an overlay management firm, Envestnet Asset Management, Inc. (the “Overlay Manager”) to provide certain subadvisory services to clients that participate in certain SMA Services. The SMA Services make available two types of SMA Strategies: (1) manager-traded strategies, whereby the manager itself manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Manager-Traded Strategy”); and (2) model- traded strategies, whereby the manager does not manage a client’s Account (a “Model Provider”) but instead provides a model portfolio (“Model Portfolio”) to an overlay management firm, which may include the Overlay Manager, Baird or other third party firm (each, an “Implementation Manager”), that in turn manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Model-Traded Strategy”). If a client selects a Model-Traded Strategy, the Model Provider will provide the Model Portfolio and updates to the Implementation the Implementation Manager will manage the client’s Account with full discretionary authority according to the strategy selected by the client. Otherwise, if the client selects a Manager-Traded Strategy, Some Services offer clients the ability to pursue alternative investment strategies (“Alternative Strategies”) or other non-traditional or complex investment strategies that involve special risks not apparent in more traditional investments like stocks “Complex Strategies”). Similarly, some Programs offer clients the ability to invest in non-traditional or real assets (“Non-Traditional Assets”). Some Programs also offer the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies (collectively, “Complex these Investment Products”). The use of strategies and involves special risks, and a client should not engage in a strategy or purchase an investment product unless the client understands the related risks. See “Additional Service Information—Complex 3 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Strategies and Complex Investment Products” and “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. related allocation strategies have affiliated with Baird; Baird Trust Company (“Baird Trust”), a trust company that is affiliated with Baird; mutual funds offered by Baird Funds, Inc. (the “Baird Funds”), which is affiliated with Baird; and mutual funds offered by LoCorr Investment Trust (the “LoCorr Funds”), which is related to Baird. Those affiliated investment products and services generally consist of mutual funds, ETPs or other funds offered by parties related to Baird (“Affiliated Funds”) and SMA Strategies offered by parties (“Affiliated SMA to Baird Strategies”). For more information about these and other related parties, see “Other Financial Industry Activities and Affiliations” below. DDK clients typically work with a DDK Consultant to determine the services that are appropriate given their financial goals and circumstances. However, it is a client that ultimately selects the Service and investment strategy that is most appropriate for the client. Service A client that wishes to participate in a Service will enter into a client relationship agreement or other investment advisory agreement with DDK and Baird client’s (“advisory agreement”). The advisory agreement will contain the specific terms applicable to the services selected by the client, fees payable by the client, and other terms applicable to the client’s advisory relationship with DDK and Baird. A client should note that the client’s advisory relationship with DDK and Baird does not begin until they enter into the applicable advisory agreement with the client, which occurs when Baird PWM’s Home Office has accepted the client’s advisory agreement and determined that all of the client’s paperwork is in order. See “Additional Information—Account Requirements” below for more information. Certain Services make available asset allocation investment strategies. Asset allocation strategies involve investing in one or more categories of assets, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash, and one or more subcategories of assets, called asset classes. varying Asset investment objectives and investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use tactical investing, which typically involves tactically and actively adjusting account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short- term. Some asset allocation strategies involve the use of both strategic and tactical investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and exchange traded products (“ETPs”), including ETFs and exchange traded notes (“ETNs”). The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. See “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies— Asset Allocation Strategies” below for more information. Subject to the agreement of DDK, a client may impose reasonable restrictions on the securities or types of securities to be held in the client’s Account. Please see “Investment Discretion” below for more information. Clients may negotiate with DDK to provide other investment advisory services. Greenhouse Funds As mentioned above, Baird, in its capacity as broker-dealer, may also provide DDK clients with trade execution, custody and other standard brokerage services. For this reason, a client may also enter into a client relationship agreement or other account agreement with DDK and Baird The Services make available investment products and services offered by parties that are not related to Baird. Some Services make available investment products and services offered by parties related to Baird, including: Baird Advisors and Baird Equity Asset Management, investment management departments of Baird; Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management; GAMMA Investing, LLC (“GAMMA”), LLLP (“Greenhouse”), LoCorr Fund Management, LLC (“LoCorr”), Riverfront Investment Group, LLC (“Riverfront”) and Strategas Asset Management, LLC (“Strategas”), investment managers that are 4 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  (“account agreement”) if the client has not already done so. The client’s account agreement authorizes DDK and Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally does not permit a client to include assets in the client’s Account that are held by a third party custodian or that are otherwise held outside of a Baird account (“Held-Away Assets”), although DDK will provide Consulting Services on Held- Away Assets when requested by a client and agreed to by DDK. Service has different investment strategy appropriate for the client’s risk and return objectives. Investment strategies may involve the use of different equity styles or strategies, such as: large cap growth, large cap value, mid cap growth, mid cap value, small cap growth, small cap value, international and emerging market equities strategies; different fixed income styles or strategies, such as short or intermediate, taxable and tax-exempt bond, international and emerging market bond, and high yield bond strategies; and Complex Strategies, such as real estate and real estate funds (including private real estate funds and private real estate fund of funds), commodity strategies, hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds and managed futures. and ongoing research, Each structures, administration, types and levels of service, and fees and expenses. In particular, a client should note that the investment advisory services provided by DDK and Baird, including the depth of initial evaluation, monitoring and review of the investments in a client’s Account, varies by Service and the investments selected for the Account. include The foregoing discussion of the Services is only a summary. More specific information about the Services and the particular investment advisory services that DDK and Baird provide in connection with each Service are further described below and in the client’s advisory agreement. Clients are encouraged to review this Brochure and their advisory agreement carefully. Consolidated Reporting Clients of DDK generally receive a performance report and asset allocation report each quarter. Generally, this report covers all accounts and asset classes specified in the advisory agreement. For the convenience of clients of DDK, reports may information, usually related to client’s personal assets, that is provided by the is not covered by the advisory client and agreement. If a third party reporting company is used, Baird, DDK or the client may pay an additional fee to the third party for this service. DDK provides analysis of both performance and asset allocation decision to the client on a quarterly basis. Additional Consultant Services DDK offers the following additional consultant services. in preparing an Consulting Services Financial Planning includes a The Financial Planning Service comprehensive development of a needs analysis that is based upon an analysis of the client’s cash flow. Generally, this service includes tax and estate planning review and coordination with the client’s external professional providers. the client’s in Risk Analysis When performing risk analysis services, DDK seeks to analyze and review with a client the risks financial planning process identified the described above. DDK seeks to minimize investment risk through an asset allocation and investment strategy. the accurately reflects the Investment Policy Statement. DDK will assist a Investment Policy client Statement reflecting investment objectives, policies, constraints, and risk profile. The Investment Policy Statement is designed to investment provide guidance to the client’s manager(s). The Investment Policy Statement is a product of information and data provided by the client; therefore, the client is responsible for review and final approval of the Investment Policy Statement. The client is solely responsible for Investment Policy determining whether Statement client’s investment objectives, policies, constraints, and risk profile. Asset Allocation and Investment Strategy Development Using a variety of tools, including the financial framework, DDK will develop and recommend a and long-term, strategic asset allocation 5 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Discretionary Services DDK Investment Management Service Under the DDK Investment Management Service, a client grants full discretionary authority and management of the client’s Account to Baird and the client’s DDK Consultant. for determining whether into account by DDK Asset Allocation Report. DDK provides to a client or its fiduciaries an Asset Allocation Report which identifies one or more investment portfolios for the client (in terms of risk and return) based on certain information requested by DDK and provided by the client. The client is solely the responsible information taken in formulating an Asset Allocation Report is accurate and complete. reviews the client’s investment objectives, Consultant makes a Investment Manager Search Report. DDK provides to a client an Investment Manager Search Report that lists investment managers with investment philosophies and investment strategies believed to be consistent with the client’s policies, constraints, and risk profile, as specified by the client to DDK. DDK does not assume responsibility for the client’s choice of any investment manager or for any investment manager’s performance when providing this service to the client, nor is DDK responsible for an unaffiliated investment manager’s compliance with applicable law or for matters beyond DDK’s reasonable control. In the DDK Investment Management Service, a client’s DDK Consultant seeks to meet the client’s particular investment needs by developing a customized investment strategy based upon guidelines that are jointly established by the client the the client’s DDK Consultant. At and commencement of services, the client’s DDK Consultant investment objectives and risk tolerance using the Consulting Services described above. Based upon that review and other information provided by the client, the DDK subsequent recommendation to the client as to which investment style the DDK Consultant believes is best suited for the client. A client makes the final decision as to which investment style is chosen for the client’s Account. More specific information as to how the client’s DDK Consultant will manage the client’s Account is provided to the client in connection with the opening of the Account. Investment Manager Search Interviews. DDK coordinates client interviews with a select number of investment managers listed on the Investment Manager Search Report. The interviews enable the client to gain additional information regarding such investment managers’ respective investment philosophies, policies and business operations. the heading and in various compares various aspects of Past Performance Reviews. DDK provides to a client a Past Performance Review which, based on information supplied by the client, includes the historical performance of the client’s portfolios and such performance to one or more benchmark indices. Account data will be derived from information provided by the client or its agent(s) for the agreed upon time period. DDK is not responsible for verifying information supplied by the client or its agent(s). Service provide a Analysis—Service Performance Monitoring Reports. DDK will periodically client written to Performance Monitoring Reports which include calculations of the performance of the client’s Account(s) over various time periods and compare various aspects of such performance to one or more benchmark indices. A DDK Consultant typically recommends or selects for client accounts investments in mutual funds and ETFs that pursue the strategies “Consulting described under Services—Asset Allocation Investment Strategy Development” above. However, from time to time, a DDK Consultant may make direct investments types of securities, including, but not limited to, equity securities, fixed income securities, Non-Traditional Assets and certain Alternative Investment Products. All or a portion of the assets in a client’s Account may be held in cash or cash equivalents, including securities issued by money market mutual funds, or may be deposited in interest-bearing bank accounts. Additional information about the types of investments a DDK Consultant may use for client accounts is contained under the heading “Additional Information—Permitted Investments” below. For more information about the DDK Investment Management Service, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Information—DDK Investment Management Service” below. 6 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Analysis—Service monitoring and review performed by Baird on those managers and SMA Strategies, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Information—DDK Recommended Managers Service” below. Baird may remove any DDK Consultant or strategy from the Service at any time and transfer day-to-day management responsibility of a client’s Account to another DDK Consultant or Baird Financial Advisor at any time without providing prior notice to, or obtaining the consent of, a client. involve special, DDK Recommended Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the DDK Recommended Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. investing are urged review in Service information about Important Information about DDK Investment Management Service Accounts. DDK Consultants may invest client accounts in illiquid securities and Complex Investment Products. These types of sometimes investments significant, risks and are not appropriate for all clients. A client should understand those risks those products. See before “Additional Information—Complex Strategies and Complex Investment Products” and “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. Clients the DDK to Recommended Manager’s Form ADV Part 2A contain additional Brochure, which should important DDK the Recommended Manager, including information about the DDK Recommended Manager’s strategies, the types of investments the DDK Recommended Manager may use for a client’s Account, and the risks associated with investing in a DDK RM Strategy. Such brochures are available upon request. “Other Financial Mutual funds, ETFs and other investment products affiliated with Baird are available to clients under the DDK Investment Management Service. This interest. For more presents a conflict of Industry see information, Affiliations and Activities” below. initially selects RM Strategy with Some of the services provided under the DDK Recommended Managers Service will be provided to a client by a DDK Consultant assigned to the client’s Account. A client, typically working with a DDK Consultant, the DDK Recommended Manager and DDK RM Strategy for the client’s Account. Thereafter, whenever Baird or it the client’s DDK Consultant deems necessary, Baird or the client’s DDK Consultant will replace a DDK Recommended Manager or DDK another DDK Recommended Manager or DDK RM Strategy for the client’s Account. SMA Services DDK Recommended Managers Service The DDK Recommended Managers Service is a program whereby a client provides Baird and the client’s DDK Consultant with discretionary authority to appoint investment managers to manage the client’s Account with full discretionary authority and to terminate or replace investment managers for the client’s Account. The DDK Recommended Managers Service is designed for a client who wishes to have the client’s Account managed by investment managers that are monitored by DDK and Baird on an ongoing basis. the Under the DDK Recommended Managers Service, DDK and Baird determine investment managers (“DDK Recommended Managers”) and their strategies (“DDK RM Strategies”) eligible to participate in the Service through an initial and ongoing evaluation process. full discretionary authority If a client participates in the DDK Recommended Managers Service, the client authorizes and directs DDK and Baird to appoint DDK Recommended Managers to serve as sub-adviser to the client’s Account and to otherwise manage the client’s Account in accordance with the terms of the DDK Recommended Managers Service. The client also authorizes and directs the DDK Recommended Managers to manage the client’s Account with in accordance with the DDK RM Strategy selected. For more specific information about the managers and SMA Strategies made available through the DDK Recommended Managers Service and the level of initial and ongoing research, evaluation, 7 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  RM Strategies offered below Providers will differ, perhaps in a materially negative manner, from the performance of other client accounts managed by those Model Providers. See “Additional Service Information— Trading for Client Accounts—Trading Practices of Investment Managers” for more information. the client should understand the discretionary full discretionary authority recommendation or full discretionary authority If a client’s Account is managed by an Other Manager under the DDK Recommended Managers that, Service, notwithstanding authority granted to Baird and the client’s DDK Consultant under the Service: Baird and the client’s DDK Consultant do not manage the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, Baird and the client’s DDK Consultant are not responsible for the decisions made by the Other Manager; and Baird and the client’s DDK Consultant do not provide investment advice any regarding the purchase or sale of investment products made for the client’s Account. Certain DDK RM Strategies are only made available through Implementation Managers. The DDK through Implementation Managers consist of Manager- Traded Strategies and Model-Traded Strategies. If a DDK RM Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs DDK and Baird to appoint the Implementation Manager to serve as sub-adviser to the client’s Account. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to manage the client’s Account with in accordance with the selected DDK RM Strategy. If a Manager-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to appoint the applicable DDK Recommended Manager as sub-adviser, and the client also authorizes and directs such DDK Recommended Manager to manage the client’s Account with in accordance with the selected DDK RM Strategy. from the the implement the direction of the client’s Account, the prior manager and From time to time, DDK or Baird may remove DDK investment managers Recommended Managers Service, and DDK or Baird may select a replacement manager to manage the client’s Account. In such event, DDK the client’s or Baird, at replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were managed by the replacement manager will reinvest the cash proceeds of those sales. Sales of securities or other investments could result in adverse tax consequences for the client. faithfully If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Implementation Manager will Account, typically the Model Portfolio as proposed by the Model Provider. However, since the Implementation Manager has discretionary authority over the Implementation Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Implementation Manager determines such action to be necessary and in the client’s best interest. A client should note that DDK and Baird do not monitor or ascertain whether a third party Implementation Manager is fully and implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s DDK Consultant. in If DDK or Baird terminates an investment manager from the DDK Recommended Managers Service, a client authorizes DDK and Baird to invest, with full discretionary authority, the assets in the client’s Account previously managed by the terminated other investment manager securities, including, but not limited to, mutual funds and ETPs. DDK’s and Baird’s discretionary authority to make such other investments will continue until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a DDK client Account pursuing a Model Portfolio strategy offered by those Model 8 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, if any, see “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information—Baird SMA Network and Dual Contract Programs” below. A client who prefers to continue using an investment manager that has been removed from the DDK Recommended Managers Service, or who directs or otherwise requests that a particular investment manager not recommended by DDK be selected to manage the client’s Account, will need to move to another Service, such as the BSN Program. See “Baird SMA Network Program” below for more information. Clients who elect to do so will no longer receive the same level of rigorous ongoing monitoring, evaluation, or review of that investment manager from DDK or Baird. the A client should only participate in the BSN Program if the client wishes to take more responsibility for monitoring the client’s Account, the DDK Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. have varying Important Information about Affiliated Managers. The DDK Recommended Managers Service makes available to clients investment services that are offered by Baird Advisors and Baird Equity Asset Management, investment management departments of Baird. Baird has a potential conflict of interest to the extent Baird investment would advise a client to select products offered by those Baird Departments. For more information, see “Other Financial Industry Affiliations and Activities” below. investment BSN Managers objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the BSN Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. Certain managers offer strategies that exclusively invest in Investment Funds (“Fund Strategist Portfolios”). a is designed client who wishes Clients are urged to review the BSN Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the BSN Manager, including information about the BSN Manager’s strategies, the types of investments the BSN Manager may use for a client’s Account, and the risks associated with investing in a BSN Strategy. Such brochures are available upon request. Baird SMA Network Program The BSN Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The BSN Program accommodate to independently select an investment manager not available in the DDK Recommended Managers Program to manage the assets in the client’s Account. (“BSN Strategies”) eligible Some of the services provided under the BSN Program may be provided to a client by a DDK Consultant assigned to the client’s Account, and the client’s DDK Consultant may provide his or her own advice and recommendations about BSN Managers. Under the BSN Program, Baird determines the investment managers (“BSN Managers”) and their strategies to participate in the Program through a significantly less rigorous evaluation process compared to the DDK Recommended Managers Service. However, a client should note that DDK and Baird do not make any recommendation to clients regarding any BSN Strategy or any representations regarding a BSN Manager’s qualifications as an investment adviser or abilities to manage client assets. If a client participates in the BSN Program, the client authorizes and directs DDK and Baird to appoint the BSN Manager selected by the client to serve as sub-adviser to the client’s Account. The client also authorizes and directs the BSN Manager to manage client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. For more specific information about the managers and SMA Strategies made available through the BSN Program and the level of initial and ongoing Certain BSN Strategies are only made available through the Overlay Manager. The BSN Strategies 9 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Client Accounts—Trading Practices of Investment Managers” below for more information. influence over reviewing the offered through the Overlay Manager consist of Manager-Traded Strategies and Model-Traded Strategies. If a client selects a BSN Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs DDK and Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. If a client selects a Manager-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to appoint the applicable BSN Manager as sub-adviser, and the client also authorizes and directs such BSN Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. If a client’s Account is managed by an Other Manager under the BSN Program, the client should understand that: DDK and Baird do not manage the Account and do not otherwise have the Other Manager’s any investment decisions or securities selections, and therefore, DDK and Baird are not responsible for the decisions made by the Other Manager; DDK and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and DDK and Baird only provide the client with certain consulting services, which may include the client’s DDK Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically manager’s performance. DDK and Baird do not undertake to investment provide any other consulting or advisory services under the BSN Program unless DDK and Baird agree to do so in writing. the Account and its regarding If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that DDK and Baird do not monitor or ascertain whether the Overlay Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s DDK Consultant. A client that participates in the BSN Program is strongly encouraged to contact the client’s DDK Consultant or BSN Manager on a periodic basis to discuss: investment performance; the BSN Manager’s investment philosophy and style (to determine if the BSN Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information the BSN Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviser info.sec.gov. Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a DDK client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See for “Additional Service Information—Trading The BSN Strategies and BSN Managers made available under the BSN Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the BSN Program, DDK and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the BSN Program, upon the withdrawal or removal of an investment manager from the BSN Program, a client’s BSN Program Account will be automatically removed from the BSN Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to DDK. See “Methods of Analysis, Investment Strategies 10 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Service or BSN Program to manage the assets in the client’s Account. and Risk of Loss—Investment Strategies and Methods of Analysis—Service Information—Baird SMA Network and Dual Contract Programs” below for further information. Under the DC Program, Baird determines the investment managers (“DC Managers”) and their strategies (“DC Strategies”) eligible to participate in the Program through a significantly less rigorous evaluation process compared to the DDK Recommended Managers Service. However, a client should note that DDK and Baird do not make any recommendation to clients regarding any DC Strategy or any representations regarding a DC Manager’s qualifications as an investment adviser or abilities to manage client assets. Important Information about the BSN Program. Portfolios managed by 55I, LLC (d/b/a 55ip, “55ip”) are made available under the BSN Program. 55ip uses research and other services from Riverfront, an affiliate of Baird, in the development of certain of those portfolios, and Riverfront receives compensation from 55ip with respect to those portfolios. This presents a conflict of interest. For more information, see “Other Financial Industry Affiliations and Activities” below. appointment For more specific information about the managers and SMA Strategies made available through the DC Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, if any, see “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information—Baird SMA Network and Dual Contract Programs” below. in managing the client’s Account A client should only participate in the DC Program if the client wishes to take more responsibility for monitoring the DDK the client’s Account, Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and the client understands the risks of doing so. the foregoing when deciding DC Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the DC Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. The BSN Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the DDK Recommended Managers Service to manage the client’s Account. The client assumes ultimate responsibility for monitoring the client’s BSN the BSN Manager’s Program Account and performance. A and client’s continued retention of a BSN Manager to manage the client’s Account are based ultimately upon the client’s independent review of the BSN Manager and the BSN Manager’s services. The client ultimately determines that the BSN Strategy to be is used consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BSN Manager will only be removed from managing the client’s BSN Program Account upon the manager’s withdrawal, removal from the BSN Program, or the client’s direction to do so. A client should carefully consider to participate in the BSN Program and also consider whether another Service, such as the DDK Recommended Managers Service, may be more appropriate for the client. a is designed client who wishes Clients are urged to review the DC Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the DC Manager, including information about the DC Manager’s strategies, the types of investments the DC Manager may use for a client’s Account, and the risks associated with investing in a DC Strategy. Such brochures are available upon request. Dual Contract Program The DC Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The DC Program accommodate to independently select an investment manager not available in the DDK Recommended Managers Some of the services provided under the DC Program may be provided to a client by a DDK 11 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  on the manager’s Form ADV, which is available on the SEC's website at www.adviserinfo.sec.gov. Consultant assigned to the client’s Account, and the client’s DDK Consultant may provide his or her own advice and recommendations about DC Managers. Under the DC Program, DC Managers are offered to clients through a dual contract arrangement, and a client will need to enter into a separate agreement with the DC Manager in addition to the advisory agreement the client enters into with DDK and Baird. A client participating in the DC Program is solely responsible for negotiating the client’s agreement with the client’s DC Manager, and neither DDK nor Baird will participate or advise a client regarding the terms of such an agreement, the advisability of entering into such an agreement, or the retention of the client’s DC Manager unless DDK and Baird agree to do so in writing. The DC Strategies and DC Managers made available under the DC Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the DC Program, DDK and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the DC Program, upon the withdrawal or removal of an investment manager from the DC Program, a client’s DC Program Account will be automatically removed from the DC Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to DDK. See “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Service Information—Baird SMA Network and Dual Contract Programs” below for more information. Information about the DC Important Program. Other investment management departments of Baird and managers affiliated with Baird are available to clients under the DC Program. This presents a conflict of interest. For more information, see “Other Financial Industry Affiliations and Activities” below. assumes ultimate responsibility reviewing the If a client’s Account is managed by an Other Manager under the DC Program, the client should understand that: DDK and Baird do not manage the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, DDK and Baird are not responsible for the decisions made by the Other Manager; DDK and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and DDK and Baird only provide the client with certain consulting services, which may include the client’s DDK Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically manager’s performance. DDK and Baird do not undertake to provide any other consulting or investment advisory services under the DC Program unless DDK and Baird agree to do so in writing. the Account and its the DC Manager’s the foregoing when deciding A client that participates in the DC Program is strongly encouraged to contact the client’s DDK Consultant or DC Manager on a periodic basis to investment discuss: performance; investment philosophy and style (to determine if the DC Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the DC Manager, described The DC Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the DDK Recommended Managers Service or BSN Program to manage the client’s Account. The for client monitoring the client’s DC Program Account and the DC Manager’s performance. A client’s appointment and continued retention of a DC Manager to manage the client’s Account are based ultimately upon the client’s independent review of the DC Manager and the DC Manager’s services. The client ultimately determines that the DC Strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a DC Manager will only be removed from managing the client’s DC Program Account upon the manager’s withdrawal, removal from the DC Program, or the client’s direction to do so. A client should carefully consider to participate in the DC Program and also consider whether another Service, such as the DDK 12 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  such as options, Recommended Managers Service, may be more appropriate for the client. is contained under “Methods of Analysis, and Risk of instruments convertible securities, futures, swaps, or forward contracts. Complex Investment Products generally engage in one or more Complex Strategies. Additional information about Alternative Strategies and Complex Strategies the heading Investment Strategies Loss—Investment Strategies and Methods of Analysis—Investment Strategies—Alternative Strategies and Complex Strategies” below. Additional information about Complex Strategies and Complex Investment Products, generally, is provided below. Non-Traditional Assets currencies, Other SMA Strategy Information Certain SMA Strategies are available through multiple Services. The overall cost of an SMA Strategy and the types and levels of service provided to a client in connection with an SMA Strategy will vary depending upon the particular Service selected by the client. A client should ask the client’s DDK Consultant whether an SMA Strategy is available through multiple Programs and, if so, the client should discuss with the DDK Consultant the different costs of the Services and the types and levels of service provided in connection with the Services. A client is solely responsible for selecting the Service in which the client’s Account will participate. (collectively, Additional Service Information Conversion, Exchange or Sale of Certain Investments By participating in a Service, a client authorizes Baird to convert or exchange any shares of investment funds, such as mutual funds, ETFs, closed-end funds, unit investment trusts (“UITs”), Complex Investment Products, and other similar investment pools “Investment Funds”) held in the client’s Account to a class of shares of the same fund. See “Investment Discretion—Conversion, Exchange or Sale of Certain Investments” below for more information. Non-Traditional Assets, such as investments in cryptocurrencies, commodities, securities indices, interest rates, credit spreads, and private companies, may be used for diversification purposes. They may also be used to try to reduce market and inflation risk. The performance of Non-Traditional Assets may not correspond to the performance of the stock markets generally, and investments in Non- Traditional Assets will generally impact an account’s returns differently than more traditional investments like stocks or bonds. Non-Traditional Assets are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Non-Traditional Assets are generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Margin and Leverage Margin or including by investing and venture capital and Margin involves borrowing money from a firm, such as Baird, to buy securities or other property. If a client wishes to pay for securities by borrowing part of the purchase price from Baird, a client must open a margin account with Baird, and Baird may provide the client with a margin loan. Securities held in a client’s margin account are used as Baird’s collateral for the margin loan. The value of the collateral in the margin account must be maintained at a certain level relative to the margin loan for the duration of the loan. If the securities in the margin account decline in value, so does the value of the collateral supporting the margin loan, and as a result, Baird may take action, such as issue a margin call and sell securities in the account. Complex Strategies and Complex Investment Products Some Services offer clients the ability to pursue Alternative Strategies other Complex Strategies that involve special risks not apparent in more traditional investments like stocks and bonds. Complex Strategies may be pursued in multiple ways, in alternative mutual funds, ETFs, hedge funds, managed futures, private equity funds and SMAs third party managers. Some managed by Complex Strategies in Non-Traditional invest Assets, such as real estate, commodities (which may include metals, mining, energy and agricultural products), currencies, movements in securities indices, credit spreads and interest rates, buyout investments in private companies. Some Complex Strategies engage in the use of margin or leverage or selling securities short (“short sales”). Some Complex Strategies invest in derivative 13 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Leverage instruments. While returns, in Leverage generally attempts to obtain investment exposure in excess of available assets through the use of borrowings, short sales and other leverage can derivative potentially enhance can also it exacerbate losses if changes in the markets, or the values of the investments subject to the leverage, are adverse to the strategy being pursued. The use of leverage may also increase an Account’s volatility. Derivative instruments may also be used to try to hedge or reduce exposure to other risks. They may also be used to make speculative investments on the movement of the value of an underlying asset. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly securities and other traditional investments. Investing in derivatives also generally involves leverage. Derivatives are also generally less liquid, and subject to greater volatility compared to stocks and bonds. Short Sales Options to benefit Options transactions may involve the buying or writing of puts or calls on securities. In some cases, Baird may require clients to open a margin account to engage in options trading. security or With a call option, the purchaser has the right to buy, and the seller (writer) the obligation to sell, index at a the underlying predetermined price (i.e., the exercise or strike price) prior to expiration of the option. The premium paid to the seller (writer) for the option is in consideration for the underlying obligations imposed on the seller should the option be exercised. With a put option, the purchaser has the right to sell, and the seller has the obligation to buy, the underlying security or index at the exercise price prior to expiration of the option. Short selling attempts from an anticipated decline in the market value of a security. To affect a short sale, a client sells a security the client does not own. When a client sells a security short, Baird borrows the security from a lender and makes delivery to the buyer on the client’s behalf. Because short sales involve an extension of credit from Baird to the client, a client must use a margin account. A client must also eventually purchase the same shares sold short and return them back to the lender. It is possible that the prices of securities that a client sells short may increase in value, in which case the client may lose money on the short position. Short selling thus runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in short sales. Thus, a client’s Account will be subject to short sales risks if the investment manager managing the client’s Account or an investment product the client’s Account in engages in short sales. Options and Other Derivative Instruments Derivative Instruments instruments, securities, futures, In buying a call option, the purchaser expects that the market value of the underlying security or index will appreciate, which would enable the purchaser of a call to buy the underlying security or index at a strike price lower than the prevailing market price. The purchaser of the call option makes a profit if the prevailing market price is greater than the sum of the strike price plus the premium paid for the option. The seller of a call option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will depreciate such that the option will expire without being exercised. The seller of a call option makes a profit if the prevailing market price of the underlying security or index is less than the sum of the strike price plus the premium received. such as options, Derivatives convertible swaps, and forward contracts are financial contracts that derive value based upon the value of an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments may be used as a substitute for the underlying asset. taking a position in In buying a put option, the purchaser expects that the market value of the underlying security or index will depreciate, which would enable the 14 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  companies (“BDCs”), real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). thereby making website purchaser of a put to sell the underlying security or index at a strike price higher than the prevailing market price. The purchaser of the put option makes a profit if the prevailing market price is less than the sum of the strike price and the premium paid for the option. The seller of a put option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will appreciate such that the option will expire without being exercised. The seller of a put option makes a profit if the prevailing market price of the underlying security or index is greater than the difference between the strike price and the premium. In addition, a client should be aware that more traditional investments, such as mutual funds, ETFs, UITs and variable annuities may also pursue them Complex Strategies, Complex Investment Products. A client should carefully review the prospectus or other offering document for each investment and understand the strategy being pursued before deciding to invest. More detailed information about mutual funds, ETFs, UITs and variable annuities is available at Baird’s on bairdwealth.com/retailinvestor. Additional Important Information losses in In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of the underlying security or index decreased below the strike price. and any Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in options transactions. Thus, a client’s Account will be subject to options risks if the investment manager managing the client’s Account or an investment product the client’s Account in engages in options transactions. Complex Investment Products Products include The use of Complex Strategies or Complex Investment Products is not appropriate for some clients because they involve special risks. A client should not engage in those strategies or invest in those products unless the client is prepared to experience significant the client’s Account. This is especially true for short selling, which can result in unlimited losses as there is no limit to the amount borrowed securities can rise in value. See “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. Before using those types of strategies or products, a client is strongly urged to discuss them with the client’s DDK Consultant investment manager managing the client’s Account. A client should also carefully review the client’s agreements with Baird and related disclosure documents, which the client should have received when opening the Account. Additional information about Complex Strategies and Complex Investment Products is provided under the heading “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Strategies—Alternative Strategies and Complex Strategies” below and on Baird’s website at bairdwealth.com/retailinvestor. futures, but also for notifying and any Complex Investment Products typically invest primarily in Non-Traditional Assets or engage in one or more Complex Strategies. Complex Alternative Investment Investment Products, such as hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds, and managed include other pursuing Complex Strategies, investments including but not limited to, exchange or swap funds, leveraged funds, inverse funds, and other special situation funds, structured certificates of (“structured deposit and structured notes development products”), ETNs, business A client assumes responsibility for engaging in Complex Strategies and investing in Complex Investment Products. If a client determines that the client no longer wants to engage in those strategies or invest in those products, the client is the client’s DDK responsible Consultant investment manager managing the client’s Account. DDK and Baird are 15 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Service Information—Account Additional Requirements” below for more information. not responsible for any losses resulting from any Other Manager’s failure or delay in implementing any such instructions. In certain limited instances, Baird may allow a client to hold an investment in an Account that is an Unpermitted Investment. Investment Management Service. DDK Permitted Investments for the DDK Investment Management Service generally include, but are not limited to, the following types of investments: The use of Complex Strategies or Complex Investment Products has a unique impact upon the calculation of a client’s asset-based Advisory Fee. See “Fees and Compensation—Calculation and Payment of Advisory Fees” below for more information. A client should also understand that Baird and the client’s DDK Consultant have a financial incentive to use, or recommend the use of, certain Complex Strategies or Complex Investment Products, including margin and short sales. See “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. • equity securities, including, but not limited to, common stocks, American Depositary Receipts (“ADRs”), and ordinary shares, including whether exchange-traded, or over-the-counter traded; stocks, As a creditor, Baird may have interests that are adverse to a client. Neither DDK nor Baird will act as investment adviser to a client with respect to the liquidation of securities held in an Account to meet a call on a margin loan. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. • fixed income securities, including but not limited to, debt securities issued by domestic and corporations and other entities; foreign securities asset-backed preferred (including mortgage-backed securities and collateralized mortgage obligations (“CMOs”)); convertible debt securities; obligations issued by U.S., state, or foreign governments or their agencies, instrumentalities, or authorities, such as securities issued by the U.S. Treasury, federal federal government agencies or government-sponsored enterprises (“Agency securities”), or foreign governments; municipal securities; money market mutual funds; certificates of deposit (“CDs”) (primary or secondary); commercial paper; Investments”). • rights or warrants on equity securities and written covered call equity options; “Methods and Risk of Analysis, of Permitted Investments Under the Discretionary and Non-Discretionary Services, Baird determines the asset categories and investment products that clients may access for investment (“Permitted Investments”) and those that are not permitted in Program Accounts (“Unpermitted Permitted Investments vary by Service. Although Baird determines the Permitted Investments under those Services, the level of initial and ongoing evaluation, monitoring and review that DDK and Baird perform on Permitted Investments varies. For more information, see the descriptions of each Service under “Advisory Business” above and Investment under Strategies Loss—Investment Strategies and Methods of Analysis” below. load-waived, or for purchase; shares DDK or Baird may add Permitted Investments or restrict client access to a Permitted Investment at any time in their sole discretion. • open-end mutual funds shares that Baird has selected for use in the Service, which generally includes only those funds with which Baird has a selling agreement and only those funds that are institutional are no-load, that were allowed originally purchased in a Baird brokerage account and not sold when transitioned to an advisory account will held in the account as non-billable assets when the original purchase front-end sales charge was subject to a (typically 36 months) or until the Contingent Deferred Sales Charge (CDSC) expires (typically 13 months) if subject to a back-end sales charge after which time they will be converted Some Permitted Investments contain restrictions that limit their use, and clients will not be permitted to purchase or hold such investments outside of an Account. See “Advisory Business— 16 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to the appropriate advisory share class and become billable assets; for use in SMA Services. Investment products under the SMA Services are selected solely by the investment manager providing services to the client. The investment products used by an investment manager may include products that Baird does not permit to be used in connection with the DDK Investment Management Service described above. A client should review the investment manager’s Form ADV Part 2A Brochure for more information. • closed-end funds, ETFs, and UITs that have cost structures designed fee-based investment advisory programs; UITs originally purchased in a brokerage account and not sold when transitioned to an advisory account will be held as non-billable assets until the UIT termination date at which time they will be liquidated and the proceeds are billable; • BDCs, publicly-traded REITs, certain non publicly-traded (or private) REITs, and MLPs (which may be organized as limited liability companies (“LLCs”)); leveraged • ETNs, Consulting Services. From time to time, DDK may advise clients with respect to, or may manage, certain Held-Away Assets such as private REITs, real estate investments, and insurance products held by custodians other than Baird even though those assets may not be eligible for Accounts held at Baird. Any such arrangement will be set forth in the client’s advisory agreement. funds, and other special situation mutual funds, and exchange or swap funds; • certain hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, funds of real estate, structured products, private debt funds and managed futures that Baird has selected for use in the Services; and or supervised by them • cash and cash equivalents. The types of investments that are not permitted for the DDK Investment Management Service generally include, but are not limited to: • Class B or Class C shares offered by mutual funds or any other class of mutual fund shares that impose a contingent deferred or level sales charge (back-end or level load); • inverse funds; If a client holds • UITs that impose an initial or deferred sales charge (load); • put options; • all annuities and insurance products; or options on • commodities, futures commodities, and commodity pools; and investment funds • private and Complex Investment Products that Baird has not selected for use in the Services. Unsupervised Assets Under certain circumstances, Baird, in its sole discretion, may accept a client request to hold an asset in an Account that is not included in the investment advisory services provided by Baird or a DDK Consultant or otherwise monitored, overseen (an “Unsupervised Asset”). For example, if Baird permits a client to hold an Unpermitted Investment in an Account, the asset is typically also considered an Unsupervised Asset. Baird, in its sole discretion, may also designate an asset that is otherwise a Permitted Investment as an Unsupervised Asset under certain circumstances, such as when a client acquires the asset in an unsolicited transaction, transfers the asset from an account held at another firm or Baird brokerage account, or continues to hold the asset against Baird’s or the client’s DDK Consultant’s recommendation. an Unsupervised Asset in an Account, the client should understand that the Unsupervised Asset may not be included in performance reports provided to the client and that Baird and DDK Consultants do not manage, provide investment advice, or otherwise act as an investment adviser with respect to the Unsupervised Asset, even if the Unsupervised Asset is included in account statements or performance reports provided to the client. Because Baird and DDK Consultants do not manage or provide investment advisory services regarding Unsupervised Assets, no asset- based Advisory Fee is charged on Unsupervised 17 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  or for included in the Goal Management Plan may be managed or advised in any manner believed by Baird or the client’s DDK Consultant to be the Goal appropriate necessary Management Accounts, taken together, to seek to achieve the Goal Management Objective. Assets. While Unsupervised Assets are not subject to the asset-based Advisory Fee, Baird may impose additional fees upon Accounts holding Unsupervised Assets. See “Other Fees and Expenses” below for more information. A client should also understand that holding an Unsupervised Asset in an Account may increase the risk of trade errors, overinvestment, and negative Account performance. A client should consult the client’s DDK Consultant for further information. is contained under Special Considerations for the Services Third Party Information The Goal Management Objectives that Baird makes available to clients as part of Goal Management include: (1) All Growth; (2) Capital Growth; (3) Growth with Income; (4) Income with Growth; (5) Conservative Income; and (6) Capital Preservation. A description of those objectives the heading “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Strategies—Asset Analysis—Investment Allocation Strategies” below. When providing services to a client, DDK and Baird rely on information provided by third parties and other external sources believed to be reliable, including, but not limited to, information provided by investment managers. DDK and Baird assume that all such information is accurate, complete and current. DDK and Baird do not conduct an in- depth review of, or verify, such information, and they do not guarantee the accuracy of the information used. See “Methods of Analysis, Investment Strategies and Risk of Loss—Methods of Analysis” below for more information. service In certain circumstances, clients that are part of the same household may include their eligible Advisory Accounts in the same Goal Management Plan (a “Household Goal Management Plan”). It is the client’s sole responsibility to notify DDK that the client is part of a household so that DDK is aware of the client’s eligibility for a Household Goal Management Plan. It is also the client’s sole responsibility to notify DDK whenever the client ceases to be part of a household if an Account is part of a Household Goal Management Plan. Failure to do so could have a materially negative impact on applicable Accounts. An Account will be removed from a Goal Management Plan: (1) upon request or consent of the client, (2) if the Account ceases to be an eligible Advisory Account, (3) in the event the Account is part of a Household Goal Management Plan, if the client notifies DDK that the client ceases to be a member of the applicable household, or (4) upon written notice from Baird that it is no longer able to manage the Account according to the Goal Management Plan. Given the nature of Goal Management, a client enrolling Accounts in a Goal Management Plan should understand that each Account enrolled in a Goal Management Plan may not be invested in a manner such that the individual Account alone would be able to achieve the Goal Management Objective. It is likely that one or more Accounts included in a Goal Management Plan, taken alone, will be managed or advised differently and will be subject to greater or enhanced risks than would Goal Management DDK and Baird make available to clients an optional goal management (“Goal Management”). Goal Management provides clients the ability to set a single, overall investment objective for all or a portion of assets selected by the client with the flexibility of using multiple, eligible Advisory Accounts that may have different investment strategies or objectives. If a client elects to have Baird implement a plan of Goal Management (a “Goal Management Plan”) using two or more eligible Advisory Accounts (“Goal Management Accounts”), the Goal Management Accounts, taken together, will be managed or advised by Baird and client’s DDK Consultant in such a way so as to seek to achieve a single, investment objective (“Goal overall goal or Management Objective”) chosen by the client. Each individual Account included in a Goal Management Plan will also be managed or advised by Baird and client’s DDK Consultant in accordance with the terms of the applicable Advisory Program or Service and any investment strategy or objective applicable to the Account. However, to the extent consistent with the terms applicable to an Account included in a Goal individual Account Management Plan, each 18 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  from the tax-related consequences resulting client’s decision tax management to utilize services. Tax management services are provided solely based upon the direction and information provided by a client. Before enrolling in a tax management service, a client should consult the client’s tax advisors about the tax consequences of doing so. risks, and be the case if the Account alone had the same objective as the Goal Management Objective. Such enhanced risks include, without limitation, market risks, investment objective and asset allocation risks, capitalization risks, investment style risks, illiquid securities and liquidity risks, concentration risks, frequent trading and portfolio risks, Non-Traditional Assets and turnover Complex Strategies Complex Investment Product risks. DDK Tax Management Strategies the DDK included in implementation of Certain DDK Consultants offer tax management investment strategies (“DDK TM Strategies”), described below, to non-Retirement Accounts enrolled in DDK Consultant-directed Services, including Investment Management Service. A client is encouraged to ask the client’s DDK Consultant if DDK TM Strategies will be used if the Account is enrolled in a Service. DDK Consultants who offer DDK TM Strategies will generally implement such strategies for Accounts they manage on a discretionary basis unless a client opts out by contacting the client’s DDK Consultant. The Baird PWM Home Office will assist with the DDK TM the Strategies. A client should note, particularly if the client elects to include eligible Advisory Accounts in a Household Goal Management Plan, that: if an Account is removed from a Goal Management Plan for any reason, including if the client ceases to be a member of the same household, the Service and strategy for the Account removed from the Goal Management Plan will remain unchanged unless a change is requested by the client; further, the Account removed from the Goal Management Plan will not be allocated assets from other Accounts the Goal Management Plan unless the client and all other applicable clients, if any, consent and direct Baird to do so and then only to the extent permitted by applicable law; and DDK and Baird will have no liability for implementing a Goal Management Plan as requested by the client. investment strategies Each DDK TM Strategy is a secondary investment strategy designed to achieve a secondary objective of an Account to reduce the negative impact of U.S. federal income taxes and each such strategy is implemented together with the other primary for the Account that are designed to achieve the client’s primary investment objectives or goals. The DDK TM Strategies features are not available to Retirement Accounts. Tax Harvesting Strategy should contact the Tax Management Services Many Services and managers make available tax management strategies and services that are intended to reduce the negative impact of U.S. federal income taxes on an Account. Certain Services and managers include tax management services as a default feature of the Services or the manager’s services. A client is encouraged to discuss the client’s tax management needs with the client’s DDK Consultant before enrolling the Account in a Service or selecting a manager. A client should understand the terms of the tax management services that will be implemented, including the associated limitations, risks and additional costs, if any, before enrolling an Account in a Service or selecting a manager for that Account. A client that wishes to opt an Account out of participation in a tax management client’s DDK service Consultant. The offering and performance of tax management services to a client’s Account does not constitute tax advice. A client is ultimately responsible for all A tax harvesting strategy seeks to improve the value of an Account, on a post U.S. federal income tax basis, by offsetting capital losses in the Account with capital gains. This strategy is oftentimes referred to a “tax harvesting” or “tax loss harvesting”. When implementing a tax harvesting strategy, the Baird PWM Home Office or the DDK Consultant, as applicable, periodically, but at least annually, conducts an assessment of the Account to identify capital losses for tax harvesting opportunities. When an opportunity is identified, the Baird PWM Home Office or the DDK Consultant, as applicable, sells (or recommends the sale of) certain securities in the client’s Account in order for the Account to recognize the 19 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Generally, the capital gains avoidance strategy is limited to open end mutual fund positions in a client Account, and a mutual fund position will be included in the implementation of the strategy only if the potential net U.S. federal income tax benefit to the Account related to such position is estimated by Baird to be $1,000 or more. For purposes of calculating the $1,000 threshold, the Account’s current unrealized gain or loss in each mutual fund position is analyzed in light of the applicable amount of capital gains distribution announced by the mutual fund company. Additional Important Information about DDK’s Tax Management Strategies. unrealized capital losses identified as part of the assessment process. The Baird PWM Home Office or the DDK Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in one or more replacement securities, which may include, without limitation, ETFs, cash, cash equivalents or other securities deemed appropriate by the Baird PWM Home Office or the DDK Consultant, as applicable. Unless the client instructs otherwise, such reinvestment will be made on a temporary basis and generally only for the duration of any applicable IRS wash sale rule period, currently 30 days, and within a reasonable time thereafter, the proceeds will be reinvested in a manner consistent with the way the Account was invested prior to the employment of the tax harvesting strategy. the implementation of the investment strategies, there Generally, tax harvesting strategy is limited to open end mutual fund and ETF positions with unrealized capital losses over $1,000 for U.S. federal income tax purposes, unless Baird and the client otherwise agree. DDK’s tax management strategies are not intended to, and likely will not, eliminate a client’s U.S. federal income tax obligations. Like all is no guarantee that the implementation of a tax management strategy will be successful. A client’s use of a tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. Capital Gains Avoidance Strategy implementation of a tax management The strategy is based upon Baird’s or the DDK Consultant’s, as applicable, estimates of capital gains and losses associated with investments in client’s Account and information provided to them by third parties, such as issuers of securities. Capital losses will remain in an Account following the implementation of a tax harvesting strategy, and the Account will realize capital gains following the implementation of a capital gains avoidance strategy, the extent such estimates or to information are incorrect. identified as part of A capital gains avoidance strategy seeks to avoid capital gains attributable to an investment in the Account for U.S. federal income tax purposes by selling the investment before the capital gain is distributed by the issuer. When implementing a capital gains avoidance strategy, the Baird PWM Home Office or the DDK Consultant, as applicable, periodically, but at least annually, monitors the issuers of investments held in the Account for capital gains distributions announcements and capital gains avoidance opportunities. When an opportunity is identified, the Baird PWM Home Office or the DDK Consultant, as applicable, sells (or recommends the sale of) such securities in the client’s Account the monitoring process in order for the Account to avoid a capital gain distribution made by the issuer. The Baird PWM Home Office or the DDK Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in cash until the capital gain distribution has been paid by the issuer, and then the securities will be purchased again. If the securities are sold at a loss, then Baird PWM or the DDK Consultant may employ (or recommend the employment of) the tax harvesting strategy described above. The implementation of the tax harvesting strategy and capital gains avoidance strategy (or the recommendation to implement a strategy) is done in the sole discretion of the Baird PWM Home Office or DDK Consultant, as applicable, and securities may be excluded from implementation of such strategies for a number of reasons, including without limitation, the length of time the security has been in the Account, the lack of a replacement security acceptable to Baird or the DDK Consultant, withdrawal and deposit activity in the Account, market conditions deemed unfavorable by Baird or the DDK Consultant, or if doing so would, in Baird’s or the DDK Consultant’s judgment, negatively impact management of the Account. 20 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investment Objectives Generally, every Account will have one of the investment objectives described below. The tax harvesting and capital gains avoidance strategies are provided by Baird and DDK Consultants on an Account-by-Account basis. When employing such strategies for a client Account, Baird does not monitor or consider the trading activity in any other client account, including any other Account held at Baird. All Growth. An All Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing an All Growth investment objective will experience high fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in equity securities. Such an Account may also hold other types of investments. Capital Growth. A Capital Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing a Capital Growth investment objective will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. Such an Account may also hold other types of investments. The purchase or sale of securities by a client account (whether held at Baird or another firm) during any applicable IRS wash sale rule period that, in violation of such rule, overlaps with a purchase or sale of securities made in an Account as part of a DDK TM Strategy will result in applicable tax losses being disallowed by the IRS. Baird and DDK are not responsible for any such violations of the IRS wash sales rule or the negative consequences to the client of such violation. Before selling a security from an account, including any account held at a firm other than Baird, a client should contact the client’s DDK Consultant to determine if the sale of the security may be impacted by IRS wash sale rule limitations by reason of the tax management services being provided by Baird or DDK. Replacement securities selected in connection with the implementation of a DDK TM Strategy may not perform similarly to the securities they replace. The performance of Accounts utilizing a DDK TM Strategy will vary from similarly- managed Accounts that do not utilize such a strategy, possibly in a materially negative manner, and a client’s Account may not be successful in pursuing its primary investment strategies, objectives or goals. Growth with Income. A Growth with Income investment objective typically seeks to provide moderate growth of capital and some current income. Typically, an Account pursuing a Growth with Income investment objective will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. Such an Account may also hold other types of investments. A client should also note that when normal trading activity for the client’s is resumed Account, such activity could generate taxable gains or losses. Third Party Tax Management Services review the Income with Growth. An Income with Growth investment objective typically seeks to provide current income and some growth of capital. Typically, an Account pursuing an Income with investment objective will experience Growth moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. Such an Account may also hold other types of investments. Some investment managers participating in the SMA Services offer tax management services and others do not. A client should consult the client’s investment DDK Consultant or manager’s Form ADV Part 2A Brochure for specific information. Conservative Income. A Conservative Income investment objective typically seeks to provide 21 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  index or locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark the market generally. Accounts with a tactical investment objective may have investments focused or concentrated in certain asset classes, geographic locations or market sectors and they often experience higher levels of trading and portfolio turnover relative to accounts with other investment objectives. current income. Typically, an Account pursuing a Conservative Income investment objective will experience relatively small fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. Such an Account may also hold other types of investments. indicates A Tax-Managed that the account investment Tax-Managed. objective is transitioning from one investment strategy to another using one or more tax management strategies or tax management considerations. The primary investment strategy or consideration for Accounts with a Tax-Managed investment objective will involve tax management, and such accounts may not be successful in pursuing any other investment strategies, objectives or goals. Capital Preservation. A Capital Preservation investment objective typically seeks to preserve capital while generating current income. Typically, an Account pursuing a Capital Preservation investment objective will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in a mix of fixed income securities and cash. Such an Account may also hold other types of investments. Goal. A Goal investment objective indicates that the Account is a Goal Management Account that is part of a Goal Management Plan and the Account will be managed or advised in accordance with the applicable Goal Management Objective. Investment Objectives For information about the risks associated with the investment objectives described above, see the section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Risks Associated with Certain and Asset Allocation Strategies” below. for a client’s specific investment objective Opportunistic. An Opportunistic investment objective typically seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the percentage of assets held in various investment categories to take advantage of the manager’s perception of market pricing anomalies, market sectors deemed favorable for investment by the manager, the current interest rate environment or other macro-economic trends identified by the manager to achieve growth while accounting short, intermediate and long term investment and/or cash flow needs. Depending upon the investment strategy used, an Account pursuing an Opportunistic could experience high fluctuations in annual returns and overall market value. The types of investments in which such an Account may invest will also vary widely, depending upon the particular investment strategy used. long-term growth by investments based upon in to implement a typically objective and overweighting Mutual Fund Share Class Policy Most mutual funds offer different share classes. While each share class of a given mutual fund has the same underlying investments, those share classes have different fees, costs and investment minimums, and they provide different levels of compensation to Baird. In an effort to provide clients with appropriate low cost mutual fund investment options for their fee-based investment advisory accounts, Baird has established a mutual fund share class policy (“Share Class Policy”) for certain DDK-directed Services, including DDK Investment Management (the “Share Class Policy Services”). Typically, only one share class of a given mutual fund family will be made available for purchase by clients in the Share Class Policy Services pursuant to the Share Class Policy (the “Approved Share Class”). When selecting the Approved Share Class for a mutual fund family, Tactical. A tactical investment objective seeks to provide tactically and actively adjusting account allocations to different the categories of manager’s perception of how those investment the short-term. categories will perform tactical Strategies used involve investment account underweighting allocations to certain asset classes, geographic 22 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Interest purchased by clients. Because the compensation that Baird receives from certain mutual funds is based upon share class purchased by clients, Baird has a financial incentive to make available to clients those share classes that provide Baird greater compensation, which, in many instances, would cause clients investing in those share classes to incur higher ongoing costs relative to other share classes made available by the fund families. This presents a conflict of interest. Baird addresses this conflict through the Share Class Policy described above and through disclosure in this Brochure. For more information about the compensation that Baird receives from mutual funds, see “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or in Client Transactions—Investment Product Selling and Servicing—Mutual Funds” below. Shares of mutual funds held in client Accounts that do not meet the requirements of the Share Class Policy will generally be converted to the applicable Approved Share Class subject to certain restrictions. The Share Class Policy is subject to change at Baird’s discretion without notice to clients. Additional information about the Share Class Policy is available on Baird’s website at bairdwealth.com/retailinvestor. The Share Class Policy does not apply to the portion of a UAS Account managed by a third party managers. Third party managers are responsible for establishing their own criteria for selecting investments, including mutual funds, if any. Custody Services Baird may provide custody services in connection with the Services. See “Custody” below for more specific information. Baird endeavors to select the share class with the lowest expense ratio, based upon the average expense ratio of the class across all mutual funds in the mutual fund family, that are widely available for trading on the mutual fund trading platform of Charles Schwab & Co., Inc. (“Schwab”). In selecting the share class for a mutual fund family to be made available for purchase by clients in the Share Class Policy Services, Baird considers a number of factors, including the number of funds within the fund family that offer the share class, client positions funds, and the for those in and demand availability of the share classes and funds for purchase on the Schwab mutual fund trading platform. Generally, share classes designed for retirement plans and those that pay a distribution (12b-1) fee to Baird will not be permitted in those Services, or, if such share classes are permitted and the client’s Account is subject to an asset- based fee arrangement, Baird will either: (1) rebate the distribution (12b-1) fees to a client if the client is paying an asset-based Advisory Fee on such investment; or (2) exclude such fund shares from the calculation of the client’s asset- based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the distribution (12b-1) fee as further described under the heading “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions—Investment Product Selling or Servicing—Mutual Funds” below. Clients should note that the Approved Share Class for a mutual fund family is based upon the average expense ratio for the class across all mutual funds in the fund family and not on a fund-by-fund basis. Further, the expenses of every mutual fund can and will vary over time. Therefore, while Baird has endeavored to select the lowest cost share classes as described above, in some instances, the Approved Share Class is not the least expensive share class for a particular mutual fund. Clients may be able to obtain a less expensive share class in other Programs or at another firm. payments, revenue sharing Cash Sweep Program Baird maintains a Cash Sweep Program that is intended for clients who want to earn interest and receive FDIC insurance protection on their cash over short periods of time while awaiting investment. If a client participates in Baird’s Cash Sweep Program, uninvested cash in the client’s accounts will be automatically deposited or swept, on a daily basis, into one or more FDIC-insured deposit accounts at participating banks (the “Bank Sweep Feature”) or, under certain conditions, will be automatically invested in shares of a money Baird receives certain compensation from mutual fund families in the form of distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support and administration fees. The amount of compensation paid to Baird generally varies based upon the fund share class of the applicable mutual 23 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to provide FDIC is available market mutual fund that Baird makes available in the program (the “Money Market Fund Feature”), subject to the terms and conditions of the program. By using multiple participating banks as opposed to a single bank, the Bank Sweep Feature seeks insurance protection for a client’s cash balances of up to an aggregate deposit limit determined under the program (currently, $2,500,000 for most account types and $5,000,000 for joint accounts). A client receives interest on cash balances in deposit accounts under the Bank Sweep Feature at tiered rates that are based on the aggregate value of the accounts within the client’s household. The applicable client household tier values are: less than $1 million; at least $1 million but less than $2 million; at least $2 million but less than $5 million; and $5 million are more. Current rate at information rwbaird.com/cashsweeps. Each deposit account at a bank constitutes a direct obligation of the bank and is not directly or indirectly Baird’s obligation. under the program. Any deposits, including CDs, that a client maintains, directly or indirectly through an intermediary (such as us or another broker), with a bank participating in the Cash Sweep Program in the same capacity with the bank will be aggregated with the client’s cash balances deposited with the bank under the Cash Sweep Program for purposes of calculating the $250,000 FDIC insurance limit. Total deposits exceeding $250,000 at a bank may not be fully insured by the FDIC. A client is responsible for monitoring the total amount of other deposits that the client has with a bank outside the Cash Sweep Program in order to determine the extent of deposit insurance coverage available. Baird is not responsible for any insured or uninsured portion of a client’s deposits at a bank. Cash invested in a money market mutual fund under the Money Market Fund Feature is not FDIC insured, but is protected by Securities Investor Protection Corporation (“SIPC”) coverage up to applicable limits. receives compensation for account values of less. For Program is available Any aggregate cash balances held by a client in excess of the applicable aggregate deposit limit are automatically invested in shares of a money market mutual fund that Baird makes available in the Money Market Fund feature of the program. Cash held in employee benefit plan accounts, employee health and welfare plan accounts, and SEP and SIMPLE IRAs will be automatically invested or swept into a money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. In addition, clients with aggregate cash balances of $5 million or more across all of their accounts with Baird within the same household may opt out of the Bank Sweep Feature and instead have all of their cash balances automatically swept into an institutional money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. Effective June 1, 2025, clients with aggregate cash balances of $5 million or more across of their accounts with us within the same household both at the time of the request to opt out and as of the end of any two previous consecutive months beginning on April 30, 2025 and thereafter. More information about the Money Market Fund Feature of Baird’s Cash at Sweep rwbaird.com/cashsweeps. Baird the administrative, accounting and other services that Baird provides under the program, which is paid out of the aggregate interest that is paid by the participating banks on the aggregate client balances in the deposit accounts participating in the Bank Sweep Feature. Baird’s annual rate of compensation may be up to 3.60% of the for clients with aggregate client balances household than less $1,000,000, 2.45% for clients with household account values of $1,000,000 but less than $2,000,000, 2.00% for clients with household account values of $2,000,000 but less than $5,000,000, and 1.75% for clients with household account values of $5,000,000 or more. In a lower interest rate environment Baird’s annual rate of compensation will be fee-based investment advisory IRA accounts participating in the Bank Sweep Feature, Baird’s compensation is a monthly per account fee (which is the same regardless of client balances in bank deposit accounts). The per account fee for these advisory IRA accounts is generally paid out of the interest that the banks pay on aggregate client balances in the deposit accounts, and the per account fee varies based on the applicable Fed Funds Target Rate but in no event will it exceed $19.00 per month. Baird also receives an annual rate of compensation of up to 0.50% of the aggregate client balances automatically invested into money market mutual funds under the Money Market The Bank Sweep Feature seeks to provide FDIC insurance protection for a client’s cash balances up to an aggregate deposit limit determined 24 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  services, including tax related to those assets, and Fund Feature. A client should note that the client will be charged the asset-based Advisory Fee on the value of all of the assets in the client’s Accounts, including cash that is swept into a bank deposit account or invested into a money market mutual fund under the Cash Sweep Program. As a result, Baird receives two layers of fees on a client’s assets swept or invested in the Cash the Advisory Fee, which Sweep Program: compensates Baird for the investment advice, trading and custody services provided to the client the compensation paid by the banks or money market funds related to those assets, which compensates Baird for the services Baird provides to the banks and funds and for Baird’s efforts in maintaining the Cash Sweep Program. The compensation that Baird receives from the Cash Sweep Program gives Baird a financial incentive to recommend that a client participate in the Cash Sweep Program and maintain high levels of uninvested cash balances in the client’s accounts. financial incentive As an alternative to the Cash Sweep Program, Baird makes available other money market mutual funds and other cash alternatives in which a client may invest, often at a higher yield, although these investments do not have an automatic sweep feature. In addition, instead of maintaining cash balances in an advisory Account, a client has the option to maintain such cash balances in a brokerage account that is not subject to an asset-based Advisory Fee. trust administration Trust Services Arrangements Baird maintains an alliance with certain institutions, both non-affiliated and affiliated, including Baird Trust Company, that provide trust administration trust administration, custody, reporting and recordkeeping. DDK Consultants at times refer clients seeking trust services to institutions that are members of the alliance. Subject to its fiduciary duties, the trustee oftentimes retains Baird to provide investment advisory services to the client trust. A client should understand that any such referral for trust services under the Trust Alliance Program made by Baird and its DDK Consultants is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such trust services arrangement. Baird has a financial incentive to recommend that clients use Baird Trust, an affiliate, over other non-affiliated trust companies. As a result of this affiliation, Baird Trust also has a financial incentive to retain Baird to provide investment advisory or other services on behalf of the client. In addition, Baird and DDK Consultants have a to recommend arrangements that involve Baird and the DDK Consultant providing investment advisory services to the client and the trust company only providing trust administration services compared to an arrangement whereby a trust company would provide both investment advisory and services because it is more profitable to Baird and the DDK Consultant. in connection with ongoing Baird Trust generally A client should understand that the Cash Sweep Program is an ancillary account service and it is not nor is it part of any advisory program or investment advisory service. DDK and Baird do not act as investment adviser or a fiduciary to a the Cash Sweep client Program. However, a client should note that the amount of the client’s advisory Account dedicated to cash and cash equivalents is part of the overall investment allocation advice provided to the client and thus the amount of such cash and cash equivalents included in the calculation of the Advisory Fee for the client’s advisory Account. on website In addition, outside of the Trust Alliance Program, DDK Consultants may refer a client to Baird Trust to provide investment management and trust administration services to the client. If a client enters into such a relationship with Baird Trust, Baird and the client’s DDK Consultant typically relationship management provide services. provides compensation to Baird and the client’s DDK Consultant for the referral and providing ongoing services, which may be up to 50% of the ongoing fees that a client pays to Baird Trust, and which is credited to the client’s DDK Consultant for purposes of determining the DDK Consultant’s compensation. The compensation paid to Baird and a client’s DDK Consultant does not increase the fees that the client pays to Baird Trust. Due to More detailed information about the Cash Sweep Program and the compensation Baird receives is available at Baird’s www.rwbaird.com/cashsweeps. A client also receives information about the compensation Baird receives from the Cash Sweep Program through a client’s account statements. 25 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s affiliation with Baird Trust and the compensation paid to Baird and DDK Consultants, Baird and DDK Consultants have a financial incentive to favor Baird Trust over other trust companies. A client should note that Baird’s margin loan program is generally intended to be used to fund additional purchases of securities. or short-term liquidity needs. If a client wishes to obtain a loan for some other purpose, a client should instead consider whether the client is eligible for Baird’s Securities-Based Lending Program, which involves clients obtaining loans from third-party lenders for general use purposes. Baird and DDK Consultants have a conflict to the extent they would recommend that a client use the Baird margin loan program instead of the Securities-Based Lending Program because a client pays interest and other fees to Baird instead of a third-party lender. Additional important information about margin, including the risks and margin interest rates that apply, is set forth in the “Margin” section of Baird’s website at bairdwealth.com/retailinvestor. visit website contact loan, Baird has an incentive the loan or that any margin balance (i.e., Securities-Based Lending Program Baird offers clients an opportunity to borrow money from a third party lender under Baird’s Securities-Based Lending Program. These loans, if made, can be used for any personal or business purpose other than to purchase, carry or trade securities, or to repay margin debt. These loans are secured by the investments and other assets in the client’s accounts with Baird. A client will pay interest on the outstanding balance of the client’s loan. The rates of interest charged by the bank depends on many factors, such as the prevailing interest rate environment, the amount of line of credit, a client’s creditworthiness, and the aggregate assets in a client’s Baird accounts in the client’s household (“relationship size”). The interest rates are based on a benchmark rate, plus an applicable percentage that varies based on the approved loan amount and the relationship size. Rates are generally higher for smaller loans and relationship sizes and lower for larger loans and relationship sizes. The interest rate that will apply to a client’s loan will be set forth in the loan agreement the client enters into with the bank. Baird receives an ongoing administrative fee from the bank, at an annual rate of up to 2.50% of the outstanding balance under a client’s loan, which is paid by the bank out of the interest the client pays to the bank. A client’s DDK Consultant typically receives an ongoing referral fee at an annual rate of up to 0.25% of the outstanding balance of the client’s loan, which is paid out of Baird’s administrative Margin Loans Margin involves borrowing money from Baird using eligible securities as collateral, including for the purpose of buying securities. If a client uses margin, the client will pay Baird interest on the amount the client borrows. The rate of interest that a client pays on a margin loan will be at a base rate determined by Baird plus or minus a specified percentage that varies based on the outstanding debit balance of the margin loan and the client’s household account value. Interest rates are lower for larger debit balances and those with higher household account balances. As a result, rates will vary. To determine the actual interest rate that may apply to a client’s margin at Baird’s loan, rwbaird.com/loanrates a DDK or Consultant. Because a client will pay interest to Baird on the outstanding balance of the client’s margin to recommend that a client use margin. Baird and DDK Consultants also have an incentive to recommend that a client use margin, because a margin loan allows a client to make larger securities purchases and retain assets in the client’s Accounts that pay an ongoing asset-based Advisory Fee instead of liquidating them to fund a cash need, which increases the asset-based fees Baird earns on a client’s Accounts. A client should the note outstanding amounts of the margin loan the client owes to Baird) in the client’s advisory Accounts will not be applied to reduce the client’s billable account value in calculating the client’s asset- based Advisory Fee, which gives Baird and DDK Consultants further incentive to recommend client use of margin instead of liquidating assets to fund a cash need. Because the interest Baird receives and fees Baird earns on a client’s Accounts increase as the amount of the client’s margin loan increases, Baird and DDK Consultants also have an incentive to recommend that the client continue to maintain a margin loan balance with Baird at high levels. Baird has the right to lend the securities a client pledges as collateral for the client’s margin loan, and Baird receives additional compensation for lending those securities, which provides Baird a further incentive to recommend margin to a client. 26 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  manner in which the client’s assets are invested. None of Baird, the client’s DDK Consultant or any investment manager managing a client’s Account for any adverse consequence is responsible arising out of the client’s failure to promptly inform the client’s DDK Consultant of any such changes. Since investment goals and financial circumstances change over time, a client should review the client’s participation in a Service with the client’s DDK Consultant at least annually. Legal and Tax Considerations DDK and Baird do not provide legal or tax advice to clients in connection with the Services. financial incentive Account (“Retirement Additional laws, regulations and other conditions apply to Retirement Accounts. Each owner, trustee, named responsible plan fiduciary, fiduciary, or other fiduciary acting on behalf of a Retirement Account Fiduciary”) should understand that DDK and Baird do not provide legal advice regarding Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts. of website fee. A client should note that Baird and DDK Consultants will continue to receive compensation on assets held in the client’s accounts that serve as collateral for the client’s loans, including Advisory Fees. Because Baird receives an administrative fee and DDK Consultants receive a referral fee if a client obtains a loan from a third party lender under Baird’s Securities-Based Lending Program, Baird and DDK Consultants have an incentive to recommend that a client obtain loans under that program. Baird and DDK Consultants will continue to receive compensation on assets held in a client’s accounts that are collateral for such loans, including Advisory Fees on such assets if those assets are in the client’s advisory Account. As a result, Baird and DDK Consultants have a to recommend that a client obtain a loan under the program to provide for the client’s needs instead of liquidating assets in the client’s accounts with Baird because a decline in the amounts the client has in the client’s accounts will result in lower revenues to Baird and compensation paid to the client’s DDK Consultant. Additional important information about securities-based lending is set forth in the “Securities-Based Lending Program” at Baird’s section bairdwealth.com/retailinvestor. liquidations, redemptions, A client should understand that any referral made the by Baird and DDK Consultants under Securities-Based Lending Program is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such lending arrangement. informing the The investment strategies used for a client’s Account and transactions in a client’s Account, including and rebalancing transactions, may cause the client to realize gains or losses for income tax purposes. In addition, a client’s Account may be invested in investment products classified as partnerships for U.S. federal income tax purposes, which may result in unique tax treatment, including Schedule K-1 reporting. In addition, when held in a client’s Retirement Account under certain circumstances, such investments may produce unrelated business taxable income which may result in a current-year income tax obligation to the client. DDK does not provide any tax advice in connection with any of the Services. A client should discuss the potential tax implications of the client’s investment strategies, investment products, and transactions with the client’s tax advisor. If a client wishes for DDK to implement a particular investment strategy for tax purposes, and DDK agrees to implement such strategy, neither DDK nor Baird will be responsible for the development, evaluation or efficacy of any such strategy. Client Responsibilities A client is responsible for providing information to Baird and the client’s DDK Consultant reasonably requested by them in order to provide the services selected by the client. Baird, the client’s DDK Consultant and investment managers, if any, will rely on this information when providing services to the client. A client is also responsible for promptly client’s DDK Consultant of any significant life changes (e.g., change in marital status, significant health issue, or change in employment) or if there is any change to the client’s investment objectives, risk tolerance, investment financial circumstances, needs, or other circumstances that may affect the 27 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account Requirements Opening an Account A client that wishes to engage DDK will enter into an advisory agreement with DDK and Baird. The client’s advisory agreement will contain the specific terms applicable to the services selected by the client, Advisory Fees payable by the client, and other terms applicable to the client’s advisory relationship with DDK and Baird. retain those documents for The terms of a client’s agreements and this Brochure apply to all Accounts that a client establishes with DDK, including any Accounts that a client may open with Baird in the future. Some of the information in those documents may not apply to a client now, but may apply in the future if a client changes services or establishes other Accounts with DDK. DDK will generally not provide a client another copy of the agreements or this Brochure when a client changes services or establishes new Accounts unless the client requests a copy from DDK. Therefore, a client future should reference as they contain important information if a client changes services or establishes other Accounts with DDK. Certain Account Requirements Minimum Account Size is a brokerage agreement In addition to the investment advisory services that DDK and Baird provide in connection with each Service, Baird, in its capacity as broker- dealer, may provide clients with trade execution, custody and other standard brokerage services. For this reason, a client may also enter into a client account agreement with Baird if the client has not already done so. The client account agreement that authorizes Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally requires that assets in a client’s Account be held in a Baird account, for which Baird acts as custodian. However, in certain limited circumstances when requested by a client, Baird may permit a client to include Held-Away Assets in the client’s Account. Each Service has a minimum account size and may have a minimum Advisory Fee, which are described in the section entitled “Fees and Compensation—Advisory Fees” below. DDK or Baird may remove an Account from a Service and immediately terminate the advisory agreement with respect to an Account upon written notice to the client if the client fails to maintain the required minimum asset levels in an Account or if the client fails to otherwise abide by the terms of a Service as determined by DDK or Baird in their sole discretion. Account Contributions and Withdrawals in to investment manager until A client may fund an Account with cash and with securities that DDK, Baird and the client’s investment manager, to be if any, deem acceptable their sole discretion. Funds deposited or transferred to a client’s SMAs from another Baird account and funds deposited or transferred to a client’s SMAs from outside of Baird will not be available for investment by the client’s the next business day and therefore the investment of such funds, at the discretion of the manager, will occur no earlier than the next business day. After a client has signed and delivered an advisory agreement to Baird, the agreement is subject to review and acceptance by the client’s DDK Consultant, his or her Market Director or PWM Supervision department supervisor (or his or her respective designee), and Baird PWM’s Home Office. The agreement and Baird’s advisory relationship with a client will become effective when the client’s paperwork is accepted by Baird PWM’s Home Office and following such acceptance Baird has delivered the client written confirmation of the Account’s enrollment in the applicable Service. A client should understand that the advisory agreement will not become effective, and Baird will not provide any advisory services to the client, until such time that Baird has accepted the advisory agreement. Baird may delay acceptance of the advisory agreement and the provision of advisory services to the client for various reasons, including deficiencies in the client’s paperwork. Once it has become effective, the agreement shall continue until it is terminated in accordance with the terms described in the advisory agreement. Some DDK Consultants will invest, or recommend investing, cash contributions made to an Account over a period of time. This method of investment is sometimes referred to dollar cost averaging (“DCA”). The goal of this method of investment is to reduce the risk of making large purchases of securities at an inopportune time or price. The investment and Overlay Manager certain 28 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  To the extent permitted by applicable law, certain funding transactions may be handled by Baird on a principal basis, and such transactions are not considered investment advisory services of DDK, Baird or the client’s investment manager. Business—Additional If an asset transferred to an Account is an Unpermitted Investment under the terms of the applicable Service, DDK, Baird or the client’s investment manager may sell the asset or transfer it into a separate brokerage account. Alternatively, they may designate such asset as an Unsupervised Asset as further described under “Advisory Service Information—Unsupervised Assets” above. managers also offer an optional DCA service for Accounts they manage. Additional information will be provided to a client if the client enrolls in a DCA service. A client should note that, if dollar cost averaging is used to invest cash in the client’s Account, the returns for the Account could, depending upon market and other conditions, be lower than the returns that could have been obtained had all the cash in the Account been fully invested upon contribution to the Account. In addition, a client should note that, when dollar cost averaging is used, the amount of cash in the client’s Account will be included in the value of the Account for fee calculation purposes. Whenever assets are contributed to an Account, a client should discuss with the client’s DDK Consultant the timing of when the assets will be invested. If DCA will be used to invest the assets, a client should ask for more specific information about how the assets will be invested and the associated timing for investing. that A client is responsible for notifying DDK and any investment manager managing the client’s Account of any contributions made into the Account and instructing DDK and any investment manager to liquidate positions in the event the from the client wishes to withdraw assets Account. DDK and Baird have no responsibility to invest cash deposits (other than complying with a client’s cash sweep instructions) or liquidate positions with respect to an Account managed by an Other Manager, and they are not responsible for any losses that may result from a client’s failure to notify DDK and any investment manager managing the client’s Account regarding deposits or withdrawals. A client may also incur additional expenses and liabilities, including tax related liabilities, when transferring assets out of an Account or Baird’s custody. See “Termination of Accounts” below. Liens and Use of Account Assets as Collateral sale could in adverse As security for the full and complete payment when due of any debts and other obligations that a client owes to DDK and Baird, and to the extent permitted by applicable law or regulation, all assets in a client’s Account held at Baird will be subject to a first priority security interest, lien and right of setoff in favor of Baird. Baird may sell assets in an Account to satisfy the lien. As a secured party, Baird may have interests that are adverse to a client. Neither DDK nor Baird will act as investment adviser to a client with respect to such sale of assets held in an Account. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Such sales could have adverse tax When a client funds an Account with securities, including when a client changes Services for an Account or changes investment managers for an Account within the same Service, the client should understand that DDK’s, Baird’s or the client’s investment manager’s review of securities used to fund the Account may delay investing. In addition, DDK, Baird or the client’s investment the if any, may determine manager, securities contributed to the Account may not be appropriate for the client’s strategy, and DDK, Baird or the investment manager, if any, may sell, or recommend the sale of, such securities. Further, an investment manager may be removed from the management of a client’s Account and a replacement investment manager may be appointed. In such event, Baird, at the direction of the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were managed by the prior manager and the replacement manager will reinvest the cash proceeds of those sales. Any such tax result consequences for the client. A client should note that securities transferred into an Account may be subject to the Advisory Fee immediately upon its transfer into the Account, even if the client paid a commission or front-end sales charge on the security prior to its transfer into the Account. In addition, if the securities are subject to deferred sales charges or redemption fees, the client will be responsible for paying those charges and fees. 29 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Information—Securities-Based Lending Program” above for more information. consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should review the client’s agreements for more information. Business—Additional Securities purchased on margin are used as Baird’s collateral for the margin loan. Clients that have a margin account should review the section “Advisory Service Information—Complex Strategies and Complex Investment Products” above for additional information. Electronic Delivery of Documents All of the assets in a client’s Account must be free and clear from any security interest, lien, charge or other encumbrance (other than a security interest, lien, charge or other encumbrance in favor of Baird) and must remain so for the duration of the client’s relationship with Baird, unless Baird otherwise specifically agrees in writing. By signing an advisory agreement, a client consents to the electronic delivery of documents that DDK or Baird may deliver to the client. The term of the consent to electronic delivery is indefinite but a client may revoke the consent at any time by notifying DDK. Termination of Accounts If a client wishes to obtain loans secured by assets in the client’s Account (commonly referred to as “securities-based lending”) and DDK and Baird agree to the arrangement, the client should understand that the lender may exercise certain rights and powers over the assets in the Account, including the disposition and sale of any and all assets pledged as collateral for the loan to meet a collateral call, which may occur without prior notice to the client. A collateral call could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should be aware of these and other potential adverse effects of securities-based lending and collateralizing Accounts before deciding to do so. A client is required to disclose the terms of the client’s agreements with Baird to any lender seeking to use Account assets as collateral. A client must promptly notify DDK and Baird of any default or similar event under the client’s collateral arrangements. The client’s advisory agreement will survive any event that causes the client’s DDK Consultant to be unable to provide services to the client (either on a temporary or permanent basis), including if the client’s DDK Consultant ceases to be employed by Baird. In any such event, Baird will endeavor to continue to provide services to the client and will as promptly as practicable assign another DDK Consultant or Baird Financial Advisor to the client’s Accounts (either on a temporary or permanent basis) and the client will be notified of any such change or, if Baird determines that it is unable to continue to provide advisory services to the client, Baird may remove the applicable Account from a Service or Program and convert the Account to a brokerage account upon notice to the client. DDK or Baird may remove an Account from a Service and immediately close an Account upon written notice to a client if the client fails to abide by the terms of the Service. DDK or Baird may also remove an Account from a Service at any time upon written notice to a client if the client fails to maintain the required minimum asset levels in such Account. A client should understand that neither DDK nor Baird will provide advice on or oversee a securities-based lending or collateral arrangement and they will not act as investment adviser or a fiduciary to the client with respect to the liquidation of securities held in the client’s Account to meet a collateral call. Any such liquidation will be executed in Baird’s capacity as broker-dealer and may, as permitted by law, result in executions on a principal basis. In some instances, Baird and DDK Consultants may refer a client to a third party lender under Baird’s Securities-Based Lending Program that certain pays Baird and DDK Consultants Service See compensation. “Additional Upon the termination of an Account’s enrollment in a Service, DDK, Baird and, if relevant, any other investment manager managing such Account, shall have no obligation to act as investment adviser to such Account. If such Account is custodied at Baird, the Account shall be converted to and designated as a brokerage 30 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  exclusive responsibility to in writing, account. DDK, Baird, and, if relevant, any other investment manager managing such Account, shall be under no obligation to recommend any action with regard to, or to liquidate the securities or other investments in, such Account. After an Account is removed from a Service, it is the issue client’s instructions, the regarding management of any assets in such Account. Fees and Compensation Advisory Fees Fee Options and Fee Schedule A client’s advisory agreement will set forth the actual compensation the client will pay to Baird. In most instances, a client pays an ongoing Advisory Fee based upon the value of assets in fee”), the client’s Account (an “asset-based although other options, such as a flat fee, are available. Asset-Based Fee Arrangement fee DDK generally offers one asset-based arrangement: a tiered fee schedule. If a client directs Baird to liquidate assets in connection with a closure of an Account, the client should understand that Baird acts as broker- dealer, and not investment adviser, when processing such a liquidation request and that the client will generally be charged commissions, sales charges, sales “loads”, or other applicable transaction-based fees in accordance with the applicable Baird fee schedule or other third-party transaction-based fee schedule for the particular investment then in effect. Additional information about the compensation that a client pays to Baird for effecting brokerage transactions is contained in Baird’s Client Relationship Details document, available on Baird’s website at bairdwealth.com/retailinvestor. Under a tiered fee schedule, the asset-based fee will vary for different segments of client assets, gradually decreasing as the Account balance increases. For example, a client with an Account value of $50 million may pay one rate on the first $10 million of assets in the Account, a lower rate on the next $15 million of assets in the Account and a still lower rate on the remaining $25 million of assets. Use of a tiered fee schedule will result in a blended asset-based fee rate. The typical asset-based fee varies depending upon the Service and the fee option selected by the client. Fee options and rates may also differ among different Accounts held by the same client, depending on the services selected for an Account. A client may incur significant expenses and liabilities, including tax-related liabilities for which the client will be solely liable, if the client closes an Account, terminates an advisory agreement, or transfers assets out of Baird’s custody. DDK and Baird will not be liable to a client in any way with respect to the termination, closure, transfer or liquidation of the client’s Accounts. All new client Accounts paying an asset-based fee are generally subject to a unified advice fee arrangement (“Unified Advice Fee Arrangement”), which is described below. Unified Advice Fee Arrangement Under a Unified Advice Fee Arrangement, the asset-based Advisory Fee is comprised of an advice fee (“Advice Fee”) and, for some Services, an additional portfolio fee (“Portfolio Fee”). The Advice Fee covers certain investment advisory and custody services provided by DDK and Baird. The Portfolio Fee covers portfolio management and other services provided by Baird and the manager to the client’s Account, which may include departments or affiliates of Baird. If a client has a Unified Advice Fee Arrangement, the client’s Advisory Fee rate will be equal to the sum of the applicable Advice Fee rate and the applicable Portfolio Fee rate, if any. Some of the investments offered in connection with the Services contain restrictions that limit their use, and such investments may be unavailable for purchase or holding outside of an Account. For example, certain Investment Funds held in an Account may only be available to a client through a DDK Service or may not be held at another firm. If such restrictions apply and the client terminates a Service or closes an Account, the Client will be required to sell or redeem such Investment Funds or exchange them for other Investment Funds that may be more costly to the client or have poorer performance. A client should consider restrictions applicable to investments carefully before participating in a Service. A client should contact the client’s DDK Consultant for specific information as to how Account closure, termination of an agreement, or asset transfers might impact the assets in the client’s Accounts. 31 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio Fee Schedule Clients with a Unified Advice Fee Arrangement generally choose a tiered fee schedule for the Advice Fee portion of the Advisory Fee. Service Annual Fee Rate or Range of Rates 0.25% - 0.60% Tiered Advice Fee Schedule Global and International SMA Strategies following fee schedule sets 0.32% - 0.60% Alternative SMA Strategies tiered Advice Fee rates forth for the the The maximum Services. —* Dual Contract (DC) Tiered Advice Fee Schedule Value of Assets Annual Fee Rate On the first $10 million Negotiable On next $15 million 0.60% * Fees charged by managers under the DC Program are negotiated by each client pursuant to a separate agreement that does not include Baird. Baird, therefore, does not have the necessary information to provide a definitive range of fees paid to managers under the DC Program. On next $25 million 0.45% On next $25 million 0.30% On next $25 million 0.15% Above $100 million Negotiable The Portfolio Fee rates are current as of the date of this Brochure. A client’s actual Portfolio Fees could be higher or lower than the amounts shown above if Baird adds new investment managers to the Services with higher or lower fees or if Baird and a manager renegotiate the amount of the subadvisory fee. Portfolio Fee Schedule following fee schedule sets forth The Portfolio Fee rate varies by Service, investment vehicle, and the type of investment strategy or style being pursued by the Account. The the maximum Portfolio Fee rates or range of rates for the Services. Portfolio Fee Schedule titled “Administrative Service Annual Fee Rate or Range of Rates In some instances, Baird provides operational and administrative services to third party managers in connection with their management of client Accounts. As compensation for those services, Baird receives a portion of the Portfolio Fee at an annual rate of up to 0.02% of the value of the Account. Additional information is contained in the document Servicing, Revenue Sharing, and Other Third Party Payments” available on Baird’s website at bairdwealth.com/retailinvestor. DDK Investment Management 0.00% DDK Recommended Managers 0.20% - 0.75% Equity SMA Strategies The Portfolio Fee rates set forth above do not include the overlay fees charged by the Overlay Manager for tax overlay or impact overlay services, which are generally 0.10% of the value of the Account annually. 0.20% - 0.52% Balanced SMA Strategies 0.25% - 0.40% Fixed Income SMA Strategies Flat or Hourly Fee Arrangement 0.25% - 0.52% Global and International SMA Strategies 0.35% - 0.60% Alternative SMA Strategies 0.10% Tax Managed Strategies Baird SMA Network (BSN) 0.26% - 0.77% Equity SMA Strategies 0.22% - 0.60% Balanced SMA Strategies Under a flat fee or hourly fee arrangement, the applicable fee may be determined according to a fixed asset-based or hourly fee rate or may be a fixed dollar amount. Specific services may each have their own, separately stated flat fee, or several services may be grouped together under a single flat fee. Some services may entail a flat fee per usage. Flat fees are negotiable and vary by client. The details of flat fee arrangements, including fee amounts, the billing schedule, and 0.12% - 0.40% Fixed Income SMA Strategies 32 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the services covered, will be included in the client’s advisory agreement. 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. Service Account Minimums The minimum asset value to open an Account in a Service is set forth in the table below. Account Minimum Service Asset Level Consulting Services Negotiable Baird SMA Network $100,000(1) DDK Investment Management $50,000 DDK Recommended Managers $100,000(1) Dual Contract $100,000(1) If requested by a client and approved by Baird, a client’s Advisory Fee may be determined by also including the aggregate value of assets in certain other Advisory accounts held by a client and certain members of the client’s household or family (a “household fee arrangement”). A client should note that Retirement Accounts may not be included in a household fee arrangement to the extent a prohibited transaction under ERISA or the IRC may result. The terms of any such household fee arrangement will be set forth in the client’s advisory agreement. to inform the than $1,000,000. As a (1) Investment managers typically have an account minimum of $100,000. However, each investment manager sets its own minimum account size requirements, which can range from $25,000 to result, some more investment managers may not be available to clients with smaller accounts. for a household A client’s Account may also be subject to a minimum quarterly Advisory Fee that will be set forth in the client’s advisory agreement regardless of the value of the assets in the client’s Account. In addition, if a third party custodian has custody of the client’s Account assets, Baird may impose Account requirements different than those set forth above, including but not limited to higher minimums, and it may impose additional fees due to the increase in resources needed to administer the Account. A client should note that it is client’s sole client’s DDK responsibility Consultant that client’s household or family has two or more Advisory accounts that are eligible for a household fee arrangement. DDK and Baird do not undertake any obligation to ensure client fee Accounts are eligible arrangement. By agreeing to a household fee arrangement, each client subject to such household fee arrangement consents to DDK and Baird providing to each other client subject to such household fee arrangement, in DDK’s or Baird’s sole discretion, information about the aggregate level, or range, of household assets used for fee calculation purposes. As a result, each such client should understand that the other clients included in the household fee arrangement may be able to ascertain the amount of the client’s assets at Baird. A client is encouraged to periodically review with the client’s DDK Consultant the client’s Advisory Fee and the services provided to determine if the services and fees continue to meet the client’s needs. Calculation and Payment of Advisory Fees Baird will calculate a client’s Advisory Fee by applying the applicable fee rate to the value of all of the assets in the client’s Accounts, including cash and its equivalent and including all Held- Away Assets, unless otherwise agreed to in writing. 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 For purposes of calculating a client’s asset-based Advisory Fee, the value of a client’s assets is generally determined by Baird. Baird generally relies upon third party sources, such as third party pricing services when valuing Account assets. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of 33 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  margin loan a client owes to Baird) in client’s Account will not be applied to reduce the client’s billable Account value in calculating the Advisory Fee. annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian in determining the value of the assets in the client’s Account. is unreliable. Valuation data The Account value used for the Advisory Fee calculation may differ from that shown on a client’s Account statement or performance report due to a variety of factors, including the client’s use of margin, options, short sales, and other considerations. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird. See “Custody” below for more information. third party pricing services, the Neither DDK nor Baird conducts a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. DDK and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such valuations for investments, particularly annuities and Complex Investment Products, may not be provided to Baird in a timely manner, resulting in valuations that are not current. The prices obtained by Baird from issuers, sponsors and custodians may differ from prices that could be obtained from other sources. Values used for fee-calculation purposes may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the Advisory Fee for some securities may be calculated based on values that are greater than the amount a client would receive if the securities were actually sold from the client’s Account. A client’s Advisory Fees are payable in accordance with the terms of the client’s advisory agreement. Typically, Advisory Fees are payable on a calendar quarterly basis, in advance. The initial billing client’s advisory period begins when agreement is accepted by Baird and the Account is opened by Baird (the “Opening Date”). The initial Advisory Fee payment will be adjusted for the number of days remaining in the then current quarter. The initial Advisory Fee will be based on the value of assets in the client’s Account on the Opening Date. The period which such payment covers shall run from the Opening Date through the last business day of the then current calendar quarterly billing period. Thereafter, the quarterly Advisory Fees shall be calculated based upon the Account’s asset value on the last business day of the prior calendar quarter and shall become payable on the first business day of the then current calendar quarter. As mentioned above, Baird will include cash and cash equivalent balances in a client’s Account when calculating a client’s asset-based Advisory Fee. Baird has adopted internal policies that monitor the percentage of an Account swept into cash under the Cash Sweep Program. These internal policies are designed to inform DDK Consultants and their clients who hold large cash sweep balances in their Accounts for sustained periods that those Accounts are holding large cash sweep balances and that there may be other investment or account options for their cash and that Baird receives direct compensation in addition to the Advisory Fee from client balances in the Cash Sweep Program. the client’s Account may A client’s Advisory Fees and other charges will be automatically deducted from the client’s Account, unless the client requests, and DDK and Baird agree, to an alternate arrangement, such as having Baird issue the client an invoice for the Advisory Fees (“direct billing”). A client should understand that the client’s Advisory Fees and other charges relating to the client’s Account may be satisfied from free credit balances and other assets in the client’s Account. If free credit balances in a client’s Account are insufficient to pay the Advisory Fees or other charges when due, investment manager DDK, Baird and any managing sell investments from the client’s Account to the extent they deem necessary and appropriate, in If a client maintains a debit balance in the client’s margin account with Baird, such balance has no bearing on the asset-based Advisory Fees charged on client’s Account. In other words, the margin balance (i.e., the outstanding amounts of the 34 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  their sole discretion, to pay the client’s Advisory Fees and other charges. based upon a number of factors, including but not limited to the size and nature of the assets in the client’s Account, the client’s particular investment strategy or objective, and any particular services requested by the client. In some instances, clients may pay a higher fee than indicated in the fee schedule above. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to the factors identified above. If a client’s Account is subject to direct billing, the client is required to pay each bill within 30 days of the date of the invoice. DDK and Baird may automatically deduct a client’s Advisory Fees and other charges from the client’s Account as described above in the event that Baird does not receive payment from the client within 30 days of the date of the invoice. DDK or Baird may rescind a direct billing arrangement with a client at any time. Direct billing may not be available for Retirement Accounts. To the extent permitted by applicable law, DDK or Baird may modify a client’s existing fees and other charges or add additional fees or charges by providing the client with 30 days’ prior written notice. The fee schedule set forth above is the current fee schedule for the Services. Each Service has had other fee schedules in effect, which may reflect fees that are lower or higher, as the case may be, than those shown above. As new fee schedules are put into effect, they are made applicable only to new clients, and fee schedules applicable to existing clients may not be affected. Therefore, some clients may pay different fees than those shown above. Obtaining Services Separately: Brokerage or Advisory? Factors to Consider Baird offers brokerage accounts and other services to clients, and certain services provided to a client in connection with a particular Service may be available to a client outside of the Service separately. Thus, a client’s participation in a Service could cost the client more or less than if the client purchased each service separately. A number of factors bear upon the relative cost of each Service. In comparing the Services to brokerage accounts or other services, a client should consider a number of factors, including, but not limited to: If DDK, Baird or the client terminates the client’s advisory agreement or the client’s participation in a Service, a pro-rated refund from the date of termination through the end of the applicable billing period will generally be made to the client in the client’s affected Accounts. DDK and Baird will not implement a decrease in the client’s fee rate during a billing period or otherwise reimburse or adjust Advisory Fees during any such period for asset value appreciation or depreciation in a client’s Account during such period. For example, if a client’s Account is subject to a tiered or breakpoint fee schedule and the asset levels of the Account move into a new tier or cross a breakpoint during such period, no rebate or fee adjustment will be made. However, DDK and Baird, in their sole discretion, may make fee adjustments in response to asset fluctuations in a client’s Account occurring during a billing period that result from contributions to, or withdrawals from, the client’s Account. • whether a client prefers to have ongoing monitoring, investment advice or professional management of the client’s investments, which are provided to Service Accounts, or whether the client does not want or need such services; • whether the types of investment strategies, products and solutions the client seeks are available; The minimum asset value in order to retain the services of DDK is $10 million, and a minimum annual Advisory Fee of $60,000 may be assessed to a client regardless of the level of assets advised by DDK. DDK may waive the minimum asset value or minimum Advisory Fee at its discretion. The minimum Advisory Fee is subject to change upon notice to the client. • whether there are limitations on the types of securities and other investments available for purchase and whether those limitations are significant to the client; The Advisory Fee and minimum account value are negotiable in certain instances and may vary • whether the nature and level of transaction services, account performance reporting, or 35 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  other ancillary services the client wants are available; fee as compensation for Service, Baird SMA Network Program and Dual Contract Program, Baird pays the manager (including Implementation Managers, if any) a the subadvisory manager’s services as further described below. • whether the client prefers to pay an ongoing Advisory Fee for continuous advice or pay commissions and other fees on a transaction- by-transaction basis; • the relative costs and expenses of a Service Account and a brokerage account, which will vary depending upon: fee or commission rate the client o the negotiates; o the size of the client’s account; o the level of trading activity and size of trade orders; o applicable account fees and charges; Client Accounts are generally subject to a Unified Advice Fee Arrangement in which the Advisory Fee consists of an Advice Fee and a separate Portfolio Fee. Baird pays the manager out of the Portfolio Fee paid by the client. The Portfolio Fee rates are set forth under “Fee Options and Fee Schedules—Unified Advice Fee Arrangement— Portfolio Fee” above. However, Baird, in many instances, retains a portion of the Portfolio Fee when a client’s Account is managed by an affiliated or unaffiliated investment manager. The maximum portion of the Portfolio Fee retained by Baird in those instances is equal to an annual rate of 0.10% of the value of a client’s Account. Such amounts are retained by Baird for the services it provides. o the client’s use of third party managers who charge their own fees for managing accounts in addition to DDK’s Advice Fee; and o the amount of the client’s account invested in investment products that have additional internal ongoing operating fees and expenses (e.g., Investment Funds). As the portion of the Advisory Fee or Portfolio Fee paid to an investment manager increases, the portion of the Advisory Fee or Portfolio Fee that is retained by Baird decreases. Thus, Baird (but not DDK) has an incentive to recommend or favor investment managers that are paid less, because Baird will receive a higher portion of the Advisory Fee or Portfolio Fee. Additional important information about brokerage accounts and facts to consider when making account type decisions is contained in the Client Relationship Details document, which should have been delivered to the client and is available on Baird’s website at bairdwealth.com/retailinvestor. Industry Activities In addition, Baird has an incentive to favor related managers over other investment managers because the entire Advisory Fee is retained by Baird and those related investment managers. For more information about related managers, see “Other and Financial Affiliations” below. A client should review other account types and programs with the client’s DDK Consultant to determine whether they are more appropriate or should be used in addition to a Service. Advisory Fee Payments to Baird, DDK Consultants and Investment Managers DDK and Baird and Baird’s affiliates and associates benefit from the Advisory Fees and charges clients pay for the services described in this Brochure. to Baird retains the entire Advisory Fee paid by clients, except as further described below. With respect to the DDK Recommended Managers A DDK Consultant is primarily compensated on a monthly basis based upon a percentage of the DDK Consultant’s total production each month, which primarily consists of the total advisory fees and transaction-based fees paid to Baird by the DDK Consultant’s clients and any other fees Baird earns on advisory and brokerage accounts held by those clients, including trail fees paid by third parties. The percentage of the DDK Consultant’s total production actually paid the DDK Consultant will increase as the total amount of the DDK Consultant’s production increases, meaning that, as the total amount of the DDK Consultant’s production increases, the rate and amount of 36 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  recognition trips for achievement of compensation that Baird pays to the DDK Consultant also increase. DDK Consultants 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. DDK Consultants who achieve certain production thresholds are eligible for professional development conferences, business development coaching, reimbursements, awards and to attractive destinations. DDK Consultants are also eligible for professional bonuses designations depending on a DDK Consultant’s total production level. Thus, DDK Consultants have a general incentive to generate financial and other plans and charge higher fees for advisory accounts and recommend larger investments in advisory accounts. include invitations in the Given the structure of their compensation, they also have an incentive to recommend that a client transfer the client’s accounts to Baird, establish new accounts with Baird (including IRA rollovers) and add more money into the client’s accounts. In addition, most DDK Consultants are shareholders of Baird Financial Group, Inc. (“BFG”), Baird’s parent company, and thus benefit financially from Baird’s overall success. The number of shares of BFG stock that a DDK Consultant may purchase is based in part on the DDK Consultant’s total production level. DDK Consultants generally receive compensation for referrals to certain affiliated managers and products and for referrals to a limited number of other firms. More specific information is provided under the headings “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions” below. They also generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other to attend benefits may 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 DDK Consultants an incentive to favor investment products and their sponsors that provide the greatest levels of compensation and benefits. DDK Consultants generally receive recruitment bonuses and/or special compensation from Baird when they join Baird from another firm. The amount of such special compensation is typically based on the DDK Consultant’s production at the prior firm for the 1-year period prior to joining Baird or on the level of the DDK Consultant’s client assets at the prior firm. All or a substantial portion of the special compensation is paid in the form of an upfront bonus when the DDK Consultant joins Baird, and the remaining portion, if any, is paid in the form of back end bonuses generally in equal installments on an annual basis thereafter for a certain number of years (generally from one to three years). Installment payments are generally contingent upon the DDK Consultant achieving annual production or client asset levels that exceed a significant percentage of the DDK Consultant’s annual production for the 1-year period prior to joining Baird or the client assets that the DDK Consultant had prior to is joining Baird. The special compensation intended to compensate DDK Consultants for the significant effort involved in transitioning their business from the prior firm. This compensation provides DDK Consultants who have left another firm additional incentive to recommend that clients of the prior firm become Baird clients and to recommend investment products and services that increase their production, and thus presents a conflict of interest. The special compensation is generally structured in the form of a forgivable loan from Baird to the DDK Consultant. Under the terms of the forgivable loan, Baird makes the upfront or installment payment to the DDK Consultant in the form of a loan, and Baird forgives a portion of the loan made to the DDK Consultant each month for so long as the DDK Consultant remains Baird’s employee. Should the DDK Consultant cease to be Baird’s employee prior to the maturity date of the loan, the DDK Consultant is required to repay Baird the amount of the loan outstanding and not forgiven by Baird. In other words, upon leaving Baird, the DDK Consultant would be required to repay to Baird a portion of the special compensation that the DDK Consultant had received and that had not been forgiven. The amount of such repayment declines over time in proportion to the time the DDK Consultant remains Baird’s employee. Structuring this special compensation form of forgivable loans provides the DDK Consultant added incentive to remain Baird’s employee and to recommend that persons become and remain a Baird client. Additional information about referral 37 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to DDK Consultants at bairdwealth.com/retailinvestor. A client can find the actual ongoing fees and expenses of an investment product that the client will pay or bear in the product’s prospectus or offering document. and non-cash compensation and other financial incentives provided is provided under the heading “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions” below. refer In those their clients instances, website From time to time, Baird DDK Consultants outside to DDK of DDK may Consultants. the DDK Consultant generally shares a portion of his or her compensation with the referring Baird Financial Advisor. Additional Account Fees and Charges If the client’s Account is custodied at Baird, the client is also responsible for all applicable account fees and service charges Baird may impose in connection with the client’s agreements with Baird. A schedule of fees and service charges is available at Baird’s on bairdwealth.com/retailinvestor. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for DDK and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). Other Fees and Charges In addition to the Advisory Fee described above, a client of DDK will incur other fees and expenses. The asset-based fee only covers investment advice provided by DDK, and a client will pay for other services, such as custody and trade execution, separately in addition to the Advisory Fee. Please see the section “Brokerage Practices” below for more information about DDK’s trading practices. A client is responsible for bearing or paying, in addition to the Advisory Fee, the costs of all: front-end or deferred sales • commissions, charges, redemption fees, or other charges; • markups, markdowns, and spreads charged by Baird in a principal transaction with a client or charged by other broker-dealers that buy securities from, or sell securities to, the client’s Account (such costs are inherently reflected in the price the client pays or receives for such securities); • redemption fees, surrender charges or similar fees that an investment product or its sponsor may impose; • underwriting discounts, dealer concessions or similar fees related to the public offering of investment products; • extra or special fees or expenses that may result from the execution of odd lot trade orders (i.e., “odd-lot differential”); important • electronic fund fees, wire transfer fees, fees for transferring an investment between firms, and similar fees or expenses related to account transfers (including any such fees imposed by Baird); Other Fees and Expenses Cost and Expense Information for Certain Investment Products A client should be aware that certain investment products in which the client invests, such as mutual funds and other Investment Funds, annuities and other products, have their own ongoing management and other operating fees and expenses that are deducted from the assets of the product (or income or gains generated by the product on its investments) and thus reduce the value or return of the client’s investment in the product. These fees and expenses may include investment management fees, distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support payments, administration fees, fees, expense reimbursements, and custody expenses associated with executing securities transactions for the investment product’s portfolio (“ongoing operating expenses”). These ongoing operating expenses are separate from, and in addition to, the Advisory Fees. As a result of making investments in these types of products, a client should be aware that the client is paying multiple layers of fees and expenses on the amount of the client’s assets so invested—the ongoing operating expenses and the Advisory Fee. Additional information about ongoing fees and expenses that apply to those types of investments is provided in Baird’s Client Relationship Details document and Baird’s website 38 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  • currency conversions and transactions; conversions, • securities including, without limitation, the conversion of ADRs to or from foreign ordinary shares; • interest, fees and other costs related to margin accounts, short sales and options trades; related to the • fees establishment, administration or termination of Retirement Accounts, retirement or profit sharing plans, trusts or any other legal entity, including, without limitation, the calculation and payment of unrelated business income tax (“UBIT”); the sale of an Unsupervised Asset that remain in a client’s Account are considered Permitted Investments subject to the asset-based Advisory Fee. If an asset becomes an Unsupervised Asset during a quarterly billing period, that asset will be excluded for purposes of determining the asset- based Advisory Fee beginning at the start of the next quarterly billing period, and no portion of the asset-based Advisory Fee paid by a client in advance for the quarter will be refunded or rebated to the client. Additionally, Unsupervised Assets in an Account are subject to any applicable fees set-up, maintenance and administrative established by Baird. Baird may waive such fees in its discretion. • fees imposed by the SEC or securities markets, including transaction fees imposed by electronic trading platforms, which fees may be imbedded in the price the client receives for the security; and imposed upon or resulting • taxes Clients who have Accounts managed by DDK may also have other accounts with Baird that are not managed by DDK. Those accounts may be subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the services provided by DDK. from transactions effected for a client’s Account, such as income, transfer or transaction taxes, foreign stamp duties, or any other costs or fees mandated by law or regulation. Clients who use a custodian other than, or in addition to, Baird will pay the other custodian’s fees and expenses in addition to the Advisory Fee. In addition, if a third party custodian has custody of the client’s Account assets, the Account is subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. In addition to the Advisory Fee, a client will also be responsible for paying the fees charged by each investment manager selected by the client under the Dual Contract Program. If a client directs DDK or Baird to pay the client’s DC Manager’s fee out of the client’s Account, and DDK or Baird agree to do so, DDK and Baird will not be responsible for verifying the calculation or accuracy of such fee. To the extent mutually agreed by a client and DDK, the client may also incur additional costs to reimburse DDK for extraordinary travel expenses it incurs to attend meetings at the request of the client. Other Compensation Received by DDK and Baird Baird is registered as a broker-dealer under the Securities Exchange Act, and DDK Consultants are registered broker-dealer representatives of Baird. In such capacities, Baird and DDK Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, private investment funds, and other securities, and sales of annuities. At times, Baird and DDK Consultants provide such brokerage and related services to clients in connection with the Services described in this Brochure. Baird and DDK Consultants receive compensation based upon the sale of such securities and other investment products, including asset-based sales charges and service fees on the sale of mutual funds. This practice presents a conflict of interest because it gives Baird and DDK Consultants an incentive to recommend investment products based upon the compensation received rather than on a client’s needs. However, when providing investment advisory services to clients, Baird and DDK Consultants are fiduciaries and are required to act solely in the best interest of clients. Baird addresses this conflict through disclosure in this Brochure and by adopting internal policies and procedures for DDK and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon If a client holds an Unsupervised Asset in the client’s Account, the client may be charged a commission, markup or markdown in connection with its purchase or sale. The cash proceeds from 39 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  specific about posed by performance-based fee arrangements through internal trade allocation procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. the information provided by such clients). For more Baird’s information compensation and other benefit arrangements and how Baird addresses the potential conflicts of interest, please see the sections “Advisory Business” and “Fees and Compensation” above, and “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. individuals and their requirements for opening DDK will purchase for client accounts, or will recommend the purchase of, various investment products, including “no load” mutual funds or mutual funds with waived sales loads. A client has the option to purchase investment products through other brokers or agents that are not affiliated with Baird. Types of Clients DDK offers the Services primarily to: high net worth families and businesses. DDK also provides services to other types of current or prospective clients, including, but not limited to: pension and profit sharing plans; trusts; estates; charitable organizations; and corporations or other business entities. Applicable or maintaining an Account, such as minimum account size, are discussed in the section entitled “Fees and Compensation—Advisory Fees” above. Performance-Based Fees and Side-By- Side Management DDK does not advise any client accounts that are subject to performance-based fee arrangements. Act. Performance-based Methods of Analysis, Investment Strategies and Risk of Loss Investment Strategies and Methods of Analysis Investment Strategies The investment styles, philosophies, strategies, techniques and methods of analysis that DDK, investment Baird, Baird PWM’s home office professionals, and Other Managers use in formulating investment advice for clients vary widely by Service and the person providing the advice. A brief description of commonly used strategies is provided below. Equity Strategies Baird advises client accounts not participating in services described in this Brochure that are subject to performance-based fee arrangements. Performance-based fee arrangements involve the payment of fees based upon the capital gains or capital appreciation of a client’s account. Any such fee arrangements are made in compliance with applicable provisions of Rule 205-3 under the Advisers fee arrangements present a potential conflict of interest for Baird (but not DDK) with respect to other client accounts that are not subject to performance-based fee arrangements because such arrangements give Baird an incentive to favor client accounts subject to performance- based fees over client accounts that are not subject to performance-based fees. interest the arrangements holdings focused, Equity strategies generally have an objective to provide growth of capital and primarily invest in equity securities, such as common stocks. However, these strategies may also invest in other types of investments, such as fixed income securities and cash. Equity strategies may invest in companies of all market capitalization ranges or focus on any combination of specific may capitalization ranges, such as large cap, mid cap or small cap companies. Equity strategies may be combined with other strategies described below, such as growth, value, income, economic industry international, global, or or sector geographic region or country focused strategies. Fixed Income or Bond Strategies inequitable In addition to complying with its fiduciary duties by disclosing this conflict of interest to clients through this Brochure, Baird generally addresses posed by of potential conflicts by performance-based fee periodically monitoring and performance of performance-based fee accounts and comparing them to accounts not subject to a performance fee that are also managed using a similar strategy in an attempt to detect any treatment. Baird also possible attempts to minimize potential conflicts of interest Fixed income or bond strategies generally have one or more of the following objectives: (1) 40 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  high relative to earnings or intrinsic value. This strategy is subject to investment style risks. Income Strategies fixed invest An income strategy typically invests primarily in income-producing securities, such as dividend- income paying equity securities and in a securities. This strategy may combination of investment grade and high yield bonds. This type of strategy may also invest in yield- or income-producing, Non-Traditional Assets. Economic Industry or Sector Focused Strategies region or country technology, provide current income; or (2) preservation of capital. These strategies primarily invest in fixed income securities, such as corporate bonds, municipal securities, mortgage-backed or asset- backed securities, or government or agency debt obligations. However, these strategies may also invest in other types of investments, such as equity securities or cash. Fixed income strategies may invest in debt obligations having any credit rating, maturity or duration, or they may focus on specific credit ratings, maturities or durations, such as investment grade, non-rated, or high yield (“junk”) bonds, or bonds having short-term, intermediate-term or long-term maturities. Fixed income strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, focused or geographic strategies. Balanced Strategies Economic industry or sector focused strategies primarily invest in companies in one or more economic industries or sectors, such as the telecommunications, industrial, materials, or financial sectors. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. International Strategies include companies ranges, regions, credit region or market Generally, international strategies primarily invest in securities issued by foreign companies, which may in developed and emerging markets. International strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization ratings, sectors, geographic maturities or durations. Balanced strategies generally have one or more of the following objectives: (1) provide current income; (2) growth of capital/principal or income; or (3) preservation of capital. These strategies primarily invest in a mix of equity, fixed income securities and cash. Balanced strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization ranges, credit ratings, maturities or durations as described above. Balanced strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, focused or geographic strategies. Global Strategies Value Strategies A value strategy typically invests primarily in equity securities of value companies, which are those that the investment manager believes are out of favor with investors, appear underpriced by the market relative to their earnings or intrinsic value, or have high dividend yields. This strategy is subject to investment style risks. ranges, regions, credit Growth Strategies Generally, global strategies invest in a mix of securities issued by U.S. and foreign companies, which may include companies in developed and emerging markets. Global strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization sectors, geographic ratings, maturities or durations. Geographic Region or Country Focused Strategies A growth strategy typically invests primarily in equity securities of growth companies, which are those that the investment manager believes exhibit signs of above-average growth relative to peers or the market, even if the share price is Geographic region or country focused strategies primarily invest in companies located a particular part of the world, such as Latin America, Europe 41 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  or Asia, in a group of similarly-situated countries, such as developed or emerging markets, or one or more specific countries. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. Tactical and Rotation Strategies than other strategies. The to the use of other strategies, particularly tactical or rotation strategies, and will have the risks associated with those strategies. Opportunity Strategies may also involve investment in a more- limited number of companies compared to other strategies. As a result, a decline in value of one or a few investments will more adversely impact performance than if assets were more evenly invested in a larger number of companies. Opportunity strategies often experience higher fluctuations in annual returns and overall market value types of implement opportunity investments used strategies vary widely by manager and could include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Tax Management Strategies underweighting and taxable strategies are often subject these strategies Tactical strategies typically tactically and actively adjust account allocations to different categories of investments, such as asset classes, geographic locations or market sectors, based upon the manager’s perception of how those investments will perform in the short-term. Similarly, rotation typically actively adjust account strategies allocations to different market sectors based upon the manager’s perception of how those market sectors will perform in the short-term. Tactical and rotation strategies are often driven by technical analysis or methodologies and typically involve overweighting account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark index or the market generally. These strategies often will be focused or concentrated in one or more asset classes, geographic locations or market sectors from time to time, and it is likely that they will have limited or no exposure to one or more asset classes, geographic locations or market sectors. For that reason, tactical and rotation to concentration risk. Because the decision-making for tactical and rotation strategies is based upon the manager’s short-term market outlook, accounts pursuing often experience higher levels of trading and portfolio turnover relative to other strategies. the manager Opportunity or Opportunistic Strategies Tax management strategies involve buying and selling investments in a manner intended to reduce the negative impact of U.S. federal income taxes. They often involve buying or selling investments to limit taxable investment gains or to offset investment gains with investment losses or selling investments to avoid recognition of taxable investment gains. Tax management strategies are not intended to, and likely will not, eliminate a client’s tax obligations. A tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. A tax management strategy is typically a secondary strategy used to achieve a secondary tax management objective and it is typically implemented together with other primary investment strategies designed to achieve primary investment objectives or goals. However, managers in certain situations may use a tax management strategy as the primary investment strategy or tax management may be their primary consideration when managing client accounts, such as when is transitioning an account from one investment strategy to another. The performance of accounts utilizing a tax management strategy will vary from similarly-managed accounts that do not utilize such a strategy, possibly in a materially negative manner, and an account may not be successful in pursuing any other investment strategies, objectives or goals. Alternative Strategies and Complex Strategies Opportunity strategies will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and market sectors to take advantage of the manager’s perception of market pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager. Opportunity strategies often involve Alternative Strategies and other Complex in a wide range of Strategies may invest 42 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  common stock. This strategy may involve the use of a wide range of derivative instruments. • Fixed Income Arbitrage Strategies. Fixed income arbitrage strategies generally seek to profit from interest rate, credit spread and other arbitrage opportunities by investing in fixed income securities, interest rate instruments and derivative instruments. investments, which may include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Alternative Strategies and other Complex Strategies generally involve the use of margin, leverage, short sales and derivative instruments. Many Alternative Strategies and other Complex Strategies have no substantive restrictions on the types of investments that may be used. Examples of Alternative Strategies and other Complex Strategies include the following. • Relative Value Strategies. Relative value strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to exploit price differences among securities that share similar economic or financial characteristics. • Capital Structure Arbitrage Strategies. Capital structure arbitrage generally involves investing in multiple levels of a single company’s capital structure, often taking long and short positions in a company’s debt or equity in order to capitalize on perceived mispricings resulting from market inefficiencies or different pricing assumptions. This type of strategy typically involves the use of derivatives and structured products. • Long/Short Strategies. Long/short strategies generally involve the purchase of securities believed to be undervalued and selling short securities believed to be overvalued. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. • Absolute Return, Total Return and Real Return Strategies. Absolute return, total return and real return strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets in an attempt to generate performance that has low correlation to the major equity markets over a complete market cycle. They may also involve the use of derivative instruments. • Event-Driven • Market Neutral Strategies. Market neutral strategies generally involve the purchase of securities and selling securities short in similar dollar amounts in an attempt to produce returns that are independent of general market performance. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. events (such and liquidations). Event-driven Strategies. strategies generally involve the use of Non- Traditional Assets, short sales and derivative instruments in an attempt to seek arbitrage opportunities, particularly those triggered by as mergers, corporate restructurings, These strategies typically involve the assessment of if, how and when an announced transaction will be completed. • Statistical Arbitrage Strategies. Statistical Arbitrage is based on the theory that stocks have a tendency to return to a short-term trend line. This type of strategy typically involves the “systematic” or automated trading of securities based upon where a security is relative to its trend line. arbitrage strategies involve in corporate is buy-outs, restructurings short securities believed • Merger Arbitrage/Special Situations Strategies. Merger the purchase and sale of securities of companies involved reorganizations and business combinations, such as mergers, exchange offers, cash tender offers, spin-offs, and leveraged liquidations. These strategies often involve short selling, options trading, and the use of other derivative instruments. • Convertible Arbitrage Strategies. Convertible arbitrage involves the purchase and short sale of multiple securities of the same company. The implemented by purchasing strategy securities believed to be undervalued and selling to be overvalued. Often, the strategy involves the purchase of a convertible bond issued by a company and selling short that company’s 43 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  typically unrated or • Distressed Strategies. Distressed strategies generally involve the purchase of securities in companies that are in financial distress, or companies that are entering into or are already in bankruptcy. They may also involve the use of short sales and derivative instruments. types of referred to as floating in smaller private debt funds. The investments involved are rated below investment grade and are illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically investments are reset. These sometimes rate corporate debt, floating rate loans or floating rate bank loans. Private debt strategies often involve the use of leverage and may involve investment capitalization, distressed or bankrupt companies. • Macro Strategies. Macro strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to profit from in securities markets, anticipated changes commodities markets, currency values, and/or interest rates. and Systematic • Discretionary industrial typically made strategies generally rely Trading Strategies. Discretionary trading strategies generally attempt to identify and capitalize on patterns or trends in the markets. Systematic trading on computerized trading systems or models to identify and capitalize on those patterns or trends. These strategies often involve the use of Non-Traditional Assets, short sales, derivative instruments and significant leverage. risks related • Private Investment Strategies. o Private Real Estate Strategies. Private real estate strategies invest in physical properties, such as office buildings, apartments, retail facilities. These centers, and investments are through participation in private REITs. Private real focus on specific estate strategies may types, or regions, property geographic economic sectors. Investments in private real estate can be illiquid, meaning they may take time to sell or refinance. Property values can fluctuate due to market conditions, supply and demand, and other factors. There are also tenant vacancies, to property damage, or environmental hazards. Leverage is often used in private real estate investments, which can increase potential returns but also amplifies potential losses. generally in companies involve in o Private invest types. Examples of include, These among utilities, investments o Private Equity Strategies. Private equity equity strategies investments private transactions. These investments are typically made through participation in private equity funds or funds of private equity funds. Private equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges. They may also focus on companies in one or more economic industries or sectors or geographic regions. Some private equity strategies focus on companies that are newly formed, in financial distress or already in bankruptcy. The securities purchased are typically unregistered and illiquid. Private equity strategies may also involve the use of leverage. Infrastructure Strategies. Private infrastructure in strategies infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and infrastructure asset others, investments and telecommunication, transportation. are typically made through participation in private infrastructure funds. Investments in private infrastructure strategies are often illiquid. They may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments and may, therefore, also lack diversification. o Private Debt or Private Credit Strategies. Private debt (also known as private credit) strategies invest in loans or debt instruments issued by companies in private transactions. These investments are typically made through participation in private debt funds or funds of • Leveraged Strategies. Leveraged strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to amplify returns or 44 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  produce returns that are a multiple of a benchmark index. instruments; and currencies, cryptocurrencies and currency-linked instruments; • the Alternative Investment Products category which is comprised of certain asset classes, such as: hedge funds, private equity funds and managed futures; and • Inverse Strategies. Inverse strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to produce returns that are the opposite of a benchmark index. • cash. allocation strategies have Business—Additional also have varying Alternative Strategies and other Complex Strategies are not appropriate for some clients because they are subject to special risks. See Service “Advisory Information—Complex Strategies and Complex Investment Products” above and “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Non-Traditional Assets and Complex Strategies Risks” below for more information. investing, which Asset Allocation Strategies and actively typically adjusting tactical Certain Services, including the DDK Investment Management Service, make available asset allocation strategies. Asset allocation strategies involve investing in one or more of the following categories of assets: Asset varying investment objectives, ranging from growth of capital to preservation of capital. Asset allocation strategies investment strategies. Some asset allocation strategies use strategic investment strategies, which involve in accordance with a investing accounts predetermined target allocation to different asset classes. Some asset allocation strategies use involves tactical tactically account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short-term. Some asset allocation strategies involve the use of both investment strategies, strategic and sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and ETPs. The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. companies; U.S. cap located • the equity securities asset category, which is comprised of certain asset classes, such as, equity securities issued by: U.S. large cap large cap value growth companies; U.S. companies; U.S. large cap core companies; U.S. mid cap growth companies; U.S. mid cap value companies; U.S. mid cap core companies; U.S. small cap growth companies; U.S. small cap core small value companies; in foreign companies developed markets; foreign companies located in emerging markets; U.S. REITs; and foreign REITs; involves as: short-term taxable that are based upon Baird’s projections • the fixed income securities asset category, which is comprised of certain asset classes, bonds; such intermediate term taxable bonds; long-term taxable bonds; short-term tax-exempt bonds; intermediate term tax-exempt bonds; long-term tax-exempt bonds; high yield fixed income securities; foreign fixed income securities; and broad fixed income securities; Baird uses its Capital Market Assumptions in developing its proprietary model asset allocation strategies, including those used by some DDK Consultants. In determining its Capital Market Assumptions, Baird conducts an analysis of different asset classes and the different levels of risk associated with those investments. That analysis the consideration of past performance and the use of forward-looking projections certain assumptions made by Baird about how markets will perform in the future. There is no assurance that asset classes or markets will perform in accordance with or assumptions. For more information about Baird’s Capital Market Assumptions, a client should contact the client’s DDK Consultant. • the Non-Traditional Assets category, which is comprised of certain asset classes, such as: commodity-linked commodities and 45 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s most common asset allocation strategies are described below. A client should note that the specific investments in an Account following a particular asset allocation strategy could vary from the description below for a number of reasons, including market conditions. Income with Growth Portfolio. An Income with Growth Portfolio typically seeks to provide current income and some growth of capital. Typically, an Income with Growth Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to fixed income securities than equity securities. invest All Growth Portfolio. An All Growth Portfolio typically seeks to provide growth of capital. Typically, an All Growth Portfolio will experience high fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in equity securities. This strategy may also invest in other asset classes, such as fixed income securities, Non-Traditional Assets and cash. This strategy may also in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. experience relatively Conservative Income Portfolio. A Conservative Income Portfolio typically seeks to provide current Income income. Typically, a Conservative small Portfolio will fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets. Generally, under normal market conditions, this strategy will have a significantly higher allocation to fixed income securities and cash than equity securities. Preservation A Portfolio. Capital Growth Portfolio. A Capital Growth Portfolio typically seeks to provide growth of capital. Typically, a Capital Growth Portfolio will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. This strategy may also invest in other asset classes, such as Non- Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a significantly higher allocation to equity securities than fixed income securities. typically seeks Capital Capital Preservation Portfolio typically seeks to preserve capital while generating current income. Typically, a Capital Preservation Portfolio will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in a mix of fixed income securities and cash. This strategy may also invest in other asset classes, such as equity securities and Non- Traditional Assets. income investments Growth with Income Portfolio. A Growth with to provide Income Portfolio moderate growth of capital and some current income. Typically, a Growth with Income Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to equity securities than fixed income securities. Some DDK Consultants and investment managers use asset allocation strategies that include target asset allocation percentages for equity and/or fixed in the names or descriptions of the strategies (e.g., 80-20, 60-40, 40-60, 20-80, etc.). A client should note that those percentages are intended to be asset allocation targets only. There is no guarantee that Accounts following asset allocation strategies will 46 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Objectives and investment restrictions, be invested strictly in accordance with target asset allocations. It is likely that the actual investments in Accounts following those strategies will vary, sometimes significantly, from the target asset allocations and may include other asset classes due to market conditions and the DDK Consultant’s or investment manager’s assessment of how to best invest a client’s Accounts. See “Important Information about Implementation of Investment Investment Strategies” below for more information. For information about the risks associated with the asset allocation strategies described above, see the section of the Brochure entitled “Principal Risks—Risks Associated with Certain Investment Objectives and Asset Allocation Strategies” below. Important Information about Implementation of Investment Objectives and Investment Strategies invested in a manner inconsistent with the investment strategy or investment objective selected by the client for the Account in certain other circumstances, such as when the client’s Account is transitioning to a new Service, investment objective or investment strategy, or due to other factors, such as market appreciation or depreciation of the assets in the client’s Account, deposits and withdrawals made by the client, and if any, imposed by the client. A client’s Account may not be able to achieve its investment objectives during any such period of time and the Account may be subject to different or enhanced risks than would be the case had the Account been invested in a manner wholly consistent with the investment objective or investment strategy selected by the client. Clients are encouraged to discuss with their DDK Consultant on a regular basis how the Account is being managed or advised and whether any such conditions exist. invest Methods of Analysis Baird, its home office investment professionals, and DDK Consultants may use various forms of security analyses, including the following: • Fundamental Analysis. Fundamental analysis involves an approach to investing through a detailed analysis of specific companies, such as their financial statements and financial ratios, management, competitive advantages and markets, in an attempt to determine the value of an investment. Fundamental analysis may include qualitative and quantitative analyses. A client should note that, to implement an investment strategy, a client’s DDK Consultant or investment manager may use or recommend mutual funds, ETPs or other Investment Funds that primarily in particular types of securities instead of direct investment in those types of securities. A client should also note that the client’s DDK Consultant or investment manager may use a strategy not described above or they may use a strategy with the same or similar name that is implemented differently. A client should ask the client’s DDK Consultant or investment manager for more specific information about the strategy being used for the client’s Account. Analysis. Qualitative • Qualitative A client’s Account is subject to the risks associated with the Account’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. analysis involves the use of subjective judgment to analyze factors that may be difficult to quantify or measure objectively. As it pertains to managers and investment products, qualitative analysis may include review of the background and experience of a manager or a mutual fund company. in an attempt • Quantitative Analysis. Quantitative analysis is a method of evaluating securities by analyzing a large amount of data through the use of to algorithms or models understand behavior, predict market events, market prices, etc., and generate an investment decision. As it pertains to managers and investment products, quantitative analysis may review of manager performance, include From time to time, the client’s DDK Consultant or investment manager will invest the client’s Account, or recommend that the client invest the Account, in a manner that is inconsistent with the investment strategy or investment objective selected by the client for the Account when the client’s DDK Consultant or investment manager determines that it is appropriate to do so, such as using defensive strategies in response to adverse market or other conditions or engaging in tax management. Similarly, a client’s Account may be 47 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment style, style consistency, risk, and risk-adjusted performance. • Technical Analysis. Technical analysis is a method of analyzing past price and volume patterns and trends in the trading markets to attempt to predict the direction of both the overall market and specific investments. • Top-Down Analysis. Top-down analysis involves a consideration of certain macroeconomic trends, such as general economic conditions, geographic or market sector performance, fiscal and monetary policy, taxes, or interest rates, to make investment decisions. Analysis. Bottom-up • Bottom-Up risks. See investment, When providing investment advice to clients, DDK Consultants may also use the model portfolios or recommended or eligible product lists (described below) made available by Baird’s Asset Manager Research Department or other Baird departments, or they may use investment products that Baird has generally deemed to be “available” for use in its advisory programs (“Available Investment Products”). The level of initial and ongoing evaluation, monitoring and review that DDK and Baird perform on managers and on investment products varies. Available Investment Products generally do not receive the same level of initial or ongoing evaluation, monitoring or review by Baird as those managers or products that are included in a model portfolio or on a recommended or eligible product list. As a result, Available Investment Products are subject to certain “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Available Investment Product Risks” below for more information. analysis involves consideration of factors particular to a particular such as business financials (e.g., balance sheet strength and cash flows), financial ratios (e.g., price-to- earnings ratio), and business fundamentals (e.g., management and product or services performance) to make investment decisions. tools releases and other economic, financial More specific information about Baird model portfolios, recommended lists and eligible product lists is provided below. A client should note that investment products recommended to the client or selected for the client’s Account, including investment managers or products included on a Baird recommended or eligible product list, are those which, in Baird’s professional judgment, may be appropriate to help the client pursue the client’s financial goals. DDK and Baird do not represent or guarantee that such investment managers or products are or will be the best investment managers or products available. Baird, its home office investment professionals, and DDK use various third party research information and to provide related investment advice to clients. These sources of information and tools may include, among others, issuer-supplied literature (such as annual reports, information) and press external market, and investment data and analyses provided by organizations not affiliated with Baird. They may also employ the use of computers and third party software to more readily display information, assist with the evaluation and analysis, and create asset allocation recommendations. Although they generally use information and tools that Baird deems reliable, DDK and Baird do not independently verify or guarantee the accuracy of the information or tools used. Under certain circumstances when requested by a client, DDK and Baird may allow a client to select a manager or investment product that is not on a Baird recommended or eligible product list or that is generally not made available to Baird clients. A client should note that, unless DDK and Baird otherwise agree in writing, DDK and Baird do not initial or ongoing evaluation, provide any monitoring or review of any such managers or investment products and that the client’s decision to select such a manager or investment product is based solely upon the client’s review of the manager or investment product. the client’s Baird and DDK Consultants may also utilize research reports created by Baird. However, it should be noted that DDK Consultants are not obligated to act in a manner consistent with Baird research reports and they may act in a manner that is contrary to those reports if they deem it to be consistent with investment objectives and in the client’s best interest. 48 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain PWM-Managed Portfolios Baird Recommended Portfolio greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. A position can be reduced or removed due to changes in valuation, company fundamentals or the perceived ability to continue to raise its dividend in the future—among a variety of other potential reasons for portfolio changes including a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. AQA Portfolios to clients Analysis investment approach performance. The analysis is The Baird Recommended Portfolio, which managed by Baird’s PWM Equity Research team, seeks to outperform the S&P 500 Index by investing in a diversified core portfolio of 35–50 stocks. The portfolio invests primarily in stocks with market capitalization greater than or equal to $10 billion (large cap). The portfolio may also contain stocks with market caps below $10 billion but these stocks generally will not represent more than 35% of the total portfolio. The team’s top– begins with down macroeconomic and market outlooks from Baird’s Investment Strategy team. This information is used to underweight or overweight particular industry sectors compared to the S&P 500 Index. Individual stocks are selected with an emphasis on higher quality companies that the team believes have strong fundamental characteristics and management teams, attractive growth reasonable price-appreciation prospects, and expectations. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. Stocks can be sold or positions reduced for a variety of reasons such as valuation, a change in company or industry fundamentals, or a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. Baird Rising Dividend Portfolio Baird makes available certain (“AQA”) Automated Quantitative Portfolios, which are managed by Baird’s PWM Equity Research team. AQA is an analytical tool that seeks to identify stocks of companies that are undervalued by calculating the intrinsic values for the stocks and comparing the calculated values to current market prices. Focusing on a company’s past financial performance, AQA analyzes fundamental ratios and trends of the most recent eight-year history of a company and each company in its peer group, excluding estimates of future balance sheet and income statement is ignores certain qualitative quantitative and information such as company-specific material news and events. Stocks are ranked from the most undervalued to the most overvalued based on the difference between the values calculated by AQA and current market prices. The stocks identified by AQA as being the most undervalued are then selected for investment. Baird offers the following four (4) AQA Portfolio strategies, each of which invest in undervalued stocks identified using AQA, excluding securities issued by banks, REITS and insurance companies: (1) the AQA All Cap Strategy, which primarily invests in stocks across market capitalizations, generally those included in the S&P 500®, S&P MidCap 400® or S&P SmallCap 600® Indices; (2) the AQA Large Cap Strategy, which primarily invests in large cap stocks, generally those included in the S&P 500® Index; (3) the AQA Mid Cap Strategy, which primarily invests in mid cap stocks, generally those included in the S&P MidCap 400® Index; and (4) the AQA Small Cap Strategy, which primarily invests in small cap stocks, generally those included in the S&P SmallCap 600® Index. Certain Recommended Lists Baird’s Recommended Managers List The Baird Rising Dividend Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to provide a core equity strategy with a portfolio yield above that of the S&P 500 Index. The team’s top–down investment approach begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. The 30–50 stocks in the portfolio are primarily large cap stocks—as defined by a market capitalization of $10 billion or greater at the time of investment— and all are above $5 billion at the time of investment. The team looks for quality companies with strong fundamental characteristics and management, attractive dividend yields, and the ability to increase their dividends. Companies are screened for dividend history and consistency, earnings growth expectations, and balance sheet quality. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the When selecting managers and BRM Strategies for Baird’s Recommended Managers List, Baird often 49 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and repeatability of the investment process, the portfolio’s past returns pattern and tax-efficiency, and how the manager adds value. The final determination of Baird’s Recommended Managers List is subject to the approval of Baird’s Investment Committee. conference calls, for removal seeks registered investment advisory firms having portfolio managers with academic credentials such as a master’s degree or participation or completion of the Chartered Financial Analyst (“CFA”) program. Baird also typically looks for a portfolio manager with greater than three (3) years of investment experience focusing on the particular investment style that is offered by the portfolio manager. Baird generally looks for portfolio managers that have demonstrated success, that have performance histories showing sufficient ability to achieve returns in excess of their respective benchmarks, and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird also considers other qualitative and quantitative factors. change Baird’s Asset Manager Research Department is primarily responsible for selecting and evaluating included on Baird’s investment managers selecting In Recommended Managers List. investment managers, Baird’s Asset Manager Research Department utilizes quantitative and qualitative measures to evaluate managers based on the: Ongoing manager evaluation generally includes quarterly performance attribution and periodic onsite visits. Material adverse changes affecting a manager may result in the manager being placed on “watch” status. Managers on “watch” status are scrutinized to see if improvement or degradation is taking place. Potential causes from Baird’s Recommended Managers List include fundamental changes in the operations of the manager, turnover in key personnel, substantial changes in management or ownership, a in investment philosophy or style, significant drift from stated objectives, major legal, regulatory or compliance difficulties, impairment of financial condition, sustained underperformance in relation to its peers, or other adverse changes affecting the manager that in Baird’s opinion warrants the manager’s removal. • quality and stability of their organization • soundness and clarity of their investment philosophy • reliability and consistency of their investment process • competitiveness of their investment performance Baird’s Asset Manager Research Department may also employ the use of computers and third party software to more readily display information and assist with the evaluation and analysis. its discretion, decides If a Model-Traded BRM Strategy is selected for a client’s Account, it is important to note that Baird’s selection and ongoing evaluation of a BRM Strategy is based upon an assumption that the Recommended Manager’s Model Portfolio will be fully and faithfully implemented by the Overlay Manager or Implementation Manager on a continuous basis. A client should understand that the Overlay Manager or Implementation Manager has discretion over the client’s Account and may invest the client’s Account in a manner that differs from the Model Portfolio. Baird does not monitor the Account’s performance nor does it ascertain whether the Overlay Manager or Implementation Manager is implementing the Model Portfolio as provided by the Recommended Manager. If the Overlay Manager or Implementation Manager, in to the exercise of implement the Model Portfolio differently, the performance of a client’s Account could be negatively impacted. Baird is not monitoring, evaluating or reviewing the Overlay Manager or Implementation Manager or the performance of a client’s Account under those circumstances. Baird’s initial screening process begins with a proprietary, multi-factor model that evaluates managers on different factors including risk- adjusted performance, consistency of returns and downside protection. These factors are scored over various time periods and relative to a specific peer group universe, narrowing the pool of managers for further evaluation. Baird’s Asset Manager Research Department then performs a more in-depth evaluation of managers that are identified through the initial screening process, which generally includes a review of the following factors: stability of the firm/team, the robustness Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended 50 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s Recommended Funds of Hedge Fund List affiliated managers for Managers List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select Baird’s Recommended Managers List are the same as those used for unaffiliated managers. Baird’s Recommended Mutual Fund List that to the Baird’s Recommended Funds of Hedge Fund List contains a variety of funds of hedge funds that pursue various Alternative (“FOHFs”) Strategies or other Complex Strategies. Some FOHFs primarily use credit-oriented investment strategies, which Baird classifies as fixed income diversifiers. Some FOHFs primarily use equity- oriented investment strategies and are classified as equity diversifiers. Other FOHFs use a combination of credit- and equity-oriented strategies, which Baird views as balanced diversifiers. In certain circumstances, FOHFs may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. Baird’s Asset Manager for the fund; and To be added to Baird’s Recommended FOHF List, a FOHF must generally meet the following requirements: the investment advisor to the FOHF is registered as an Investment Adviser under the Advisers Act; the fund has stable to growing assets under management as determined by Baird, principals of the fund have an appropriate level of hedge fund management experience and a sufficient network of contacts in the industry as determined by to Baird; in Baird’s opinion, the fund has adequate diversification by number of hedge funds and type of hedge fund strategy; effective risk management programs have been the service established providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks FOHFs that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. Investment Committee legal documents inclusion offering memorandum, is Baird’s Recommended Mutual Fund List designed to include mutual funds and ETFs across numerous asset classes. When selecting funds for inclusion on the List, Baird generally seeks funds that have investment managers with tenure of at least three (3) years and have underlying investments fund’s adhere market capitalization policy and are consistent with the manager’s stated investment process and philosophy. Baird generally looks for funds that are among the top-performing funds in a style category in terms of risk-adjusted returns or that are managed by individuals or firms that have demonstrated success in other, related asset classes; that have performance histories showing sufficient ability to achieve returns in excess of their respective style index; and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird’s Asset Manager Research Department is primarily responsible for assisting with selecting and evaluating funds included on the List. In selecting funds, Research Department utilizes a quantitative and qualitative evaluation process of the investment managers of such funds. The process Baird uses for selecting and removing funds for the Baird Recommended Fund List is similar to the process Baird uses to select and remove BRM Strategies described under “Baird’s Recommended Managers List” above. Baird’s is ultimately responsible for selecting funds included on the List. The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Aggregate Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Mid Cap Growth Fund, mutual funds affiliated with Baird, have been selected by Baird in Baird’s for Recommended Mutual Fund List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select affiliated funds for Baird’s Recommended Mutual Fund List are the same as those used for unaffiliated funds. Before adding a prospective FOHF to the List, Baird’s Asset Manager Research Department conducts an in-depth due diligence process. The process begins with a review of the FOHF’s responses to a due diligence questionnaire and of marketing and (such as, subscription documentation, investor agreements, and organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the FOHF identifies, hires, monitors, and terminates individual hedge funds. Baird also evaluates how the FOHF constructs its hedge fund portfolio and manages risk. In addition, Baird undertakes a 51 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  List, a Recommended Private Debt Fund List, and a Recommended Private Real Assets Fund List. investment thesis is presented In making that determination, funds, funds or brief review of the FOHF’s third party service providers. At the conclusion of the onsite review, an to and discussed with a Baird Investment Committee. The Committee votes on whether to add the FOHF to Baird’s Recommended Funds of Hedge Fund List. the Committee considers the information presented, taking into account the merits of the individual FOHF, how that FOHF compares to other FOHFs that Baird offers, and the level of expected demand for the particular FOHF. and onsite client’s allocation to Baird’s Recommended Funds of Private Equity Funds List contains funds of private equity funds that pursue certain Alternative Strategies or other Complex Strategies. These strategies can include buyout, growth equity, venture capital, special situations or distressed investments. The investments are typically structured in the form of primary co- secondary investments. Most will be to “middle market” companies, many of which have above average to high levels of leverage, or debt relative to equity. In certain circumstances, funds of private equity funds may be an appropriate substitute for part of a traditional equity investments. changes that pursue or After a FOHF is added to Baird’s Recommended Funds of Hedge Fund List, it is monitored each quarter, reviews subsequent periodically take place. As part of its quarterly monitoring, Baird evaluates a FOHF’s assets under (subscriptions and management and flows redemptions), organizational (e.g., personnel changes or new offerings), recent changes made to the FOHF portfolio (e.g., hedge funds added or removed), and reasons for performance differences between the FOHF and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. Baird’s Recommended Private Debt Fund List contains private debt funds (also known as certain funds) credit private Alternative Strategies other Complex Strategies. The private debt funds on Baird’s Private Debt Funds List generally make first lien, second lien and unsecured loans, primarily to middle market companies sponsored by private equity firms. In certain circumstances, private debt funds may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. funds that or utilities, telecommunication, The investments may with companies that Baird may place a FOHF on “watch” status if it has experienced a material event that, in Baird’s the FOHF’s opinion, may negatively affect performance going forward or possibly lead to the departure of an important member(s) of the FOHF. Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any firm that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long- term, and whether it can be remedied. Baird will remove a FOHF from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will terminate a FOHF from the List if it believes the issue is likely to be long-term and adversely affect the FOHF’s future performance. Baird’s Recommended Private Funds Lists Baird’s Recommended Private Real Assets Fund List contains private real estate and private infrastructure certain pursue other Complex Alternative Strategies Strategies. These strategies invest in different real assets and may involve exposure to a range of economic or market sectors, geographic types. Examples of locations and asset investments may include, among others, real and estate, transportation. be structured in the form of asset ownership or leasing or include direct investment in or joint ventures control infrastructure assets. In certain circumstances, private real assets funds may be an appropriate substitute for part of a client’s allocation to traditional fixed income or equity investments. Baird maintains lists of recommended private Funds (“Recommended Private Funds”), including a Recommended Funds of Private Equity Funds To be added to a Baird Recommended Private Fund List, a fund must generally meet the following requirements: the investment advisor to 52 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the fund is registered under the Advisers Act ; the fund has stable to growing assets under management as determined by Baird; principals of the fund have an appropriate level of applicable experience and a sufficient network of contacts in the industry as determined by Baird; effective risk management programs have been established for the fund; and the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks funds that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. fund Baird may place a Recommended Private Fund on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the fund’s performance going forward or possibly lead to the departure of an important member(s) of the investment team. fund’s Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any fund that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long-term, and whether it can be remedied. Baird will remove a fund from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will remove a fund from a Recommended Private Fund List if it believes the issue is likely to be long-term and adversely affect the fund’s future performance. Certain Eligible Product Lists Annuities the strength ratings When determining whether to make an annuity product available to Baird clients, Baird reviews the offering documents for the product and considers: the size of the insurer and the insurer’s credit rating, insurer’s distribution and support model, and product specifications and features of the product. Baird favors highly-rated insurers and evaluates them by using credit rating agencies and financial independent third-party research. Baird’s ETF Focus List the Before adding a prospective to a Recommended Private Fund List, Baird’s Asset Manager Research Department conducts an in- depth due diligence process. The process begins with a review of the fund’s responses to a due diligence questionnaire (known as a DDQ or RFI) and of marketing and legal documents (such as, subscription documentation, investor agreements, offering memorandum, organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the fund makes investment decisions. Baird also evaluates how the fund constructs its portfolio and manages risk. In addition, Baird may undertake a brief review of the fund’s third-party service providers. At the conclusion of the onsite review, an investment thesis is presented to and discussed with a Baird Investment Committee. The Committee votes on whether to add the fund to a Baird Recommended Private Fund List. In making that determination, the Committee information considers presented, taking into account the merits of the individual fund, how that fund compares to other similar funds that Baird offers, and the level of expected demand for that particular fund. indices, Baird’s ETF Focus List is designed to encompass numerous asset classes and varied investment objectives. Baird generally seeks to include ETPs, primarily ETFs, with transparent, experienced sponsors that have stable or growing assets under management and have demonstrated consistent strategy performance over time. Baird tends to favor ETPs that have well-known, diversified benchmark fees and tracking lower errors, and higher trading liquidity relative to other ETPs. Inclusion on or exclusion from the Baird ETF Focus List is not meant to be a buy or is a sell recommendation. Rather, the List collection of ETPs that may be appropriate to meet particular client investment goals. After a fund is added to a Baird Recommended Private Fund List, it is monitored each quarter, and subsequent onsite reviews periodically take place. As part of its quarterly monitoring, Baird evaluates a fund’s assets under management and flows (subscriptions and redemptions), fund organizational changes (e.g., personnel changes or new offerings), recent changes made to the portfolio, and reasons for performance differences between the fund and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. 53 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Managed Futures Effective March 1, 2018, Baird ceased maintaining an official list of managed futures funds that are structured as limited partnerships. Therefore, Baird does not, and will not in the future, provide any evaluation, monitoring or review of those funds or their sponsors. A client’s decision to invest in, or to maintain an investment in, a managed futures fund is based solely upon the client’s own review and evaluation of the fund. Structured Products party research firm provides research and due diligence materials to Baird on the hedge funds available on the CAIS platform (“Available Hedge Funds”). Clients interested in an Available Hedge Fund or invested in an Available Hedge Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Hedge Fund, Baird does not conduct its own research or due diligence on any Available Hedge Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Available Private Funds is calculated, When determining whether to make a structured product available to Baird clients, Baird reviews the offering documents for the structured product and considers: the size of the issuer and issuer’s credit rating, the maturity of the product, how interest the underlying asset category (e.g., a basket of securities or currencies or a market index), applicable caps, barriers, and participation rate, and whether the structured product has principal protection. third-party research firm Baird tends to favor larger-sized issuers of structured products over smaller-sized issuers and also tends to favor structured products that have shorter maturities, less complex payout structures, underlying assets that are more liquid or transparent, and offer full or partial principal protection. If a product does not offer full principal protection, Baird also considers how much principal is exposed to loss, whether, in Baird’s judgment, there is reasonable risk/reward trade-off for that exposure, as well as the events that could trigger loss of principal and Baird’s belief as to the likelihood of the occurrence of such events. In addition to Recommended Private Funds, Baird makes available to clients in certain Programs other private funds sponsored by, affiliated with, or offered by CAIS (“Available Private Funds”), including Available Private Equity Funds, Available Private Debt Funds, Available Private REITs and Available Private Infrastructure Funds. When determining whether to make a fund an Available Private Fund, Baird utilizes the services of an that independent provides research and due diligence materials to Baird on the private funds available on the CAIS platform. Clients interested in an Available Private Fund or invested in an Available Private Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Private Fund, Baird does not conduct its own research or due diligence on any Available Private Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Investment Solutions Department Affiliated Private Equity Funds the Programs. Baird’s Compliance, Legal, and Baird’s is primarily responsible for selecting and evaluating structured products made available to clients under Alternative Investment Committee, which includes members of Baird’s Investment Solutions, Asset Manager Research, Risk Management Departments, ultimately determines whether to make a structured product available to Baird clients. Available Hedge Funds In addition to Recommended Funds of Private Equity Funds and Available Private Equity Funds, Baird makes available to clients private equity funds that are affiliated with Baird (“Affiliated Private Equity Funds”). Baird does not subject Affiliated Private Equity Funds to the criteria imposed upon Recommended Funds of Private Equity Funds or Available Private Equity Funds described above when making them available to clients, and Baird does not perform any evaluation, monitoring or review of Affiliated Private Equity Funds. This presents a potential conflict of interest. See “Other Financial Industry Baird makes hedge funds available to clients in certain Programs sponsored by, affiliated with or offered by Capital Integration Systems LLC or CAIS Capital LLC (“CAIS”). An independent third- 54 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Activities and Affiliations—Certain Affiliated and Related Parties—Affiliated Private Equity Funds” below. that Baird Trust believes have the ability to consistently grow their dividend at attractive rates over the long‐term. Baird Trust Strategies More specific information about the particular investment strategies and methods of analysis that Baird uses in connection with each Program is further described below. Baird makes available to clients five (5) portfolio strategies developed and maintained by Baird Trust (“Baird Trust Strategies”) described below. The Baird Trust Strategies invest in a mix of equity securities and ETFs. (1) The Baird Trust Large Cap Equity strategy invests in a fairly concentrated portfolio of large cap equity securities. This strategy is intended for clients seeking investment in large cap companies as one part of their overall asset allocation. This strategy is generally not intended to be a complete investment program. (2) The Baird Trust Core + Satellite 100 strategy is a diversified portfolio with a 100% target equity allocation. The strategy uses the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) through the use of ETFs that principally invest in equity securities. This model does not include fixed income. The DDK Investment Process When providing advice to clients, DDK starts with a needs analysis developed for a client in connection with the financial planning process described above. Using a variety of tools, DDK then develops and recommends a long-term, strategic asset allocation and investment strategy for the client’s portfolio that is customized for the client’s risk and return objectives. DDK diversifies the client’s portfolio among different investments in each asset class with the goal to manage risk. Investment strategies may involve the use of different equity styles or strategies, such as: large cap growth, large cap value, mid cap growth, mid cap value, small cap growth, small cap value, international and emerging market equities income styles or fixed strategies; different strategies, such as short or intermediate, taxable and tax-exempt bond, international and emerging market bond, and high yield bond strategies; ; and Complex Strategies, such as real estate and real estate funds (including private real estate funds and private real estate fund of funds), commodity strategies, hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds and managed futures. time to (3) The Baird Trust Core + Satellite 70/30 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and fixed income securities. This strategy has a target allocation of 70% of its assets to equity securities and 30% of its assets to fixed income securities. time, and depending on From macroeconomic conditions, DDK may also recommend or implement a slight, short-term tactical tilt to the client’s chosen asset allocation that is above or below the long-term strategic asset allocation. Investment Management fixed DDK typically recommends or selects mutual funds and ETFs for Advisory Choice Accounts and DDK Accounts. However, other types of securities may be recommended or selected for those Accounts. (4) The Baird Trust Core + Satellite 50/50 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation portion of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and income securities. This strategy has a target allocation of 50% of its assets to equity securities and 50% of its assets to fixed income securities. When recommending or selecting a particular mutual fund or ETF for client Accounts, DDK begins by reviewing a client’s asset allocation and investment strategy needs and identifying the The Baird Trust Equity Income strategy (5) primarily invests in dividend paying companies 55 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for the client. Once Service characteristics of the types of mutual funds or ETFs appropriate the characteristic types of mutual funds or ETFs are identified, DDK looks for investments that meet those requirements. DDK looks for funds that have lower expense ratios. Once DDK has identified a potential fund for a client, DDK conducts a quantitative and qualitative analysis of the investment manager for the fund similar to the analysis it performs on investment managers described under “DDK Recommended Managers Service” below. In order to implement the overall client portfolio strategy, DDK may utilize one or more of the Services and a combination of different investment vehicles, such as SMAs, mutual funds and ETFs. DDK manages client assets using investment strategies and investment products based upon a client’s particular investment objectives and financial goals. DDK may use a wide variety of investment products to implement the client’s investment strategy, which investments are further described under “Advisory Business— Additional Information—Permitted Investments” above. DDK may also use certain investment strategies, such as concentrated investment strategies and margin, and certain types of investments, such as illiquid securities including and Complex Investment Products, REITs, private equity funds, funds of private equity funds, leveraged or inverse funds and structured products. These investment strategies and products involve special risks and may not be appropriate for all clients. Please see “Principal Risks” below for more information. DDK Recommended Managers Service or More specific information about the particular investment strategies and methods of analysis that DDK and Baird use in connection with each Service is further described below. Service Information DDK Investment Management Service the heading Under the DDK Investment Management Service, DDK may use various investment strategies. A client’s particular investment strategy is typically determined by DDK in consultation with the client using the investment process described in the section “The DDK Investment Process” above. other selecting recommending When investment managers to manage a client’s Account in the DDK Recommended Managers Service, DDK typically utilizes managers included on Baird’s Recommended Managers List described under “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis—Certain Recommended Lists—Baird’s Recommended Managers List” above. Although in some circumstances, DDK may select a manager to manage a client’s Account that is not included on Baird’s Recommended Managers List. the manager, focusing on lists, see DDK Consultants, as a group, utilize a variety of investment styles and strategies, including the investment strategies described in the sections “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies” and “The DDK Investment Process” above. They may also use the model portfolios or recommended or eligible product lists made available by Baird’s Asset Manager Research Department or other Baird Departments, or they may use lists of investment products that Baird has generally deemed to be “available” for use in its advisory programs. For more information about Baird model portfolios, recommended lists and eligible “Methods of Analysis, product Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis” above. DDK will select or replace, or recommend the selection or replacement of, a particular manager based upon the client’s particular goals and circumstances and the client’s selected asset allocation and investment strategy. Before selecting or recommending a manager to a client, DDK performs its own quantitative and qualitative analysis of the manager’s performance and factors DDK believes will help a manager repeat historical performance such as the investment process and personnel, organizational and investment structure. DDK also focuses on the risk and investment style relative to other investment strategies already in a client’s portfolio. DDK generally relies upon Baird’s Advisory Research group to provide periodic review and evaluation of managers on Baird’s Recommended Managers List. To the extent a 56 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  manager is not on Baird’s Recommended Managers List, DDK will perform periodic review and evaluation of the manager using its own quantitative and qualitative analysis described above. DDK will remove a manager from management of a client’s Account when the manager is removed from Baird’s Recommended Managers List or if DDK determines that removal is in the client’s best interest. assets under management, regulatory and compliance history, and certain other limited qualitative and quantitative factors deemed relevant by Baird. The ongoing review is generally performed on an annual basis and is generally limited to significant changes in the managers’ assets under management in the SMA Strategy and a review of the SMA strategy in comparison to a relevant peer group or benchmark. a client who wishes Clients should note that an investment manager managing the client’s Account under the DDK Recommended Managers Service may not be on Baird’s Recommended Managers List. A client should understand that DDK and Baird do not perform any due diligence or ongoing monitoring, evaluation or reviews of investment managers except to the extent DDK otherwise specifically agrees to do so in writing. The BSN and DC Programs are designed to accommodate to independently select an investment manager not available in the DDK Recommended Managers Service to manage the assets in the client’s Account. A client should note that DDK and Baird do not make any recommendation to clients regarding any BSN Strategy or DC Strategy or any representations regarding a BSN Manager’s or DC Manager’s qualifications as an investment adviser or abilities to manage client assets. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, a client should note that DDK and Baird do not monitor or ascertain whether a third party Implementation Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The Overlay Manager may provide review and ongoing evaluations of certain BSN Managers that it makes available through the BSN Program. Clients should review Overlay Manager’s Form ADV Part 2A Brochure for more information, which is available upon request, or contact their DDK Consultant for more information. is DDK and Baird do not monitor or ascertain whether the Overlay Manager fully and faithfully implementing Model Portfolios under the BSN Program on a continuous basis. A client assumes ultimate responsibility for client’s selection of an Other Manager under the DDK Recommended Managers Program (including any third party Implementation Manager). DDK and Baird assume no responsibility for the client’s termination of an Other Manager (including any third party Implementation Manager), the Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. of Loss—Principal SMA Strategies offered under the BSN and DC Programs are subject to certain risks. See “Methods of Analysis, Investment Strategies and Risks—Available Risk for more Investment Product Risks” below information. Baird SMA Network and Dual Contract Programs the A client should only participate in the BSN or DC Programs if the client wishes to take more responsibility for monitoring the client’s Account, the DDK Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. Clients participating in the BSN Program or the DC Program should note that the level of initial and ongoing review performed by DDK and Baird on the managers and their SMA Strategies made available under those Programs, including any Affiliated SMA Strategies, is significantly less than that performed by DDK and Baird with respect to managers and their strategies eligible for the DDK Recommended Managers Service. retention of an A client should note that the client’s appointment and continued investment manager to manage the client’s Account in connection with the BSN and DC Programs are BSN and DC Managers are subject to an initial review by Baird that considers the manager’s 57 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the heading under “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information” above. based ultimately upon the client’s independent review of the investment manager and the investment manager’s services. Once retained by the client, an investment manager will only be removed from managing the client’s Account upon the investment manager’s withdrawal, removal from the Program, or the client’s direction to do so. (including any performance, compliance A client assumes ultimate responsibility for client’s selection of a manager under the BSN or DC Programs third party Implementation Manager). DDK and Baird assume no responsibility for the client’s termination of a the BSN or DC Programs manager under (including any Implementation third party Manager). DDK and Baird also assume no responsibility for any Other Manager’s investment decisions, with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. A client should note that the processes and standards used by Baird in determining whether to make affiliated investment options available under the DDK Investment Management Service differ from those processes and standards used by Baird in determining whether to make non- affiliated investment options available under other Services. Baird approves, and continues to make available, affiliated investment options under the DDK Investment Management Service that would not be approved for, or would have been removed from, such other Services. This practice presents a conflict of interest because Baird has a financial incentive to maximize the number of affiliated investment options it makes available under the DDK Investment Management Service due to the fact that, by increasing investment options, Baird will likely attract more client assets and thereby increase Baird’s revenues. A client participating in the DDK Investment Management Service should monitor the client’s Account performance and periodically discuss the performance of such Account with the client’s DDK Consultant. Portfolio management services under the DC Program may be provided by an investment management department of Baird if the client selects such an SMA Strategy. In order to provide portfolio management services under the DC Program, Baird requires that Baird associates meet all applicable requirements set forth by applicable law and regulations of self-regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. professionals, an or for Portfolio Management by DDK, Baird and Related Persons Portfolio management services under the DDK Investment Management, DDK Recommended Managers and DC Programs may be provided by Baird and managers affiliated with Baird. Such arrangements create a potential conflict of interest because Baird and its affiliates may receive higher aggregate compensation if clients retain Baird and affiliated managers instead of retaining unaffiliated managers. the heading departments, Portfolio management services under the DDK Recommended Managers Service or DC Program could be provided by Baird PWM home office investment investment management department of Baird or a manager affiliated with Baird should a client select an Affiliated SMA Strategy. When Baird selects SMA Strategies, or otherwise determines manager availability the Baird eligibility, Recommended Managers List or the DC Program, Affiliated SMA Strategies and affiliated investment managers are subject to the same selection and review processes, if any, that Baird applies to unaffiliated SMA Strategies and investment managers participating in each respective Service. The processes, if any, used by Baird for selecting and reviewing SMA Strategies and Affiliated SMA Strategies for those Services are further described under “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information” above. The following Services exclusively offer portfolio management by Baird, its DDK Consultants, its PWM home office investment professionals, its investment management or investment managers that are affiliated with Baird: DDK Investment Management Service. The processes, if any, used by Baird for selecting and reviewing those portfolio managers is described When providing investment advisory services to clients, DDK and Baird are fiduciaries and are required to act solely in the best interest of 58 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Market Risks. A client’s Account may change in value due to overall market fluctuations. General economic conditions, political developments, international events and other factors may cause the overall market to decline, which in turn may reduce the value of the client’s Account regardless of the relative strength of the securities held in the Account. Securities prices often vary for reasons unrelated to matters directly affecting the issuers of the securities. clients. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for DDK and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about these potential conflicts and how Baird addresses them, please see the sections “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. fluctuate client accounts about Management and Securities Selection Risks. in value A client’s Account may differently than, or in the opposite direction as, the overall market or applicable benchmark because of the selection of individual securities for the Account. The judgments made by the persons the managing attractiveness, value and potential appreciation of particular securities may prove to be incorrect. For example, while the stock markets may experience increases in value, the client’s Account may experience a decline in value due to the underperformance of the stocks selected for investment in the client’s Account. conditions and other the associated Investment Objective and Asset Allocation Risks. A client’s investment objective and asset allocation strategies involve the risk that certain asset classes selected for the client’s Account may not perform as well as other asset classes during varying periods. In addition, clients who pursue more aggressive investment objectives and asset allocation strategies, while hoping to achieve high returns, may face greater risk of loss than clients with more conservative objectives and strategies. In developing investment objectives and asset allocation strategies, clients should carefully consider their financial situation and needs, investment goals, investment time horizon and risk tolerance. A client should inform the client’s DDK Consultant of these considerations so the DDK Consultant can assist in determining the client’s investment objectives and asset allocation strategies. Principal Risks Risk is inherent in any investment product and DDK and Baird do not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved, and a client could lose all or a portion of the amount invested. The management of client accounts and recommendations made to clients are based in part upon the use of forward- looking projections, which in turn are based upon certain assumptions about how markets will perform in the future. There can be no guarantee that markets will perform in the manner assumed and the actual performance of markets and a client’s Account could differ materially from those assumptions. Also, a client’s Account value may fluctuate, sometimes dramatically, depending upon the nature of the client’s investments, market factors. By participating in a Service, a client may be subject to certain risks, including, but not limited to the risks described below. The risks discussed below vary by Service, investment style or strategy, and the investments in the client’s Account, and each risk may or may not apply to a client. Clients should not pursue a strategy or invest in an investment product unless they are prepared to accept risks. Clients are encouraged to discuss with their DDK Consultant the risks that apply to them. A client should also the prospectus or other disclosure review document for any security or other investment product in which the client invests, as it will contain important information about the risks associated with investing in such security or other investment product. the Services include the General Risk Information General risks of following: Conflicts of Interest Risks. Issuers, advisors or other sponsors of investment products or their affiliates may engage in business practices that conflict with the interests of investors. Among other things, these business practices can have a negative impact on the market price of the investment product. Clients are encouraged to the prospectus or other disclosure review document for the investment product and also 59 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  discuss with their DDK Consultant the conflicts of interest risks that may apply to them. Stock Market Risks. Equity security prices vary and may fall, thus reducing the value of a client’s investments. Certain stocks selected for a client’s Account may decline in value more than the overall stock market. Interest Rate Risk. The value of some investment products, particularly fixed income securities, is affected significantly by changes in interest rates. Generally, when interest rates rise, the product’s market value declines and when interest rates decline, its market value rises. In addition, a rise in interest rates may have a negative impact on the issuer, which, in turn, could have a negative impact on the market value of the investment product. Equity Securities Risks. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets in general, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. Credit Risk. The value of some investment products, particularly fixed income securities, is affected by changes in the product’s credit quality rating or the issuer’s financial condition. If the credit quality rating or the issuer’s financial condition declines, so may the value of the investment product. Issuers may experience unanticipated financial problems and may be unable to meet its payment obligations. Municipal obligations in particular may be adversely affected by political and economic conditions and developments (for example, legislation reducing state aid to local governments.) Bonds receiving the lowest investment grade rating or a non- investment grade rating may have speculative characteristics and, compared to higher grade debt obligations, may have a weakened capacity to make principal and interest payments due to changes in economic conditions or other adverse circumstances. Ratings agencies such as Moody’s, Fitch and S&P provide ratings on bonds based on their analyses of information they deem relevant. Ratings are essentially opinions or judgments of the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and/or repay principal and an agency’s decision to downgrade a security. Common Stock Risks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation interest rates; economic expansion or and contraction; and global or regional political, economic and banking crises. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors. less liquid larger companies. Therefore, Fixed Income Security Risks. Fixed income securities are subject to certain risks, including interest rate risk, credit risk and liquidity risk. In addition, they are subject to maturity risk. Generally, the longer a bond’s maturity, the greater the interest rate risk and the higher its yield. Conversely, the shorter a bond’s maturity, the lower the interest rate risk and the lower its yield. Non-rated, split-rated, below investment grade, and asset-backed securities, including mortgage-backed securities and CMOs, have additional, special risks. them more susceptible Capitalization Size Risks. A client may be invested in small and mid cap stocks, which are often more volatile and than investments in larger companies. The frequency and volume of trading in securities of such companies may be substantially less than is typical of the securities of such companies may be subject to greater and more abrupt price fluctuations. In addition, small- and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, to market making pressures and business failure. 60 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investments market depth, Emerging Markets Risks. in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development, political stability, infrastructure, capitalization, and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Growth and Value Investment Style Risks. Investment styles or strategies that focus on growth stocks may perform better or worse than styles or strategies that focus on value stocks or that are broader or more diversified. Similarly, investment styles or strategies that focus on value stocks may perform better or worse than styles or strategies that focus on growth stocks or that are broader or more diversified. A particular style of investing may go out of favor at times and for extended periods. Growth stocks are often characterized by high price-to-earnings ratios and may be more volatile than stocks with lower price-to-earnings ratios. Value stocks are subject to the risk that the broader market may not agree with the manager’s assessment of, or recognize, the investments’ intrinsic value. foreign ESG Considerations Risk. Consideration of ESG factors in the investment process may cause an advisor or manager to forgo opportunities to recommend or invest in certain companies or to gain exposure to certain industries or regions. Therefore, there is a risk that, under certain market conditions, an Account pursuing strategies that consider ESG factors may underperform accounts that do not consider such factors. There are not universally accepted ESG factors and advisors and managers typically consider them in their discretion. resulting in financial Foreign Issuer and Investment Risks. Securities of issuers, ADRs, Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”), and investments in foreign markets generally, are subject to certain inherent risks, such as political or economic instability of the country of issue, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. Such securities may also be subject to greater fluctuations in price than securities of domestic corporations. Investors in foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may enhance, erode, reverse gains or widen losses from investments denominated in foreign currencies. For instance, foreign governments may limit or prevent investors from transferring their capital out of a country. This may affect the value of a client’s investment in the country that adopts such currency controls. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing the credit risk of such debt. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries. Cybersecurity Risks. With the increased use of technologies such as the Internet to conduct business, issuers of investments are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting issuers or their service providers have the ability to cause impact business operations, disruptions and potentially losses, interference with the ability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting governmental and other regulatory 61 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investment in tax-exempt debt obligations poses additional risks. In many cases, the IRS has not ruled on whether the interest received on a tax- exempt obligation is tax-exempt, and accordingly, purchases of these municipal securities are based on the opinion of bond counsel to the issuers at the time of issuance. Thus, there is a risk that interest may be taxable on a municipal security that is otherwise expected to produce tax-exempt interest. authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While issuers and other parties may establish business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. As a result, client accounts and investments could be negatively impacted. securities, and/or issued by Government Obligation Risks. Client assets may be invested in securities issued, sponsored or guaranteed by the U.S. Government, its agencies and instrumentalities. However, no assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored agencies or instrumentalities where it is not obligated to do so by law. For instance, securities issued by the Government National Mortgage Association (“Ginnie Mae”) are supported by the faith and credit of the United States. full Securities the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) have historically been supported only by the discretionary authority of the U.S. Government. While the U.S. Government provides financial support to various U.S. Government- sponsored agencies and instrumentalities, such as those listed above, no assurance can be given that it will always do so. falling. Since interest federal taxation, in such for purchases or withdrawals. Money Market Fund Risks. A money market fund is a type of mutual fund that generally invests in short-term debt instruments. Many investors use money market funds to store cash. There are three primary types of money market funds: (1) government money market funds (funds that invest nearly all assets in cash, government repurchase agreements collateralized by cash or government securities); (2) retail money market funds (funds that have policies and procedures reasonably designed to limit beneficial ownership to natural persons); and (3) institutional money market funds (funds that permit beneficial ownership by institutions and natural persons). The rules governing money market funds vary based on the type of money market fund. Government and retail money market funds generally try to keep their net asset value (NAV) at a stable $1.00 per share using special pricing and valuation conventions. Institutional money market funds are required to calculate their NAV in a manner such that the NAV will vary based upon the market value of assets and liabilities of the fund (also known as a “floating NAV”). An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although some money market funds seek to preserve the value of an investment at $1.00 per share, there can be no assurance that will occur, and it is possible to lose money should the fund value per share fall. In some circumstances, money market funds may be forced to cease operations when the value of a fund drops. In that event, the fund's holdings may be liquidated and distributed to the fund's shareholders. This liquidation process could take time to complete. During that time, the amounts a client has invested in the money market fund would not be available In addition, retail and institutional money market funds are required to impose redemption fees (also known as liquidity fees) and suspend redemptions (also known as redemption gates) in Municipal Securities Risks. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. Municipal securities may also decrease in value during times when tax rates are income on municipal securities is normally not subject to regular the income attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, such interest income. Any proposed or actual changes rates or exempt status, therefore, can significantly affect the liquidity, marketability and supply and demand for municipal securities, which would in turn affect Baird’s ability to acquire and dispose of municipal securities at desirable yield and price levels. 62 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  redemptions in an investment certain circumstances. Government money market funds may also impose redemption fees and suspend those same circumstances. More specific information about how a money market fund calculates its NAV and the circumstances under which it will impose a redemption fee or suspend redemptions is set forth in the prospectus for that money market fund. by the to lower that were not predicted by can be no assurance that the accuracy and reliability of models and data provided by third parties. Incorrect analyses and assessments or inaccurate or incomplete models and data would adversely affect performance. Additionally, manager’s methodologies and processes are predictive in nature, based on historical outcomes and trends. Certain low-probability events or factors that are assigned little weight may occur or prove to be more likely or may have more relevance than expected, for short or extended periods of time, the portfolios which may adversely affect investment manager’s generated quantitative methodologies and processes. It is also possible that prices of securities may move in directions the investment manager’s quantitative methodologies and processes or may fail to move as much as predicted, for reasons that were not expected. There these methodologies will enable a client to achieve the client’s objective. to make a market for Technical Strategy Risks. Some investment managers may employ technical analysis or investment methodologies to make investment decisions or recommendations. The primary risk of using technical analysis is that past price and volume patterns and trends in the trading markets cannot predict future prices, volume patterns or trends. There is no guarantee that technical investment methods used are designed properly, are updated with new data as it becomes available, or can accurately predict future market or investment performance. In order for technical investment methods to work, there must be sufficient data about the markets available so that trends can be identified and predictions can be made. A technical method may fail to identify trends or be able to accurately predict future prices if a market does not have sufficient data or trends or if the market behaves erratically. Illiquid Securities and Liquidity Risks. Liquidity risk is the risk that certain investments may be difficult or impossible to sell at the time and price that a client would like to sell. Clients may have the price, sell other investments or forego an investment opportunity, any of which may have a negative effect on the management or performance of client accounts. The liquidity of a particular investment depends on the strength of demand for the investment, which is generally related to the willingness of the broker-dealers investment as well as the interest of other investors to buy the investment. During periods of economic uncertainty, significant economic and market downturns and periods in which financial services firms are unable to commit capital to make a market in, or otherwise buy, certain investments, a client may experience challenges in selling such investments at optimal prices. In addition, recent regulatory changes applicable to financial intermediaries that make markets in debt securities have restricted or made it less desirable for those financial intermediaries to hold large inventories of debt securities. Because market makers provide stability to a market through their intermediary services, a reduction in dealer inventories may lead to decreased liquidity and increased volatility in the fixed income markets. In the event the client directs Baird to liquidate an illiquid investment, the client should understand that Baird may have difficulty finding a buyer in the market for such investment and such investment may be held in the Account for a period of time while Baird attempts to satisfy the client’s liquidation request. Quantitative Strategy Risks. Some investment managers may employ quantitative investment methodologies or processes to make investment decisions. The success of the quantitative investment methodologies and processes used by investment managers depends on the analyses and assessments that were used in developing such methodologies and processes, as well as on Concentration Risks. A client’s Account may consist of a portfolio of securities that is concentrated in an issuer or group of issuers, an industry or economic sector or group of related industries or sectors, or concentrated in limited asset classes. Client accounts with concentrated positions are susceptible to greater volatility and increased risk of loss than an Account that is diversified across several issuers and industries or sectors and asset classes. A client should not engage in strategies using concentration unless 63 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Split-Rated, and the client is prepared to experience significant losses in the value of the client’s Account. Non-Rated, Below Investment Grade Securities (High Yield or “Junk” Bonds) Risks. Investing in securities or other investment products that are not rated, split-rated or are below investment grade (also known as high yield or “junk” bonds) involve significant, special risks. As a result, they may not be suitable for some clients. The risks associated with these investments include, but not limited to, price volatility risk, credit risk, default risk, and liquidity risk. Clients investing in securities or other investment products that are not rated, split-rated or are below investment grade should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. including equity, fixed Frequent Trading and Portfolio Turnover Risks. Some of the investment strategies offered to clients in this Brochure may involve frequent or active trading for client accounts, which could result in high portfolio turnover. Strategies that involve frequent or active trading increase the management and securities selection risks because the persons managing the accounts are making more trading decisions, which may prove to be incorrect. A portfolio with a high turnover rate will also incur more transaction costs than one with a lower rate. Higher transaction costs may negatively impact the return of the portfolio. High portfolio turnover may also cause a client to experience adverse tax consequences due to the fact that the client may have increased instances of realized gains and losses and such gains and losses may commonly be characterized as short term gains and losses under applicable tax law. investment style, securities selection credit capitalization risk, foreign Mutual Fund Risks. Mutual funds can have investment objectives and many different strategies, income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, economic industry or sector, or geographic region. Mutual funds have risks, which may include market risk, risk, management and investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, risk, risk, rate investment style issuer and investment risk, and emerging market risk. Certain mutual funds pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of mutual fund selected. Also, investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Asset-Backed Securities Risks. Asset-backed securities are securities secured or backed by mortgage loans, student loans, automobile loans, installment sale contracts, credit card receivables or other assets and are issued by entities such as commercial banks, trusts, financial companies, finance subsidiaries of industrial companies, savings and loan associations, mortgage banks and investment banks. These securities represent interests in pools of assets in which periodic payments of interest or principal on the securities are made, thus, in effect passing through periodic payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. Asset-backed securities are issued in multiple classes (or tranches) and their relative payment rights may be structured in many ways. Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other instruments. Asset-backed securities also can be more sensitive to interest rate risk than other types of fixed income securities. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. Asset-backed securities are subject to a number of other risks, including, but not limited to, market and valuation risks, liquidity risk, and prepayment risk. Exchange Traded Fund Risks. An ETF is different from a mutual fund in that an ETF does not sell its shares directly to public investors and does not redeem shares from public investors. Rather, shares of an ETF are commonly purchased or sold in the secondary market on a securities exchange, like common stocks. An ETF maintains a net asset value but, based on demand and other factors, the market price of shares of an ETF may vary from its net asset value. ETFs invest in and hold securities and other assets, such as stocks, bonds, commodities and currencies, and have stated investment objectives and principal strategies. ETFs can have many 64 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  equity, securities selection credit capitalization risk, foreign closed-end securities include market selection credit capitalization risk, foreign potential returns but also involve the risk of exacerbating losses and depreciation in the value of the underlying securities. Closed-end funds have other risks, which may include market risk, management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, risk, risk, rate investment style issuer and investment risk, and emerging market risk. Certain funds pursue Complex Strategies, which are subject to special risks. Some closed-end funds are organized as interval funds, which differ from traditional closed-end funds in that their shares do not trade on the secondary market, but instead their shares are subject to repurchase offers from the fund. Closed-end funds structured as an interval fund will, therefore be relatively less liquid. Interval funds also often impose a redemption fee when shares are sold back to the fund. The degree of these and other risks will vary depending on the type of close-end fund selected. different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Many ETFs seek to track the performance of an index or other underlying benchmark. Passively managed ETFs will not be able to replicate exactly the performance of the indices the ETFs track because the total return generated by the securities will be reduced by management fees, transaction costs and other expenses incurred by the ETF. ETFs have other risk, risks, which may management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. Certain ETFs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of ETF selected. is selected by equity, that fund that for purposes of making Closed-End Fund Risks. Unlike mutual funds which continuously offer and redeem their shares on a daily basis at net asset value, closed-end funds typically raise money by selling a fixed number of shares of common stock in a single, one-time offering, much the way a company issues stock in an initial public offering. Closed- end funds can have many different investment objectives and strategies, including equity, fixed international, and global income, balanced, strategies, and strategies focus on a particular market capitalization, investment style, industry or sector, or geographic economic shares are not region. Closed-end redeemable, meaning investors cannot require closed-end funds to buy back their shares, although closed-end fund shares are listed and traded on an exchange. For many reasons, closed-end fund shares often trade at a discount to their net asset value and the market prices of closed end fund shares often fall below their public offering prices. Clients are therefore cautioned about buying shares of a closed-end fund in its initial public offering. Closed-end funds often engage in leverage to raise additional capital investments through borrowings and issuances of senior securities (such as preferred stock). Such leverage may present the opportunity to enhance Unit Investment Trust Risks. A UIT is a pooled in which a portfolio of investment vehicle securities the sponsor and deposited into the trust for a specified period of time. The portfolio of a UIT is designed to follow an investment objective over a specified time period, although there is no guarantee that the objective will be met. UITs can have many different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. UITs are passively managed and follow a “buy and hold” strategy, meaning that UITs buy a fixed portfolio of securities and hold on to that portfolio until their termination date at which time the portfolio is liquidated with the net proceeds paid to investors. UITs, thus, generally have a relatively higher risk of loss than other funds in the event of adverse changes in market or economic conditions. UITs have other risks, which may include management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain UITs pursue Complex Strategies, 65 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments which are subject to special risks. The degree of these and other risks will vary depending on the type of UIT selected. Also, investment return and principal value will fluctuate, and units, if and when redeemed, may be worth more or less than their original cost. in securities. investment and trading activities or consuming commodities markets, and in securities or other instruments denominated in or indexed or linked to commodities, are subject to certain risks. Those investments generally will subject a client Account to greater volatility than investments The traditional commodities markets are impacted by a variety of factors, including changes in overall market movements, domestic and foreign political and economic conditions, interest rates, inflation rates and in commodities. Prices of commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major regions. Certain producing commodities may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. No active trading market may exist for certain commodities investments, which may impair the value of the investments. negatively Investment Fund Risks; Purchase and Redemption Risks. Investment Funds are generally subject to the same risks as the securities or other assets in which they invest. In addition, from time to time Baird, a DDK Consultant, or an investment manager may decide to add or remove an Investment Fund to or from an investment strategy or Service. In addition, they may decide to increase or decrease their clients’ account allocations to an Investment Fund. In general, they will place transactions for all affected Accounts at one time, which may cause the fund to experience relatively large purchases or redemptions. Significant purchases and redemptions may adversely affect the fund in question and consequently, a client’s investment. An Investment Fund receiving large purchase orders may have difficulty investing the cash, which may have a negative impact on the fund’s performance. An Investment Fund experiencing large redemption orders may have to sell portfolio securities, which may impact performance and which may have negative tax consequences. Large redemptions could also reduce liquidity as the fund may suspend or delay redemptions. These risks are more pronounced with respect to newer Investment Funds and those with smaller asset sizes. such as commodities, in that Currency Risks. Investments in currencies, and investments in securities or other instruments denominated in or indexed or linked to currencies, are subject to certain risks. Those investments are subject to all of the risks associated with foreign investing generally. In addition, currency markets generally are not as regulated as securities markets. Also, changes in currency exchange rates could adversely impact the investment. Devaluation of a currency by a country will also have a significant negative investment the value of any impact on denominated currency. Currency investments may also be positively or negatively affected by a country’s strategies intended to make its currency stronger or weaker relative to other currencies. the Non-Traditional Assets and Complex Strategies Risks Non-Traditional Assets Risks. Non-Traditional currencies, Assets, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Some Non-Traditional Assets are less transparent and more sensitive to domestic and foreign political and economic conditions than more traditional investments. Non-Traditional Assets are also generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Risks. Investments Commodities in commodities markets or a particular sector of the Leverage and Margin Risks. Leveraging strategies may amplify impact of any decrease in the value of underlying securities in the client’s Account, thereby increasing a client’s risk of loss. The use of leverage may also increase an Account’s volatility. Strategies involving margin can cause a client to lose more money than deposited in the client’s margin account. A client should not engage in strategies involving 66 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the underlying security or leverage or margin unless the client is prepared to experience significant losses in the value of the client’s Account. risk of significant loss if the prevailing market price of index decreased below the strike price. Hedging Risks. When a derivative instrument is used as a hedge against an opposite position, any loss on the derivative instrument should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can be an effective way to reduce the investment risk, it may not always perfectly offset one position with another. As a result, there is no assurance that hedging transactions will be effective. Short Sales Risks. Short selling runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, which may result having to buy the securities sold short at an unfavorable price. A client should not engage in short sales unless the client is prepared to experience significant losses in the client’s Account. contracts other funds have unique for those fee an incentive instruments Derivative Instrument Risks. The values of options, convertible securities, futures, swaps, derivative and forward instruments is derived from an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments often have risks similar to the underlying asset, however, in certain cases, those risks are greater than the risks presented by the underlying asset. Derivative instruments may experience dramatic price changes and imperfect correlations between the price of the derivative and the underlying asset, which may increase volatility. Derivatives generally create leverage, and as a result, a small movement in the underlying asset's value can result in large change in the value of the derivative instrument. Derivatives are also subject to liquidity risk, interest rate risk, market risk, credit risk, management risk and counterparty risk. The use of these is not appropriate for some clients because they involve special risks. A client should not invest in these instruments unless the client is prepared to experience volatility and significant losses in the client’s Account. limited short sales, Complex Investment Product Risks Hedge Funds and Funds of Hedge Fund Risks. Hedge funds typically engage in one or more Complex Strategies, including the use of Non-Traditional Assets, short sales, leverage and other derivative instruments. Funds of hedge funds typically invest substantially all of their assets in other hedge funds. Hedge funds and funds of hedge tax characteristics. A client should consult with a tax advisor before investing in those funds. Some hedge funds and funds of hedge funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of hedge funds and funds of hedge funds are typically higher than other types of funds. Investment advisers or funds often receive a managers management or plus performance-based fee. Because of the existence of a performance-based fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Hedge funds and funds of hedge funds are also subject to a higher risk of incorrect valuations. Many hedge funds hold investments for which market quotations are not readily available, which necessitates the use of “fair value” pricing. Fair value pricing is an inherently subjective process and may not accurately reflect the prices that can actually be obtained upon sale of the assets for which fair values are used. Investments in hedge funds and funds of hedge funds also have reduced liquidity compared to other investments and are generally subject to a higher risk of volatility. Investing in hedge funds and funds of hedge funds involves other special risks, including, but to, risks associated with Non- not Traditional Assets, leverage, derivative instruments, and Complex Strategies. risk, Other risks may include: market Options Risks. In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the 67 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities selection credit capitalization risk, foreign management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. Hedge funds and funds of hedge funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in hedge funds or funds of hedge funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. risk, foreign investments investments made in portfolio companies are not profitable. In addition, investments made by private equity funds and funds of private equity funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private equity funds and funds of private equity funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. Private equity funds and funds of private equity that have funds are complex significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private equity funds and funds of private equity funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. in certain that may sectors, funds are subject to to administrative service in certain sectors, compared other expect Private Equity Funds and Funds of Private Equity Funds Risks. Private equity funds are pools of actively managed capital that invest primarily in private companies with the intent of creating value in the companies in which they invest by improving operations, reducing costs, selling non-core assets and maximizing cash flow. Private equity funds usually have an investment focus on objective or strategy companies industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Funds of private equity funds typically invest substantially all of their assets in other private equity funds. Private equity funds and funds of private equity funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private equity funds and funds of limited private equity regulation and offer limited disclosure and transparency. Also, the costs of private equity funds and funds of private equity funds are funds. typically higher than other types of Investment advisers or managers for those funds often receive a management fee plus an incentive fee or carried interest. Private equity funds and funds of private equity fund are also generally fees and subject portfolio company transaction fees. Because of the existence of a carried interest, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private equity funds and funds of private equity funds also have reduced investments. liquidity to Investors receive to should not distributions from a fund for a number of years. Private equity investing is very risky. Many Private Debt Funds (or Private Credit Funds) and Funds of Private Debt Funds Risks. Private debt funds (also known as private credit funds) are pools of actively managed capital that invest primarily in loans or debt instruments issued by companies in private transactions. Sometimes, repayment of the loan is secured by assets of the companies obtaining the loans. However, the companies often have low or no credit ratings. Thus, investments held by private debt funds generally are subject the same risks as below investment grade or “junk” bonds. Trading markets for the investments held by those funds are also limited and their investments may be illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically reset. These types of investments are sometimes referred to as floating rate corporate debt, floating rate loans or floating rate bank loans. Private debt funds usually have an investment objective or strategy that may focus on companies industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes, including focusing investments on smaller capitalization, distressed or bankrupt companies. Private debt funds commonly use borrowings or leverage to make investments. Funds of private debt funds typically invest 68 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  debt funds have unique warehouses, receive a management transaction should not expect to funds involves special in which they are risk, foreign fund risks, currency risk, growth substantially all of their assets in other private debt funds. Private debt funds and funds of private tax characteristics. A client should consult with a tax advisor before investing in those funds. Private debt funds and funds of private debt funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private debt funds and funds of private debt funds are typically higher than other types of funds. Investment advisers or managers for those funds often fee plus a performance fee. Private debt funds and funds of private debt fund are also generally subject to operational expenses and fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private debt funds and funds of private debt funds also have reduced liquidity compared to other investments. receive Investors distributions from a fund for a number of years. Private debt investing is very risky. Investments made by private debt funds and funds of private debt funds may be concentrated in one or more industries or sectors, geographic economic regions, stages of development or operation, or sizes. Investing in private debt funds and funds of private debt risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, issuer and investment style investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment risks and leveraging risks. Private debt funds and funds of private debt funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private debt funds and funds of private debt funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. risk, credit risk, foreign buildings, shopping malls, multi-family housing, student housing, hotels, resorts, hospitals and health care facilities, self-storage facilities, data telecommunications centers, facilities, and mortgages or loans. Many REITs are registered with the SEC and their common stock and preferred stock are publicly traded on a stock exchange. These are known as publicly-traded REITs. Others may be registered with the SEC but are not publicly traded. These are known as private REITs (also known as non-traded or non- exchange traded REITs). There is no public trading market for private REITs and the sole method for disposing of the shares may be limited to a periodic offer to redeem the shares by the issuer, if the issuer offers a redemption program. Private REITs are generally subject to limited limited disclosure and regulation and offer transparency. The shareholders of a REIT are responsible for paying taxes on the dividends that they receive and on any capital gains associated with their investment in the REIT. Dividends paid by REITs generally are treated as ordinary income and are not entitled to the reduced tax rates on other types of corporate dividends. Prices of REIT securities and trading volumes may be more volatile that other investments. Many REITs focus on a particular sector of the real estate market, such as apartments, student housing, hotels and hospitality, health care, office buildings, shopping malls, warehouses, self-storage facilities and the like. Those REITs are subject to risks associated with sectors focused. Additionally, many REITs may own properties that are concentrated in a particular geographic region or regions, which subject them to the risk of deteriorating economic conditions in those areas. Investing in REITs involves other special risks, including, but not limited to, real estate portfolio (including development, environmental, risk competition, occupancy and maintenance risk), liquidity risk, leverage risk, distribution risk, risk, capital markets access interest risk, counterparty risk, conflicts of risk, and dependence upon key personnel regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, interest issuer and rate investment risk, and emerging market risk. REITs involve significant, special risks and may not be suitable for some clients. Clients investing in REITs should have a high tolerance for risk, including the willingness and ability to accept Real Estate Investment Trusts (“REITs”) and Private REIT Risks. A REIT is a corporation, trust or association that owns and typically operates income-producing real estate or real estate-related assets. The income-producing real estate assets owned by a REIT may include office 69 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  significant price volatility and volatility of regular distribution amounts, potential lack of liquidity and potential loss of their investment. fund risks, currency investments. Some may in properties industries, involved located improved management more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private real estate funds and funds of private real estate funds involves special risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, risks and investment leveraging risks. Private real estate funds and funds of private real estate funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private real estate funds and funds of private real estate funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. real estate funds typically telecommunication, Private utilities, infrastructure for those for those fees and should not expect to investing for significant growth reduced liquidity compared Private Real Estate Funds and Private Real Estate Fund of Funds. Private real estate funds are pools of actively managed capital that directly invest primarily in investments in real estate and real estate-related investments. Private real estate funds may invest in any number of types of real estate, such as office, apartment, retail, lodging, industrial and other real estate and real focus estate-related in certain investment sectors or certain in geographic regions or that have certain sizes of operations or investment requirements. Some may focus investment on properties the manager or sponsor believes are undervalued or undercapitalized or that require repositioning, redevelopment, or additional capital to reach their full value. Private real estate funds commonly use borrowings or leverage to make investments. Trading markets for investments held by those funds are limited and their investments may be illiquid. Funds of invest private substantially all of their assets in other private real estate funds. Private real estate funds and funds of private real estate funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private real estate funds and funds of private real estate funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private real estate funds and funds of private real estate funds are typically higher than other types of funds. Investment advisers or managers funds often receive a management fee plus a performance fee. Private real estate funds and funds of private real estate fund are also generally subject to operational expenses and transaction fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private real estate funds and funds of private real estate funds also have reduced liquidity compared to other investments. receive Investors distributions from a fund for a number of years. Private real estate is very risky. Investments made by private real estate funds and funds of private real estate funds may be concentrated in properties involved in one or Private Infrastructure Funds Risks. Private infrastructure funds are pools of actively managed capital that invest primarily in infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of infrastructure investments may include, among and others, transportation. funds usually have an investment objective or strategy that may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Private infrastructure funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private infrastructure funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private infrastructure funds are typically higher than other types of funds. Investment advisers or funds often receive a managers management fee plus an incentive fee. Private infrastructure funds are also generally subject to administrative service investment transaction fees. Because of the existence of incentive fees, fund managers may be motivated investments that have the to make riskier potential in value. Investments in private infrastructure funds also to other have investments. Investors should not expect to 70 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments made by industries or risks may securities include: market selection credit capitalization risk, foreign risk, foreign infrastructure funds are means to keep the ETN’s market price in line with its indicative value, which have caused significant fluctuations in ETN prices. Investing in ETNs involves special risks, including, but not limited to, risks associated with Non-Traditional Assets and derivative instruments and the risk that the actual market price for an ETN may vary significantly from the indicative value computed by the issuer. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, rate risk, risk, investment style issuer and investment risk, and emerging market risk. ETNs are complex investments and involve significant, special risks. As a result, ETNs may not be suitable for some clients. pools (typically structured receive distributions from a fund for a number of years. Private infrastructure investing is very risky. Many investments are not profitable. In private addition, infrastructure funds may be concentrated in one or more economic sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private infrastructure funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. risk, Other risk, management and investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. complex Private investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private infrastructure funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. throughout in managed currencies, Assets, leverage, Exchange Traded Notes Risks. An ETN is a type of debt security that trades on an exchange and provides a return linked to the performance of an underlying benchmark. The underlying benchmark can be a particular security, bond, commodity, currency, or other Non-Traditional Asset type, a group or basket of companies, securities, commodities, currencies, derivative instruments, Non-Traditional Asset investments or other assets, or an index or other benchmark linked to stocks, market volatility, bonds, interest rates, Treasury yields, yield curves and spreads, derivative instruments, strategies, commodities, currencies or other assets. ETNs trade on the day at prices exchanges determined by the market. Unlike ETFs, issuers of ETNs do not buy or hold assets to replicate or approximate the performance of the underlying benchmark. Also in contrast to ETFs, ETNs also do not calculate their net asset value, are generally not redeemable on a daily basis, and are not registered under the Investment Company Act of 1940. Issuers may also have the right and option to redeem ETNs. Redemptions are made at the ETN’s “indicative value” or “closing indicative value”. An ETN's closing indicative value is computed by the issuer and is distinct from an ETN's market price, which is the price at which an ETN trades in the secondary market. Issuers of ETNs may also issue and redeem notes as a Managed Futures Risks. Managed futures are as commodity investment partnerships) managed by a futures trading adviser that trade speculatively in various derivative instruments and other investments. There are significantly higher fees and expenses associated with investments in managed futures than other types of funds. Sponsors or managers for these pools often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. Managed futures may seek exposure to different asset classes, such as equity securities, fixed income securities, commodities (such as metals, agricultural products, and energy products), currencies, interest rates, and indices. Managed futures often obtain this exposure through derivative instruments, which may be traded on U.S. or foreign exchanges or markets. Managed futures often employ computerized, systematic and often proprietary trading models and systems. Investing futures involves special risks, including, but not limited to, liquidity risks and risks associated with and other Non- commodities, Traditional derivative instruments and Complex Strategies. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging 71 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investing market risk. Managed futures can be speculative investments because of the types of investments they make and they involve significant, special risks. As a result, they may not be suitable for some clients. Clients investing in these funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. risks may securities include: market selection risk, credit risk, risk, foreign emerging market issued in the form of a CD or note) but instead of having a pre-determined rate of interest, the return is linked to the performance of an underlying asset class, such as single security or basket or index of securities; a commodity or basket or index of commodities, including futures; and a foreign currency or basket of foreign currencies. in structured products involves special risks, including, but not limited to, risks associated with derivative instruments. risk, Other management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest issuer and rate investment risk, commodities risk and currency risk. Structured products are complex investments and involve special risks. As a result, they may not be suitable for some clients. inverse is those funds and they Leveraged Fund and Inverse Fund Risks. Leveraged funds and inverse funds may be structured as ETNs, ETFs or open-end mutual funds. Leveraged funds seek to deliver multiples of the performance of the index or benchmark they track. Inverse funds seek to deliver the opposite of the performance of the index or benchmark they track. Leveraged inverse funds seek to achieve a return that is a multiple of the inverse performance of the underlying index. Most leveraged and funds “reset” daily, meaning that they are designed to achieve their stated objectives on a daily basis. Because of the effects of compounding, volatility and the fund expenses, the returns of a leveraged or inverse fund over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. To achieve their objectives, leveraged and inverse funds typically employ aggressive investment techniques, such as the use of leverage, short sales, swap contracts, futures, options and other derivative instruments. Investing in leveraged funds and inverse funds involves special risks, including, but not limited to, risks associated with Non-Traditional Assets, short sales, leverage, and derivative instruments. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Leveraged funds and inverse funds are complex investments that have an increased risk of loss compared to other involve significant, special risks. As a result, they may not be suitable for some clients. A client should not invest in these securities unless the client is prepared to experience significant losses in the value of the client’s Account. Business Development Company Risks. A BDC closed-end typically a domestic, investment company that is operated for the purpose of making equity and debt investments in small and developing businesses, as well as financially troubled businesses. As a result, investments made by BDCs tend to be risky and speculative. Investment advisers or managers for BDCs often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. BDCs commonly use borrowings or leverage to make investments in portfolio companies. Adverse interest rate movements can negatively impact a BDC’s ability to make investments. Investments made by BDCs are typically illiquid, and valuing such investments is challenging. It is possible that valuations on investments used are materially different from the values that BDCs will ultimately receive upon investments. Changing disposition of market and economic conditions affecting a BDC’s investments may cause significant volatility in the BDC’s net asset value and stock price. Due to the nature of BDCs’ investments, securities issued by BDCs are subject to greater liquidity risk than other investments. A debt security or preferred stock issued by a BDC, in many cases, is non- rated or is rated below investment grade, which can carry its own risks. Investing in BDCs involves other special risks, including, but not limited to, Structured Products Risks. Structured products are a hybrid between two asset classes (typically 72 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  risk, capital markets access high tolerance for risk, including the willingness and ability to accept potential lack of liquidity and potential loss of their investment. information about Additional certain Complex Investment Products and other investments pursuing Complex Strategies, including the risks associated with those investments, is available on Baird’s website at bairdwealth.com/retailinvestor and on FINRA’s website at www.finra.org/ Investors. A client is encouraged to read the included on those disclosure documents websites carefully before investing. portfolio company credit and investment risk, risk, leverage dependence upon key personnel risk, and regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, and interest rate risk. BDCs can be speculative investments because of the types of investments they make and involve significant, special risks. As a result, BDC investments may not be suitable for some clients. Clients investing in BDCs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Risks Associated with Certain Investment Objectives and Asset Allocation Strategies Each Account is subject to the risks associated with the investments in the Account. Generally, an Account will be subject to the risks associated with the portfolio listed below that corresponds to the investment objective of the Account or the asset allocation strategy pursued by the Account. risk, common stock to other primary risks, risks, foreign including, but not All Growth Portfolio. An All Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. All Growth Portfolios have historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a high risk of price declines, especially during periods when stock markets in general are declining. An All Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject investment style issuer and investment risks, emerging market risks, fixed income security risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Capital Growth Portfolio. A Capital Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. Capital Growth Portfolios have historically experienced moderately high fluctuations in annual returns Master Limited Partnership Risks. An MLP is a form of publicly-traded partnership that is taxed as a partnership. MLPs have unique tax characteristics. A client should consult with a tax advisor before investing in MLPs. An MLP must generally earn at least 90% of its income from certain qualifying sources, which includes income and gains from certain activities involving natural resources such as oil, natural gas, natural gas liquids, refined petroleum products, coal, carbon dioxide and biofuels. An MLP is generally structured as a limited partnership or limited liability company and managed and operated by a general partner or manager. Owners of an MLP are called “limited partners” or “unit holders”. Unit holders own interests or units in the MLP (“units”) that are traded on a stock exchange. MLPs make distributions to unit holders of their available cash flows. Many MLPs focus on a particular sector or industry. Those MLPs are subject to risks associated with sectors or industries in which they are focused. The value of an investment in an MLP and the amount of distributions it makes may depend on the prices of the underlying commodity, such as oil or natural gas. Many MLPs are sensitive to changes in the prevailing level of commodity prices. MLPs have also shown sensitivity to interest rate movements. Investing in MLPs involves other special risks, limited to, macroeconomic risk, interest rate risk, liquidity risk, operating risk, capital markets access risk, growth risk, distribution risk, conflicts of interest risk, and regulatory risk. MLPs are complex investments that have significant, special risks. As a result, MLPs may not be suitable for some clients. Clients investing in MLPs should have a 73 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  upon Portfolio’s foreign issuer and investment risks, foreign the headings and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining. A Capital Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending specific the investments, the Portfolio may also be subject to other primary risks, including investment style risks, risks, emerging market risks, fixed income securities risk, interest rate risk, credit risk, asset-backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to interest rates and market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when interest rates are rising or when stock markets in general are declining. An Income with Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including issuer and investment style investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. to economic The to other primary risks, risks, foreign to other primary risks, risks, foreign Growth with Income Portfolio. A Growth with Income Portfolio will generally be invested in a manner that seeks to provide moderate growth of capital and some current income. Growth with Income Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions and interest rates. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining or when interest rates are rising. A Growth with Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject including investment style issuer and investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Conservative Income Portfolio. A Conservative Income Portfolio will generally be invested in a manner that seeks to provide current income. Relative the portfolios described above, Conservative Income Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and Portfolio’s conditions. investments are subject to risk of price declines, especially during periods when interest rates are rising. A Conservative Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, equity securities risk, and common stock risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject investment style issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. Income with Growth Portfolio. An Income with Growth Portfolio will generally be invested in a manner that seeks to provide current income and some growth of capital. Income with Growth Capital Preservation Portfolio. A Capital Preservation Portfolio will generally be invested in a manner that seeks to preserve capital while the generating current income. Relative to 74 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fixed income security risks, risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non-Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. interest rates are fixed portfolios described above, Capital Preservation Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and economic conditions. The Portfolio’s investments are subject to risk of price declines, especially during periods rising. A Capital when Preservation Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset income securities risk, allocation risk, interest rate risk, credit risk, and money market fund risk. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including foreign issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. Additional Considerations. A client should note that an Account pursuing a particular investment objective or asset allocation strategy will from time to time be subject to actual risks that are higher or lower than, or different from, the risks described above under certain circumstances. See “Investment Strategies and Methods of Analysis— Investment Strategies—Important Information about Implementation of Investment Objectives and Investment Strategies” above for more information. In addition to the specific risks described above, a client’s Account may be subject to additional risks, depending upon the particular investments in the client’s Account. A client should discuss the risks of particular investments with the client’s DDK Consultant. A client should also note that there is no guarantee as to how an Account will perform in the future. It is possible that an Account could experience more dramatic return or market value fluctuations than occurred in the past. to perception take advantage of of market the Portfolios have that Baird establishes for the investments made, less if an Available Product experiences organizational, is a higher risk that Available Investment Product Risks The use of Available Investment Products, including SMA Strategies made available under the BSN and DC Programs, are subject to additional risks compared to the use of Baird recommended investment products. Available Investment Products are investment products that generally do not meet the qualifications and standards its recommended product lists. As a result, there is a higher likelihood that some Available Investment Products will have poor performance and will significantly underperform compared to an applicable benchmark index or peer group. Available Investment Products are also subject to review by Baird rigorous significantly compared to recommended investment products. Thus, Investment Product experiences significant performance problems or if the manager or sponsor of an Available significant Investment management, operational, compliance, legal, regulatory or other problems, there the Available Investment Product will be made available (and Opportunistic Portfolio. An Opportunistic Portfolio will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and the market sectors manager’s pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager to achieve growth while accounting for a client’s specific short, intermediate and long term investment and/or cash flow needs. Depending investment strategy used, some upon Opportunistic historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. Depending upon the investment strategy used and the Portfolio’s investments may be subject to a high risk of price declines, especially during periods when stock markets in general are declining. An Opportunistic Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style risks, foreign issuer and investment risks, emerging market 75 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Product that experiences the list of will continue to be made available) to clients by Baird. An investment by a client in an Available Investment the occurrence of any such event could negatively impact the client’s Account. Available Investment Products should only be used by a client if the client wishes to take more responsibility for monitoring and managing the assets in the recommended client’s Account, products does not contain an investment product that meets the client’s particular needs, and the client understands the risks of doing so. Recent Events U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and other global macro factors. Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have retirement plan and disadvantaged certain charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. supervisor within The transition to a new administration following the recent U.S. Presidential election may introduce meaningful market uncertainty as new legislation are policies, executive orders, or proposed or enacted. Geopolitical risks appear elevated with the war between Ukraine and Russia now passing its third anniversary, tensions remaining high in the Middle East, and relations between the U.S. and China and other countries are strained. Domestically, inflation remains an area of focus since getting to the U.S. Federal Reserve Board’s 2% target may prove to be more challenging than the market expects. In addition, the level of political discord remains high. result in an elevated In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a its Private Wealth firm Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. The uncertain course of these various factors may have a significant negative impact on the global economy, may risk environment with increased volatility in asset prices, which could have an adverse effect on a client’s Account. certain of the its Disciplinary Information In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by subadvisors participating in Baird’s wrap fee programs offered through Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for 76 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to adopt or to designed provide to Baird’s clients and the program and entered into substantially identical orders. By self-reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. More information about the order is contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public Disclosure website at https://www.adviserinfo.sec.gov/IAPD/Default.as px or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press- release/2019-28. reports about an reports was engaged receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have implement policies and failed specific procedures information financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. to disclose In June 2019, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that between late April 2013 and early July 2013 it published research issuer without disclosing that the research analyst who authored the in employment discussions with the issuer that constituted an actual, material conflict of interest and that the failure research analyst’s the employment discussions with the issuer in the research reports made those reports misleading. Baird was censured and fined $150,000. Initiative.” Under brokerage customers an it charged supervisory system firms bought fees and/or the conflict of In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) for making the Advisers Act and 207 of inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure the program, (or SCSD) investment advisory firms were offered the opportunity to voluntarily self-report violations of the federal securities laws relating to mutual fund share class selection and related disclosure issues and agree to settlement terms imposed by the SEC, including returning money to affected investment advisory clients. The central issue identified by the SEC was that, in many cases, for or investment advisory recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the firms when lower- cost share classes were available to those advisory clients, and the investment advisory firms did not adequately disclose their receipt of 12b-1 interest associated with those 12b-1 paying share classes. Baird and many other firms self-reported under In August 2022, Baird, without admitting or denying the findings, consented to the entry of findings of FINRA, which found that it charged unfair certain commission when its published minimum commission amount of $100 on 7,277 retail equity trades and failed to establish and reasonably maintain a designed to prevent charging a customer a commission that is unreasonable or unfair in violation of FINRA Rules 3110, 2121, and 2010. Baird also consented to a censure, a fine in the amount of $150,000, and the payment of restitution of $266,481 plus interest. The findings related to FINRA’s routine examination of Baird in 2020. During that examination, Baird modified its minimum commission schedule and supervisory procedures. Baird also took steps to make payments to the affected customers, which on average amounted to $36.62 per trade and $57.64 per customer. Baird will continue to make efforts to ensure that it charges fair prices and commissions on all securities transactions with its 77 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Additional information about Baird’s disciplinary history is available on the SEC’s website at www.adviserinfo.sec.gov. customers. The brokerage customers identified by FINRA did not include any DDK client and no DDK client was alleged to have been charged an unfair commission. its Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker- dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker- dealers, financial investment advisors, other services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. other receive higher through disclosure the communications. As part of From time to time, Baird and its DDK Consultants may recommend that clients retain the services of financial services firms or invest in investment products that are affiliated with or related to Baird. Such a recommendation of affiliated or related financial services firms or investment products creates a potential conflict of interest because Baird, its DDK Consultants and related parties may aggregate compensation if clients retain those firms or invest in those investment products instead of retaining unrelated firms or investing in unrelated this investment products. Baird addresses potential conflict this in Brochure. Further, when acting as fiduciaries, Baird and its DDK Consultants are required to select or recommend investment products only when they determine it to be in the client’s best interest to do so. The criteria used by them in deciding to select or recommend affiliated or related investment products are generally the same as those used for unrelated investment products. However, a client should note that certain Services and certain categories of investment products made available to clients only offer advisors or investment products that are affiliated or related to with Baird. In those cases, Baird and its DDK Consultants do not impose the same criteria or level of review. including: training, In September 2023, Baird entered into an Offer of Settlement with the SEC, in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business- related communications made by Baird associates when they used their personal devices (“off- channel communications”) and for failing to supervise business-related associates’ communications. The settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were text and properly retaining business-related instant messages off-channel and communications sent and received on employees’ personal devices. Following the commencement of the SEC’s initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it was discovered that certain Baird supervisors off-channel using non-Baird communicated approved methods on their personal devices about Baird’s broker-dealer and investment adviser businesses, and findings were reported to the SEC. Baird took steps prior to and after the SEC’s review, including implementing a new communication tool designed for Baird associates’ personal devices, conducting training, and periodically requiring requisite associates to provide an attestation relating to their business- related the settlement, Baird was censured and ordered to cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies and procedures, surveillance program, technology solutions and similar matters related to off-channel communications. Broker-Dealer Activities Baird is engaged in a broad range of broker- individual and dealer activities, institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of 78 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  mutual fund shares; option transactions; and research services. information about Riverfront Certain DDK and Baird associates and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. Affiliated and Related Investment Advisors Baird is affiliated, and may be deemed to be under common control, with Riverfront by virtue of their common indirect ownership by BFG. Additional is available in Riverfront’s Form ADV Part 2A Brochure. Certain Riverfront investment products and services are made available to DDK clients through the Services. Due to its affiliation with Riverfront, Baird has a financial incentive to favor Riverfront investment products and services. Baird is related to Greenhouse and Greenhouse Fund GP LLC (“Greenhouse GP”) by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. From time to time, recommend DDK Consultants may use or Greenhouse or Greenhouse GP investment products and services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor their investment products and services. Investment Management Activities Baird and DDK Consultants may, from time to time refer clients to Baird Advisors or Baird Equity Asset Management, investment management departments of Baird, or CCM, a division of Baird Equity Asset Management. DDK Consultants are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. DDK Consultants may have a financial incentive to recommend to clients the services of those Baird investment management departments over the services provided by other investment managers. Baird is affiliated, and may be deemed to be under common control, with Strategas, by virtue of their common indirect ownership by BFG. Certain Strategas investment products and services are made available to clients through the Services. Due to its affiliation with Strategas, Baird has a financial incentive to favor Strategas investment products and services. and BFG’s Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. In addition, investment products and services offered by Baird Advisors, Baird Equity Asset Management and CCM are made available to clients through the Services. Baird has a financial incentive to favor Baird Advisors, Baird Equity Asset Management and CCM because Baird receives more compensation if Baird Advisors, Baird Equity Asset Management or CCM manages a client’s Account rather than other unrelated managers. Baird is affiliated, and may be deemed to be under common control, with GAMMA by virtue of BFG’s and Riverfront’s indirect minority ownership of Gamma and Riverfront’s representation on the board of directors of Gamma. Baird is related to LoCorr by virtue of BFG’s indirect minority ownership of the holding company of LoCorr and BFG’s representation on such holding company’s board of managers. From time to time, DDK Consultants may use or recommend LoCorr investment products and services. Due to its relation to LoCorr, Baird has a financial incentive to favor LoCorr investment products and services. Certain Affiliated and Related Parties Affiliated Broker-Dealers Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Certain investment products associated with Strategas Securities are made available to clients through the Services. Due to its affiliation with Strategas Securities, Baird has a financial incentive to favor Strategas Securities’ investment products and services. in 55ip uses research and other services from Riverfront, an affiliate of Baird, the development of its portfolios under the BSN Program, and Riverfront receives compensation 79 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  from 55ip with respect to those portfolios. Due to its affiliation with Riverfront, Baird has a financial incentive to favor 55ip portfolios that use Riverfront services. for Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives those services. Additional compensation information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. information about those funds for and statement of CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those services. Additional those mutual funds, including information relating to the fees paid by investment management services, is available in the funds’ additional prospectus information. Affiliated and Related Mutual Funds, ETFs and Investment Companies Baird is the investment adviser and principal underwriter for the Baird Funds. Baird Advisors provides investment management, administrative, and other services to certain Baird Funds investing primarily in fixed income securities (the “Baird Bond Funds”). Baird Equity Asset Management and CCM provide investment management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”), and Greenhouse is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus and statement of additional information available on Baird’s website at bairdassetmanagement.com/baird-funds. Certain Baird Funds have been selected by Baird for inclusion on Baird’s Recommended Mutual Fund List, and all Baird Funds are made available to DDK clients through the Services. Baird has a financial incentive to favor the Baird Funds because Baird receives more compensation if a client invests in the Baird Funds rather than other unrelated funds. on website Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend Income Trust Series, the Automated Quantitative Analysis (AQA®) Portfolio Series, and the AQA® Large- Cap Portfolio Series. Additional information about those investment products, including information relating to the compensation paid to Baird is available in the applicable prospectus and other fund documents. Those investment products are made available to clients through the Programs. Due to its affiliation with those investment products, Baird has a financial incentive to favor those investment products. investments those Funds DDK Consultants who refer clients to the Baird Funds are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. The amount of the referral compensation is disclosed in each Fund’s statement of additional information at Baird’s available bairdassetmanagement.com/baird-funds. DDK Consultants may have a financial incentive to favor over in investments in other mutual funds and to favor the Baird Equity over the Baird Bond Funds. funds and ETFs, those funds for Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange- Traded Fund III. Additional information about those mutual including information relating to the compensation paid to Riverfront by investment management services, is available in each fund’s additional prospectus and statement of Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. 80 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  business, technology and services sector. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. information. Certain mutual funds and ETFs managed by Riverfront are made available to clients. Due to its affiliation with Riverfront, Baird has a financial incentive to favor funds managed by Riverfront. Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC Baird Venture Partners III Limited Partnership BVP III Affiliates Fund Limited Partnership BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Limited Partnership is available in Baird Venture Partners Management Company V, LLC Baird Venture Partners V Limited Partnership BVP V Affiliates Fund Limited Partnership BVP V Special Affiliates Fund Limited Partnership Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products, including information relating to the compensation paid to Strategas and Strategas the applicable Securities, prospectus. Those investment products are made available to clients through the Services. Due to its affiliation with Strategas and Strategas Securities, Baird has a financial incentive to favor those investment products. Baird Capital Partners Management Company V, LLC Baird Capital Partners V Limited Partnership BCP V Affiliates Fund Limited Partnership BCP V Special Affiliates Limited Partnership Baird Capital Management Company, LLC LoCorr acts as investment advisor to the LoCorr Funds. The LoCorr Funds are made available to clients through the Services. Due to its relation to the LoCorr Funds, Baird has a financial incentive to favor the LoCorr Funds. Baird Venture Partners GP VI, LLC Affiliated Private Funds Baird Venture Partners VI LP BVP VI Affiliates Fund LP BVP VI Special Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management I LP Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP funds are private pooled BCGF I Special Affiliates LP BCGF I Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management II LLC Baird Capital Global Fund II Limited Partnership CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those investment vehicles that are not required to be registered with the SEC as investment companies. Due to their affiliation with the Chautauqua Private Funds, Baird Equity Asset Management, CCM and Baird have a financial incentive to favor those funds. BCGF II Affiliates Fund Limited Partnership BCGF II Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Capital Global GP III LLC Baird Capital Global Fund III LP BCGF III Affiliates Fund LP BCGF III Special Affiliates LP Baird Capital Partners Europe Limited* Affiliated Private Equity Funds Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird and its DDK Consultants may refer clients to Baird Capital. The private equity funds offered through Baird Capital make venture capital, growth equity and private equity investments primarily in the business-to- 81 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities Certain Baird Principal Group-Related Entities Investment Advisor Private Equity Fund(s) Investment Advisor Private Equity Fund(s) Partnership Baird Capital Partners Europe II LP Baird Capital Partners Europe II Special Affiliates LP Baird Principal Group Management Company II, LLC The Growth Fund Baird Principal Group Partners Fund II Limited Partnership Baird Principal Group Management Company, LLC Baird Principal Group Partners Fund III, LP * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. to to a client in Related Hedge Funds Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. The Greenhouse Onshore Fund LP is available to clients under the Services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor those hedge funds. If a client expresses an interest, DDK Consultants may refer clients to Baird Capital. DDK does not charge fees on client assets invested in private equity funds affiliated with Baird. Instead, the general partner of the private equity fund may the client’s DDK provide compensation Consultant for referring the client to Baird Capital. The actual amount of compensation may vary based upon the client’s investment commitment and will be disclosed the documentation the client receives in connection with the investment. Due to Baird’s affiliation with those private equity funds and the referral compensation paid to DDK Consultants, Baird and DDK Consultants have a financial incentive to favor those private equity funds. on Baird Other Affiliated Financial Services Firms Baird is affiliated, and may be deemed to be under common control, with Baird Trust, a Kentucky-chartered trust company, by virtue of their common indirect ownership by BFG. Certain Baird Trust investment products and services, such as the Baird Trust Strategies, are made available to clients through the Services. Due to its affiliation with Baird Trust, Baird has a financial incentive to favor Baird Trust investment products and services. Baird also has a financial incentive to the extent it would recommend that a client invest in a portfolio company owned by an affiliated private equity fund. A list of the portfolio investments held by private equity funds affiliated with Baird is located at Capital’s website https://www.bairdcapital.com/portfolio/baird- capital-portfolio.aspx. Services Baird and DDK Consultant receive compensation from Baird Trust for referring clients and relationship management providing ongoing services to clients engaging Baird Trust for trust administration services as described under the heading “Advisory Business—Additional Service Arrangements” Information—Trust above. Baird and DDK Consultants thus have a financial incentive to favor Baird Trust over other trust companies. The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. These funds generally co-invest with unaffiliated private equity funds and private equity professionals in transactions in the United States and Europe. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. Certain Baird Principal Group-Related Entities Investment Advisor Private Equity Fund(s) managers, including Baird Principal Group Management Company I, LLC Baird Principal Group Partners Fund I Limited Other Financial Industry Activities Baird has business relationships with many investment those participating in the Services, separate and apart from the Services. Other investment management firms may select Baird, in its capacity as a broker- 82 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the services of such firms or this conflict Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. In addition, dealer, to execute portfolio trades for their clients, including for Investment Funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. This may create an incentive for Baird to favor investment management firms or their products, including the Investment Funds advised by such investment management firms. However, Baird is a fiduciary that is required to act in the best interest of advisory clients when selecting or recommending their investment management to such clients. Baird investment products addresses through potential disclosure in this Brochure. Further, Baird does not consider the extent to which an investment management firm directs or is expected to direct trades to Baird for execution when considering the eligibility of an investment management firm or its investment products for Baird’s advisory programs (including when Baird constructs its Recommended Managers List or Recommended Mutual Fund List). investment management firms are, absent client direction to the contrary, obligated at all times to retain the the client best broker or dealer providing execution as described under the heading “Brokerage Practices” below. In addition, mutual fund companies are prohibited from considering Baird’s efforts in marketing and selling their funds when selecting Baird for executing portfolio trades for the funds. To learn more about how a mutual fund company selects brokerage firms for trade execution, a client should consult the fund’s statement of additional information, available from each fund. or by Baird’s To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, including DDK Consultants, their supervisors, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. The Code also generally prohibits Access Persons from executing a security transaction for their personal accounts during a blackout period one business day before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by Baird management Compliance Department. In addition, orders for the accounts of Access Persons and other Baird associates that are under discretionary management by Baird may be aggregated with orders for other Baird client accounts, so long as the order is executed as part of a block transaction with client orders. A copy of the Code is available to clients or prospective clients upon request. Certain Baird associates from time to time may provide clients with tax return preparation, bill pay or related services. In some instances, the fee for those services may be bundled with the Advisory Fee. A client should understand that the provision of such services is separate from, and not related to, the Services offered under this Brochure and will be governed by an agreement separate from the client’s advisory agreement with Baird. A client should understand that Baird and its associates do not act as investment adviser or fiduciary to the client when providing tax return preparation, bill pay or related non- advisory services to the client. Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s 83 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  associates providing advisory-related services to clients. Program. See “Trust incentive to recommend an described above. Such special compensation and referral fees give DDK Consultants an incentive to recommend or refer clients to these proprietary or funds and managers. See “Other affiliated Industry Activities and Affiliations—Certain Affiliated and Related Parties” above. DDK Consultants also receive additional compensation for referring clients to Baird Trust and for referring clients to unaffiliated banks that make loans to clients under Baird’s Securities-Based Lending Services Arrangements” and “Securities-Based Lending Program” below. In addition to those referral arrangements, DDK Consultants receive special compensation for referring business to certain of Baird’s other departments. See “Investment Banking, Public Finance and Institutional Equities Trading Activities” below. receives ongoing fees Participation or Interest in Client Transactions Investment Advisory Accounts Asset-based Advisory Fee arrangements create an incentive for Baird and DDK Consultants to set the applicable fee rate at a high level and to encourage clients to add more money into their accounts. Baird and DDK Consultants also have investment an advisory account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. Select clients may pay a fixed dollar fee, which presents a conflict in that such fee does not give the DDK Consultant an incentive to make recommendations that could benefit the client’s account, or a performance or incentive fee, which presents a conflict because it gives the DDK Consultant an incentive to recommend riskier investments in order to achieve the level of performance in the account that would result in payment of the fee. invested Ongoing Product Fees Baird from certain investment products that are purchased and held in client Accounts. Those fees, such as distribution (12b-1) and/or service fees (“12b-1 fees”) from mutual funds, are based on the value of client assets in those products. A DDK Consultant’s compensation increases as those fees increase. Thus, Baird and DDK Consultants have an incentive to recommend such products and to recommend such products that pay the greatest ongoing fees. investment products Accounts and Investments Provide Different Levels of Compensation The accounts and investments Baird offers provide Baird different levels of compensation. Baird and DDK Consultants have an incentive to generate revenues from client accounts and to offer and make recommendations that will provide them the greatest level of compensation. Certain mutual funds charge 12b-1 fees, which are paid to Baird. Baird receives 12b-1 fees on an ongoing basis as compensation for the services Baird provides to the applicable mutual fund. The 12b-1 fees paid by a mutual fund are disclosed in the mutual fund’s prospectus. on Baird’s website Recommendations of Related, Proprietary or Affiliated Funds and Managers Baird and DDK Consultants have an incentive to recommend related, proprietary or affiliated funds or managers because when client’s invest in affiliated funds or select an affiliated manager to manage client accounts, they will make more money. See “Other Industry Activities and Affiliations—Certain Affiliated and Related Parties” above and “List of Affiliated Companies, Funds and Managers” at bairdwealth.com/retailinvestor. Referral Compensation Paid to DDK Consultants DDK Consultants receive additional compensation to certain of Baird’s for referring clients funds or managers proprietary or affiliated Baird generally does not allow mutual funds with 12b-1 fees to be purchased for DDK Service Accounts. If Baird receives 12b-1 fees from a fund with respect to a client’s mutual fund investment in the client’s Account and the client’s Account is subject to an asset-based fee arrangement, Baird either: (1) rebates such 12b-1 fees to the client’s Account if the client is paying an asset-based Advisory Fee on such investment; or (2) excludes such fund shares from the calculation of the client’s asset-based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the 12b-1 fee. 12b-1 fees rebated to a client’s Account are estimated based on the average daily balance of 84 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Trust Portfolios and the mutual fund shares in the Account and the annual rate of the 12b-1 fee paid by the applicable fund. If any rebated fees remain in a client’s Account at the time of billing, those rebated amounts will be included in the Account assets subject to the Advisory Fee. Please see payments are provided in a UIT’s prospectus. UIT sponsors that have paid volume concessions to Baird over the past two calendar years include Advisors Asset Management (AAM), SmartTrust, First Guggenheim Investments. Receipt of marketing support payments from sponsors and investment advisers of mutual funds and UITs provides Baird an incentive to offer, market and recommend such mutual funds and UITs and to favor mutual funds and UITs with sponsors or investment advisers that make the greatest levels of such payments. Baird does not share these payments with DDK Consultants. “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. If Baird receives 12b-1 fees with respect to mutual fund shares that are designated as unbillable assets in a client’s Account, Baird will retain such 12b-1 fees. This presents a conflict of interest because it provides Baird and its DDK Consultants an incentive to recommend or invest client accounts in mutual fund shares that pay greater 12b-1 fees. Baird addresses this conflict by adopting a Mutual Fund Share Class Policy described above and by adopting internal policies that limit the circumstances under which mutual fund investments in client accounts can be designated as unbillable assets and 12b-1 fees can be retained. Schwab Clearing Arrangement Baird has a clearing arrangement with Charles Schwab & Co., Inc. (“Schwab”) whereby Schwab maintains an omnibus account with certain mutual fund families for Baird on behalf of Baird clients. Under the clearing arrangement, Schwab provides clearing services for most “no load” funds and “load” funds held by Baird clients. Although Baird pays Schwab a fee for its clearing and omnibus services, Schwab generally passes through to Baird the shareholder servicing fees that Schwab receives from the funds. Shareholder servicing fees are not paid by Schwab on mutual fund assets held in Retirement Accounts to the extent prohibited by applicable law. The amount of the shareholder servicing fees paid to Baird is based on the value of the client assets invested in those funds. However, the shareholder servicing fee rate varies based on the type of fund (load or no load), the value of client assets in those funds, and the relationship that Schwab has with those funds (whether or not Schwab receives payments from those funds or their sponsors, and the rates of such payments). As a result, Baird has an incentive to recommend mutual funds from which Baird would receive higher payments from Schwab. However, Baird generally does not compensate DDK Consultants based upon the amounts Baird receives from Schwab except with respect to amounts attributable to sales loads and 12b-1 fees that Baird would otherwise receive directly from a fund if it were not for the existence of the clearing arrangement with Schwab. If Baird receives 12b-1 fees from Schwab with respect to a mutual fund investment in a client’s Account, Baird rebates or retains such Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors Baird receives marketing support or revenue sharing payments (“marketing support”) from the sponsors and investment advisers of certain mutual funds. These payments, which are based on sales of, or client assets invested in, such funds, are intended to compensate Baird for providing marketing, distribution and other services for the mutual funds. Marketing support is not paid by sponsors or investment advisers of mutual funds on mutual fund assets held in investment advisory Retirement Accounts to the law. Baird extent prohibited by applicable received marketing support payments over the past two calendar years from the sponsors or investment advisers of Alliance Bernstein Funds, American Funds, Franklin Templeton Funds, Fidelity Funds, Goldman Sachs Funds, Hartford Funds, Invesco Funds, John Hancock Funds, JPMorgan Funds, Lord Abbett Funds, MFS Funds, PIMCO Funds and Principal Funds. Baird also generally receives marketing support related to the sale of units of UITs. Sponsors of UITs typically make marketing or concession payments to the firms that sell their UITs, including Baird. These payments are typically calculated as a percentage of the total volume of sales of the sponsor’s UITs made by the firm during a particular period. That percentage typically increases as higher sales volume levels are these additional achieved. Descriptions of 85 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fees as further described under the heading “Ongoing Product Fees” above. that are automatically swept into bank deposit accounts and invested in money market mutual funds under the program. Please see “Advisory Business—Additional Service Information—Cash Sweep Program” above for more detailed information. funds, the opportunity seminars Business—Additional supporting Baird Please see Trust Services Arrangements Baird and DDK Consultants have an incentive to recommend that a client retain Baird Trust for the client’s trust services needs rather than an unaffiliated firm because it is more profitable for Baird and they receive compensation from Baird Trust if the client retains Baird Trust. Please see “Advisory Service Information—Trust Services Arrangements” above for more detailed information. Baird Conference Sponsorships Baird hosts a number of seminars and conferences for DDK Consultants in any given year, including Baird’s PWM Symposium, which gives sponsors of investment products, such as mutual to make presentations at, and contribute money toward the cost of, such seminars and conferences. This presents a conflict of interest in that it gives Baird an incentive to promote or market the sponsors’ investment products in order to persuade them to and continue conferences. “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Margin Loans Baird has an incentive to recommend that a client use margin because Baird receives interest on loans, and Baird and DDK client margin Consultants also have an incentive to recommend that a client use margin, because a margin loan allows the client to make larger and more securities purchases. It also increases the value of a client’s Account and thus the Advisory Fee associated with that Account because the margin loan is not deducted for purposes of calculating the fee. Please see “Advisory Business—Additional Service Information—Margin Loans” above for more detailed information. DDK Consultants receive Service benefits. see Securities-Based Lending Program Baird and DDK Consultants have an incentive to recommend that a client participate in Baird’s Securities-Based Lending Program because Baird and referral compensation and such loans allow a client to keep more assets in the client’s Accounts, which result in more advisory fees for us and paid to the client’s DDK Consultant. Please see “Advisory Business—Additional Information— Securities-Based Lending Program” above for more detailed information. DDK Consultants Receive Benefits from Product Providers DDK Consultants generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may include invitations to attend conferences or educational seminars, payment of related travel, lodging and meal expenses, and receipt of gifts and entertainment. For example, DDK Consultants are invited to educational conferences hosted by sponsors of mutual funds, annuities and other investment products, with the costs associated with such conference (including travel and lodging) paid by the sponsors. In addition, DDK Consultants hold client events with some or all of the costs of such events paid by sponsors of investment products. Product sponsors may also provide gifts and entertainment in connection with those or other events. These benefits present a conflict of interest in that they give DDK Consultants an incentive to recommend investment products and their sponsors that provide the greatest levels of such “Revenue Please Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. to clients rather Program Baird Cash Sweep Program Baird has an incentive to have clients participate and maintain significant balances in Baird’s Cash receives because Sweep substantial compensation on client cash balances Investment Advisory and Brokerage Account and Service Recommendations Baird and DDK Consultants generally have a financial incentive to recommend investment advisory Accounts than brokerage accounts because Advisory Fee is recurring, more predictable and revenue typically greater than the revenues Baird earns, 86 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Consultant receive that increase with Baird, even if to recommend and the compensation DDK Consultants receive, from brokerage accounts. In addition, because Advisory Fees are paid by a client regardless of the trade activity in the client’s advisory Account, Baird will receive greater revenue, and the client’s DDK greater will compensation, from a low trade-activity advisory Account than from a low trade-activity brokerage account. Baird and DDK Consultants thus have an incentive to recommend an investment advisory Account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. However, because Baird’s revenues and the compensation paid to DDK Consultants from brokerage accounts increase as the level of trading increases, Baird and DDK Consultants have an incentive to recommend a brokerage account to a client rather than an investment advisory Account if the client has, or is expected to have, significant trading activity in the client’s account. DDK Consultants also have a financial incentive certain wealth management services, such as financial planning. Please see “Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, DDK Consultants and Investment Managers” above for more detailed information. to a client even though Baird Stock Ownership Most DDK Consultants own common stock of BFG, Baird’s ultimate parent, and when offered the opportunity to buy BFG stock they usually do so. The amount of BFG stock that a DDK Consultant may purchase is based in part on the DDK Consultant’s total production level. A client’s DDK incentive to make Consultant thus has an recommendations the DDK Consultant’s total production on the client’s accounts with Baird. Moreover, revenues from Baird’s PWM department, in which DDK Consultants operate, contribute substantially to BFG’s overall revenues and profitability, and the performance of BFG’s stock price is largely due to the profitability of Baird’s PWM department. As a result, a client’s DDK Consultant’s ownership of BFG stock creates a financial incentive to make recommendations to the client that increase the amount of revenues generated from the client’s accounts those recommendations will not increase the DDK Consultant’s production, so as to increase the revenues and profitability of Baird’s PWM department and thus of BFG, which will serve to grow the value of the BFG stock. For example, ownership of BFG stock provides a client’s DDK Consultant an incentive to recommend affiliated products such recommendation does not increase the client’s DDK Consultant’s production. in companies or for Account Transfers and New Accounts Baird and a client’s DDK Consultant have an incentive to recommend that the client transfer the client’s accounts to Baird and establish new accounts with Baird (including IRA rollovers) because doing so will result in increased revenues the DDK to Baird and compensation Consultant. Relationships with Issuers of Securities From time to time, Baird may have proprietary issuers whose investments securities are offered and sold to clients, a DDK Consultant or another Baird associate may have significant investments in companies or issuers whose securities are offered and sold to clients, or a DDK Consultant or another other Baird associate (or their spouses, partners or family members) may have a position as an officer or director of a company or issuer whose securities are offered and sold to clients. In such cases, Baird and/or a client’s DDK Consultant will have an incentive to recommend that the client invest in those companies. Recommendations to Open Different Types of Accounts Baird and DDK Consultants have an incentive to recommend that a client open different types of accounts with Baird, such as individual accounts, IRA rollovers, joint accounts, 529 plan accounts and UGMA/UTMA accounts, because if a client has different types of accounts with Baird, the client brings more of the client’s investable assets to Baird, on which fees can be generated, thereby increasing Baird’s revenues and the client’s DDK Consultant’s compensation. Also, if a client has more account types with Baird, the client is statistically more likely to maintain the client’s relationship with Baird and the client’s DDK Consultant for longer periods of time. DDK Consultants Transferring to Baird A DDK Consultant joining Baird from another firm has an incentive to recommend that a client to transfer the client’s accounts from such firm to Baird because doing so will increase the DDK Consultant’s compensation. Please see “Advisory 87 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Business—Advisory Fees—Advisory Fee Payments to Baird, DDK Consultants and Investment Managers” above for more detailed information. compensation that Baird portion of the commissions earned by Baird’s Institutional Equities business. Baird and its DDK Consultants may, therefore, have an incentive to buy, and to recommend that clients sell, the securities of issuers that are part of Baird’s buyback services. For more information about referral compensation paid to DDK Consultants and related conflicts of interest, please see “Baird Referral Programs” on Baird’s website at bairdwealth.com/retailinvestor. agent, commissions. Baird Underwritten Offerings Baird and DDK Consultants have an incentive to recommend that clients purchase securities in offerings underwritten by Baird because the underwriting compensation that Baird and DDK Consultants will earn on those offerings tends to be higher than the compensation they would normally receive if clients were to buy them in the secondary market, and because the profitability of underwritten offerings to Baird depends upon Baird’s ability to sell the securities allocated to Baird in the offering. Principal Trading Baird and DDK Consultants have an incentive to execute a trade for a client on a principal basis. and DDK The Consultants receive on principal trades, such as a markup or markdown, is often higher than the compensation they receive when executing trades as The as such received by Baird and DDK compensation Consultants is in addition to the asset-based Advisory Fee a client pays on the client’s advisory Accounts. Thus, Baird and DDK Consultants have an incentive to trade as principal rather than as agent. Principal trades also allow Baird to sell securities from Baird’s account that Baird deems undesirable and to buy securities for Baird’s account that Baird deems desirable. For more information, please see “Advisory Business— Additional Service Information—Trading for Client Accounts—Trade Execution Services Performed by Baird—Principal Trades” above. Allocations of IPOs and Other Public Offerings DDK Consultants have the incentive to favor some clients over other clients when allocating shares issued in public offerings, particularly those clients with larger accounts or accounts that generate high fees and compensation, as a reward for their past business or to generate future business. related services fees the services Research Activities The investment advice provided to a client may be based on the research opinions of Baird’s research departments. Baird does, and seeks to do, business with companies covered by those research departments and as a result, Baird may have a conflict of interest that could affect the content of its research reports. Investment Banking the securities issued in Trade Error Correction It is Baird’s policy that a client’s account will be fully compensated for any losses incurred as a result of a trade error for which Baird is responsible. If the trade error results in a gain, the gain may be retained by Baird. For more information, please see “Brokerage Practices— DDK’s and Baird’s Trading Practices—Trade Error Correction” below. to Baird’s Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities Through its Investment Banking, Public Finance and Institutional Equities Services Departments, Baird provides investment banking, municipal advisory, securities underwriting, stock buyback and to various corporate, municipal, and other issuers of securities. Baird from such receives compensation and entities it in connection with provides. Baird may, therefore, have an incentive to favor the securities of issuers for which Baird provides such services over the securities of issuers for which Baird does not provide such services. A DDK Consultant who refers a client to Baird for a possible transaction in which Baird Investment Banking earns a financial advisory or underwriting fee receives a portion of such fee. A DDK Consultant who refers a client to Baird Public Finance for a municipal advisory or underwriting opportunity receives a portion of the compensation earned by Baird Public Finance on that opportunity. Baird and DDK Consultants thus have an incentive to recommend those offerings. A DDK Consultant who refers a corporation Institutional Equities business for a stock buy-back program receives a 88 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities exchanges Other Client Relationships Certain client accounts overseen by Baird and DDK Consultants may have similar investment objectives and strategies but may be subject to different fee schedules or commission rates. Thus, Baird and its DDK Consultants have an incentive to favor client accounts that generate a higher level of compensation. Baird’s Other Broker-Dealer and Related Activities In their broker-dealer, and broker-dealer representative capacities, respectively, Baird and its DDK Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, Complex Investment Products and other securities. Baird and its DDK Consultants receive compensation based upon the sale of such investment products. time that investments Baird may route certain securities orders to other broker-dealers or for execution. Baird selects execution venues based on the size of the order, trading characteristics of the security, speed of execution, likelihood of price improvement, availability of efficient automated transaction processing, guaranteed automatic execution levels, and other qualitative factors. Baird receives remuneration in the form of payment or liquidity rebates on certain options or equity securities orders routed to some venues (commonly known as “payment for order flow”). This compensation, although not material to Baird’s trading business, gives Baird an incentive to route client orders for securities transactions to those venues that provide Baird the greatest levels of compensation. At a client’s request, Baird will make available certain information about the routing of such client’s orders routed for execution in the six months prior to the request. Such information will include the identity of the venue to which orders were routed, whether such orders were directed or non- directed and the time of the transactions, if any, that resulted from such orders. Baird also prepares a quarterly summary discussing certain orders routed away for execution, including the type and the identity of the broker-dealers or exchanges receiving such orders. This summary as well as other important information about Baird’s order routing practices are available at: http://www.rwbaird.com/help/account- disclosures/routing-equity-orders.aspx. Service from time Baird and its affiliates and associates may buy or sell investments that are recommended to or owned by a client for their own accounts, or they may act as broker or agent for other clients buying or selling those investments. Those include buying or selling transactions may investments in a manner that differs from, or is inconsistent with, the advice given to a client, and those transactions may occur at or about the same are such recommended to or are purchased or sold for a client’s account. Baird may also engage in agency cross transactions and principal transactions with clients as further described under “Advisory Information— Business—Additional Trading for Client Accounts—Trade Execution Services Performed by Baird” above. Baird and its associates, by reason of Baird’s investment banking or other broker-dealer, activities, may time acquire to information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information with respect to any client Account. Baird’s other activities thus present a interest because such potential conflict of activities may limit Baird’s ability to advise or manage client Accounts. As a registered broker-dealer, Baird effects transactions in securities on a national exchange and may receive and retain compensation for such services, subject to the limitations and restrictions made applicable to such transactions by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder. Baird may also benefit from the possession or use of any free credit balances in client Accounts, subject to restrictions imposed by Rule 15c3-3 under the Exchange Act. Free credit balances include uninvested cash in client Accounts that has not been automatically deposited or swept into a bank deposit account or money market mutual fund. Other Conflicts of Interest Baird offers to clients other investment products and services not described in this Brochure. These investment products and services provide different levels of compensation to Baird and its DDK Consultants. Baird and its DDK Consultants 89 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  have an incentive to favor those investment products and services that generate a higher level of compensation than those that generate a lower level of compensation. For more information about the other investment products and services offered by Baird, clients should contact Baird or a DDK Consultant. extend beyond a client’s Duration Compensation Will Be Received If a client holds any of the investment products described above, Baird, its affiliates and associates will receive the fees and payments described above for the duration of the client’s advisory In some relationship with Baird. circumstances, the receipt of such compensation advisory may relationship with Baird if the client continues to hold those assets at Baird. retain Other sections of this Brochure also describe instances when Baird and its DDK Consultants may recommend to clients, and may buy and sell for client’s Account, securities in which Baird and its affiliates and associates have a material financial interest or practices that present a conflict of interest. For more information, please see “Advisory Business—Advisory Fees—Advisory Fee Payments to Baird, DDK Consultants and Investment Managers” and “Other Financial Industry Activities and Affiliations” above, and “Client Referrals and Other Compensation” below. If Baird, or an affiliate or associate of Baird, receives any compensation or benefit described in this Brochure from or related to a client’s investment, the they will generally compensation or benefit. Except as otherwise described above, Baird generally does not rebate these amounts to a client’s Account or credit the amount against the Advisory Fees payable by a client unless such compensation may not be retained under applicable law or regulation. to DDK to for Baird and Addressing Conflicts The foregoing activities could create a conflict of interest with clients. In addition to the measures described above, Baird addresses conflicts posed by those activities through disclosure in this Brochure, the client’s agreements with Baird, the Client Relationship Booklet and prospectuses, offering documents or other disclosure documents provided or made available to clients. Baird has also adopted a Code of Ethics and other internal policies and procedures its associates that: • require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); that • are designed securities to ensure allocations made to discretionary client accounts are made in a manner such that all such clients receive fair and equitable treatment over time; • address Baird’s and its associates’ trading activities and are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients; and Brokerage Practices DDK’s and Baird’s Trading Practices Broker-Dealer Selection DDK and Baird will select the broker-dealers, which may include Baird, that will execute trade orders for Non-Discretionary Accounts and with respect to Accounts that are managed directly by DDK or Baird unless the client has provided instructions the contrary. As investment adviser, DDK and Baird have an obligation to seek “best execution” of client trade orders. “Best execution” means that they must place client trade orders with those broker- dealers that they believe are capable of providing the best qualitative execution of client trade orders under the circumstances, taking into account the full range and quality of the services offered by the broker-dealer, including the value of the research provided (if any), the broker- dealer’s execution capabilities, the cost of the trade, the broker-dealer’s financial responsibility, and its responsiveness to DDK and Baird. It is important to note that DDK’s and Baird’s best execution obligation does not require them to solicit competitive bids for each transaction or to seek the lowest available cost of trade orders, so long as they reasonably believe that the broker- dealer selected can be reasonably expected to provide clients with the best qualitative execution under the circumstances. • address and limit cash and non-cash benefits provided to DDK Consultants by third parties in an attempt to avoid any question of propriety or any conduct inconsistent with Baird’s high standards of ethics. 90 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  treatment over Trade Aggregation, Allocation and Rotation Practices DDK and Baird may aggregate contemporaneous buy and sell orders for the accounts over which they have discretionary authority (a practice also known as bunching trades or block transactions). This practice may enable them to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist them in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing, client orders. participating in a block transaction and may be insufficient to provide full allocation across all client accounts. To address this possibility, Baird trade allocation policies and has adopted procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable time. If a block transaction cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day will generally be allocated pro rata among the clients participating in the block transaction. However, DDK may also make random allocations to client accounts in certain circumstances, such as when Baird deems a partial fill for the total block order to be low. Adjustments may also be made to avoid a nominal allocation to client accounts. under their direct favorable net price When DDK is not able to aggregate trades, DDK generally uses a trade rotation process that is designed to be fair and equitable to its advisory clients over time. However, a client should be aware that DDK’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in the rotation, and, as a result, the client may for the less receive a applicable trade. into consideration account DDK and Baird generally aggregate buy and sell orders when executing trades for client account assets discretionary management when they have the opportunity to do so. When utilizing block transactions, DDK and Baird generally aggregate a client’s trade orders with trade orders for clients who are participating in the same Service and pursuing the same model portfolio or strategy. In some cases, DDK or Baird may aggregate a client’s trade orders with trade orders for other advisory clients who are not participants in the Services described in this Brochure. However, DDK and Baird determine whether or not to utilize block transactions for a client in their sole discretion and DDK’s and Baird’s decision is subject to their duty to seek best execution. In determining the amount to be allocated to an account, if any, DDK and Baird take specific investment restrictions, undesirable position size, account portfolio weightings, client tax status, client cash positions and client preferences. income securities in a block All advisory clients participating transaction will receive the same execution price for the security bought or sold. Average prices may be used when allocating purchases and sales to a client’s Account because such securities may be purchased and sold at different prices in a series of block transactions. As a result, the average price received by a client may be higher or lower than the price the client may have received had the transaction been effected for the client independently from the block transaction. Notwithstanding the foregoing, if an aggregated trade order involves fixed income securities, DDK and Baird may allocate the securities based on the needs of client accounts. In addition, DDK and Baird will at times place aggregated trade orders for fixed income securities prior to determining how the aggregated trade order will be allocated to client accounts. In those instances when an aggregated trade order for fixed income securities is placed prior to determining client allocations or when such trade order is only partially filled, DDK or Baird will seek to allocate trades in manner intended to be fair and equitable to applicable clients over time. Furthermore, when a trade order for fixed income securities is only partially filled, DDK and Baird may place orders for other fixed that have similar characteristics, such as issuer name, structure, credit rating, or market sector. in The amount of securities available the marketplace, at a particular price at a particular time, may not satisfy the needs of all clients Because DDK and Baird are unable to buy or sell any security for a client’s Non-Discretionary 91 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Accounts without the client’s authorization, DDK and Baird generally do not aggregate or bunch trades for those Accounts with the same or similar trades for other client accounts. Because similar orders for the client and DDK’s or Baird’s other clients may be placed and filled at different times, the client may buy or sell securities at prices that are different from the prices obtained by other clients who received the same or similar advice from DDK or Baird. interest If a client directs DDK to use a particular broker- dealer, and if the particular broker-dealer referred the client to DDK or if the particular broker-dealer refers other clients to DDK or Baird in the future, DDK and Baird may benefit from the client’s directed brokerage arrangement. Because of these potential benefits, DDK and Baird may have an economic interest in having the client continue the directed brokerage arrangement. The benefits that DDK and Baird receive conflict with the client’s in having DDK or Baird recommend that the client utilize another broker- dealer to execute some or all transactions for the client’s Account. Before directing DDK to use a particular broker- dealer, a client should carefully consider the possible costs or disadvantages of directed brokerage arrangements. to be directed best execution for the the purchase of Cross Trading Involving Advisory Accounts DDK generally does not in engage in cross transactions, including agency cross transactions, except in limited instances such as when clients buy or sell variable rate demand obligations which are also known as “put bonds”. When DDK believes that the transaction is consistent with each client’s best interest, DDK, acting as investment manager, may cause (or in the case of Non-Discretionary accounts, recommend) the sale of securities from the account of an advisory client while at or about the same time causing (or, in the case of Non-Discretionary accounts, recommending) the same securities for the account of another DDK advisory client. Such transactions may have the benefit of reducing transaction and market impact costs. In such cases, because Baird is acting as investment adviser for both buyer and seller, Baird is subject to potentially conflicting interests in causing (or recommending) the transactions. Also, because Baird is acting as investment adviser for both buyer and seller, transaction prices may be determined more by reference to market information or dealer indications for the securities involved, and less through the type of independent arms-length negotiation that might otherwise occur. Baird has adopted internal policies and procedures that require DDK and Baird to obtain approval of Baird’s Compliance Department before affecting a cross trade. Directed Brokerage Arrangements In some cases, a client may direct DDK to use a particular broker-dealer for execution of the client’s trade orders (a “directed brokerage arrangement”), and DDK may agree to the arrangement. This may occur when a client’s Account is held at another broker-dealer firm and a client directs DDK to execute trades through such firm, or when a client’s Retirement Account or other account is maintained on a platform third party operated and managed by a unaffiliated with DDK or Baird and trades must be executed through that platform. A client should understand that DDK and Baird consider such arrangements brokerage arrangements. A client should also understand that if the client has a directed brokerage arrangement, DDK and Baird may be unable to achieve client’s transactions. A client should note that any costs related to the directed brokerage arrangement are not included in the Advisory Fee and that the client will be solely responsible for monitoring, evaluating and reviewing the arrangement with the directed broker-dealer and paying any commissions or markups or markdowns or other costs imposed by the directed broker-dealer. A client should also note that DDK generally will not aggregate the client’s directed brokerage trade orders with orders for other DDK clients. As a result, a client’s transaction costs may be higher because the client will not benefit from any volume discounts or other reduced transaction costs that DDK may obtain for its other clients. A client should further note that DDK generally will not include such client trade orders in its trade rotation process and that DDK will generally place the client’s trade orders with the directed broker- dealer after DDK completes its trading for other DDK client accounts. The client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in DDK’s rotation. As a result, the client may receive a less favorable net price for the trade. 92 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment manager may have to potentially effect similar transactions through a number of different broker-dealers. In some cases, to address this situation, investment managers may decide to aggregate all such client transactions into a block trade that is executed through one broker-dealer. This practice may enable the investment manager to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist the investment manager in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing client orders. Trade Error Correction It is Baird’s policy that if there is a trade error for which DDK or Baird is responsible, DDK or Baird facts and will take actions, based on the circumstances surrounding the error, to put the client’s Account in the position that it would have been in as if the error had not occurred, including by adjusting or reversing the transaction, entering an offsetting transaction, or other methods that may be deemed appropriate by Baird. Errors caused by DDK or Baird will be corrected at no cost to client’s Account, with the client’s Account not recognizing any loss from the error. DDK and Baird may net gains and losses from a single error event involving more than one transaction in a security or transactions in multiple securities. The client’s Account will be fully compensated for any losses incurred as a result of an error event. If the trade error results in a gain, the gain may be retained by Baird but such gain is not given to or shared with any DDK or Baird associate. DDK and Baird offer many services and, from time to time, may have other clients in other programs trading in opposition to a client. To avoid favoring one client over another client, Baird attempts to use objective market data in the correction of any trading errors. in the information If a client’s Account is managed by an Other Manager, the client should review the Other Manager’s Brochure and contact the Other Manager for information about how the Other Manager corrects trade errors. Alternatively, an investment manager may utilize a trade rotation process where one group of clients may have a transaction effected before or after another group of the investment manager’s clients. A client should be aware that an investment manager’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the investment manager’s rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier investment manager’s rotation, and, as a result, the client may receive a less favorable net price for the trade. Additional regarding an investment manager’s trade rotation policies, if any, is available in the investment manager’s Form ADV Part 2A Brochure. Soft Dollar Benefits DDK and Baird receive no research or other products from broker-dealers in connection with DDK clients’ securities transactions. on website Trading Practices of Investment Managers If a client’s Account or a portion thereof is managed by an investment manager, the client should note that, like Baird, such investment manager has a duty to seek best execution for the client’s Account. Investment managers may participate in wrap fee programs. In addition, investment managers may manage institutional and other accounts not part of a wrap fee program. In the event an investment manager purchases or sells a security for all accounts using a particular SMA Strategy the offered by the investment manager, Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after implemented the Model Portfolio they have updates for client accounts managed by them or after they have otherwise completed trading for those accounts. The Overlay Manager has provided to Baird a list of Model Providers that have such trade rotation policies, which list is available at Baird’s bairdwealth.com/retailinvestor. A DDK client should understand that an Account pursuing a Model Portfolio strategy offered by those Model Providers will have trades executed for the client’s Account at the end of the Model Provider’s trade rotation on a regular and consistent basis. As a result, trade orders for such an Account will significantly bear the market price impact, if any, of those trades executed earlier in the Model 93 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Trade Execution Services Performed by Baird If Baird provides trade execution services for a client’s Account, Baird will generally act as agent when routing client trade orders for execution. However, Baird may cross trades between client accounts or may act as principal for its own account in certain circumstances to the extent permitted by applicable law as is more fully described below. in A client should understand that certain securities, such as securities traded over-the-counter and fixed income securities, are primarily traded in dealer markets. When Baird purchases or sells these types of securities for client accounts, it generally does so through broker-dealer firms acting as a dealer or principal. Dealers executing principal trades typically include a markup, markdown or spread in the net price at which transactions are executed. A client bears such costs in addition to the Advisory Fee. except in limited the Model Provider’s Provider’s rotation and the performance of the Account will differ, perhaps in a materially negative manner, from the performance of client accounts managed by the Model Provider. In addition and for the same reasons described above, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by DDK client Accounts pursuing the Model Portfolio strategy. DDK and Baird do not make or control any investment manager’s trade rotation policies, and they do not monitor, evaluate or review any investment manager’s compliance with the manager’s trade rotation policies or whether such trade rotation policies result inequitable performance of client Accounts. A client selecting a Model Portfolio offered by such a Model Provider is urged to obtain a copy of the Model Provider’s Form ADV Part 2A Brochure and review the description of the Model Provider’s trade rotation policy contained in that document. A copy of a Model Provider’s Brochure can be obtained by contacting a DDK Consultant. A client should also monitor the performance of an Account pursuing such a Model Portfolio strategy and compare that performance with the performance reported for the Model Portfolio by the Model Provider. A client about Account should questions discuss performance or trade rotation policy with the client’s DDK Consultant. A client should note that each investment manager is solely responsible for ensuring that it complies with its best execution obligations to the client. A client should review the manager’s trading for the client’s Account because DDK and Baird do not monitor, review or evaluate whether the manager is complying with its best execution obligations to the client. A client should review the manager’s Form ADV Part 2A Brochure, inquire about the manager’s trading practices, and consider that information carefully, before selecting a manager. in accordance with Agency Cross Transactions DDK generally does not in engage in agency cross instances. transactions, However, in certain circumstances and to the extent permitted by applicable law and regulation, Baird and DDK Consultants may effect “agency cross” transactions with respect to a client’s Account. An “agency cross” transaction is a transaction in which Baird or its affiliates act as broker for the party or parties on both sides of the transaction. As compensation for brokerage services, Baird may receive compensation from parties on both sides of an agency cross transaction, the amount of which may vary. DDK Consultants may receive compensation from Baird related to agency cross transactions. Therefore, Baird and DDK Consultants may have a conflicting division of loyalties and responsibilities. However, in all cases, Baird and DDK Consultants will seek to obtain the best execution for each respective advisory client and will effect agency cross transactions only the requirements of Rule 206(3)-2 under the Advisers Act. Furthermore, Baird will comply with additional regulations applicable to Retirement Accounts. A client should note that the client’s advisory agreement permits DDK and Baird to trade as principal on orders received from Other Managers. See “Trade Execution Services Performed by Baird—Principal Transactions” below for more information. agency transactions Where applicable, a client’s advisory agreement discusses and cross authorizes Baird and DDK Consultants to effect agency cross transactions for a client’s Account. A 94 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  “agency client’s authorization to Baird and DDK to effect Consultants cross” transactions is given pursuant to Rule 206(3)-2 under the Advisers Act and may be revoked at any time by the client in client’s sole discretion by notifying the client’s DDK Consultant in writing. Baird addresses this conflict through disclosure in this Brochure. Furthermore, Baird has adopted internal procedures that require Baird and DDK Consultants, when acting in a principal capacity, to disclose all material information regarding Baird’s interest in the transaction, and obtain the client’s approval of the transaction prior to settlement. A client’s advisory agreement discloses, where applicable, the possibility of Baird’s role in potential principal transactions, and each transaction confirmation sent to DDK clients discloses the capacity in which Baird served in the transaction and whether Baird is a market maker in each security the client bought or sold. or if other the Account transactions. Riskless Principal Transactions Subject to the requirements of applicable law, Baird and DDK Consultants may execute transactions for a client’s Account while acting as principal for Baird’s own account. Baird and DDK Consultants act as principal when they sell a security from Baird’s inventory to a client or they purchase a security from a client for Baird’s inventory. Baird and DDK Consultants also act as principal when they sell new issue securities to clients in securities offerings underwritten by Baird. Baird also acts as principal in riskless principal principal transactions refer to transactions in which Baird, after having received a client’s order, executes an identical order in the marketplace to fill the client’s order while acting as principal. realize profits To the extent permitted by applicable law and regulation, if a client’s Account participates in a non- Non-Discretionary Service discretionary service, or is managed by an Other Manager, the client’s advisory agreement provides Baird and DDK Consultants with a blanket authorization to act as principal for Baird’s own account in selling any security to, or purchasing any security from, the client’s Account. With this authorization, Baird and DDK Consultants may effect any and all principal transactions with the client’s Account without having to provide specific written disclosures or obtain written client consent prior to completion of each proposed principal trade, subject to the requirements of an exemptive order issued by the SEC to Baird (Rel. No. IA- 4596) and other applicable law and regulation. This authorization to enable Baird and DDK Consultants to trade as principal with a client’s Account may be revoked at any time by the client in client’s sole discretion by notifying the client’s DDK Consultant in writing. interests of incentive to Baird may from principal transactions with a client based on the difference between the price Baird paid for the security and the price at which Baird sold the security, which may include a markup, markdown or spread from the prevailing market price, an underwriting fee, selling dealer concession, or other incentive to execute the transaction. DDK Consultants may receive compensation from Baird related to principal trades of securities underwritten by Baird. Any compensation received by Baird or a DDK Consultant in a principal transaction is in addition to the Advisory Fee paid by the client. Principal trades also allow Baird to sell securities from its account that it deems undesirable and to buy securities for its account that it deem desirable. Thus, in trading as principal with a client, Baird and DDK Consultants will have potentially conflicting division of loyalties and responsibilities regarding their own interests and the the client. This potential compensation may give Baird and DDK recommend a Consultants an transaction in which Baird and DDK Consultants act as principal over other transactions. Nonetheless, Baird and DDK Consultants have a fiduciary duty to act in the client’s best interest and to seek best execution for advisory clients. Review of Accounts Client Account Review Client accounts are monitored on a periodic basis by the client’s DDK Consultant and are subject to review by the Baird Market Director or PWM Supervision department supervisor (or his or her respective designee) responsible for supervising the client’s DDK Consultant. A client’s DDK Consultant generally reviews the performance of the client’s Account at least annually. However, the client’s DDK Consultant may not review the performance of a client’s SMAs managed by Other 95 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Managers under the Baird SMA Network Program or Dual Contract Program. Baird has designated individuals who are responsible for monitoring a client’s DDK Consultant with respect to the client account’s trading activity and attempting to ascertain whether client accounts within each composite are being treated equitably. client compares Account performance to the performance of a market index, the client should recognize that a market index merely reflects the performance of a list of unmanaged securities included in the index and the index performance does not take into account management fees, execution costs, and other expenses related to investing for a client’s Account. The securities included in a client’s Account generally do not exactly mirror the securities included in the index. performance comparisons Account Statements and Performance Reports If Baird provides transaction execution services to a client, Baird will generally provide the client with a monthly brokerage account statement when activity occurs during that month. Otherwise, Baird will provide the client with a quarterly statement if there has not been any intervening monthly transaction activity. The benchmarks used by Baird with respect to a client’s SMA may differ from the benchmarks used by the manager of the client’s SMA. As a result, the in Baird’s performance reports may differ from reports provided to clients directly by the investment manager for the client’s SMA. A client’s DDK Consultant will provide the client with a written report on the client’s Account’s performance as often as the client and the DDK Consultant may from time to time mutually agree. Performance reporting may not be available for Account assets that are not custodied at Baird. For more information about performance reports provided by DDK, see “Advisory Business— Description of Advisory Services” above. DDK or Baird may change or discontinue performance reporting to a client at any time for any reason upon notice. calculation of Client performance reports usually contain a portfolio valuation and typically show the asset allocation of the client’s portfolio, changes in a client’s portfolio, and account performance compared to a benchmark market index or indices (such as the S&P 500® Index or the Bloomberg U.S. Intermediate Government/Credit Bond Index). The benchmark may be a blended benchmark that combines the returns for two or more indices. The performance of investment managers may, under certain circumstances, be presented to clients on a “gross” or “gross of fees” basis, which means the performance results being presented does not reflect the deduction of Advisory Fees and other costs that clients have incurred and will incur when retaining the manager. Had applicable Advisory Fees and other costs been included in the performance calculation, the manager’s performance results would have been lower than the performance results presented. Documents presenting a manager’s performance results on a gross of fees basis should contain certain disclosures about the performance results being presented. Clients are urged to review carefully those disclosures because they contain important the the information about performance results. If a client is presented performance information for a manager’s strategy on a gross of fees basis and the client has an Account managed by that manager pursuant to that strategy, the client should obtain a performance report for the Account and review that performance information carefully because the performance report for the Account will reflect the deduction of applicable Advisory Fees and other costs. A client should note that past performance does not indicate or guarantee future results. None of DDK, Baird, or investment managers managing the client’s Account promise or guarantee any level of investment returns or that the client’s investment objective will be achieved. Benchmarks shown in performance reports are for informational purposes only. DDK’s selection and use of benchmarks is not a promise or guarantee that the performance of a client’s Account will meet or exceed the stated benchmark. When the Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Model Portfolio, as reported by the Model 96 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  different from the prices shown on statements and reports provided by DDK or Baird. See “Custody” below for more information. Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by Baird client Accounts pursuing the Model Portfolio strategy. See “Additional Service Information—Trading for Client Accounts—Trading Practices of Investment Managers” above for more information. including, but not limited to, role in developing the these fees to Client Referrals and Other Compensation DDK or Baird may provide compensation to individuals who refer clients in some instances. When applicable, the compensation paid is a percentage of the client’s fee payments or the value of the client’s Account. The amount of compensation will vary, with the specific level determined based upon consideration of various factors the individual’s client relationship and the assets under management. registered Baird may pay representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird. When preparing a client’s Account statements and performance reports, DDK and Baird generally rely upon third party sources, such as third party pricing services. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian. and Personal Trading” DDK and Baird and Baird’s affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled “Advisory Business—Additional Service Information”, “Fees and Compensation”, “Other Financial Industry Activities and Affiliations”, “Code of Ethics, Participation or Interest in Client Transactions and “Brokerage Practices” above. is unreliable. Valuation data from Custody Certain Services may require clients to custody their Account assets at Baird. If Baird is the custodian of a client’s assets, Baird will provide certain custody services, including holding the client’s Account assets, crediting contributions and interest and dividends received on securities held in a client’s Account, and making or “debiting” distributions the Account. Information about account statements and performance reports, if any, that DDK and Baird provide to clients is contained under the heading “Advisory Business–Consulting Services” and “Review of Accounts” above. DDK and Baird do not conduct a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. DDK and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such for valuations investments, particularly annuities and Complex Investment Products, may not be provided to DDK or Baird in a timely manner, resulting in valuations that are not current. The prices obtained by DDK and Baird from the third party pricing services, issuers, sponsors and custodians may differ from prices that could be obtained from other sources. Values used in account statements and performance reports may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the values may be greater than the amount a client would receive if the securities were actually sold from the client’s Account. As custodian, Baird may hold a client’s Account assets in nominee or “street” name, a practice that refers to securities and assets being registered in Baird’s name or in a name that Baird designates, rather than in a client’s name directly. Baird will be the holder of record in those instances. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be 97 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird may utilize one or more subcustodians to provide for the custody of a client’s assets in certain circumstances. For instance, Baird utilizes subcustodians to maintain custody of certain client securities that are traded on foreign exchanges. (e.g., Also, the client will receive account statements directly from the client’s selected custodian. A client should carefully review those account them with any compare statements and statements provided by DDK or Baird. A client should note that the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by DDK or Baird due to a variety of factors, including the use of different valuation sources and accounting methods settlement date trade or accounting) by the custodian and Baird. Investment Discretion Investment Selection and Trading Authorizations A client retains complete discretion over investment selection and trading decisions with respect to assets in a client’s Non-Discretionary Service Accounts, and DDK and Baird will only execute transactions for such Accounts pursuant to the client’s instruction or authorization. to client Accounts on If a client’s Account participates in a Discretionary Service, the client’s advisory agreement provides Baird and the client’s DDK Consultant, as applicable, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the Service selected by the client. a If a client’s Account participates in the DDK Recommended Managers Service, the client’s advisory agreement provides Baird and the client’s DDK Consultant discretionary authority to appoint investment managers to manage the client’s Account and to terminate or replace investment managers for the client’s Account for any reason without prior notice to the client. If DDK or Baird terminates an investment manager from management client’s DDK of Recommended Managers Service Account, the client’s advisory agreement provides DDK and Baird discretionary authority to manage the assets in the client’s Account until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. DDK and Baird in their sole discretion may accept into a client’s Account, Held-Away Assets including assets that are held by another custodian (a “third party custodian”). A client who uses a third party custodian to hold Account assets does so at the client’s risk. A client should understand that DDK and Baird do not monitor, evaluate or review any third party custodian unless they otherwise agree to do so in writing. The client should also understand that the client will pay a custody fee to the third party custodian in addition to the Advisory Fee. Baird may also impose additional fees on Accounts with assets held by a third party custodian due to the increase in resources needed to administer those Accounts. Further, such third party custody arrangements may limit the Services made available to the client. In addition, a client should understand that: (a) each third party custodian has exclusive control over the investment options made available the custodian’s platform; (b) DDK and Baird have no authority or ability to add to, or remove from, a custodian’s platform any investment option; (c) any advice given by DDK or Baird with respect to the Account is inherently limited by the options available through a custodian’s platform; (d) DDK or Baird may have provided different investment advice with respect to the Account had they not been limited to the investment options made available through the custodian’s platform; and (e) certain investments, such as mutual fund shares, could be more or less expensive than if the investment was obtained from Baird or another firm. A client should further note that DDK and Baird may not provide performance review or reporting for Held-Away Assets. In addition, a client who uses a third party custodian is not eligible for cash sweep services offered by Baird. Clients using a third party custodian are encouraged to establish appropriate cash sweep arrangements. include If a client’s Account participates in an SMA Service, the client’s advisory agreement provides the investment manager selected to manage the an client’s Account, which may Implementation Manager, discretionary authority A client who uses a third party custodian authorizes DDK and Baird to give instructions to the client’s custodian for all actions necessary or incidental to the purchase, sale, exchange, and delivery of securities held in the client’s Account. 98 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to manage the assets in the client’s Account in accordance with the terms of the SMA Service selected by the client. investment manager for a client’s SMAs may initiate securities transactions through Baird, in its capacity as broker-dealer, as further described under the heading “Brokerage Practices” above, subject to the manager’s duty to seek to obtain best execution, or unless a client has provided other instructions in writing. Baird, as broker- dealer, will rely upon any such instructions of any investment managers selected to manage the client’s Account. for buying, holding, If a client participates in an SMA Service, the client authorizes DDK and Baird to share client’s information with the Overlay Manager and any Other Manager or Implementation Manager managing the client’s Account. The client also authorizes and directs DDK and Baird to transmit to the Overlay Manager and any such Other Manager or Implementation Manager any instructions that the client may provide to DDK or Baird to the extent necessary to carry out the client’s instructions. the client. Pursuant Client Investment Restrictions The Discretionary and the SMA Services offer a client the ability to impose reasonable investment restrictions on the management of an Account, including the designation of particular securities or types of securities that should not be purchased for the client’s Account, but a client may not require that particular funds or securities (or types) be purchased for the client’s Account. Reasonable investment restrictions requested by a client will apply only to those assets over which DDK, Baird or a client’s investment manager has discretion. investments to those If a client grants discretionary authority over the client’s Account to DDK, Baird, the client’s DDK Consultant or the client’s investment manager, the client’s advisory agreement authorizes DDK, Baird, the client’s DDK Consultant and the client’s investment manager, as applicable, to manage the client’s Account and to make investment decisions for the client’s Account, with the authority to determine the amount, type and timing exchanging, converting and selling securities and other assets for the client’s Account, subject to the terms of the Service selected by the client. The client’s advisory agreement also grants to DDK, Baird, the client’s DDK Consultant and the client’s investment manager, as applicable, complete and unlimited trading authorization and appoints them as the client’s agents and attorneys-in-fact to manage the assets in the client’s Account on the client’s behalf, subject to the terms of the Service selected by to such authorization and powers of attorney, DDK, Baird, the client’s DDK Consultant and the client’s investment manager may, in their sole discretion and at the client’s risk, purchase, sell, exchange, convert and otherwise trade the securities and other assets in the client’s Account, as well as arrange for delivery and payment in connection with the above, and act on the client’s behalf in all matters necessary or incidental to the handling of the client’s Account without prior notice to the client. Such trading authorizations and powers of attorney, whether granted to DDK, Baird, the client’s DDK Consultant or the client’s investment manager, shall remain in full force and effect until terminated by the client, the client’s investment manager, DDK or Baird. DDK may also offer clients a socially responsible investing (“SRI”) service, which assists a client in that are restricting consistent with the client’s social investment guidelines or objectives. Clients electing the SRI service generally bear the cost of the SRI service as it is generally included in the Advisory Fee. accounts without restrictions In the event that a client’s Account is restricted from investing in certain securities, DDK, Baird or the client’s investment manager, as applicable, will select such other replacement securities, if any, as they deem appropriate. Accounts with investment restrictions may perform differently from and performance may be poorer. In addition, in the event there is a change in the classification or Orders for the purchase and sale of securities in a client’s Discretionary Service Accounts will generally be executed by Baird, in its capacity as broker-dealer, as further described under the heading “Brokerage Practices” above, unless Baird’s duty to seek to obtain best execution otherwise requires or unless the client has provided other instructions to Baird in writing. DDK and Baird do not have discretionary authority over the assets in a client’s SMAs that are managed by an Other Manager and cannot purchase or sell such assets without the consent of the client or such Other Manager. The 99 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Brochure. A client’s consent may be revoked at any time. the discretionary Other Managers may use authority granted to them by a client to invest the client’s Account in investment products affiliated with the Other Manager or that pay fees to the Other Manager or to any of its affiliates for investment advisory or other services they provide. credit rating of a security held in the client’s Account, a client’s investment restrictions may force DDK, Baird or the client’s investment manager to sell such security at an inopportune time, possibly negatively impacting Account performance and causing the client’s Account to realize taxable gains or losses, which could be significant. A client should also be aware that, if the client’s Account holds any investment vehicle (such as a mutual fund or ETF), any investment restrictions the client places on the client’s Account may not flow through to the securities owned by that investment vehicle. Should a client wish to impose or modify existing restrictions, or the client’s financial condition or investment objectives have changed, the client should contact the client’s DDK Consultant. By signing an advisory agreement with DDK, a client consents to each Other Manager managing client’s Account investing all or a portion of the client’s Account in investment products that pay advisory or other fees to the Other Manager or its affiliates. Each Other Manager is responsible for providing to the client information about the amount of fees received by the Other Manager and its affiliates and the criteria used by the Other Manager in deciding to invest in products affiliated with the Other Manager. A client should contact the Other Manager and review the Other Manager’s Form ADV Part 2A Brochure for more information. A client’s consent may be revoked at any time. Affiliated Investment Products DDK, Baird and Baird’s affiliates may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with Baird or that pay fees to Baird or to any of its affiliates for investment advisory or other services they provide (“affiliated investment products”). Baird and its affiliates may receive fees or other compensation related to such investments made by the client. Investment Policy Statements DDK and Baird will not review, monitor, accept or adhere to an investment policy statement or similar document that was not prepared by DDK or Baird, unless they otherwise specifically agree to do so in writing. Adherence to any such investment policy statement or similar document is solely a client’s responsibility. to invest in affiliated for use Conversion, Exchange or Sale of Certain Investments By participating in a Service, a client authorizes DDK and Baird to convert or exchange any shares of mutual funds and other Investment Funds held in the client’s Account to a class of shares of the same fund, such as advisory class shares, institutional class shares, financial intermediary class shares, or another class of shares primarily designed advisory programs in (collectively, “Advisory Class Shares”), to the extent made available by the mutual fund or other Investment Fund in accordance with policies established by Baird from time to time, including, without limitation the Mutual Fund Share Class Policy that is described above. By signing an advisory agreement with DDK, a client consents to DDK, Baird and Baird’s affiliates investing all or a portion of the client’s Account in affiliated investment products. The amount of fees received by Baird and its affiliates is generally described in the prospectus or other offering or disclosure documents for the investment product. Additional information is also available on Baird’s website at bairdwealth.com/retailinvestor. DDK, their Baird and Baird’s affiliates will use discretionary authority to invest the client’s Account in affiliated investment products when they determine it to be in the client’s best interest to do so. Generally, the criteria used by them in investment deciding products are the same as those used in deciding to invest a client’s assets in investment products unaffiliated with Baird. For more information about the criteria used by DDK and Baird, clients should review the section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss” above. For more information about the criteria used by Baird’s affiliates, clients should review the affiliate’s Form ADV Part 2A 100 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account, or a client may delegate such right to Baird. If a client retains proxy voting authority, Baird will forward proxy materials that Baird actually receives to the client. The client will then be solely responsible for analyzing the materials and casting the vote. A client should understand that, the client may not hold Advisory Class Shares in a non-Advisory Account and that the client may not be able to hold certain Advisory Class Shares in an account held at another firm. Upon the termination of a Service for an Account or the closure of an Account for any reason, DDK and Baird may convert or exchange the Advisory Class Shares held in the Account to an appropriate non- Advisory Class Shares issued by the same fund, or, if an appropriate non-Advisory Class Shares is not available, DDK and Baird may redeem or sell such Advisory Class Shares. If a client delegates voting authority to Baird, Baird will vote proxies solicited by, or with respect to, securities held in the client’s Account for the exclusive benefit of the client and in accordance with policies and procedures adopted by Baird. Voting Client Securities Non-Discretionary Accounts With respect to any Accounts over which the client retains discretionary investment authority, a client retains the right to vote proxies with respect to the securities held in such Accounts. Accordingly, the client is responsible for voting proxies and otherwise addressing all matters submitted for consideration by security holders, and DDK and Baird are under no obligation to take any action or render any advice regarding such matters. The client’s DDK Consultant may, upon the client’s request, provide advice on proxy voting or what other action the client could take. Baird has adopted written policies and procedures that are reasonably designed to ensure that it votes client securities in the best interests of clients. Those procedures address material conflicts of interest that may arise between Baird’s interests and those of its clients. Although a description of Baird’s proxy voting policies and procedures is provided below, Baird will furnish a copy of its proxy voting policies and procedures to clients upon their request. Additionally, clients may obtain information on how Baird actually voted proxies with respect to the securities held in their accounts by contacting their DDK Consultant or by calling (414) 765-3500. interests. Baird utilizes governance services, voting recommendations. Separately Managed Accounts Under the DDK Recommended Managers Service, Baird SMA Network Program and Dual Contract Program, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or the client may delegate such right to the investment manager selected to manage the client’s Account (which may include Baird, the Overlay Manager or an Implementation Manager). A client may select either option by making the appropriate election in the client’s advisory agreement (and in the case of a dual contract arrangement under the Dual Contract Program, by providing proper instructions to the information about a manager directly). For manager’s voting policies and procedures, clients should review the manager’s Form ADV Part 2A Brochure. Discretionary Services Under the DDK Investment Management Service, a client may retain the right to vote proxies with respect to the securities held in the client’s In situations in which a client has delegated to Baird voting authority with respect to securities in the client’s Account, Baird will vote proxies in a manner that Baird believes is consistent with the client’s best an independent provider of proxy voting and corporate currently Institutional Shareholder Services (“ISS”), to analyze proxy materials and votes and make ISS independent provides proxy voting guidelines regarding its position on various matters presented by companies to their shareholders for consideration. Baird will typically vote shares in accordance with the recommendations made by ISS. However, ISS’s guidelines are not exhaustive, do not address all potential voting issues, and do not necessarily correspond with the opinions of DDK Consultants. In the event the client’s DDK Consultant believes the ISS recommendation is not in the best interest of the client, the DDK Consultant will bring the issue to Baird’s Proxy Voting Sub-Committee through a proxy challenge then be process. The Sub-Committee will 101 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  consideration of any benefit to Baird or its affiliates. If the potential conflict is determined to be material, Baird’s Proxy Voting Sub-Committee will take one of the following steps to address the potential conflict: (1) cast the vote in accordance with the recommendations of ISS or other independent third party; (2) refer the proxy to the client or to a fiduciary of the client for voting purposes; (3) suggest that the client engage another party to determine how the proxy should be voted; (4) if the matter is not addressed by ISS, vote in accordance with management’s recommendation; or (5) abstain from voting. responsible for determining how the vote will be cast. The decision made by the Proxy Voting Sub- Committee on the proxy challenge applies to all the DDK advisory accounts managed by Consultant (or team of DDK Consultants), unless the client has directed Baird to utilize specific voting guidelines (e.g., Taft-Hartley guidelines). For those matters for which the independent proxy voting service does not provide a specific voting recommendation, each DDK Consultant will cast the vote in a manner he or she believes is in the best interest of clients. The votes cast for a client’s Account may differ from those votes cast for other Baird clients based on differing views of DDK Consultants and other Baird portfolio managers. While Baird uses its best efforts to vote proxies, there are instances when voting is not practical or is not, in Baird’s or DDK Consultants’ view, in the best interest of clients. For example, casting a vote on a foreign security may involve additional costs or may prevent, for a period of time, sales of shares that have been voted. Also, when a client has entered into a securities lending program, Baird generally will not seek to recall the securities on loan for the purpose of voting the securities; however, Baird reserves the right to recall the shares on loan on a best efforts basis if the client’s DDK Consultant becomes aware of a proxy proposal where the proxy vote is materially important to the client’s Account. In addition to the services described above, Baird has engaged ISS for vote execution and record- keeping services. Baird uses ISS’s electronic vote management system to cast votes on behalf of clients. In connection with Baird’s use of that system, ISS pre-populates how client votes should be cast based upon ISS’s voting recommendations. The system allows Baird to change the pre-populated vote (to the extent permitted by Baird’s proxy voting policies) up until a certain time prior to the applicable meeting (the “voting cut-off time”). Baird’s proxy voting policies are designed to address situations when additional information becomes available after the votes are pre- populated in the system and before the voting cut-off time. However, there is no guarantee that all information that could affect Baird’s proxy voting decision will be received or considered by Baird prior to a vote being cast. (or Other Proxy Voting Information Clients wishing to direct particular votes once they have granted Baird discretionary voting authority may do so by contacting their DDK Consultant. However, if Baird has been granted discretionary voting authority, neither DDK nor Baird will provide a client with notice that Baird has received a proxy solicitation, nor will they consult with the client before casting a vote, unless the client otherwise directs them to do so. Except to the extent a client has delegated proxy voting authority to Baird, DDK and Baird have no authority, direct or implicit, and accept no responsibility for taking any action or rendering any advice with respect to the voting of proxies related to securities held in a client’s Accounts. The proxy voting policies and procedures also address instances in which Baird’s interests may appear to conflict with client interests, such as when Baird or an affiliate of Baird is managing or to manage or seeking administering administer) a corporate retirement, pension or employee benefit plan or providing (or seeking to provide) advisory or other services to a company whose management is soliciting proxies. In such instances, there may be a concern that Baird would be inclined to vote in favor of management because of Baird’s relationship or pursuit of a relationship with the company. In situations where there is a potential conflict of interest, Baird’s Proxy Voting Sub-Committee will determine the nature and materiality of the conflict. If the conflict is determined to not be material, the Sub-Committee will vote the proxy in a manner the Sub-Committee believes is in the the client and without best interests of 102 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  including, of Labor without (“DOL”) extent permitted by applicable law, rule or limitation, regulation, Department Prohibited Transaction Exemption (“PTE”) 77-4, DOL PTE 2020-02 or other advisory opinions issued by the DOL. Providing Baird Voting Instructions As mentioned above, Baird may be the holder of record for certain securities in a client’s Account. If the client retains voting authority over such securities (or delegates such authority to party other than Baird), and a proxy is solicited with respect to any such securities, the client (or other authorized party) will need to provide voting instructions to Baird. To the extent the client (or other authorized party) does not provide timely voting instructions, Baird will vote such securities to the extent permitted by law and in compliance with the rules of the New York Stock Exchange and the SEC relating to such matters. Legal Proceedings and Corporate Actions Generally, none of DDK, Baird or any Other Manager responsible for managing all or a portion of the assets in a client’s Account will render advice or take action on a client’s behalf with respect to securities that are or were held in the client’s Account, or the issuers thereof, which go into default or become the subject of legal proceedings, such as class action claims, defaults or bankruptcies. Also, they may or may not vote or advise clients on other corporate actions, like tender offers, that are not solicited by a proxy statement. At a client’s request, Baird will forward information that Baird actually receives to the client. Financial Information DDK does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of Baird’s most recent fiscal year. Neither Baird nor DDK is aware of any financial condition that is reasonably likely to impair their ability to meet their contractual commitments to clients, nor has either been the subject of a bankruptcy petition at any time during the past ten years. investment investment product To the extent Baird and its affiliates rely upon PTE 77-4, each Retirement Account Fiduciary should also understand that when DDK or Baird invests the assets of a Retirement Account in an affiliated investment product that pays investment advisory fees to Baird or any of its affiliates, Baird and its affiliates will receive such investment advisory fees in accordance with the terms of DOL PTE 77- 4, and, as required thereby, DDK and Baird will waive the asset-based Advisory Fees on that portion of the assets invested in the affiliated investment product for such period of time so invested or Baird will offset the investment advisory fees received by Baird or any of its affiliates from the affiliated investment product against the asset-based Advisory Fee that DDK and Baird charge to the client. For the purpose of complying with the terms of DOL PTE 77-4, the client and each Retirement Account Fiduciary of the client acknowledge in the client’s advisory agreement that: (i) the investment in affiliated investment products for the client’s Account is appropriate because of, among other things, the investment goals, redeemability, liquidity, and diversification of those products; (ii) subject to the terms of the applicable Service, all assets of the client’s Account may be invested in one or more of the affiliated investment products; (iii) the client and such Retirement Account Fiduciary received prospectuses or other offering or disclosure documents for the affiliated investment products that may be used in connection with the Account, each of which include a summary of all fees that may be paid by the affiliated investment products to Baird or its affiliates; and (iv) the client received information concerning the nature and extent of any differential between the rate of such affiliated investment product fees and the the client. The Advisory Fees payable by differential between the fees to be charged by DDK and Baird for the investment advisory services they provide to the client and, if applicable, the investment advisory and other similar fees paid by the affiliated investment product to Baird or its affiliates with respect to the services Baird or any of its affiliates provides to the affiliated is the difference between the Advisory Fee disclosed in Special Considerations for Retirement Accounts Each Retirement Account Fiduciary of a client should understand that DDK or Baird may invest for the client, recommend that the client invest in, or make available to plan for participants, affiliated investment products, that Baird and its affiliates will receive fees or other compensation related to such investments, and that they will retain such compensation to the 103 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the client’s advisory agreement and the applicable investment management, investment advisory and other similar fees detailed in the applicable prospectus or other offering or disclosure documents for the affiliated investment product. as well as the description of Baird’s brokerage placement practices, which is set forth below. DDK also will provide such other reasonably available information that the client may request for such purpose. that directed the fiduciary Fiduciary such Fiduciary is that for complying with all likelihood of price transactions, and the duty in certain broker-dealer, and terminating monitoring a funds. Baird may place orders 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, 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 or other remuneration instances. Additional information about Baird’s routing of equity orders is available on Baird’s website at bairdwealth.com/retailinvestor. Baird does not place orders with market makers or other third parties for the purpose of compensating such firms for their efforts in marketing Baird-affiliated mutual for securities transactions with third party broker- dealers and other firms that provide research products and services to Baird. If the client’s Account is a Retirement Account and if DDK is directed to implement a directed brokerage arrangement for the Account, each Retirement Account Fiduciary of the client should understand: brokerage the arrangement must be for the exclusive benefit of participants and beneficiaries of the Retirement responsibilities Account; and discussed in ERISA Technical Bulletin 86-1. Each should also Retirement Account solely understand fiduciary responsible responsibilities discussed in ERISA Technical Bulletin 86-1, including, without limitation, the duty to make an initial determination that the directed broker-dealer is capable of providing best execution for the client’s brokerage transactions, the duty to monitor the services provided by the directed broker-dealer so as to assure that the client has received best execution of the client’s to brokerage determine that the commissions paid by the client and any other fees or costs incurred by the client are reasonable in relation to the value of the brokerage and other services received by the client. The client and each Retirement Account Fiduciary of the client should also understand that the client and the client’s Retirement Account Fiduciaries are solely responsible for engaging a its directed performance directed brokerage arrangement, and that DDK and Baird are not responsible for determining whether a directed broker-dealer is capable of providing best execution. If the client’s Account is a Retirement Account, the client and each Retirement Account Fiduciary of the client should note that the advisory 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, DDK will provide the client with a copy of DOL PTE 86-128 and the form to be used to terminate such authorization, If a client’s Account is a Retirement Account and if the client has selected an investment manager or product related to Baird (such as the use of services or products offered by Baird Advisors, Baird Equity Asset Management, CCM, Baird Trust, GAMMA, Greenhouse, LoCorr, Riverfront, Strategas or any Investment Fund affiliated with any of them), each Retirement Account Fiduciary of the client understands and agrees that in making such selection: (a) Baird and its affiliates may receive higher aggregate compensation than if the client selected investment managers, funds or other products not affiliated with Baird and thus Baird may have an incentive to offer such 104 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  For more information affiliated investment managers, funds or other products; (b) Baird makes available to the client investment managers, funds and products not affiliated with Baird and the client may obtain additional information about such unaffiliated investment managers, funds or products at any time by contacting the client’s DDK Consultant; and (c) the client is free to choose another investment option or participate in another Baird advisory program that does not use investment managers, funds or products affiliated with Baird at any time by contacting the client’s DDK about Consultant. investment managers and products that are affiliated with Baird, please see “Other Financial Industry Activities and Affiliations” above. 105 DDK F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

Baird Generational Wealth Group Wrap Fee Program Brochure March 21, 2025 Baird Generational Wealth Group 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Toll Free: 800-792-2473 www.bairdfamilywealthgroup.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 wrap fee program brochure (“Brochure”) provides information about the qualifications and business practices of Robert W. Baird & Co. Incorporated (“Baird”) and Baird Generational Wealth Group (“GWG”), a team within Baird’s Private Wealth Management department. Clients should carefully consider this information before becoming a client of GWG. If you have any questions about the contents of this Brochure, please contact GWG 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 Generational Wealth Group (“GWG”), a team within the Private Wealth Management department of Robert W. Baird & Co. Incorporated (“Baird”), updated its Form ADV Part 2A wrap fee program brochure (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that GWG has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Baird updated the description of investment options available under its Cash Sweep Program. See the Section of the Brochure entitled “Services, Fees and Compensation—Additional Service Information— Cash Sweep Program” for specific information. • Baird updated information about risks associated with recent events, such as those associated with potential market uncertainty caused by policy changes as the result of the recent U.S. Presidential election, Russia’s ongoing war with Ukraine, conflicts in the Middle East, the strained relationship between the U.S. and China and other countries, inflation, discord in U.S. politics and other geopolitical events. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” for more specific information. • Baird updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Advisory Business” for more information. • Baird updated information about Baird’s affiliates and related persons. See the Section of the Brochure entitled “Additional Information—Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents Services, Fees and Compensation ................................................................... 1 The Client-Baird Fiduciary Relationship ............................................................ 1 Summary of GWG’s Services .......................................................................... 1 Consulting Services ...................................................................................... 4 Financial Strategy ................................................................................... 4 Investment Strategy ............................................................................... 6 Risk Management ................................................................................... 6 Tax Planning .......................................................................................... 6 Estates and Trusts .................................................................................. 6 Philanthropic Planning ............................................................................. 7 Family Education .................................................................................... 7 Sounding Board ...................................................................................... 7 Data Aggregation .................................................................................... 7 Discretionary Services ................................................................................... 8 GWG Investment Management Service ...................................................... 8 SMA Services ............................................................................................... 8 GWG Recommended Managers Service ...................................................... 8 Baird SMA Network Program .................................................................. 10 Dual Contract Program .......................................................................... 13 Other SMA Strategy Information ............................................................. 14 Additional Service Information ..................................................................... 14 Investment Discretion ........................................................................... 14 Trading for Client Accounts .................................................................... 17 Complex Strategies and Complex Investment Products .............................. 23 Permitted Investments .......................................................................... 26 Unsupervised Assets ............................................................................. 27 Special Considerations for the Services .................................................... 28 Goal Management ................................................................................. 28 Tax Management Services ..................................................................... 29 Investment Objectives ........................................................................... 31 Mutual Fund Share Class Policy ............................................................... 32 Custody Services .................................................................................. 34 Cash Sweep Program ............................................................................ 34 Trust Services Arrangements .................................................................. 36 Margin Loans ........................................................................................ 37 Securities-Based Lending Program .......................................................... 37 Client Responsibilities ............................................................................ 38 Legal and Tax Considerations ................................................................. 38 Advisory Fees ............................................................................................ 39 Fee Options and Fee Schedule ................................................................ 39 Service Account Minimums ..................................................................... 40 Calculation and Payment of Advisory Fees ................................................ 40 Obtaining Services Separately: Brokerage or Advisory? Factors to Consider ...................................................................................... 43 Advisory Fee Payments to Baird, GWG Consultants and Investment Managers ........................................................................ 44 iii BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Other Fees and Expenses ............................................................................ 46 Cost and Expense Information for Certain Investment Products .................. 46 Additional Account Fees and Charges ...................................................... 46 Other Fees and Charges ........................................................................ 46 Compensation Received by GWG and Baird .................................................... 47 Account Requirements and Types of Clients .................................................. 47 Opening an Account .................................................................................... 47 Certain Account Requirements ..................................................................... 48 Minimum Account Size ........................................................................... 48 Account Contributions and Withdrawals ................................................... 48 Liens and Use of Account Assets as Collateral ........................................... 49 Electronic Delivery of Documents ............................................................ 50 Termination of Accounts .............................................................................. 50 Types of Clients.......................................................................................... 51 Portfolio Manager Selection and Evaluation .................................................. 51 Selection and Evaluation ............................................................................. 51 GWG Recommended Managers Service .................................................... 51 Baird SMA Network and Dual Contract Programs ....................................... 52 GWG Investment Management Service .................................................... 53 Oversight of the Services ....................................................................... 53 Performance Calculation .............................................................................. 53 Portfolio Management by GWG, Baird and Related Persons .............................. 54 Advisory Business ....................................................................................... 55 Performance-Based Fees and Side-By-Side Management ................................. 55 Methods of Analysis, Investment Strategies and Risk of Loss ........................... 56 Investment Strategies and Methods of Analysis ........................................ 56 Principal Risks ...................................................................................... 72 Voting Client Securities ............................................................................... 89 Non-Discretionary Accounts ................................................................... 89 Separately Managed Accounts ................................................................ 89 Discretionary Services ........................................................................... 90 Other Proxy Voting Information .............................................................. 91 Providing Baird Voting Instructions.......................................................... 91 Legal Proceedings and Corporate Actions ................................................. 91 Client Information Provided to Portfolio Managers ....................................... 91 Client Contact with Portfolio Managers ......................................................... 92 Additional Information .................................................................................. 92 Disciplinary Information .............................................................................. 92 Other Financial Industry Activities and Related Parties .................................... 94 Broker-Dealer Activities ......................................................................... 94 Investment Management Activities .......................................................... 94 Certain Affiliated and Related Parties ....................................................... 95 Other Financial Industry Activities ........................................................... 98 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading .................................................................................... 99 Code of Ethics ...................................................................................... 99 Participation or Interest in Client Transactions .......................................... 99 iv BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Review of Accounts .................................................................................... 106 Client Account Review .......................................................................... 106 Account Statements and Performance Reports ......................................... 106 Client Referrals and Other Compensation ..................................................... 108 Financial Information ................................................................................. 108 Special Considerations for Retirement Accounts ............................................ 108 v BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to clients, including the contain information about Baird’s website retirement accounts, which The Client-Baird Fiduciary Relationship Baird is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). GWG and Baird are deemed to have a fiduciary relationship with a client when providing the investment advisory services that are described in this Brochure. That means that GWG and Baird are required to act in the best interest of the client when providing investment advisory services. From time to time GWG and Baird may engage in receive certain business practices or may compensation or other benefits that create a potential for conflict between the interests of clients and the interests of GWG and Baird. GWG and Baird generally address potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements that individuals providing investment advice to clients and the services they provide, and the agreements clients enter into with GWG and Baird. In addition, Baird has adopted internal policies and procedures for GWG and Baird that require them to: provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; act with utmost care and good faith in dealings with advisory clients; and seek to obtain “best execution” of advisory client transactions. The specific business practices that create potential conflicts of interest with clients and additional measures used by GWG and Baird to address them are discussed in other sections of this Brochure. (“IRC”) (collectively, A client should note that registration as an investment adviser does not imply a certain level of skill or training. including Services, Fees and Compensation This Brochure describes some of the investment advisory services that Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients through Baird Generational Wealth Group (“GWG”), a team within Baird’s Private Wealth Management (“PWM”) department. Baird and GWG offer other investment advisory services not described in this Brochure. Separate brochures describe those other investment advisory services and discuss the terms and conditions, fees and costs and potential conflicts of interest associated with those services. This Brochure also references other documents that contain additional important information about Baird. Those documents describe the types of services that Baird offers to clients and certain types of investments it makes available terms, conditions, fees and costs applicable to those services and investments and certain risks and conflicts of interest associated with those services and investments. Those documents are available on at bairdwealth.com/retailinvestor. Included on that website is Baird’s Client Relationship Booklet, contains Baird’s Form CRS Client which Relationship Summary and Baird’s Client Relationship Details document. The Client Relationship Booklet also contains an important disclosure document for retirement investors that include have employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as amended “Retirement Accounts”). A client of Baird should have already received a copy of the Client Relationship Booklet. A client or prospective client who wishes to obtain a brochure for another investment advisory service provided by Baird, or a paper copy of any of the other documents referenced in this Brochure, the Client Relationship Booklet, should contact a GWG Consultant or call Baird toll-free at 1-800-792-2473. The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. Summary of GWG’s Services investment This Brochure describes certain advisory programs and services that GWG and Baird offer to clients (“Services”) and applies to each advisory account advised by GWG (“Account”). The investment advisory services offered under the Services generally include investment advice and consulting services, which are provided by Baird PWM’s home office investment professionals or GWG, and, depending upon the Service that a client selects, the Service 1 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  may include portfolio management. The Services consist of: consulting services (“Consulting • certain Services”); funds and exchange traded Generally, GWG provides clients with analysis and recommendations on investment managers and strategies. Investment strategies typically may include either public or private securities, private institutional placements, limited partnerships, mutual funds (“ETFs”). Often these investment managers or strategies may be affiliated with external custodians. GWG will assist clients in evaluating custodians and negotiating custodial fees, trading commissions, as well as, investment management fees. • discretionary services, whereby a client gives GWG or Baird (including Baird PWM’s home office investment professionals or the client’s GWG Consultant) full discretionary authority to manage the client’s Account (“Discretionary Services”); provide investment advice client’s Account • non-discretionary services, whereby GWG or Baird and recommendations but the client retains full authority with respect to the management of the (“Non-Discretionary Services”); and the client has The SMA Services are generally offered under a “single contract” arrangement. Under a single contract arrangement, a client enters into an advisory agreement with GWG and Baird, and Baird, in turn, enters into a subadvisory or similar agreement with the investment manager on the client’s behalf. This type of arrangement is frequently referred to as a single contract arrangement because there is only one contract between the client and GWG and Baird; the client does not have an agreement directly with the client’s investment manager. Under the Dual Contract Program, a client has a “dual contract” two arrangement, meaning contracts; one contract with GWG and Baird and another contract with the client’s investment manager. • separately managed account (“SMA”) programs and services, whereby investment managers, which may include third party investment managers unrelated or related to Baird (“Other Managers”) or Baird, manage the client’s Account according to a strategy (each, an “SMA Strategy”) with full discretionary authority, and GWG and Baird provide additional consulting services the client (collectively, “SMA to Services”). Depending on their particular needs or objectives, clients may use one or more of these Services. Certain Programs may allow a client to invest in groups of mutual funds and ETFs (referred to as “sleeves”) and other model portfolios of securities managed by Baird PWM (such sleeves and model portfolios collectively, “PWM-Managed Portfolios”). Aggregation described below. include: Financial The Consulting Services Strategy, Investment Strategy, Risk Management, Tax Planning, Estates and Trusts, Philanthropic Planning, Family Education, Sounding Board, and Data The Discretionary Services include: GWG Investment Management. The SMA Services include: GWG Recommended Managers; Baird SMA Network (“BSN”); and Dual Contract (“DC”). The Additional Consultant Services are only provided to certain clients upon request by a client and agreement to do so by GWG. GWG primarily provides Consulting Services and recommends the GWG Investment Management Service and GWG Recommended Managers Service to clients when appropriate. GWG will infrequently recommend the other Services when GWG believes it is appropriate for a particular client. Baird has engaged an overlay management firm, Envestnet Asset Management, Inc. (the “Overlay Manager”) to provide certain subadvisory services to clients that participate in certain SMA Services. The SMA Services make available two types of SMA Strategies: (1) manager-traded strategies, whereby the manager itself manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Manager-Traded Strategy”); and (2) model- traded strategies, whereby the manager does not manage a client’s Account (a “Model Provider”) but instead provides a model portfolio (“Model Portfolio”) to an overlay management firm, which may include the Overlay Manager, Baird or other third party firm (each, an “Implementation Manager”), that in turn manages a client’s Account and conducts the trading to implement 2 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Manager, and investment products the SMA Strategy selected by the client (a “Model-Traded Strategy”). If a client selects a Model-Traded Strategy, the Model Provider will provide the Model Portfolio and updates to the Implementation the Implementation Manager will manage the client’s Account with full discretionary authority according to the strategy selected by the client. Otherwise, if the client selects a Manager-Traded Strategy, the investment manager will directly manage the client’s Account with full discretionary authority as more fully described below. real assets (“Non-Traditional Assets”). Some Programs also offer the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies (collectively, “Complex these Investment Products”). The use of strategies and involves special risks, and a client should not engage in a strategy or purchase an investment product unless the client understands the related risks. See “Additional Service Information—Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. allocation strategies have Fee. See “Additional Baird is also registered with the SEC as a broker- dealer under Securities Exchange Act of 1934, as amended (the “Exchange Act”). GWG and Baird provide the Services described in this Brochure under a “wrap fee” arrangement. This means that in addition to the investment advisory services that GWG and Baird provide in connection with each Service, Baird, in its capacity as broker- dealer, also provides clients with trade execution, custody and other standard brokerage services for a single fee (“Advisory Fee”). A client should note that the client may incur costs in addition to the Advisory Service Information—Trading for Client Accounts” and “Other Fees and Expenses” below for more information. to execute transactions without referred intend Each Service is designed to address different investment needs of clients. All of the Services discussed in this Brochure may not be appropriate for every client. For example, the Services may not be appropriate for clients who have low or no trading activity, who desire to pay transaction- based fees, who maintain their accounts invested in high levels of cash or other concentrated positions, who do not want ongoing professional investment advice or account monitoring, who tend the recommendation or advice of an advisor, which to as “unsolicited” are commonly transactions, or who to utilize an investment strategy, product or solution that is not available in a Service. Analysis—Investment Certain Services make available asset allocation investment strategies. Asset allocation strategies involve investing in one or more categories of assets, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash, and one or more subcategories of assets, called asset classes. Asset varying investment objectives and investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use tactical investing, which typically involves tactically and actively adjusting account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short- term. Some asset allocation strategies involve the use of both strategic and tactical investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and exchange traded products (“ETPs”), including ETFs and exchange traded notes (“ETNs”). The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. See “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Strategies—Asset Allocation Strategies” below for more information. and bonds (collectively, The Services make available investment products and services offered by parties that are not Some Services offer clients the ability to pursue alternative investment strategies (“Alternative Strategies”) or other non-traditional or complex investment strategies that involve special risks not apparent in more traditional investments like stocks “Complex Strategies”). Similarly, some Programs offer clients the ability to invest in non-traditional or 3 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Greenhouse Funds trade execution, custody and other standard brokerage services. For this reason, a client will also enter into a client relationship agreement or other account agreement with GWG and Baird (“account agreement”) if the client has not already done so. The client’s account agreement authorizes GWG and Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally does not permit a client to include assets in the client’s Account that are held by a third party custodian or that are otherwise held outside of a Baird account (“Held-Away Assets”), although GWG will provide Consulting Services on Held- Away Assets when requested by a client and agreed to by GWG. Service has different related structures, Each administration, types and levels of service, and fees and expenses. In particular, a client should note that the investment advisory services provided by GWG and Baird, including the depth of initial and ongoing research, evaluation, monitoring and review of the investments in a client’s Account, varies by Service and the investments selected for the Account. related to Baird. Some Services make available investment products and services offered by parties related to Baird, including: Baird Advisors and Baird Equity Asset Management, investment management departments of Baird; Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management; GAMMA Investing, LLC (“GAMMA”), LLLP (“Greenhouse”), LoCorr Fund Management, LLC (“LoCorr”), Riverfront Investment Group, LLC (“Riverfront”) and Strategas Asset Management, LLC (“Strategas”), investment managers that are affiliated with Baird; Baird Trust Company (“Baird Trust”), a trust company that is affiliated with Baird; mutual funds offered by Baird Funds, Inc. (the “Baird Funds”), which is affiliated with Baird; and mutual funds offered by LoCorr Investment Trust (the “LoCorr Funds”), which is related to Baird. Those affiliated investment products and services generally consist of mutual funds, ETPs or other funds offered by parties related to Baird (“Affiliated Funds”) and SMA Strategies offered by parties (“Affiliated SMA to Baird Strategies”). For more information about these and other “Additional related parties, see Information—Other Financial Industry Activities and Affiliations” below. that GWG and Baird provide GWG clients typically work with a GWG Consultant to determine the services that are appropriate given their financial goals and circumstances. However, it is a client that ultimately selects the Service and investment strategy that is most appropriate for the client. The foregoing discussion of the Services is only a summary. More specific information about the Services and the particular investment advisory in services connection with each Service are further described below and in the client’s advisory agreement. Clients are encouraged to review this Brochure and their advisory agreement carefully. Consulting Services Financial Strategy financial strategy service includes A client that wishes to participate in a Service will enter into a client relationship agreement or other investment advisory agreement with GWG and Baird client’s (“advisory agreement”). The advisory agreement will contain the specific terms applicable to the services selected by the client, fees payable by the client, and other terms applicable to the client’s advisory relationship with GWG and Baird. A client should note that the client’s advisory relationship with GWG and Baird does not begin until they enter into the applicable advisory agreement with the client, which occurs when Baird PWM’s Home Office has accepted the client’s advisory agreement and determined that all of the client’s paperwork is in order. See “Account Requirements and Types of Clients” below for more information. The the development and periodic updating of a comprehensive financial plan that GWG refers to as a “financial roadmap” or “financial framework”. The financial plan is based upon GWG’s analysis of a client’s assets, liabilities, and cash flow. Cash flows are determined on an after-tax basis. The goal is to develop a financial plan that holistically considers a client’s entire balance sheet, goals and objectives, including liquidity needs, and a client’s ability and willingness to accept risk. A client’s goals, objectives, and ability and willingness to accept risk may be determined through in person meetings or based upon a client’s responses and information provided to GWG through the Client Profile Questionnaire. As mentioned above, Baird, in its capacity as broker-dealer, also provides GWG clients with 4 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Using information from Accounts held at Baird as well as other information provided to GWG by the client, GWG will provide the client an updated personal balance sheet on a quarterly basis. Financial planning and the “financial roadmap” are generally updated annually or on as need basis. Less Risky asset grouping could carry relatively higher investment risk under certain economic or market conditions. Please see ““Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. the strategy and make fixed intermediate-term short-term fixed GWG generally reviews a client’s then-current asset allocation versus target strategic allocation and the target tactical allocation on a quarterly basis. Accounts are generally re- balanced automatically to the target tactical allocation, generally quarterly if needed. As part of this process, GWG will review a client’s current investment allocation suggestions or recommendations to balance risk. GWG believes the liquidity needs of a client are a in any asset allocation major consideration suggestion or recommendation. Therefore, GWG will review the expected liquidity within a client’s balance sheet versus a client’s liquidity needs on a quarterly basis. On an as need basis, GWG will also review the liability side of a client’s balance sheet, which includes loans and liabilities, and provide a report on how those liabilities impact a client’s cash flow, taxes, and risk. time to management decisions Using a variety of tools, including the financial roadmap, GWG will develop and recommend a for long-term, the client’s target allocation investments, known as a strategic asset allocation. The strategic allocation represents the manner in which GWG believes a client’s assets should be invested over longer periods of time, such as five to seven years. When developing the strategic allocation, GWG generally focuses on a client’s allocation to, and balance between, assets that GWG characterizes as “More Risky” and “Less Risky”. GWG generally defines Less Risky assets to include the following types of assets: taxable or income tax-exempt income investments, investments and cash and cash equivalents. More Risky assets include all other asset types, such as equity securities, private equity investments, real estate, hedge funds, commodities and privately- held operating businesses should a client have any. From time, GWG may also recommend tactical asset allocations based on GWG’s perception of how certain asset classes will perform in the shorter term. Tactical asset allocation typically involves having allocations to the More Risky and Less Risky asset groupings that are either over- or under-weight compared to the target strategic allocation for those asset groupings, as well as over- or under-weight the target allocations to individual asset types within the More Risky or Less Risky asset groupings. When requested by a client, GWG will include in the client’s financial plan Held-Away Assets. A client should note that Held-Away Assets are included in a financial plan for the sole purpose of assisting GWG with making overall asset allocation recommendations to the client and making and recommendations to the client as to client assets held in Baird accounts. GWG’s role with respect to Held-Away Assets included in a financial plan is limited to performance monitoring and tracking and periodically evaluating them in relation to the clients’ investment policy/goals, potential risks and returns, tax consequences and costs. Baird and GWG do not provide any advice on Held- Away Assets and they do not make any recommendation as to whether a client should buy, hold or sell any Held-Away Asset. In certain instances when requested by a client, GWG may provide a review of past performance of Held-Away Assets Such performance reviews and reporting show the historical performance of a client’s assets and compares various aspects of such performance to one or more benchmark indices. A client should note that GWG’s categorization of asset types into More Risky and Less Risky groupings is based on GWG’s view of the historical performance of asset types and their relative risks under normal economic and market conditions. GWG’s use of the terms “More Risky” and “Less Risky” should not be interpreted to mean that the asset types included in the More Risky asset grouping has relatively higher investment risk under every circumstance, or, conversely, that the Less Risky asset grouping has relatively lower investment risk under every circumstance. A client should also note that the particular asset grouping is subject to all of risks associated with the asset classes and investments included in the grouping and it is possible that the 5 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  group. GWG will also regularly review the cost and tax efficiency of each investment vehicle. Risk Management report. Inaccuracies in strategy described A client should note that the inclusion of Held- Away Assets in a financial plan or performance report is solely based on information provided by the client or the client’s agent for the agreed- upon period and that GWG and Baird do not conduct a review of, or verify, such information, and they do not guarantee the accuracy of the information used to prepare the financial plan or the performance information provided to GWG could impact the client’s financial plan or performance report in a materially negative manner. Investment Strategy When performing risk management services, GWG seeks to analyze and review with a client the risks identified in the financial planning process described above. GWG seeks to minimize investment risk through an asset allocation and investment above. Additionally, as needed, GWG will work with resources internal to Baird or third parties to evaluate a client’s non-investment risks that can be addressed by life, annuity, long-term care, and umbrella insurance policies. GWG will rely on the financial planning process and input from either resources internal to Baird or third parties to determine the appropriateness of a client’s current life, annuity, long-term care, and umbrella insurance coverage. Tax Planning On an ongoing basis, GWG monitors the market and the economy utilizing a variety of internal and external resources to formulate an opinion as to the current position of the market and economy relative to the market and economic cycle. GWG will provide a client a quarterly update either in- person, or over a video or conference call. GWG will also provide a client access to a quarterly webinar and/replay in which GWG will provide an update on its market and economic view. to a client’s information along with GWG’s Utilizing that analysis of market valuation and GWG’s perception of how certain asset classes will perform, GWG may suggest that a client make adjustments target strategic allocations that were determined using the financial strategy described above. tax efficiency across At a client’s direction, GWG will work directly with a client’s existing tax advisors in an effort to manage and reduce ordinary income and capital gains tax impact. GWG may also review the service offering of a client’s existing tax advisors compared to alternative tax advisors identified by the client. GWG will actively review accounts held at Baird, and accounts or investments held by a client or at other firms, assuming the client has provided access to information on accounts or investments not held at Baird, in an attempt to increase firms and strategies. GWG will provide a client’s tax preparer with the relevant data, to the extent GWG is able to do so, required for a client’s yearly tax preparation. Estates and Trusts information and assistance at Investment strategy may involve the use of different equity styles or strategies, such as: large cap growth, large cap value, mid cap growth, mid cap value, small cap growth, small cap value, international and emerging market equities strategies; different income styles or fixed strategies, such as short or intermediate, taxable, and tax-exempt bond, international and emerging market bond, and high yield bond strategies. In its GWG many instances, GWG provides (described Investment Management Service below) to directly manage a core portfolio of primarily passive and active mutual funds or ETFs, across the different equity and fixed income styles described above. This strategy will be designed to be cost and tax efficient. GWG will monitor the performance of each active or passive mutual fund, or ETF investment manager, or other “investment vehicle” that is part of a client’s investment strategy on an ongoing basis relative to the investment manager’s benchmark and peer At a client’s direction, GWG will work directly with the client’s existing estate attorney to manage and reduce estate tax impact. GWG may also review the service offering of a client’s existing estate attorney compared to alternative estate attorneys identified by the client. As needed, GWG will update a client’s estate attorney as to relevant changes to the client’s Accounts and financial or investment strategy. While trust administration is the duty of a client’s trustee(s) and custodian(s), GWG will assist in trust administration, as needed, by providing relevant the Account direction of the trustee(s). As needed, GWG will 6 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  they are titled that the characteristics of each in GWG’s asset review beneficiary designations with a client making sure any Accounts or investments held at Baird that require such designation have the designation intended by the client. Also as needed, GWG will review all client Accounts and/or trust Accounts held at Baird, and accounts or investments held by the client or at other firms, assuming the client has provided access to information on accounts or investments not held at Baird, making sure in accordance with the client’s instructions. As it relates to estate planning, GWG will review, on an annual basis, any client trust or partnership to is ensure considered allocation recommendations made to a client. resource as a client navigates financial issues and evaluates investment opportunities presented to a client by third parties as they arise. Typically, a Special Evaluation involves GWG providing an analysis of the financial aspects of the opportunity presented that assesses the relative merits of the opportunity in light of the client’s investment policy/goals, potential risks and returns, tax consequences, and costs. When additional resources are needed to solve problems a client faces, GWG may suggest third party experts be brought to the table to provide relevant insight. Upon request, GWG will also perform Special Evaluations of purchases of substantial non- investment-related assets being considered by the client, such as a yacht, private plane, new home, etc., focusing on the impact to the client’s balance sheet and cash flow. Philanthropic Planning is A client should note that this service solely consists of GWG providing information and analysis to a client. In conducting Special Evaluations, GWG does not recommend or provide advice about the desirability of making the investment or purchase and GWG makes no recommendation as to whether a client should buy, hold, or sell any such investment or other property. Rather, GWG’s role limited to evaluating the investment or property in relation to the clients’ investment policy/goals, potential risks and returns, tax consequences and costs. Data Aggregation At the direction from a client, GWG will review the client’s charitable giving plan and assist the client with an efficient giving strategy, relying on both internal resources and input from third parties. As needed and requested by the client, GWG will also assist a client in identifying a philanthropic advisor as well as assist a client with an analysis of the pros and cons of private foundations, donor advised funds, and direct giving strategies. Additionally, on an as needed basis, GWG can help a client identify appropriate assets for charitable giving. This would typically include identifying highly appreciated securities or investments. GWG will also assist a client by coordinating direct asset transfers to charitable organizations as designated by the client. Family Education required to prepare the At the direction of a client, GWG will assist the client in organizing, planning the agenda for, and facilitating a family meeting. From time to time, or as needed, GWG will provide a client with relevant financial literacy material. This material may be produced by resources internal to Baird or third parties. At a client’s direction, GWG will work with any other members of the client’s household to help them develop their own financial plan. Sounding Board GWG will gather and organize the financial paperwork, legal and tax documents for all client assets, liabilities, trusts, foundations, and other entities “financial roadmap” as described under “Financial Strategy” above. GWG will administer all client Accounts held at Baird providing monthly account statements, in addition to the quarterly reports described above under “Investment Strategy.” Additionally, GWG will maintain any investment documentation provided by a client as it relates to investments that the client has made through other firms or third parties. If requested by a client, GWG will assist the client in tracking capital calls related to private investments. A client will also be able to set up check writing capability on the client’s cash or money market Accounts held at Baird to make capital call payments, or any other payments they choose. Additionally, at a client’s direction, GWG can have a check drawn Some clients may ask GWG to be a “sounding board” and assist them in evaluating the general merits of certain investment or business opportunities that are presented to the clients by third parties (“Special Evaluations”). GWG team members will work to use their experience, expertise, and analytical capabilities to be a 7 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  from the client’s Account and mailed to a recipient designated by the client. Service The foregoing list of Services described above is intended to illustrate the types and levels of service that GWG offers to clients. The actual Services and levels of service to be provided to a client will be set forth in the client’s agreement or appended to the fee schedule to the agreement. accounts. Additional information about the types of investments a GWG Consultant may use for client accounts is contained under the heading Information—Permitted “Additional Investments” below. For more information about the GWG Investment Management Service, see “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—GWG Investment Management Service” below. Discretionary Services GWG Investment Management Service Under the GWG Investment Management Service, a client grants full discretionary authority and management of the client’s Account to Baird and the client’s GWG Consultant. Baird may remove any GWG Consultant or strategy from the Service at any time and transfer day-to-day management responsibility of a client’s Account to another GWG Consultant or Baird Financial Advisor at any time without providing prior notice to, or obtaining the consent of, a client. involve special, reviews the client’s investing in Service Consultant makes a Important Information about GWG Investment Management Service Accounts. GWG Consultants may invest client accounts in illiquid securities and Complex Investment Products. These types of investments sometimes significant, risks and are not appropriate for all clients. A client should understand those risks those products. See before “Additional Information—Complex Strategies and Complex Investment Products” and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. In the GWG Investment Management Service, a client’s GWG Consultant seeks to meet the client’s particular investment needs by developing a investment strategy based upon customized guidelines that are jointly established by the client and the the client’s GWG Consultant. At commencement of services, the client’s GWG Consultant investment objectives and risk tolerance using the Consulting Services described above. Based upon that review and other information provided by the client, the GWG subsequent recommendation to the client as to which investment style the GWG Consultant believes is best suited for the client. A client makes the final decision as to which investment style is chosen for the client’s Account. More specific information as to how the client’s GWG Consultant will manage the client’s Account is provided to the client in connection with the opening of the Account. Mutual funds, ETFs and other investment products affiliated with Baird are available to clients under the GWG Investment Management Service. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. the heading and SMA Services GWG Recommended Managers Service in various A GWG Consultant typically recommends or selects for client accounts investments in mutual funds and ETFs that pursue the strategies “Consulting described under Investment Services—Asset Allocation Strategy Development” above. However, from time to time, a GWG Consultant may make direct investments types of securities, including, but not limited to, equity securities, fixed income securities, Non-Traditional Assets and certain Alternative Investment Products. All or a portion of the assets in a client’s Account may be held in cash or cash equivalents, including securities issued by money market mutual funds, or may be deposited in interest-bearing bank The GWG Recommended Managers Service is a program whereby a client provides Baird and the client’s GWG Consultant with discretionary authority to appoint investment managers to manage the client’s Account with full discretionary authority and to terminate or replace investment managers for the client’s Account. The GWG Recommended Managers Service is designed for a client who wishes to have the client’s Account 8 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  managed by investment managers that are monitored by GWG and Baird on an ongoing basis. the full discretionary authority Under the GWG Recommended Managers Service, GWG and Baird determine investment managers (“GWG Recommended Managers”) and their strategies (“GWG RM Strategies”) eligible to participate in the Service through an initial and ongoing evaluation process. If a client participates in the GWG Recommended Managers Service, the client authorizes and directs GWG and Baird to appoint GWG Recommended Managers to serve as sub-adviser to the client’s Account and to otherwise manage the client’s Account in accordance with the terms of the GWG Recommended Managers Service. The client also authorizes and directs the GWG Recommended Managers to manage the client’s Account with in accordance with the GWG RM Strategy selected. RM Strategies offered For more specific information about the managers and SMA Strategies made available through the GWG Recommended Managers Service and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, see “Portfolio Manager Selection and Evaluation— Selection and Evaluation—GWG Recommended Managers Service” below. full discretionary authority GWG Recommended Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the GWG Recommended Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. review information about full discretionary authority Certain GWG RM Strategies are only made available through Implementation Managers. The GWG through Implementation Managers consist of Manager- Traded Strategies and Model-Traded Strategies. If through an a GWG RM Strategy offered Implementation Manager is selected for a client’s Account, the client authorizes and directs GWG and Baird to appoint the Implementation Manager to serve as sub-adviser to the client’s Account. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to manage the client’s in Account with accordance with the selected GWG RM Strategy. If a Manager-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to appoint the applicable GWG Recommended Manager as sub-adviser, and the client also authorizes and directs such GWG Recommended Manager to manage the client’s in Account with accordance with the selected GWG RM Strategy. Clients are urged the GWG to Recommended Manager’s Form ADV Part 2A contain additional Brochure, which should important GWG the Recommended Manager, including information about the GWG Recommended Manager’s strategies, the types of investments the GWG Recommended Manager may use for a client’s Account, and the risks associated with investing in a GWG RM Strategy. Such brochures are available upon request. the implement the client’s Account, initially selects faithfully If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Implementation Manager will Account, typically the Model Portfolio as proposed by the Model Provider. However, since the Implementation Manager has discretionary the authority over Implementation Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Implementation Manager determines such action to be necessary and in the client’s best interest. A client should note that GWG and Baird do not monitor or ascertain whether a third party Implementation Manager is fully and implementing the Model Portfolio on a continuous basis. The client should Some of the services provided under the GWG Recommended Managers Service will be provided to a client by a GWG Consultant assigned to the client’s Account. A client, typically working with a GWG Consultant, the GWG Recommended Manager and GWG RM Strategy for the client’s Account. Thereafter, whenever Baird or the client’s GWG Consultant deems it necessary, Baird or the client’s GWG Consultant will replace a GWG Recommended Manager or GWG RM Strategy with another GWG Recommended Manager or GWG RM Strategy for the client’s Account. 9 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  periodically discuss the Account’s performance with the client’s GWG Consultant. in If GWG or Baird terminates an investment manager from the GWG Recommended Managers Service, a client authorizes GWG and Baird to invest, with full discretionary authority, the assets in the client’s Account previously managed by the terminated other investment manager securities, including, but not limited to, mutual funds and ETPs. GWG’s and Baird’s discretionary authority to make such other investments will continue until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. below Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a GWG client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of other client accounts managed by those Model Providers. See “Additional Service Information— Trading for Client Accounts—Trading Practices of Investment Managers” for more information. the client should understand the discretionary A client who prefers to continue using an investment manager that has been removed from the GWG Recommended Managers Service, or who directs or otherwise requests that a particular investment manager not recommended by GWG be selected to manage the client’s Account, will need to move to another Service, such as the BSN Program. See “Baird SMA Network Program” below for more information. Clients who elect to do so will no longer receive the same level of rigorous ongoing monitoring, evaluation, or review of that investment manager from GWG or Baird. recommendation or If a client’s Account is managed by an Other Manager under the GWG Recommended Managers that, Service, notwithstanding authority granted to Baird and the client’s GWG Consultant under the Service: Baird and the client’s GWG Consultant do not manage the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, Baird and the client’s GWG Consultant are not responsible for the decisions made by the Other Manager; and Baird and the client’s GWG Consultant do not provide any investment advice regarding the purchase or sale of investment products made for the client’s Account. Important Information about Affiliated Managers. The GWG Recommended Managers Service makes available to clients investment services that are offered by Baird Advisors and Baird Equity Asset Management, investment management departments of Baird. Baird has a potential conflict of interest to the extent Baird would advise a client to select investment products offered by those Baird Departments. For more information, see “Additional Information— Other Financial Industry Affiliations and Activities” below. from the Baird SMA Network Program the direction of a is designed client who wishes the prior manager and The BSN Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The BSN Program accommodate to independently select an investment manager not available in the GWG Recommended Managers Program to manage the assets in the client’s Account. From time to time, GWG or Baird may remove GWG investment managers Recommended Managers Service, and GWG or Baird may select a replacement manager to manage the client’s Account. In such event, GWG or Baird, at the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were managed by the replacement manager will reinvest the cash proceeds of those sales. Sales of securities or other investments could result in adverse tax consequences for the client. Under the BSN Program, Baird determines the investment managers (“BSN Managers”) and their 10 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  (“BSN Strategies”) eligible her own advice and recommendations about BSN Managers. strategies to participate in the Program through a significantly less rigorous evaluation process compared to the GWG Recommended Managers Service. However, a client should note that GWG and Baird do not make any recommendation to clients regarding any BSN Strategy or any representations regarding a BSN Manager’s qualifications as an investment adviser or abilities to manage client assets. If a client participates in the BSN Program, the client authorizes and directs GWG and Baird to appoint the BSN Manager selected by the client to serve as sub-adviser to the client’s Account. The client also authorizes and directs the BSN Manager to manage client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. if any, see and Evaluation—Selection For more specific information about the managers and SMA Strategies made available through the BSN Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, “Portfolio Manager and Selection Evaluation—Baird SMA Network and Dual Contract Programs” below. the A client should only participate in the BSN Program if the client wishes to take more responsibility for monitoring the client’s Account, the GWG Recommended Managers Program does not contain an SMA Strategy that meets the client client’s particular needs, and understands the risks of doing so. have varying Certain BSN Strategies are only made available through the Overlay Manager. The BSN Strategies offered through the Overlay Manager consist of Manager-Traded Strategies and Model-Traded Strategies. If a client selects a BSN Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs GWG and Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. If a client selects a Manager-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to appoint the applicable BSN Manager as sub-adviser, and the client also authorizes and directs such BSN Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. BSN Managers investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the BSN Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. Certain managers offer strategies that exclusively invest in Investment Funds (“Fund Strategist Portfolios”). Clients are urged to review the BSN Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the BSN Manager, including information about the BSN Manager’s strategies, the types of investments the BSN Manager may use for a client’s Account, and the risks associated with investing in a BSN Strategy. Such brochures are available upon request. Some of the services provided under the BSN Program may be provided to a client by a GWG Consultant assigned to the client’s Account, and the client’s GWG Consultant may provide his or If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that GWG and Baird do not monitor or ascertain whether the Overlay Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s GWG Consultant. 11 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Information—Trading Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a GWG client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Service for Client Accounts—Trading Practices of Investment Managers” below for more information. for The BSN Strategies and BSN Managers made available under the BSN Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the BSN Program, GWG and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the BSN Program, upon the withdrawal or removal of an investment manager from the BSN Program, a client’s BSN Program Account will be automatically removed from the BSN Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to GWG. See “Portfolio Manager Selection and Evaluation— Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below further information. influence over Important Information about the BSN Program. Portfolios managed by 55I, LLC (d/b/a 55ip, “55ip”) are made available under the BSN Program. 55ip uses research and other services from Riverfront, an affiliate of Baird, in the development of certain of those portfolios, and Riverfront receives compensation from 55ip with respect to those portfolios. This presents a conflict of interest. For more information, see “Additional Information—Other Financial Industry Affiliations and Activities” below. reviewing the If a client’s Account is managed by an Other Manager under the BSN Program, the client should understand that: GWG and Baird do not manage the Account and do not otherwise have the Other Manager’s any investment decisions or securities selections, and therefore, GWG and Baird are not responsible for the decisions made by the Other Manager; GWG and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and GWG and Baird only provide the client with certain consulting services, which may include the client’s GWG Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically manager’s performance. GWG and Baird do not undertake to investment provide any other consulting or advisory services under the BSN Program unless GWG and Baird agree to do so in writing. appointment the Account and its in managing the client’s Account regarding the foregoing when deciding A client that participates in the BSN Program is strongly encouraged to contact the client’s GWG Consultant or BSN Manager on a periodic basis to discuss: investment performance; the BSN Manager’s investment philosophy and style (to determine if the BSN Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information the BSN Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviser info.sec.gov. The BSN Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the GWG Recommended Managers Service to manage the client’s Account. The client assumes ultimate responsibility for monitoring the client’s BSN the BSN Manager’s Program Account and performance. A and client’s continued retention of a BSN Manager to manage the client’s Account are based ultimately upon the client’s independent review of the BSN Manager and the BSN Manager’s services. The client ultimately determines that the BSN Strategy to be used is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BSN Manager will only be removed from managing the client’s BSN Program Account upon the manager’s withdrawal, removal from the BSN Program, or the client’s direction to do so. A client should carefully consider to participate in the BSN Program and also consider whether another Service, such as the GWG 12 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Recommended Managers Service, may be more appropriate for the client. Dual Contract Program Clients are urged to review the DC Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the DC Manager, including information about the DC Manager’s strategies, the types of investments the DC Manager may use for a client’s Account, and the risks associated with investing in a DC Strategy. Such brochures are available upon request. a is designed client who wishes The DC Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The DC Program accommodate to independently select an investment manager not available in the GWG Recommended Managers Service or BSN Program to manage the assets in the client’s Account. Some of the services provided under the DC Program may be provided to a client by a GWG Consultant assigned to the client’s Account, and the client’s GWG Consultant may provide his or her own advice and recommendations about DC Managers. Under the DC Program, Baird determines the investment managers (“DC Managers”) and their strategies (“DC Strategies”) eligible to participate in the Program through a significantly less rigorous evaluation process compared to the GWG Recommended Managers Service. However, a client should note that GWG and Baird do not make any recommendation to clients regarding any DC Strategy or any representations regarding a DC Manager’s qualifications as an investment adviser or abilities to manage client assets. Under the DC Program, DC Managers are offered to clients through a dual contract arrangement, and a client will need to enter into a separate agreement with the DC Manager in addition to the advisory agreement the client enters into with GWG and Baird. A client participating in the DC Program is solely responsible for negotiating the client’s agreement with the client’s DC Manager, and neither GWG nor Baird will participate or advise a client regarding the terms of such an agreement, the advisability of entering into such an agreement, or the retention of the client’s DC Manager unless GWG and Baird agree to do so in writing. if any, see and Evaluation—Selection For more specific information about the managers and SMA Strategies made available through the DC Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA “Portfolio Manager Strategies, Selection and Evaluation—Baird SMA Network and Dual Contract Programs” below. A client should only participate in the DC Program if the client wishes to take more responsibility for the GWG the client’s Account, monitoring Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and the client understands the risks of doing so. reviewing the DC Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the DC Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. If a client’s Account is managed by an Other Manager under the DC Program, the client should understand that: GWG and Baird do not manage the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, GWG and Baird are not responsible for the decisions made by the Other Manager; GWG and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and GWG and Baird only provide the client with certain consulting services, which may include the client’s GWG Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and manager’s periodically performance. GWG and Baird do not undertake to provide any other consulting or investment advisory services under the DC Program unless GWG and Baird agree to do so in writing. 13 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the Account and its the DC Manager’s the foregoing when deciding DC Strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a DC Manager will only be removed from managing the client’s DC Program Account upon the manager’s withdrawal, removal from the DC Program, or the client’s direction to do so. A client should carefully to consider participate in the DC Program and also consider whether another Service, such as the GWG Recommended Managers Service, may be more appropriate for the client. A client that participates in the DC Program is strongly encouraged to contact the client’s GWG Consultant or DC Manager on a periodic basis to investment discuss: performance; investment philosophy and style (to determine if the DC Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the DC Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviserinfo.sec.gov. Other SMA Strategy Information Certain SMA Strategies are available through multiple Services. The overall cost of an SMA Strategy and the types and levels of service provided to a client in connection with an SMA Strategy will vary depending upon the particular Service selected by the client. A client should ask the client’s GWG Consultant whether an SMA Strategy is available through multiple Programs and, if so, the client should discuss with the GWG Consultant the different costs of the Services and the types and levels of service provided in connection with the Services. A client is solely responsible for selecting the Service in which the client’s Account will participate. The DC Strategies and DC Managers made available under the DC Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the DC Program, GWG and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the DC Program, upon the withdrawal or removal of an investment manager from the DC Program, a client’s DC Program Account will be automatically removed from the DC Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to GWG. See “Portfolio Manager Selection and Evaluation— Selection and Evaluation—Baird SMA Network and for more Dual Contract Programs” below information. Additional Service Information Investment Discretion Information about Investment Selection and Trading Authorizations the DC Important Program. Other investment management departments of Baird and managers affiliated with Baird are available to clients under the DC Program. This presents a conflict of interest. For more information, see “Additional Information— Other Financial Industry Affiliations and Activities” below. retains complete discretion over A client investment selection and trading decisions with respect to assets in a client’s Non-Discretionary Service Accounts, and GWG and Baird will only execute transactions for such Accounts pursuant to the client’s instruction or authorization. assumes ultimate responsibility If a client’s Account participates in a Discretionary Service, the client’s advisory agreement provides Baird and the client’s GWG Consultant, as applicable, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the Service selected by the client. If a client’s Account participates in the GWG Recommended Managers Service, the client’s advisory agreement provides Baird and the client’s GWG Consultant discretionary authority to appoint investment managers to manage the The DC Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the GWG Recommended Managers Service or BSN Program to manage the client’s Account. The client for monitoring the client’s DC Program Account and the DC Manager’s performance. A client’s appointment and continued retention of a DC Manager to manage the client’s Account are based ultimately upon the client’s independent review of the DC Manager and the DC Manager’s services. The client ultimately determines that the 14 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  client’s GWG Consultant or the client’s investment manager, shall remain in full force and effect until terminated by the client, the client’s investment manager, GWG or Baird. a client’s Account and to terminate or replace investment managers for the client’s Account for any reason without prior notice to the client. If GWG or Baird terminates an investment manager from management client’s GWG of Recommended Managers Service Account, the client’s advisory agreement provides GWG and Baird discretionary authority to manage the assets in the client’s Account until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. include If a client’s Account participates in an SMA Service, the client’s advisory agreement provides the investment manager selected to manage the client’s Account, which may an Implementation Manager, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the SMA Service selected by the client. Orders for the purchase and sale of securities in a client’s Discretionary Service Accounts will generally be executed by Baird, in its capacity as broker-dealer, as further described under the heading “Trading for Client Accounts” below, unless Baird’s duty to seek to obtain best execution otherwise requires or unless the client has provided other instructions to Baird in writing. GWG and Baird do not have discretionary authority over the assets in a client’s SMAs that are managed by an Other Manager and cannot purchase or sell such assets without the consent of the client or such Other Manager. The investment manager for a client’s SMAs may initiate securities transactions through Baird, in its capacity as broker-dealer, as further described under the heading “Trading for Client Accounts” below, subject to the manager’s duty to seek to obtain best execution, or unless a client has provided other instructions in writing. Baird, as broker-dealer, will rely upon any such instructions of any investment managers selected to manage the client’s Account. for buying, holding, If a client participates in an SMA Service, the client authorizes GWG and Baird to share client’s information with the Overlay Manager and any Other Manager or Implementation Manager managing the client’s Account. The client also authorizes and directs GWG and Baird to transmit to the Overlay Manager and any such Other Manager or Implementation Manager any instructions that the client may provide to GWG or Baird to the extent necessary to carry out the client’s instructions. Client Investment Restrictions the client. Pursuant The Discretionary and the SMA Services offer a client the ability to impose reasonable investment restrictions on the management of an Account, including the designation of particular securities or types of securities that should not be purchased for the client’s Account, but a client may not require that particular funds or securities (or types) be purchased for the client’s Account. Reasonable investment restrictions requested by a client will apply only to those assets over which GWG, Baird or a client’s investment manager has discretion. If a client grants discretionary authority over the client’s Account to GWG, Baird, the client’s GWG Consultant or the client’s investment manager, the client’s advisory agreement authorizes GWG, Baird, the client’s GWG Consultant and the client’s investment manager, as applicable, to manage the client’s Account and to make investment decisions for the client’s Account, with the authority to determine the amount, type and timing exchanging, converting and selling securities and other assets for the client’s Account, subject to the terms of the Service selected by the client. The client’s advisory agreement also grants to GWG, Baird, the client’s GWG Consultant and the client’s investment manager, as applicable, complete and unlimited trading authorization and appoints them as the client’s agents and attorneys-in-fact to manage the assets in the client’s Account on the client’s behalf, subject to the terms of the Service selected by to such authorization and powers of attorney, GWG, Baird, the client’s GWG Consultant and the client’s investment manager may, in their sole discretion and at the client’s risk, purchase, sell, exchange, convert and otherwise trade the securities and other assets in the client’s Account, as well as arrange for delivery and payment in connection with the above, and act on the client’s behalf in all matters necessary or incidental to the handling of the client’s Account without prior notice to the client. Such trading authorizations and powers of attorney, whether granted to GWG, Baird, the 15 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  on website investments to those GWG may also offer clients a socially responsible investing (“SRI”) service, which assists a client in restricting that are consistent with the client’s social investment guidelines or objectives. Clients electing the SRI service generally bear the cost of the SRI service as it is generally included in the Advisory Fee. accounts without restrictions investment product. Additional information is also available at Baird’s bairdwealth.com/retailinvestor. GWG, Baird and Baird’s affiliates will use their discretionary authority to invest the client’s Account in affiliated investment products when they determine it to be in the client’s best interest to do so. Generally, the criteria used by them in deciding to invest in affiliated investment products are the same as those used in deciding to invest a client’s assets in investment products unaffiliated with Baird. For more information about the criteria used by GWG and Baird, clients should review the section of the Brochure entitled “Portfolio Manager Selection and Evaluation” below. For more information about the criteria used by Baird’s affiliates, clients should review the affiliate’s Form ADV Part 2A Brochure. A client’s consent may be revoked at any time. Other Managers may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with the Other Manager or that pay fees to the Other Manager or to any of its affiliates for investment advisory or other services they provide. In the event that a client’s Account is restricted from investing in certain securities, GWG, Baird or the client’s investment manager, as applicable, will select such other replacement securities, if any, as they deem appropriate. Accounts with investment restrictions may perform differently from and performance may be poorer. In addition, in the event there is a change in the classification or credit rating of a security held in the client’s Account, a client’s investment restrictions may force GWG, Baird or the client’s investment manager to sell such security at an inopportune impacting Account time, possibly negatively performance and causing the client’s Account to realize taxable gains or losses, which could be significant. A client should also be aware that, if the client’s Account holds any investment vehicle (such as a mutual fund or ETF), any investment restrictions the client places on the client’s Account may not flow through to the securities owned by that investment vehicle. Should a client wish to impose or modify existing restrictions, or the client’s financial condition or investment objectives have changed, the client should contact the client’s GWG Consultant. Affiliated Investment Products By signing an advisory agreement with GWG, a client consents to each Other Manager managing client’s Account investing all or a portion of the client’s Account in investment products that pay advisory or other fees to the Other Manager or its affiliates. Each Other Manager is responsible for providing to the client information about the amount of fees received by the Other Manager and its affiliates and the criteria used by the Other Manager in deciding to invest in products affiliated with the Other Manager. A client should contact the Other Manager and review the Other Manager’s Form ADV Part 2A Brochure for more information. A client’s consent may be revoked at any time. Investment Policy Statements GWG, Baird and Baird’s affiliates may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with Baird or that pay fees to Baird or to any of its affiliates for investment advisory or other services they provide (“affiliated investment products”). Baird and its affiliates may receive fees or other compensation related to such investments made by the client. GWG and Baird will not review, monitor, accept or adhere to an investment policy statement or similar document that was not prepared by GWG or Baird, unless they otherwise specifically agree to do so in writing. Adherence to any such investment policy statement or similar document is solely a client’s responsibility. By signing an advisory agreement with GWG, a client consents to GWG, Baird and Baird’s affiliates investing all or a portion of the client’s Account in affiliated investment products. The amount of fees received by Baird and its affiliates is generally described in the prospectus or other the offering or disclosure documents for 16 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Conversion, Exchange or Sale of Certain Investments trade, the broker-dealer’s financial responsibility, and its responsiveness to GWG and Baird. It is important to note that GWG’s and Baird’s best execution obligation does not require them to solicit competitive bids for each transaction or to seek the lowest available cost of trade orders, so long as they reasonably believe that the broker- dealer selected can be reasonably expected to provide clients with the best qualitative execution under the circumstances. fund or other Investment Fund transactions. For By participating in a Service, a client authorizes GWG and Baird to convert or exchange any shares of investment funds, such as mutual funds, ETFs, closed-end funds, unit investment trusts (“UITs”), Complex Investment Products, and other similar investment pools (collectively, “Investment Funds”) held in the client’s Account to a class of shares of the same fund, such as advisory class shares, institutional class shares, financial intermediary class shares, or another class of shares primarily designed for use in advisory programs (collectively, “Advisory Class Shares”), to the extent made available by the mutual in accordance with policies established by Baird from time to time, including, without limitation the Mutual Fund Share Class Policy that is described below. Because a client does not pay commissions to Baird when Baird, acting as broker-dealer, executes a client’s trade orders, and because a client may incur commission costs in addition to the Advisory Fee if trade orders were to be executed by another broker-dealer firm, clients generally receive a cost advantage whenever Baird executes client this reason, and given Baird’s execution capabilities as broker-dealer, GWG expects that Baird will generally execute trade orders, as broker-dealer, for Non-Discretionary Accounts and the client’s Accounts that are directly managed by GWG or Baird. A client should understand that, the client may not hold Advisory Class Shares in a non-Advisory Account and that the client may not be able to hold certain Advisory Class Shares in an account held at another firm. Upon the termination of a Service for an Account or the closure of an Account for any reason, GWG and Baird may convert or exchange the Advisory Class Shares held in the Account to an appropriate non- Advisory Class Shares issued by the same fund, or, if an appropriate non-Advisory Class Shares is not available, GWG and Baird may redeem or sell such Advisory Class Shares. Trading for Client Accounts However, in some instances, circumstances may arise that may require GWG or Baird, in compliance with their best execution obligations to a client, to place a client’s trade order with a firm other than Baird. If they place trade orders for the client’s Account for execution by a firm other than Baird, and the other firm imposes a commission or equivalent fee on the trade (including a commission imbedded in the price of the investment), the client will incur trading costs in addition to the Advisory Fee. GWG’s and Baird’s Trading Practices Placement of Client Trade Orders Trade Aggregation, Allocation and Rotation Practices GWG and Baird may aggregate contemporaneous buy and sell orders for the accounts over which they have discretionary authority (a practice also known as bunching trades or block transactions). This practice may enable them to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist them in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing, client orders. GWG and Baird will select the broker-dealers that will execute trade orders for Non-Discretionary Accounts and with respect to Accounts that are managed directly by GWG or Baird unless the client has provided instructions to GWG to the contrary. As investment adviser, GWG and Baird have an obligation to seek “best execution” of client trade orders. “Best execution” means that they must place client trade orders with those broker-dealers that they believe are capable of providing the best qualitative execution of client trade orders under the circumstances, taking into account the full range and quality of the services offered by the broker-dealer, including the value of the research provided (if any), the broker- dealer’s execution capabilities, the cost of the 17 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to be low. Adjustments may also be made to avoid a nominal allocation to client accounts. under their direct favorable net price When GWG is not able to aggregate trades, GWG generally uses a trade rotation process that is designed to be fair and equitable to its advisory clients over time. However, a client should be aware that GWG’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in the rotation, and, as a result, the client may receive a for the less applicable trade. into consideration account GWG and Baird generally aggregate buy and sell orders when executing trades for client account assets discretionary management when they have the opportunity to do so. When utilizing block transactions, GWG and Baird generally aggregate a client’s trade orders with trade orders for clients who are participating in the same Service and pursuing the same model portfolio or strategy. In some cases, GWG or Baird may aggregate a client’s trade orders with trade orders for other advisory clients who are not participants in the Services described in this Brochure. However, GWG and Baird determine whether or not to utilize block transactions for a client in their sole discretion and GWG’s and Baird’s decision is subject to their duty to seek best execution. In determining the amount to be allocated to an account, if any, GWG and Baird take specific investment restrictions, undesirable position size, account portfolio weightings, client tax status, client cash positions and client preferences. for fixed All advisory clients participating in a block transaction will receive the same execution price for the security bought or sold. Average prices may be used when allocating purchases and sales to a client’s Account because such securities may be purchased and sold at different prices in a series of block transactions. As a result, the average price received by a client may be higher or lower than the price the client may have received had the transaction been effected for the client independently from the block transaction. in Notwithstanding the foregoing, if an aggregated trade order involves fixed income securities, GWG and Baird may allocate the securities based on the needs of client accounts. In addition, GWG and Baird will at times place aggregated trade orders income securities prior to determining how the aggregated trade order will be allocated to client accounts. In those instances when an aggregated trade order for fixed income securities is placed prior to determining client allocations or when such trade order is only partially filled, GWG or Baird will seek to allocate trades in manner intended to be fair and equitable to applicable clients over time. Furthermore, when a trade order for fixed income securities is only partially filled, GWG and Baird may place orders for other fixed income securities that have similar characteristics, such as issuer name, structure, credit rating, or market sector. treatment over Because GWG and Baird are unable to buy or sell any security for a client’s Non-Discretionary Accounts without the client’s authorization, GWG and Baird generally do not aggregate or bunch trades for those Accounts with the same or similar trades for other client accounts. Because similar orders for the client and GWG’s or Baird’s other clients may be placed and filled at different times, the client may buy or sell securities at prices that are different from the prices obtained by other clients who received the same or similar advice from GWG or Baird. Directed Brokerage Arrangements the The amount of securities available marketplace, at a particular price at a particular time, may not satisfy the needs of all clients participating in a block transaction and may be insufficient to provide full allocation across all client accounts. To address this possibility, Baird has adopted trade allocation policies and procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable time. If a block transaction cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day will generally be allocated pro rata among the clients participating in the block transaction. However, GWG may also make random allocations to client accounts in certain circumstances, such as when Baird deems a partial fill for the total block order In some cases, a client may direct GWG to use a particular broker-dealer for execution of the client’s trade orders (a “directed brokerage 18 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Before directing GWG to use a particular broker- dealer, a client should carefully consider the possible costs or disadvantages of directed brokerage arrangements. Cross Trading Involving Advisory Accounts best execution for the the purchase of GWG generally does not in engage in cross transactions, including agency cross transactions, except in limited instances such as when clients buy or sell variable rate demand obligations which are also known as “put bonds”. When GWG believes that the transaction is consistent with each client’s best interest, GWG, acting as investment manager, may cause (or in the case of Non-Discretionary accounts, recommend) the sale of securities from the account of an advisory client while at or about the same time causing (or, in the case of Non-Discretionary accounts, recommending) the same securities for the account of another GWG advisory client. Such transactions may have the benefit of reducing transaction and market impact costs. In such cases, because Baird is acting as investment adviser for both buyer and seller, Baird is subject to potentially conflicting interests in causing (or recommending) the transactions. Also, because Baird is acting as investment adviser for both buyer and seller, transaction prices may be determined more by reference to market information or dealer indications for the securities involved, and less through the type of independent arms-length negotiation that might otherwise occur. Baird has adopted internal policies and procedures that require GWG and Baird to obtain approval of Baird’s Compliance Department before affecting a cross trade. arrangement”), and GWG may agree to the arrangement. This may occur when a client’s Account is held at another broker-dealer firm and a client directs GWG to execute trades through such firm, or when a client’s Retirement Account or other account is maintained on a platform operated and managed by a third party unaffiliated with GWG or Baird and trades must be executed through that platform. A client should understand that GWG and Baird consider such arrangements to be directed brokerage arrangements. A client should also understand that if the client has a directed brokerage arrangement, GWG and Baird may be unable to achieve client’s transactions. A client should note that any costs related to the directed brokerage arrangement are not included in the Advisory Fee and that the client will be solely responsible for monitoring, evaluating and reviewing the arrangement with the directed broker-dealer and paying any commissions or markups or markdowns or other costs imposed by the directed broker-dealer. A client should also note that GWG generally will not aggregate the client’s directed brokerage trade orders with orders for other GWG clients. As a result, a client’s transaction costs may be higher because the client will not benefit from any volume discounts or other reduced transaction costs that GWG may obtain for its other clients. A client should further note that GWG generally will not include such client trade orders in its trade rotation process and that GWG will generally place the client’s trade orders with the directed broker-dealer after GWG completes its trading for other GWG client accounts. The client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in GWG’s rotation. As a result, the client may receive a less favorable net price for the trade. Trade Error Correction It is Baird’s policy that if there is a trade error for which GWG or Baird is responsible, GWG or Baird will take actions, based on the facts and circumstances surrounding the error, to put the client’s Account in the position that it would have been in as if the error had not occurred, including by adjusting or reversing the transaction, entering an offsetting transaction, or other methods that may be deemed appropriate by Baird. Errors caused by GWG or Baird will be corrected at no cost to client’s Account, with the client’s Account not recognizing any loss from the error. GWG and Baird may net gains and losses from a single error event involving more than one transaction in a If a client directs GWG to use a particular broker- dealer, and if the particular broker-dealer referred the client to GWG or if the particular broker- dealer refers other clients to GWG or Baird in the future, GWG and Baird may benefit from the client’s directed brokerage arrangement. Because of these potential benefits, GWG and Baird may have an economic interest in having the client continue the directed brokerage arrangement. The benefits that GWG and Baird receive conflict with the client’s interest in having GWG or Baird recommend that the client utilize another broker- dealer to execute some or all transactions for the client’s Account. 19 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  security or transactions in multiple securities. The client’s Account will be fully compensated for any losses incurred as a result of an error event. If the trade error results in a gain, the gain may be retained by Baird but such gain is not given to or shared with any GWG or Baird associate. in the GWG and Baird offer many services and, from time to time, may have other clients in other programs trading in opposition to a client. To avoid favoring one client over another client, Baird attempts to use objective market data in the correction of any trading errors. information Alternatively, an investment manager may utilize a trade rotation process where one group of clients may have a transaction effected before or after another group of the investment manager’s clients. A client should be aware that an investment manager’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the investment manager’s rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier investment manager’s rotation, and, as a result, the client may receive a less favorable net price for the trade. Additional regarding an investment manager’s trade rotation policies, if any, is available in the investment manager’s Form ADV Part 2A Brochure. If a client’s Account is managed by an Other Manager, the client should review the Other the Other Manager’s Brochure and contact Manager for information about how the Other Manager corrects trade errors. Trading Practices of Investment Managers If a client’s Account or a portion thereof is managed by an investment manager, the client should note that, like Baird, such investment manager has a duty to seek best execution for the client’s Account. on website the investment manager, in Investment managers may participate in other wrap fee programs sponsored by firms other than Baird. In addition, investment managers may manage institutional and other accounts not part of a wrap fee program. In the event an investment manager purchases or sells a security for all accounts using a particular SMA Strategy the offered by investment manager may have to potentially effect similar transactions through a number of different broker-dealers. In some cases, to address this situation, investment managers may decide to aggregate all such client transactions into a block trade that is executed through one broker-dealer. This practice may enable the investment manager to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist the investment manager in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing client orders. However, as it pertains to GWG clients, this practice may result in “trading away” from Baird, which is more fully described below. Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. The Overlay Manager has provided to Baird a list of Model Providers that have such trade rotation policies, which list is available at Baird’s bairdwealth.com/retailinvestor. A GWG client should understand that an Account pursuing a Model Portfolio strategy offered by those Model Providers will have trades executed for the client’s Account at the end of the Model Provider’s trade rotation on a regular and consistent basis. As a result, trade orders for such an Account will significantly bear the market price impact, if any, of those trades executed earlier in the Model Provider’s rotation and the performance of the Account will differ, perhaps in a materially negative manner, from the performance of client accounts managed by the Model Provider. In addition and for the same reasons described above, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by GWG client Accounts pursuing the Model Portfolio strategy. GWG and Baird do not make or control any investment manager’s trade rotation policies, and they do not monitor, evaluate or review any investment manager’s compliance with the manager’s trade rotation policies or whether such inequitable trade rotation policies result performance of client Accounts. A client selecting 20 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the Model Provider’s nearly all or all client trades resulting from changes to their model portfolios or strategies with firms other than Baird. Similarly, some managers have frequently placed client trade orders for fixed income, foreign and small cap securities with firms other than Baird. In some cases, the other executing broker-dealer firm imposes a commission or markup or markdown (which is embedded in the price of the security) for executing the trade. As a result, these types of managers and their strategies could be more costly to a client than managers that primarily place client trade orders with Baird for execution. a Model Portfolio offered by such a Model Provider is urged to obtain a copy of the Model Provider’s Form ADV Part 2A Brochure and review the description of the Model Provider’s trade rotation policy contained in that document. A copy of a Model Provider’s Brochure can be obtained by contacting a GWG Consultant. A client should also monitor the performance of an Account pursuing such a Model Portfolio strategy and compare that performance with the performance reported for the Model Portfolio by the Model Provider. A client about Account should questions discuss trade performance or rotation policy with the client’s GWG Consultant. is based solely upon independently verified as broker-dealer, A list of managers that have informed Baird that they have traded away from Baird during 2023 - 2024 and general information about the additional cost of those trades (if any) is available on Baird’s website at bairdwealth.com/retailinvestor. The information about each manager provided on Baird’s website the information provided to Baird by such manager. Baird has not the information, and as a result, none of Baird or any of its affiliates or associates makes any representation as to the accuracy of any such information. incurred A client should contact the client’s GWG Consultant or investment manager if the client would like to obtain specific information about trade aways and the amount of commissions or other costs, in if any, the client connection with step out trades. Because a client does not pay commissions to Baird when Baird, acting as broker-dealer, executes a client’s trade orders, and because a client generally would incur trading costs in addition to the Advisory Fee if trade orders were to be executed by another broker-dealer firm, receive a cost advantage clients generally whenever Baird executes GWG client transactions. For this reason, and given Baird’s execution capabilities investment managers may determine that placing trade orders for the client’s Account with Baird is the most favorable option for the client. However, investment managers may place a client’s trade orders with a broker-dealer firm other than Baird if the manager determines that it must do so to comply with its best execution obligations. This practice is frequently referred to as “trading away” and these types of trades are frequently called “step out trades”. A client’s trade order so executed is then cleared and settled through Baird in what is frequently referred to as a “step in”. the other investment A client should note that each manager is solely responsible for ensuring that it complies with its best execution obligations to the client. A client should review the manager’s trading for the client’s Account because GWG and Baird do not monitor, review or evaluate whether the manager is complying with its best execution obligations to the client. A client should review the manager’s Form ADV Part 2A Brochure, inquire about the manager’s trading practices, and consider that information carefully, before selecting a manager. In particular, the client should carefully consider any additional trading costs the client may incur before selecting a manager to manage the client’s Account. In some instances, step out trades are executed by firm without any additional commission or markup or markdown, but in other instances, the executing firm may impose a commission or a markup or markdown on the trade. If a client’s investment manager places trade orders for the client’s Account with a firm other than Baird, and the other firm imposes a commission or equivalent fee on the trade (including a commission imbedded in the price of the investment), the client will incur trading costs in addition to the Advisory Fee. A client should note that the client’s advisory agreement permits GWG and Baird to trade as principal on orders received from Other Managers. Some managers have historically placed nearly all client trades with broker-dealer firms other than Baird for execution. Some managers have placed 21 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  agency transactions See “Trade Execution Services Performed by Baird—Principal Transactions” below for more information. Trade Execution Services Performed by Baird “agency Where applicable, a client’s advisory agreement discusses and cross authorizes Baird and GWG Consultants to effect agency cross transactions for a client’s Account. A client’s authorization to Baird and GWG to effect Consultants cross” transactions is given pursuant to Rule 206(3)-2 under the Advisers Act and may be revoked at any time by the client in client’s sole discretion by notifying the client’s GWG Consultant in writing. Principal Transactions If Baird provides trade execution services for a client’s Account, Baird will generally act as agent when routing client trade orders for execution. However, Baird may cross trades between client accounts or may act as principal for its own account in certain circumstances to the extent permitted by applicable law as is more fully described below. transactions. Riskless A client should understand that certain securities, such as securities traded over-the-counter and fixed income securities, are primarily traded in dealer markets. When Baird purchases or sells these types of securities for client accounts, it generally does so through broker-dealer firms acting as a dealer or principal. Dealers executing include a markup, principal trades typically markdown or spread in the net price at which transactions are executed. A client bears such costs in addition to the Advisory Fee. Agency Cross Transactions Subject to the requirements of applicable law, Baird and GWG Consultants may execute transactions for a client’s Account while acting as principal for Baird’s own account. Baird and GWG Consultants act as principal when they sell a security from Baird’s inventory to a client or they purchase a security from a client for Baird’s inventory. Baird and GWG Consultants also act as principal when they sell new issue securities to clients in securities offerings underwritten by Baird. Baird also acts as principal in riskless principal principal transactions refer to transactions in which Baird, after having received a client’s order, executes an identical order in the marketplace to fill the client’s order while acting as principal. realize profits interests of GWG generally does not in engage in agency cross transactions, except in limited instances. However, in certain circumstances and to the extent permitted by applicable law and regulation, Baird and GWG Consultants may effect “agency cross” transactions with respect to a client’s Account. An “agency cross” transaction is a transaction in which Baird or its affiliates act as broker for the party or parties on both sides of the transaction. As compensation for brokerage services, Baird may receive compensation from parties on both sides of an agency cross transaction, the amount of which may vary. GWG Consultants may receive compensation from Baird related to agency cross transactions. Therefore, Baird and GWG Consultants may have a conflicting division of loyalties and responsibilities. However, in all cases, Baird and GWG Consultants will seek to obtain the best execution for each respective advisory client and will effect agency cross transactions only in accordance with the requirements of Rule 206(3)-2 under the Advisers Act. Furthermore, Baird will comply with additional regulations applicable to Retirement Accounts. incentive to from principal Baird may transactions with a client based on the difference between the price Baird paid for the security and the price at which Baird sold the security, which may include a markup, markdown or spread from the prevailing market price, an underwriting fee, selling dealer concession, or other incentive to execute the transaction. GWG Consultants may receive compensation from Baird related to principal trades of securities underwritten by Baird. Any compensation received by Baird or a GWG Consultant in a principal transaction is in addition to the Advisory Fee paid by the client. Principal trades also allow Baird to sell securities from its account that it deems undesirable and to buy securities for its account that it deem desirable. Thus, in trading as principal with a client, Baird and GWG Consultants will have potentially conflicting division of loyalties and responsibilities regarding their own interests and the the client. This potential compensation may give Baird and GWG Consultants an recommend a transaction in which Baird and GWG Consultants 22 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and venture capital and act as principal over other transactions. Nonetheless, Baird and GWG Consultants have a fiduciary duty to act in the client’s best interest and to seek best execution for advisory clients. Baird addresses this conflict through disclosure in this Brochure. Furthermore, Baird has adopted internal procedures that require Baird and GWG Consultants, when acting in a principal capacity, to disclose all material information regarding Baird’s interest in the transaction, and obtain the client’s approval of the transaction prior to settlement. such as options, is contained under A client’s advisory agreement discloses, where applicable, the possibility of Baird’s role in potential principal transactions, and each transaction confirmation sent to GWG clients discloses the capacity in which Baird served in the transaction and whether Baird is a market maker in each security the client bought or sold. of or if other the Account alternative mutual funds, ETFs, hedge funds, managed futures, private equity funds and SMAs third party managers. Some managed by in Non-Traditional invest Complex Strategies Assets, such as real estate, commodities (which may include metals, mining, energy and agricultural products), currencies, movements in securities indices, credit spreads and interest buyout rates, investments in private companies. Some Complex Strategies engage in the use of margin or leverage or selling securities short (“short sales”). Some Complex Strategies invest in derivative instruments convertible securities, futures, swaps, or forward contracts. Complex Investment Products generally engage in one or more Complex Strategies. Additional information about Alternative Strategies and Complex Strategies the “Portfolio Manager Selection and heading Evaluation—Methods of Analysis, Investment Loss—Investment and Risk Strategies Strategies and Methods of Analysis—Investment Strategies—Alternative Strategies and Complex Strategies” below. Additional information about Complex Strategies and Complex Investment Products, generally, is provided below. Non-Traditional Assets currencies, To the extent permitted by applicable law and regulation, if a client’s Account participates in a non- Non-Discretionary Service discretionary service, or is managed by an Other Manager, the client’s advisory agreement provides Baird and GWG Consultants with a blanket authorization to act as principal for Baird’s own account in selling any security to, or purchasing any security from, the client’s Account. With this authorization, Baird and GWG Consultants may effect any and all principal transactions with the client’s Account without having to provide specific written disclosures or obtain written client consent prior to completion of each proposed principal trade, subject to the requirements of an exemptive order issued by the SEC to Baird (Rel. No. IA- 4596) and other applicable law and regulation. This authorization to enable Baird and GWG Consultants to trade as principal with a client’s Account may be revoked at any time by the client in client’s sole discretion by notifying the client’s GWG Consultant in writing. Non-Traditional Assets, such as investments in cryptocurrencies, commodities, securities indices, interest rates, credit spreads, and private companies, may be used for diversification purposes. They may also be used to try to reduce market and inflation risk. The performance of Non-Traditional Assets may not correspond to the performance of the stock markets generally, and investments in Non- Traditional Assets will generally impact an account’s returns differently than more traditional investments like stocks or bonds. Non-Traditional Assets are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Non-Traditional Assets are generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Complex Strategies and Complex Investment Products Margin and Leverage or Margin Some Services offer clients the ability to pursue Alternative Strategies other Complex Strategies that involve special risks not apparent in more traditional investments like stocks and bonds. Complex Strategies may be pursued in in multiple ways, including by investing Margin involves borrowing money from a firm, such as Baird, to buy securities or other property. If a client wishes to pay for securities by borrowing part of the purchase price from Baird, a 23 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in the client’s Account investment product engages in short sales. Options and Other Derivative Instruments Derivative Instruments instruments, securities, futures, client must open a margin account with Baird, and Baird may provide the client with a margin loan. Securities held in a client’s margin account are used as Baird’s collateral for the margin loan. The value of the collateral in the margin account must be maintained at a certain level relative to the margin loan for the duration of the loan. If the securities in the margin account decline in value, so does the value of the collateral supporting the margin loan, and as a result, Baird may take action, such as issue a margin call and sell securities in the account. in Leverage instruments. While returns, in Leverage generally attempts to obtain investment exposure in excess of available assets through the use of borrowings, short sales and other leverage can derivative potentially enhance can also it exacerbate losses if changes in the markets, or the values of the investments subject to the leverage, are adverse to the strategy being pursued. The use of leverage may also increase an Account’s volatility. such as options, Derivatives convertible swaps, and forward contracts are financial contracts that derive value based upon the value of an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments may be used as a substitute for taking a position the underlying asset. Derivative instruments may also be used to try to hedge or reduce exposure to other risks. They may also be used to make speculative investments on the movement of the value of an underlying asset. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly securities and other traditional investments. Investing in derivatives also generally involves leverage. Derivatives are also generally less liquid, and subject to greater volatility compared to stocks and bonds. Short Sales to benefit Options Options transactions may involve the buying or writing of puts or calls on securities. In some cases, Baird may require clients to open a margin account to engage in options trading. security or With a call option, the purchaser has the right to buy, and the seller (writer) the obligation to sell, index at a the underlying predetermined price (i.e., the exercise or strike price) prior to expiration of the option. The premium paid to the seller (writer) for the option is in consideration for the underlying obligations imposed on the seller should the option be exercised. With a put option, the purchaser has the right to sell, and the seller has the obligation to buy, the underlying security or index at the exercise price prior to expiration of the option. Short selling attempts from an anticipated decline in the market value of a security. To affect a short sale, a client sells a security the client does not own. When a client sells a security short, Baird borrows the security from a lender and makes delivery to the buyer on the client’s behalf. Because short sales involve an extension of credit from Baird to the client, a client must use a margin account. A client must also eventually purchase the same shares sold short and return them back to the lender. It is possible that the prices of securities that a client sells short may increase in value, in which case the client may lose money on the short position. Short selling thus runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. Clients should note that investment managers investment managing a client’s Account or products in the client’s Account may also engage in short sales. Thus, a client’s Account will be subject to short sales risks if the investment manager managing the client’s Account or an In buying a call option, the purchaser expects that the market value of the underlying security or index will appreciate, which would enable the purchaser of a call to buy the underlying security or index at a strike price lower than the prevailing market price. The purchaser of the call option makes a profit if the prevailing market price is greater than the sum of the strike price plus the premium paid for the option. The seller of a call 24 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Complex Investment Products Products include option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will depreciate such that the option will expire without being exercised. The seller of a call option makes a profit if the prevailing market price of the underlying security or index is less than the sum of the strike price plus the premium received. futures, but also ETNs, business Complex Investment Products typically invest primarily in Non-Traditional Assets or engage in one or more Complex Strategies. Complex Investment Alternative Investment Products, such as hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds, and managed include other investments pursuing Complex Strategies, including but not limited to, exchange or swap funds, leveraged funds, inverse funds, and other special situation funds, structured certificates of (“structured deposit and structured notes products”), development companies (“BDCs”), real estate investment trusts limited partnerships (“REITs”), and master (“MLPs”). thereby making In buying a put option, the purchaser expects that the market value of the underlying security or index will depreciate, which would enable the purchaser of a put to sell the underlying security or index at a strike price higher than the prevailing market price. The purchaser of the put option makes a profit if the prevailing market price is less than the sum of the strike price and the premium paid for the option. The seller of a put option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will appreciate such that the option will expire without being exercised. The seller of a put option makes a profit if the prevailing market price of the underlying security or index is greater than the difference between the strike price and the premium. website In addition, a client should be aware that more traditional investments, such as mutual funds, ETFs, UITs and variable annuities may also pursue Complex Strategies, them Complex Investment Products. A client should carefully review the prospectus or other offering document for each investment and understand the strategy being pursued before deciding to invest. More detailed information about mutual funds, ETFs, UITs and variable annuities is available at Baird’s on bairdwealth.com/retailinvestor. Additional Important Information losses in In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of the underlying security or index decreased below the strike price. and any Clients should note that investment managers investment managing a client’s Account or products in the client’s Account may also engage in options transactions. Thus, a client’s Account will be subject to options risks if the investment manager managing the client’s Account or an investment product the client’s Account in engages in options transactions. The use of Complex Strategies or Complex Investment Products is not appropriate for some clients because they involve special risks. A client should not engage in those strategies or invest in those products unless the client is prepared to experience significant the client’s Account. This is especially true for short selling, which can result in unlimited losses as there is no limit to the amount borrowed securities can rise in value. See “Portfolio Manager Selection and Investment Evaluation—Methods of Analysis, Strategies and Risk of Loss—Principal Risks” below for more information. Before using those types of strategies or products, a client is strongly urged to discuss them with the client’s GWG investment manager Consultant managing the client’s Account. A client should also carefully review the client’s agreements with Baird and related disclosure documents, which the client should have received when opening the Account. Additional information about Complex 25 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  of Strategies and Complex Investment Products is provided under the heading “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Strategies—Alternative Strategies and Complex Strategies” below and on Baird’s website at bairdwealth.com/retailinvestor. evaluation, monitoring and review that GWG and Baird perform on Permitted Investments varies. For more information, see the descriptions of each Service under “Services, Fees and Compensation” above and under “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies Loss—Investment and Risk Strategies and Methods of Analysis” below. GWG or Baird may add Permitted Investments or restrict client access to a Permitted Investment at any time in their sole discretion. for notifying and any of an Account. See failure or delay Some Permitted Investments contain restrictions that limit their use, and clients will not be permitted to purchase or hold such investments “Account outside Requirements and Types of Clients” below for more information. A client assumes responsibility for engaging in Complex Strategies and investing in Complex Investment Products. If a client determines that the client no longer wants to engage in those strategies or invest in those products, the client is responsible the client’s GWG Consultant investment manager managing the client’s Account. GWG and Baird are not responsible for any losses resulting from any Other Manager’s in implementing any such instructions. In certain limited instances, Baird may allow a client to hold an investment in an Account that is an Unpermitted Investment. “Advisory GWG Investment Management Service. Permitted Investments for the GWG Investment Management Service generally include, but are not limited to, the following types of investments: Interest The use of Complex Strategies or Complex Investment Products has a unique impact upon the calculation of a client’s asset-based Advisory Fee. See Fees—Calculation and Payment of Advisory Fees” below for more information. A client should also understand that Baird and the client’s GWG Consultant have a financial incentive to use, or recommend the use of, certain Complex Strategies or Complex Investment Products, including margin and short Information—Code of sales. See “Additional Ethics, Participation or in Client Transactions and Personal Trading” below. • equity securities, including, but not limited to, common stocks, American Depositary Receipts (“ADRs”), and ordinary shares, including whether exchange-traded, or over-the-counter traded; stocks, As a creditor, Baird may have interests that are adverse to a client. Neither GWG nor Baird will act as investment adviser to a client with respect to the liquidation of securities held in an Account to meet a call on a margin loan. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Permitted Investments • fixed income securities, including but not limited to, debt securities issued by domestic and corporations and other entities; foreign preferred securities asset-backed (including mortgage-backed securities and collateralized mortgage obligations (“CMOs”)); convertible debt securities; obligations issued by U.S., state, or foreign governments or their agencies, instrumentalities, or authorities, such as securities issued by the U.S. Treasury, federal federal government agencies or government-sponsored enterprises (“Agency securities”), or foreign governments; municipal funds; securities; money market mutual certificates of deposit (“CDs”) (primary or secondary); commercial paper; Investments”). • rights or warrants on equity securities, written Under the Discretionary and Non-Discretionary Services, Baird determines the asset categories and investment products that clients may access for investment (“Permitted Investments”) and those that are not permitted in Program Accounts (“Unpermitted Permitted Investments vary by Service. Although Baird determines the Permitted Investments under those Services, the level of initial and ongoing covered call equity options; 26 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  • UITs that impose an initial or deferred sales charge (load); • put options; load-waived, or for purchase; shares • all annuities and insurance products; or options on • commodities, futures commodities, and commodity pools; and investment funds • private and Complex Investment Products that Baird has not selected for use in the Services. • open-end mutual funds shares that Baird has selected for use in the Service, which generally includes only those funds with which Baird has a selling agreement and only those funds that are institutional are no-load, allowed that were originally purchased in a Baird brokerage account and not sold when transitioned to an advisory account will held in the account as non-billable assets when the original purchase was subject to a front-end sales charge (typically 36 months) or until the Contingent Deferred Sales Charge (CDSC) expires (typically 13 months) if subject to a back-end sales charge after which time they will be converted to the appropriate advisory share class and become billable assets; for use in SMA Services. Investment products under the SMA Services are selected solely by the investment manager providing services to the client. The investment products used by an investment manager may include products that Baird does not permit to be used in connection with the GWG Investment Management Service described above. A client should review the investment manager’s Form ADV Part 2A Brochure for more information. • closed-end funds, ETFs, and UITs that have cost structures designed fee-based investment advisory programs; UITs originally purchased in a brokerage account and not sold when transitioned to an advisory account will be held as non-billable assets until the UIT termination date at which time they will be liquidated and the proceeds are billable; • BDCs, publicly-traded REITs, certain non publicly-traded (or private) REITs, and MLPs (which may be organized as limited liability companies (“LLCs”)); Consulting Services. From time to time, GWG may advise clients with respect to, or may manage, certain Held-Away Assets such as private REITs, real estate investments, and insurance products held by custodians other than Baird even though those assets may not be eligible for Accounts held at Baird. Any such arrangement will be set forth in the client’s advisory agreement. • ETNs, opportunity zone funds, and other special situation mutual funds, and exchange or swap funds; Unsupervised Assets • certain hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, funds of real estate, structured products, private debt funds and managed futures that Baird has selected for use in the Services; and or supervised by them • cash and cash equivalents. The types of investments that are not permitted for the GWG Investment Management Service generally include, but are not limited to: • Class B or Class C shares offered by mutual funds or any other class of mutual fund shares that impose a contingent deferred or level sales charge (back-end or level load); • inverse funds; Under certain circumstances, Baird, in its sole discretion, may accept a client request to hold an asset in an Account that is not included in the investment advisory services provided by Baird or a GWG Consultant or otherwise monitored, overseen (an “Unsupervised Asset”). For example, if Baird to hold an Unpermitted permits a client Investment in an Account, the asset is typically also considered an Unsupervised Asset. Baird, in its sole discretion, may also designate an asset that is otherwise a Permitted Investment as an Unsupervised Asset under certain circumstances, such as when a client acquires the asset in an unsolicited transaction, transfers the asset from an account held at another firm or Baird brokerage account, or continues to hold the asset against Baird’s or the client’s GWG Consultant’s 27 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  If a client holds or for Management (a “Goal Management Plan”) using two or more eligible Advisory Accounts (“Goal Management Accounts”), the Goal Management Accounts, taken together, will be managed or advised by Baird and client’s GWG Consultant in such a way so as to seek to achieve a single, overall goal or investment objective (“Goal Management Objective”) chosen by the client. Each individual Account included in a Goal Management Plan will also be managed or advised by Baird and client’s GWG Consultant in accordance with the terms of the applicable Advisory Program or Service and any investment strategy or objective applicable to the Account. However, to the extent consistent with the terms applicable to an Account included in a Goal Management Plan, each individual Account included in the Goal Management Plan may be managed or advised in any manner believed by Baird or the client’s GWG Consultant to be necessary the Goal appropriate Management Accounts, taken together, to seek to achieve the Goal Management Objective. recommendation. an Unsupervised Asset in an Account, the client should understand that the Unsupervised Asset may not be included in performance reports provided to the client and that Baird and GWG Consultants do not manage, provide investment advice, or otherwise act as an investment adviser with respect to the Unsupervised Asset, even if the Unsupervised Asset is included in account statements or performance reports provided to the client. Because Baird and GWG Consultants do not manage or provide investment advisory services regarding Unsupervised Assets, no asset- based Advisory Fee is charged on Unsupervised Assets. While Unsupervised Assets are not subject to the asset-based Advisory Fee, Baird may impose additional fees upon Accounts holding Unsupervised Assets. See “Other Fees and Expenses” below for more information. A client should also understand that holding an Unsupervised Asset in an Account may increase the risk of trade errors, overinvestment, and negative Account performance. A client should consult the client’s GWG Consultant for further information. Special Considerations for the Services Third Party Information is contained under The Goal Management Objectives that Baird makes available to clients as part of Goal Management include: (1) All Growth; (2) Capital Growth; (3) Growth with Income; (4) Income with Growth; (5) Conservative Income; and (6) Capital Preservation. A description of those the heading objectives “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Strategies—Asset Analysis—Investment Allocation Strategies” below. and When providing services to a client, GWG and Baird rely on information provided by third parties and other external sources believed to be reliable, including, but not limited to, information provided by investment managers. GWG and Baird assume that all such information is accurate, complete and current. GWG and Baird do not conduct an in- depth review of, or verify, such information, and they do not guarantee the accuracy of the information used. See “Portfolio Manager Selection Evaluation—Performance Calculation” and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Methods of Analysis” below for more information. Goal Management service In certain circumstances, clients that are part of the same household may include their eligible Advisory Accounts in the same Goal Management Plan (a “Household Goal Management Plan”). It is the client’s sole responsibility to notify GWG that the client is part of a household so that GWG is aware of the client’s eligibility for a Household Goal Management Plan. It is also the client’s sole responsibility to notify GWG whenever the client ceases to be part of a household if an Account is part of a Household Goal Management Plan. Failure to do so could have a materially negative impact on applicable Accounts. GWG and Baird make available to clients an optional goal management (“Goal Management”). Goal Management provides clients the ability to set a single, overall investment objective for all or a portion of assets selected by the client with the flexibility of using multiple, eligible Advisory Accounts that may have different investment strategies or objectives. If a client elects to have Baird implement a plan of Goal An Account will be removed from a Goal Management Plan: (1) upon request or consent of the client, (2) if the Account ceases to be an eligible Advisory Account, (3) in the event the 28 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account is part of a Household Goal Management Plan, if the client notifies GWG that the client ceases to be a member of the applicable household, or (4) upon written notice from Baird that it is no longer able to manage the Account according to the Goal Management Plan. should contact the manager’s services. A client is encouraged to discuss the client’s tax management needs with the client’s GWG Consultant before enrolling the Account in a Service or selecting a manager. A client should understand the terms of the tax management services that will be implemented, including the associated limitations, risks and additional costs, if any, before enrolling an Account in a Service or selecting a manager for that Account. A client that wishes to opt an Account out of participation in a tax management service client’s GWG Consultant. The offering and performance of tax management services to a client’s Account does not constitute tax advice. A client is ultimately responsible for all from the tax-related consequences resulting client’s decision tax management to utilize services. Tax management services are provided solely based upon the direction and information provided by a client. Before enrolling in a tax management service, a client should consult the client’s tax advisors about the tax consequences of doing so. risks, and Given the nature of Goal Management, a client enrolling Accounts in a Goal Management Plan should understand that each Account enrolled in a Goal Management Plan may not be invested in a manner such that the individual Account alone would be able to achieve the Goal Management Objective. It is likely that one or more Accounts included in a Goal Management Plan, taken alone, will be managed or advised differently and will be subject to greater or enhanced risks than would be the case if the Account alone had the same objective as the Goal Management Objective. Such enhanced risks include, without limitation, market risks, investment objective and asset allocation risks, capitalization risks, investment style risks, illiquid securities and liquidity risks, concentration risks, frequent trading and portfolio risks, Non-Traditional Assets and turnover Complex Complex Strategies Investment Product risks. GWG Tax Management Strategies included in the implementation of Certain GWG Consultants offer tax management investment strategies (“GWG TM Strategies”), described below, to non-Retirement Accounts enrolled in GWG Consultant-directed Services, including the GWG Investment Management Service. A client is encouraged to ask the client’s GWG Consultant if GWG TM Strategies will be used if the Account is enrolled in a Service. GWG Consultants who offer GWG TM Strategies will generally implement such strategies for Accounts they manage on a discretionary basis unless a client opts out by contacting the client’s GWG Consultant. The Baird PWM Home Office will assist with the GWG TM Strategies. A client should note, particularly if the client elects to include eligible Advisory Accounts in a Household Goal Management Plan, that: if an Account is removed from a Goal Management Plan for any reason, including if the client ceases to be a member of the same household, the Service and strategy for the Account removed from the Goal Management Plan will remain unchanged unless a change is requested by the client; further, the Account removed from the Goal Management Plan will not be allocated assets the Goal from other Accounts Management Plan unless the client and all other applicable clients, if any, consent and direct Baird to do so and then only to the extent permitted by applicable law; and GWG and Baird will have no liability for implementing a Goal Management Plan as requested by the client. Tax Management Services investment strategies Each GWG TM Strategy is a secondary investment strategy designed to achieve a secondary objective of an Account to reduce the negative impact of U.S. federal income taxes and each such strategy is implemented together with the for the other primary Account that are designed to achieve the client’s primary investment objectives or goals. Many Services and managers make available tax management strategies and services that are intended to reduce the negative impact of U.S. federal income taxes on an Account. Certain Services and managers include tax management services as a default feature of the Services or the The GWG TM Strategies features are not available to Retirement Accounts. 29 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Tax Harvesting Strategy the GWG Consultant, as opportunities. When an opportunity is identified, the Baird PWM Home Office or the GWG Consultant, as applicable, sells (or recommends the sale of) such securities in the client’s Account identified as part of the monitoring process in order for the Account to avoid a capital gain distribution made by the issuer. The Baird PWM Home Office or the GWG Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in cash until the capital gain distribution has been paid by the issuer, and then the securities will be purchased again. If the securities are sold at a loss, then Baird PWM or the GWG Consultant may employ (or recommend the employment of) the tax harvesting strategy described above. Generally, the capital gains avoidance strategy is limited to open end mutual fund positions in a client Account, and a mutual fund position will be included in the implementation of the strategy only if the potential net U.S. federal income tax benefit to the Account related to such position is estimated by Baird to be $1,000 or more. For purposes of calculating the $1,000 threshold, the Account’s current unrealized gain or loss in each mutual fund position is analyzed in light of the applicable amount of capital gains distribution announced by the mutual fund company. reinvested Additional Important Information about GWG’s Tax Management Strategies. A tax harvesting strategy seeks to improve the value of an Account, on a post U.S. federal income tax basis, by offsetting capital losses in the Account with capital gains. This strategy is oftentimes referred to a “tax harvesting” or “tax loss harvesting”. When implementing a tax harvesting strategy, the Baird PWM Home Office or applicable, periodically, but at least annually, conducts an assessment of the Account to identify capital losses for tax harvesting opportunities. When an opportunity is identified, the Baird PWM Home Office or the GWG Consultant, as applicable, sells (or recommends the sale of) certain securities in the client’s Account in order for the Account to recognize the unrealized capital losses identified as part of the assessment process. The Baird PWM Home Office or the GWG Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in one or more include, replacement securities, which may without limitation, ETFs, cash, cash equivalents or other securities deemed appropriate by the Baird PWM Home Office or the GWG Consultant, as applicable. Unless the client instructs otherwise, such reinvestment will be made on a temporary basis and generally only for the duration of any applicable IRS wash sale rule period, currently 30 days, and within a reasonable time thereafter, the in a manner proceeds will be consistent with the way the Account was invested prior to the employment of the tax harvesting strategy. the implementation of the investment strategies, there tax Generally, harvesting strategy is limited to open end mutual fund and ETF positions with unrealized capital losses over $1,000 for U.S. federal income tax purposes, unless Baird and the client otherwise agree. GWG’s tax management strategies are not intended to, and likely will not, eliminate a client’s U.S. federal income tax obligations. Like all is no guarantee that the implementation of a tax management strategy will be successful. A client’s use of a tax management strategy may not lower a client’s tax obligations or actually otherwise achieve a client’s tax goals. Capital Gains Avoidance Strategy implementation of a for capital gains The tax management strategy is based upon Baird’s or the GWG Consultant’s, as applicable, estimates of capital gains and losses associated with investments in client’s Account and information provided to them by third parties, such as issuers of securities. Capital losses will remain in an Account following the implementation of a tax harvesting strategy, and the Account will realize capital gains following the implementation of a capital gains avoidance strategy, the extent such estimates or to information are incorrect. A capital gains avoidance strategy seeks to avoid capital gains attributable to an investment in the Account for U.S. federal income tax purposes by selling the investment before the capital gain is distributed by the issuer. When implementing a capital gains avoidance strategy, the Baird PWM Home Office or the GWG Consultant, as applicable, periodically, but at least annually, monitors the issuers of investments held in the distributions Account announcements and capital gains avoidance 30 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  A client should also note that when normal trading activity for the client’s is resumed Account, such activity could generate taxable gains or losses. Third Party Tax Management Services the Some investment managers participating in the SMA Services offer tax management services and others do not. A client should consult the client’s GWG Consultant or review investment manager’s Form ADV Part 2A Brochure for specific information. in Baird’s or Investment Objectives judgment, negatively The implementation of the tax harvesting strategy and capital gains avoidance strategy (or the recommendation to implement a strategy) is done in the sole discretion of the Baird PWM Home Office or GWG Consultant, as applicable, and securities may be excluded from implementation of such strategies for a number of reasons, including without limitation, the length of time the security has been in the Account, the lack of a replacement security acceptable to Baird or the GWG Consultant, withdrawal and deposit activity in the Account, market conditions deemed unfavorable by Baird or the GWG Consultant, or if the GWG doing so would, Consultant’s impact management of the Account. Generally, every Account will have one of the investment objectives described below. The tax harvesting and capital gains avoidance strategies are provided by Baird and GWG Consultants on an Account-by-Account basis. When employing such strategies for a client Account, Baird does not monitor or consider the trading activity in any other client account, including any other Account held at Baird. All Growth. An All Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing an All Growth investment objective will experience high fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in equity securities. Such an Account may also hold other types of investments. Capital Growth. A Capital Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing a Capital Growth investment objective will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. Such an Account may also hold other types of investments. The purchase or sale of securities by a client account (whether held at Baird or another firm) during any applicable IRS wash sale rule period that, in violation of such rule, overlaps with a purchase or sale of securities made in an Account as part of a GWG TM Strategy will result in applicable tax losses being disallowed by the IRS. Baird and GWG are not responsible for any such violations of the IRS wash sales rule or the negative consequences to the client of such violation. Before selling a security from an account, including any account held at a firm other than Baird, a client should contact the client’s GWG Consultant to determine if the sale of the security may be impacted by IRS wash sale rule limitations by reason of the tax management services being provided by Baird or GWG. Growth with Income. A Growth with Income investment objective typically seeks to provide moderate growth of capital and some current income. Typically, an Account pursuing a Growth with Income investment objective will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. Such an Account may also hold other types of investments. Income with Growth. An Income with Growth investment objective typically seeks to provide Replacement securities selected in connection with the implementation of a GWG TM Strategy may not perform similarly to the securities they replace. The performance of Accounts utilizing a GWG TM Strategy will vary from similarly- managed Accounts that do not utilize such a strategy, possibly in a materially negative manner, and a client’s Account may not be successful in pursuing its primary investment strategies, objectives or goals. 31 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  widely, depending upon the particular investment strategy used. long-term growth by investments based upon in current income and some growth of capital. Typically, an Account pursuing an Income with Growth investment objective will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. Such an Account may also hold other types of investments. to implement a typically objective and overweighting index or Tactical. A tactical investment objective seeks to provide tactically and actively adjusting account allocations to different categories of the manager’s perception of how those investment the short-term. categories will perform tactical Strategies used involve investment underweighting account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark the market generally. Accounts with a tactical investment objective may have investments focused or concentrated in certain asset classes, geographic locations or market sectors and they often experience higher levels of trading and portfolio turnover relative to accounts with other investment objectives. Conservative Income. A Conservative Income investment objective typically seeks to provide current income. Typically, an Account pursuing a Conservative Income investment objective will experience relatively small fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. Such an Account may also hold other types of investments. indicates A Tax-Managed that the account investment Tax-Managed. objective is transitioning from one investment strategy to another using one or more tax management strategies or tax management considerations. The primary investment strategy or consideration for Accounts with a Tax-Managed investment objective will involve tax management, and such accounts may not be successful in pursuing any other investment strategies, objectives or goals. Capital Preservation. A Capital Preservation investment objective typically seeks to preserve capital while generating current income. Typically, an Account pursuing a Capital Preservation investment objective will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in a mix of fixed income securities and cash. Such an Account may also hold other types of investments. Goal. A Goal investment objective indicates that the Account is a Goal Management Account that is part of a Goal Management Plan and the Account will be managed or advised in accordance with the applicable Goal Management Objective. Investment Objectives for a client’s specific For information about the risks associated with the investment objectives described above, see the section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Risks Associated with Certain and Asset Allocation Strategies” below. Mutual Fund Share Class Policy investment objective Most mutual funds offer different share classes. While each share class of a given mutual fund has the same underlying investments, those share classes have different fees, costs and investment Opportunistic. An Opportunistic investment objective typically seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the percentage of assets held in various investment categories to take advantage of the manager’s perception of market pricing anomalies, market sectors deemed favorable for investment by the manager, the current interest rate environment or other macro-economic trends identified by the manager to achieve growth while accounting short, intermediate and long term investment and/or cash flow needs. Depending upon the investment strategy used, an Account pursuing an Opportunistic could experience high fluctuations in annual returns and overall market value. The types of investments in which such an Account may invest will also vary 32 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  classes as described above, in some instances, the Approved Share Class is not the least expensive share class for a particular mutual fund. Clients may be able to obtain a less expensive share class in other Programs or at another firm. payments, revenue sharing the applicable mutual Interest Baird receives certain compensation from mutual fund families in the form of distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support and administration fees. The amount of compensation paid to Baird generally varies based upon the share class of fund purchased by clients. Because the compensation that Baird receives from certain mutual funds is based upon share class purchased by clients, Baird has a financial incentive to make available to clients those share classes that provide Baird greater compensation, which, in many instances, would cause clients investing in those share classes to incur higher ongoing costs relative to other share classes made available by the fund families. This presents a conflict of interest. Baird addresses this conflict through the Share Class Policy described above and through disclosure in this Brochure. For more information about the compensation that Baird receives from mutual funds, see “Additional Information—Code of in Client Ethics, Participation or Transactions and Personal Trading—Participation or Interest in Client Transactions—Investment Product Selling and Servicing—Mutual Funds” below. of Shares of mutual funds held in client Accounts that do not meet the requirements of the Share Class Policy will generally be converted to the applicable Approved Share Class subject to certain restrictions. The Share Class Policy is subject to change at Baird’s discretion without notice to clients. Additional information about the Share Class Policy is available on Baird’s website at bairdwealth.com/retailinvestor. The Share Class Policy does not apply to the portion of a UAS Account managed by a third party managers. Third party managers are responsible for establishing their own criteria for selecting investments, including mutual funds, if any. minimums, and they provide different levels of compensation to Baird. In an effort to provide clients with appropriate low cost mutual fund investment options for their fee-based investment advisory accounts, Baird has established a mutual fund share class policy (“Share Class Policy”) for certain GWG-directed Services, including GWG Investment Management (the “Share Class Policy Services”). Typically, only one share class of a given mutual fund family will be made available for purchase by clients in the Share Class Policy Services pursuant to the Share Class Policy (the “Approved Share Class”). When selecting the Approved Share Class for a mutual fund family, Baird endeavors to select the share class with the lowest expense ratio, based upon the average expense ratio of the class across all mutual funds in the mutual fund family, that are widely available for trading on the mutual fund trading platform of Charles Schwab & Co., Inc. (“Schwab”). In selecting the share class for a mutual fund family to be made available for purchase by clients in the Share Class Policy Services, Baird considers a number of factors, including the number of funds within the fund family that offer the share class, client positions funds, and the for those in and demand availability of the share classes and funds for purchase on the Schwab mutual fund trading platform. Generally, share classes designed for retirement plans and those that pay a distribution (12b-1) fee to Baird will not be permitted in those Services, or, if such share classes are permitted and the client’s Account is subject to an asset- based fee arrangement, Baird will either: (1) rebate the distribution (12b-1) fees to a client if the client is paying an asset-based Advisory Fee on such investment; or (2) exclude such fund shares from the calculation of the client’s asset- based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the distribution (12b-1) fee as further described under the heading “Additional Ethics, Information—Code Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions—Investment Product Selling or Servicing—Mutual Funds” below. Clients should note that the Approved Share Class for a mutual fund family is based upon the average expense ratio for the class across all mutual funds in the fund family and not on a fund-by-fund basis. Further, the expenses of every mutual fund can and will vary over time. Therefore, while Baird has endeavored to select the lowest cost share 33 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Custody Services from Certain Services may require clients to custody their Account assets at Baird. If Baird is the custodian of a client’s assets, Baird will provide certain custody services, including holding the client’s Account assets, crediting contributions and interest and dividends received on securities held in a client’s Account, and making or “debiting” distributions the Account. Information about account statements and performance reports, if any, that GWG and Baird provide to clients is contained under the heading “Services, Fees and Compensation–Consulting Services” above and “Additional Information— Review of Accounts” below. custodian’s platform any investment option; (c) any advice given by GWG or Baird with respect to the Account is inherently limited by the options available through a custodian’s platform; (d) GWG or Baird may have provided different investment advice with respect to the Account had they not been limited to the investment options made available through the custodian’s platform; and (e) certain investments, such as mutual fund shares, could be more or less expensive than if the investment was obtained from Baird or another firm. A client should further note that GWG and Baird may not provide performance review or reporting for Held-Away Assets. In addition, a client who uses a third party custodian is not eligible for cash sweep services offered by Baird. Clients using a third party custodian are encouraged to establish appropriate cash sweep arrangements. As custodian, Baird may hold a client’s Account assets in nominee or “street” name, a practice that refers to securities and assets being registered in Baird’s name or in a name that Baird designates, rather than in a client’s name directly. Baird will be the holder of record in those instances. Baird may utilize one or more subcustodians to provide for the custody of a client’s assets in certain circumstances. For instance, Baird utilizes subcustodians to maintain custody of certain client securities that are traded on foreign exchanges. (e.g., A client who uses a third party custodian authorizes GWG and Baird to give instructions to the client’s custodian for all actions necessary or incidental to the purchase, sale, exchange, and delivery of securities held in the client’s Account. Also, the client will receive account statements directly from the client’s selected custodian. A client should carefully review those account statements and them with any compare statements provided by GWG or Baird. A client should note that the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by GWG or Baird due to a variety of factors, including the use of different valuation sources and accounting methods settlement date trade or accounting) by the custodian and Baird. Cash Sweep Program to client Accounts on Baird maintains a Cash Sweep Program that is intended for clients who want to earn interest and receive FDIC insurance protection on their cash over short periods of time while awaiting investment. If a client participates in Baird’s Cash Sweep Program, uninvested cash in the client’s accounts will be automatically deposited or swept, on a daily basis, into one or more FDIC-insured deposit accounts at participating banks (the “Bank Sweep Feature”) or, under certain conditions, will be automatically invested in shares of a money market mutual fund that Baird makes available in the program (the “Money Market Fund Feature”), subject to the terms and conditions of the GWG and Baird in their sole discretion may accept into a client’s Account, Held-Away Assets including assets that are held by another custodian (a “third party custodian”). A client who uses a third party custodian to hold Account assets does so at the client’s risk. A client should understand that GWG and Baird do not monitor, evaluate or review any third party custodian unless they otherwise agree to do so in writing. The client should also understand that the client will pay a custody fee to the third party custodian in addition to the Advisory Fee. Baird may also impose additional fees on Accounts with assets held by a third party custodian due to the increase in resources needed to administer those Accounts. Further, such third party custody arrangements may limit the Services made available to the client. In addition, a client should understand that: (a) each third party custodian has exclusive control over the investment options made available the custodian’s platform; (b) GWG and Baird have no authority or ability to add to, or remove from, a 34 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to provide FDIC is available program. By using multiple participating banks as opposed to a single bank, the Bank Sweep Feature seeks insurance protection for a client’s cash balances of up to an aggregate deposit limit determined under the program (currently, $2,500,000 for most account types and $5,000,000 for joint accounts). A client receives interest on cash balances in deposit accounts under the Bank Sweep Feature at tiered rates that are based on the aggregate value of the accounts within the client’s household. The applicable client household tier values are: less than $1 million; at least $1 million but less than $2 million; at least $2 million but less than $5 million; and $5 million are more. Current rate at information rwbaird.com/cashsweeps. Each deposit account at a bank constitutes a direct obligation of the bank and is not directly or indirectly Baird’s obligation. broker), with a bank participating in the Cash Sweep Program in the same capacity with the bank will be aggregated with the client’s cash balances deposited with the bank under the Cash Sweep Program for purposes of calculating the $250,000 FDIC insurance limit. Total deposits exceeding $250,000 at a bank may not be fully insured by the FDIC. A client is responsible for monitoring the total amount of other deposits that the client has with a bank outside the Cash Sweep Program in order to determine the extent of deposit insurance coverage available. Baird is not responsible for any insured or uninsured portion of a client’s deposits at a bank. Cash invested in a money market mutual fund under the Money Market Fund Feature is not FDIC insured, but is protected by Securities Investor Protection Corporation (“SIPC”) coverage up to applicable limits. receives compensation for account values of investment advisory IRA Program is available Any aggregate cash balances held by a client in excess of the applicable aggregate deposit limit are automatically invested in shares of a money market mutual fund that Baird makes available in the Money Market Fund feature of the program. Cash held in employee benefit plan accounts, employee health and welfare plan accounts, and SEP and SIMPLE IRAs will be automatically invested or swept into a money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. In addition, clients with aggregate cash balances of $5 million or more across all of their accounts with Baird within the same household may opt out of the Bank Sweep Feature and instead have all of their into an cash balances automatically swept institutional money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. Effective June 1, 2025, clients with aggregate cash balances of $5 million or more across of their accounts with us within the same household both at the time of the request to opt out and as of the end of any two previous consecutive months beginning on April 30, 2025 and thereafter. More information about the Money Market Fund Feature of Baird’s Cash Sweep at rwbaird.com/cashsweeps. Baird the administrative, accounting and other services that Baird provides under the program, which is paid out of the aggregate interest that is paid by the participating banks on the aggregate client balances in the deposit accounts participating in the Bank Sweep Feature. Baird’s annual rate of compensation may be up to 3.60% of the for clients with aggregate client balances household than less $1,000,000, 2.45% for clients with household account values of $1,000,000 but less than $2,000,000, 2.00% for clients with household account values of $2,000,000 but less than $5,000,000, and 1.75% for clients with household account values of $5,000,000 or more. In a lower interest rate environment Baird’s annual rate of compensation will be less. For IRAs enrolled in a Program, Baird’s compensation is a monthly per account fee (which is the same regardless of client balances in bank deposit accounts). For fee- based accounts participating in the Bank Sweep Feature, Baird’s compensation is a monthly per account fee (which is the same regardless of client balances in bank deposit accounts). The per account fee for these advisory IRA accounts is generally paid out of the interest that the banks pay on aggregate client balances in the deposit accounts, and the per account fee varies based on the applicable Fed Funds Target Rate but in no event will it exceed $19.00 per month. Baird also receives an annual rate of compensation of up to 0.50% of the aggregate client balances automatically invested into money market mutual funds under the Money The Bank Sweep Feature seeks to provide FDIC insurance protection for a client’s cash balances up to an aggregate deposit limit determined under the program. Any deposits, including CDs, that a client maintains, directly or indirectly through an intermediary (such as us or another 35 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Trust Services Arrangements services, including tax related to those assets, and Market Fund Feature. A client should note that the client will be charged the asset-based Advisory Fee on the value of all of the assets in the client’s Accounts, including cash that is swept into a bank deposit account or invested into a money market mutual fund under the Cash Sweep Program. As a result, Baird receives two layers of fees on a client’s assets swept or invested in the Cash the Advisory Fee, which Sweep Program: compensates Baird for the investment advice, trading and custody services provided to the client the compensation paid by the banks or money market funds related to those assets, which compensates Baird for the services Baird provides to the banks and funds and for Baird’s efforts in maintaining the Cash Sweep Program. The compensation that Baird receives from the Cash Sweep Program gives Baird a financial incentive to recommend that a client participate in the Cash Sweep Program and maintain high levels of uninvested cash balances in the client’s accounts. As an alternative to the Cash Sweep Program, Baird makes available other money market mutual funds and other cash alternatives in which a client may invest, often at a higher yield, although these investments do not have an automatic sweep feature. In addition, instead of maintaining cash balances in an advisory Account, a client has the option to maintain such cash balances in a brokerage account that is not subject to an asset-based Advisory Fee. trust administration Baird maintains an alliance with certain institutions, both non-affiliated and affiliated, including Baird Trust Company, that provide trust administration trust administration, custody, reporting and recordkeeping. GWG Consultants at times refer clients seeking trust services to institutions that are members of the alliance. Subject to its fiduciary duties, the trustee oftentimes retains Baird to provide investment advisory services to the client trust. A client should understand that any such referral for trust services under the Trust Alliance Program made by Baird and its GWG Consultants is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such trust services arrangement. Baird has a financial incentive to recommend that clients use Baird Trust, an affiliate, over other non-affiliated trust companies. As a result of this affiliation, Baird Trust also has a financial incentive to retain Baird to provide investment advisory or other services on behalf of the client. In addition, Baird and GWG Consultants have a financial incentive to recommend arrangements that involve Baird and the GWG Consultant providing investment advisory services to the client and the trust company only providing trust administration services compared to an arrangement whereby a trust company would provide both investment advisory and services because it is more profitable to Baird and the GWG Consultant. in connection with ongoing Baird Trust generally A client should understand that the Cash Sweep Program is an ancillary account service and it is not nor is it part of any advisory program or investment advisory service. GWG and Baird do not act as investment adviser or a fiduciary to a the Cash Sweep client Program. However, a client should note that the amount of the client’s advisory Account dedicated to cash and cash equivalents is part of the overall investment allocation advice provided to the client and thus the amount of such cash and cash equivalents included in the calculation of the Advisory Fee for the client’s advisory Account. on website In addition, outside of the Trust Alliance Program, GWG Consultants may refer a client to Baird Trust to provide investment management and trust administration services to the client. If a client enters into such a relationship with Baird Trust, Baird and the client’s GWG Consultant typically relationship management provide services. provides compensation to Baird and the client’s GWG Consultant for the referral and providing ongoing services, which may be up to 50% of the ongoing fees that a client pays to Baird Trust, and which is credited to the client’s GWG Consultant for purposes of determining the GWG Consultant’s compensation. The compensation paid to Baird and a client’s GWG Consultant does not increase More detailed information about the Cash Sweep Program and the compensation Baird receives is available at Baird’s www.rwbaird.com/cashsweeps. A client also receives information about the compensation Baird receives from the Cash Sweep Program through a client’s account statements. 36 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  provides Baird a further incentive to recommend margin to a client. paid to Baird the fees that the client pays to Baird Trust. Due to Baird’s affiliation with Baird Trust and the compensation and GWG Consultants, Baird and GWG Consultants have a financial incentive to favor Baird Trust over other trust companies. Margin Loans A client should note that Baird’s margin loan program is generally intended to be used to fund additional purchases of securities. or short-term liquidity needs. If a client wishes to obtain a loan for some other purpose, a client should instead consider whether the client is eligible for Baird’s Securities-Based Lending Program, which involves clients obtaining loans from third-party lenders for general use purposes. Baird and GWG Consultants have a conflict to the extent they would recommend that a client use the Baird margin loan program instead of the Securities-Based Lending Program because a client pays interest and other fees to Baird instead of a third-party lender. Additional important information about margin, including the risks and margin interest rates that apply, is set forth in the “Margin” section of Baird’s website at bairdwealth.com/retailinvestor. website contact Securities-Based Lending Program loan, Baird has an incentive that any margin balance (i.e., the loan or Margin involves borrowing money from Baird using eligible securities as collateral, including for the purpose of buying securities. If a client uses margin, the client will pay Baird interest on the amount the client borrows. The rate of interest that a client pays on a margin loan will be at a base rate determined by Baird plus or minus a specified percentage that varies based on the outstanding debit balance of the margin loan and the client’s household account value. Interest rates are lower for larger debit balances and those with higher household account balances. As a result, rates will vary. To determine the actual interest rate that may apply to a client’s margin at loan, Baird’s visit rwbaird.com/loanrates or a GWG Consultant. Because a client will pay interest to Baird on the outstanding balance of the client’s margin to recommend that a client use margin. Baird and GWG Consultants also have an incentive to recommend that a client use margin, because a margin loan allows a client to make larger securities purchases and retain assets in the client’s Accounts that pay an ongoing asset-based Advisory Fee instead of liquidating them to fund a cash need, which increases the asset-based fees Baird earns on a client’s Accounts. A client should note the outstanding amounts of the margin loan the client owes to Baird) in the client’s advisory Accounts will not be applied to reduce the client’s billable account value in calculating the client’s asset- based Advisory Fee, which gives Baird and GWG Consultants further incentive to recommend client use of margin instead of liquidating assets to fund a cash need. Because the interest Baird receives and fees Baird earns on a client’s Accounts increase as the amount of the client’s margin loan increases, Baird and GWG Consultants also have incentive to recommend that the client an continue to maintain a margin loan balance with Baird at high levels. Baird has the right to lend the securities a client pledges as collateral for the client’s margin loan, and Baird receives additional compensation for lending those securities, which Baird offers clients an opportunity to borrow money from a third party lender under Baird’s Securities-Based Lending Program. These loans, if made, can be used for any personal or business purpose other than to purchase, carry or trade securities, or to repay margin debt. These loans are secured by the investments and other assets in the client’s accounts with Baird. A client will pay interest on the outstanding balance of the client’s loan. The rates of interest charged by the bank depends on many factors, such as the prevailing interest rate environment, the amount of line of credit, a client’s creditworthiness, and the aggregate assets in a client’s Baird accounts in the client’s household (“relationship size”). The interest rates are based on a benchmark rate, plus an applicable percentage that varies based on the approved loan amount and the relationship size. Rates are generally higher for smaller loans and relationship sizes and lower for larger loans and relationship sizes. The interest rate that will apply to a client’s loan will be set forth in the loan agreement the client enters into with the bank. Baird receives an ongoing administrative fee from the bank, at an annual rate of up to 2.50% of the outstanding balance under a client’s loan, which is paid by the bank out of the interest the client pays to the bank. A client’s GWG Consultant typically receives 37 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  change to the client’s investment objectives, risk tolerance, investment financial circumstances, needs, or other circumstances that may affect the manner in which the client’s assets are invested. None of Baird, the client’s GWG Consultant or any investment manager managing a client’s Account is responsible for any adverse consequence arising out of the client’s failure to promptly inform the client’s GWG Consultant of any such changes. Since investment goals and financial circumstances change over time, a client should review the client’s participation in a Service with the client’s GWG Consultant at least annually. Legal and Tax Considerations GWG and Baird do not provide legal or tax advice to clients in connection with the Services. financial incentive Account (“Retirement Additional laws, regulations and other conditions apply to Retirement Accounts. Each owner, trustee, named responsible plan fiduciary, fiduciary, or other fiduciary acting on behalf of a Retirement Account Fiduciary”) should understand that GWG and Baird do not provide legal advice regarding Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts. of website an ongoing referral fee at an annual rate of up to 0.25% of the outstanding balance of the client’s loan, which is paid out of Baird’s administrative fee. A client should note that Baird and GWG Consultants will continue to receive compensation on assets held in the client’s accounts that serve as collateral for the client’s loans, including Advisory Fees. Because Baird receives an administrative fee and GWG Consultants receive a referral fee if a client obtains a loan from a third party lender under Baird’s Securities-Based Lending Program, Baird and GWG Consultants have an incentive to recommend that a client obtain loans under that program. Baird and GWG Consultants will continue to receive compensation on assets held in a client’s accounts that are collateral for such loans, including Advisory Fees on such assets if those assets are in the client’s advisory Account. As a result, Baird and GWG Consultants have a to recommend that a client obtain a loan under the program to provide for the client’s needs instead of liquidating assets in the client’s accounts with Baird because a decline in the amounts the client has in the client’s accounts will result in lower revenues to Baird and compensation paid to the client’s GWG Consultant. Additional important information about securities-based lending is set forth in the “Securities-Based Lending Program” section at Baird’s bairdwealth.com/retailinvestor. liquidations, redemptions, A client should understand that any referral made by Baird and GWG Consultants under the Securities-Based Lending Program is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such lending arrangement. Client Responsibilities informing the The investment strategies used for a client’s Account and transactions in a client’s Account, including and rebalancing transactions, may cause the client to realize gains or losses for income tax purposes. In addition, a client’s Account may be invested in investment products classified as partnerships for U.S. federal income tax purposes, which may result in unique tax treatment, including Schedule K-1 reporting. In addition, when held in a client’s Retirement Account under certain circumstances, such investments may produce unrelated business taxable income which may result in a current-year income tax obligation to the client. GWG does not provide any tax advice in connection with any of the Services. A client should discuss the potential tax implications of the client’s investment strategies, investment products, and transactions with the client’s tax advisor. If a client wishes for GWG to implement a particular investment strategy for tax purposes, and GWG agrees to implement such strategy, neither GWG nor Baird will be responsible for the A client is responsible for providing information to Baird and the client’s GWG Consultant reasonably requested by them in order to provide the services selected by the client. Baird, the client’s GWG Consultant and investment managers, if any, will rely on this information when providing services to the client. A client is also responsible for promptly client’s GWG Consultant of any significant life changes (e.g., change in marital status, significant health issue, or change in employment) or if there is any 38 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  development, evaluation or efficacy of any such strategy. equal to the sum of the applicable Advice Fee rate and the applicable Portfolio Fee rate, if any. Advisory Fees Fee Options and Fee Schedule Clients with a Unified Advice Fee Arrangement generally choose a tiered fee schedule for the Advice Fee portion of the Advisory Fee. Tiered Advice Fee Schedule following fee schedule sets tiered Advice Fee rates forth for the the The maximum Services. A client’s advisory agreement will set forth the actual compensation the client will pay to Baird. In most instances, a client pays an ongoing Advisory Fee based upon the value of assets in the client’s Account (an “asset-based fee”), although other options, such as a flat fee, are available. Tiered Advice Fee Schedule Asset-Based Fee Arrangement fee Annual Fee Rate Value of Assets GWG generally offers one asset-based arrangement: a tiered fee schedule. On first $25 million ($0 - $25 million) 0.80% On next $25 million ($25 - $50 million) 0.60% On next $50 million ($50 - $100 million) 0.40% Over $100 million 0.20% Portfolio Fee Schedule Under a tiered fee schedule, the asset-based fee will vary for different segments of client assets, gradually decreasing as the Account balance increases. For example, a client with an Account value of $75 million may pay one rate on the first $25 million of assets in the Account, a lower rate on the next $25 million of assets in the Account and a still lower rate on the remaining $25 million of assets. Use of a tiered fee schedule will result in a blended asset-based fee rate. following fee schedule sets forth rate varies by Service, The Portfolio Fee investment vehicle, and the type of investment strategy or style being pursued by the Account. The the maximum Portfolio Fee rates or range of rates for the Services. Portfolio Fee Schedule The typical asset-based fee varies depending upon the Service and the fee option selected by the client. Fee options and rates may also differ among different Accounts held by the same client, depending on the services selected for an Account. Service Annual Fee Rate or Range of Rates GWG Investment Management 0.00% GWG Recommended Managers 0.20% - 0.75% Equity SMA Strategies All new client Accounts paying an asset-based fee are generally subject to a unified advice fee arrangement (“Unified Advice Fee Arrangement”), which is described below. 0.20% - 0.52% Balanced SMA Strategies Unified Advice Fee Arrangement 0.25% - 0.40% Fixed Income SMA Strategies 0.25% - 0.52% Global and International SMA Strategies 0.35% - 0.60% Alternative SMA Strategies 0.10% Tax Managed Strategies Baird SMA Network (BSN) 0.26% - 0.77% Equity SMA Strategies 0.22% - 0.60% Balanced SMA Strategies 0.12% - 0.40% Fixed Income SMA Strategies Under a Unified Advice Fee Arrangement, the asset-based Advisory Fee is comprised of an advice fee (“Advice Fee”) and, for some Services, an additional portfolio fee (“Portfolio Fee”). The Advice Fee covers certain investment advisory, brokerage and custody services provided by GWG and Baird. The Portfolio Fee covers portfolio management and other services provided by Baird and the manager to the client’s Account, which may include departments or affiliates of Baird. If a client has a Unified Advice Fee Arrangement, the client’s Advisory Fee rate will be 0.25% - 0.60% Global and International SMA 39 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio Fee Schedule the services covered, will be included in the client’s advisory agreement. Service Annual Fee Rate or Range of Rates Service Account Minimums Strategies 0.32% - 0.60% Alternative SMA Strategies The minimum asset value to open an Account in a Service is set forth in the table below. —* Dual Contract (DC) Account Minimum Service Asset Level Consulting Services Negotiable Baird SMA Network $100,000(1) Dual Contract $100,000(1) * Fees charged by managers under the DC Program are negotiated by each client pursuant to a separate agreement that does not include Baird. Baird, therefore, does not have the necessary information to provide a definitive range of fees paid to managers under the DC Program. GWG Investment Management $50,000 GWG Recommended Managers $100,000(1) than $1,000,000. As a The Portfolio Fee rates are current as of the date of this Brochure. A client’s actual Portfolio Fees could be higher or lower than the amounts shown above if Baird adds new investment managers to the Services with higher or lower fees or if Baird and a manager renegotiate the amount of the subadvisory fee. (1) Investment managers typically have an account minimum of $100,000. However, each investment manager sets its own minimum account size requirements, which can range from $25,000 to result, some more investment managers may not be available to clients with smaller accounts. titled “Administrative In some instances, Baird provides operational and administrative services to third party managers in connection with their management of client Accounts. As compensation for those services, Baird receives a portion of the Portfolio Fee at an annual rate of up to 0.02% of the value of the Account. Additional information is contained in the document Servicing, Revenue Sharing, and Other Third Party Payments” available on Baird’s website at bairdwealth.com/retailinvestor. A client’s Account may also be subject to a minimum quarterly Advisory Fee that will be set forth in the client’s advisory agreement regardless of the value of the assets in the client’s Account. In addition, if a third party custodian has custody of the client’s Account assets, Baird may impose Account requirements different than those set forth above, including but not limited to higher minimums, and it may impose additional fees due to the increase in resources needed to administer the Account. The Portfolio Fee rates set forth above do not include the overlay fees charged by the Overlay Manager for tax overlay or impact overlay services, which are generally 0.10% of the value of the Account annually. A client is encouraged to periodically review with the client’s GWG Consultant the client’s Advisory Fee and the services provided to determine if the services and fees continue to meet the client’s needs. Flat or Hourly Fee Arrangement Calculation and Payment of Advisory Fees Under a flat fee or hourly fee arrangement, the applicable fee may be determined according to a fixed asset-based or hourly fee rate or may be a fixed dollar amount. Specific services may each have their own, separately stated flat fee, or several services may be grouped together under a single flat fee. Some services may entail a flat fee per usage. Flat fees are negotiable and vary by client. The details of flat fee arrangements, including fee amounts, the billing schedule, and Baird will calculate a client’s Advisory Fee by applying the applicable fee rate to the value of all of the assets in the client’s Accounts, including cash and its equivalent and including all Held- Away Assets, unless otherwise agreed to in writing. 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 40 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  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. annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian in determining the value of the assets in the client’s Account. is unreliable. Valuation data If requested by a client and approved by Baird, a client’s Advisory Fee may be determined by also including the aggregate value of assets in certain other Advisory accounts held by a client and certain members of the client’s household or family (a “household fee arrangement”). A client should note that Retirement Accounts may not be included in a household fee arrangement to the extent a prohibited transaction under ERISA or the IRC may result. The terms of any such household fee arrangement will be set forth in the client’s advisory agreement. third party pricing services, to inform Neither GWG nor Baird conducts a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. GWG and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such valuations for investments, particularly annuities and Complex Investment Products, may not be provided to Baird in a timely manner, resulting in valuations that are not current. The prices obtained by Baird from issuers, sponsors and custodians may differ from prices that could be obtained from other sources. for a household A client should note that it is client’s sole the client’s GWG responsibility Consultant that client’s household or family has two or more Advisory accounts that are eligible for a household fee arrangement. GWG and Baird do not undertake any obligation to ensure client fee Accounts are eligible arrangement. By agreeing to a household fee arrangement, each client subject to such household fee arrangement consents to GWG and Baird providing to each other client subject to such household fee arrangement, in GWG’s or Baird’s sole discretion, information about the aggregate level, or range, of household assets used for fee calculation purposes. As a result, each such client should understand that the other clients included in the household fee arrangement may be able to ascertain the amount of the client’s assets at Baird. When determining the value of Held-Away Assets, prices provided by a client or the client’s agent will frequently be used and the initial amount invested by the client will typically be used as the value of the Held-Away Asset unless the client or the client’s agent provides updated information. Neither GWG nor Baird conducts a review of valuation information provided by a client or the client’s agent and they do not verify or guarantee the accuracy of such information. GWG and Baird do not accept for valuations responsibility provided by a client or the client’s agent. Valuation data may not be current. The prices provided by a client or the client’s agent may differ from prices that could be obtained from other sources. Values used for fee-calculation purposes may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the Advisory Fee for some securities may be calculated based on values that are greater than the amount a client would receive if the securities were actually sold from the client’s Account. As mentioned above, Baird will include cash and cash equivalent balances in a client’s Account when calculating a client’s asset-based Advisory Fee. Baird has adopted internal policies that For purposes of calculating a client’s asset-based Advisory Fee, the value of a client’s assets is generally determined by Baird. Baird generally relies upon third party sources, such as third party pricing services when valuing Account assets. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of 41 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  payable on the first business day of the then current calendar quarter. monitor the percentage of an Account swept into cash under the Cash Sweep Program. These internal policies are designed to inform GWG Consultants and their clients who hold large cash sweep balances in their Accounts for sustained periods that those Accounts are holding large cash sweep balances and that there may be other investment or account options for their cash and in that Baird receives direct compensation addition to the Advisory Fee from client balances in the Cash Sweep Program. the client’s Account may If a client maintains a debit balance in the client’s margin account with Baird, such balance has no bearing on the asset-based Advisory Fees charged on client’s Account. In other words, the margin balance (i.e., the outstanding amounts of the margin loan a client owes to Baird) in client’s Account will not be applied to reduce the client’s billable Account value in calculating the Advisory Fee. A client’s Advisory Fees and other charges will be automatically deducted from the client’s Account, unless the client requests, and GWG and Baird agree, to an alternate arrangement, such as having Baird issue the client an invoice for the Advisory Fees (“direct billing”). A client should understand that the client’s Advisory Fees and other charges relating to the client’s Account may be satisfied from free credit balances and other assets in the client’s Account. If free credit balances in a client’s Account are insufficient to pay the Advisory Fees or other charges when due, investment manager GWG, Baird and any managing sell investments from the client’s Account to the extent they deem necessary and appropriate, in their sole discretion, to pay the client’s Advisory Fees and other charges. If a client’s Account is subject to direct billing, the client is required to pay each bill within 30 days of the date of the invoice. GWG and Baird may automatically deduct a client’s Advisory Fees and other charges from the client’s Account as described above in the event that Baird does not receive payment from the client within 30 days of the date of the invoice. GWG or Baird may rescind a direct billing arrangement with a client at any time. Direct billing may not be available for Retirement Accounts. The Account value used for the Advisory Fee calculation may differ from that shown on a client’s Account statement or performance report due to a variety of factors, including the client’s use of margin, options, short sales, and other considerations. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird. See “Services, Fees and Compensation— Additional Service Information—Custody Services” above for more information. To the extent permitted by applicable law, GWG or Baird may modify a client’s existing fees and other charges or add additional fees or charges by providing the client with 30 days’ prior written notice. the A client’s Advisory Fees are payable in accordance with the terms of the client’s advisory agreement. Typically, Advisory Fees are payable on a calendar quarterly basis, in advance. The initial billing period begins when client’s advisory agreement is accepted by Baird and the Account is opened by Baird (the “Opening Date”). The initial Advisory Fee payment will be adjusted for the number of days remaining in the then current quarter. The initial Advisory Fee will be based on the value of assets in the client’s Account on the Opening Date. The period which such payment covers shall run from the Opening Date through the last business day of the then current calendar quarterly billing period. Thereafter, the quarterly Advisory Fees shall be calculated based upon the Account’s asset value on the last business day of the prior calendar quarter and shall become If GWG, Baird or the client terminates the client’s advisory agreement or the client’s participation in a Service, a pro-rated refund from the date of termination through the end of the applicable billing period will generally be made to the client in the client’s affected Accounts. GWG and Baird will not implement a decrease in the client’s fee rate during a billing period or otherwise reimburse or adjust Advisory Fees during any such period for asset value appreciation or depreciation in a client’s Account during such period. For example, if a client’s Account is subject to a tiered or breakpoint fee schedule and the asset levels of the Account move into a new tier or cross a 42 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the client purchased each service separately. A number of factors bear upon the relative cost of each Service. In comparing the Services to brokerage accounts or other services, a client should consider a number of factors, including, but not limited to: breakpoint during such period, no rebate or fee adjustment will be made. However, GWG and Baird, in their sole discretion, may make fee adjustments in response to asset fluctuations in a client’s Account occurring during a billing period that result from contributions to, or withdrawals from, the client’s Account. • whether a client prefers to have ongoing monitoring, investment advice or professional management of the client’s investments, which are provided to Service Accounts, or whether the client does not want or need such services; The minimum asset value in order to retain the services of GWG is $25 million, and a minimum annual Advisory Fee of $150,000 may be assessed to a client regardless of the level of assets advised by GWG. GWG may waive the minimum asset value or minimum Advisory Fee at its discretion. The minimum Advisory Fee is subject to change upon notice to the client. • whether the types of investment strategies, products and solutions the client seeks are available; • whether there are limitations on the types of securities and other investments available for purchase and whether those limitations are significant to the client; • whether the nature and level of transaction services, account performance reporting, or other ancillary services the client wants are available; The Advisory Fee and minimum account value are negotiable in certain instances and may vary based upon a number of factors, including but not limited to the size and nature of the assets in the client’s Account, the client’s particular investment strategy or objective, and any particular services requested by the client. In some instances, clients may pay a higher fee than indicated in the fee schedule above. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to the factors identified above. • whether the client prefers to pay an ongoing Advisory Fee for continuous advice or pay commissions and other fees on a transaction- by-transaction basis; • the relative costs and expenses of a Service Account and a brokerage account, which will vary depending upon: fee or commission rate the client o the negotiates; The fee schedule set forth above is the current fee schedule for the Services. Each Service has had other fee schedules in effect, which may reflect fees that are lower or higher, as the case may be, than those shown above. As new fee schedules are put into effect, they are made applicable only to new clients, and fee schedules applicable to existing clients may not be affected. Therefore, some clients may pay different fees than those shown above. o the size of the client’s account; o the level of trading activity and size of trade Obtaining Services Separately: Brokerage or Advisory? Factors to Consider orders; o applicable account fees and charges; o the client’s use of third party managers who charge their own fees for managing accounts in addition to GWG’s Advice Fee; and GWG generally does not offer the Services to clients on an unbundled basis. In other words, the Services do not permit clients to pay for services, such as investment advice, trade execution, and custody separately. However, Baird offers brokerage accounts and other services to clients, and certain services provided to a client in connection with a particular Service may be available to a client outside of the Service separately. Thus, a client’s participation in a Service could cost the client more or less than if o the amount of the client’s account invested in investment products that have additional internal ongoing operating fees and expenses (e.g., Investment Funds). 43 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Additional important information about brokerage accounts and facts to consider when making account type decisions is contained in the Client Relationship Details document, which should have been delivered to the client and is available on Baird’s website at bairdwealth.com/retailinvestor. A client should review other account types and programs with the client’s GWG Consultant to determine whether they are more appropriate or should be used in addition to a Service. In addition, Baird has an incentive to favor related managers over other investment managers because the entire Advisory Fee is retained by Baird and those related investment managers. For more information about related managers, see “Additional Information—Other Financial Industry Activities and Affiliations” below. Given the nature of the Advisory Fee, Baird also has an incentive to recommend or select investment managers that trade less frequently with or that trade away from Baird because Baird will incur lower trading costs with respect to such managers and such relationships will be more profitable to Baird. Advisory Fee Payments to Baird, GWG Consultants and Investment Managers GWG and Baird and Baird’s affiliates and associates benefit from the Advisory Fees and charges clients pay for the services described in this Brochure. fee as compensation for Baird retains the entire Advisory Fee paid by clients, except as further described below. With respect to the GWG Recommended Managers Service, Baird SMA Network Program and Dual Contract Program, Baird pays the manager (including Implementation Managers, if any) a the subadvisory manager’s services as further described below. their total production are for reimbursements, awards of professional Client Accounts are generally subject to a Unified Advice Fee Arrangement in which the Advisory Fee consists of an Advice Fee and a separate Portfolio Fee. Baird pays the manager out of the Portfolio Fee paid by the client. The Portfolio Fee rates are set forth under “Fee Options and Fee Schedules—Unified Advice Fee Arrangement— Portfolio Fee” above. However, Baird, in many instances, retains a portion of the Portfolio Fee when a client’s Account is managed by an affiliated or unaffiliated investment manager. The maximum portion of the Portfolio Fee retained by Baird in those instances is equal to an annual rate of 0.10% of the value of a client’s Account. Such amounts are retained by Baird for the services it provides. fees A GWG Consultant is primarily compensated on a monthly basis based upon a percentage of the GWG Consultant’s total production each month, which primarily consists of the total advisory fees and transaction-based fees paid to Baird by the GWG Consultant’s clients and any other fees Baird earns on advisory and brokerage accounts held by those clients, including trail fees paid by third parties. The percentage of the GWG Consultant’s total production actually paid to the GWG Consultant will increase as the total amount of the GWG Consultant’s production increases, meaning that, as the total amount of the GWG Consultant’s production increases, the rate and amount of compensation that Baird pays to the GWG Consultant also increase. GWG Consultants 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 levels. GWG Consultants who achieve certain production thresholds professional eligible development conferences, business development coaching, and recognition trips to attractive destinations. GWG Consultants are also eligible for bonuses for designations achievement depending on a GWG Consultant’s total production level. Thus, GWG Consultants have a general incentive to generate financial and other plans and charge higher for advisory accounts and recommend larger investments in advisory accounts. As the portion of the Advisory Fee or Portfolio Fee paid to an investment manager increases, the portion of the Advisory Fee or Portfolio Fee that is retained by Baird decreases. Thus, Baird (but not GWG) has an incentive to recommend or favor investment managers that are paid less, because Baird will receive a higher portion of the Advisory Fee or Portfolio Fee. Given the structure of their compensation, they also have an incentive to recommend that a client transfer the client’s accounts to Baird, establish new accounts with Baird (including IRA rollovers) and add more money into the client’s accounts. In addition, most GWG Consultants are shareholders 44 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Interest in the of Baird Financial Group, Inc. (“BFG”), Baird’s parent company, and thus benefit financially from Baird’s overall success. The number of shares of BFG stock that a GWG Consultant may purchase is based in part on the GWG Consultant’s total production level. GWG Consultants generally receive compensation for referrals to certain affiliated managers and products and for referrals to a limited number of other firms. More specific information is provided under the headings “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or in Client Transactions” below. They also generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may 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 GWG Consultants an incentive to favor investment products and their sponsors that provide the greatest levels of compensation and benefits. to GWG Consultants under the heading Interest provides GWG Consultants who have left another firm additional incentive to recommend that clients of the prior firm become Baird clients and to recommend investment products and services that increase their production, and thus presents a conflict of interest. The special compensation is generally structured in the form of a forgivable loan from Baird to the GWG Consultant. Under the terms of the forgivable loan, Baird makes the upfront or installment payment to the GWG Consultant in the form of a loan, and Baird forgives a portion of the loan made to the GWG Consultant each month for so long as the GWG Consultant remains Baird’s employee. Should the GWG Consultant cease to be Baird’s employee prior to the maturity date of the loan, the GWG Consultant is required to repay Baird the amount of the loan outstanding and not forgiven by Baird. In other words, upon leaving Baird, the GWG Consultant would be required to repay to Baird a portion of the special compensation that the GWG Consultant had received and that had not been forgiven. The amount of such repayment declines over time in proportion to the time the GWG Consultant remains Baird’s employee. Structuring this special compensation form of forgivable loans provides the GWG Consultant added incentive to remain Baird’s employee and to recommend that persons become and remain a Baird client. Additional information about referral and non-cash compensation and other financial incentives provided is provided “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal in Client Trading—Participation or Transactions” below. In those instances, From time to time, Baird GWG Consultants outside of GWG may refer their clients to GWG Consultants. the GWG Consultant generally shares a portion of his or her compensation with the referring Baird Financial Advisor. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for GWG and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). GWG Consultants generally receive recruitment bonuses and/or special compensation from Baird when they join Baird from another firm. The amount of such special compensation is typically based on the GWG Consultant’s production at the prior firm for the 1-year period prior to joining Baird or on the level of the GWG Consultant’s client assets at the prior firm. All or a substantial portion of the special compensation is paid in the form of an upfront bonus when the GWG Consultant joins Baird, and the remaining portion, if any, is paid in the form of back end bonuses generally in equal installments on an annual basis thereafter for a certain number of years (generally from one to three years). Installment payments are generally contingent upon the GWG Consultant achieving annual production or client asset levels that exceed a significant percentage of the GWG Consultant’s annual production for the 1-year period prior to joining Baird or the client assets that the GWG Consultant had prior to joining Baird. The special compensation is intended to compensate GWG Consultants for the significant effort involved in transitioning their business from the prior firm. This compensation 45 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Other Fees and Expenses Cost and Expense Information for Certain Investment Products • markups, markdowns, and spreads charged by Baird in a principal transaction with a client or charged by other broker-dealers that buy securities from, or sell securities to, the client’s Account (such costs are inherently reflected in the price the client pays or receives for such securities); • front-end or deferred sales charges, redemption fees, or other commissions or charges associated with securities transferred into or from an Account; • redemption fees, surrender charges or similar fees that an investment product or its sponsor may impose; • underwriting discounts, dealer concessions or similar fees related to the public offering of investment products; • extra or special fees or expenses that may result from the execution of odd lot trade orders (i.e., “odd-lot differential”); • electronic fund fees, wire transfer fees, fees for transferring an investment between firms, and similar fees or expenses related to account transfers (including any such fees imposed by Baird); • currency conversions and transactions; important conversions, • securities including, without limitation, the conversion of ADRs to or from foreign ordinary shares; • interest, fees and other costs related to margin accounts, short sales and options trades; A client should be aware that certain investment products in which the client invests, such as mutual funds and other Investment Funds, annuities and other products, have their own ongoing management and other operating fees and expenses that are deducted from the assets of the product (or income or gains generated by the product on its investments) and thus reduce the value or return of the client’s investment in the product. These fees and expenses may include investment management fees, distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support payments, administration fees, custody fees, expense reimbursements, and expenses associated with executing securities transactions for the investment product’s portfolio (“ongoing operating expenses”). These ongoing operating expenses are separate from, and in addition to, the Advisory Fees. As a result of making investments in these types of products, a client should be aware that the client is paying multiple layers of fees and expenses on the amount of the client’s assets so invested—the ongoing operating expenses and the Advisory Fee. Additional information about ongoing fees and expenses that apply to those types of investments is provided in Baird’s Client Relationship Details document and Baird’s website at bairdwealth.com/retailinvestor. A client can find the actual ongoing fees and expenses of an investment product that the client will pay or bear in the product’s prospectus or offering document. related to the • fees Additional Account Fees and Charges establishment, administration or termination of Retirement Accounts, retirement or profit sharing plans, trusts or any other legal entity, including, without limitation, the calculation and payment of unrelated business income tax (“UBIT”); website If the client’s Account is custodied at Baird, the client is also responsible for all applicable account fees and service charges Baird may impose in connection with the client’s agreements with Baird. A schedule of fees and service charges is at Baird’s on available bairdwealth.com/retailinvestor. • fees imposed by the SEC or securities markets, including transaction fees imposed by electronic trading platforms, which fees may be imbedded in the price the client receives for the security; and Other Fees and Charges imposed upon or resulting • taxes In addition to the Advisory Fee described above, a client of GWG will incur other fees and expenses. A client is responsible for bearing or paying, in addition to the Advisory Fee, the costs of all: from transactions effected for a client’s Account, such as income, transfer or transaction taxes, foreign stamp duties, or any other costs or fees mandated by law or regulation. 46 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Clients who use a custodian other than, or in addition to, Baird will pay the other custodian’s fees and expenses in addition to the Advisory Fee. In addition, if a third party custodian has custody of the client’s Account assets, the Account is subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. In addition to the Advisory Fee, a client will also be responsible for paying the fees charged by each investment manager selected by the client under the Dual Contract Program. If a client directs GWG or Baird to pay the client’s DC Manager’s fee out of the client’s Account, and GWG or Baird agree to do so, GWG and Baird will not be responsible for verifying the calculation or accuracy of such fee. for GWG and Baird and that require them through another compensation and other A client may also be assessed other trading costs in addition to the Advisory Fee if client trades are firm. Please see executed “Services, Fee and Compensation—Additional Service Information—Trading for Client Accounts” above for more information. Compensation Received by GWG and Baird The individual who recommends a Service to a client, including a GWG Consultant, receives compensation from Baird that is based upon the amount of the Advisory Fee paid by the client. The amount of the compensation may be more than what the individual would receive if the client participated in other Baird investment advisory services or paid separately for investment advice, brokerage, and other services. Accordingly, the individual may have a financial incentive to recommend a Service over other programs or services offered by Baird. However, when providing investment advisory services to clients, GWG and Baird are fiduciaries and are required to act solely in the best interest of clients. Baird addresses this conflict through disclosure in this Brochure and by adopting internal policies and their procedures associates to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about Baird’s benefit arrangements and how Baird addresses the potential conflicts of interest, please see the sections “Services, Fees and Compensation— Additional Service Information” and “Services, Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, GWG Consultants and Investment Managers” above, and “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information— Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. If a client holds an Unsupervised Asset in the client’s Account, the client may be charged a commission, markup or markdown in connection with its purchase or sale. The cash proceeds from the sale of an Unsupervised Asset that remain in a client’s Account are considered Permitted Investments subject to the asset-based Advisory Fee. If an asset becomes an Unsupervised Asset during a quarterly billing period, that asset will be excluded for purposes of determining the asset- based Advisory Fee beginning at the start of the next quarterly billing period, and no portion of the asset-based Advisory Fee paid by a client in advance for the quarter will be refunded or rebated to the client. Additionally, Unsupervised Assets in an Account are subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. Account Requirements and Types of Clients Opening an Account A client that wishes to engage GWG will enter into an advisory agreement with GWG and Baird. The client’s advisory agreement will contain the specific terms applicable to the services selected by the client, Advisory Fees payable by the client, and other terms applicable to the client’s advisory relationship with GWG and Baird. Clients who have Accounts managed by GWG may also have other accounts with Baird that are not managed by GWG. Those accounts may be subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the services provided by GWG. In addition to the investment advisory services that GWG and Baird provide in connection with each Service, Baird, in its capacity as broker- dealer, also provides clients with trade execution, custody and other standard brokerage services. For this reason, a client will also enter into a client account agreement with Baird if the client has not 47 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Account Requirements Minimum Account Size already done so. The client account agreement is a brokerage agreement that authorizes Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. immediately terminate the Baird generally requires that assets in a client’s Account be held in a Baird account, for which Baird acts as custodian. However, in certain limited circumstances when requested by a client, Baird may permit a client to include Held-Away Assets in the client’s Account. Each Service has a minimum account size and may have a minimum Advisory Fee, which are described in the section entitled “Services, Fees and Compensation—Advisory Fees” above. GWG or Baird may remove an Account from a Service advisory and agreement with respect to an Account upon written notice to the client if the client fails to maintain the required minimum asset levels in an Account or if the client fails to otherwise abide by the terms of a Service as determined by GWG or Baird in their sole discretion. Account Contributions and Withdrawals in to investment manager until A client may fund an Account with cash and with securities that GWG, Baird and the client’s investment manager, to be if any, deem acceptable their sole discretion. Funds deposited or transferred to a client’s SMAs from another Baird account and funds deposited or transferred to a client’s SMAs from outside of Baird will not be available for investment by the client’s the next business day and therefore the investment of such funds, at the discretion of the manager, will occur no earlier than the next business day. After a client has signed and delivered an advisory agreement to Baird, the agreement is subject to review and acceptance by the client’s GWG Consultant, his or her Market Director or PWM Supervision department supervisor (or his or her respective designee), and Baird PWM’s Home Office. The agreement and Baird’s advisory relationship with a client will become effective when the client’s paperwork is accepted by Baird PWM’s Home Office and following such acceptance Baird has delivered the client written confirmation of the Account’s enrollment in the applicable Service. A client should understand that the advisory agreement will not become effective, and Baird will not provide any advisory services to the client, until such time that Baird has accepted the advisory agreement. Baird may delay acceptance of the advisory agreement and the provision of advisory services to the client for various reasons, including deficiencies in the client’s paperwork. Once it has become effective, the agreement shall continue until it is terminated in accordance with the terms described in the advisory agreement. certain retain those documents for The terms of a client’s agreements and this Brochure apply to all Accounts that a client establishes with GWG, including any Accounts that a client may open with Baird in the future. Some of the information in those documents may not apply to a client now, but may apply in the future if a client changes services or establishes other Accounts with GWG. GWG will generally not provide a client another copy of the agreements or this Brochure when a client changes services or establishes new Accounts unless the client requests a copy from GWG. Therefore, a client should future reference as they contain important information if a client changes services or establishes other Accounts with GWG. Some GWG Consultants will invest, or recommend investing, cash contributions made to an Account over a period of time. This method of investment is sometimes referred to dollar cost averaging (“DCA”). The goal of this method of investment is to reduce the risk of making large purchases of securities at an inopportune time or price. The Overlay Manager investment and managers also offer an optional DCA service for Accounts they manage. Additional information will be provided to a client if the client enrolls in a DCA service. A client should note that, if dollar cost averaging is used to invest cash in the client’s Account, the returns for the Account could, depending upon market and other conditions, be lower than the returns that could have been obtained had all the cash in the Account been fully invested upon contribution to the Account. In addition, a client should note that, when dollar cost averaging is used, the amount of cash in the client’s Account will be included in the value of the Account for fee calculation purposes. Whenever assets are contributed to an Account, a client should discuss with the client’s GWG Consultant the timing of when the assets will be 48 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  invested. If DCA will be used to invest the assets, a client should ask for more specific information about how the assets will be invested and the associated timing for investing. that A client is responsible for notifying GWG and any investment manager managing the client’s Account of any contributions made into the Account and instructing GWG and any investment manager to liquidate positions in the event the client wishes to withdraw assets from the Account. GWG and Baird have no responsibility to invest cash deposits (other than complying with a client’s cash sweep instructions) or liquidate positions with respect to an Account managed by an Other Manager, and they are not responsible for any losses that may result from a client’s investment failure to notify GWG and any manager managing the client’s Account regarding deposits or withdrawals. A client may also incur additional expenses and liabilities, including tax related liabilities, when transferring assets out of an Account or Baird’s custody. See “Termination of Accounts” below. Liens and Use of Account Assets as Collateral sale could in adverse As security for the full and complete payment when due of any debts and other obligations that a client owes to GWG and Baird, and to the extent permitted by applicable law or regulation, all assets in a client’s Account held at Baird will be subject to a first priority security interest, lien and right of setoff in favor of Baird. Baird may sell assets in an Account to satisfy the lien. As a secured party, Baird may have interests that are adverse to a client. Neither GWG nor Baird will act as investment adviser to a client with respect to such sale of assets held in an Account. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Such sales could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should review the client’s agreements for more information. When a client funds an Account with securities, including when a client changes Services for an Account or changes investment managers for an Account within the same Service, the client should understand that GWG’s, Baird’s or the client’s investment manager’s review of securities used to fund the Account may delay investing. In addition, GWG, Baird or the client’s investment manager, the if any, may determine securities contributed to the Account may not be appropriate for the client’s strategy, and GWG, Baird or the investment manager, if any, may sell, or recommend the sale of, such securities. Further, an investment manager may be removed from the management of a client’s Account and a replacement investment manager may be appointed. In such event, Baird, at the direction of the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were managed by the prior manager and the replacement manager will reinvest the cash proceeds of those sales. Any such tax result consequences for the client. A client should note that securities transferred into an Account may be subject to the Advisory Fee immediately upon its transfer into the Account, even if the client paid a commission or front-end sales charge on the security prior to its transfer into the Account. In addition, if the securities are subject to deferred sales charges or redemption fees, the client will be responsible for paying those charges and fees. To the extent permitted by applicable law, certain funding transactions may be handled by Baird on a principal basis, and such transactions are not considered investment advisory services of GWG, Baird or the client’s investment manager. All of the assets in a client’s Account must be free and clear from any security interest, lien, charge or other encumbrance (other than a security interest, lien, charge or other encumbrance in favor of Baird) and must remain so for the duration of the client’s relationship with Baird, unless Baird otherwise specifically agrees in writing. If an asset transferred to an Account is an Unpermitted Investment under the terms of the applicable Service, GWG, Baird or the client’s investment manager may sell the asset or transfer it into a separate brokerage account. Alternatively, they may designate such asset as an Unsupervised Asset as further described under “Services, Fees and Compensation—Additional Service Assets” Information—Unsupervised above. If a client wishes to obtain loans secured by assets in the client’s Account (commonly referred 49 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  term of the consent to electronic delivery is indefinite but a client may revoke the consent at any time by notifying GWG. to as “securities-based lending”) and GWG and Baird agree to the arrangement, the client should understand that the lender may exercise certain rights and powers over the assets in the Account, including the disposition and sale of any and all assets pledged as collateral for the loan to meet a collateral call, which may occur without prior notice to the client. A collateral call could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should be aware of these and other potential adverse effects of securities-based lending and collateralizing Accounts before deciding to do so. A client is required to disclose the terms of the client’s agreements with Baird to any lender seeking to use Account assets as collateral. A client must promptly notify GWG and Baird of any default or similar event under the client’s collateral arrangements. Termination of Accounts The client’s advisory agreement will survive any event that causes the client’s GWG Consultant to be unable to provide services to the client (either on a temporary or permanent basis), including if the client’s GWG Consultant ceases to be employed by Baird. In any such event, Baird will endeavor to continue to provide services to the client and will as promptly as practicable assign another GWG Consultant or Baird Financial Advisor to the client’s Accounts (either on a temporary or permanent basis) and the client will be notified of any such change or, if Baird determines that it is unable to continue to provide advisory services to the client, Baird may remove the applicable Account from a Service or Program and convert the Account to a brokerage account upon notice to the client. GWG or Baird may remove an Account from a Service and immediately close an Account upon written notice to a client if the client fails to abide by the terms of the Service. GWG or Baird may also remove an Account from a Service at any time upon written notice to a client if the client fails to maintain the required minimum asset levels in such Account. A client should understand that neither GWG nor Baird will provide advice on or oversee a securities-based lending or collateral arrangement and they will not act as investment adviser or a fiduciary to the client with respect to the liquidation of securities held in the client’s Account to meet a collateral call. Any such liquidation will be executed in Baird’s capacity as broker-dealer and may, as permitted by law, result in executions on a principal basis. See “Services, Fees In some instances, Baird and GWG Consultants may refer a client to a third party lender under Baird’s Securities-Based Lending Program that pays Baird and GWG Consultants certain compensation. and Compensation—Additional Service Information— Securities-Based Lending Program” above for more information. exclusive responsibility to in writing, Investment Products” above Upon the termination of an Account’s enrollment in a Service, GWG, Baird and, if relevant, any investment manager managing such other Account, shall have no obligation to act as investment adviser to such Account. If such Account is custodied at Baird, the Account shall be converted to and designated as a brokerage account. GWG, Baird, and, if relevant, any other investment manager managing such Account, shall be under no obligation to recommend any action with regard to, or to liquidate the securities or other investments in, such Account. After an Account is removed from a Service, it is the issue client’s instructions, the regarding management of any assets in such Account. Securities purchased on margin are used as Baird’s collateral for the margin loan. Clients that have a margin account should review the section “Services, Fees and Compensation—Additional Service Information—Complex Strategies and Complex for additional information. Electronic Delivery of Documents If a client directs Baird to liquidate assets in connection with a closure of an Account, the client should understand that Baird acts as broker- dealer, and not investment adviser, when processing such a liquidation request and that the By signing an advisory agreement, a client consents to the electronic delivery of documents that GWG or Baird may deliver to the client. The 50 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  about how Baird may select and evaluate portfolio managers is further described below. Selection and Evaluation GWG Recommended Managers Service or client will generally be charged commissions, sales charges, sales “loads”, or other applicable transaction-based fees in accordance with the applicable Baird fee schedule or other third-party transaction-based fee schedule for the particular investment then in effect. Additional information about the compensation that a client pays to Baird for effecting brokerage transactions is contained in Baird’s Client Relationship Details document, available on Baird’s website at bairdwealth.com/retailinvestor. the heading that is not selecting other When recommending investment managers to manage a client’s Account in the GWG Recommended Managers Service, GWG typically utilizes managers included on Baird’s Recommended Managers List described under “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis—Certain Recommended Lists—Baird’s Recommended Managers List” below. Although in some circumstances, GWG may select a manager to manage a client’s Account included on Baird’s Recommended Managers List. A client may incur significant expenses and liabilities, including tax-related liabilities for which the client will be solely liable, if the client closes an Account, terminates an advisory agreement, or transfers assets out of Baird’s custody. GWG and Baird will not be liable to a client in any way with respect to the termination, closure, transfer or liquidation of the client’s Accounts. organizational and Some of the investments offered in connection with the Services contain restrictions that limit their use, and such investments may be unavailable for purchase or holding outside of an Account. For example, certain Investment Funds held in an Account may only be available to a client through a GWG Service or may not be held at another firm. If such restrictions apply and the client terminates a Service or closes an Account, the Client will be required to sell or redeem such Investment Funds or exchange them for other Investment Funds that may be more costly to the client or have poorer performance. A client should consider restrictions applicable to investments carefully before participating in a Service. A client should contact the client’s GWG Consultant for specific information as to how Account closure, termination of an agreement, or asset transfers might impact the assets in the client’s Accounts. individuals and their GWG will select or replace, or recommend the selection or replacement of, a particular manager based upon the client’s particular goals and circumstances and the client’s selected asset allocation and investment strategy. Before selecting or recommending a manager to a client, GWG performs its own quantitative and qualitative analysis of the manager, focusing on the manager’s performance and factors GWG believes will help a manager repeat historical performance such as the investment process and personnel, investment structure. GWG also focuses on the risk and investment style relative to other investment strategies already in a client’s portfolio. GWG generally relies upon Baird’s Advisory Research group to provide periodic review and evaluation of managers on Baird’s Recommended Managers List. To the extent a manager is not on Baird’s Recommended Managers List, GWG will perform periodic review and evaluation of the manager using its own quantitative and qualitative analysis described above. GWG will remove a manager from management of a client’s Account when the manager is removed from Baird’s Recommended Managers List or if GWG determines that removal is in the client’s best interest. Types of Clients GWG offers the Services primarily to: high net worth families and businesses. GWG also provides services to other types of current or prospective clients, including, but not limited to: pension and profit sharing plans; trusts; estates; charitable organizations; and corporations or other business entities. Clients should note that an investment manager managing the client’s Account under the GWG Recommended Managers Service may not be on Baird’s Recommended Managers List. A client should understand that GWG and Baird do not perform any due diligence or ongoing monitoring, Portfolio Manager Selection and Evaluation The persons providing portfolio management services to clients vary by Service. Information 51 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  evaluation or reviews of investment managers except to the extent GWG otherwise specifically agrees to do so in writing. do not make any recommendation to clients regarding any BSN Strategy or DC Strategy or any representations regarding a BSN Manager’s or DC Manager’s qualifications as an investment adviser or abilities to manage client assets. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, a client should note that GWG and Baird do not monitor or ascertain whether a third party Implementation Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The Overlay Manager may provide review and ongoing evaluations of certain BSN Managers that it makes available through the BSN Program. Clients should review Overlay Manager’s Form ADV Part 2A Brochure for more information, which is available upon request, or contact their GWG Consultant for more information. is GWG and Baird do not monitor or ascertain whether the Overlay Manager fully and faithfully implementing Model Portfolios under the BSN Program on a continuous basis. for A client assumes ultimate responsibility client’s selection of an Other Manager under the GWG Recommended Managers Program (including any third party Implementation Manager). GWG and Baird assume no responsibility for the client’s termination of an Other Manager (including any third party Implementation Manager), the Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. of Loss—Principal Baird SMA Network and Dual Contract Programs SMA Strategies offered under the BSN and DC Programs are subject to certain risks. See “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risks—Available Risk Investment Product Risks” below for more information. the A client should only participate in the BSN or DC Programs if the client wishes to take more responsibility for monitoring the client’s Account, the GWG Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. Clients participating in the BSN Program or the DC Program should note that the level of initial and ongoing review performed by GWG and Baird on the managers and their SMA Strategies made available under those Programs, including any Affiliated SMA Strategies, is significantly less than that performed by GWG and Baird with respect to managers and their strategies eligible for the GWG Recommended Managers Service. retention of an A client should note that the client’s appointment and continued investment manager to manage the client’s Account in connection with the BSN or DC Programs are based ultimately upon the client’s independent review of the investment manager and the investment manager’s services. Once retained by the client, an investment manager will only be removed from managing the client’s Account upon the investment manager’s withdrawal, removal from the Program, or the client’s direction to do so. BSN and DC Managers are subject to an initial review by Baird that considers the manager’s assets under management, regulatory and compliance history, and certain other limited qualitative and quantitative factors deemed relevant by Baird. The ongoing review is generally performed on an annual basis and is generally limited to significant changes in the managers’ assets under management in the SMA Strategy and a review of the SMA strategy in comparison to a relevant peer group or benchmark. a client who wishes (including any responsibility for the for A client assumes ultimate responsibility client’s selection of a manager under the BSN or DC Programs third party Implementation Manager). GWG and Baird assume no client’s termination of a manager under the BSN or DC The BSN and DC Programs are designed to accommodate to independently select an investment manager not available in the GWG Recommended Managers Service to manage the assets in the client’s Account. A client should note that GWG and Baird 52 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  (including any third is provided to the IAOC or a information subcommittee or delegate thereof. calculates Programs party Implementation Manager). GWG and Baird also assume no responsibility for any Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. Performance Calculation As part of Baird’s selection and evaluation of portfolio managers, Baird the investment performance of: the GWG • GWG and Baird associates acting as portfolio managers under Investment Management Service and PWM-Managed Portfolios; and • Managers on Baird’s Recommended Managers list that directly manage client accounts. Portfolio management services under the DC Program may be provided by an investment management department of Baird if the client selects such an SMA Strategy. In order to provide portfolio management services under the DC Program, Baird requires that Baird associates meet all applicable requirements set forth by applicable law and regulations of self-regulatory organizations, such as the Financial Industry Inc., exchanges, and Regulatory Authority, governmental agencies. GWG Investment Management Service Portfolio management services under the GWG Investment Management Service are provided by Baird and GWG Consultants. Fixed When Baird calculates a manager’s investment performance, Baird generally uses composites of the manager’s client accounts to calculate the manager’s performance. A composite is an aggregation of client accounts managed by the manager that are representative of a particular investment strategy, style, or objective. Examples of composites include large cap growth, all cap value, balanced (which includes equity and fixed income securities), and fixed income. Composites may be further broken down to separate taxable and non-taxable portfolios. income composites may be categorized by portfolio duration. to provide portfolio management In order services, Baird requires that GWG Consultants and other Baird associates meet all applicable requirements set forth by applicable law and regulations of self-regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. Oversight of the Services Investment recommendations. Baird When calculating composite performance, Baird seeks to utilize calculation methods that adhere to Performance Standards Global calculates (GIPS®) composite performance generally using the following principles: Asset Management, PWM • A total return calculation is used in reporting. oversees • Current market value including accrued income The Investment Advisory Oversight Committee (“IAOC”) of Baird, which includes members of Baird’s Sales Management, Investment Solutions, Asset Manager Research, Compliance, Legal, and Risk the Departments, Management standards and implementation of the Services. is used. • Trade date accounting is used in deriving valuations. the • Monthly returns are calculated using Modified Dietz calculation. • Returns for periods greater than a month are calculated by geometrically linking the monthly returns. Returns for periods greater than one year are annualized. The IAOC delegates its day-to-day oversight responsibilities to certain subcommittees of the IAOC, the applicable Market Director and Baird’s PWM Supervision, Investment Solutions and Compliance Departments to monitor the Services. The applicable Market Director, along with Baird’s PWM Supervision and Compliance Departments and other designees, provide periodic review of the performance of GWG Consultants providing portfolio management services under the GWG Investment Management Service. Performance 53 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  • Reporting is net of fees at the total portfolio, but gross of fees for individual investment categories (e.g., equity or fixed income). interest because Baird and its affiliates may receive higher aggregate compensation if clients retain Baird and affiliated managers instead of retaining unaffiliated managers. its or No independent third party reviews the composite performance information calculated by Baird to verify compliance with accuracy presentation standards. departments, reviewing those portfolio managers and Evaluation—Selection The following Services exclusively offer portfolio management by Baird, its GWG Consultants, its PWM home office investment professionals, its investment management or investment managers that are affiliated with Baird: GWG Investment Management Service. The processes, if any, used by Baird for selecting is and described under the headings “Portfolio Manager Selection and Evaluation” above and “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis” below. independent third party reviews To the extent Baird selects or reviews other portfolio managers participating in the Programs, Baird does not calculate investment performance information for such managers. Baird obtains investment performance information for those managers directly from the managers (including the Overlay Manager) or from other external sources that Baird believes to be reliable. A client should understand that: Baird does not recalculate the performance provided by such managers or external sources; neither Baird nor any the information provided by such performance managers to verify its accuracy or compliance with presentation standards unless otherwise stated in writing; those managers may not calculate performance on a uniform or consistent basis; and Baird does not guarantee the accuracy of information provided by such managers or any external source. that such investment A client should note that the processes and standards used by Baird in determining whether to make affiliated investment options available under the GWG Investment Management Service differ from those processes and standards used by Baird in determining whether to make non- affiliated investment options available under other Services. Baird approves, and continues to make available, affiliated investment options under the GWG Investment Management Service that would not be approved for, or would have been removed from, such other Services. This practice presents a conflict of interest because Baird has a financial incentive to maximize the number of affiliated investment options it makes available under the GWG Investment Management Service due to the fact that, by increasing investment options, Baird will likely attract more client assets and thereby increase Baird’s revenues. A client participating in the GWG Investment Management Service should monitor the client’s Account performance and periodically discuss the performance of such Account with the client’s GWG Consultant. A client should note that Baird does not generally present its investment performance calculations to clients. The information that GWG or Baird provides to clients about portfolio managers from time to time may not be calculated by GWG or Baird but may be calculated by the managers themselves or derived from external sources. GWG and Baird do not audit or verify that investment performance information presented to clients that is calculated by managers or external sources is accurate. In addition, a client should note performance information may not be calculated on a uniform or consistent basis or reviewed by any independent third party. A client should ask the client’s GWG Consultant for more information. professionals, an or for Portfolio Management by GWG, Baird and Related Persons Portfolio management services under the GWG Investment Management, GWG Recommended Managers and DC Programs may be provided by Baird and managers affiliated with Baird. Such arrangements create a potential conflict of Portfolio management services under the GWG Recommended Managers Service or DC Program could be provided by Baird PWM home office investment investment management department of Baird or a manager affiliated with Baird should a client select an Affiliated SMA Strategy. When Baird selects SMA Strategies, or otherwise determines manager the Baird eligibility, availability Recommended Managers List or the DC Program, 54 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  transactions and brokerage administrative services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers its services separately or in combination with other services. GWG and Baird tailor advisory services to the individual needs of clients. For more information about the services offered by GWG and Baird, please see “Services, Fees and Compensation” above. Affiliated SMA Strategies and affiliated investment managers are subject to the same selection and review processes, if any, that Baird applies to investment unaffiliated SMA Strategies and managers participating in each respective Service. The processes, if any, used by Baird for selecting and reviewing SMA Strategies and Affiliated SMA Strategies for those Services are further described under the heading “Portfolio Manager Selection and Evaluation—Selection and Evaluation” above. see above Subject to the agreement of GWG, a client may impose reasonable restrictions on the securities or types of securities to be held in the client’s Account. Please “Services, Fees and Compensation—Additional Service Information— Investment Discretion” for more information. by clients providing Baird participates in wrap fee programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid portfolio for management services under those wrap fee programs. When providing investment advisory services to clients, GWG and Baird are fiduciaries and are required to act solely in the best interest of clients. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for GWG and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about these potential conflicts and how Baird addresses them, please see the sections “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. under management, As of December 31, 2024, Baird had approximately $342.1429 billion in regulatory assets approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. Advisory Business Baird is privately-held, employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. Performance-Based Fees and Side-By-Side Management GWG does not advise any client accounts that are subject to performance-based fee arrangements. Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. analysis and Act. Performance-based research, analysis planning; investment and account Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird include: portfolio management and offers recommendations analysis; investment regarding asset allocation and and strategies; recommendations regarding investment managers and individual securities; investment consulting; financial policy development; performance monitoring. Baird also offers clients execution of Baird advises client accounts not participating in services described in this Brochure that are subject to performance-based fee arrangements. Performance-based fee arrangements involve the payment of fees based upon the capital gains or capital appreciation of a client’s account. Any such fee arrangements are made in compliance with applicable provisions of Rule 205-3 under the Advisers fee arrangements present a potential conflict of interest for Baird (but not GWG) with respect to other client accounts that are not subject to performance-based fee arrangements because such arrangements give Baird an incentive to favor client accounts subject to performance- 55 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Fixed Income or Bond Strategies based fees over client accounts that are not subject to performance-based fees. interest the arrangements holdings inequitable In addition to complying with its fiduciary duties by disclosing this conflict of interest to clients through this Brochure, Baird generally addresses posed by of potential conflicts by fee performance-based periodically monitoring and performance of performance-based fee accounts and comparing them to accounts not subject to a performance fee that are also managed using a similar strategy in an attempt to detect any possible treatment. Baird also attempts to minimize potential conflicts of interest posed by performance-based fee arrangements through internal trade allocation procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. region or country Fixed income or bond strategies generally have one or more of the following objectives: (1) provide current income; or (2) preservation of capital. These strategies primarily invest in fixed income securities, such as corporate bonds, municipal securities, mortgage-backed or asset- backed securities, or government or agency debt obligations. However, these strategies may also invest in other types of investments, such as equity securities or cash. Fixed income strategies may invest in debt obligations having any credit rating, maturity or duration, or they may focus on specific credit ratings, maturities or durations, such as investment grade, non-rated, or high yield (“junk”) bonds, or bonds having short-term, intermediate-term or long-term maturities. Fixed income strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic focused strategies. Balanced Strategies Methods of Analysis, Investment Strategies and Risk of Loss Investment Strategies and Methods of Analysis Investment Strategies The investment styles, philosophies, strategies, techniques and methods of analysis that GWG, investment Baird, Baird PWM’s home office professionals, and Other Managers use in formulating investment advice for clients vary widely by Service and the person providing the advice. A brief description of commonly used strategies is provided below. Equity Strategies region or market Balanced strategies generally have one or more of the following objectives: (1) provide current income; (2) growth of capital/principal or income; or (3) preservation of capital. These strategies primarily invest in a mix of equity, fixed income securities and cash. Balanced strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization ranges, credit ratings, maturities or durations as described above. Balanced strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic focused strategies. Value Strategies A value strategy typically invests primarily in equity securities of value companies, which are those that the investment manager believes are out of favor with investors, appear underpriced by the market relative to their earnings or intrinsic value, or have high dividend yields. This strategy is subject to investment style risks. focused, Growth Strategies Equity strategies generally have an objective to provide growth of capital and primarily invest in equity securities, such as common stocks. However, these strategies may also invest in other types of investments, such as fixed income securities and cash. Equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges, such as large cap, mid cap or small cap companies. Equity strategies may be combined with other strategies described below, such as growth, value, income, economic industry or sector international, global, or geographic region or country focused strategies. A growth strategy typically invests primarily in equity securities of growth companies, which are 56 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Geographic Region or Country Focused Strategies those that the investment manager believes exhibit signs of above-average growth relative to peers or the market, even if the share price is high relative to earnings or intrinsic value. This strategy is subject to investment style risks. Income Strategies fixed invest Geographic region or country focused strategies primarily invest in companies located a particular part of the world, such as Latin America, Europe or Asia, in a group of similarly-situated countries, such as developed or emerging markets, or one or more specific countries. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. Tactical and Rotation Strategies An income strategy typically invests primarily in income-producing securities, such as dividend- income paying equity securities and securities. This strategy may in a combination of investment grade and high yield bonds. This type of strategy may also invest in yield- or income-producing, Non-Traditional Assets. Economic Industry or Sector Focused Strategies technology, underweighting and Economic industry or sector focused strategies primarily invest in companies in one or more economic industries or sectors, such as the industrial, telecommunications, materials, or financial sectors. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. International Strategies include companies ranges, strategies are often subject regions, credit Generally, international strategies primarily invest in securities issued by foreign companies, which may in developed and emerging markets. International strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization sectors, geographic ratings, maturities or durations. Global Strategies these strategies Tactical strategies typically tactically and actively adjust account allocations to different categories of investments, such as asset classes, geographic locations or market sectors, based upon the manager’s perception of how those investments will perform in the short-term. Similarly, rotation strategies typically actively adjust account allocations to different market sectors based upon the manager’s perception of how those market sectors will perform in the short-term. Tactical and rotation strategies are often driven by technical analysis or methodologies and typically involve overweighting account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark index or the market generally. These strategies often will be focused or concentrated in one or more asset classes, geographic locations or market sectors from time to time, and it is likely that they will have limited or no exposure to one or more asset classes, geographic locations or market sectors. For that reason, tactical and rotation to concentration risk. Because the decision-making for tactical and rotation strategies is based upon the manager’s short-term market outlook, accounts pursuing often experience higher levels of trading and portfolio turnover relative to other strategies. Opportunity or Opportunistic Strategies ranges, regions, credit Generally, global strategies invest in a mix of securities issued by U.S. and foreign companies, which may include companies in developed and emerging markets. Global strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization sectors, geographic ratings, maturities or durations. Opportunity strategies will generally be invested in a manner that seeks to provide long term through capital appreciation and/or growth income by utilizing an active management style that shifts the amount of investment made in different asset classes and market sectors to take advantage of the manager’s perception of market pricing anomalies, those market or industry 57 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Alternative Strategies and Complex Strategies invest Alternative Strategies and other Complex Strategies may in a wide range of investments, which may include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Alternative Strategies and other Complex Strategies generally involve the use of margin, leverage, short sales and derivative instruments. Many Alternative Strategies and other Complex Strategies have no substantive restrictions on the types of investments that may be used. Examples of Alternative Strategies and other Complex Strategies include the following. than other strategies. The to sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager. Opportunity strategies often involve the use of other strategies, particularly tactical or rotation strategies, and will have the risks associated with those strategies. Opportunity Strategies may also involve investment in a more- limited number of companies compared to other strategies. As a result, a decline in value of one or a few investments will more adversely impact performance than if assets were more evenly invested in a larger number of companies. Opportunity strategies often experience higher fluctuations in annual returns and overall market value types of investments used implement opportunity strategies vary widely by manager and could include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Tax Management Strategies • Relative Value Strategies. Relative value strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to exploit price differences among securities financial that share similar economic or characteristics. taxable • Long/Short Strategies. Long/short strategies generally involve the purchase of securities believed to be undervalued and selling short securities believed to be overvalued. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. • Market Neutral Strategies. Market neutral strategies generally involve the purchase of securities and selling securities short in similar dollar amounts in an attempt to produce returns that are independent of general market performance. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. the manager • Statistical Arbitrage Strategies. Statistical Arbitrage is based on the theory that stocks have a tendency to return to a short-term trend line. This type of strategy typically involves the “systematic” or automated trading of securities based upon where a security is relative to its trend line. is Tax management strategies involve buying and selling investments in a manner intended to reduce the negative impact of U.S. federal income taxes. They often involve buying or selling investments to limit taxable investment gains or to offset investment gains with investment losses or selling investments to avoid recognition of taxable investment gains. Tax management strategies are not intended to, and likely will not, eliminate a client’s tax obligations. A tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. A tax management strategy is typically a secondary strategy used to achieve a secondary tax management objective and it is typically implemented together with other primary investment strategies designed to achieve primary investment objectives or goals. However, managers in certain situations may use a tax management strategy as the primary investment strategy or tax management may be their primary consideration when managing client accounts, such as when is transitioning an account from one investment strategy to another. The performance of accounts utilizing a tax management strategy will vary from similarly-managed accounts that do not utilize such a strategy, possibly in a materially negative manner, and an account may not be successful in pursuing any other investment strategies, objectives or goals. • Convertible Arbitrage Strategies. Convertible arbitrage involves the purchase and short sale of multiple securities of the same company. The strategy implemented by purchasing securities believed to be undervalued and to be selling short securities believed 58 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  short selling, options trading, and the use of other derivative instruments. overvalued. Often, the strategy involves the purchase of a convertible bond issued by a company and selling short that company’s common stock. This strategy may involve the use of a wide range of derivative instruments. • Fixed • Distressed Strategies. Distressed strategies generally involve the purchase of securities in companies that are in financial distress, or companies that are entering into or are already in bankruptcy. They may also involve the use of short sales and derivative instruments. Income Arbitrage Strategies. Fixed income arbitrage strategies generally seek to profit from interest rate, credit spread and other arbitrage opportunities by investing in fixed income securities, interest rate instruments and derivative instruments. • Macro Strategies. Macro strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to profit from anticipated changes in securities markets, commodities markets, currency values, and/or interest rates. and Systematic • Discretionary • Capital Structure Arbitrage Strategies. Capital structure arbitrage generally involves investing in multiple levels of a single company’s capital structure, often taking long and short positions in a company’s debt or equity in order to capitalize on perceived mispricings resulting from market inefficiencies or different pricing assumptions. This type of strategy typically involves the use of derivatives and structured products. strategies generally rely Trading Strategies. Discretionary trading strategies generally attempt to identify and capitalize on patterns or trends in the markets. Systematic trading on computerized trading systems or models to identify and capitalize on those patterns or trends. These strategies often involve the use of Non-Traditional Assets, short sales, derivative instruments and significant leverage. • Private Investment Strategies. • Absolute Return, Total Return and Real Return Strategies. Absolute return, total return and real return strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets in an attempt to generate performance that has low correlation to the major equity markets over a complete market cycle. They may also involve the use of derivative instruments. • Event-Driven generally in companies involve in events (such and liquidations). Event-driven Strategies. strategies generally involve the use of Non- Traditional Assets, short sales and derivative instruments in an attempt to seek arbitrage opportunities, particularly those triggered by as mergers, corporate restructurings, These strategies typically involve the assessment of if, how and when an announced transaction will be completed. arbitrage strategies involve in corporate o Private Equity Strategies. Private equity equity strategies private investments transactions. These investments are typically made through participation in private equity funds or funds of private equity funds. Private equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges. They may also focus on companies in one or more economic industries or sectors or geographic regions. Some private equity strategies focus on companies that are newly formed, in financial distress or already in bankruptcy. The securities purchased are typically unregistered and illiquid. Private equity strategies may also involve the use of leverage. buy-outs, restructurings • Merger Arbitrage/Special Situations Strategies. Merger the purchase and sale of securities of companies reorganizations and involved business combinations, such as mergers, exchange offers, cash tender offers, spin-offs, and leveraged involve liquidations. These strategies often o Private Debt or Private Credit Strategies. Private debt (also known as private credit) strategies invest in loans or debt instruments 59 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  typically unrated or • Leveraged Strategies. Leveraged strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to amplify returns or produce returns that are a multiple of a benchmark index. types of referred to as floating • Inverse Strategies. Inverse strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to produce returns that are the opposite of a benchmark index. in smaller issued by companies in private transactions. These investments are typically made through participation in private debt funds or funds of private debt funds. The investments involved are rated below investment grade and are illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically investments are reset. These sometimes rate corporate debt, floating rate loans or floating rate bank loans. Private debt strategies often involve the use of leverage and may involve investment capitalization, distressed or bankrupt companies. industrial typically made Alternative Strategies and other Complex Strategies are not appropriate for some clients because they are subject to special risks. See “Services, Fees and Compensation—Additional Service Information—Complex Strategies and Complex Investment Products” above and “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Non-Traditional Assets and Complex Strategies Risks” below for more information. Asset Allocation Strategies risks related Certain Services, including the GWG Investment Management Service, make available asset allocation strategies. Asset allocation strategies involve investing in one or more of the following categories of assets: o Private Real Estate Strategies. Private real estate strategies invest in physical properties, such as office buildings, apartments, retail facilities. These centers, and through investments are participation in private REITs. Private real focus on specific estate strategies may geographic types, or regions, property economic sectors. Investments in private real estate can be illiquid, meaning they may take time to sell or refinance. Property values can fluctuate due to market conditions, supply and demand, and other factors. There are tenant vacancies, to also property damage, or environmental hazards. Leverage is often used in private real estate investments, which can increase potential returns but also amplifies potential losses. o Private invest companies; U.S. types. Examples of cap located include, These among utilities, investments • the equity securities asset category, which is comprised of certain asset classes, such as, equity securities issued by: U.S. large cap growth companies; U.S. large cap value companies; U.S. large cap core companies; U.S. mid cap growth companies; U.S. mid cap value companies; U.S. mid cap core companies; U.S. small cap growth companies; U.S. small cap core small value companies; in foreign companies developed markets; foreign companies located in emerging markets; U.S. REITs; and foreign REITs; as: short-term taxable Infrastructure Strategies. Private infrastructure in strategies infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and infrastructure asset others, investments telecommunication, and are transportation. typically made through participation in private infrastructure funds. Investments in private infrastructure strategies are often illiquid. They may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments and may, therefore, also lack diversification. • the fixed income securities asset category, which is comprised of certain asset classes, bonds; such intermediate term taxable bonds; long-term taxable bonds; short-term tax-exempt bonds; intermediate term tax-exempt bonds; long-term tax-exempt bonds; high yield fixed income 60 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities; foreign fixed income securities; and broad fixed income securities; Baird’s projections that asset classes or markets will perform in accordance with or assumptions. For more information about Baird’s Capital Market Assumptions, a client should contact the client’s GWG Consultant. and • the Non-Traditional Assets category, which is comprised of certain asset classes, such as: commodities commodity-linked instruments; and currencies, cryptocurrencies and currency-linked instruments; Baird’s most common asset allocation strategies are described below. A client should note that the specific investments in an Account following a particular asset allocation strategy could vary from the description below for a number of reasons, including market conditions. • the Alternative Investment Products category which is comprised of certain asset classes, such as: hedge funds, private equity funds and managed futures; and • cash. allocation strategies have also have varying invest All Growth Portfolio. An All Growth Portfolio typically seeks to provide growth of capital. Typically, an All Growth Portfolio will experience high fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in equity securities. This strategy may also invest in other asset classes, such as fixed income securities, Non-Traditional Assets and cash. This strategy may also in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. investing, which and actively typically adjusting tactical varying Asset investment objectives, ranging from growth of capital to preservation of capital. Asset allocation strategies investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use involves tactical tactically account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short-term. Some asset allocation strategies involve the use of both strategic and investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and ETPs. The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. Capital Growth Portfolio. A Capital Growth Portfolio typically seeks to provide growth of capital. Typically, a Capital Growth Portfolio will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. This strategy may also invest in other asset classes, such as Non- Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a significantly higher allocation to equity securities than fixed income securities. typically seeks involves that are based upon Growth with Income Portfolio. A Growth with Income Portfolio to provide moderate growth of capital and some current income. Typically, a Growth with Income Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. This strategy may also invest in other Baird uses its Capital Market Assumptions in developing its proprietary model asset allocation strategies, including those used by some GWG Consultants. In determining its Capital Market Assumptions, Baird conducts an analysis of different asset classes and the different levels of risk associated with those investments. That analysis the consideration of past performance and the use of forward-looking projections certain assumptions made by Baird about how markets will perform in the future. There is no assurance 61 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to equity securities than fixed income securities. targets only. There Strategies” below Some GWG Consultants investment managers use asset allocation strategies that include target asset allocation percentages for equity and/or fixed income investments in the names or descriptions of the strategies (e.g., 80- 20, 60-40, 40-60, 20-80, etc.). A client should note that those percentages are intended to be asset allocation is no guarantee that Accounts following asset allocation strategies will be invested strictly in accordance with target asset allocations. It is likely that the actual investments in Accounts following those strategies will vary, sometimes significantly, from the target asset allocations and may include other asset classes due to market conditions and the GWG Consultant’s or investment manager’s assessment of how to best invest a client’s Accounts. See “Important Information about Implementation of Investment Objectives and Investment for more information. Income with Growth Portfolio. An Income with Growth Portfolio typically seeks to provide current income and some growth of capital. Typically, an Income with Growth Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to fixed income securities than equity securities. For information about the risks associated with the asset allocation strategies described above, see the section of the Brochure entitled “Principal Risks—Risks Associated with Certain Investment Objectives and Asset Allocation Strategies” below. experience relatively Important Information about Implementation of Investment Objectives and Investment Strategies invest Conservative Income Portfolio. A Conservative Income Portfolio typically seeks to provide current Income income. Typically, a Conservative Portfolio will small fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets. Generally, under normal market conditions, this strategy will have a significantly higher allocation to fixed income securities and cash than equity securities. Preservation A Portfolio. A client should note that, to implement an investment strategy, a client’s GWG Consultant or investment manager may use or recommend mutual funds, ETPs or other Investment Funds in particular types of that primarily securities instead of direct investment in those types of securities. A client should also note that the client’s GWG Consultant or investment manager may use a strategy not described above or they may use a strategy with the same or similar name that is implemented differently. A client should ask the client’s GWG Consultant or investment manager for more specific information about the strategy being used for the client’s Account. A client’s Account is subject to the risks associated with the Account’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. Capital Capital Preservation Portfolio typically seeks to preserve capital while generating current income. Typically, a Capital Preservation Portfolio will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in a mix of fixed income securities and cash. This strategy may also invest in other asset classes, such as equity securities and Non- Traditional Assets. 62 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and experience of a manager or a mutual fund company. in an attempt • Quantitative Analysis. Quantitative analysis is a method of evaluating securities by analyzing a large amount of data through the use of algorithms or models to understand behavior, predict market events, market prices, etc., and generate an investment decision. As it pertains to managers and investment products, quantitative analysis may include review of manager performance, investment style, style consistency, risk, and risk-adjusted performance. • Technical Analysis. Technical analysis is a method of analyzing past price and volume patterns and trends in the trading markets to attempt to predict the direction of both the overall market and specific investments. investment restrictions, • Top-Down Analysis. Top-down analysis involves a consideration of certain macroeconomic trends, such as general economic conditions, geographic or market sector performance, fiscal and monetary policy, taxes, or interest rates, to make investment decisions. Analysis. Bottom-up • Bottom-Up investment, From time to time, the client’s GWG Consultant or investment manager will invest the client’s Account, or recommend that the client invest the Account, in a manner that is inconsistent with the investment strategy or investment objective selected by the client for the Account when the client’s GWG Consultant or investment manager determines that it is appropriate to do so, such as using defensive strategies in response to adverse market or other conditions or engaging in tax management. Similarly, a client’s Account may be invested in a manner inconsistent with the investment objective investment strategy or selected by the client for the Account in certain other circumstances, such as when the client’s Account is transitioning to a new Service, investment objective or investment strategy, or due to other factors, such as market appreciation or depreciation of the assets in the client’s Account, deposits and withdrawals made by the client, and if any, imposed by the client. A client’s Account may not be able to achieve its investment objectives during any such period of time and the Account may be subject to different or enhanced risks than would be the case had the Account been invested in a manner wholly consistent with the investment objective or investment strategy selected by the client. Clients are encouraged to discuss with their GWG Consultant on a regular basis how the Account is being managed or advised and whether any such conditions exist. Methods of Analysis analysis involves consideration of factors particular to a such as business particular financials (e.g., balance sheet strength and cash flows), financial ratios (e.g., price-to- earnings ratio), and business fundamentals (e.g., management and product or services performance) to make investment decisions. Baird, its home office investment professionals, and GWG Consultants may use various forms of security analyses, including the following: tools releases and other economic, financial • Fundamental Analysis. Fundamental analysis involves an approach to investing through a detailed analysis of specific companies, such as their financial statements and financial ratios, management, competitive advantages and markets, in an attempt to determine the value of an investment. Fundamental analysis may include qualitative and quantitative analyses. Analysis. Qualitative • Qualitative Baird, its home office investment professionals, and GWG use various third party research to provide related information and investment advice to clients. These sources of information and tools may include, among others, issuer-supplied literature (such as annual reports, press information) and and external market, investment data and analyses provided by organizations not affiliated with Baird. They may also employ the use of computers and third party software to more readily display information, assist with the evaluation and analysis, and create asset allocation recommendations. Although they generally use information and tools that Baird reliable, GWG and Baird do not deems analysis involves the use of subjective judgment to analyze factors that may be difficult to quantify or measure objectively. As it pertains to managers and investment products, qualitative analysis may include review of the background 63 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  independently verify or guarantee the accuracy of the information or tools used. is generally not made available to Baird clients. A client should note that, unless GWG and Baird otherwise agree in writing, GWG and Baird do not initial or ongoing evaluation, provide any monitoring or review of any such managers or investment products and that the client’s decision to select such a manager or investment product is based solely upon the client’s review of the manager or investment product. the client’s Baird and GWG Consultants may also utilize research reports created by Baird. However, it should be noted that GWG Consultants are not obligated to act in a manner consistent with Baird research reports and they may act in a manner that is contrary to those reports if they deem it to be consistent with investment objectives and in the client’s best interest. Certain PWM-Managed Portfolios Baird Recommended Portfolio they may use investment approach When providing investment advice to clients, GWG Consultants may also use the model portfolios or recommended or eligible product lists (described below) made available by Baird’s Asset Manager Research Department or other Baird departments, or investment products that Baird has generally deemed to be “available” for use in its advisory programs (“Available Investment Products”). The level of initial and ongoing evaluation, monitoring and review that GWG and Baird perform on managers and on investment products varies. Available Investment Products generally do not receive the same level of initial or ongoing evaluation, monitoring or review by Baird as those managers or products that are included in a model portfolio or on a recommended or eligible product list. As a result, Available Investment Products are subject to certain risks. See “Portfolio Manager Selection and Evaluation—Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks— Available Investment Product Risks” below for more information. The Baird Recommended Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to outperform the S&P 500 Index by investing in a diversified core portfolio of 35–50 stocks. The portfolio invests primarily in stocks with market capitalization greater than or equal to $10 billion (large cap). The portfolio may also contain stocks with market caps below $10 billion but these stocks generally will not represent more than 35% of the total portfolio. The team’s top– down begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. This information is used to underweight or overweight particular industry sectors compared to the S&P 500 Index. Individual stocks are selected with an emphasis on higher quality companies that the team believes have strong fundamental characteristics teams, attractive growth and management prospects, and reasonable price-appreciation expectations. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. Stocks can be sold or positions reduced for a variety of reasons such as valuation, a change in company or industry fundamentals, or a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. Baird Rising Dividend Portfolio More specific information about Baird model portfolios, recommended lists and eligible product lists is provided below. A client should note that investment products recommended to the client or selected for the client’s Account, including investment managers or products included on a Baird recommended or eligible product list, are those which, in Baird’s professional judgment, may be appropriate to help the client pursue the client’s financial goals. GWG and Baird do not represent or guarantee that such investment managers or products are or will be the best investment managers or products available. Under certain circumstances when requested by a client, GWG and Baird may allow a client to select a manager or investment product that is not on a Baird recommended or eligible product list or that The Baird Rising Dividend Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to provide a core equity strategy with a portfolio yield above that of the S&P 500 Index. The team’s top–down investment approach begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. The 30–50 stocks in the portfolio are primarily large cap stocks—as defined by a market capitalization of 64 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Index; (3) the AQA Mid Cap Strategy, which primarily invests in mid cap stocks, generally those included in the S&P MidCap 400® Index; and (4) the AQA Small Cap Strategy, which primarily invests in small cap stocks, generally those included in the S&P SmallCap 600® Index. Certain Recommended Lists Baird’s Recommended Managers List $10 billion or greater at the time of investment— and all are above $5 billion at the time of investment. The team looks for quality companies fundamental characteristics and with strong management, attractive dividend yields, and the ability to increase their dividends. Companies are screened for dividend history and consistency, earnings growth expectations, and balance sheet is assigned a quality. Each stock selected weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. A position can be reduced or removed due to changes in valuation, company fundamentals or the perceived ability to continue to raise its dividend in the future—among a variety of other potential reasons for portfolio changes including a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. AQA Portfolios to clients Analysis When selecting managers and BRM Strategies for Baird’s Recommended Managers List, Baird often seeks registered investment advisory firms having portfolio managers with academic credentials such as a master’s degree or participation or completion of the Chartered Financial Analyst (“CFA”) program. Baird also typically looks for a portfolio manager with greater than three (3) years of investment experience focusing on the particular investment style that is offered by the portfolio manager. Baird generally looks for that have demonstrated portfolio managers success, that have performance histories showing sufficient ability to achieve returns in excess of their respective benchmarks, and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird also considers other qualitative and quantitative factors. performance. The analysis Baird’s Asset Manager Research Department is primarily responsible for selecting and evaluating included on Baird’s investment managers Recommended Managers List. selecting In investment managers, Baird’s Asset Manager Research Department utilizes quantitative and qualitative measures to evaluate managers based on the: • quality and stability of their organization • soundness and clarity of their investment philosophy • reliability and consistency of their investment process • competitiveness of their investment performance Baird’s Asset Manager Research Department may also employ the use of computers and third party software to more readily display information and assist with the evaluation and analysis. certain Baird makes available Automated Quantitative (“AQA”) Portfolios, which are managed by Baird’s PWM Equity Research team. AQA is an analytical tool that seeks to identify stocks of companies that are undervalued by calculating the intrinsic values for the stocks and comparing the calculated values to current market prices. Focusing on a financial performance, AQA company’s past analyzes fundamental ratios and trends of the most recent eight-year history of a company and each company in its peer group, excluding estimates of future balance sheet and income is statement quantitative and ignores certain qualitative information such as company-specific material news and events. Stocks are ranked from the most undervalued to the most overvalued based on the difference between the values calculated by AQA and current market prices. The stocks identified by AQA as being the most undervalued are then selected for investment. Baird offers the following four (4) AQA Portfolio strategies, each of which invest in undervalued stocks identified using AQA, excluding securities issued by banks, REITS and insurance companies: (1) the AQA All Cap Strategy, which primarily invests in stocks across market capitalizations, generally those included in the S&P 500®, S&P MidCap 400® or S&P SmallCap 600® Indices; (2) the AQA Large Cap Strategy, which primarily invests in large cap stocks, generally those included in the S&P 500® 65 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  its discretion, decides provided by the Recommended Manager. If the Overlay Manager or Implementation Manager, in the exercise of to implement the Model Portfolio differently, the performance of a client’s Account could be negatively impacted. Baird is not monitoring, evaluating or reviewing the Overlay Manager or Implementation Manager or the performance of a client’s Account under those circumstances. affiliated managers for Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select Baird’s Recommended Managers List are the same as those used for unaffiliated managers. Baird’s initial screening process begins with a proprietary, multi-factor model that evaluates managers on different factors including risk- adjusted performance, consistency of returns and downside protection. These factors are scored over various time periods and relative to a specific peer group universe, narrowing the pool of managers for further evaluation. Baird’s Asset Manager Research Department then performs a more in-depth evaluation of managers that are identified through the initial screening process, which generally includes a review of the following factors: stability of the firm/team, the robustness and repeatability of the investment process, the portfolio’s past returns pattern and tax-efficiency, and how the manager adds value. The final determination of Baird’s Recommended Managers is subject to the approval of Baird’s List Investment Committee. Baird’s Recommended Mutual Fund List conference calls, that to the for removal change Ongoing manager evaluation generally includes performance quarterly attribution and periodic onsite visits. Material adverse changes affecting a manager may result in the manager being placed on “watch” status. Managers on “watch” status are scrutinized to see if improvement or degradation is taking place. Potential causes from Baird’s Recommended Managers List include fundamental changes in the operations of the manager, turnover in key personnel, substantial changes in management or ownership, a in investment philosophy or style, significant drift from stated objectives, major legal, regulatory or compliance difficulties, impairment of financial condition, sustained underperformance in relation to its peers, or other adverse changes affecting the manager that in Baird’s opinion warrants the manager’s removal. Baird’s Asset Manager Investment Committee Baird’s Recommended Mutual Fund List is designed to include mutual funds and ETFs across numerous asset classes. When selecting funds for inclusion on the List, Baird generally seeks funds that have investment managers with tenure of at least three (3) years and have underlying investments fund’s adhere market capitalization policy and are consistent with the manager’s stated investment process and philosophy. Baird generally looks for funds that are among the top-performing funds in a style category in terms of risk-adjusted returns or that are managed by individuals or firms that have demonstrated success in other, related asset classes; that have performance histories showing sufficient ability to achieve returns in excess of their respective style index; and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird’s Asset Manager Research Department is primarily responsible for assisting with selecting and evaluating funds included on the List. In selecting funds, Research Department utilizes a quantitative and qualitative evaluation process of the investment managers of such funds. The process Baird uses for selecting and removing funds for the Baird Recommended Fund List is similar to the process Baird uses to select and remove BRM Strategies described under “Baird’s Recommended Managers List” above. Baird’s is ultimately responsible for selecting funds included on the List. The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Aggregate If a Model-Traded BRM Strategy is selected for a client’s Account, it is important to note that Baird’s selection and ongoing evaluation of a BRM Strategy is based upon an assumption that the Recommended Manager’s Model Portfolio will be fully and faithfully implemented by the Overlay Manager or Implementation Manager on a continuous basis. A client should understand that the Overlay Manager or Implementation Manager has discretion over the client’s Account and may invest the client’s Account in a manner that differs from the Model Portfolio. Baird does not monitor the Account’s performance nor does it ascertain whether the Overlay Manager or Implementation Manager is implementing the Model Portfolio as 66 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  legal documents offering memorandum, inclusion Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Mid Cap Growth Fund, mutual funds affiliated with Baird, have been selected by Baird in Baird’s for Recommended Mutual Fund List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select affiliated funds for Baird’s Recommended Mutual Fund List are the same as those used for unaffiliated funds. Baird’s Recommended Funds of Hedge Fund List investment thesis is presented In making that determination, marketing and (such as, subscription documentation, investor agreements, and organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the FOHF identifies, hires, monitors, and terminates individual hedge funds. Baird also evaluates how the FOHF constructs its hedge fund portfolio and manages risk. In addition, Baird undertakes a brief review of the FOHF’s third party service providers. At the conclusion of the onsite review, an to and discussed with a Baird Investment Committee. The Committee votes on whether to add the FOHF to Baird’s Recommended Funds of Hedge Fund the List. Committee considers the information presented, taking into account the merits of the individual FOHF, how that FOHF compares to other FOHFs that Baird offers, and the level of expected demand for the particular FOHF. and onsite Baird’s Recommended Funds of Hedge Fund List contains a variety of funds of hedge funds (“FOHFs”) that pursue various Alternative Strategies or other Complex Strategies. Some FOHFs primarily use credit-oriented investment strategies, which Baird classifies as fixed income diversifiers. Some FOHFs primarily use equity- oriented investment strategies and are classified as equity diversifiers. Other FOHFs use a combination of credit- and equity-oriented strategies, which Baird views as balanced diversifiers. In certain circumstances, FOHFs may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. changes After a FOHF is added to Baird’s Recommended Funds of Hedge Fund List, it is monitored each reviews subsequent quarter, periodically take place. As part of its quarterly monitoring, Baird evaluates a FOHF’s assets under (subscriptions and management and flows (e.g., redemptions), organizational personnel changes or new offerings), recent changes made to the FOHF portfolio (e.g., hedge funds added or removed), and reasons for performance differences between the FOHF and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. for the fund; and To be added to Baird’s Recommended FOHF List, a FOHF must generally meet the following requirements: the investment advisor to the FOHF is registered as an Investment Adviser under the Advisers Act; the fund has stable to growing assets under management as determined by Baird, principals of the fund have an appropriate level of hedge fund management experience and a sufficient network of contacts in the industry as determined by to Baird; in Baird’s opinion, the fund has adequate diversification by number of hedge funds and type of hedge fund strategy; effective risk management programs have been established the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks FOHFs that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. Before adding a prospective FOHF to the List, Baird’s Asset Manager Research Department conducts an in-depth due diligence process. The process begins with a review of the FOHF’s responses to a due diligence questionnaire and of Baird may place a FOHF on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the FOHF’s performance going forward or possibly lead to the departure of an important member(s) of the FOHF. Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any firm that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long- term, and whether it can be remedied. Baird will remove a FOHF from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately 67 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  with companies that addressed. However, Baird will terminate a FOHF from the List if it believes the issue is likely to be long-term and adversely affect the FOHF’s future performance. ventures control infrastructure assets. In certain circumstances, private real assets funds may be an appropriate substitute for part of a client’s allocation to traditional fixed income or equity investments. Baird’s Recommended Private Funds Lists Baird maintains lists of recommended private Funds (“Recommended Private Funds”), including a Recommended Funds of Private Equity Funds List, a Recommended Private Debt Fund List, and a Recommended Private Real Assets Fund List. funds, funds or To be added to a Baird Recommended Private Fund List, a fund must generally meet the following requirements: the investment advisor to the fund is registered under the Advisers Act ; the fund has stable to growing assets under management as determined by Baird; principals of the fund have an appropriate level of applicable experience and a sufficient network of contacts in the industry as determined by Baird; effective risk management programs have been established for the fund; and the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks funds that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. fund client’s allocation to Baird’s Recommended Funds of Private Equity Funds List contains funds of private equity funds that pursue certain Alternative Strategies or other Complex Strategies. These strategies can include buyout, growth equity, venture capital, special situations or distressed investments. The investments are typically structured in the form of primary co- secondary investments. Most will be to “middle market” companies, many of which have above average to high levels of leverage, or debt relative to equity. In certain circumstances, funds of private equity funds may be an appropriate substitute for part of traditional equity a investments. that pursue or Baird’s Recommended Private Debt Fund List contains private debt funds (also known as certain funds) credit private Alternative Strategies other Complex Strategies. The private debt funds on Baird’s Private Debt Funds List generally make first lien, second lien and unsecured loans, primarily to middle market companies sponsored by private equity firms. In certain circumstances, private debt funds may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. funds that or the Before adding a prospective to a Recommended Private Fund List, Baird’s Asset Manager Research Department conducts an in- depth due diligence process. The process begins with a review of the fund’s responses to a due diligence questionnaire (known as a DDQ or RFI) and of marketing and legal documents (such as, subscription documentation, investor agreements, offering memorandum, organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the fund makes investment decisions. Baird also evaluates how the fund constructs its portfolio and manages risk. In addition, Baird may undertake a brief review of the fund’s third-party service providers. At the conclusion of the onsite review, an investment thesis is presented to and discussed with a Baird Investment Committee. The Committee votes on whether to add the fund to a Baird Recommended Private Fund List. In making that determination, the Committee information considers presented, taking into account the merits of the individual fund, how that fund compares to other similar funds that Baird offers, and the level of expected demand for that particular fund. utilities, telecommunication, The investments may Baird’s Recommended Private Real Assets Fund List contains private real estate and private certain infrastructure pursue Alternative Strategies other Complex Strategies. These strategies invest in different real assets and may involve exposure to a range of economic or market sectors, geographic types. Examples of locations and asset investments may include, among others, real and estate, transportation. be structured in the form of asset ownership or leasing or include direct investment in or joint After a fund is added to a Baird Recommended Private Fund List, it is monitored each quarter, and subsequent onsite reviews periodically take 68 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  indices, favor ETPs that have well-known, diversified benchmark fees and tracking lower errors, and higher trading liquidity relative to other ETPs. Inclusion on or exclusion from the Baird ETF Focus List is not meant to be a buy or sell recommendation. Rather, the List is a collection of ETPs that may be appropriate to meet particular client investment goals. place. As part of its quarterly monitoring, Baird evaluates a fund’s assets under management and fund flows (subscriptions and redemptions), organizational changes (e.g., personnel changes or new offerings), recent changes made to the portfolio, and reasons for performance differences between the fund and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. Managed Futures Effective March 1, 2018, Baird ceased maintaining an official list of managed futures funds that are structured as limited partnerships. Therefore, Baird does not, and will not in the future, provide any evaluation, monitoring or review of those funds or their sponsors. A client’s decision to invest in, or to maintain an investment in, a managed futures fund is based solely upon the client’s own review and evaluation of the fund. Structured Products is calculated, Baird may place a Recommended Private Fund on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the fund’s performance going forward or possibly lead to the departure of an important member(s) of the investment team. fund’s Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any fund that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long-term, and whether it can be remedied. Baird will remove a fund from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will remove a fund from a Recommended Private Fund List if it believes the issue is likely to be long-term and adversely affect the fund’s future performance. When determining whether to make a structured product available to Baird clients, Baird reviews the offering documents for the structured product and considers: the size of the issuer and issuer’s credit rating, the maturity of the product, how interest the underlying asset category (e.g., a basket of securities or currencies or a market index), applicable caps, barriers, and participation rate, and whether the structured product has principal protection. Certain Eligible Product Lists Annuities the strength ratings When determining whether to make an annuity product available to Baird clients, Baird reviews the offering documents for the product and considers: the size of the insurer and the insurer’s insurer’s distribution and credit rating, support model, and product specifications and features of the product. Baird favors highly-rated insurers and evaluates them by using credit rating and financial agencies independent third-party research. Baird tends to favor larger-sized issuers of structured products over smaller-sized issuers and also tends to favor structured products that have shorter maturities, less complex payout structures, underlying assets that are more liquid or transparent, and offer full or partial principal protection. If a product does not offer full principal protection, Baird also considers how much principal is exposed to loss, whether, in Baird’s judgment, there is reasonable risk/reward trade-off for that exposure, as well as the events that could trigger loss of principal and Baird’s belief as to the likelihood of the occurrence of such events. Baird’s ETF Focus List Investment Solutions Department the Programs. Baird’s Baird’s ETF Focus List is designed to encompass numerous asset classes and varied investment objectives. Baird generally seeks to include ETPs, primarily ETFs, with transparent, experienced sponsors that have stable or growing assets under management and have demonstrated consistent strategy performance over time. Baird tends to Baird’s is primarily responsible for selecting and evaluating structured products made available to clients under Alternative Investment Committee, which includes members of Baird’s Investment Solutions, Asset Manager Risk Research, Compliance, Legal, and 69 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Management Departments, ultimately determines whether to make a structured product available to Baird clients. Available Hedge Funds Financial Industry Activities Affiliated and Private Equity Funds”). Baird does not subject Affiliated Private Equity Funds to the criteria imposed upon Recommended Funds of Private Equity Funds or Available Private Equity Funds described above when making them available to clients, and Baird does not perform any evaluation, monitoring or review of Affiliated Private Equity Funds. This presents a potential conflict of interest. See “Additional Information— and Other Affiliations—Certain Related Parties—Affiliated Private Equity Funds” below. Baird Trust Strategies Baird makes available to clients five (5) portfolio strategies developed and maintained by Baird Trust (“Baird Trust Strategies”) described below. The Baird Trust Strategies invest in a mix of equity securities and ETFs. Baird makes hedge funds available to clients in certain Programs sponsored by, affiliated with or offered by Capital Integration Systems LLC or CAIS Capital LLC (“CAIS”). An independent third- party research firm provides research and due diligence materials to Baird on the hedge funds available on the CAIS platform (“Available Hedge Funds”). Clients interested in an Available Hedge Fund or invested in an Available Hedge Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Hedge Fund, Baird does not conduct its own research or due diligence on any Available Hedge Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Available Private Funds (1) The Baird Trust Large Cap Equity strategy invests in a fairly concentrated portfolio of large cap equity securities. This strategy is intended for clients seeking investment in large cap companies as one part of their overall asset allocation. This strategy is generally not intended to be a complete investment program. third-party research firm (2) The Baird Trust Core + Satellite 100 strategy is a diversified portfolio with a 100% target equity allocation. The strategy uses the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) through the use of ETFs that principally invest in equity securities. This model does not include fixed income. (3) The Baird Trust Core + Satellite 70/30 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and fixed income securities. This strategy has a target allocation of 70% of its assets to equity securities and 30% of its assets to fixed income securities. In addition to Recommended Private Funds, Baird makes available to clients in certain Programs other private funds sponsored by, affiliated with, or offered by CAIS (“Available Private Funds”), including Available Private Equity Funds, Available Private Debt Funds, Available Private REITs and Available Private Infrastructure Funds. When determining whether to make a fund an Available Private Fund, Baird utilizes the services of an that independent provides research and due diligence materials to Baird on the private funds available on the CAIS platform. Clients interested in an Available Private Fund or invested in an Available Private Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Private Fund, Baird does not conduct its own research or due diligence on any Available Private Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Affiliated Private Equity Funds (4) The Baird Trust Core + Satellite 50/50 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation portion of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap In addition to Recommended Funds of Private Equity Funds and Available Private Equity Funds, Baird makes available to clients private equity funds that are affiliated with Baird (“Affiliated 70 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  time to fixed companies) and fixed income securities through the use of ETFs that principally invest in equity securities and income securities. This strategy has a target allocation of 50% of its assets to equity securities and 50% of its assets to fixed income securities. From time, and depending on macroeconomic conditions, GWG may also recommend or implement a slight, short-term tactical tilt to the client’s chosen asset allocation that is above or below the long-term strategic asset allocation. GWG typically recommends or selects mutual funds and ETFs for GWG Investment Management Accounts. However, other types of securities may be recommended or selected for those Accounts. The Baird Trust Equity Income strategy (5) primarily invests in dividend paying companies that Baird Trust believes have the ability to consistently grow their dividend at attractive rates over the long‐term. More specific information about the particular investment strategies and methods of analysis that Baird uses in connection with each Program is further described below. for the client. Once The GWG Investment Process and When recommending or selecting a particular mutual fund or ETF for client Accounts, GWG begins by reviewing a client’s asset allocation and investment strategy needs and identifying the characteristics of the types of mutual funds or ETFs appropriate the characteristic types of mutual funds or ETFs are identified, GWG looks for investments that meet those requirements. GWG tends to look for passively managed funds when selecting funds that invest primarily in equity securities and actively managed funds when selecting funds that invest primarily in fixed income securities. GWG also looks for funds that have higher trading volumes and lower expense ratios. Once GWG has identified a potential fund for a client, GWG conducts a quantitative and qualitative analysis of the investment manager for the fund similar to the analysis it performs on investment managers described under “Portfolio Manager Selection and Evaluation—Selection Evaluation—GWG Recommended Managers Service” above. In order to implement the overall client portfolio strategy, GWG may utilize one or more of the Services and a combination of different investment vehicles, such as SMAs, mutual funds and ETFs. More specific information about the particular investment strategies and methods of analysis that GWG and Baird use in connection with each Service is further described below. GWG Investment Management Service When providing advice to clients, GWG starts with the “financial framework” and risk analysis developed for a client in connection with the financial planning process described above. Using a variety of tools, GWG then develops and recommends a strategic asset long-term, allocation and investment strategy for the client’s portfolio that is appropriate for the client’s risk and return objectives. GWG develops a customized asset allocation strategy by dividing client assets into what GWG views as “Less Risky” and “More Risky” asset classes. GWG then develops an investment strategy by diversifying the client’s portfolio among different investments in each asset class with the goal to manage risk. Investment strategies may involve the use of different equity styles or strategies, such as: large cap growth, large cap value, mid cap growth, mid cap value, small cap growth, small cap value, international and emerging market equities income styles or fixed strategies; different strategies, such as short or intermediate, taxable and tax-exempt bond, international and emerging market bond, and high yield bond strategies. In certain instances when appropriate for a client, Investment strategies may involve different Non- Traditional Asset strategies, such as real estate and real estate fund and commodity strategies; and Alternative Strategies, which may include the use of hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, and managed futures. See “Services, Fees and Compensation—Consulting Services” above for more specific information. Under the GWG Investment Management Service, GWG may use various investment strategies. A client’s particular investment strategy is typically determined by GWG in consultation with the client using the investment process described in the section “The GWG Investment Process” above. 71 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  conditions and other the associated lists, see GWG Consultants, as a group, utilize a variety of investment styles and strategies, including the investment strategies described in the sections “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies” and “The GWG Investment Process” above. They may also use the model portfolios or recommended or eligible product lists made available by Baird’s Asset Manager Research Department or other Baird Departments, or they may use lists of investment products that Baird has generally deemed to be “available” for use in its advisory programs. For more information about Baird model portfolios, recommended lists and eligible product “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis” above. client’s Account could differ materially from those assumptions. Also, a client’s Account value may fluctuate, sometimes dramatically, depending upon the nature of the client’s investments, market factors. By participating in a Service, a client may be subject to certain risks, including, but not limited to the risks described below. The risks discussed below vary by Service, investment style or strategy, and the investments in the client’s Account, and each risk may or may not apply to a client. Clients should not pursue a strategy or invest in an investment product unless they are prepared to accept risks. Clients are encouraged to discuss with their GWG Consultant the risks that apply to them. A client should also review the prospectus or other disclosure document for any security or other investment product in which the client invests, as it will contain important information about the risks associated with investing in such security or other investment product. General Risk Information risks of the Services include the General following: Market Risks. A client’s Account may change in value due to overall market fluctuations. General economic conditions, political developments, international events and other factors may cause the overall market to decline, which in turn may reduce the value of the client’s Account regardless of the relative strength of the securities held in the Account. Securities prices often vary for reasons unrelated to matters directly affecting the issuers of the securities. GWG manages client assets using investment strategies and investment products based upon a client’s particular investment objectives and financial goals. GWG may use a wide variety of investment products to implement the client’s investment strategy, which investments are further described under “Services, Fees and Compensation—Additional Service Information— Permitted Investments” above. GWG may also use certain investment strategies, such as concentrated investment strategies and margin, and certain types of investments, such as illiquid securities and Complex Investment Products, including REITs, private equity funds, funds of private equity funds, leveraged or inverse funds investment and structured products. These strategies and products involve special risks and may not be appropriate for all clients. Please see “Principal Risks” below for more information. fluctuate Principal Risks client accounts about Management and Securities Selection Risks. in value A client’s Account may differently than, or in the opposite direction as, the overall market or applicable benchmark because of the selection of individual securities for the Account. The judgments made by the persons managing the attractiveness, value and potential appreciation of particular securities may prove to be incorrect. For example, while the stock markets may experience increases in value, the client’s Account may experience a decline in value due to the underperformance of the stocks selected for investment in the client’s Account. Risk is inherent in any investment product and GWG and Baird do not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved, and a client could lose all or a portion of the amount invested. The management of client accounts and recommendations made to clients are based in part upon the use of forward- looking projections, which in turn are based upon certain assumptions about how markets will perform in the future. There can be no guarantee that markets will perform in the manner assumed and the actual performance of markets and a 72 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors. Investment Objective and Asset Allocation Risks. A client’s investment objective and asset allocation strategies involve the risk that certain asset classes selected for the client’s Account may not perform as well as other asset classes during varying periods. In addition, clients who pursue more aggressive investment objectives and asset allocation strategies, while hoping to achieve high returns, may face greater risk of loss than clients with more conservative objectives and strategies. In developing investment objectives and asset allocation strategies, clients should carefully consider their financial situation and needs, investment goals, investment time horizon and risk tolerance. A client should inform the client’s GWG Consultant of these considerations so the GWG Consultant can assist in determining the client’s investment objectives and asset allocation strategies. Fixed Income Security Risks. Fixed income securities are subject to certain risks, including interest rate risk, credit risk and liquidity risk. In addition, they are subject to maturity risk. Generally, the longer a bond’s maturity, the greater the interest rate risk and the higher its yield. Conversely, the shorter a bond’s maturity, the lower the interest rate risk and the lower its yield. Non-rated, split-rated, below investment grade, and asset-backed securities, including mortgage-backed securities and CMOs, have additional, special risks. Conflicts of Interest Risks. Issuers, advisors or other sponsors of investment products or their affiliates may engage in business practices that conflict with the interests of investors. Among other things, these business practices can have a negative impact on the market price of the investment product. Clients are encouraged to review the prospectus or other disclosure document for the investment product and also discuss with their GWG Consultant the conflicts of interest risks that may apply to them. Stock Market Risks. Equity security prices vary and may fall, thus reducing the value of a client’s investments. Certain stocks selected for a client’s Account may decline in value more than the overall stock market. Interest Rate Risk. The value of some investment products, particularly fixed income securities, is affected significantly by changes in interest rates. Generally, when interest rates rise, the product’s market value declines and when interest rates decline, its market value rises. In addition, a rise in interest rates may have a negative impact on the issuer, which, in turn, could have a negative impact on the market value of the investment product. Equity Securities Risks. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets in general, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. Common Stock Risks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value Credit Risk. The value of some investment products, particularly fixed income securities, is affected by changes in the product’s credit quality rating or the issuer’s financial condition. If the credit quality rating or the issuer’s financial condition declines, so may the value of the investment product. Issuers may experience unanticipated financial problems and may be unable to meet its payment obligations. Municipal obligations in particular may be adversely affected by political and economic conditions and developments (for example, legislation reducing state aid to local governments.) Bonds receiving the lowest investment grade rating or a non- investment grade rating may have speculative 73 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  characteristics and, compared to higher grade debt obligations, may have a weakened capacity to make principal and interest payments due to changes in economic conditions or other adverse circumstances. Ratings agencies such as Moody’s, Fitch and S&P provide ratings on bonds based on their analyses of information they deem relevant. Ratings are essentially opinions or judgments of the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and/or repay principal and an agency’s decision to downgrade a security. less liquid larger companies. Therefore, them more susceptible predicting international trade patterns and the possibility of imposition of exchange controls. Such securities may also be subject to greater fluctuations in price than securities of domestic corporations. Investors in foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may enhance, erode, reverse gains or widen losses from investments denominated in foreign currencies. For instance, foreign governments may limit or prevent investors from transferring their capital out of a country. This may affect the value of a client’s investment in the country that adopts such currency controls. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing the credit risk of such debt. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a confiscatory possibility of expropriation or taxation, or diplomatic developments, which could affect investment in those countries. Capitalization Size Risks. A client may be invested in small and mid cap stocks, which are than often more volatile and investments in larger companies. The frequency and volume of trading in securities of such companies may be substantially less than is the typical of securities of such companies may be subject to greater and more abrupt price fluctuations. In addition, small- and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making to market pressures and business failure. Investments market depth, in Emerging Markets Risks. emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development, political infrastructure, stability, capitalization, and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater regulatory, and political social, economic, uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Growth and Value Investment Style Risks. Investment styles or strategies that focus on growth stocks may perform better or worse than styles or strategies that focus on value stocks or that are broader or more diversified. Similarly, investment styles or strategies that focus on value stocks may perform better or worse than styles or strategies that focus on growth stocks or that are broader or more diversified. A particular style of investing may go out of favor at times and for extended periods. Growth stocks are often characterized by high price-to-earnings ratios and may be more volatile than stocks with lower price-to-earnings ratios. Value stocks are subject to the risk that the broader market may not agree with the manager’s assessment of, or recognize, the investments’ intrinsic value. foreign ESG Considerations Risk. Consideration of ESG factors in the investment process may cause an advisor or manager to forgo opportunities to recommend or invest in certain companies or to gain exposure to certain industries or regions. Therefore, there is a risk that, under certain market conditions, an Account pursuing strategies that consider ESG factors may underperform accounts that do not consider such factors. There are not universally accepted ESG factors and Foreign Issuer and Investment Risks. Securities of issuers, ADRs, Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”), and investments in foreign markets generally, are subject to certain inherent risks, such as political or economic instability of the country of issue, the difficulty of 74 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  issued by advisors and managers typically consider them in their discretion. Securities the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) have historically been supported only by the discretionary authority of the U.S. Government. While the U.S. Government provides financial support to various U.S. Government- sponsored agencies and instrumentalities, such as those listed above, no assurance can be given that it will always do so. falling. Since interest federal taxation, resulting in financial in such Municipal Securities Risks. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. Municipal securities may also decrease in value during times when tax rates are income on municipal securities is normally not subject to regular the income attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, such interest income. Any proposed or actual changes rates or exempt status, therefore, can significantly affect the liquidity, for marketability and supply and demand municipal securities, which would in turn affect Baird’s ability to acquire and dispose of municipal securities at desirable yield and price levels. Investment in tax-exempt debt obligations poses additional risks. In many cases, the IRS has not ruled on whether the interest received on a tax- exempt obligation is tax-exempt, and accordingly, purchases of these municipal securities are based on the opinion of bond counsel to the issuers at the time of issuance. Thus, there is a risk that interest may be taxable on a municipal security that is otherwise expected to produce tax-exempt interest. Cybersecurity Risks. With the increased use of technologies such as the Internet to conduct business, issuers of investments are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting issuers or their service providers have the ability to cause impact business operations, disruptions and potentially losses, interference with the ability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While issuers and other parties may establish business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. As a result, client accounts and investments could be negatively impacted. securities, and/or Government Obligation Risks. Client assets may be invested in securities issued, sponsored or guaranteed by the U.S. Government, its agencies and instrumentalities. However, no assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored agencies or instrumentalities where it is not obligated to do so by law. For instance, securities issued by the Government National Mortgage Association (“Ginnie Mae”) are supported by the faith and credit of the United States. full Money Market Fund Risks. A money market fund is a type of mutual fund that generally invests in short-term debt instruments. Many investors use money market funds to store cash. There are three primary types of money market funds: (1) government money market funds (funds that invest nearly all assets in cash, repurchase government agreements collateralized by cash or government securities); (2) retail money market funds (funds that have policies and procedures reasonably designed to limit beneficial ownership to natural persons); and (3) institutional money market funds (funds that permit beneficial ownership by 75 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  market downturns and periods in which financial services firms are unable to commit capital to make a market in, or otherwise buy, certain investments, a client may experience challenges in selling such investments at optimal prices. In addition, recent regulatory changes applicable to financial intermediaries that make markets in debt securities have restricted or made it less desirable for those financial intermediaries to hold large inventories of debt securities. Because market makers provide stability to a market through their intermediary services, a reduction in dealer inventories may lead to decreased liquidity and increased volatility in the fixed income markets. In the event the client directs Baird to liquidate an illiquid investment, the client should understand that Baird may have difficulty finding a buyer in the market for such investment and such investment may be held in the Account for a period of time while Baird attempts to satisfy the client’s liquidation request. for purchases or withdrawals. redemptions in an investment institutions and natural persons). The rules governing money market funds vary based on the type of money market fund. Government and retail money market funds generally try to keep their net asset value (NAV) at a stable $1.00 per share using special pricing and valuation conventions. Institutional money market funds are required to calculate their NAV in a manner such that the NAV will vary based upon the market value of assets and liabilities of the fund (also known as a “floating NAV”). An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although some money market funds seek to preserve the value of an investment at $1.00 per share, there can be no assurance that will occur, and it is possible to lose money should the fund value per share fall. In some circumstances, money market funds may be forced to cease operations when the value of a fund drops. In that event, the fund's holdings may be liquidated and distributed to the fund's shareholders. This liquidation process could take time to complete. During that time, the amounts a client has invested in the money market fund would not be available In addition, retail and institutional money market funds are required to impose redemption fees (also known as liquidity fees) and suspend redemptions (also known as redemption gates) in circumstances. Government money certain market funds may also impose redemption fees and suspend those same circumstances. More specific information about how a money market fund calculates its NAV and the circumstances under which it will impose a redemption fee or suspend redemptions is set forth in the prospectus for that money market fund. by the to lower that were not predicted by can be no assurance that to make a market for Quantitative Strategy Risks. Some investment managers may employ quantitative investment methodologies or processes to make investment decisions. The success of the quantitative investment methodologies and processes used by investment managers depends on the analyses and assessments that were used in developing such methodologies and processes, as well as on the accuracy and reliability of models and data provided by third parties. Incorrect analyses and assessments or inaccurate or incomplete models and data would adversely affect performance. Additionally, manager’s methodologies and processes are predictive in nature, based on historical outcomes and trends. Certain low-probability events or factors that are assigned little weight may occur or prove to be more likely or may have more relevance than expected, for short or extended periods of time, the portfolios which may adversely affect generated investment manager’s quantitative methodologies and processes. It is also possible that prices of securities may move in directions the investment manager’s quantitative methodologies and processes or may fail to move as much as predicted, for reasons that were not expected. these There methodologies will enable a client to achieve the client’s objective. Illiquid Securities and Liquidity Risks. Liquidity risk is the risk that certain investments may be difficult or impossible to sell at the time and price that a client would like to sell. Clients the price, sell other may have investments or forego an investment opportunity, any of which may have a negative effect on the management or performance of client accounts. The liquidity of a particular investment depends on the strength of demand for the investment, which is generally related to the willingness of broker-dealers the investment as well as the interest of other investors to buy the investment. During periods of economic uncertainty, significant economic and Technical Strategy Risks. Some investment managers may employ technical analysis or 76 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment methodologies to make investment decisions or recommendations. The primary risk of using technical analysis is that past price and in the trading volume patterns and trends markets cannot predict future prices, volume patterns or trends. There is no guarantee that technical investment methods used are designed properly, are updated with new data as it becomes available, or can accurately predict future market or investment performance. In order for technical investment methods to work, there must be sufficient data about the markets available so that trends can be identified and predictions can be made. A technical method may fail to identify trends or be able to accurately predict future prices if a market does not have sufficient data or trends or if the market behaves erratically. mortgage loans, student loans, automobile loans, installment sale contracts, credit card receivables or other assets and are issued by entities such as commercial banks, trusts, financial companies, finance subsidiaries of industrial companies, savings and loan associations, mortgage banks and investment banks. These securities represent interests in pools of assets in which periodic payments of interest or principal on the securities are made, thus, in effect passing through periodic payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. Asset-backed securities are issued in multiple classes (or tranches) and their relative payment rights may be structured in many ways. Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other instruments. Asset-backed securities also can be more sensitive to interest rate risk than other types of fixed income securities. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. Asset-backed securities are subject to a number of other risks, including, but not limited to, market and valuation risks, liquidity risk, and prepayment risk. Split-Rated, and Concentration Risks. A client’s Account may consist of a portfolio of securities that is concentrated in an issuer or group of issuers, an industry or economic sector or group of related industries or sectors, or concentrated in limited asset classes. Client accounts with concentrated positions are susceptible to greater volatility and increased risk of loss than an Account that is diversified across several issuers and industries or sectors and asset classes. A client should not engage in strategies using concentration unless the client is prepared to experience significant losses in the value of the client’s Account. Non-Rated, Below Investment Grade Securities (High Yield or “Junk” Bonds) Risks. Investing in securities or other investment products that are not rated, split-rated or are below investment grade (also known as high yield or “junk” bonds) involve significant, special risks. As a result, they may not be suitable for some clients. The risks associated with these investments include, but not limited to, price volatility risk, credit risk, default risk, and liquidity risk. Clients investing in securities or other investment products that are not rated, split-rated or are below investment grade should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. including equity, fixed Frequent Trading and Portfolio Turnover Risks. Some of the investment strategies offered to clients in this Brochure may involve frequent or active trading for client accounts, which could result in high portfolio turnover. Strategies that involve frequent or active trading increase the risks management and securities selection because the persons managing the accounts are making more trading decisions, which may prove to be incorrect. A portfolio with a high turnover rate will also incur more transaction costs than one with a lower rate. Higher transaction costs may negatively impact the return of the portfolio. High portfolio turnover may also cause a client to experience adverse tax consequences due to the fact that the client may have increased instances of realized gains and losses and such gains and losses may commonly be characterized as short term gains and losses under applicable tax law. investment style, Mutual Fund Risks. Mutual funds can have investment objectives and many different strategies, income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, economic industry or sector, or geographic region. Mutual funds have risks, which may include market risk, Asset-Backed Securities Risks. Asset-backed securities are securities secured or backed by 77 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities selection credit capitalization risk, foreign that management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. Certain mutual funds pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of mutual fund selected. Also, investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. fund that for purposes of making equity, securities selection credit capitalization risk, foreign closed-end securities include market selection credit capitalization risk, foreign Closed-End Fund Risks. Unlike mutual funds which continuously offer and redeem their shares on a daily basis at net asset value, closed-end funds typically raise money by selling a fixed number of shares of common stock in a single, one-time offering, much the way a company issues stock in an initial public offering. Closed- end funds can have many different investment objectives and strategies, including equity, fixed international, and global income, balanced, strategies, and strategies focus on a particular market capitalization, investment style, industry or sector, or geographic economic shares are not region. Closed-end redeemable, meaning investors cannot require closed-end funds to buy back their shares, although closed-end fund shares are listed and traded on an exchange. For many reasons, closed-end fund shares often trade at a discount to their net asset value and the market prices of closed end fund shares often fall below their public offering prices. Clients are therefore cautioned about buying shares of a closed-end fund in its initial public offering. Closed-end funds often engage in leverage to raise additional capital investments through borrowings and issuances of senior securities (such as preferred stock). Such leverage may present the opportunity to enhance potential returns but also involve the risk of exacerbating losses and depreciation in the value of the underlying securities. Closed-end funds have other risks, which may include market risk, management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, rate risk, risk, investment style issuer and investment risk, and emerging market risk. Certain funds pursue Complex Strategies, which are subject to special risks. Some closed-end funds are organized as interval funds, which differ from traditional closed-end funds in that their shares do not trade on the secondary market, but instead their shares are subject to repurchase offers from the fund. Closed-end funds structured as an interval fund will, therefore be relatively less liquid. Interval funds also often impose a redemption fee when shares are sold back to the fund. The degree of these and other risks will vary depending on the type of close-end fund selected. Exchange Traded Fund Risks. An ETF is different from a mutual fund in that an ETF does not sell its shares directly to public investors and does not redeem shares from public investors. Rather, shares of an ETF are commonly purchased or sold in the secondary market on a securities exchange, like common stocks. An ETF maintains a net asset value but, based on demand and other factors, the market price of shares of an ETF may vary from its net asset value. ETFs invest in and hold securities and other assets, such as stocks, bonds, commodities and currencies, and have stated investment objectives and principal strategies. ETFs can have many different investment objectives and strategies, income, balanced, fixed including international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Many ETFs seek to track the performance of an index or other underlying benchmark. Passively managed ETFs will not be able to replicate exactly the performance of the indices the ETFs track because the total return generated by the securities will be reduced by management fees, transaction costs and other expenses incurred by the ETF. ETFs have other risk, risks, which may management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. Certain ETFs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of ETF selected. 78 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  is selected by negatively equity, which may have a negative impact on the fund’s performance. An Investment Fund experiencing large redemption orders may have to sell portfolio impact securities, which may performance and which may have negative tax consequences. Large redemptions could also reduce liquidity as the fund may suspend or delay redemptions. These risks are more pronounced with respect to newer Investment Funds and those with smaller asset sizes. Non-Traditional Assets and Complex Strategies Risks such as commodities, Non-Traditional Assets Risks. Non-Traditional Assets, currencies, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Some Non-Traditional Assets are less transparent and more sensitive to domestic and foreign political and economic conditions than more traditional investments. Non-Traditional Assets are also generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Risks. Investments investments in securities. Unit Investment Trust Risks. A UIT is a pooled in which a portfolio of investment vehicle securities the sponsor and deposited into the trust for a specified period of time. The portfolio of a UIT is designed to follow an investment objective over a specified time period, although there is no guarantee that the objective will be met. UITs can have many different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. UITs are passively managed and follow a “buy and hold” strategy, meaning that UITs buy a fixed portfolio of securities and hold on to that portfolio until their termination date at which time the portfolio is liquidated with the net proceeds paid to investors. UITs, thus, generally have a relatively higher risk of loss than other funds in the event of adverse changes in market or economic conditions. UITs have other risks, which may include management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain UITs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of UIT selected. Also, investment return and principal value will fluctuate, and units, if and when redeemed, may be worth more or less than their original cost. investment and trading activities or consuming Commodities in commodities markets or a particular sector of the commodities markets, and in securities or other instruments denominated in or indexed or linked to commodities, are subject to certain risks. Those investments generally will subject a client Account to greater volatility than The traditional investments commodities markets are impacted by a variety of factors, including changes in overall market movements, domestic and foreign political and economic conditions, interest rates, inflation rates in and commodities. Prices of commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. No active trading market may exist Investment Fund Risks; Purchase and Redemption Risks. Investment Funds are generally subject to the same risks as the securities or other assets in which they invest. In addition, from time to time Baird, a GWG Consultant, or an investment manager may decide to add or remove an Investment Fund to or from an investment strategy or Service. In addition, they may decide to increase or decrease their clients’ account allocations to an Investment Fund. In general, they will place transactions for all affected Accounts at one time, which may cause the fund to experience relatively large purchases or redemptions. Significant purchases and redemptions may adversely affect the fund in question and consequently, a client’s investment. An Investment Fund receiving large purchase orders may have difficulty investing the cash, 79 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for certain commodities investments, which may impair the value of the investments. instruments in that cryptocurrency, or index. Derivative instruments often have risks similar to the underlying asset, however, in certain cases, those risks are greater than the risks presented by the underlying asset. Derivative instruments may experience dramatic price changes and imperfect correlations between the price of the derivative and the underlying asset, which may increase volatility. Derivatives generally create leverage, and as a result, a small movement in the underlying asset's value can result in large change in the value of the derivative instrument. Derivatives are also subject to liquidity risk, interest rate risk, market risk, credit risk, management risk and counterparty risk. The use of these is not appropriate for some clients because they involve special risks. A client should not invest in these instruments unless the client is prepared to experience volatility and significant losses in the client’s Account. Currency Risks. Investments in currencies, and investments in securities or other instruments denominated in or indexed or linked to currencies, are subject to certain risks. Those investments are subject to all of the risks associated with foreign investing generally. In addition, currency markets generally are not as regulated as securities markets. Also, changes in currency exchange rates could adversely impact the investment. Devaluation of a currency by a country will also have a significant negative impact on investment the value of any denominated currency. Currency investments may also be positively or negatively affected by a country’s strategies intended to make its currency stronger or weaker relative to other currencies. the the underlying security or Leverage and Margin Risks. Leveraging strategies may amplify impact of any decrease in the value of underlying securities in the client’s Account, thereby increasing a client’s risk of loss. The use of leverage may also increase involving an Account’s volatility. Strategies margin can cause a client to lose more money than deposited in the client’s margin account. A client should not engage in strategies involving leverage or margin unless the client is prepared to experience significant losses in the value of the client’s Account. Options Risks. In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of index decreased below the strike price. Hedging Risks. When a derivative instrument is used as a hedge against an opposite position, any loss on the derivative instrument should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can be an effective way to reduce the investment risk, it may not always perfectly offset one position with another. As a result, there is no assurance that hedging transactions will be effective. Complex Investment Product Risks Short Sales Risks. Short selling runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, which may result having to buy the securities sold short at an unfavorable price. A client should not engage in short sales unless the client is prepared to experience significant losses in the client’s Account. contracts other Derivative Instrument Risks. The values of options, convertible securities, futures, swaps, forward derivative and instruments is derived from an underlying asset, such as a security, commodity, currency, Hedge Funds and Funds of Hedge Fund Risks. Hedge funds typically engage in one or more Complex Strategies, including the use of Non-Traditional Assets, short sales, leverage and other derivative instruments. Funds of hedge funds typically invest substantially all of their assets in other hedge funds. Hedge funds and tax funds of hedge funds have unique 80 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in certain that may sectors, for those fee an incentive funds are subject to to administrative service limited compared short sales, other expect risks may securities include: market selection credit capitalization risk, foreign characteristics. A client should consult with a tax advisor before investing in those funds. Some hedge funds and funds of hedge funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of hedge funds and funds of hedge funds are typically higher than other types of funds. Investment advisers or managers funds often receive a or plus management performance-based fee. Because of the existence of a performance-based fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Hedge funds and funds of hedge funds are also subject to a higher risk of incorrect valuations. Many hedge funds hold investments for which market quotations are not readily available, which necessitates the use of “fair value” pricing. Fair value pricing is an inherently subjective process and may not accurately reflect the prices that can actually be obtained upon sale of the assets for which fair values are used. Investments in hedge funds and funds of hedge funds also have reduced liquidity compared to other investments and are generally subject to a higher risk of volatility. Investing in hedge funds and funds of hedge funds involves other special risks, including, but to, risks associated with Non- not Traditional Assets, leverage, derivative instruments, and Complex Strategies. risk, Other management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, risk, risk, rate investment style issuer and investment risk, and emerging market risk. Hedge funds and funds of hedge funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in hedge funds or funds of hedge funds should have a high tolerance for risk, including the willingness and ability to accept lack of significant price volatility, potential liquidity and potential loss of their investment. risk, foreign investments focus on objective or strategy companies industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Funds of private equity funds typically invest substantially all of their assets in other private equity funds. Private equity funds and funds of private equity funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private equity funds and funds of private equity limited limited disclosure and regulation and offer transparency. Also, the costs of private equity funds and funds of private equity funds are typically higher than other types of funds. Investment advisers or managers for those funds often receive a management fee plus an incentive fee or carried interest. Private equity funds and funds of private equity fund are also generally subject fees and portfolio company transaction fees. Because of the existence of a carried interest, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private equity funds and funds of private equity funds also have reduced investments. liquidity to Investors receive to should not distributions from a fund for a number of years. Private equity investing is very risky. Many investments made in portfolio companies are not profitable. In addition, investments made by private equity funds and funds of private equity funds may be concentrated in one or more industries or sectors, geographic economic regions, stages of development or operation, or sizes of companies. Investing in private equity funds and funds of private equity funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. Private equity funds and funds of private equity funds are complex that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private equity funds and funds of private equity funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. Private Equity Funds and Funds of Private Equity Funds Risks. Private equity funds are pools of actively managed capital that invest primarily in private companies with the intent of creating value in the companies in which they invest by improving operations, reducing costs, selling non-core assets and maximizing cash flow. Private equity funds usually have an investment 81 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  funds involves special risk, foreign fund risks, currency in certain sectors, debt funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private debt funds and funds of private debt risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment risks and leveraging risks. Private debt funds and funds of private debt funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private debt funds and funds of private debt funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. debt funds have unique warehouses, receive a management transaction should not expect to Private Debt Funds (or Private Credit Funds) and Funds of Private Debt Funds Risks. Private debt funds (also known as private credit funds) are pools of actively managed capital that invest primarily in loans or debt instruments issued by companies in private transactions. Sometimes, repayment of the loan is secured by assets of the companies obtaining the loans. However, the companies often have low or no credit ratings. Thus, investments held by private debt funds generally are subject the same risks as below investment grade or “junk” bonds. Trading markets for the investments held by those funds are also limited and their investments may be illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically reset. These types of investments are sometimes referred to as floating rate corporate debt, floating rate loans or floating rate bank loans. Private debt funds usually have an investment objective or strategy that may focus on companies industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes, including focusing investments on smaller capitalization, distressed or bankrupt companies. Private debt funds commonly use borrowings or leverage to make investments. Funds of private debt funds typically invest substantially all of their assets in other private debt funds. Private debt funds and funds of private tax characteristics. A client should consult with a tax advisor before investing in those funds. Private debt funds and funds of private debt funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private debt funds and funds of private debt funds are typically higher than other types of funds. Investment advisers or managers for those funds often fee plus a performance fee. Private debt funds and funds of private debt fund are also generally subject to fees. operational expenses and Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private debt funds and funds of private debt funds also have reduced liquidity compared to other investments. Investors receive distributions from a fund for a number of years. Private debt investing is very risky. Investments made by private debt funds and funds of private Real Estate Investment Trusts (“REITs”) and Private REIT Risks. A REIT is a corporation, trust or association that owns and typically operates income-producing real estate or real estate-related assets. The income-producing real estate assets owned by a REIT may include office buildings, shopping malls, multi-family housing, student housing, hotels, resorts, hospitals and health care facilities, self-storage facilities, data centers, telecommunications facilities, and mortgages or loans. Many REITs are registered with the SEC and their common stock and preferred stock are publicly traded on a stock exchange. These are known as publicly-traded REITs. Others may be registered with the SEC but are not publicly traded. These are known as private REITs (also known as non-traded or non- exchange traded REITs). There is no public trading market for private REITs and the sole method for disposing of the shares may be limited to a periodic offer to redeem the shares by the issuer, if the issuer offers a redemption program. Private REITs are generally subject to limited regulation and offer limited disclosure and transparency. The shareholders of a REIT are responsible for paying taxes on the dividends that they receive and on any capital gains associated with their investment in the REIT. Dividends paid by REITs generally are treated as ordinary income and are not entitled to the reduced tax rates on other types of corporate dividends. Prices of REIT 82 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  real estate funds typically in which they are for those risk, growth risk, credit risk, foreign should not expect to investing securities and trading volumes may be more volatile that other investments. Many REITs focus on a particular sector of the real estate market, such as apartments, student housing, hotels and hospitality, health care, office buildings, shopping malls, warehouses, self-storage facilities and the like. Those REITs are subject to risks associated with sectors focused. Additionally, many REITs may own properties that are concentrated in a particular geographic region or regions, which subject them to the risk of deteriorating economic conditions in those areas. Investing in REITs involves other special risks, including, but not limited to, real estate portfolio risk (including development, environmental, competition, occupancy and maintenance risk), liquidity risk, leverage risk, distribution risk, risk, capital markets access interest risk, counterparty risk, conflicts of dependence upon key personnel risk, and regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, interest rate issuer and investment risk, and emerging market risk. REITs involve significant, special risks and may not be suitable for some clients. Clients investing in REITs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility and volatility of regular distribution amounts, potential lack of liquidity and potential loss of their investment. fund risks, currency investments. Some may in properties industries, involved located improved management and their investments may be illiquid. Funds of private invest substantially all of their assets in other private real estate funds. Private real estate funds and funds of private real estate funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private real estate funds and funds of private real estate funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private real estate funds and funds of private real estate funds are typically higher than other types of funds. Investment advisers or managers funds often receive a management fee plus a performance fee. Private real estate funds and funds of private real estate fund are also generally subject to operational expenses and transaction fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private real estate funds and funds of private real estate funds also have reduced liquidity compared to other investments. Investors receive distributions from a fund for a number of years. is very risky. Private real estate Investments made by private real estate funds and funds of private real estate funds may be concentrated in properties involved in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private real estate funds and funds of private real estate funds involves special risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment risks and leveraging risks. Private real estate funds and funds of private real estate funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private real estate funds and funds of private real estate funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. Private Real Estate Funds and Private Real Estate Fund of Funds. Private real estate funds are pools of actively managed capital that directly invest primarily in investments in real estate and real estate-related investments. Private real estate funds may invest in any number of types of real estate, such as office, apartment, retail, lodging, industrial and other real estate and real focus estate-related in certain investment certain in sectors or geographic regions or that have certain sizes of operations or investment requirements. Some may focus investment on properties the manager or sponsor believes are undervalued or undercapitalized or that require repositioning, redevelopment, or additional capital to reach their full value. Private real estate funds commonly use borrowings or leverage to make investments. Trading markets for investments held by those funds are limited Private Infrastructure Funds Risks. Private infrastructure funds are pools of actively managed 83 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  telecommunication, Private utilities, infrastructure throughout for those fees and for significant growth reduced liquidity compared investments made by industries or risks may securities include: market selection credit capitalization risk, foreign risk, foreign infrastructure funds are Exchange Traded Notes Risks. An ETN is a type of debt security that trades on an exchange and provides a return linked to the performance of an underlying benchmark. The underlying benchmark can be a particular security, bond, commodity, currency, or other Non-Traditional Asset type, a group or basket of companies, securities, commodities, currencies, derivative instruments, Non-Traditional Asset investments or other assets, or an index or other benchmark linked to stocks, market volatility, bonds, interest rates, Treasury yields, yield curves and spreads, derivative instruments, strategies, commodities, currencies or other assets. ETNs trade on exchanges the day at prices determined by the market. Unlike ETFs, issuers of ETNs do not buy or hold assets to replicate or approximate the performance of the underlying benchmark. Also in contrast to ETFs, ETNs also do not calculate their net asset value, are generally not redeemable on a daily basis, and are not registered under the Investment Company Act of 1940. Issuers may also have the right and option to redeem ETNs. Redemptions are made at the ETN’s “indicative value” or “closing indicative value”. An ETN's closing indicative value is computed by the issuer and is distinct from an ETN's market price, which is the price at which an ETN trades in the secondary market. Issuers of ETNs may also issue and redeem notes as a means to keep the ETN’s market price in line with its indicative value, which have caused significant fluctuations in ETN prices. Investing in ETNs involves special risks, including, but not limited to, risks associated with Non-Traditional Assets and derivative instruments and the risk that the actual market price for an ETN may vary significantly from the indicative value computed by the issuer. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, rate risk, risk, issuer and investment style investment risk, and emerging market risk. ETNs are complex investments and involve significant, special risks. As a result, ETNs may not be suitable for some clients. pools (typically structured capital that invest primarily in infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of infrastructure investments may include, among and others, transportation. funds usually have an investment objective or strategy that may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Private infrastructure funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private infrastructure funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private infrastructure funds are typically higher than other types of funds. Investment advisers or managers funds often receive a management fee plus an incentive fee. Private infrastructure funds are also generally subject to administrative service investment transaction fees. Because of the existence of incentive fees, fund managers may be motivated to make riskier investments that have the in value. potential Investments in private infrastructure funds also have to other investments. Investors should not expect to receive distributions from a fund for a number of years. Private infrastructure investing is very risky. Many investments are not profitable. In addition, private infrastructure funds may be concentrated in one sectors, or more economic geographic regions, stages of development or operation, or sizes of companies. Investing in private infrastructure funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. risk, Other management and risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. Private complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private infrastructure funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. Managed Futures Risks. Managed futures are commodity as investment partnerships) managed by a futures trading adviser that trade speculatively in various derivative instruments and other investments. 84 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in managed currencies, funds and they Assets, leverage, fund over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. To achieve their objectives, leveraged and inverse funds typically employ aggressive investment techniques, such as the use of leverage, short sales, swap contracts, futures, options and other derivative instruments. Investing in leveraged funds and inverse funds involves special risks, including, but not limited to, risks associated with Non-Traditional Assets, short sales, leverage, and derivative instruments. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Leveraged funds and inverse funds are complex investments that have an increased risk of loss involve compared to other significant, special risks. As a result, they may not be suitable for some clients. A client should not invest in these securities unless the client is prepared to experience significant losses in the value of the client’s Account. Investing There are significantly higher fees and expenses associated with investments in managed futures than other types of funds. Sponsors or managers for these pools often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. Managed futures may seek exposure to different asset classes, such as equity securities, fixed income securities, commodities (such as metals, agricultural products, and energy products), currencies, interest rates, and indices. Managed futures often obtain this exposure through derivative instruments, which may be traded on U.S. or foreign exchanges or markets. Managed futures often employ computerized, systematic and often proprietary trading models and systems. Investing futures involves special risks, including, but not limited to, liquidity risks and risks associated with and other Non- commodities, Traditional derivative instruments and Complex Strategies. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Managed futures can be speculative investments because of the types of investments they make and they involve significant, special risks. As a result, they may not be suitable for some clients. Clients investing in these funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. risks may securities include: market selection risk, credit risk, risk, foreign emerging market inverse Structured Products Risks. Structured products are a hybrid between two asset classes (typically issued in the form of a CD or note) but instead of having a pre-determined rate of interest, the return is linked to the performance of an underlying asset class, such as single security or basket or index of securities; a commodity or basket or index of commodities, including futures; and a foreign currency or basket of foreign currencies. in structured products involves special risks, including, but not limited to, risks associated with derivative instruments. risk, Other management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest issuer and rate investment risk, commodities risk and currency risk. Structured products are complex investments and involve special risks. As a result, they may not be suitable for some clients. is Leveraged Fund and Inverse Fund Risks. Leveraged funds and inverse funds may be structured as ETNs, ETFs or open-end mutual funds. Leveraged funds seek to deliver multiples of the performance of the index or benchmark they track. Inverse funds seek to deliver the opposite of the performance of the index or benchmark they track. Leveraged inverse funds seek to achieve a return that is a multiple of the inverse performance of the underlying index. Most leveraged and funds “reset” daily, meaning that they are designed to achieve their stated objectives on a daily basis. Because of the effects of compounding, volatility and the fund expenses, the returns of a leveraged or inverse Business Development Company Risks. A closed-end typically a domestic, BDC investment company that is operated for the 85 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  those including, but not risk, capital markets access and gains from certain activities involving natural resources such as oil, natural gas, natural gas liquids, refined petroleum products, coal, carbon is generally dioxide and biofuels. An MLP structured as a limited partnership or limited liability company and managed and operated by a general partner or manager. Owners of an MLP are called “limited partners” or “unit holders”. Unit holders own interests or units in the MLP (“units”) that are traded on a stock exchange. MLPs make distributions to unit holders of their available cash flows. Many MLPs focus on a particular sector or industry. Those MLPs are subject to risks associated with sectors or industries in which they are focused. The value of an investment in an MLP and the amount of distributions it makes may depend on the prices of the underlying commodity, such as oil or natural gas. Many MLPs are sensitive to changes in the prevailing level of commodity prices. MLPs have also shown sensitivity to interest rate movements. Investing in MLPs involves other special risks, limited to, macroeconomic risk, interest rate risk, liquidity risk, operating risk, capital markets access risk, growth risk, distribution risk, conflicts of interest risk, and regulatory risk. MLPs are complex investments that have significant, special risks. As a result, MLPs may not be suitable for some clients. Clients investing in MLPs should have a high tolerance for risk, including the willingness and ability to accept potential lack of liquidity and potential loss of their investment. information about Additional certain Complex Investment Products and other investments pursuing Complex Strategies, including the risks associated with those investments, is available on Baird’s website at bairdwealth.com/retailinvestor and on FINRA’s website at www.finra.org/ Investors. A client is encouraged to read the disclosure documents included on those websites carefully before investing. purpose of making equity and debt investments in small and developing businesses, as well as financially troubled businesses. As a result, investments made by BDCs tend to be risky and speculative. Investment advisers or managers for BDCs often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. BDCs commonly use borrowings or leverage to make investments in portfolio companies. Adverse interest rate movements can negatively impact a BDC’s ability to make investments. Investments made by BDCs are typically illiquid, and valuing such investments is challenging. It is possible that valuations on investments used are materially different from the values that BDCs will ultimately receive upon disposition of investments. Changing market and economic conditions affecting a BDC’s investments may cause significant volatility in the BDC’s net asset value and stock price. Due to the nature of BDCs’ investments, securities issued by BDCs are subject to greater liquidity risk than other investments. A debt security or preferred stock issued by a BDC, in many cases, is non- rated or is rated below investment grade, which can carry its own risks. Investing in BDCs involves other special risks, including, but not limited to, portfolio company credit and investment risk, risk, leverage dependence upon key personnel risk, and regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, and interest rate risk. BDCs can be speculative investments because of the types of investments they make and involve significant, special risks. As a result, BDC investments may not be suitable for some clients. Clients investing in BDCs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Risks Associated with Certain Investment Objectives and Asset Allocation Strategies Each Account is subject to the risks associated with the investments in the Account. Generally, an Account will be subject to the risks associated with the portfolio listed below that corresponds to the investment objective of the Account or the asset allocation strategy pursued by the Account. Master Limited Partnership Risks. An MLP is a form of publicly-traded partnership that is taxed as a partnership. MLPs have unique tax characteristics. A client should consult with a tax advisor before investing in MLPs. An MLP must generally earn at least 90% of its income from certain qualifying sources, which includes income 86 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  risk, common stock to other primary risks, risks, foreign to other primary risks, risks, foreign All Growth Portfolio. An All Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. All Growth Portfolios have historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a high risk of price declines, especially during periods when stock markets in general are declining. An All Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject including issuer and investment style investment risks, emerging market risks, fixed income security risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. capital and some current income. Growth with Income Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions and interest rates. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining or when interest rates are rising. A Growth with Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject investment style issuer and investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. upon Portfolio’s foreign issuer and investment risks, foreign the headings Capital Growth Portfolio. A Capital Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. Capital Growth Portfolios have historically experienced moderately high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining. A Capital Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending specific the investments, the Portfolio may also be subject to other primary risks, including investment style risks, risks, emerging market risks, fixed income securities risk, interest rate risk, credit risk, asset-backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Income with Growth Portfolio. An Income with Growth Portfolio will generally be invested in a manner that seeks to provide current income and some growth of capital. Income with Growth Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to interest rates and market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when interest rates are rising or when stock markets in general are declining. An Income with Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style issuer and investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Growth with Income Portfolio. A Growth with Income Portfolio will generally be invested in a manner that seeks to provide moderate growth of 87 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to to perception take advantage of of market economic The the Portfolios have the investments made, to other primary risks, risks, foreign Conservative Income Portfolio. A Conservative Income Portfolio will generally be invested in a manner that seeks to provide current income. the portfolios described above, Relative Conservative Income Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and Portfolio’s conditions. investments are subject to risk of price declines, especially during periods when interest rates are rising. A Conservative Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, equity securities risk, and common stock risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject including issuer and investment style investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. income. Relative to fixed income security active management style that shifts the amount of investment made in different asset classes and market sectors the pricing manager’s anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager to achieve growth while accounting for a client’s specific short, intermediate and long term investment and/or cash flow needs. Depending investment strategy used, some upon historically Opportunistic experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. Depending upon the investment strategy used the Portfolio’s and investments may be subject to a high risk of price declines, especially during periods when stock markets in general are declining. An Opportunistic Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style risks, foreign issuer and investment risks, emerging market risks, below risks, investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non-Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. interest rates are fixed Capital Preservation Portfolio. A Capital Preservation Portfolio will generally be invested in a manner that seeks to preserve capital while generating current the portfolios described above, Capital Preservation Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and economic conditions. The Portfolio’s investments are subject to risk of price declines, especially during periods when rising. A Capital Preservation Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, income securities risk, interest rate risk, credit risk, and money market fund risk. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including foreign issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. Additional Considerations. A client should note that an Account pursuing a particular investment objective or asset allocation strategy will from time to time be subject to actual risks that are higher or lower than, or different from, the risks described above under certain circumstances. See “Investment Strategies and Methods of Analysis— Information Investment Strategies—Important about Implementation of Investment Objectives and Investment Strategies” above for more information. In addition to the specific risks described above, a client’s Account may be subject to additional risks, depending upon the particular investments in the client’s Account. A client should discuss the risks of particular investments with the client’s GWG Consultant. A client should also note that there is no guarantee as to how an Account will perform in the future. It Opportunistic Portfolio. An Opportunistic Portfolio will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an 88 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  is possible that an Account could experience more dramatic return or market value fluctuations than occurred in the past. Geopolitical risks appear elevated with the war between Ukraine and Russia now passing its third anniversary, tensions remaining high in the Middle East, and relations between the U.S. and China and other countries are strained. Available Investment Product Risks Domestically, inflation remains an area of focus since getting to the U.S. Federal Reserve Board’s 2% target may prove to be more challenging than the market expects. In addition, the level of political discord remains high. that Baird establishes for result in an elevated The uncertain course of these various factors may have a significant negative impact on the global economy, may risk environment with increased volatility in asset prices, which could have an adverse effect on a client’s Account. less Voting Client Securities Non-Discretionary Accounts if an Available Product experiences organizational, is a higher risk that Product that experiences With respect to any Accounts over which the client retains discretionary investment authority, a client retains the right to vote proxies with respect to the securities held in such Accounts. Accordingly, the client is responsible for voting proxies and otherwise addressing all matters submitted for consideration by security holders, and GWG and Baird are under no obligation to take any action or render any advice regarding such matters. The client’s GWG Consultant may, upon the client’s request, provide advice on proxy voting or what other action the client could take. Separately Managed Accounts the list of The use of Available Investment Products, including SMA Strategies made available under the BSN and DC Programs, are subject to additional risks compared to the use of Baird recommended investment products. Available Investment Products are investment products that generally do not meet the qualifications and its standards recommended product lists. As a result, there is a higher likelihood that some Available Investment Products will have poor performance and will to an significantly underperform compared applicable benchmark index or peer group. Available Investment Products are also subject to significantly review by Baird rigorous compared to recommended investment products. Investment Product Thus, experiences significant performance problems or if the manager or sponsor of an Available Investment significant operational, management, compliance, legal, regulatory or other problems, there the Available Investment Product will be made available (and will continue to be made available) to clients by Baird. An investment by a client in an Available Investment the occurrence of any such event could negatively impact the client’s Account. Available Investment Products should only be used by a client if the client wishes to take more responsibility for monitoring and managing the assets in the client’s Account, recommended products does not contain an investment product that meets the client’s particular needs, and the client understands the risks of doing so. Recent Events U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and other global macro factors. The transition to a new administration following recent U.S. Presidential election may the introduce meaningful market uncertainty as new policies, executive orders, or legislation are proposed or enacted. Under the GWG Recommended Managers Service, Baird SMA Network Program and Dual Contract Program, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or the client may delegate such right to the investment manager selected to manage the client’s Account (which may include Baird, the Overlay Manager or an Implementation Manager). A client may select either option by making the appropriate election in the client’s advisory agreement (and in the case of a dual contract arrangement under the Dual Contract Program, by providing proper instructions to the manager directly). For information about a manager’s voting policies and procedures, clients should review the manager’s Form ADV Part 2A Brochure. 89 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Discretionary Services Under the GWG Investment Management Service, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or a client may delegate such right to Baird. If a client retains proxy voting authority, Baird will forward proxy materials that Baird actually receives to the client. The client will then be solely responsible for analyzing the materials and casting the vote. If a client delegates voting authority to Baird, Baird will vote proxies solicited by, or with respect to, securities held in the client’s Account for the exclusive benefit of the client and in accordance with policies and procedures adopted by Baird. not in the best interest of the client, the GWG Consultant will bring the issue to Baird’s Proxy Voting Sub-Committee through a proxy challenge then be process. The Sub-Committee will responsible for determining how the vote will be cast. The decision made by the Proxy Voting Sub- Committee on the proxy challenge applies to all advisory accounts managed by the GWG Consultant (or team of GWG Consultants), unless the client has directed Baird to utilize specific voting guidelines (e.g., Taft-Hartley guidelines). For those matters for which the independent proxy voting service does not provide a specific voting recommendation, each GWG Consultant will cast the vote in a manner he or she believes is in the best interest of clients. The votes cast for a client’s Account may differ from those votes cast for other Baird clients based on differing views of GWG Consultants and other Baird portfolio managers. contacting Baird has adopted written policies and procedures that are reasonably designed to ensure that it votes client securities in the best interests of clients. Those procedures address material conflicts of interest that may arise between Baird’s interests and those of its clients. Although a description of Baird’s proxy voting policies and procedures is provided below, Baird will furnish a copy of its proxy voting policies and procedures to clients upon their request. Additionally, clients may obtain information on how Baird actually voted proxies with respect to the securities held in their accounts by their GWG Consultant or by calling (414) 765-3500. Baird uses ISS’s electronic vote management system to cast votes on behalf of clients. In connection with Baird’s use of that system, ISS pre-populates how client votes should be cast based upon ISS’s voting recommendations. The system allows Baird to change the pre-populated vote (to the extent permitted by Baird’s proxy voting policies) up until a certain time prior to the applicable meeting (the “voting cut-off time”). Baird’s proxy voting policies are designed to address situations when additional information becomes available after the votes are pre- populated in the system and before the voting cut-off time. However, there is no guarantee that all information that could affect Baird’s proxy voting decision will be received or considered by Baird prior to a vote being cast. interests. Baird utilizes governance services, (or voting recommendations. In situations in which a client has delegated to Baird voting authority with respect to securities in the client’s Account, Baird will vote proxies in a manner that Baird believes is consistent with the client’s best an independent provider of proxy voting and corporate currently Institutional Shareholder Services (“ISS”), to analyze proxy materials and votes and make ISS independent provides proxy voting guidelines regarding its position on various matters presented by companies to their shareholders for consideration. Baird will typically vote shares in accordance with the recommendations made by ISS. However, ISS’s guidelines are not exhaustive, do not address all potential voting issues, and do not necessarily correspond with the opinions of GWG Consultants. In the event the client’s GWG Consultant believes the ISS recommendation is The proxy voting policies and procedures also address instances in which Baird’s interests may appear to conflict with client interests, such as when Baird or an affiliate of Baird is managing or administering to manage or seeking administer) a corporate retirement, pension or employee benefit plan or providing (or seeking to provide) advisory or other services to a company whose management is soliciting proxies. In such instances, there may be a concern that Baird would be inclined to vote in favor of management because of Baird’s relationship or pursuit of a relationship with the company. In situations where there is a potential conflict of interest, Proxy Voting Sub-Committee will Baird’s determine the nature and materiality of the 90 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  any advice with respect to the voting of proxies related to securities held in a client’s Accounts. interests of Providing Baird Voting Instructions conflict. If the conflict is determined to not be material, the Sub-Committee will vote the proxy in a manner the Sub-Committee believes is in the the client and without best consideration of any benefit to Baird or its affiliates. If the potential conflict is determined to be material, Baird’s Proxy Voting Sub-Committee will take one of the following steps to address the potential conflict: (1) cast the vote in accordance with the recommendations of ISS or other independent third party; (2) refer the proxy to the client or to a fiduciary of the client for voting purposes; (3) suggest that the client engage another party to determine how the proxy should be voted; (4) if the matter is not addressed by ISS, vote in accordance with management’s recommendation; or (5) abstain from voting. As mentioned above, Baird may be the holder of record for certain securities in a client’s Account. If the client retains voting authority over such securities (or delegates such authority to party other than Baird), and a proxy is solicited with respect to any such securities, the client (or other authorized party) will need to provide voting instructions to Baird. To the extent the client (or other authorized party) does not provide timely voting instructions, Baird will vote such securities to the extent permitted by law and in compliance with the rules of the New York Stock Exchange and the SEC relating to such matters. Legal Proceedings and Corporate Actions While Baird uses its best efforts to vote proxies, there are instances when voting is not practical or is not, in Baird’s or GWG Consultants’ view, in the best interest of clients. For example, casting a vote on a foreign security may involve additional costs or may prevent, for a period of time, sales of shares that have been voted. Also, when a client has entered into a securities lending program, Baird generally will not seek to recall the securities on loan for the purpose of voting the securities; however, Baird reserves the right to recall the shares on loan on a best efforts basis if the client’s GWG Consultant becomes aware of a proxy proposal where the proxy vote is materially important to the client’s Account. Generally, none of GWG, Baird or any Other Manager responsible for managing all or a portion of the assets in a client’s Account will render advice or take action on a client’s behalf with respect to securities that are or were held in the client’s Account, or the issuers thereof, which go into default or become the subject of legal proceedings, such as class action claims, defaults or bankruptcies. Also, they may or may not vote or advise clients on other corporate actions, like tender offers, that are not solicited by a proxy statement. At a client’s request, Baird will forward information that Baird actually receives to the client. In addition to the services described above, Baird has engaged ISS for vote execution and record- keeping services. Other Proxy Voting Information include the Clients wishing to direct particular votes once they have granted Baird discretionary voting authority may do so by contacting their GWG Consultant. However, if Baird has been granted discretionary voting authority, neither GWG nor Baird will provide a client with notice that Baird has received a proxy solicitation, nor will they consult with the client before casting a vote, unless the client otherwise directs them to do so. Client Information Provided to Portfolio Managers Under the GWG Recommended Managers Service, Baird SMA Network Program and Dual Contract Program, GWG and Baird provide certain information about the client to the investment managers managing the client’s Account (which the Overlay Manager or an may Implementation Manager) when client establishes the advisory relationship with such managers. Such information includes the client’s investment objectives and risk tolerance and tax lot information for the applicable Account assets. Under the GWG Recommended Managers Service, GWG and Baird also provide to the investment manager a client’s age, investment timeframe, and liquidity requirements. Except to the extent a client has delegated proxy voting authority to Baird, GWG and Baird have no authority, direct or implicit, and accept no responsibility for taking any action or rendering 91 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Unless specifically requested to do so by a client, GWG and Baird do not generally provide such information about the client on an ongoing basis to the investment manager managing the client’s Account. Baird also generally provides the following to the client’s manager unless otherwise instructed by a client: trade confirmations, account statements, and access to client’s Account on Baird’s system. Client Contact with Portfolio Managers GWG and Baird do not place any restrictions upon clients who wish to contact or consult with Other Managers managing their accounts. GWG encourages clients to discuss their accounts with their GWG Consultant. Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. certain of the its to adopt or to designed provide to Baird’s clients and Additional Information Disciplinary Information In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have retirement plan and disadvantaged certain charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a its Private Wealth firm supervisor within In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by subadvisors participating in Baird’s wrap fee programs offered through Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have implement policies and failed specific procedures information financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the 92 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  reports was engaged Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. to disclose disclosing that the research analyst who authored the in employment discussions with the issuer that constituted an actual, material conflict of interest and that the failure research analyst’s the employment discussions with the issuer in the research reports made those reports misleading. Baird was censured and fined $150,000. Initiative.” Under brokerage customers an it charged supervisory system firms bought fees and/or the conflict of In August 2022, Baird, without admitting or denying the findings, consented to the entry of findings of FINRA, which found that it charged unfair certain commission when its published minimum commission amount of $100 on 7,277 retail equity trades and failed to establish and maintain a reasonably designed to prevent charging a customer a commission that is unreasonable or unfair in violation of FINRA Rules 3110, 2121, and 2010. Baird also consented to a censure, a fine in the amount of $150,000, and the payment of restitution of $266,481 plus interest. The findings related to FINRA’s routine examination of Baird in 2020. During that examination, Baird modified its minimum commission schedule and supervisory procedures. Baird also took steps to make payments to the affected customers, which on average amounted to $36.62 per trade and $57.64 per customer. Baird will continue to make efforts to ensure that it charges fair prices and commissions on all securities transactions with its customers. The brokerage customers identified by FINRA did not include any GWG client and no GWG client was alleged to have been charged an unfair commission. its In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) for making the Advisers Act and 207 of inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure the program, (or SCSD) investment advisory firms were offered the opportunity to voluntarily self-report violations of the federal securities laws relating to mutual fund share class selection and related disclosure issues and agree to settlement terms imposed by the SEC, including returning money to affected investment advisory clients. The central issue identified by the SEC was that, in many cases, for or investment advisory recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the firms when lower- cost share classes were available to those advisory clients, and the investment advisory firms did not adequately disclose their receipt of 12b-1 interest associated with those 12b-1 paying share classes. Baird and many other firms self-reported under the program and entered into substantially identical orders. By self-reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. More information about the order is contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public Disclosure website at https://www.adviserinfo.sec.gov/IAPD/Default.as px or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press- release/2019-28. other In June 2019, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that between late April 2013 and early July 2013 it published issuer without research reports about an In September 2023, Baird entered into an Offer of Settlement with the SEC, in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business- related communications made by Baird associates when they used their personal devices (“off- channel communications”) and for failing to supervise business-related associates’ communications. The settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were text and properly retaining business-related instant messages off-channel and communications sent and received on employees’ personal devices. Following the commencement of 93 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  receive higher through disclosure the communications. As part of because Baird, its GWG Consultants and related parties may aggregate compensation if clients retain those firms or invest in those investment products instead of retaining unrelated firms or investing in unrelated this investment products. Baird addresses potential conflict this in Brochure. Further, when acting as fiduciaries, Baird and its GWG Consultants are required to select or recommend investment products only when they determine it to be in the client’s best interest to do so. The criteria used by them in deciding to select or recommend affiliated or related investment products are generally the same as those used for unrelated investment products. However, a client should note that certain Services and certain categories of investment products made available to clients only offer advisors or investment products that are affiliated or related to with Baird. In those cases, Baird and its GWG Consultants do not impose the same criteria or level of review. Broker-Dealer Activities including: training, the SEC’s initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it was discovered that certain Baird supervisors communicated off-channel using non-Baird approved methods on their personal devices about Baird’s broker-dealer and investment adviser businesses, and findings were reported to the SEC. Baird took steps prior to and after the SEC’s review, including implementing a new communication tool designed for Baird associates’ personal devices, conducting training, and periodically requiring requisite associates to provide an attestation relating to their business- the related settlement, Baird was censured and ordered to cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies and procedures, surveillance program, technology solutions and similar matters related to off-channel communications. Baird is engaged in a broad range of broker- individual and dealer activities, institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. Additional information about Baird’s disciplinary history is available on the SEC’s website at www.adviserinfo.sec.gov. Certain GWG and Baird associates and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. Investment Management Activities Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker- dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker- dealers, financial investment advisors, other services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. From time to time, Baird and its GWG Consultants may recommend that clients retain the services of financial services firms or invest in investment products that are affiliated with or related to Baird. Such a recommendation of affiliated or related financial services firms or investment products creates a potential conflict of interest Baird and GWG Consultants may, from time to time refer clients to Baird Advisors or Baird Equity Asset Management, investment management departments of Baird, or CCM, a division of Baird Equity Asset Management. GWG Consultants are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. GWG Consultants may have a financial incentive to recommend to clients the services of those Baird investment management departments over the services provided by other investment managers. 94 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  services are made available to clients through the Services. Due to its affiliation with Strategas, Baird has a financial incentive to favor Strategas investment products and services. and BFG’s Baird is affiliated, and may be deemed to be under common control, with GAMMA by virtue of BFG’s and Riverfront’s indirect minority ownership of Gamma and Riverfront’s representation on the board of directors of Gamma. Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. In addition, investment products and services offered by Baird Advisors, Baird Equity Asset Management and CCM are made available to clients through the Services. Baird has a financial incentive to favor Baird Advisors, Baird Equity Asset Management and CCM because Baird receives more compensation if Baird Advisors, Baird Equity Asset Management or CCM manages a client’s Account rather than other unrelated managers. Certain Affiliated and Related Parties Affiliated Broker-Dealers Baird is related to LoCorr by virtue of BFG’s indirect minority ownership of the holding company of LoCorr and BFG’s representation on such holding company’s board of managers. From time to time, GWG Consultants may use or recommend LoCorr investment products and services. Due to its relation to LoCorr, Baird has a financial incentive to favor LoCorr investment products and services. in Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Certain investment products associated with Strategas Securities are made available to clients through the Services. Due to its affiliation with Strategas Securities, Baird has a financial incentive to favor Strategas Securities’ investment products and services. Affiliated and Related Investment Advisors 55ip uses research and other services from Riverfront, an affiliate of Baird, the development of its portfolios under the BSN Program, and Riverfront receives compensation from 55ip with respect to those portfolios. Due to its affiliation with Riverfront, Baird has a financial incentive to favor 55ip portfolios that use Riverfront services. Affiliated and Related Mutual Funds, ETFs and Investment Companies information about Riverfront Baird is affiliated, and may be deemed to be under common control, with Riverfront by virtue of their common indirect ownership by BFG. Additional is available in Riverfront’s Form ADV Part 2A Brochure. Due to its affiliation with Riverfront, Baird has a financial incentive to favor Riverfront investment products and services. Baird is related to Greenhouse and Greenhouse Fund GP LLC (“Greenhouse GP”) by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. From time to time, recommend GWG Consultants may use or Greenhouse or Greenhouse GP investment products and services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor their investment products and services. Baird is the investment adviser and principal underwriter for the Baird Funds. Baird Advisors provides investment management, administrative, and other services to certain Baird Funds investing primarily in fixed income securities (the “Baird Bond Funds”). Baird Equity Asset investment Management and CCM provide management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”), and Greenhouse is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus and statement of additional information available on Baird’s website at bairdassetmanagement.com/baird-funds. Certain Baird Funds have been selected by Baird for inclusion on Baird’s Recommended Mutual Fund List, and all Baird Funds are made available to GWG clients through the Services. Baird has a Baird is affiliated, and may be deemed to be under common control, with Strategas, by virtue of their common indirect ownership by BFG. investment products and Certain Strategas 95 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and statement of additional prospectus information. financial incentive to favor the Baird Funds because Baird receives more compensation if a client invests in the Baird Funds rather than other unrelated funds. on website investments those Funds GWG Consultants who refer clients to the Baird Funds are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. The amount of the referral compensation is disclosed in each Fund’s statement of additional information at available Baird’s GWG bairdassetmanagement.com/baird-funds. Consultants may have a financial incentive to favor over in investments in other mutual funds and to favor the Baird Equity over the Baird Bond Funds. Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend Income Trust Series, the Automated Quantitative Analysis (AQA®) Portfolio Series, and the AQA® Large- Cap Portfolio Series. Additional information about those investment products, including information relating to the compensation paid to Baird is available in the applicable prospectus and other fund documents. Those investment products are made available to clients through the Programs. Due to its affiliation with those investment products, Baird has a financial incentive to favor those investment products. funds and ETFs, Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. those funds for and statement of for Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange- Traded Fund III. Additional information about those mutual including information relating to the compensation paid to Riverfront by investment management services, is available in each fund’s prospectus additional information. Certain mutual funds and ETFs managed by Riverfront are made available to clients. Due to its affiliation with Riverfront, Baird has a financial incentive to favor funds managed by Riverfront. Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives those services. Additional compensation information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. is available in information about Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products, including information relating to the compensation paid to Strategas and Strategas Securities, the applicable prospectus. Those investment products are made available to clients through the Services. Due to its affiliation with Strategas and Strategas Securities, Baird has a financial incentive to favor those investment products. those funds for CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those services. Additional those mutual funds, including information relating to the fees paid by investment management services, is available in the funds’ LoCorr acts as investment advisor to the LoCorr Funds. The LoCorr Funds are made available to 96 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) clients through the Services. Due to its relation to the LoCorr Funds, Baird has a financial incentive to favor the LoCorr Funds. BCP V Affiliates Fund Limited Partnership Affiliated Private Funds BCP V Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Venture Partners GP VI, LLC Baird Venture Partners VI LP BVP VI Affiliates Fund LP BVP VI Special Affiliates Fund LP Baird Capital Management Company, LLC funds are private pooled Baird Capital Global Fund Management I LP Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP BCGF I Special Affiliates LP BCGF I Affiliates Fund LP CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). investment Those vehicles that are not required to be registered with the SEC as investment companies. Due to their affiliation with the Chautauqua Private Funds, Baird Equity Asset Management, CCM and Baird have a financial incentive to favor those funds. Baird Capital Management Company, LLC Baird Capital Global Fund Management II LLC Affiliated Private Equity Funds Baird Capital Global Fund II Limited Partnership BCGF II Affiliates Fund Limited Partnership BCGF II Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Capital Global GP III LLC Baird Capital Global Fund III LP BCGF III Affiliates Fund LP BCGF III Special Affiliates LP Baird Capital Partners Europe Limited* Baird Capital Partners Europe II LP Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird and its GWG Consultants may refer clients to Baird Capital. The private equity funds offered through Baird Capital make venture capital, growth equity and private equity investments primarily in the healthcare, technology and services, and the business-to- business, technology and services sector. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. Baird Capital Partners Europe II Special Affiliates LP The Growth Fund Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. Baird Venture Partners III Limited Partnership BVP III Affiliates Fund Limited Partnership BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership to BVP IV Special Affiliates Limited Partnership Baird Venture Partners Management Company V, LLC Baird Venture Partners V Limited Partnership to a client in BVP V Affiliates Fund Limited Partnership BVP V Special Affiliates Fund Limited Partnership Baird Capital Partners Management Company V, LLC If a client expresses an interest, GWG Consultants may refer clients to Baird Capital. GWG does not charge fees on client assets invested in private equity funds affiliated with Baird. Instead, the general partner of the private equity fund may provide compensation the client’s GWG Consultant for referring the client to Baird Capital. The actual amount of compensation may vary based upon the client’s investment commitment and will be disclosed the documentation the client receives in connection with the investment. Due to Baird’s affiliation with those private equity funds and the referral compensation paid to GWG Consultants, Baird Baird Capital Partners V Limited Partnership 97 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and GWG Consultants have a financial incentive to favor those private equity funds. Kentucky-chartered trust company, by virtue of their common indirect ownership by BFG. Certain Baird Trust investment products and services, such as the Baird Trust Strategies, are made available to clients through the Services. Due to its affiliation with Baird Trust, Baird has a financial incentive to favor Baird Trust investment products and services. on Baird Baird also has a financial incentive to the extent it would recommend that a client invest in a portfolio company owned by an affiliated private equity fund. A list of the portfolio investments held by private equity funds affiliated with Baird is located at Capital’s website https://www.bairdcapital.com/portfolio/baird- capital-portfolio.aspx. above. Baird Baird and GWG Consultant receive compensation for referring clients and from Baird Trust providing ongoing relationship management services to clients engaging Baird Trust for trust administration services as described under the heading “Services, Fees and Compensation— Additional Service Information—Trust Services Arrangements” and GWG Consultants thus have a financial incentive to favor Baird Trust over other trust companies. Other Financial Industry Activities The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. These funds generally co-invest with unaffiliated private equity funds and private equity professionals in transactions in the United States and Europe. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. managers, including Certain Baird Principal Group-Related Entities Investment Advisor Private Equity Fund(s) Baird Principal Group Management Company I, LLC Baird Principal Group Partners Fund I Limited Partnership Baird Principal Group Management Company II, LLC Baird Principal Group Partners Fund II Limited Partnership the services of such Baird Principal Group Management Company, LLC Baird Principal Group Partners Fund III, LP Related Hedge Funds firms or this conflict In addition, Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. The Greenhouse Onshore Fund LP is available to clients under the Services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor those hedge funds. Other Affiliated Financial Services Firms Baird has business relationships with many investment those participating in the Services, separate and apart from the Services. Other investment management firms may select Baird, in its capacity as a broker- dealer, to execute portfolio trades for their clients, including for Investment Funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. This may create an incentive for Baird to favor investment management firms or their products, including the Investment Funds advised by such investment management firms. However, Baird is a fiduciary that is required to act in the best interest of advisory clients when selecting or recommending investment management their to such clients. Baird investment products addresses through potential disclosure in this Brochure. Further, Baird does not consider the extent to which an investment management firm directs or is expected to direct trades to Baird for execution when considering the eligibility of an investment management firm or its investment products for Baird’s advisory programs (including when Baird constructs its Recommended Managers List or Recommended Mutual Fund List). investment management firms are, absent client direction to the contrary, obligated at all times to retain the the client best broker or dealer providing the heading execution as described under Baird is affiliated, and may be deemed to be under common control, with Baird Trust, a 98 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  or by Baird’s “Services, Fees and Compensation—Additional Service Information—Trading for Client Accounts” above. In addition, mutual fund companies are prohibited from considering Baird’s efforts in marketing and selling their funds when selecting Baird for executing portfolio trades for the funds. To learn more about how a mutual fund company selects brokerage firms for trade execution, a client should consult the fund’s statement of additional information, available from each fund. directly, or indirectly, by trading in his or her personal accounts. The Code also generally prohibits Access Persons from executing a security transaction for their personal accounts during a blackout period one business day before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by Baird Compliance management Department. In addition, orders for the accounts of Access Persons and other Baird associates that are under discretionary management by Baird may be aggregated with orders for other Baird client accounts, so long as the order is executed as part of a block transaction with client orders. A copy of the Code is available to clients or prospective clients upon request. Certain Baird associates from time to time may provide clients with tax return preparation, bill pay or related services. In some instances, the fee for those services may be bundled with the Advisory Fee. A client should understand that the provision of such services is separate from, and not related to, the Services offered under this Brochure and will be governed by an agreement separate from the client’s advisory agreement with Baird. A client should understand that Baird and its associates do not act as investment adviser or fiduciary to the client when providing tax return preparation, bill pay or related non- advisory services to the client. Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Participation or Interest in Client Transactions Investment Advisory Accounts incentive to recommend an Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. Asset-based Advisory Fee arrangements create an incentive for Baird and GWG Consultants to set the applicable fee rate at a high level and to encourage clients to add more money into their accounts. Baird and GWG Consultants also have an investment advisory account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. Select clients may pay a fixed dollar fee, which presents a conflict in that such fee does not give the GWG Consultant an incentive to make recommendations that could benefit the client’s account, or a performance or incentive fee, which presents a conflict because it incentive to gives the GWG Consultant an recommend riskier in order to investments achieve the level of performance in the account that would result in payment of the fee. To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, including GWG Consultants, their supervisors, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, 99 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Accounts and Investments Provide Different Levels of Compensation Consultant’s compensation increases as those fees increase. Thus, Baird and GWG Consultants have an incentive to recommend such products and to recommend such products that pay the greatest ongoing fees. investment products The accounts and investments Baird offers provide Baird different levels of compensation. Baird and GWG Consultants have an incentive to generate revenues from client accounts and to offer and make recommendations that will provide them the greatest level of compensation. Certain mutual funds charge 12b-1 fees, which are paid to Baird. Baird receives 12b-1 fees on an ongoing basis as compensation for the services Baird provides to the applicable mutual fund. The 12b-1 fees paid by a mutual fund are disclosed in the mutual fund’s prospectus. Recommendations of Related, Proprietary or Affiliated Funds and Managers “Additional Baird and GWG Consultants have an incentive to recommend related, proprietary or affiliated funds or managers because when client’s invest in affiliated funds or select an affiliated manager to manage client accounts, they will make more money. See Information—Other Industry Activities and Affiliations—Certain Affiliated and Related Parties” above and “List of Affiliated Companies, Funds and Managers” on Baird’s website at bairdwealth.com/retailinvestor. Referral Compensation Paid to GWG Consultants Industry Activities Baird generally does not allow mutual funds with 12b-1 fees to be purchased for GWG Service Accounts. If Baird receives 12b-1 fees from a fund with respect to a client’s mutual fund investment in the client’s Account and the client’s Account is subject to an asset-based fee arrangement, Baird either: (1) rebates such 12b-1 fees to the client’s Account if the client is paying an asset-based Advisory Fee on such investment; or (2) excludes such fund shares from the calculation of the client’s asset-based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the 12b-1 fee. 12b-1 fees rebated to a client’s Account are estimated based on the average daily balance of the mutual fund shares in the Account and the annual rate of the 12b-1 fee paid by the applicable fund. If any rebated fees remain in a client’s Account at the time of billing, those rebated amounts will be included in the Account assets subject to the Advisory Fee. GWG Consultants receive additional compensation to certain of Baird’s referring clients for proprietary or affiliated funds or managers described above. Such special compensation and referral fees give GWG Consultants an incentive to recommend or refer clients to these proprietary or affiliated funds and managers. See “Additional Information—Other and Affiliations—Certain Affiliated and Related Parties” above. GWG Consultants also receive additional compensation for referring clients to Baird Trust and for referring clients to unaffiliated banks that make loans to clients under Baird’s Securities- Based Lending Program. See “Trust Services Arrangements” and “Securities-Based Lending Program” below. In addition to those referral arrangements, GWG Consultants receive special compensation for referring business to certain of Baird’s other departments. See “Investment Banking, Public Finance and Institutional Equities Trading Activities” below. Ongoing Product Fees If Baird receives 12b-1 fees with respect to mutual fund shares that are designated as unbillable assets in a client’s Account, Baird will retain such 12b-1 fees. This presents a conflict of interest because it provides Baird and its GWG Consultants an incentive to recommend or invest client accounts in mutual fund shares that pay greater 12b-1 fees. Baird addresses this conflict by adopting a Mutual Fund Share Class Policy described above and by adopting internal policies that limit the circumstances under which mutual fund investments in client accounts can be designated as unbillable assets and 12b-1 fees can be retained. receives ongoing fees Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors from certain Baird investment products that are purchased and held in client Accounts. Those fees, such as distribution (12b-1) and/or service fees (“12b-1 fees”) from mutual funds, are based on the value of client in those products. A GWG assets invested Baird receives marketing support or revenue sharing payments (“marketing support”) from the 100 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Although Baird pays Schwab a fee for its clearing and omnibus services, Schwab generally passes through to Baird the shareholder servicing fees that Schwab receives from the funds. Shareholder servicing fees are not paid by Schwab on mutual fund assets held in Retirement Accounts to the extent prohibited by applicable law. The amount of the shareholder servicing fees paid to Baird is based on the value of the client assets invested in those funds. However, the shareholder servicing fee rate varies based on the type of fund (load or no load), the value of client assets in those funds, and the relationship that Schwab has with those funds (whether or not Schwab receives payments from those funds or their sponsors, and the rates of such payments). As a result, Baird has an incentive to recommend mutual funds from which from Baird would receive higher payments Schwab. However, Baird generally does not compensate GWG Consultants based upon the amounts Baird receives from Schwab except with respect to amounts attributable to sales loads and 12b-1 fees that Baird would otherwise receive directly from a fund if it were not for the existence of the clearing arrangement with Schwab. If Baird receives 12b-1 fees from Schwab with respect to a mutual fund investment in a client’s Account, Baird rebates or retains such fees as further described under the heading “Ongoing Product Fees” above. Baird Conference Sponsorships Trust Portfolios and funds, the opportunity Please see seminars supporting Baird Please see sponsors and investment advisers of certain mutual funds. These payments, which are based on sales of, or client assets invested in, such funds, are intended to compensate Baird for providing marketing, distribution and other services for the mutual funds. Marketing support is not paid by sponsors or investment advisers of mutual funds on mutual fund assets held in investment advisory Retirement Accounts to the extent prohibited by applicable law. Baird received marketing support payments over the past two calendar years from the sponsors or investment advisers of Alliance Bernstein Funds, American Funds, Franklin Templeton Funds, Fidelity Funds, Goldman Sachs Funds, Hartford Funds, Invesco Funds, John Hancock Funds, JPMorgan Funds, Lord Abbett Funds, MFS Funds, PIMCO Funds and Principal Funds. Baird also generally receives marketing support related to the sale of units of UITs. Sponsors of UITs typically make marketing or concession payments to the firms that sell their UITs, including Baird. These payments are typically calculated as a percentage of the total volume of sales of the sponsor’s UITs made by the firm during a particular period. That percentage typically increases as higher sales volume levels are achieved. Descriptions of these additional payments are provided in a UIT’s prospectus. UIT sponsors that have paid volume concessions to Baird over the past two calendar years include Advisors Asset Management (AAM), SmartTrust, First Guggenheim Investments. Receipt of marketing support payments from sponsors and investment advisers of mutual funds and UITs provides Baird an incentive to offer, market and recommend such mutual funds and UITs and to favor mutual funds and UITs with sponsors or investment advisers that make the greatest levels of such payments. Baird does not share these payments with GWG Consultants. “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Schwab Clearing Arrangement Baird hosts a number of seminars and conferences for GWG Consultants in any given year, including Baird’s PWM Symposium, which gives sponsors of investment products, such as mutual to make presentations at, and contribute money toward the cost of, such seminars and conferences. This presents a conflict of interest in that it gives Baird an incentive to promote or market the sponsors’ investment products in order to persuade them to and continue conferences. “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. GWG Consultants Receive Benefits from Product Providers Baird has a clearing arrangement with Charles Schwab & Co., Inc. (“Schwab”) whereby Schwab maintains an omnibus account with certain mutual fund families for Baird on behalf of Baird clients. Under the clearing arrangement, Schwab provides clearing services for most “no load” funds and “load” funds held by Baird clients. GWG Consultants generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation 101 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fee. Please see Loans” above securities purchases. It also increases the value of a client’s Account and thus the Advisory Fee associated with that Account because the margin loan is not deducted for purposes of calculating the “Services, Fees and Compensation—Additional Service Information— Margin for more detailed information. Securities-Based Lending Program GWG Consultants receive benefits. see Baird and GWG Consultants have an incentive to recommend that a client participate in Baird’s Securities-Based Lending Program because Baird and referral compensation and such loans allow a client to keep more assets in the client’s Accounts, which result in more advisory fees for us and paid to the client’s GWG Consultant. Please see “Services, Fees and Compensation—Additional Service Information—Securities-Based Lending Program” above for more detailed information. and other benefits may include invitations to attend conferences or educational seminars, payment of related travel, lodging and meal expenses, and receipt of gifts and entertainment. For example, GWG Consultants are invited to educational conferences hosted by sponsors of mutual funds, annuities and other investment products, with the costs associated with such conference (including travel and lodging) paid by the sponsors. In addition, GWG Consultants hold client events with some or all of the costs of such events paid by sponsors of investment products. Product sponsors may also provide gifts and entertainment in connection with those or other events. These benefits present a conflict of interest in that they give GWG Consultants an incentive to recommend investment products and their sponsors that provide the greatest levels of such “Revenue Please Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Cash Sweep Program Investment Advisory and Brokerage Account and Service Recommendations Program Baird to clients rather Baird has an incentive to have clients participate and maintain significant balances in Baird’s Cash Sweep receives because substantial compensation on client cash balances that are automatically swept into bank deposit accounts and invested in money market mutual funds under the program. Please see “Services, Fees and Compensation—Additional Service Information—Cash Sweep Program” above for more detailed information. Trust Services Arrangements Consultant receive incentive to recommend an above for more Baird and GWG Consultants have an incentive to recommend that a client retain Baird Trust for the client’s trust services needs rather than an unaffiliated firm because it is more profitable for Baird and they receive compensation from Baird Trust if the client retains Baird Trust. Please see “Services, Fees and Compensation—Additional Services Information—Trust Service Arrangements” detailed information. Margin Loans Baird and GWG Consultants generally have a financial incentive to recommend investment advisory Accounts than brokerage accounts because Advisory Fee revenue is recurring, more predictable and typically greater than the revenues Baird earns, and the compensation GWG Consultants receive, from brokerage accounts. In addition, because Advisory Fees are paid by a client regardless of the trade activity in the client’s advisory Account, Baird will receive greater revenue, and the client’s GWG greater will compensation, from a low trade-activity advisory Account than from a low trade-activity brokerage account. Baird and GWG Consultants thus have investment an advisory Account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. However, because Baird’s revenues and the compensation paid to GWG Consultants from brokerage accounts increase as the level of trading increases, Baird and GWG Consultants have an incentive to recommend a brokerage account to a client rather than an investment advisory Account if the client has, or is expected to have, significant trading activity in the client’s account. GWG Consultants also have a financial incentive to recommend certain wealth management services, such as financial planning. Baird has an incentive to recommend that a client use margin because Baird receives interest on client margin loans, and Baird and GWG Consultants also have an incentive to recommend that a client use margin, because a margin loan allows the client to make larger and more 102 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Please see “Services, Fees and Compensation— Advisory Fees—Advisory Fee Payments to Baird, GWG Consultants and Investment Managers” above for more detailed information. to a client even though Account Transfers and New Accounts revenues and profitability of Baird’s PWM department and thus of BFG, which will serve to grow the value of the BFG stock. For example, ownership of BFG stock provides a client’s GWG Consultant an incentive to recommend affiliated products such recommendation does not increase the client’s GWG Consultant’s production. Relationships with Issuers of Securities for in companies or Baird and a client’s GWG Consultant have an incentive to recommend that the client transfer the client’s accounts to Baird and establish new accounts with Baird (including IRA rollovers) because doing so will result in increased revenues to Baird and compensation the GWG Consultant. Recommendations to Open Different Types of Accounts From time to time, Baird may have proprietary investments issuers whose securities are offered and sold to clients, a GWG Consultant or another Baird associate may have significant investments in companies or issuers whose securities are offered and sold to clients, or a GWG Consultant or another other Baird associate (or their spouses, partners or family members) may have a position as an officer or director of a company or issuer whose securities are offered and sold to clients. In such cases, Baird and/or a client’s GWG Consultant will have an incentive to recommend that the client invest in those companies. GWG Consultants Transferring to Baird Baird and GWG Consultants have an incentive to recommend that a client open different types of accounts with Baird, such as individual accounts, IRA rollovers, joint accounts, 529 plan accounts and UGMA/UTMA accounts, because if a client has different types of accounts with Baird, the client brings more of the client’s investable assets to Baird, on which fees can be generated, thereby increasing Baird’s revenues and the client’s GWG Consultant’s compensation. Also, if a client has more account types with Baird, the client is statistically more likely to maintain the client’s relationship with Baird and the client’s GWG Consultant for longer periods of time. Baird Stock Ownership A GWG Consultant joining Baird from another firm has an incentive to recommend that a client to transfer the client’s accounts from such firm to Baird because doing so will increase the GWG Consultant’s compensation. Please see “Services, Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, GWG Consultants and Investment Managers” above for more detailed information. Principal Trading that increase compensation agent, such commissions. with Baird, even if Most GWG Consultants own common stock of BFG, Baird’s ultimate parent, and when offered the opportunity to buy BFG stock they usually do so. The amount of BFG stock that a GWG Consultant may purchase is based in part on the GWG Consultant’s total production level. A client’s GWG Consultant thus has an incentive to make recommendations the GWG Consultant’s total production on the client’s accounts with Baird. Moreover, revenues from Baird’s PWM department, in which GWG Consultants operate, contribute substantially to BFG’s overall revenues and profitability, and the performance of BFG’s stock price is largely due to the profitability of Baird’s PWM department. As a result, a client’s GWG Consultant’s ownership of BFG stock creates a financial incentive to make recommendations to the client that increase the amount of revenues generated from the client’s accounts those recommendations will not increase the GWG Consultant’s production, so as to increase the Baird and GWG Consultants have an incentive to execute a trade for a client on a principal basis. The that Baird and GWG Consultants receive on principal trades, such as a markup or markdown, is often higher than the compensation they receive when executing trades The as as compensation received by Baird and GWG Consultants is in addition to the asset-based Advisory Fee a client pays on the client’s advisory Accounts. Thus, Baird and GWG Consultants have an incentive to trade as principal rather than as agent. Principal trades also allow Baird to sell securities from Baird’s account that Baird deems undesirable and to buy securities for Baird’s account that Baird deems desirable. For more information, please see “Services, Fees and 103 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s ability to sell the securities allocated to Baird in the offering. Compensation—Additional Service Information— Trading for Client Accounts—Trade Execution Services Performed by Baird—Principal Trades” above. Allocations of IPOs and Other Public Offerings Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities GWG Consultants have the incentive to favor some clients over other clients when allocating shares issued in public offerings, particularly those clients with larger accounts or accounts that generate high fees and compensation, as a reward for their past business or to generate future business. related services Research Activities fees the services The investment advice provided to a client may be based on the research opinions of Baird’s research departments. Baird does, and seeks to do, business with companies covered by those research departments and as a result, Baird may have a conflict of interest that could affect the content of its research reports. Investment Banking Trade Error Correction the securities issued in It is Baird’s policy that a client’s account will be fully compensated for any losses incurred as a result of a trade error for which Baird is responsible. If the trade error results in a gain, the gain may be retained by Baird. For more information, please see “Services, Fees and Compensation—Additional Service Information— for Client Accounts—Baird’s Trading Trading Practices—Trade Error Correction” above. to Baird’s Other Client Relationships Certain client accounts overseen by Baird and GWG Consultants may have similar investment objectives and strategies but may be subject to different fee schedules or commission rates. Thus, Baird and its GWG Consultants have an incentive to favor client accounts that generate a higher level of compensation. Through its Investment Banking, Public Finance and Institutional Equities Services Departments, Baird provides investment banking, municipal advisory, securities underwriting, stock buyback and to various corporate, municipal, and other issuers of securities. Baird from such receives compensation and entities it in connection with provides. Baird may, therefore, have an incentive to favor the securities of issuers for which Baird provides such services over the securities of issuers for which Baird does not provide such services. A GWG Consultant who refers a client to Baird for a possible transaction in which Baird Investment Banking earns a financial advisory or underwriting fee receives a portion of such fee. A GWG Consultant who refers a client to Baird Public Finance for a municipal advisory or underwriting opportunity receives a portion of the compensation earned by Baird Public Finance on that opportunity. Baird and GWG Consultants thus have an incentive to recommend those offerings. A GWG Consultant who refers a corporation Institutional Equities business for a stock buy-back program receives a portion of the commissions earned by Baird’s Institutional Equities business. Baird and its GWG Consultants may, therefore, have an incentive to buy, and to recommend that clients sell, the securities of issuers that are part of Baird’s buyback services. For more information about referral compensation paid to GWG Consultants and related conflicts of interest, please see “Baird Referral Programs” on Baird’s website at bairdwealth.com/retailinvestor. Baird’s Other Broker-Dealer and Related Activities Baird Underwritten Offerings their broker-dealer, and broker-dealer In representative capacities, respectively, Baird and its GWG Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, Complex Investment Products and other securities. Baird and its GWG Consultants receive compensation based upon the sale of such investment products. Baird and GWG Consultants have an incentive to recommend that clients purchase securities in offerings underwritten by Baird because the underwriting compensation that Baird and GWG Consultants will earn on those offerings tends to be higher than the compensation they would normally receive if clients were to buy them in the secondary market, and because the profitability of underwritten offerings to Baird depends upon 104 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  time that investments whether such orders were directed or non- directed and the time of the transactions, if any, that resulted from such orders. Baird also prepares a quarterly summary discussing certain orders routed away for execution, including the type and the identity of the broker-dealers or exchanges receiving such orders. This summary as well as other important information about Baird’s order routing practices are available at: http://www.rwbaird.com/help/account- disclosures/routing-equity-orders.aspx. Compensation—Additional from time Baird and its affiliates and associates may buy or sell investments that are recommended to or owned by a client for their own accounts, or they may act as broker or agent for other clients buying or selling those investments. Those transactions may include buying or selling investments in a manner that differs from, or is inconsistent with, the advice given to a client, and those transactions may occur at or about the same are such recommended to or are purchased or sold for a client’s account. Baird may also engage in agency cross transactions and principal transactions with clients as further described under “Services, Fees and Service Information—Trading for Client Accounts—Trade Execution Services Performed by Baird” above. Baird and its associates, by reason of Baird’s investment banking or other broker-dealer, activities, may time acquire to information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information with respect to any client Account. Baird’s other activities thus present a potential conflict of interest because such activities may limit Baird’s ability to advise or manage client Accounts. Other Conflicts of Interest As a registered broker-dealer, Baird effects transactions in securities on a national exchange and may receive and retain compensation for such services, subject to the limitations and restrictions made applicable to such transactions by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder. Baird may also benefit from the possession or use of any free credit balances in client Accounts, subject to restrictions imposed by Rule 15c3-3 under the Exchange Act. Free credit balances include uninvested cash in client Accounts that has not been automatically deposited or swept into a bank deposit account or money market mutual fund. securities exchanges Baird offers to clients other investment products and services not described in this Brochure. These investment products and services provide different levels of compensation to Baird and its GWG Consultants. Baird and its GWG Consultants have an incentive to favor those investment products and services that generate a higher level of compensation than those that generate a lower level of compensation. For more information about the other investment products and services offered by Baird, clients should contact Baird or a GWG Consultant. Referrals and Other sections of this Brochure also describe instances when Baird and its GWG Consultants may recommend to clients, and may buy and sell for client’s Account, securities in which Baird and its affiliates and associates have a material financial interest or practices that present a conflict of interest. For more information, please see “Services, Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, GWG Consultants and Investment Managers” and “Additional Information—Other Financial Industry Activities and Affiliations” above, and “Additional Information—Client Other Compensation” below. Baird may route certain securities orders to other broker-dealers or for execution. Baird selects execution venues based on the size of the order, trading characteristics of the security, speed of execution, likelihood of price improvement, availability of efficient automated transaction processing, guaranteed automatic execution levels, and other qualitative factors. Baird receives remuneration in the form of payment or liquidity rebates on certain options or equity securities orders routed to some venues (commonly known as “payment for order flow”). This compensation, although not material to Baird’s trading business, gives Baird an incentive to route client orders for securities transactions to those venues that provide Baird the greatest levels of compensation. At a client’s request, Baird will make available certain information about the routing of such client’s orders routed for execution in the six months prior to the request. Such information will include the identity of the venue to which orders were routed, 105 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Addressing Conflicts Review of Accounts Client Account Review for Baird and The foregoing activities could create a conflict of interest with clients. In addition to the measures described above, Baird addresses conflicts posed by those activities through disclosure in this Brochure, the client’s agreements with Baird, the Client Relationship Booklet and prospectuses, offering documents or other disclosure documents provided or made available to clients. Baird has also adopted a Code of Ethics and other internal policies and procedures its associates that: • require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); that • are designed Client accounts are monitored on a periodic basis by the client’s GWG Consultant and are subject to review by the Baird Market Director or PWM Supervision department supervisor (or his or her respective designee) responsible for supervising the client’s GWG Consultant. A client’s GWG Consultant generally reviews the performance of the client’s Account at least annually. However, the client’s GWG Consultant may not review the performance of a client’s SMAs managed by Other Managers under the Baird SMA Network Program or Dual Contract Program. Baird has designated individuals who are responsible for monitoring a client’s GWG Consultant with respect to the client account’s trading activity and attempting to ascertain whether client accounts within each composite are being treated equitably. securities to ensure allocations made to discretionary client accounts are made in a manner such that all such clients receive fair and equitable treatment over time; Account Statements and Performance Reports • address Baird’s and its associates’ trading activities and are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients; and If Baird provides transaction execution services to a client, Baird will generally provide the client with a monthly brokerage account statement that month. when activity occurs during Otherwise, Baird will provide the client with a quarterly statement if there has not been any intervening monthly transaction activity. • address and limit cash and non-cash benefits provided to GWG Consultants by third parties in an attempt to avoid any question of propriety or any conduct inconsistent with Baird’s high standards of ethics. Duration Compensation Will Be Received extend beyond a client’s A client’s GWG Consultant will provide the client with a written report on the client’s Account’s performance as often as the client and the GWG Consultant may from time to time mutually agree. Performance reporting may not be available for Account assets that are not custodied at Baird. For more information about performance reports provided by GWG, see “Services, Fees and Compensation—Description of Advisory Services” above. GWG or Baird may change or discontinue performance reporting to a client at any time for any reason upon notice. If a client holds any of the investment products described above, Baird, its affiliates and associates will receive the fees and payments described above for the duration of the client’s In some relationship with Baird. advisory circumstances, the receipt of such compensation may advisory relationship with Baird if the client continues to hold those assets at Baird. retain Client performance reports usually contain a portfolio valuation and typically show the asset allocation of the client’s portfolio, changes in a client’s portfolio, and account performance compared to a benchmark market index or indices (such as the S&P 500® Index or the Bloomberg U.S. Intermediate Government/Credit Bond Index). The benchmark may be a blended benchmark that combines the returns for two or more indices. If Baird, or an affiliate or associate of Baird, receives any compensation or benefit described in this Brochure from or related to a client’s investment, the they will generally compensation or benefit. Except as otherwise described above, Baird generally does not rebate these amounts to a client’s Account or credit the amount against the Advisory Fees payable by a client unless such compensation may not be retained under applicable law or regulation. 106 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the performance report for the Account will reflect the deduction of applicable Advisory Fees and other costs. A client should note that past performance does not indicate or guarantee future results. None of GWG, Baird, or investment managers managing the client’s Account promise or guarantee any level of investment returns or that the client’s investment objective will be achieved. Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after implemented the Model Portfolio they have updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by Baird client Accounts pursuing the Model Portfolio strategy. See “Additional Service Information—Trading for Client Accounts—Trading Practices of Investment Managers” above for more information. Benchmarks shown in performance reports are for informational purposes only. GWG’s selection and use of benchmarks is not a promise or guarantee that the performance of a client’s Account will meet or exceed the stated benchmark. When the client compares Account performance to the performance of a market index, the client should recognize that a market index merely reflects the performance of a list of unmanaged securities included in the index and the index performance does not take into account management fees, execution costs, and other expenses related to investing for a client’s Account. The securities included in a client’s Account generally do not exactly mirror the securities included in the index. performance comparisons The benchmarks used by Baird with respect to a client’s SMA may differ from the benchmarks used by the manager of the client’s SMA. As a result, in Baird’s the performance reports may differ from reports provided to clients directly by the investment manager for the client’s SMA. When preparing a client’s Account statements and performance reports, GWG and Baird generally rely upon third party sources, such as third party pricing services. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian. calculation of is unreliable. Valuation data The performance of investment managers may, under certain circumstances, be presented to clients on a “gross” or “gross of fees” basis, which means the performance results being presented does not reflect the deduction of Advisory Fees and other costs that clients have incurred and will incur when retaining the manager. Had applicable Advisory Fees and other costs been included in the manager’s the performance calculation, performance results would have been lower than the performance results presented. Documents presenting a manager’s performance results on a gross of fees basis should contain certain disclosures about the performance results being presented. Clients are urged to review carefully those disclosures because they contain important information about the the performance results. If a client is presented performance information for a manager’s strategy on a gross of fees basis and the client has an Account managed by that manager pursuant to that strategy, the client should obtain a performance report for the Account and review that performance information carefully because GWG and Baird do not conduct a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. GWG and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such valuations for investments, particularly annuities and Complex Investment Products, may not be provided to GWG or Baird in a timely manner, resulting in valuations that are not current. The prices obtained by GWG and Baird from the third party pricing services, issuers, sponsors and custodians may differ from prices that could be obtained 107 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  clients, nor has either been the subject of a bankruptcy petition at any time during the past ten years. from other sources. Values used in account statements and performance reports may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the values may be greater than the amount a client would receive if the securities were actually sold from the client’s Account. investment If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by GWG or Baird. See “Services, Fees and Compensation—Additional Service Information—Custody Services” above for more information. including, of Labor without (“DOL”) Special Considerations for Retirement Accounts Each Retirement Account Fiduciary of a client should understand that GWG or Baird may invest for the client, recommend that the client invest in, or make available to plan for participants, affiliated investment products, that Baird and its affiliates will receive fees or other compensation related to such investments, and that they will retain such compensation to the extent permitted by applicable law, rule or limitation, regulation, Prohibited Department Transaction Exemption (“PTE”) 77-4, DOL PTE 2020-02 or other advisory opinions issued by the DOL. including, but not limited to, role in developing the these fees to Client Referrals and Other Compensation GWG or Baird may provide compensation to individuals who refer clients in some instances. When applicable, the compensation paid is a percentage of the client’s fee payments or the value of the client’s Account. The amount of compensation will vary, with the specific level determined based upon consideration of various the factors individual’s client relationship and the assets under management. Baird may pay registered representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird. GWG and Baird and Baird’s affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled “Services, Fees and Compensation”, “Account Requirements and Types of Clients”, “Additional Information—Other Financial Industry Activities and Affiliations” and “Additional Information—Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” above. Financial Information GWG does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of Baird’s most recent fiscal year. Neither Baird nor GWG is aware of any financial condition that is reasonably likely to impair their ability to meet their contractual commitments to To the extent Baird and its affiliates rely upon PTE 77-4, each Retirement Account Fiduciary should also understand that when GWG or Baird invests the assets of a Retirement Account in an affiliated investment product that pays investment advisory fees to Baird or any of its affiliates, Baird and its affiliates will receive such investment advisory fees in accordance with the terms of DOL PTE 77- 4, and, as required thereby, GWG and Baird will waive the asset-based Advisory Fees on that portion of the assets invested in the affiliated investment product for such period of time so invested or Baird will offset the investment advisory fees received by Baird or any of its affiliates from the affiliated investment product against the asset-based Advisory Fee that GWG and Baird charge to the client. For the purpose of complying with the terms of DOL PTE 77-4, the client and each Retirement Account Fiduciary of the client acknowledge in the client’s advisory agreement that: (i) the investment in affiliated investment products for the client’s Account is appropriate because of, among other things, the investment goals, redeemability, liquidity, and diversification of those products; (ii) subject to the terms of the applicable Service, all assets of the client’s Account may be invested in one or more of the affiliated investment products; (iii) the client and such Retirement Account Fiduciary received prospectuses or other offering or disclosure documents for the affiliated investment products that may be used in connection with the Account, each of which include a summary of all fees that may be paid by the affiliated investment 108 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment product products to Baird or its affiliates; and (iv) the client received information concerning the nature and extent of any differential between the rate of such affiliated investment product fees and the Advisory Fees payable by the client. The differential between the fees to be charged by GWG and Baird for the investment advisory services they provide to the client and, if applicable, the investment advisory and other similar fees paid by the affiliated investment product to Baird or its affiliates with respect to the services Baird or any of its affiliates provides is the to the affiliated difference between the Advisory Fee disclosed in the client’s advisory agreement and the applicable investment management, investment advisory and other similar fees detailed in the applicable prospectus or other offering or disclosure documents for the affiliated investment product. that directed For more information the fiduciary Fiduciary such Fiduciary is If a client’s Account is a Retirement Account and if the client has selected an investment manager or product related to Baird (such as the use of services or products offered by Baird Advisors, Baird Equity Asset Management, CCM, Baird Trust, GAMMA, Greenhouse, LoCorr, Riverfront, Strategas or any Investment Fund affiliated with any of them), each Retirement Account Fiduciary of the client understands and agrees that in making such selection: (a) Baird and its affiliates may receive higher aggregate compensation than if the client selected investment managers, funds or other products not affiliated with Baird and thus Baird may have an incentive to offer such affiliated investment managers, funds or other products; (b) Baird makes available to the client investment managers, funds and products not affiliated with Baird and the client may obtain additional information about such unaffiliated investment managers, funds or products at any time by contacting the client’s GWG Consultant; and (c) the client is free to choose another investment option or participate in another Baird advisory program that does not use investment managers, funds or products affiliated with Baird at any time by contacting the client’s GWG about Consultant. investment managers and products that are affiliated with Baird, please see “Additional Information—Other Financial Industry Activities and Affiliations” above. that for complying with all transactions, and the duty broker-dealer, and terminating monitoring a If the client’s Account is a Retirement Account and if GWG is directed to implement a directed brokerage arrangement for the Account, each Retirement Account Fiduciary of the client should understand: brokerage the arrangement must be for the exclusive benefit of participants and beneficiaries of the Retirement Account; and responsibilities discussed in ERISA Technical Bulletin 86-1. Each should also Retirement Account solely understand fiduciary responsible responsibilities discussed in ERISA Technical Bulletin 86-1, including, without limitation, the duty to make an initial determination that the directed broker-dealer is capable of providing best execution for the client’s brokerage transactions, the duty to monitor the services provided by the directed broker-dealer so as to assure that the client has received best execution of the client’s to brokerage determine that the commissions paid by the client and any other fees or costs incurred by the client are reasonable in relation to the value of the brokerage and other services received by the client. The client and each Retirement Account Fiduciary of the client should also understand that the client and the client’s Retirement Account Fiduciaries are solely responsible for engaging a its directed performance directed brokerage arrangement, and that GWG and Baird are not responsible for determining whether a directed broker-dealer is capable of providing best execution. 109 BGWG Wrap Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

Baird Generational Wealth Group Brochure March 21, 2025 Baird Generational Wealth Group 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Toll Free: 800-792-2473 www.bairdfamilywealthgroup.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”) and Baird Generational Wealth Group (“GWG”), a team within Baird’s Private Wealth Management department. Clients should carefully consider this information before becoming a client of GWG. If you have any questions about the contents of this Brochure, please contact GWG 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 Generational Wealth Group (“GWG”), a team within the Private Wealth Management department of Robert W. Baird & Co. Incorporated (“Baird”), updated its Form ADV Part 2A brochure (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that GWG has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Baird updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Advisory Business” for more information. • Baird updated the description of investment options available under its Cash Sweep Program. See the Section of the Brochure entitled “Advisory Business—Additional Service Information—Cash Sweep Program” for specific information. • Baird updated information about risks associated with recent events, such as those associated with potential market uncertainty caused by policy changes as the result of the recent U.S. Presidential election, Russia’s ongoing war with Ukraine, conflicts in the Middle East, the strained relationship between the U.S. and China and other countries, inflation, discord in U.S. politics and other geopolitical events. See the Section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” for more specific information. • Baird updated information about Baird’s affiliates and related persons. See the Section of the Brochure entitled “Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents Advisory Business ........................................................................................... 1 Robert W. Baird & Co. Incorporated ................................................................ 1 The Client-Baird Fiduciary Relationship ............................................................ 1 Summary of GWG’s Services .......................................................................... 2 Consulting Services ...................................................................................... 5 Financial Strategy ................................................................................... 5 Investment Strategy ............................................................................... 6 Risk Management ................................................................................... 7 Tax Planning .......................................................................................... 7 Estates and Trusts .................................................................................. 7 Philanthropic Planning ............................................................................. 7 Family Education .................................................................................... 7 Sounding Board ...................................................................................... 7 Data Aggregation .................................................................................... 8 Discretionary Services ................................................................................... 8 GWG Investment Management Service ...................................................... 8 SMA Services ............................................................................................... 9 GWG Recommended Managers Service ...................................................... 9 Baird SMA Network Program .................................................................. 11 Dual Contract Program .......................................................................... 13 Other SMA Strategy Information ............................................................. 15 Additional Service Information ..................................................................... 15 Conversion, Exchange or Sale of Certain Investments ............................... 15 Complex Strategies and Complex Investment Products .............................. 15 Permitted Investments .......................................................................... 18 Unsupervised Assets ............................................................................. 19 Special Considerations for the Services .................................................... 20 Goal Management ................................................................................. 20 Tax Management Services ..................................................................... 21 Investment Objectives ........................................................................... 23 Mutual Fund Share Class Policy ............................................................... 24 Custody Services .................................................................................. 25 Cash Sweep Program ............................................................................ 25 Trust Services Arrangements .................................................................. 27 Margin Loans ........................................................................................ 28 Securities-Based Lending Program .......................................................... 28 Client Responsibilities ............................................................................ 29 Legal and Tax Considerations ................................................................. 29 Account Requirements ........................................................................... 30 Fees and Compensation ................................................................................ 33 Advisory Fees ............................................................................................ 33 Fee Options and Fee Schedule ................................................................ 33 Service Account Minimums ..................................................................... 35 Calculation and Payment of Advisory Fees ................................................ 35 iii BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Obtaining Services Separately: Brokerage or Advisory? Factors to Consider ...................................................................................... 37 Advisory Fee Payments to Baird, GWG Consultants and Investment Managers ........................................................................ 38 Other Fees and Expenses ............................................................................ 40 Cost and Expense Information for Certain Investment Products .................. 40 Additional Account Fees and Charges ...................................................... 40 Other Fees and Charges ........................................................................ 40 Other Compensation Received by GWG and Baird ........................................... 41 Performance-Based Fees and Side-By-Side Management .............................. 42 Types of Clients............................................................................................. 42 Methods of Analysis, Investment Strategies and Risk of Loss ....................... 42 Investment Strategies and Methods of Analysis .............................................. 42 Investment Strategies ........................................................................... 42 Methods of Analysis .............................................................................. 49 The GWG Investment Process ................................................................. 57 Service Information............................................................................... 58 Portfolio Management by GWG, Baird and Related Persons ......................... 60 Principal Risks ............................................................................................ 61 General Risk Information ....................................................................... 61 Non-Traditional Assets and Complex Strategies Risks ................................ 68 Complex Investment Product Risks ......................................................... 69 Risks Associated with Certain Investment Objectives and Asset Allocation Strategies ......................................................................... 75 Available Investment Product Risks ......................................................... 77 Recent Events ...................................................................................... 78 Disciplinary Information ............................................................................... 78 Other Financial Industry Activities and Related Parties ................................ 80 Broker-Dealer Activities ............................................................................... 81 Investment Management Activities ............................................................... 81 Certain Affiliated and Related Parties ............................................................ 81 Affiliated Broker-Dealers ........................................................................ 81 Affiliated and Related Investment Advisors ............................................... 81 Affiliated and Related Mutual Funds, ETFs and Investment Companies ....................................................................................... 82 Affiliated Private Funds .......................................................................... 83 Affiliated Private Equity Funds ................................................................ 83 Related Hedge Funds ............................................................................. 84 Other Affiliated Financial Services Firms................................................... 84 Other Financial Industry Activities ................................................................ 85 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................................................................ 85 Code of Ethics ............................................................................................ 85 Participation or Interest in Client Transactions ............................................... 86 Investment Advisory Accounts ................................................................ 86 Accounts and Investments Provide Different Levels of Compensation .................................................................................. 86 iv BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Recommendations of Related, Proprietary or Affiliated Funds and Managers ................................................................................... 86 Referral Compensation Paid to GWG Consultants ...................................... 86 Ongoing Product Fees ............................................................................ 86 Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors ................................................................................... 87 Schwab Clearing Arrangement ................................................................ 87 Baird Conference Sponsorships ............................................................... 88 GWG Consultants Receive Benefits from Product Providers ......................... 88 Cash Sweep Program ............................................................................ 88 Trust Services Arrangements .................................................................. 88 Margin Loans ........................................................................................ 88 Securities-Based Lending Program .......................................................... 88 Investment Advisory and Brokerage Account and Service Recommendations............................................................................. 89 Account Transfers and New Accounts ...................................................... 89 Recommendations to Open Different Types of Accounts ............................. 89 Baird Stock Ownership .......................................................................... 89 Relationships with Issuers of Securities ................................................... 89 GWG Consultants Transferring to Baird .................................................... 90 Principal Trading ................................................................................... 90 Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities ................................................................. 90 Baird Underwritten Offerings .................................................................. 90 Allocations of IPOs and Other Public Offerings .......................................... 90 Research Activities ................................................................................ 90 Trade Error Correction ........................................................................... 91 Other Client Relationships ...................................................................... 91 Baird’s Other Broker-Dealer and Related Activities .................................... 91 Other Conflicts of Interest ...................................................................... 92 Addressing Conflicts .............................................................................. 92 Duration Compensation Will Be Received ................................................. 92 Brokerage Practices ...................................................................................... 92 GWG’s and Baird’s Trading Practices ............................................................. 92 Broker-Dealer Selection ......................................................................... 92 Trade Aggregation, Allocation and Rotation Practices ................................. 93 Directed Brokerage Arrangements........................................................... 94 Cross Trading Involving Advisory Accounts ............................................... 94 Trade Error Correction ........................................................................... 95 Soft Dollar Benefits ............................................................................... 95 Trading Practices of Investment Managers ..................................................... 95 Trade Execution Services Performed by Baird ................................................. 96 Agency Cross Transactions ..................................................................... 96 Principal Transactions ............................................................................ 97 Review of Accounts ....................................................................................... 98 Client Account Review ................................................................................. 98 Account Statements and Performance Reports ............................................... 98 v BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Client Referrals and Other Compensation ..................................................... 99 Custody ......................................................................................................... 99 Investment Discretion ................................................................................ 100 Investment Selection and Trading Authorizations .......................................... 100 Client Investment Restrictions ..................................................................... 101 Affiliated Investment Products..................................................................... 102 Investment Policy Statements ..................................................................... 102 Conversion, Exchange or Sale of Certain Investments .................................... 103 Voting Client Securities ............................................................................... 103 Non-Discretionary Accounts ........................................................................ 103 Separately Managed Accounts ..................................................................... 103 Discretionary Services ................................................................................ 103 Other Proxy Voting Information ................................................................... 104 Providing Baird Voting Instructions .............................................................. 105 Legal Proceedings and Corporate Actions ...................................................... 105 Financial Information.................................................................................. 105 Special Considerations for Retirement Accounts ......................................... 105 vi BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Robert W. Baird & Co. Incorporated Baird is privately-held, employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. to clients, including the analysis and research, analysis Baird’s website planning; investment and account transactions and Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird include: portfolio management and offers recommendations analysis; investment regarding asset allocation and strategies; and recommendations regarding investment managers and individual securities; investment consulting; policy financial development; performance monitoring. Baird also offers clients execution of administrative brokerage services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers its services separately or in combination with other services. retirement accounts, which (“IRC”) (collectively, Baird participates in wrap fee programs, including programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid by clients for providing portfolio management services under those wrap fee programs. under management, including Advisory Business This Brochure describes some of the investment advisory services that Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients through Baird Generational Wealth Group (“GWG”), a team within Baird’s Private Wealth Management (“PWM”) department. Baird and GWG offer other investment advisory services not described in this Brochure. Separate brochures describe those other investment advisory services and discuss the terms and conditions, fees and costs and potential conflicts of interest associated with those services. This Brochure also references other documents that contain additional important information about Baird. Those documents describe the types of services that Baird offers to clients and certain types of investments it makes available terms, conditions, fees and costs applicable to those services and investments and certain risks and conflicts of interest associated with those services and investments. Those documents are available on at bairdwealth.com/retailinvestor. Included on that website is Baird’s Client Relationship Booklet, contains Baird’s Form CRS Client which Relationship Summary and Baird’s Client Relationship Details document. The Client Relationship Booklet also contains an important disclosure document for retirement investors that include have employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as amended “Retirement Accounts”). A client of Baird should have already received a copy of the Client Relationship Booklet. A client or prospective client who wishes to obtain a brochure for another investment advisory service provided by Baird, or a paper copy of any of the other documents referenced in this Brochure, the Client Relationship Booklet, should contact a GWG Consultant or call Baird toll-free at 1-800-792-2473. As of December 31, 2024, Baird had approximately $342.1429 billion in regulatory assets approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. The Client-Baird Fiduciary Relationship is registered with the Securities and Baird Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). GWG and Baird are deemed to have a fiduciary relationship with a client when providing the investment 1 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  office investment professionals or the client’s GWG Consultant) full discretionary authority to manage the client’s Account (“Discretionary Services”); provide investment advice client’s Account • non-discretionary services, whereby GWG or Baird and recommendations but the client retains full authority with respect to the management of the (“Non-Discretionary Services”); and contain information about • separately managed account (“SMA”) programs and services, whereby investment managers, which may include third party investment managers unrelated or related to Baird (“Other Managers”) or Baird, manage the client’s Account according to a strategy (each, an “SMA Strategy”) with full discretionary authority, and GWG and Baird provide additional consulting services the client (collectively, “SMA to Services”). Depending on their particular needs or objectives, clients may use one or more of these Services. advisory services that are described in this Brochure. That means that GWG and Baird are required to act in the best interest of the client when providing investment advisory services. From time to time GWG and Baird may engage in certain business practices or may receive compensation or other benefits that create a potential for conflict between the interests of clients and the interests of GWG and Baird. GWG and Baird generally address potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements that individuals providing investment advice to clients and the services they provide, and the agreements clients enter into with GWG and Baird. In addition, Baird has adopted internal policies and procedures for GWG and Baird that require them to: provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; act with utmost care and good faith in dealings with advisory clients; and seek to obtain “best execution” of advisory client transactions. The specific business practices that create potential conflicts of interest with clients and additional measures used by GWG and Baird to address them are discussed in other sections of this Brochure. Aggregation described below. A client should note that registration as an investment adviser does not imply a certain level of skill or training. The Consulting Services include: Financial Strategy, Investment Strategy, Risk Management, Tax Planning, Estates and Trusts, Philanthropic Planning, Family Education, Sounding Board, and The Data Discretionary Services include: GWG Investment Management. The SMA Services include: GWG Recommended Managers; Baird SMA Network (“BSN”); and Dual Contract (“DC”). The Additional Consultant Services are only provided to certain clients upon request by a client and agreement to do so by GWG. GWG primarily provides Consulting Services and recommends the GWG Investment Management Service and GWG Recommended Managers Service to clients when appropriate. GWG will infrequently recommend the other Services when GWG believes it is appropriate for a particular client. Summary of GWG’s Services This Brochure describes certain investment advisory programs and services that GWG and Baird offer to clients (“Services”) and applies to each advisory account advised by GWG (“Account”).The investment advisory services offered under the Services generally include investment advice and consulting services, which are provided by Baird PWM’s home office investment professionals or GWG, and, depending upon the Service that a client selects, the Service may include portfolio management. The Services consist of: consulting services (“Consulting • certain funds and exchange traded Services”); Generally, GWG provides clients with analysis and recommendations on investment managers and strategies. Investment strategies typically may include either public or private securities, private institutional placements, limited partnerships, mutual funds (“ETFs”). Often these investment managers or strategies may be affiliated with external custodians. GWG will assist clients in evaluating • discretionary services, whereby a client gives GWG or Baird (including Baird PWM’s home 2 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  custodians and negotiating custodial fees, trading commissions, as well as, investment management fees. the investment manager will directly manage the client’s Account with full discretionary authority as more fully described below. Baird is also registered with the SEC as a broker- dealer under Securities Exchange Act of 1934, as amended (the “Exchange Act”). Baird, in its capacity as broker-dealer, may also provide clients with trade execution, custody and other standard brokerage services. However, trade execution services, whether provided by Baird or another firm, are not included in the advisory fee the client pays for the Services (“Advisory Fee”). A client should note that the client will incur costs in addition to the Advisory Fee. See “Fees and Compensation—Other Fees and Expenses” below for more information. the client has The SMA Services are generally offered under a “single contract” arrangement. Under a single contract arrangement, a client enters into an advisory agreement with GWG and Baird, and Baird, in turn, enters into a subadvisory or similar agreement with the investment manager on the client’s behalf. This type of arrangement is frequently referred to as a single contract arrangement because there is only one contract between the client and GWG and Baird; the client does not have an agreement directly with the client’s investment manager. Under the Dual Contract Program, a client has a “dual contract” two arrangement, meaning contracts; one contract with GWG and Baird and another contract with the client’s investment manager. Certain Programs may allow a client to invest in groups of mutual funds and ETFs (referred to as “sleeves”) and other model portfolios of securities managed by Baird PWM (such sleeves and model portfolios collectively, “PWM-Managed Portfolios”). tend GWG and Baird tailor advisory services to the individual needs of clients. Each Service is designed to address different investment needs of clients. All of the Services discussed in this Brochure may not be appropriate for every client. For example, the Services may not be appropriate for clients who have low or no trading activity, who desire to pay transaction-based fees, who maintain their accounts invested in high levels of cash or other concentrated positions, who do not want ongoing professional investment advice or account monitoring, who to execute transactions without the recommendation or advice of an advisor, which are commonly referred to as “unsolicited” transactions, or who intend to utilize an investment strategy, product or solution that is not available in a Service. and bonds (collectively, Manager, and investment products Baird has engaged an overlay management firm, Envestnet Asset Management, Inc. (the “Overlay Manager”) to provide certain subadvisory services to clients that participate in certain SMA Services. The SMA Services make available two types of SMA Strategies: (1) manager-traded strategies, whereby the manager itself manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Manager-Traded Strategy”); and (2) model- traded strategies, whereby the manager does not manage a client’s Account (a “Model Provider”) but instead provides a model portfolio (“Model Portfolio”) to an overlay management firm, which may include the Overlay Manager, Baird or other third party firm (each, an “Implementation Manager”), that in turn manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Model-Traded Strategy”). If a client selects a Model-Traded Strategy, the Model Provider will provide the Model Portfolio and updates to the Implementation the Implementation Manager will manage the client’s Account with full discretionary authority according to the strategy selected by the client. Otherwise, if the client selects a Manager-Traded Strategy, Some Services offer clients the ability to pursue alternative investment strategies (“Alternative Strategies”) or other non-traditional or complex investment strategies that involve special risks not apparent in more traditional investments like stocks “Complex Strategies”). Similarly, some Programs offer clients the ability to invest in non-traditional or real assets (“Non-Traditional Assets”). Some Programs also offer the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies (collectively, “Complex these Investment Products”). The use of strategies and involves special risks, and a client should not engage in a strategy or purchase an investment product unless the client understands the related risks. See “Additional Service Information—Complex 3 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Strategies and Complex Investment Products” and “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. related allocation strategies have affiliated with Baird; Baird Trust Company (“Baird Trust”), a trust company that is affiliated with Baird; mutual funds offered by Baird Funds, Inc. (the “Baird Funds”), which is affiliated with Baird; and mutual funds offered by LoCorr Investment Trust (the “LoCorr Funds”), which is related to Baird. Those affiliated investment products and services generally consist of mutual funds, ETPs or other funds offered by parties related to Baird (“Affiliated Funds”) and SMA Strategies offered by parties (“Affiliated SMA to Baird Strategies”). For more information about these and other related parties, see “Other Financial Industry Activities and Affiliations” below. GWG clients typically work with a GWG Consultant to determine the services that are appropriate given their financial goals and circumstances. However, it is a client that ultimately selects the Service and investment strategy that is most appropriate for the client. Service A client that wishes to participate in a Service will enter into a client relationship agreement or other investment advisory agreement with GWG and Baird client’s (“advisory agreement”). The advisory agreement will contain the specific terms applicable to the services selected by the client, fees payable by the client, and other terms applicable to the client’s advisory relationship with GWG and Baird. A client should note that the client’s advisory relationship with GWG and Baird does not begin until they enter into the applicable advisory agreement with the client, which occurs when Baird PWM’s Home Office has accepted the client’s advisory agreement and determined that all of the client’s paperwork is in order. See “Additional Information—Account Requirements” below for more information. Certain Services make available asset allocation investment strategies. Asset allocation strategies involve investing in one or more categories of assets, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash, and one or more subcategories of assets, called asset classes. varying Asset investment objectives and investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use tactical investing, which typically involves tactically and actively adjusting account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short- term. Some asset allocation strategies involve the use of both strategic and tactical investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and exchange traded products (“ETPs”), including ETFs and exchange traded notes (“ETNs”). The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. See “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies— Asset Allocation Strategies” below for more information. Subject to the agreement of GWG, a client may impose reasonable restrictions on the securities or types of securities to be held in the client’s Account. Please see “Investment Discretion” below for more information. Clients may negotiate with GWG to provide other investment advisory services. Greenhouse Funds As mentioned above, Baird, in its capacity as broker-dealer, may also provide GWG clients with trade execution, custody and other standard brokerage services. For this reason, a client may also enter into a client relationship agreement or other account agreement with GWG and Baird The Services make available investment products and services offered by parties that are not related to Baird. Some Services make available investment products and services offered by parties related to Baird, including: Baird Advisors and Baird Equity Asset Management, investment management departments of Baird; Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management; GAMMA Investing, LLC (“GAMMA”), LLLP (“Greenhouse”), LoCorr Fund Management, LLC (“LoCorr”), Riverfront Investment Group, LLC (“Riverfront”) and Strategas Asset Management, LLC (“Strategas”), investment managers that are 4 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Financial planning and the “financial roadmap” are generally updated annually or on as need basis. (“account agreement”) if the client has not already done so. The client’s account agreement authorizes GWG and Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally does not permit a client to include assets in the client’s Account that are held by a third party custodian or that are otherwise held outside of a Baird account (“Held-Away Assets”), although GWG will provide Consulting Services on Held- Away Assets when requested by a client and agreed to by GWG. Service has different fixed intermediate-term short-term fixed Each structures, administration, types and levels of service, and fees and expenses. In particular, a client should note that the investment advisory services provided by GWG and Baird, including the depth of initial and ongoing research, evaluation, monitoring and review of the investments in a client’s Account, varies by Service and the investments selected for the Account. time to that GWG and Baird provide The foregoing discussion of the Services is only a summary. More specific information about the Services and the particular investment advisory in services connection with each Service are further described below and in the client’s advisory agreement. Clients are encouraged to review this Brochure and their advisory agreement carefully. Using a variety of tools, including the financial roadmap, GWG will develop and recommend a for long-term, the client’s target allocation investments, known as a strategic asset allocation. The strategic allocation represents the manner in which GWG believes a client’s assets should be invested over longer periods of time, such as five to seven years. When developing the strategic allocation, GWG generally focuses on a client’s allocation to, and balance between, assets that GWG characterizes as “More Risky” and “Less Risky”. GWG generally defines Less Risky assets to include the following types of assets: taxable or tax-exempt income income investments, investments and cash and cash equivalents. More Risky assets include all other asset types, such as equity securities, private equity investments, real estate, hedge funds, commodities and privately- held operating businesses should a client have any. From time, GWG may also recommend tactical asset allocations based on GWG’s perception of how certain asset classes will perform in the shorter term. Tactical asset allocation typically involves having allocations to the More Risky and Less Risky asset groupings that are either over- or under-weight compared to the target strategic allocation for those asset groupings, as well as over- or under-weight the target allocations to individual asset types within the More Risky or Less Risky asset groupings. financial strategy service includes A client should note that GWG’s categorization of asset types into More Risky and Less Risky groupings is based on GWG’s view of the historical performance of asset types and their relative risks under normal economic and market conditions. GWG’s use of the terms “More Risky” and “Less Risky” should not be interpreted to mean that the asset types included in the More Risky asset grouping has relatively higher investment risk under every circumstance, or, conversely, that the Less Risky asset grouping has relatively lower investment risk under every circumstance. A client should also note that the particular asset grouping is subject to all of risks associated with the asset classes and investments included in the grouping and it is possible that the Less Risky asset grouping could carry relatively higher investment risk under certain economic or market conditions. Please see ““Methods of Consulting Services Financial Strategy the The development and periodic updating of a comprehensive financial plan that GWG refers to as a “financial roadmap” or “financial framework”. The financial plan is based upon GWG’s analysis of a client’s assets, liabilities, and cash flow. Cash flows are determined on an after-tax basis. The goal is to develop a financial plan that holistically considers a client’s entire balance sheet, goals and objectives, including liquidity needs, and a client’s ability and willingness to accept risk. A client’s goals, objectives, and ability and willingness to accept risk may be determined through in person meetings or based upon a client’s responses and information provided to GWG through the Client Profile Questionnaire. Using information from Accounts held at Baird as well as other information provided to GWG by the client, GWG will provide the client an updated personal balance sheet on a quarterly basis. 5 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. report. Inaccuracies in the upon period and that GWG and Baird do not conduct a review of, or verify, such information, and they do not guarantee the accuracy of the information used to prepare the financial plan or performance the information provided to GWG could impact the client’s financial plan or performance report in a materially negative manner. strategy and make Investment Strategy On an ongoing basis, GWG monitors the market and the economy utilizing a variety of internal and external resources to formulate an opinion as to the current position of the market and economy relative to the market and economic cycle. GWG will provide a client a quarterly update either in- person, or over a video or conference call. GWG will also provide a client access to a quarterly webinar and/replay in which GWG will provide an update on its market and economic view. GWG generally reviews a client’s then-current asset allocation versus target strategic allocation and the target tactical allocation on a quarterly basis. Accounts are generally re- balanced automatically to the target tactical allocation, generally quarterly if needed. As part of this process, GWG will review a client’s current investment allocation suggestions or recommendations to balance risk. GWG believes the liquidity needs of a client are a major consideration in any asset allocation suggestion or recommendation. Therefore, GWG will review the expected liquidity within a client’s balance sheet versus a client’s liquidity needs on a quarterly basis. On an as need basis, GWG will also review the liability side of a client’s balance sheet, which includes loans and liabilities, and provide a report on how those liabilities impact a client’s cash flow, taxes, and risk. to a client’s information along with GWG’s Utilizing that analysis of market valuation and GWG’s perception of how certain asset classes will perform, GWG may suggest that a client make target strategic adjustments allocations that were determined using the financial strategy described above. management decisions When requested by a client, GWG will include in the client’s financial plan Held-Away Assets. A client should note that Held-Away Assets are included in a financial plan for the sole purpose of assisting GWG with making overall asset allocation recommendations to the client and making and recommendations to the client as to client assets held in Baird accounts. GWG’s role with respect to Held-Away Assets included in a financial plan is limited to performance monitoring and tracking and periodically evaluating them in relation to the clients’ investment policy/goals, potential risks and returns, tax consequences and costs. Baird and GWG do not provide any advice on Held- Away Assets and they do not make any recommendation as to whether a client should buy, hold or sell any Held-Away Asset. In certain instances when requested by a client, GWG may provide a review of past performance of Held-Away Assets Such performance reviews and reporting show the historical performance of a client’s assets and compares various aspects of such performance to one or more benchmark indices. Investment strategy may involve the use of different equity styles or strategies, such as: large cap growth, large cap value, mid cap growth, mid cap value, small cap growth, small cap value, international and emerging market equities income styles or fixed strategies; different strategies, such as short or intermediate, taxable, and tax-exempt bond, international and emerging market bond, and high yield bond strategies. In its GWG many instances, GWG provides (described Investment Management Service below) to directly manage a core portfolio of primarily passive and active mutual funds or ETFs, across the different equity and fixed income styles described above. This strategy will be designed to be cost and tax efficient. GWG will monitor the performance of each active or passive mutual fund, or ETF investment manager, or other “investment vehicle” that is part of a client’s investment strategy on an ongoing basis relative to the investment manager’s benchmark and peer group. GWG will also regularly review the cost and tax efficiency of each investment vehicle. A client should note that the inclusion of Held- Away Assets in a financial plan or performance report is solely based on information provided by the client or the client’s agent for the agreed- 6 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  they are titled strategy described that the characteristics of each in GWG’s asset designation intended by the client. Also as needed, GWG will review all client Accounts and/or trust Accounts held at Baird, and accounts or investments held by the client or at other firms, assuming the client has provided access to information on accounts or investments not held at Baird, making sure in accordance with the client’s instructions. As it relates to estate planning, GWG will review, on an annual basis, any client trust or partnership to ensure is considered allocation recommendations made to a client. Risk Management When performing risk management services, GWG seeks to analyze and review with a client the risks identified in the financial planning process described above. GWG seeks to minimize investment risk through an asset allocation and investment above. Additionally, as needed, GWG will work with resources internal to Baird or third parties to evaluate a client’s non-investment risks that can be addressed by life, annuity, long-term care, and umbrella insurance policies. GWG will rely on the financial planning process and input from either resources internal to Baird or third parties to determine the appropriateness of a client’s current life, annuity, long-term care, and umbrella insurance coverage. Philanthropic Planning At the direction from a client, GWG will review the client’s charitable giving plan and assist the client with an efficient giving strategy, relying on both internal resources and input from third parties. As needed and requested by the client, GWG will also assist a client in identifying a philanthropic advisor as well as assist a client with an analysis of the pros and cons of private foundations, donor advised funds, and direct giving strategies. Additionally, on an as needed basis, GWG can help a client identify appropriate assets for charitable giving. This would typically include identifying highly appreciated securities or investments. GWG will also assist a client by coordinating direct asset transfers to charitable organizations as designated by the client. tax efficiency across Tax Planning At a client’s direction, GWG will work directly with a client’s existing tax advisors in an effort to manage and reduce ordinary income and capital gains tax impact. GWG may also review the service offering of a client’s existing tax advisors compared to alternative tax advisors identified by the client. GWG will actively review accounts held at Baird, and accounts or investments held by a client or at other firms, assuming the client has provided access to information on accounts or investments not held at Baird, in an attempt to firms and increase strategies. GWG will provide a client’s tax preparer with the relevant data, to the extent GWG is able to do so, required for a client’s yearly tax preparation. Family Education At the direction of a client, GWG will assist the client in organizing, planning the agenda for, and facilitating a family meeting. From time to time, or as needed, GWG will provide a client with relevant financial literacy material. This material may be produced by resources internal to Baird or third parties. At a client’s direction, GWG will work with any other members of the client’s household to help them develop their own financial plan. information and assistance at Estates and Trusts At a client’s direction, GWG will work directly with the client’s existing estate attorney to manage and reduce estate tax impact. GWG may also review the service offering of a client’s existing estate attorney compared to alternative estate attorneys identified by the client. As needed, GWG will update a client’s estate attorney as to relevant changes to the client’s Accounts and financial or investment strategy. While trust administration is the duty of a client’s trustee(s) and custodian(s), GWG will assist in trust administration, as needed, by providing relevant Account the direction of the trustee(s). As needed, GWG will review beneficiary designations with a client making sure any Accounts or investments held at Baird that require such designation have the Sounding Board Some clients may ask GWG to be a “sounding board” and assist them in evaluating the general merits of certain investment or business opportunities that are presented to the clients by third parties (“Special Evaluations”). GWG team members will work to use their experience, expertise, and analytical capabilities to be a resource as a client navigates financial issues and evaluates investment opportunities presented to a client by third parties as they arise. Typically, a 7 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  The foregoing list of Services described above is intended to illustrate the types and levels of service that GWG offers to clients. The actual Services and levels of service to be provided to a client will be set forth in the client’s agreement or appended to the fee schedule to the agreement. Discretionary Services GWG Investment Management Service Under the GWG Investment Management Service, a client grants full discretionary authority and management of the client’s Account to Baird and the client’s GWG Consultant. Special Evaluation involves GWG providing an analysis of the financial aspects of the opportunity presented that assesses the relative merits of the opportunity in light of the client’s investment policy/goals, potential risks and returns, tax consequences, and costs. When additional resources are needed to solve problems a client faces, GWG may suggest third party experts be brought to the table to provide relevant insight. Upon request, GWG will also perform Special Evaluations of purchases of substantial non- investment-related assets being considered by the client, such as a yacht, private plane, new home, etc., focusing on the impact to the client’s balance sheet and cash flow. reviews the client’s is Consultant makes a A client should note that this service solely information and consists of GWG providing analysis to a client. In conducting Special Evaluations, GWG does not recommend or provide advice about the desirability of making the investment or purchase and GWG makes no recommendation as to whether a client should buy, hold, or sell any such investment or other property. Rather, GWG’s role limited to evaluating the investment or property in relation to the clients’ investment policy/goals, potential risks and returns, tax consequences and costs. required to prepare the In the GWG Investment Management Service, a client’s GWG Consultant seeks to meet the client’s particular investment needs by developing a customized investment strategy based upon guidelines that are jointly established by the client and the the client’s GWG Consultant. At commencement of services, the client’s GWG investment Consultant objectives and risk tolerance using the Consulting Services described above. Based upon that review and other information provided by the client, the subsequent GWG recommendation to the client as to which investment style the GWG Consultant believes is best suited for the client. A client makes the final decision as to which investment style is chosen for the client’s Account. More specific information as to how the client’s GWG Consultant will manage the client’s Account is provided to the client in connection with the opening of the Account. the heading and in various Data Aggregation GWG will gather and organize the financial paperwork, legal and tax documents for all client assets, liabilities, trusts, foundations, and other entities “financial roadmap” as described under “Financial Strategy” above. GWG will administer all client Accounts held at Baird providing monthly account statements, in addition to the quarterly reports described above under “Investment Strategy.” Additionally, GWG will maintain any investment documentation provided by a client as it relates to investments that the client has made through other firms or third parties. If requested by a client, GWG will assist the client in tracking capital calls related to private investments. A client will also be able to set up check writing capability on the client’s cash or money market Accounts held at Baird to make capital call payments, or any other payments they choose. Additionally, at a client’s direction, GWG can have a check drawn from the client’s Account and mailed to a recipient designated by the client. A GWG Consultant typically recommends or selects for client accounts investments in mutual funds and ETFs that pursue the strategies “Consulting described under Services—Asset Allocation Investment Strategy Development” above. However, from time to time, a GWG Consultant may make direct types of securities, investments including, but not limited to, equity securities, fixed income securities, Non-Traditional Assets and certain Alternative Investment Products. All or a portion of the assets in a client’s Account may be held in cash or cash equivalents, including securities issued by money market mutual funds, or may be deposited in interest-bearing bank accounts. Additional information about the types of investments a GWG Consultant may use for client accounts is contained under the heading 8 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Service managers (“GWG Recommended Managers”) and their strategies (“GWG RM Strategies”) eligible to participate in the Service through an initial and ongoing evaluation process. Analysis—Service “Additional Information—Permitted Investments” below. For more information about the GWG Investment Management Service, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Information—GWG Investment Management Service” below. Analysis—Service Baird may remove any GWG Consultant or strategy from the Service at any time and transfer day-to-day management responsibility of a client’s Account to another GWG Consultant or Baird Financial Advisor at any time without providing prior notice to, or obtaining the consent of, a client. For more specific information about the managers and SMA Strategies made available through the GWG Recommended Managers Service and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Information—GWG Recommended Managers Service” below. involve special, GWG Recommended Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the GWG Recommended Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. investing in Service review information about Important Information about GWG Investment Management Service Accounts. GWG Consultants may invest client accounts in illiquid securities and Complex Investment Products. These types of investments sometimes significant, risks and are not appropriate for all clients. A client should understand those risks those products. See before “Additional Information—Complex Strategies and Complex Investment Products” and “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. “Other Financial Clients are urged the GWG to Recommended Manager’s Form ADV Part 2A contain additional Brochure, which should important GWG the Recommended Manager, including information about the GWG Recommended Manager’s strategies, the types of investments the GWG Recommended Manager may use for a client’s Account, and the risks associated with investing in a GWG RM Strategy. Such brochures are available upon request. Mutual funds, ETFs and other investment products affiliated with Baird are available to clients under the GWG Investment Management Service. This interest. For more presents a conflict of information, Industry see Affiliations and Activities” below. initially selects Some of the services provided under the GWG Recommended Managers Service will be provided to a client by a GWG Consultant assigned to the client’s Account. A client, typically working with a GWG Consultant, the GWG Recommended Manager and GWG RM Strategy for the client’s Account. Thereafter, whenever Baird or the client’s GWG Consultant deems it necessary, Baird or the client’s GWG Consultant will replace a GWG Recommended Manager or GWG RM Strategy with another GWG Recommended Manager or GWG RM Strategy for the client’s Account. SMA Services GWG Recommended Managers Service The GWG Recommended Managers Service is a program whereby a client provides Baird and the client’s GWG Consultant with discretionary authority to appoint investment managers to manage the client’s Account with full discretionary authority and to terminate or replace investment managers for the client’s Account. The GWG Recommended Managers Service is designed for a client who wishes to have the client’s Account investment managers that are managed by monitored by GWG and Baird on an ongoing basis. If a client participates in the GWG Recommended Managers Service, the client authorizes and directs GWG and Baird to appoint GWG Recommended Managers to serve as sub-adviser Under the GWG Recommended Managers Service, investment GWG and Baird determine the 9 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  full discretionary authority to the client’s Account and to otherwise manage the client’s Account in accordance with the terms of the GWG Recommended Managers Service. The client also authorizes and directs the GWG Recommended Managers to manage the client’s Account with in accordance with the GWG RM Strategy selected. RM Strategies offered below adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a GWG client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of other client accounts managed by those Model Providers. See “Additional Service Information— Trading for Client Accounts—Trading Practices of Investment Managers” for more information. the client should understand the discretionary full discretionary authority recommendation or full discretionary authority If a client’s Account is managed by an Other Manager under the GWG Recommended Managers that, Service, notwithstanding authority granted to Baird and the client’s GWG Consultant under the Service: Baird and the client’s GWG Consultant do not manage the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, Baird and the client’s GWG Consultant are not responsible for the decisions made by the Other Manager; and Baird and the client’s GWG Consultant do not provide any investment advice regarding the purchase or sale of investment products made for the client’s Account. Certain GWG RM Strategies are only made available through Implementation Managers. The GWG through Implementation Managers consist of Manager- Traded Strategies and Model-Traded Strategies. If a GWG RM Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs GWG and Baird to appoint the Implementation Manager to serve as sub-adviser to the client’s Account. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to manage the client’s Account with in accordance with the selected GWG RM Strategy. If a Manager-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to appoint the applicable GWG Recommended Manager as sub-adviser, and the client also authorizes and directs such GWG Recommended Manager to manage the client’s Account with in accordance with the selected GWG RM Strategy. from the the implement the direction of the client’s Account, the prior manager and From time to time, GWG or Baird may remove investment managers GWG Recommended Managers Service, and GWG or Baird may select a replacement manager to manage the client’s Account. In such event, GWG or Baird, at the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were managed by the replacement manager will reinvest the cash proceeds of those sales. Sales of securities or other investments could result in adverse tax consequences for the client. faithfully If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Implementation Manager will Account, typically the Model Portfolio as proposed by the Model Provider. However, since the Implementation Manager has discretionary authority over the Implementation Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Implementation Manager determines such action to be necessary and in the client’s best interest. A client should note that GWG and Baird do not monitor or ascertain whether a third party Implementation Manager is implementing the Model fully and Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s GWG Consultant. in Certain managers of Model-Traded Strategies through the Overlay Manager have offered If GWG or Baird terminates an investment manager from the GWG Recommended Managers Service, a client authorizes GWG and Baird to invest, with full discretionary authority, the assets in the client’s Account previously managed by the other investment manager terminated securities, including, but not limited to, mutual 10 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment adviser or abilities to manage client assets. funds and ETPs. GWG’s and Baird’s discretionary authority to make such other investments will continue until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. For more specific information about the managers and SMA Strategies made available through the BSN Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, if any, see “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information—Baird SMA Network and Dual Contract Programs” below. A client who prefers to continue using an investment manager that has been removed from the GWG Recommended Managers Service, or who directs or otherwise requests that a particular investment manager not recommended by GWG be selected to manage the client’s Account, will need to move to another Service, such as the BSN Program. See “Baird SMA Network Program” below for more information. Clients who elect to do so will no longer receive the same level of rigorous ongoing monitoring, evaluation, or review of that investment manager from GWG or Baird. the A client should only participate in the BSN Program if the client wishes to take more responsibility for monitoring the client’s Account, the GWG Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. have varying BSN Managers investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the BSN Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. Important Information about Affiliated Managers. The GWG Recommended Managers Service makes available to clients investment services that are offered by Baird Advisors and Baird Equity Asset Management, investment management departments of Baird. Baird has a potential conflict of interest to the extent Baird would advise a client to select investment products offered by those Baird Departments. For more information, see “Other Financial Industry Affiliations and Activities” below. Clients are urged to review the BSN Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the BSN Manager, including information about the BSN Manager’s strategies, the types of investments the BSN Manager may use for a client’s Account, and the risks associated with investing in a BSN Strategy. Such brochures are available upon request. a is designed client who wishes Baird SMA Network Program The BSN Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The BSN Program accommodate to independently select an investment manager not available in the GWG Recommended Managers Program to manage the assets in the client’s Account. Some of the services provided under the BSN Program may be provided to a client by a GWG Consultant assigned to the client’s Account, and the client’s GWG Consultant may provide his or her own advice and recommendations about BSN Managers. (“BSN Strategies”) eligible If a client participates in the BSN Program, the client authorizes and directs GWG and Baird to appoint the BSN Manager selected by the client to serve as sub-adviser to the client’s Account. The client also authorizes and directs the BSN Manager to manage client’s Account with full Under the BSN Program, Baird determines the investment managers (“BSN Managers”) and their strategies to participate in the Program through a significantly less rigorous evaluation process compared to the GWG Recommended Managers Service. However, a client should note that GWG and Baird do not make any recommendation to clients regarding any BSN Strategy or any representations regarding a BSN Manager’s qualifications as an 11 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  discretionary authority in accordance with the BSN Strategy selected by the client. Information—Trading Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Service for Client Accounts—Trading Practices of Investment Managers” below for more information. influence over reviewing the Certain BSN Strategies are only made available through the Overlay Manager. The BSN Strategies offered through the Overlay Manager consist of Manager-Traded Strategies and Model-Traded Strategies. If a client selects a BSN Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs GWG and Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. If a client selects a Manager-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to appoint the applicable BSN Manager as sub-adviser, and the client also authorizes and directs such BSN Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. If a client’s Account is managed by an Other Manager under the BSN Program, the client should understand that: GWG and Baird do not manage the Account and do not otherwise have the Other Manager’s any investment decisions or securities selections, and therefore, GWG and Baird are not responsible for the decisions made by the Other Manager; GWG and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and GWG and Baird only provide the client with certain consulting services, which may include the client’s GWG Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically manager’s performance. GWG and Baird do not undertake to investment provide any other consulting or advisory services under the BSN Program unless GWG and Baird agree to do so in writing. the Account and its regarding If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the client’s Account, the Overlay Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that GWG and Baird do not monitor or ascertain whether the Overlay Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s GWG Consultant. A client that participates in the BSN Program is strongly encouraged to contact the client’s GWG Consultant or BSN Manager on a periodic basis to discuss: investment performance; the BSN Manager’s investment philosophy and style (to determine if the BSN Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information the BSN Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviser info.sec.gov. Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a GWG client Account pursuing a The BSN Strategies and BSN Managers made available under the BSN Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the BSN Program, GWG and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the BSN Program, upon the withdrawal or removal of an investment manager from the BSN Program, a client’s BSN 12 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  a is designed client who wishes to client. The DC Program accommodate to independently select an investment manager not available in the GWG Recommended Managers Service or BSN Program to manage the assets in the client’s Account. Program Account will be automatically removed from the BSN Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to GWG. See “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Service Information—Baird SMA Network and Dual Contract Programs” below for further information. Under the DC Program, Baird determines the investment managers (“DC Managers”) and their strategies (“DC Strategies”) eligible to participate in the Program through a significantly less rigorous evaluation process compared to the GWG Recommended Managers Service. However, a client should note that GWG and Baird do not make any recommendation to clients regarding any DC Strategy or any representations regarding a DC Manager’s qualifications as an investment adviser or abilities to manage client assets. Important Information about the BSN Program. Portfolios managed by 55I, LLC (d/b/a 55ip, “55ip”) are made available under the BSN Program. 55ip uses research and other services from Riverfront, an affiliate of Baird, in the development of certain of those portfolios, and Riverfront receives compensation from 55ip with respect to those portfolios. This presents a conflict of interest. For more information, see “Other Financial Industry Affiliations and Activities” below. For more specific information about the managers and SMA Strategies made available through the DC Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, if any, see “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information—Baird SMA Network and Dual Contract Programs” below. appointment in managing the client’s Account A client should only participate in the DC Program if the client wishes to take more responsibility for monitoring the GWG the client’s Account, Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and the client understands the risks of doing so. the foregoing when deciding DC Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the DC Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. The BSN Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the GWG Recommended Managers Service to manage the client’s Account. The client assumes ultimate responsibility for monitoring the client’s BSN the BSN Manager’s Program Account and performance. A and client’s continued retention of a BSN Manager to manage the client’s Account are based ultimately upon the client’s independent review of the BSN Manager and the BSN Manager’s services. The client ultimately determines that the BSN Strategy to be is used consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BSN Manager will only be removed from managing the client’s BSN Program Account upon the manager’s withdrawal, removal from the BSN Program, or the client’s direction to do so. A client should carefully consider to participate in the BSN Program and also consider whether another Service, such as the GWG Recommended Managers Service, may be more appropriate for the client. Clients are urged to review the DC Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the DC Manager, including information about the DC Manager’s strategies, the types of investments the DC Manager may use for a client’s Account, and the risks associated with investing in a DC Dual Contract Program The DC Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the 13 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Strategy. Such brochures are available upon request. potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the DC Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviserinfo.sec.gov. Some of the services provided under the DC Program may be provided to a client by a GWG Consultant assigned to the client’s Account, and the client’s GWG Consultant may provide his or her own advice and recommendations about DC Managers. Under the DC Program, DC Managers are offered to clients through a dual contract arrangement, and a client will need to enter into a separate agreement with the DC Manager in addition to the advisory agreement the client enters into with GWG and Baird. A client participating in the DC Program is solely responsible for negotiating the client’s agreement with the client’s DC Manager, and neither GWG nor Baird will participate or advise a client regarding the terms of such an agreement, the advisability of entering into such an agreement, or the retention of the client’s DC Manager unless GWG and Baird agree to do so in writing. The DC Strategies and DC Managers made available under the DC Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the DC Program, GWG and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the DC Program, upon the withdrawal or removal of an investment manager from the DC Program, a client’s DC Program Account will be automatically removed from the DC Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to GWG. See “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Service Information—Baird SMA Network and Dual Contract Programs” below for more information. Information about the DC Important Program. Other investment management departments of Baird and managers affiliated with Baird are available to clients under the DC Program. This presents a conflict of interest. For more information, see “Other Financial Industry Affiliations and Activities” below. assumes ultimate responsibility reviewing the If a client’s Account is managed by an Other Manager under the DC Program, the client should understand that: GWG and Baird do not manage the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, GWG and Baird are not responsible for the decisions made by the Other Manager; GWG and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and GWG and Baird only provide the client with certain consulting services, which may include the client’s GWG Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically manager’s performance. GWG and Baird do not undertake to provide any other consulting or investment advisory services under the DC Program unless GWG and Baird agree to do so in writing. the Account and its the DC Manager’s A client that participates in the DC Program is strongly encouraged to contact the client’s GWG Consultant or DC Manager on a periodic basis to investment discuss: performance; investment philosophy and style (to determine if the DC Strategy remains appropriate for the client); any The DC Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the GWG Recommended Managers Service or BSN Program to manage the client’s Account. The client for monitoring the client’s DC Program Account and the DC Manager’s performance. A client’s appointment and continued retention of a DC Manager to manage the client’s Account are based ultimately upon the client’s independent review of the DC Manager and the DC Manager’s services. The client ultimately determines that the DC Strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a DC Manager will only be removed from managing the client’s DC Program Account upon the manager’s withdrawal, removal from the DC Program, or the 14 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the foregoing when deciding such as options, client’s direction to do so. A client should carefully consider to participate in the DC Program and also consider whether another Service, such as the GWG Recommended Managers Service, may be more appropriate for the client. is contained under “Methods of Analysis, and Risk of investments in private companies. Some Complex Strategies engage in the use of margin or leverage or selling securities short (“short sales”). Some Complex Strategies invest in derivative instruments convertible securities, futures, swaps, or forward contracts. Complex Investment Products generally engage in one or more Complex Strategies. Additional information about Alternative Strategies and Complex Strategies the heading Investment Strategies Loss—Investment Strategies and Methods of Analysis—Investment Strategies—Alternative Strategies and Complex Strategies” below. Additional information about Complex Strategies and Complex Investment Products, generally, is provided below. Non-Traditional Assets currencies, Other SMA Strategy Information Certain SMA Strategies are available through multiple Services. The overall cost of an SMA Strategy and the types and levels of service provided to a client in connection with an SMA Strategy will vary depending upon the particular Service selected by the client. A client should ask the client’s GWG Consultant whether an SMA Strategy is available through multiple Programs and, if so, the client should discuss with the GWG Consultant the different costs of the Services and the types and levels of service provided in connection with the Services. A client is solely responsible for selecting the Service in which the client’s Account will participate. (collectively, Additional Service Information Conversion, Exchange or Sale of Certain Investments By participating in a Service, a client authorizes Baird to convert or exchange any shares of investment funds, such as mutual funds, ETFs, closed-end funds, unit investment trusts (“UITs”), Complex Investment Products, and other similar investment pools “Investment Funds”) held in the client’s Account to a class of shares of the same fund. See “Investment Discretion—Conversion, Exchange or Sale of Certain Investments” below for more information. Non-Traditional Assets, such as investments in commodities, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, may be used for diversification purposes. They may also be used to try to reduce market and inflation risk. The performance of Non-Traditional Assets may not correspond to the performance of the stock markets generally, and investments in Non- Traditional Assets will generally impact an account’s returns differently than more traditional investments like stocks or bonds. Non-Traditional Assets are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Non-Traditional Assets are generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Margin and Leverage Margin or including by investing Margin involves borrowing money from a firm, such as Baird, to buy securities or other property. If a client wishes to pay for securities by borrowing part of the purchase price from Baird, a client must open a margin account with Baird, and Baird may provide the client with a margin loan. Securities held in a client’s margin account are used as Baird’s collateral for the margin loan. The value of the collateral in the margin account must be maintained at a certain level relative to the margin loan for the duration of the loan. If the securities in the margin account decline in value, so does the value of the collateral supporting the margin loan, and as a result, Baird may take Complex Strategies and Complex Investment Products Some Services offer clients the ability to pursue Alternative Strategies other Complex Strategies that involve special risks not apparent in more traditional investments like stocks and bonds. Complex Strategies may be pursued in multiple ways, in alternative mutual funds, ETFs, hedge funds, managed futures, private equity funds and SMAs managed by third party managers. Some in Non-Traditional invest Complex Strategies Assets, such as real estate, commodities (which may include metals, mining, energy and agricultural products), currencies, movements in securities indices, credit spreads and interest buyout rates, and venture capital and 15 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  action, such as issue a margin call and sell securities in the account. in Leverage instruments. While returns, in Leverage generally attempts to obtain investment exposure in excess of available assets through the use of borrowings, short sales and other leverage can derivative potentially enhance can also it exacerbate losses if changes in the markets, or the values of the investments subject to the leverage, are adverse to the strategy being pursued. The use of leverage may also increase an Account’s volatility. currency, cryptocurrency, or index. Derivative instruments may be used as a substitute for taking a position the underlying asset. Derivative instruments may also be used to try to hedge or reduce exposure to other risks. They may also be used to make speculative investments on the movement of the value of an underlying asset. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly securities and other traditional investments. Investing in derivatives also generally involves leverage. Derivatives are also generally less liquid, and subject to greater volatility compared to stocks and bonds. Short Sales Options to benefit Options transactions may involve the buying or writing of puts or calls on securities. In some cases, Baird may require clients to open a margin account to engage in options trading. security or With a call option, the purchaser has the right to buy, and the seller (writer) the obligation to sell, the underlying index at a predetermined price (i.e., the exercise or strike price) prior to expiration of the option. The premium paid to the seller (writer) for the option is in consideration for the underlying obligations imposed on the seller should the option be exercised. With a put option, the purchaser has the right to sell, and the seller has the obligation to buy, the underlying security or index at the exercise price prior to expiration of the option. from an Short selling attempts anticipated decline in the market value of a security. To affect a short sale, a client sells a security the client does not own. When a client sells a security short, Baird borrows the security from a lender and makes delivery to the buyer on the client’s behalf. Because short sales involve an extension of credit from Baird to the client, a client must use a margin account. A client must also eventually purchase the same shares sold short and return them back to the lender. It is possible that the prices of securities that a client sells short may increase in value, in which case the client may lose money on the short position. Short selling thus runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in short sales. Thus, a client’s Account will be subject to short sales risks if the investment manager managing the client’s Account or an the client’s Account in investment product engages in short sales. Options and Other Derivative Instruments Derivative Instruments instruments, securities, futures, In buying a call option, the purchaser expects that the market value of the underlying security or index will appreciate, which would enable the purchaser of a call to buy the underlying security or index at a strike price lower than the prevailing market price. The purchaser of the call option makes a profit if the prevailing market price is greater than the sum of the strike price plus the premium paid for the option. The seller of a call option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will depreciate such that the option will expire without being exercised. The seller of a call option makes a profit if the prevailing market price of the underlying security or index is less than the sum of the strike price plus the premium received. such as options, Derivatives convertible swaps, and forward contracts are financial contracts that derive value based upon the value of an underlying asset, such as a security, commodity, 16 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  ETNs, business special situation funds, structured certificates of (“structured deposit and structured notes products”), development companies (“BDCs”), real estate investment trusts (“REITs”), and master limited partnerships (“MLPs”). thereby making website In buying a put option, the purchaser expects that the market value of the underlying security or index will depreciate, which would enable the purchaser of a put to sell the underlying security or index at a strike price higher than the prevailing market price. The purchaser of the put option makes a profit if the prevailing market price is less than the sum of the strike price and the premium paid for the option. The seller of a put option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will appreciate such that the option will expire without being exercised. The seller of a put option makes a profit if the prevailing market price of the underlying security or index is greater than the difference between the strike price and the premium. In addition, a client should be aware that more traditional investments, such as mutual funds, ETFs, UITs and variable annuities may also pursue Complex Strategies, them Complex Investment Products. A client should carefully review the prospectus or other offering document for each investment and understand the strategy being pursued before deciding to invest. More detailed information about mutual funds, ETFs, UITs and variable annuities is at Baird’s on available bairdwealth.com/retailinvestor. Additional Important Information losses in In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of the underlying security or index decreased below the strike price. and any Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in options transactions. Thus, a client’s Account will be subject to options risks if the investment manager managing the client’s Account or an the client’s Account in investment product engages in options transactions. Complex Investment Products Products include The use of Complex Strategies or Complex Investment Products is not appropriate for some clients because they involve special risks. A client should not engage in those strategies or invest in those products unless the client is prepared to experience significant the client’s Account. This is especially true for short selling, which can result in unlimited losses as there is no limit to the amount borrowed securities can rise in value. See “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. Before using those types of strategies or products, a client is strongly urged to discuss them with the client’s GWG Consultant investment manager managing the client’s Account. A client should also carefully review the client’s agreements with Baird and related disclosure documents, which the client should have received when opening the Account. Additional information about Complex Strategies and Complex Investment Products is provided under the heading “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Strategies—Alternative Strategies and Complex Strategies” below and on Baird’s website at bairdwealth.com/retailinvestor. futures, but also Complex Investment Products typically invest primarily in Non-Traditional Assets or engage in one or more Complex Strategies. Complex Investment Alternative Investment Products, such as hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds, and managed include other investments pursuing Complex Strategies, including but not limited to, exchange or swap funds, leveraged funds, inverse funds, and other A client assumes responsibility for engaging in Complex Strategies and investing in Complex Investment Products. If a client determines that the client no longer wants to engage in those strategies or invest in those products, the client is 17 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for notifying and any Service permitted to purchase or hold such investments outside of an Account. See “Advisory Business— Additional Information—Account Requirements” below for more information. failure or delay the client’s GWG responsible Consultant investment manager managing the client’s Account. GWG and Baird are not responsible for any losses resulting from any Other Manager’s in implementing any such instructions. In certain limited instances, Baird may allow a client to hold an investment in an Account that is an Unpermitted Investment. GWG Investment Management Service. Permitted Investments for the GWG Investment Management Service generally include, but are not limited to, the following types of investments: • equity securities, including, but not limited to, common stocks, American Depositary Receipts including (“ADRs”), and ordinary shares, whether exchange-traded, or over-the-counter traded; The use of Complex Strategies or Complex Investment Products has a unique impact upon the calculation of a client’s asset-based Advisory Fee. See “Fees and Compensation—Calculation and Payment of Advisory Fees” below for more information. A client should also understand that Baird and the client’s GWG Consultant have a financial incentive to use, or recommend the use of, certain Complex Strategies or Complex Investment Products, including margin and short sales. See “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. stocks, As a creditor, Baird may have interests that are adverse to a client. Neither GWG nor Baird will act as investment adviser to a client with respect to the liquidation of securities held in an Account to meet a call on a margin loan. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. • fixed income securities, including but not limited to, debt securities issued by domestic and corporations and other entities; foreign preferred securities asset-backed (including mortgage-backed securities and collateralized mortgage obligations (“CMOs”)); convertible debt securities; obligations issued by U.S., state, or foreign governments or their agencies, instrumentalities, or authorities, such as securities issued by the U.S. Treasury, federal federal government agencies or government-sponsored enterprises (“Agency securities”), or foreign governments; municipal securities; money market mutual funds; certificates of deposit (“CDs”) (primary or secondary); commercial paper; Investments”). • rights or warrants on equity securities and written covered call equity options; “Methods and Risk of Analysis, of load-waived, or for purchase; shares Permitted Investments Under the Discretionary and Non-Discretionary Services, Baird determines the asset categories and investment products that clients may access for investment (“Permitted Investments”) and those that are not permitted in Program Accounts (“Unpermitted Permitted Investments vary by Service. Although Baird determines the Permitted Investments under those Services, the level of initial and ongoing evaluation, monitoring and review that GWG and Baird perform on Permitted Investments varies. For more information, see the descriptions of each Service under “Advisory Business” above and Investment under Strategies Loss—Investment Strategies and Methods of Analysis” below. GWG or Baird may add Permitted Investments or restrict client access to a Permitted Investment at any time in their sole discretion. • open-end mutual funds shares that Baird has selected for use in the Service, which generally includes only those funds with which Baird has a selling agreement and only those funds that are institutional are no-load, allowed that were originally purchased in a Baird brokerage account and not sold when transitioned to an advisory account will held in the account as non-billable assets when the original purchase was subject to a front-end sales charge (typically 36 months) or until the Contingent Deferred Sales Charge (CDSC) expires (typically 13 months) if subject to a back-end sales Some Permitted Investments contain restrictions that limit their use, and clients will not be 18 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  charge after which time they will be converted to the appropriate advisory share class and become billable assets; for use in SMA Services. Investment products under the SMA Services are selected solely by the investment manager providing services to the client. The investment products used by an investment manager may include products that Baird does not permit to be used in connection with the GWG Investment Management Service described above. A client should review the investment manager’s Form ADV Part 2A Brochure for more information. • closed-end funds, ETFs, and UITs that have cost structures designed fee-based investment advisory programs; UITs originally purchased in a brokerage account and not sold when transitioned to an advisory account will be held as non-billable assets until the UIT termination date at which time they will be liquidated and the proceeds are billable; • BDCs, publicly-traded REITs, certain non publicly-traded (or private) REITs, and MLPs (which may be organized as limited liability companies (“LLCs”)); leveraged • ETNs, Consulting Services. From time to time, GWG may advise clients with respect to, or may manage, certain Held-Away Assets such as private REITs, real estate investments, and insurance products held by custodians other than Baird even though those assets may not be eligible for Accounts held at Baird. Any such arrangement will be set forth in the client’s advisory agreement. funds, and other special situation mutual funds, and exchange or swap funds; • certain hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, funds of real estate, structured products, private debt funds and managed futures that Baird has selected for use in the Services; and or supervised by them • cash and cash equivalents. The types of investments that are not permitted for the GWG Investment Management Service generally include, but are not limited to: • Class B or Class C shares offered by mutual funds or any other class of mutual fund shares that impose a contingent deferred or level sales charge (back-end or level load); • inverse funds; If a client holds • UITs that impose an initial or deferred sales charge (load); • put options; • all annuities and insurance products; or options on • commodities, futures commodities, and commodity pools; and investment funds • private Unsupervised Assets Under certain circumstances, Baird, in its sole discretion, may accept a client request to hold an asset in an Account that is not included in the investment advisory services provided by Baird or a GWG Consultant or otherwise monitored, overseen (an “Unsupervised Asset”). For example, if Baird permits a client to hold an Unpermitted Investment in an Account, the asset is typically also considered an Unsupervised Asset. Baird, in its sole discretion, may also designate an asset that is otherwise a Permitted Investment as an Unsupervised Asset under certain circumstances, such as when a client acquires the asset in an unsolicited transaction, transfers the asset from an account held at another firm or Baird brokerage account, or continues to hold the asset against Baird’s or the client’s GWG Consultant’s recommendation. an Unsupervised Asset in an Account, the client should understand that the Unsupervised Asset may not be included in performance reports provided to the client and that Baird and GWG Consultants do not manage, provide investment advice, or otherwise act as an investment adviser with respect to the Unsupervised Asset, even if the Unsupervised Asset is included in account statements or performance reports provided to the client. Because Baird and GWG Consultants do not manage or provide investment advisory services regarding Unsupervised Assets, no asset- based Advisory Fee is charged on Unsupervised and Complex Investment Products that Baird has not selected for use in the Services. 19 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  or for included in the Goal Management Plan may be managed or advised in any manner believed by Baird or the client’s GWG Consultant to be the Goal appropriate necessary Management Accounts, taken together, to seek to achieve the Goal Management Objective. Assets. While Unsupervised Assets are not subject to the asset-based Advisory Fee, Baird may impose additional fees upon Accounts holding Unsupervised Assets. See “Other Fees and Expenses” below for more information. A client should also understand that holding an Unsupervised Asset in an Account may increase the risk of trade errors, overinvestment, and negative Account performance. A client should consult the client’s GWG Consultant for further information. is contained under Special Considerations for the Services Third Party Information The Goal Management Objectives that Baird makes available to clients as part of Goal Management include: (1) All Growth; (2) Capital Growth; (3) Growth with Income; (4) Income with Growth; (5) Conservative Income; and (6) Capital Preservation. A description of those objectives the heading “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Strategies—Asset Analysis—Investment Allocation Strategies” below. When providing services to a client, GWG and Baird rely on information provided by third parties and other external sources believed to be reliable, including, but not limited to, information provided by investment managers. GWG and Baird assume that all such information is accurate, complete and current. GWG and Baird do not conduct an in- depth review of, or verify, such information, and they do not guarantee the accuracy of the information used. See “Methods of Analysis, Investment Strategies and Risk of Loss—Methods of Analysis” below for more information. service In certain circumstances, clients that are part of the same household may include their eligible Advisory Accounts in the same Goal Management Plan (a “Household Goal Management Plan”). It is the client’s sole responsibility to notify GWG that the client is part of a household so that GWG is aware of the client’s eligibility for a Household Goal Management Plan. It is also the client’s sole responsibility to notify GWG whenever the client ceases to be part of a household if an Account is part of a Household Goal Management Plan. Failure to do so could have a materially negative impact on applicable Accounts. An Account will be removed from a Goal Management Plan: (1) upon request or consent of the client, (2) if the Account ceases to be an eligible Advisory Account, (3) in the event the Account is part of a Household Goal Management Plan, if the client notifies GWG that the client ceases to be a member of the applicable household, or (4) upon written notice from Baird that it is no longer able to manage the Account according to the Goal Management Plan. Given the nature of Goal Management, a client enrolling Accounts in a Goal Management Plan should understand that each Account enrolled in a Goal Management Plan may not be invested in a manner such that the individual Account alone would be able to achieve the Goal Management Objective. It is likely that one or more Accounts included in a Goal Management Plan, taken alone, will be managed or advised differently and will be subject to greater or enhanced risks than would Goal Management GWG and Baird make available to clients an optional goal management (“Goal Management”). Goal Management provides clients the ability to set a single, overall investment objective for all or a portion of assets selected by the client with the flexibility of using multiple, eligible Advisory Accounts that may have different investment strategies or objectives. If a client elects to have Baird implement a plan of Goal Management (a “Goal Management Plan”) using two or more eligible Advisory Accounts (“Goal Management Accounts”), the Goal Management Accounts, taken together, will be managed or advised by Baird and client’s GWG Consultant in such a way so as to seek to achieve a single, investment objective (“Goal overall goal or Management Objective”) chosen by the client. Each individual Account included in a Goal Management Plan will also be managed or advised by Baird and client’s GWG Consultant in accordance with the terms of the applicable Advisory Program or Service and any investment strategy or objective applicable to the Account. However, to the extent consistent with the terms applicable to an Account included in a Goal individual Account Management Plan, each 20 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  from the tax-related consequences resulting client’s decision tax management to utilize services. Tax management services are provided solely based upon the direction and information provided by a client. Before enrolling in a tax management service, a client should consult the client’s tax advisors about the tax consequences of doing so. risks, and be the case if the Account alone had the same objective as the Goal Management Objective. Such enhanced risks include, without limitation, market risks, investment objective and asset allocation risks, capitalization risks, investment style risks, illiquid securities and liquidity risks, concentration risks, frequent trading and portfolio risks, Non-Traditional Assets and turnover Complex Strategies Complex Investment Product risks. GWG Tax Management Strategies included in the implementation of Certain GWG Consultants offer tax management investment strategies (“GWG TM Strategies”), described below, to non-Retirement Accounts enrolled in GWG Consultant-directed Services, including the GWG Investment Management Service. A client is encouraged to ask the client’s GWG Consultant if GWG TM Strategies will be used if the Account is enrolled in a Service. GWG Consultants who offer GWG TM Strategies will generally implement such strategies for Accounts they manage on a discretionary basis unless a client opts out by contacting the client’s GWG Consultant. The Baird PWM Home Office will assist with the GWG TM Strategies. A client should note, particularly if the client elects to include eligible Advisory Accounts in a Household Goal Management Plan, that: if an Account is removed from a Goal Management Plan for any reason, including if the client ceases to be a member of the same household, the Service and strategy for the Account removed from the Goal Management Plan will remain unchanged unless a change is requested by the client; further, the Account removed from the Goal Management Plan will not be allocated assets from other Accounts the Goal Management Plan unless the client and all other applicable clients, if any, consent and direct Baird to do so and then only to the extent permitted by applicable law; and GWG and Baird will have no liability for implementing a Goal Management Plan as requested by the client. investment strategies Each GWG TM Strategy is a secondary investment strategy designed to achieve a secondary objective of an Account to reduce the negative impact of U.S. federal income taxes and each such strategy is implemented together with the other primary for the Account that are designed to achieve the client’s primary investment objectives or goals. The GWG TM Strategies features are not available to Retirement Accounts. Tax Harvesting Strategy the GWG Consultant, as should contact the Tax Management Services Many Services and managers make available tax management strategies and services that are intended to reduce the negative impact of U.S. federal income taxes on an Account. Certain Services and managers include tax management services as a default feature of the Services or the manager’s services. A client is encouraged to discuss the client’s tax management needs with the client’s GWG Consultant before enrolling the Account in a Service or selecting a manager. A client should understand the terms of the tax management services that will be implemented, including the associated limitations, risks and additional costs, if any, before enrolling an Account in a Service or selecting a manager for that Account. A client that wishes to opt an Account out of participation in a tax management client’s GWG service Consultant. The offering and performance of tax management services to a client’s Account does not constitute tax advice. A client is ultimately responsible for all A tax harvesting strategy seeks to improve the value of an Account, on a post U.S. federal income tax basis, by offsetting capital losses in the Account with capital gains. This strategy is oftentimes referred to a “tax harvesting” or “tax loss harvesting”. When implementing a tax harvesting strategy, the Baird PWM Home Office or applicable, periodically, but at least annually, conducts an assessment of the Account to identify capital losses for tax harvesting opportunities. When an opportunity is identified, the Baird PWM Home Office or the GWG Consultant, as applicable, sells (or recommends the sale of) certain securities in the client’s Account in order for the Account to 21 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Generally, the capital gains avoidance strategy is limited to open end mutual fund positions in a client Account, and a mutual fund position will be included in the implementation of the strategy only if the potential net U.S. federal income tax benefit to the Account related to such position is estimated by Baird to be $1,000 or more. For purposes of calculating the $1,000 threshold, the Account’s current unrealized gain or loss in each mutual fund position is analyzed in light of the applicable amount of capital gains distribution announced by the mutual fund company. reinvested Additional Important Information about GWG’s Tax Management Strategies. recognize the unrealized capital losses identified as part of the assessment process. The Baird PWM Home Office or the GWG Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in one or more replacement securities, which may include, without limitation, ETFs, cash, cash equivalents or other securities deemed appropriate by the Baird PWM Home Office or the GWG Consultant, as applicable. Unless the client instructs otherwise, such reinvestment will be made on a temporary basis and generally only for the duration of any applicable IRS wash sale rule period, currently 30 days, and within a reasonable time thereafter, the proceeds will be in a manner consistent with the way the Account was invested prior to the employment of the tax harvesting strategy. investment strategies, there the implementation of the GWG’s tax management strategies are not intended to, and likely will not, eliminate a client’s U.S. federal income tax obligations. Like all is no guarantee that the implementation of a tax management strategy will be successful. A client’s use of a tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. Generally, tax harvesting strategy is limited to open end mutual fund and ETF positions with unrealized capital losses over $1,000 for U.S. federal income tax purposes, unless Baird and the client otherwise agree. implementation of a Capital Gains Avoidance Strategy for capital gains tax management The strategy is based upon Baird’s or the GWG Consultant’s, as applicable, estimates of capital gains and losses associated with investments in client’s Account and information provided to them by third parties, such as issuers of securities. Capital losses will remain in an Account following the implementation of a tax harvesting strategy, and the Account will realize capital gains following the implementation of a capital gains avoidance strategy, the extent such estimates or to information are incorrect. in Baird’s or judgment, negatively A capital gains avoidance strategy seeks to avoid capital gains attributable to an investment in the Account for U.S. federal income tax purposes by selling the investment before the capital gain is distributed by the issuer. When implementing a capital gains avoidance strategy, the Baird PWM Home Office or the GWG Consultant, as applicable, periodically, but at least annually, monitors the issuers of investments held in the Account distributions announcements and capital gains avoidance opportunities. When an opportunity is identified, the Baird PWM Home Office or the GWG Consultant, as applicable, sells (or recommends the sale of) such securities in the client’s Account identified as part of the monitoring process in order for the Account to avoid a capital gain distribution made by the issuer. The Baird PWM Home Office or the GWG Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in cash until the capital gain distribution has been paid by the issuer, and then the securities will be purchased again. If the securities are sold at a loss, then Baird PWM or the GWG Consultant may employ (or recommend the employment of) the tax harvesting strategy described above. The implementation of the tax harvesting strategy and capital gains avoidance strategy (or the recommendation to implement a strategy) is done in the sole discretion of the Baird PWM Home Office or GWG Consultant, as applicable, and securities may be excluded from implementation of such strategies for a number of reasons, including without limitation, the length of time the security has been in the Account, the lack of a replacement security acceptable to Baird or the GWG Consultant, withdrawal and deposit activity in the Account, market conditions deemed unfavorable by Baird or the GWG Consultant, or if the GWG doing so would, Consultant’s impact management of the Account. 22 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investment Objectives Generally, every Account will have one of the investment objectives described below. The tax harvesting and capital gains avoidance strategies are provided by Baird and GWG Consultants on an Account-by-Account basis. When employing such strategies for a client Account, Baird does not monitor or consider the trading activity in any other client account, including any other Account held at Baird. All Growth. An All Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing an All Growth investment objective will experience high fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in equity securities. Such an Account may also hold other types of investments. Capital Growth. A Capital Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing a Capital Growth investment objective will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. Such an Account may also hold other types of investments. The purchase or sale of securities by a client account (whether held at Baird or another firm) during any applicable IRS wash sale rule period that, in violation of such rule, overlaps with a purchase or sale of securities made in an Account as part of a GWG TM Strategy will result in applicable tax losses being disallowed by the IRS. Baird and GWG are not responsible for any such violations of the IRS wash sales rule or the negative consequences to the client of such violation. Before selling a security from an account, including any account held at a firm other than Baird, a client should contact the client’s GWG Consultant to determine if the sale of the security may be impacted by IRS wash sale rule limitations by reason of the tax management services being provided by Baird or GWG. Replacement securities selected in connection with the implementation of a GWG TM Strategy may not perform similarly to the securities they replace. The performance of Accounts utilizing a GWG TM Strategy will vary from similarly- managed Accounts that do not utilize such a strategy, possibly in a materially negative manner, and a client’s Account may not be successful in pursuing its primary investment strategies, objectives or goals. Growth with Income. A Growth with Income investment objective typically seeks to provide moderate growth of capital and some current income. Typically, an Account pursuing a Growth with Income investment objective will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. Such an Account may also hold other types of investments. A client should also note that when normal trading activity for the client’s is resumed Account, such activity could generate taxable gains or losses. Third Party Tax Management Services the Income with Growth. An Income with Growth investment objective typically seeks to provide current income and some growth of capital. Typically, an Account pursuing an Income with investment objective will experience Growth moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. Such an Account may also hold other types of investments. Some investment managers participating in the SMA Services offer tax management services and others do not. A client should consult the client’s investment GWG Consultant or review manager’s Form ADV Part 2A Brochure for specific information. Conservative Income. A Conservative Income investment objective typically seeks to provide 23 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  index or locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark the market generally. Accounts with a tactical investment objective may have investments focused or concentrated in certain asset classes, geographic locations or market sectors and they often experience higher levels of trading and portfolio turnover relative to accounts with other investment objectives. current income. Typically, an Account pursuing a Conservative Income investment objective will experience relatively small fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. Such an Account may also hold other types of investments. indicates A Tax-Managed that the account investment Tax-Managed. objective is transitioning from one investment strategy to another using one or more tax management strategies or tax management considerations. The primary investment strategy or consideration for Accounts with a Tax-Managed investment objective will involve tax management, and such accounts may not be successful in pursuing any other investment strategies, objectives or goals. Capital Preservation. A Capital Preservation investment objective typically seeks to preserve capital while generating current income. Typically, an Account pursuing a Capital Preservation investment objective will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in a mix of fixed income securities and cash. Such an Account may also hold other types of investments. Goal. A Goal investment objective indicates that the Account is a Goal Management Account that is part of a Goal Management Plan and the Account will be managed or advised in accordance with the applicable Goal Management Objective. Investment Objectives For information about the risks associated with the investment objectives described above, see the section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Risks Associated with Certain and Asset Allocation Strategies” below. for a client’s specific investment objective Opportunistic. An Opportunistic investment objective typically seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the percentage of assets held in various investment categories to take advantage of the manager’s perception of market pricing anomalies, market sectors deemed favorable for investment by the manager, the current interest rate environment or other macro-economic trends identified by the manager to achieve growth while accounting short, intermediate and long term investment and/or cash flow needs. Depending upon the investment strategy used, an Account pursuing an Opportunistic could experience high fluctuations in annual returns and overall market value. The types of investments in which such an Account may invest will also vary widely, depending upon the particular investment strategy used. long-term growth by investments based upon in to implement a typically objective and overweighting Mutual Fund Share Class Policy Most mutual funds offer different share classes. While each share class of a given mutual fund has the same underlying investments, those share classes have different fees, costs and investment minimums, and they provide different levels of compensation to Baird. In an effort to provide clients with appropriate low cost mutual fund investment options for their fee-based investment advisory accounts, Baird has established a mutual fund share class policy (“Share Class Policy”) for certain GWG-directed Services, including GWG Investment Management (the “Share Class Policy Services”). Typically, only one share class of a given mutual fund family will be made available for purchase by clients in the Share Class Policy Services pursuant to the Share Class Policy (the “Approved Share Class”). When selecting the Approved Share Class for a mutual fund family, Tactical. A tactical investment objective seeks to provide tactically and actively adjusting account allocations to different the categories of manager’s perception of how those investment the short-term. categories will perform tactical Strategies used involve investment account underweighting allocations to certain asset classes, geographic 24 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Interest purchased by clients. Because the compensation that Baird receives from certain mutual funds is based upon share class purchased by clients, Baird has a financial incentive to make available to clients those share classes that provide Baird greater compensation, which, in many instances, would cause clients investing in those share classes to incur higher ongoing costs relative to other share classes made available by the fund families. This presents a conflict of interest. Baird addresses this conflict through the Share Class Policy described above and through disclosure in this Brochure. For more information about the compensation that Baird receives from mutual funds, see “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or in Client Transactions—Investment Product Selling and Servicing—Mutual Funds” below. Shares of mutual funds held in client Accounts that do not meet the requirements of the Share Class Policy will generally be converted to the applicable Approved Share Class subject to certain restrictions. The Share Class Policy is subject to change at Baird’s discretion without notice to clients. Additional information about the Share Class Policy is available on Baird’s website at bairdwealth.com/retailinvestor. The Share Class Policy does not apply to the portion of a UAS Account managed by a third party managers. Third party managers are responsible for establishing their own criteria for selecting investments, including mutual funds, if any. Custody Services Baird may provide custody services in connection with the Services. See “Custody” below for more specific information. Baird endeavors to select the share class with the lowest expense ratio, based upon the average expense ratio of the class across all mutual funds in the mutual fund family, that are widely available for trading on the mutual fund trading platform of Charles Schwab & Co., Inc. (“Schwab”). In selecting the share class for a mutual fund family to be made available for purchase by clients in the Share Class Policy Services, Baird considers a number of factors, including the number of funds within the fund family that offer the share class, client positions funds, and the for those in and demand availability of the share classes and funds for purchase on the Schwab mutual fund trading platform. Generally, share classes designed for retirement plans and those that pay a distribution (12b-1) fee to Baird will not be permitted in those Services, or, if such share classes are permitted and the client’s Account is subject to an asset- based fee arrangement, Baird will either: (1) rebate the distribution (12b-1) fees to a client if the client is paying an asset-based Advisory Fee on such investment; or (2) exclude such fund shares from the calculation of the client’s asset- based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the distribution (12b-1) fee as further described under the heading “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions—Investment Product Selling or Servicing—Mutual Funds” below. Clients should note that the Approved Share Class for a mutual fund family is based upon the average expense ratio for the class across all mutual funds in the fund family and not on a fund-by-fund basis. Further, the expenses of every mutual fund can and will vary over time. Therefore, while Baird has endeavored to select the lowest cost share classes as described above, in some instances, the Approved Share Class is not the least expensive share class for a particular mutual fund. Clients may be able to obtain a less expensive share class in other Programs or at another firm. payments, revenue sharing Cash Sweep Program Baird maintains a Cash Sweep Program that is intended for clients who want to earn interest and receive FDIC insurance protection on their cash over short periods of time while awaiting investment. If a client participates in Baird’s Cash Sweep Program, uninvested cash in the client’s accounts will be automatically deposited or swept, on a daily basis, into one or more FDIC-insured deposit accounts at participating banks (the “Bank Sweep Feature”) or, under certain conditions, will be automatically invested in shares of a money Baird receives certain compensation from mutual fund families in the form of distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support and administration fees. The amount of compensation paid to Baird generally varies based upon the fund share class of the applicable mutual 25 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to provide FDIC is available market mutual fund that Baird makes available in the program (the “Money Market Fund Feature”), subject to the terms and conditions of the program. By using multiple participating banks as opposed to a single bank, the Bank Sweep Feature seeks insurance protection for a client’s cash balances of up to an aggregate deposit limit determined under the program (currently, $2,500,000 for most account types and $5,000,000 for joint accounts). A client receives interest on cash balances in deposit accounts under the Bank Sweep Feature at tiered rates that are based on the aggregate value of the accounts within the client’s household. The applicable client household tier values are: less than $1 million; at least $1 million but less than $2 million; at least $2 million but less than $5 million; and $5 million are more. Current rate at information rwbaird.com/cashsweeps. Each deposit account at a bank constitutes a direct obligation of the bank and is not directly or indirectly Baird’s obligation. under the program. Any deposits, including CDs, that a client maintains, directly or indirectly through an intermediary (such as us or another broker), with a bank participating in the Cash Sweep Program in the same capacity with the bank will be aggregated with the client’s cash balances deposited with the bank under the Cash Sweep Program for purposes of calculating the $250,000 FDIC insurance limit. Total deposits exceeding $250,000 at a bank may not be fully insured by the FDIC. A client is responsible for monitoring the total amount of other deposits that the client has with a bank outside the Cash Sweep Program in order to determine the extent of deposit insurance coverage available. Baird is not responsible for any insured or uninsured portion of a client’s deposits at a bank. Cash invested in a money market mutual fund under the Money Market Fund Feature is not FDIC insured, but is protected by Securities Investor Protection Corporation (“SIPC”) coverage up to applicable limits. receives compensation for account values of investment advisory IRA Program is available Any aggregate cash balances held by a client in excess of the applicable aggregate deposit limit are automatically invested in shares of a money market mutual fund that Baird makes available in the Money Market Fund feature of the program. Cash held in employee benefit plan accounts, employee health and welfare plan accounts, and SEP and SIMPLE IRAs will be automatically invested or swept into a money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. In addition, clients with aggregate cash balances of $5 million or more across all of their accounts with Baird within the same household may opt out of the Bank Sweep Feature and instead have all of their cash balances automatically swept into an institutional money market mutual fund that Baird makes available under the Money Market Fund Feature of the program. Effective June 1, 2025, clients with aggregate cash balances of $5 million or more across of their accounts with us within the same household both at the time of the request to opt out and as of the end of any two previous consecutive months beginning on April 30, 2025 and thereafter. More information about the Money Market Fund Feature of Baird’s Cash at Sweep rwbaird.com/cashsweeps. Baird the administrative, accounting and other services that Baird provides under the program, which is paid out of the aggregate interest that is paid by the participating banks on the aggregate client balances in the deposit accounts participating in the Bank Sweep Feature. Baird’s annual rate of compensation may be up to 3.60% of the for clients with aggregate client balances household than less $1,000,000, 2.45% for clients with household account values of $1,000,000 but less than $2,000,000, 2.00% for clients with household account values of $2,000,000 but less than $5,000,000, and 1.75% for clients with household account values of $5,000,000 or more. In a lower interest rate environment Baird’s annual rate of compensation will be less. For IRAs enrolled in a Program, Baird’s compensation is a monthly per account fee (which is the same regardless of client balances in bank deposit accounts). For fee- accounts based participating in the Bank Sweep Feature, Baird’s compensation is a monthly per account fee (which is the same regardless of client balances in bank deposit accounts). The per account fee for these advisory IRA accounts is generally paid out of the interest that the banks pay on aggregate client balances in the deposit accounts, and the per account fee varies based on the applicable Fed Funds Target Rate but in no event will it exceed $19.00 per month. Baird also receives an annual The Bank Sweep Feature seeks to provide FDIC insurance protection for a client’s cash balances up to an aggregate deposit limit determined 26 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  receives information about the compensation Baird receives from the Cash Sweep Program through a client’s account statements. services, including tax related to those assets, and rate of compensation of up to 0.50% of the aggregate client balances automatically invested into money market mutual funds under the Money Market Fund Feature. A client should note that the client will be charged the asset-based Advisory Fee on the value of all of the assets in the client’s Accounts, including cash that is swept into a bank deposit account or invested into a money market mutual fund under the Cash Sweep Program. As a result, Baird receives two layers of fees on a client’s assets swept or invested in the Cash Sweep Program: the Advisory Fee, which compensates Baird for the investment advice, trading and custody services provided to the client the compensation paid by the banks or money market funds related to those assets, which compensates Baird for the services Baird provides to the banks and funds and for Baird’s efforts in maintaining the Cash Sweep Program. The compensation that Baird receives from the Cash Sweep Program gives Baird a financial incentive to recommend that a client participate in the Cash Sweep Program and maintain high levels of uninvested cash balances in the client’s accounts. As an alternative to the Cash Sweep Program, Baird makes available other money market mutual funds and other cash alternatives in which a client may invest, often at a higher yield, although these investments do not have an automatic sweep feature. In addition, instead of maintaining cash balances in an advisory Account, a client has the option to maintain such cash balances in a brokerage account that is not subject to an asset-based Advisory Fee. trust administration Trust Services Arrangements Baird maintains an alliance with certain institutions, both non-affiliated and affiliated, including Baird Trust Company, that provide trust administration trust administration, custody, reporting and recordkeeping. GWG Consultants at times refer clients seeking trust services to institutions that are members of the alliance. Subject to its fiduciary duties, the trustee oftentimes retains Baird to provide investment advisory services to the client trust. A client should understand that any such referral for trust services under the Trust Alliance Program made by Baird and its GWG Consultants is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such trust services arrangement. Baird has a financial incentive to recommend that clients use Baird Trust, an affiliate, over other non-affiliated trust companies. As a result of this affiliation, Baird Trust also has a financial incentive to retain Baird to provide investment advisory or other services on behalf of the client. In addition, Baird and GWG Consultants have a financial incentive to recommend arrangements that involve Baird and the GWG Consultant providing investment advisory services to the client and the trust company only providing trust administration services compared to an arrangement whereby a trust company would provide both investment advisory and services because it is more profitable to Baird and the GWG Consultant. in connection with A client should understand that the Cash Sweep Program is an ancillary account service and it is not nor is it part of any advisory program or investment advisory service. GWG and Baird do not act as investment adviser or a fiduciary to a client the Cash Sweep Program. However, a client should note that the amount of the client’s advisory Account dedicated to cash and cash equivalents is part of the overall investment allocation advice provided to the client and thus the amount of such cash and cash equivalents included in the calculation of the Advisory Fee for the client’s advisory Account. ongoing Baird Trust generally on website In addition, outside of the Trust Alliance Program, GWG Consultants may refer a client to Baird Trust to provide investment management and trust administration services to the client. If a client enters into such a relationship with Baird Trust, Baird and the client’s GWG Consultant typically relationship management provide services. provides compensation to Baird and the client’s GWG Consultant for the referral and providing ongoing services, which may be up to 50% of the ongoing fees that a client pays to Baird Trust, and which is More detailed information about the Cash Sweep Program and the compensation Baird receives is at Baird’s available client also www.rwbaird.com/cashsweeps. A 27 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the securities a client pledges as collateral for the client’s margin loan, and Baird receives additional compensation for lending those securities, which provides Baird a further incentive to recommend margin to a client. paid to Baird credited to the client’s GWG Consultant for purposes of determining the GWG Consultant’s compensation. The compensation paid to Baird and a client’s GWG Consultant does not increase the fees that the client pays to Baird Trust. Due to Baird’s affiliation with Baird Trust and the compensation and GWG Consultants, Baird and GWG Consultants have a financial incentive to favor Baird Trust over other trust companies. A client should note that Baird’s margin loan program is generally intended to be used to fund additional purchases of securities. or short-term liquidity needs. If a client wishes to obtain a loan for some other purpose, a client should instead consider whether the client is eligible for Baird’s Securities-Based Lending Program, which involves clients obtaining loans from third-party lenders for general use purposes. Baird and GWG Consultants have a conflict to the extent they would recommend that a client use the Baird margin loan program instead of the Securities-Based Lending Program because a client pays interest and other fees to Baird instead of a third-party lender. Additional important information about margin, including the risks and margin interest rates that apply, is set forth in the “Margin” section of Baird’s website at bairdwealth.com/retailinvestor. website contact loan, Baird has an incentive that any margin balance (i.e., the loan or Securities-Based Lending Program Baird offers clients an opportunity to borrow money from a third party lender under Baird’s Securities-Based Lending Program. These loans, if made, can be used for any personal or business purpose other than to purchase, carry or trade securities, or to repay margin debt. These loans are secured by the investments and other assets in the client’s accounts with Baird. A client will pay interest on the outstanding balance of the client’s loan. The rates of interest charged by the bank depends on many factors, such as the prevailing interest rate environment, the amount of line of credit, a client’s creditworthiness, and the aggregate assets in a client’s Baird accounts in the client’s household (“relationship size”). The interest rates are based rate, plus an applicable on a benchmark percentage that varies based on the approved loan amount and the relationship size. Rates are generally higher for smaller loans and relationship sizes and lower for larger loans and relationship sizes. The interest rate that will apply to a client’s loan will be set forth in the loan agreement the client enters into with the bank. Baird receives an ongoing administrative fee from the bank, at an annual rate of up to 2.50% of the outstanding Margin Loans Margin involves borrowing money from Baird using eligible securities as collateral, including for the purpose of buying securities. If a client uses margin, the client will pay Baird interest on the amount the client borrows. The rate of interest that a client pays on a margin loan will be at a base rate determined by Baird plus or minus a specified percentage that varies based on the outstanding debit balance of the margin loan and the client’s household account value. Interest rates are lower for larger debit balances and those with higher household account balances. As a result, rates will vary. To determine the actual interest rate that may apply to a client’s margin at Baird’s visit loan, rwbaird.com/loanrates or a GWG Consultant. Because a client will pay interest to Baird on the outstanding balance of the client’s to margin recommend that a client use margin. Baird and GWG Consultants also have an incentive to recommend that a client use margin, because a margin loan allows a client to make larger securities purchases and retain assets in the client’s Accounts that pay an ongoing asset-based Advisory Fee instead of liquidating them to fund a cash need, which increases the asset-based fees Baird earns on a client’s Accounts. A client should note the outstanding amounts of the margin loan the client owes to Baird) in the client’s advisory Accounts will not be applied to reduce the client’s billable account value in calculating the client’s asset- based Advisory Fee, which gives Baird and GWG Consultants further incentive to recommend client use of margin instead of liquidating assets to fund a cash need. Because the interest Baird receives and fees Baird earns on a client’s Accounts increase as the amount of the client’s margin loan increases, Baird and GWG Consultants also have an incentive to recommend that the client continue to maintain a margin loan balance with Baird at high levels. Baird has the right to lend 28 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Consultant of any significant life changes (e.g., change in marital status, significant health issue, or change in employment) or if there is any change to the client’s investment objectives, risk tolerance, investment financial circumstances, needs, or other circumstances that may affect the manner in which the client’s assets are invested. None of Baird, the client’s GWG Consultant or any investment manager managing a client’s Account is responsible for any adverse consequence arising out of the client’s failure to promptly inform the client’s GWG Consultant of any such changes. Since investment goals and financial circumstances change over time, a client should review the client’s participation in a Service with the client’s GWG Consultant at least annually. Legal and Tax Considerations GWG and Baird do not provide legal or tax advice to clients in connection with the Services. financial incentive Account (“Retirement Additional laws, regulations and other conditions apply to Retirement Accounts. Each owner, trustee, named responsible plan fiduciary, fiduciary, or other fiduciary acting on behalf of a Account Retirement Fiduciary”) should understand that GWG and Baird do not provide legal advice regarding Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts. of website balance under a client’s loan, which is paid by the bank out of the interest the client pays to the bank. A client’s GWG Consultant typically receives an ongoing referral fee at an annual rate of up to 0.25% of the outstanding balance of the client’s loan, which is paid out of Baird’s administrative fee. A client should note that Baird and GWG Consultants will continue to receive compensation on assets held in the client’s accounts that serve as collateral for the client’s loans, including Advisory Fees. Because Baird receives an administrative fee and GWG Consultants receive a referral fee if a client obtains a loan from a third party lender under Baird’s Securities-Based Lending Program, Baird and GWG Consultants have an incentive to recommend that a client obtain loans under that program. Baird and GWG Consultants will continue to receive compensation on assets held in a client’s accounts that are collateral for such loans, including Advisory Fees on such assets if those assets are in the client’s advisory Account. As a result, Baird and GWG Consultants have a to recommend that a client obtain a loan under the program to provide for the client’s needs instead of liquidating assets in the client’s accounts with Baird because a decline in the amounts the client has in the client’s accounts will result in lower revenues to Baird and compensation paid to the client’s GWG Consultant. Additional important information about securities-based lending is set forth in the “Securities-Based Lending Program” section at Baird’s bairdwealth.com/retailinvestor. liquidations, redemptions, A client should understand that any referral made by Baird and GWG Consultants under the Securities-Based Lending Program is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such lending arrangement. Client Responsibilities A client is responsible for providing information to Baird and the client’s GWG Consultant reasonably requested by them in order to provide the services selected by the client. Baird, the client’s GWG Consultant and investment managers, if any, will rely on this information when providing services to the client. A client is also responsible client’s GWG for promptly informing the The investment strategies used for a client’s Account and transactions in a client’s Account, including and rebalancing transactions, may cause the client to realize gains or losses for income tax purposes. In addition, a client’s Account may be invested in investment products classified as partnerships for U.S. federal income tax purposes, which may result in unique tax treatment, including Schedule K-1 reporting. In addition, when held in a client’s Retirement Account under certain circumstances, investments may produce unrelated such business taxable income which may result in a current-year income tax obligation to the client. GWG does not provide any tax advice in connection with any of the Services. A client should discuss the potential tax implications of the client’s investment strategies, investment products, and transactions with the client’s tax advisor. If a client wishes for GWG to implement a particular investment strategy for tax purposes, 29 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and GWG agrees to implement such strategy, neither GWG nor Baird will be responsible for the development, evaluation or efficacy of any such strategy. various reasons, including deficiencies in the client’s paperwork. Once it has become effective, the agreement shall continue until it is terminated in accordance with the terms described in the advisory agreement. Account Requirements Opening an Account A client that wishes to engage GWG will enter into an advisory agreement with GWG and Baird. The client’s advisory agreement will contain the specific terms applicable to the services selected by the client, Advisory Fees payable by the client, and other terms applicable to the client’s advisory relationship with GWG and Baird. retain those documents for The terms of a client’s agreements and this Brochure apply to all Accounts that a client establishes with GWG, including any Accounts that a client may open with Baird in the future. Some of the information in those documents may not apply to a client now, but may apply in the future if a client changes services or establishes other Accounts with GWG. GWG will generally not provide a client another copy of the agreements or this Brochure when a client changes services or establishes new Accounts unless the client requests a copy from GWG. Therefore, a client should future reference as they contain important information if a client changes services or establishes other Accounts with GWG. Certain Account Requirements is a brokerage agreement Minimum Account Size In addition to the investment advisory services that GWG and Baird provide in connection with each Service, Baird, in its capacity as broker- dealer, may provide clients with trade execution, custody and other standard brokerage services. For this reason, a client may also enter into a client account agreement with Baird if the client has not already done so. The client account agreement that authorizes Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally requires that assets in a client’s Account be held in a Baird account, for which Baird acts as custodian. However, in certain limited circumstances when requested by a client, Baird may permit a client to include Held-Away Assets in the client’s Account. Each Service has a minimum account size and may have a minimum Advisory Fee, which are described in the section entitled “Fees and Compensation—Advisory Fees” below. GWG or Baird may remove an Account from a Service and immediately terminate the advisory agreement with respect to an Account upon written notice to the client if the client fails to maintain the required minimum asset levels in an Account or if the client fails to otherwise abide by the terms of a Service as determined by GWG or Baird in their sole discretion. Account Contributions and Withdrawals in to investment manager until A client may fund an Account with cash and with securities that GWG, Baird and the client’s investment manager, to be if any, deem acceptable their sole discretion. Funds deposited or transferred to a client’s SMAs from another Baird account and funds deposited or transferred to a client’s SMAs from outside of Baird will not be available for investment by the client’s the next business day and therefore the investment of such funds, at the discretion of the manager, will occur no earlier than the next business day. After a client has signed and delivered an advisory agreement to Baird, the agreement is subject to review and acceptance by the client’s GWG Consultant, his or her Market Director or PWM Supervision department supervisor (or his or her respective designee), and Baird PWM’s Home Office. The agreement and Baird’s advisory relationship with a client will become effective when the client’s paperwork is accepted by Baird PWM’s Home Office and following such acceptance Baird has delivered the client written confirmation of the Account’s enrollment in the applicable Service. A client should understand that the advisory agreement will not become effective, and Baird will not provide any advisory services to the client, until such time that Baird has accepted the advisory agreement. Baird may delay acceptance of the advisory agreement and the provision of advisory services to the client for Some GWG Consultants will invest, or recommend investing, cash contributions made to an Account 30 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  certain transfer into the Account, even if the client paid a commission or front-end sales charge on the security prior to its transfer into the Account. In addition, if the securities are subject to deferred sales charges or redemption fees, the client will be responsible for paying those charges and fees. To the extent permitted by applicable law, certain funding transactions may be handled by Baird on a principal basis, and such transactions are not considered investment advisory services of GWG, Baird or the client’s investment manager. Business—Additional If an asset transferred to an Account is an Unpermitted Investment under the terms of the applicable Service, GWG, Baird or the client’s investment manager may sell the asset or transfer it into a separate brokerage account. Alternatively, they may designate such asset as an Unsupervised Asset as further described under “Advisory Service Information—Unsupervised Assets” above. over a period of time. This method of investment is sometimes referred to dollar cost averaging (“DCA”). The goal of this method of investment is to reduce the risk of making large purchases of securities at an inopportune time or price. The Overlay Manager investment and managers also offer an optional DCA service for Accounts they manage. Additional information will be provided to a client if the client enrolls in a DCA service. A client should note that, if dollar cost averaging is used to invest cash in the client’s Account, the returns for the Account could, depending upon market and other conditions, be lower than the returns that could have been obtained had all the cash in the Account been fully invested upon contribution to the Account. In addition, a client should note that, when dollar cost averaging is used, the amount of cash in the client’s Account will be included in the value of the Account for fee calculation purposes. Whenever assets are contributed to an Account, a client should discuss with the client’s GWG Consultant the timing of when the assets will be invested. If DCA will be used to invest the assets, a client should ask for more specific information about how the assets will be invested and the associated timing for investing. that A client is responsible for notifying GWG and any investment manager managing the client’s Account of any contributions made into the Account and instructing GWG and any investment manager to liquidate positions in the event the client wishes to withdraw assets from the Account. GWG and Baird have no responsibility to invest cash deposits (other than complying with a client’s cash sweep instructions) or liquidate positions with respect to an Account managed by an Other Manager, and they are not responsible for any losses that may result from a client’s failure to notify GWG and any investment manager managing the client’s Account regarding deposits or withdrawals. A client may also incur additional expenses and liabilities, including tax related liabilities, when transferring assets out of an Account or Baird’s custody. See “Termination of Accounts” below. Liens and Use of Account Assets as Collateral sale could in adverse As security for the full and complete payment when due of any debts and other obligations that a client owes to GWG and Baird, and to the extent permitted by applicable law or regulation, all assets in a client’s Account held at Baird will be subject to a first priority security interest, lien and right of setoff in favor of Baird. Baird may sell assets in an Account to satisfy the lien. As a secured party, Baird may have interests that are adverse to a client. Neither GWG nor Baird will act When a client funds an Account with securities, including when a client changes Services for an Account or changes investment managers for an Account within the same Service, the client should understand that GWG’s, Baird’s or the client’s investment manager’s review of securities used to fund the Account may delay investing. In addition, GWG, Baird or the client’s investment manager, the if any, may determine securities contributed to the Account may not be appropriate for the client’s strategy, and GWG, Baird or the investment manager, if any, may sell, or recommend the sale of, such securities. Further, an investment manager may be removed from the management of a client’s Account and a replacement investment manager may be appointed. In such event, Baird, at the direction of the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were managed by the prior manager and the replacement manager will reinvest the cash proceeds of those sales. Any such tax result consequences for the client. A client should note that securities transferred into an Account may be subject to the Advisory Fee immediately upon its 31 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  See “Additional In some instances, Baird and GWG Consultants may refer a client to a third party lender under Baird’s Securities-Based Lending Program that pays Baird and GWG Consultants certain compensation. Service Information—Securities-Based Lending Program” above for more information. as investment adviser to a client with respect to such sale of assets held in an Account. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Such sales could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should review the client’s agreements for more information. Business—Additional Securities purchased on margin are used as Baird’s collateral for the margin loan. Clients that have a margin account should review the section “Advisory Service Information—Complex Strategies and Complex Investment Products” above for additional information. Electronic Delivery of Documents All of the assets in a client’s Account must be free and clear from any security interest, lien, charge or other encumbrance (other than a security interest, lien, charge or other encumbrance in favor of Baird) and must remain so for the duration of the client’s relationship with Baird, unless Baird otherwise specifically agrees in writing. By signing an advisory agreement, a client consents to the electronic delivery of documents that GWG or Baird may deliver to the client. The term of the consent to electronic delivery is indefinite but a client may revoke the consent at any time by notifying GWG. Termination of Accounts If a client wishes to obtain loans secured by assets in the client’s Account (commonly referred to as “securities-based lending”) and GWG and Baird agree to the arrangement, the client should understand that the lender may exercise certain rights and powers over the assets in the Account, including the disposition and sale of any and all assets pledged as collateral for the loan to meet a collateral call, which may occur without prior notice to the client. A collateral call could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should be aware of these and other potential adverse effects of securities-based lending and collateralizing Accounts before deciding to do so. The client’s advisory agreement will survive any event that causes the client’s GWG Consultant to be unable to provide services to the client (either on a temporary or permanent basis), including if the client’s GWG Consultant ceases to be employed by Baird. In any such event, Baird will endeavor to continue to provide services to the client and will as promptly as practicable assign another GWG Consultant or Baird Financial Advisor to the client’s Accounts (either on a temporary or permanent basis) and the client will be notified of any such change or, if Baird determines that it is unable to continue to provide advisory services to the client, Baird may remove the applicable Account from a Service or Program and convert the Account to a brokerage account upon notice to the client. A client is required to disclose the terms of the client’s agreements with Baird to any lender seeking to use Account assets as collateral. A client must promptly notify GWG and Baird of any default or similar event under the client’s collateral arrangements. GWG or Baird may remove an Account from a Service and immediately close an Account upon written notice to a client if the client fails to abide by the terms of the Service. GWG or Baird may also remove an Account from a Service at any time upon written notice to a client if the client fails to maintain the required minimum asset levels in such Account. A client should understand that neither GWG nor Baird will provide advice on or oversee a securities-based lending or collateral arrangement and they will not act as investment adviser or a fiduciary to the client with respect to the liquidation of securities held in the client’s Account to meet a collateral call. Any such liquidation will be executed in Baird’s capacity as broker-dealer and may, as permitted by law, result in executions on a principal basis. Upon the termination of an Account’s enrollment in a Service, GWG, Baird and, if relevant, any 32 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  carefully before participating in a Service. A client should contact the client’s GWG Consultant for specific information as to how Account closure, termination of an agreement, or asset transfers might impact the assets in the client’s Accounts. exclusive responsibility to in writing, other investment manager managing such Account, shall have no obligation to act as investment adviser to such Account. If such Account is custodied at Baird, the Account shall be converted to and designated as a brokerage account. GWG, Baird, and, if relevant, any other investment manager managing such Account, shall be under no obligation to recommend any action with regard to, or to liquidate the securities or other investments in, such Account. After an Account is removed from a Service, it is the issue client’s the regarding instructions, management of any assets in such Account. Fees and Compensation Advisory Fees Fee Options and Fee Schedule A client’s advisory agreement will set forth the actual compensation the client will pay to Baird. In most instances, a client pays an ongoing Advisory Fee based upon the value of assets in the client’s Account (an “asset-based fee”), although other options, such as a flat fee, are available. Asset-Based Fee Arrangement fee GWG generally offers one asset-based arrangement: a tiered fee schedule. If a client directs Baird to liquidate assets in connection with a closure of an Account, the client should understand that Baird acts as broker- dealer, and not investment adviser, when processing such a liquidation request and that the client will generally be charged commissions, sales charges, sales “loads”, or other applicable transaction-based fees in accordance with the applicable Baird fee schedule or other third-party transaction-based fee schedule for the particular investment then in effect. Additional information about the compensation that a client pays to Baird for effecting brokerage transactions is contained in Baird’s Client Relationship Details document, available on Baird’s website at bairdwealth.com/retailinvestor. Under a tiered fee schedule, the asset-based fee will vary for different segments of client assets, gradually decreasing as the Account balance increases. For example, a client with an Account value of $75 million may pay one rate on the first $25 million of assets in the Account, a lower rate on the next $25 million of assets in the Account and a still lower rate on the remaining $25 million of assets. Use of a tiered fee schedule will result in a blended asset-based fee rate. The typical asset-based fee varies depending upon the Service and the fee option selected by the client. Fee options and rates may also differ among different Accounts held by the same client, depending on the services selected for an Account. A client may incur significant expenses and liabilities, including tax-related liabilities for which the client will be solely liable, if the client closes an Account, terminates an advisory agreement, or transfers assets out of Baird’s custody. GWG and Baird will not be liable to a client in any way with respect to the termination, closure, transfer or liquidation of the client’s Accounts. All new client Accounts paying an asset-based fee are generally subject to a unified advice fee arrangement (“Unified Advice Fee Arrangement”), which is described below. Unified Advice Fee Arrangement Under a Unified Advice Fee Arrangement, the asset-based Advisory Fee is comprised of an advice fee (“Advice Fee”) and, for some Services, an additional portfolio fee (“Portfolio Fee”). The Advice Fee covers certain investment advisory and custody services provided by GWG and Baird. The Portfolio Fee covers portfolio management and other services provided by Baird and the Some of the investments offered in connection with the Services contain restrictions that limit their use, and such investments may be unavailable for purchase or holding outside of an Account. For example, certain Investment Funds held in an Account may only be available to a client through a GWG Service or may not be held at another firm. If such restrictions apply and the client terminates a Service or closes an Account, the Client will be required to sell or redeem such Investment Funds or exchange them for other Investment Funds that may be more costly to the client or have poorer performance. A client should consider restrictions applicable to investments 33 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Portfolio Fee Schedule Service Annual Fee Rate or Range of Rates Baird SMA Network (BSN) manager to the client’s Account, which may include departments or affiliates of Baird. If a client has a Unified Advice Fee Arrangement, the client’s Advisory Fee rate will be equal to the sum of the applicable Advice Fee rate and the applicable Portfolio Fee rate, if any. 0.26% - 0.77% Equity SMA Strategies 0.22% - 0.60% Balanced SMA Strategies 0.12% - 0.40% Fixed Income SMA Strategies Clients with a Unified Advice Fee Arrangement generally choose a tiered fee schedule for the Advice Fee portion of the Advisory Fee. 0.25% - 0.60% Global and International SMA Strategies Tiered Advice Fee Schedule 0.32% - 0.60% Alternative SMA Strategies following fee schedule sets —* Dual Contract (DC) tiered Advice Fee rates forth for the the The maximum Services. Tiered Advice Fee Schedule Annual Fee Rate Value of Assets * Fees charged by managers under the DC Program are negotiated by each client pursuant to a separate agreement that does not include Baird. Baird, therefore, does not have the necessary information to provide a definitive range of fees paid to managers under the DC Program. On first $25 million ($0 - $25 million) 0.80% On next $25 million ($25 - $50 million) 0.60% On next $50 million ($50 - $100 million) 0.40% Over $100 million 0.20% Portfolio Fee Schedule The Portfolio Fee rates are current as of the date of this Brochure. A client’s actual Portfolio Fees could be higher or lower than the amounts shown above if Baird adds new investment managers to the Services with higher or lower fees or if Baird and a manager renegotiate the amount of the subadvisory fee. following fee schedule sets forth The Portfolio Fee rate varies by Service, investment vehicle, and the type of investment strategy or style being pursued by the Account. The the maximum Portfolio Fee rates or range of rates for the Services. Portfolio Fee Schedule titled “Administrative Service Annual Fee Rate or Range of Rates GWG Investment Management 0.00% In some instances, Baird provides operational and administrative services to third party managers in connection with their management of client Accounts. As compensation for those services, Baird receives a portion of the Portfolio Fee at an annual rate of up to 0.02% of the value of the Account. Additional information is contained in the document Servicing, Revenue Sharing, and Other Third Party Payments” available on Baird’s website at bairdwealth.com/retailinvestor. GWG Recommended Managers 0.20% - 0.75% Equity SMA Strategies 0.20% - 0.52% Balanced SMA Strategies 0.25% - 0.40% Fixed Income SMA Strategies The Portfolio Fee rates set forth above do not include the overlay fees charged by the Overlay Manager for tax overlay or impact overlay services, which are generally 0.10% of the value of the Account annually. 0.25% - 0.52% Global and International SMA Strategies Flat or Hourly Fee Arrangement 0.35% - 0.60% Alternative SMA Strategies 0.10% Tax Managed Strategies Under a flat fee or hourly fee arrangement, the applicable fee may be determined according to a fixed asset-based or hourly fee rate or may be a fixed dollar amount. Specific services may each have their own, separately stated flat fee, or 34 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  several services may be grouped together under a single flat fee. Some services may entail a flat fee per usage. Flat fees are negotiable and vary by client. The details of flat fee arrangements, including fee amounts, the billing schedule, and the services covered, will be included in the client’s advisory agreement. writing. 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. Service Account Minimums The minimum asset value to open an Account in a Service is set forth in the table below. Account Minimum Service Asset Level Consulting Services Negotiable Baird SMA Network $100,000(1) Dual Contract $100,000(1) GWG Investment Management $50,000 GWG Recommended Managers $100,000(1) If requested by a client and approved by Baird, a client’s Advisory Fee may be determined by also including the aggregate value of assets in certain other Advisory accounts held by a client and certain members of the client’s household or family (a “household fee arrangement”). A client should note that Retirement Accounts may not be included in a household fee arrangement to the extent a prohibited transaction under ERISA or the IRC may result. The terms of any such household fee arrangement will be set forth in the client’s advisory agreement. to inform than $1,000,000. As a (1) Investment managers typically have an account minimum of $100,000. However, each investment manager sets its own minimum account size requirements, which can range from $25,000 to result, some more investment managers may not be available to clients with smaller accounts. for a household A client’s Account may also be subject to a minimum quarterly Advisory Fee that will be set forth in the client’s advisory agreement regardless of the value of the assets in the client’s Account. In addition, if a third party custodian has custody of the client’s Account assets, Baird may impose Account requirements different than those set forth above, including but not limited to higher minimums, and it may impose additional fees due to the increase in resources needed to administer the Account. A client should note that it is client’s sole the client’s GWG responsibility Consultant that client’s household or family has two or more Advisory accounts that are eligible for a household fee arrangement. GWG and Baird do not undertake any obligation to ensure client Accounts are eligible fee arrangement. By agreeing to a household fee arrangement, each client subject to such household fee arrangement consents to GWG and Baird providing to each other client subject to such household fee arrangement, in GWG’s or Baird’s sole discretion, information about the aggregate level, or range, of household assets used for fee calculation purposes. As a result, each such client should understand that the other clients included in the household fee arrangement may be able to ascertain the amount of the client’s assets at Baird. A client is encouraged to periodically review with the client’s GWG Consultant the client’s Advisory Fee and the services provided to determine if the services and fees continue to meet the client’s needs. Calculation and Payment of Advisory Fees Baird will calculate a client’s Advisory Fee by applying the applicable fee rate to the value of all of the assets in the client’s Accounts, including cash and its equivalent and including all Held- Away Assets, unless otherwise agreed to in For purposes of calculating a client’s asset-based Advisory Fee, the value of a client’s assets is generally determined by Baird. Baird generally relies upon third party sources, such as third party pricing services when valuing Account assets. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may 35 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian in determining the value of the assets in the client’s Account. As mentioned above, Baird will include cash and cash equivalent balances in a client’s Account when calculating a client’s asset-based Advisory Fee. Baird has adopted internal policies that monitor the percentage of an Account swept into cash under the Cash Sweep Program. These internal policies are designed to inform GWG Consultants and their clients who hold large cash sweep balances in their Accounts for sustained periods that those Accounts are holding large cash sweep balances and that there may be other investment or account options for their cash and in that Baird receives direct compensation addition to the Advisory Fee from client balances in the Cash Sweep Program. is unreliable. Valuation data If a client maintains a debit balance in the client’s margin account with Baird, such balance has no bearing on the asset-based Advisory Fees charged on client’s Account. In other words, the margin balance (i.e., the outstanding amounts of the margin loan a client owes to Baird) in client’s Account will not be applied to reduce the client’s billable Account value in calculating the Advisory Fee. third party pricing services, Neither GWG nor Baird conducts a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. GWG and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such valuations for investments, particularly annuities and Complex Investment Products, may not be provided to Baird in a timely manner, resulting in valuations that are not current. The prices obtained by Baird from issuers, sponsors and custodians may differ from prices that could be obtained from other sources. The Account value used for the Advisory Fee calculation may differ from that shown on a client’s Account statement or performance report due to a variety of factors, including the client’s use of margin, options, short sales, and other considerations. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird. See “Custody” below for more information. the When determining the value of Held-Away Assets, prices provided by a client or the client’s agent will frequently be used and the initial amount invested by the client will typically be used as the value of the Held-Away Asset unless the client or the client’s agent provides updated information. Neither GWG nor Baird conducts a review of valuation information provided by a client or the client’s agent and they do not verify or guarantee the accuracy of such information. GWG and Baird for valuations responsibility do not accept provided by a client or the client’s agent. Valuation data may not be current. The prices provided by a client or the client’s agent may differ from prices that could be obtained from other sources. Values used for fee-calculation purposes may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the Advisory Fee for some securities may be calculated based on values that are greater than the amount a client would receive if the securities were actually sold from the client’s Account. A client’s Advisory Fees are payable in accordance with the terms of the client’s advisory agreement. Typically, Advisory Fees are payable on a calendar quarterly basis, in advance. The initial billing period begins when client’s advisory agreement is accepted by Baird and the Account is opened by Baird (the “Opening Date”). The initial Advisory Fee payment will be adjusted for the number of days remaining in the then current quarter. The initial Advisory Fee will be based on the value of assets in the client’s Account on the Opening Date. The period which such payment covers shall run from the Opening Date through the last business day of the then current calendar quarterly billing period. Thereafter, the quarterly Advisory Fees shall be calculated based upon the Account’s asset value on the last business day of 36 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the prior calendar quarter and shall become payable on the first business day of the then current calendar quarter. the Account move into a new tier or cross a breakpoint during such period, no rebate or fee adjustment will be made. However, GWG and Baird, in their sole discretion, may make fee adjustments in response to asset fluctuations in a client’s Account occurring during a billing period that result from contributions to, or withdrawals from, the client’s Account. The minimum asset value in order to retain the services of GWG is $25 million, and a minimum annual Advisory Fee of $150,000 may be assessed to a client regardless of the level of assets advised by GWG. GWG may waive the minimum asset value or minimum Advisory Fee at its discretion. The minimum Advisory Fee is subject to change upon notice to the client. the client’s Account may A client’s Advisory Fees and other charges will be automatically deducted from the client’s Account, unless the client requests, and GWG and Baird agree, to an alternate arrangement, such as having Baird issue the client an invoice for the Advisory Fees (“direct billing”). A client should understand that the client’s Advisory Fees and other charges relating to the client’s Account may be satisfied from free credit balances and other assets in the client’s Account. If free credit balances in a client’s Account are insufficient to pay the Advisory Fees or other charges when due, GWG, Baird and any investment manager sell managing investments from the client’s Account to the extent they deem necessary and appropriate, in their sole discretion, to pay the client’s Advisory Fees and other charges. The Advisory Fee and minimum account value are negotiable in certain instances and may vary based upon a number of factors, including but not limited to the size and nature of the assets in the client’s Account, the client’s particular investment strategy or objective, and any particular services requested by the client. In some instances, clients may pay a higher fee than indicated in the fee schedule above. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to the factors identified above. If a client’s Account is subject to direct billing, the client is required to pay each bill within 30 days of the date of the invoice. GWG and Baird may automatically deduct a client’s Advisory Fees and other charges from the client’s Account as described above in the event that Baird does not receive payment from the client within 30 days of the date of the invoice. GWG or Baird may rescind a direct billing arrangement with a client at any time. Direct billing may not be available for Retirement Accounts. To the extent permitted by applicable law, GWG or Baird may modify a client’s existing fees and other charges or add additional fees or charges by providing the client with 30 days’ prior written notice. The fee schedule set forth above is the current fee schedule for the Services. Each Service has had other fee schedules in effect, which may reflect fees that are lower or higher, as the case may be, than those shown above. As new fee schedules are put into effect, they are made applicable only to new clients, and fee schedules applicable to existing clients may not be affected. Therefore, some clients may pay different fees than those shown above. If GWG, Baird or the client terminates the client’s advisory agreement or the client’s participation in a Service, a pro-rated refund from the date of termination through the end of the applicable billing period will generally be made to the client in the client’s affected Accounts. GWG and Baird will not implement a decrease in the client’s fee rate during a billing period or otherwise reimburse or adjust Advisory Fees during any such period for asset value appreciation or depreciation in a client’s Account during such period. For example, if a client’s Account is subject to a tiered or breakpoint fee schedule and the asset levels of Obtaining Services Separately: Brokerage or Advisory? Factors to Consider Baird offers brokerage accounts and other services to clients, and certain services provided to a client in connection with a particular Service may be available to a client outside of the Service separately. Thus, a client’s participation in a Service could cost the client more or less than if the client purchased each service separately. A number of factors bear upon the relative cost of each Service. In comparing the Services to brokerage accounts or other services, a client 37 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  should consider a number of factors, including, but not limited to: Relationship Details document, which should have been delivered to the client and is available on Baird’s website at bairdwealth.com/retailinvestor. • whether a client prefers to have ongoing monitoring, investment advice or professional management of the client’s investments, which are provided to Service Accounts, or whether the client does not want or need such services; A client should review other account types and programs with the client’s GWG Consultant to determine whether they are more appropriate or should be used in addition to a Service. • whether the types of investment strategies, products and solutions the client seeks are available; Advisory Fee Payments to Baird, GWG Consultants and Investment Managers GWG and Baird and Baird’s affiliates and associates benefit from the Advisory Fees and charges clients pay for the services described in this Brochure. • whether there are limitations on the types of securities and other investments available for purchase and whether those limitations are significant to the client; • whether the nature and level of transaction services, account performance reporting, or other ancillary services the client wants are available; fee as compensation for Baird retains the entire Advisory Fee paid by clients, except as further described below. With respect to the GWG Recommended Managers Service, Baird SMA Network Program and Dual Contract Program, Baird pays the manager (including Implementation Managers, if any) a subadvisory the manager’s services as further described below. • whether the client prefers to pay an ongoing Advisory Fee for continuous advice or pay commissions and other fees on a transaction- by-transaction basis; • the relative costs and expenses of a Service Account and a brokerage account, which will vary depending upon: fee or commission rate the client o the negotiates; o the size of the client’s account; o the level of trading activity and size of trade orders; Client Accounts are generally subject to a Unified Advice Fee Arrangement in which the Advisory Fee consists of an Advice Fee and a separate Portfolio Fee. Baird pays the manager out of the Portfolio Fee paid by the client. The Portfolio Fee rates are set forth under “Fee Options and Fee Schedules—Unified Advice Fee Arrangement— Portfolio Fee” above. However, Baird, in many instances, retains a portion of the Portfolio Fee when a client’s Account is managed by an affiliated or unaffiliated investment manager. The maximum portion of the Portfolio Fee retained by Baird in those instances is equal to an annual rate of 0.10% of the value of a client’s Account. Such amounts are retained by Baird for the services it provides. o applicable account fees and charges; o the client’s use of third party managers who charge their own fees for managing accounts in addition to GWG’s Advice Fee; and As the portion of the Advisory Fee or Portfolio Fee paid to an investment manager increases, the portion of the Advisory Fee or Portfolio Fee that is retained by Baird decreases. Thus, Baird (but not GWG) has an incentive to recommend or favor investment managers that are paid less, because Baird will receive a higher portion of the Advisory Fee or Portfolio Fee. o the amount of the client’s account invested in investment products that have additional internal ongoing operating fees and expenses (e.g., Investment Funds). In addition, Baird has an incentive to favor related investment managers managers over other because the entire Advisory Fee is retained by Additional important information about brokerage accounts and facts to consider when making account type decisions is contained in the Client 38 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Industry Activities Baird and those related investment managers For more information about related managers, see “Other and Financial Affiliations” below. include invitations information is provided under the headings “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions” below. They also generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may 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 GWG Consultants an incentive to favor investment products and their sponsors that provide the greatest levels of compensation and benefits. their total production are for reimbursements, awards of professional fees A GWG Consultant is primarily compensated on a monthly basis based upon a percentage of the GWG Consultant’s total production each month, which primarily consists of the total advisory fees and transaction-based fees paid to Baird by the GWG Consultant’s clients and any other fees Baird earns on advisory and brokerage accounts held by those clients, including trail fees paid by third parties. The percentage of the GWG Consultant’s total production actually paid to the GWG Consultant will increase as the total amount of the GWG Consultant’s production increases, meaning that, as the total amount of the GWG Consultant’s production increases, the rate and amount of compensation that Baird pays to the GWG Consultant also increase. GWG Consultants 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 levels. GWG Consultants who achieve certain production thresholds professional eligible development conferences, business development coaching, and recognition trips to attractive destinations. GWG Consultants are also eligible for bonuses for designations achievement depending on a GWG Consultant’s total production level. Thus, GWG Consultants have a general incentive to generate financial and other plans and charge higher for advisory accounts and recommend larger investments in advisory accounts. GWG Consultants generally receive recruitment bonuses and/or special compensation from Baird when they join Baird from another firm. The amount of such special compensation is typically based on the GWG Consultant’s production at the prior firm for the 1-year period prior to joining Baird or on the level of the GWG Consultant’s client assets at the prior firm. All or a substantial portion of the special compensation is paid in the form of an upfront bonus when the GWG Consultant joins Baird, and the remaining portion, if any, is paid in the form of back end bonuses generally in equal installments on an annual basis thereafter for a certain number of years (generally from one to three years). Installment payments are generally contingent upon the GWG Consultant achieving annual production or client asset levels that exceed a significant percentage of the GWG Consultant’s annual production for the 1-year period prior to joining Baird or the client assets that the GWG Consultant had prior to joining Baird. The special compensation is intended to compensate GWG Consultants for the significant effort involved in transitioning their business from the prior firm. This compensation provides GWG Consultants who have left another firm additional incentive to recommend that clients of the prior firm become Baird clients and to recommend investment products and services that increase their production, and thus presents a conflict of interest. The special compensation is generally structured in the form of a forgivable loan from Baird to the GWG Consultant. Under the terms of the forgivable loan, Baird makes the upfront or installment payment to the GWG Consultant in the form of a loan, and Baird Given the structure of their compensation, they also have an incentive to recommend that a client transfer the client’s accounts to Baird, establish new accounts with Baird (including IRA rollovers) and add more money into the client’s accounts. In addition, most GWG Consultants are shareholders of Baird Financial Group, Inc. (“BFG”), Baird’s parent company, and thus benefit financially from Baird’s overall success. The number of shares of BFG stock that a GWG Consultant may purchase is based in part on the GWG Consultant’s total production level. GWG Consultants generally receive compensation for referrals to certain affiliated managers and products and for referrals to a limited number of other firms. More specific 39 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in the important to GWG Consultants include investment management fees, distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support payments, administration fees, custody fees, expense reimbursements, and expenses associated with executing securities transactions for the investment product’s portfolio (“ongoing operating expenses”). These ongoing operating expenses are separate from, and in addition to, the Advisory Fees. As a result of making investments in these types of products, a client should be aware that the client is paying multiple layers of fees and expenses on the amount of the client’s assets so invested—the ongoing operating expenses and the Advisory Fee. Additional information about ongoing fees and expenses that apply to those types of investments is provided in Baird’s Client Relationship Details document and Baird’s website at bairdwealth.com/retailinvestor. A client can find the actual ongoing fees and expenses of an investment product that the client will pay or bear in the product’s prospectus or offering document. forgives a portion of the loan made to the GWG Consultant each month for so long as the GWG Consultant remains Baird’s employee. Should the GWG Consultant cease to be Baird’s employee prior to the maturity date of the loan, the GWG Consultant is required to repay Baird the amount of the loan outstanding and not forgiven by Baird. In other words, upon leaving Baird, the GWG Consultant would be required to repay to Baird a portion of the special compensation that the GWG Consultant had received and that had not been forgiven. The amount of such repayment declines over time in proportion to the time the GWG Consultant remains Baird’s employee. Structuring this special compensation form of forgivable loans provides the GWG Consultant added incentive to remain Baird’s employee and to recommend that persons become and remain a Baird client. Additional information about referral and non-cash compensation and other financial incentives provided is provided under the heading “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions” below. In those instances, website From time to time, Baird GWG Consultants outside of GWG may refer their clients to GWG Consultants. the GWG Consultant generally shares a portion of his or her compensation with the referring Baird Financial Advisor. Additional Account Fees and Charges If the client’s Account is custodied at Baird, the client is also responsible for all applicable account fees and service charges Baird may impose in connection with the client’s agreements with Baird. A schedule of fees and service charges is at Baird’s on available bairdwealth.com/retailinvestor. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for GWG and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). Other Fees and Charges In addition to the Advisory Fee described above, a client of GWG will incur other fees and expenses. The asset-based fee only covers investment advice provided by GWG, and a client will pay for other services, such as custody and trade execution, separately in addition to the Advisory Fee. Please see the section “Brokerage Practices” below for more information about GWG’s trading practices. A client is responsible for bearing or paying, in addition to the Advisory Fee, the costs of all: front-end or deferred sales • commissions, charges, redemption fees, or other charges; • markups, markdowns, and spreads charged by Baird in a principal transaction with a client or charged by other broker-dealers that buy securities from, or sell securities to, the client’s Other Fees and Expenses Cost and Expense Information for Certain Investment Products A client should be aware that certain investment products in which the client invests, such as mutual funds and other Investment Funds, annuities and other products, have their own ongoing management and other operating fees and expenses that are deducted from the assets of the product (or income or gains generated by the product on its investments) and thus reduce the value or return of the client’s investment in the product. These fees and expenses may 40 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account (such costs are inherently reflected in the price the client pays or receives for such securities); directs GWG or Baird to pay the client’s DC Manager’s fee out of the client’s Account, and GWG or Baird agree to do so, GWG and Baird will not be responsible for verifying the calculation or accuracy of such fee. • underwriting discounts, dealer concessions or similar fees related to the public offering of investment products; • extra or special fees or expenses that may result from the execution of odd lot trade orders (i.e., “odd-lot differential”); • electronic fund fees, wire transfer fees, fees for transferring an investment between firms, and similar fees or expenses related to account transfers (including any such fees imposed by Baird); • currency conversions and transactions; conversions, • securities including, without limitation, the conversion of ADRs to or from foreign ordinary shares; • interest, fees and other costs related to margin accounts, short sales and options trades; related to the • fees If a client holds an Unsupervised Asset in the client’s Account, the client may be charged a commission, markup or markdown in connection with its purchase or sale. The cash proceeds from the sale of an Unsupervised Asset that remain in a client’s Account are considered Permitted Investments subject to the asset-based Advisory Fee. If an asset becomes an Unsupervised Asset during a quarterly billing period, that asset will be excluded for purposes of determining the asset- based Advisory Fee beginning at the start of the next quarterly billing period, and no portion of the asset-based Advisory Fee paid by a client in advance for the quarter will be refunded or rebated to the client. Additionally, Unsupervised Assets in an Account are subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. establishment, administration or termination of Retirement Accounts, retirement or profit sharing plans, trusts or any other legal entity, including, without limitation, the calculation and payment of unrelated business income tax (“UBIT”); Clients who have Accounts managed by GWG may also have other accounts with Baird that are not managed by GWG. Those accounts may be subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the services provided by GWG. • fees imposed by the SEC or securities markets, including transaction fees imposed by electronic trading platforms, which fees may be imbedded in the price the client receives for the security; and imposed upon or resulting • taxes from transactions effected for a client’s Account, such as income, transfer or transaction taxes, foreign stamp duties, or any other costs or fees mandated by law or regulation. Clients who use a custodian other than, or in addition to, Baird will pay the other custodian’s fees and expenses in addition to the Advisory Fee. In addition, if a third party custodian has custody of the client’s Account assets, the Account is subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. In addition to the Advisory Fee, a client will also be responsible for paying the fees charged by each investment manager selected by the client under the Dual Contract Program. If a client Other Compensation Received by GWG and Baird Baird is registered as a broker-dealer under the Securities Exchange Act, and GWG Consultants are registered broker-dealer representatives of Baird. In such capacities, Baird and GWG Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, private investment funds, and other securities, and sales of annuities. At times, Baird and GWG Consultants provide such brokerage and related services to clients in connection with the Services described in this Brochure. Baird and GWG Consultants receive compensation based upon the sale of such securities and other investment products, including asset-based sales charges and service fees on the sale of mutual funds. This practice presents a conflict of interest because it gives Baird and GWG Consultants an incentive to 41 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  interest of fee the arrangements holdings for GWG and Baird and that require them inequitable compensation and other In addition to complying with its fiduciary duties by disclosing this conflict of interest to clients through this Brochure, Baird generally addresses posed by conflicts potential performance-based by periodically monitoring and performance of performance-based fee accounts and comparing them to accounts not subject to a performance fee that are also managed using a similar strategy in an attempt to detect any possible treatment. Baird also attempts to minimize potential conflicts of interest posed by performance-based fee arrangements through internal trade allocation procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. Interest recommend investment products based upon the compensation received rather than on a client’s needs. However, when providing investment advisory services to clients, Baird and GWG Consultants are fiduciaries and are required to act solely in the best interest of clients. Baird addresses this conflict through disclosure in this Brochure and by adopting internal policies and their procedures associates to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about Baird’s benefit arrangements and how Baird addresses the potential conflicts of interest, please see the sections “Advisory Business” and “Fees and Compensation” above, and “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or in Client Transactions and Personal Trading” below. individuals and their requirements for opening GWG will purchase for client accounts, or will recommend the purchase of, various investment products, including “no load” mutual funds or mutual funds with waived sales loads. A client has the option to purchase investment products through other brokers or agents that are not affiliated with Baird. Types of Clients GWG offers the Services primarily to: high net families and worth businesses. GWG also provides services to other types of current or prospective clients, including, but not limited to: pension and profit sharing plans; trusts; estates; charitable organizations; and corporations or other business entities. Applicable or maintaining an Account, such as minimum account size, are discussed in the section entitled “Fees and Compensation—Advisory Fees” above. Performance-Based Fees and Side-By- Side Management GWG does not advise any client accounts that are subject to performance-based fee arrangements. Act. Performance-based Methods of Analysis, Investment Strategies and Risk of Loss Investment Strategies and Methods of Analysis Investment Strategies The investment styles, philosophies, strategies, techniques and methods of analysis that GWG, investment Baird, Baird PWM’s home office professionals, and Other Managers use in formulating investment advice for clients vary widely by Service and the person providing the advice. A brief description of commonly used strategies is provided below. Equity Strategies Baird advises client accounts not participating in services described in this Brochure that are subject to performance-based fee arrangements. Performance-based fee arrangements involve the payment of fees based upon the capital gains or capital appreciation of a client’s account. Any such fee arrangements are made in compliance with applicable provisions of Rule 205-3 under the fee Advisers arrangements present a potential conflict of interest for Baird (but not GWG) with respect to other client accounts that are not subject to performance-based fee arrangements because such arrangements give Baird an incentive to favor client accounts subject to performance- based fees over client accounts that are not subject to performance-based fees. Equity strategies generally have an objective to provide growth of capital and primarily invest in equity securities, such as common stocks. However, these strategies may also invest in other types of investments, such as fixed income securities and cash. Equity strategies may invest 42 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  out of favor with investors, appear underpriced by the market relative to their earnings or intrinsic value, or have high dividend yields. This strategy is subject to investment style risks. Growth Strategies focused, in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges, such as large cap, mid cap or small cap companies. Equity strategies may be combined with other strategies described below, such as growth, value, income, economic industry or sector international, global, or geographic region or country focused strategies. Fixed Income or Bond Strategies A growth strategy typically invests primarily in equity securities of growth companies, which are those that the investment manager believes exhibit signs of above-average growth relative to peers or the market, even if the share price is high relative to earnings or intrinsic value. This strategy is subject to investment style risks. Income Strategies fixed invest An income strategy typically invests primarily in income-producing securities, such as dividend- income paying equity securities and securities. This strategy may in a combination of investment grade and high yield bonds. This type of strategy may also invest in yield- or income-producing, Non-Traditional Assets. Economic Industry or Sector Focused Strategies technology, region or country Fixed income or bond strategies generally have one or more of the following objectives: (1) provide current income; or (2) preservation of capital. These strategies primarily invest in fixed income securities, such as corporate bonds, municipal securities, mortgage-backed or asset- backed securities, or government or agency debt obligations. However, these strategies may also invest in other types of investments, such as equity securities or cash. Fixed income strategies may invest in debt obligations having any credit rating, maturity or duration, or they may focus on specific credit ratings, maturities or durations, such as investment grade, non-rated, or high yield (“junk”) bonds, or bonds having short-term, intermediate-term or long-term maturities. Fixed income strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic focused strategies. Balanced Strategies Economic industry or sector focused strategies primarily invest in companies in one or more economic industries or sectors, such as the telecommunications, industrial, materials, or financial sectors. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. International Strategies include companies ranges, regions, credit Generally, international strategies primarily invest in securities issued by foreign companies, which may in developed and emerging markets. International strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization sectors, geographic ratings, maturities or durations. region or market Balanced strategies generally have one or more of the following objectives: (1) provide current income; (2) growth of capital/principal or income; or (3) preservation of capital. These strategies primarily invest in a mix of equity, fixed income securities and cash. Balanced strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization ranges, credit ratings, maturities or durations as described above. Balanced strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic focused strategies. Global Strategies Value Strategies Generally, global strategies invest in a mix of securities issued by U.S. and foreign companies, which may include companies in developed and emerging markets. Global strategies may invest A value strategy typically invests primarily in equity securities of value companies, which are those that the investment manager believes are 43 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Opportunity or Opportunistic Strategies ranges, regions, credit in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization sectors, geographic ratings, maturities or durations. Geographic Region or Country Focused Strategies Geographic region or country focused strategies primarily invest in companies located a particular part of the world, such as Latin America, Europe or Asia, in a group of similarly-situated countries, such as developed or emerging markets, or one or more specific countries. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. Tactical and Rotation Strategies than other strategies. The to Opportunity strategies will generally be invested in a manner that seeks to provide long term through capital appreciation and/or growth income by utilizing an active management style that shifts the amount of investment made in different asset classes and market sectors to take advantage of the manager’s perception of market pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager. Opportunity strategies often involve the use of other strategies, particularly tactical or rotation strategies, and will have the risks associated with those strategies. Opportunity Strategies may also involve investment in a more- limited number of companies compared to other strategies. As a result, a decline in value of one or a few investments will more adversely impact performance than if assets were more evenly invested in a larger number of companies. Opportunity strategies often experience higher fluctuations in annual returns and overall market value types of investments used implement opportunity strategies vary widely by manager and could include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Tax Management Strategies underweighting and taxable strategies are often subject these strategies Tactical strategies typically tactically and actively adjust account allocations to different categories of investments, such as asset classes, geographic locations or market sectors, based upon the manager’s perception of how those investments will perform in the short-term. Similarly, rotation strategies typically actively adjust account allocations to different market sectors based upon the manager’s perception of how those market sectors will perform in the short-term. Tactical and rotation strategies are often driven by technical analysis or methodologies and typically involve overweighting account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark index or the market generally. These strategies often will be focused or concentrated in one or more asset classes, geographic locations or market sectors from time to time, and it is likely that they will have limited or no exposure to one or more asset classes, geographic locations or market sectors. For that reason, tactical and rotation to concentration risk. Because the decision-making for tactical and rotation strategies is based upon the manager’s short-term market outlook, often accounts pursuing experience higher levels of trading and portfolio turnover relative to other strategies. Tax management strategies involve buying and selling investments in a manner intended to reduce the negative impact of U.S. federal income taxes. They often involve buying or selling investments to limit taxable investment gains or to offset investment gains with investment losses or selling investments to avoid recognition of taxable investment gains. Tax management strategies are not intended to, and likely will not, eliminate a client’s tax obligations. A tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. A tax management strategy is typically a secondary strategy used to achieve a secondary tax management objective and it is typically implemented together with other primary investment strategies designed to achieve primary investment objectives or goals. However, managers in certain situations may use a tax management strategy as the primary investment strategy or tax management may be their primary consideration when managing client 44 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the manager “systematic” or automated trading of securities based upon where a security is relative to its trend line. is accounts, such as when is transitioning an account from one investment strategy to another. The performance of accounts utilizing a tax management strategy will vary from similarly-managed accounts that do not utilize such a strategy, possibly in a materially negative manner, and an account may not be successful in pursuing any other investment strategies, objectives or goals. short securities believed Alternative Strategies and Complex Strategies invest • Convertible Arbitrage Strategies. Convertible arbitrage involves the purchase and short sale of multiple securities of the same company. The implemented by purchasing strategy securities believed to be undervalued and selling to be overvalued. Often, the strategy involves the purchase of a convertible bond issued by a company and selling short that company’s common stock. This strategy may involve the use of a wide range of derivative instruments. • Fixed Income Arbitrage Strategies. Fixed income arbitrage strategies generally seek to profit from interest rate, credit spread and other arbitrage opportunities by investing in fixed income securities, interest rate instruments and derivative instruments. Alternative Strategies and other Complex in a wide range of Strategies may investments, which may include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Alternative Strategies and other Complex Strategies generally involve the use of margin, leverage, short sales and derivative instruments. Many Alternative Strategies and other Complex Strategies have no substantive restrictions on the types of investments that may be used. Examples of Alternative Strategies and other Complex Strategies include the following. • Capital Structure Arbitrage Strategies. Capital structure arbitrage generally involves investing in multiple levels of a single company’s capital structure, often taking long and short positions in a company’s debt or equity in order to capitalize on perceived mispricings resulting from market inefficiencies or different pricing assumptions. This type of strategy typically involves the use of derivatives and structured products. • Relative Value Strategies. Relative value strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to exploit price differences among securities that share similar economic or financial characteristics. • Long/Short Strategies. Long/short strategies generally involve the purchase of securities believed to be undervalued and selling short securities believed to be overvalued. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. • Absolute Return, Total Return and Real Return Strategies. Absolute return, total return and real return strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets in an attempt to generate performance that has low correlation to the major equity markets over a complete market cycle. They may also involve the use of derivative instruments. • Event-Driven • Market Neutral Strategies. Market neutral strategies generally involve the purchase of securities and selling securities short in similar dollar amounts in an attempt to produce returns that are independent of general market performance. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. events (such and liquidations). Event-driven Strategies. strategies generally involve the use of Non- Traditional Assets, short sales and derivative instruments in an attempt to seek arbitrage opportunities, particularly those triggered by as mergers, corporate restructurings, These strategies typically involve the assessment of if, how and when an announced transaction will be completed. • Statistical Arbitrage Strategies. Statistical Arbitrage is based on the theory that stocks have a tendency to return to a short-term trend line. This type of strategy typically involves the 45 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  arbitrage strategies involve in corporate bankruptcy. The securities purchased are typically unregistered and illiquid. Private equity strategies may also involve the use of leverage. buy-outs, restructurings • Merger Arbitrage/Special Situations Strategies. Merger the purchase and sale of securities of companies reorganizations and involved business combinations, such as mergers, exchange offers, cash tender offers, spin-offs, and leveraged liquidations. These strategies often involve short selling, options trading, and the use of other derivative instruments. typically unrated or • Distressed Strategies. Distressed strategies generally involve the purchase of securities in companies that are in financial distress, or companies that are entering into or are already in bankruptcy. They may also involve the use of short sales and derivative instruments. types of referred to as floating in smaller o Private Debt or Private Credit Strategies. Private debt (also known as private credit) strategies invest in loans or debt instruments issued by companies in private transactions. These investments are typically made through participation in private debt funds or funds of private debt funds. The investments involved rated below are investment grade and are illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically investments are reset. These sometimes rate corporate debt, floating rate loans or floating rate bank loans. Private debt strategies often involve the use of leverage and may involve investment capitalization, distressed or bankrupt companies. • Macro Strategies. Macro strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to profit from anticipated changes in securities markets, commodities markets, currency values, and/or interest rates. and Systematic • Discretionary industrial typically made strategies generally rely Trading Strategies. Discretionary trading strategies generally attempt to identify and capitalize on patterns or trends in the markets. Systematic trading on computerized trading systems or models to identify and capitalize on those patterns or trends. These strategies often involve the use of Non-Traditional Assets, short sales, derivative instruments and significant leverage. risks related • Private Investment Strategies. o Private Real Estate Strategies. Private real estate strategies invest in physical properties, such as office buildings, apartments, retail facilities. These centers, and investments are through participation in private REITs. Private real focus on specific estate strategies may geographic types, or regions, property economic sectors. Investments in private real estate can be illiquid, meaning they may take time to sell or refinance. Property values can fluctuate due to market conditions, supply and demand, and other factors. There are also tenant vacancies, to property damage, or environmental hazards. Leverage is often used in private real estate investments, which can increase potential returns but also amplifies potential losses. generally in companies involve in o Private invest types. Examples of include, These among utilities, investments o Private Equity Strategies. Private equity equity strategies investments private transactions. These investments are typically made through participation in private equity funds or funds of private equity funds. Private equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges. They may also focus on companies in one or more economic industries or sectors or geographic regions. Some private equity strategies focus on companies that are newly formed, in financial distress or already in Infrastructure Strategies. Private infrastructure in strategies infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and infrastructure asset others, investments and telecommunication, transportation. are typically made through participation in private infrastructure funds. Investments in private 46 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  as: short-term taxable infrastructure strategies are often illiquid. They may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments and may, therefore, also lack diversification. such bonds; intermediate term taxable bonds; long-term taxable bonds; short-term tax-exempt bonds; intermediate term tax-exempt bonds; long-term tax-exempt bonds; high yield fixed income securities; foreign fixed income securities; and broad fixed income securities; and • Leveraged Strategies. Leveraged strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to amplify returns or produce returns that are a multiple of a benchmark index. • the Non-Traditional Assets category, which is comprised of certain asset classes, such as: commodities commodity-linked instruments; and currencies, cryptocurrencies and currency-linked instruments; • the Alternative Investment Products category which is comprised of certain asset classes, such as: hedge funds, private equity funds and managed futures; and • Inverse Strategies. Inverse strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to produce returns that are the opposite of a benchmark index. • cash. allocation strategies have Business—Additional also have varying Alternative Strategies and other Complex Strategies are not appropriate for some clients because they are subject to special risks. See “Advisory Service Information—Complex Strategies and Complex Investment Products” above and “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Non-Traditional Assets and Complex Strategies Risks” below for more information. investing, which Asset Allocation Strategies and actively typically adjusting tactical Certain Services, including the GWG Investment Management Service, make available asset allocation strategies. Asset allocation strategies involve investing in one or more of the following categories of assets: varying Asset investment objectives, ranging from growth of capital to preservation of capital. Asset allocation strategies investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use involves tactical tactically account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short-term. Some asset allocation strategies involve the use of both strategic and investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and ETPs. The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. companies; U.S. cap located • the equity securities asset category, which is comprised of certain asset classes, such as, equity securities issued by: U.S. large cap growth companies; U.S. large cap value companies; U.S. large cap core companies; U.S. mid cap growth companies; U.S. mid cap value companies; U.S. mid cap core companies; U.S. small cap growth companies; U.S. small cap core small value companies; in foreign companies developed markets; foreign companies located in emerging markets; U.S. REITs; and foreign REITs; Baird uses its Capital Market Assumptions in developing its proprietary model asset allocation strategies, including those used by some GWG Consultants. In determining its Capital Market Assumptions, Baird conducts an analysis of different asset classes and the different levels of risk associated with those investments. That • the fixed income securities asset category, which is comprised of certain asset classes, 47 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  involves that are based upon Baird’s projections analysis the consideration of past performance and the use of forward-looking projections certain assumptions made by Baird about how markets will perform in the future. There is no assurance that asset classes or markets will perform in accordance with or assumptions. For more information about Baird’s Capital Market Assumptions, a client should contact the client’s GWG Consultant. returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to equity securities than fixed income securities. Baird’s most common asset allocation strategies are described below. A client should note that the specific investments in an Account following a particular asset allocation strategy could vary from the description below for a number of reasons, including market conditions. invest Income with Growth Portfolio. An Income with Growth Portfolio typically seeks to provide current income and some growth of capital. Typically, an Income with Growth Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to fixed income securities than equity securities. All Growth Portfolio. An All Growth Portfolio typically seeks to provide growth of capital. Typically, an All Growth Portfolio will experience high fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in equity securities. This strategy may also invest in other asset classes, such as fixed income securities, Non-Traditional Assets and cash. This strategy may also in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. experience relatively Conservative Income Portfolio. A Conservative Income Portfolio typically seeks to provide current Income income. Typically, a Conservative Portfolio will small fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets. Generally, under normal market conditions, this strategy will have a significantly higher allocation to fixed income securities and cash than equity securities. Capital Growth Portfolio. A Capital Growth Portfolio typically seeks to provide growth of capital. Typically, a Capital Growth Portfolio will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. This strategy may also invest in other asset classes, such as Non- Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a significantly higher allocation to equity securities than fixed income securities. Preservation A Portfolio. typically seeks Growth with Income Portfolio. A Growth with Income Portfolio to provide moderate growth of capital and some current income. Typically, a Growth with Income Portfolio will experience moderate fluctuations in annual Capital Capital Preservation Portfolio typically seeks to preserve capital while generating current income. Typically, a Capital Preservation Portfolio will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in a mix of fixed income securities 48 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  described under the heading “Principal Risks” below. and cash. This strategy may also invest in other asset classes, such as equity securities and Non- Traditional Assets. and targets only. There Strategies” below investment restrictions, Some GWG Consultants investment managers use asset allocation strategies that include target asset allocation percentages for equity and/or fixed income investments in the names or descriptions of the strategies (e.g., 80- 20, 60-40, 40-60, 20-80, etc.). A client should note that those percentages are intended to be asset allocation is no guarantee that Accounts following asset allocation strategies will be invested strictly in accordance with target asset allocations. It is likely that the actual investments in Accounts following those strategies will vary, sometimes significantly, from the target asset allocations and may include other asset classes due to market conditions and the GWG Consultant’s or investment manager’s assessment of how to best invest a client’s Accounts. See “Important Information about Implementation of Investment Objectives and Investment for more information. For information about the risks associated with the asset allocation strategies described above, see the section of the Brochure entitled “Principal Risks—Risks Associated with Certain Investment Objectives and Asset Allocation Strategies” below. Important Information about Implementation of Investment Objectives and Investment Strategies From time to time, the client’s GWG Consultant or investment manager will invest the client’s Account, or recommend that the client invest the Account, in a manner that is inconsistent with the investment objective investment strategy or selected by the client for the Account when the client’s GWG Consultant or investment manager determines that it is appropriate to do so, such as using defensive strategies in response to adverse market or other conditions or engaging in tax management. Similarly, a client’s Account may be invested in a manner inconsistent with the investment strategy or investment objective selected by the client for the Account in certain other circumstances, such as when the client’s Account is transitioning to a new Service, investment objective or investment strategy, or due to other factors, such as market appreciation or depreciation of the assets in the client’s Account, deposits and withdrawals made by the client, and if any, imposed by the client. A client’s Account may not be able to achieve its investment objectives during any such period of time and the Account may be subject to different or enhanced risks than would be the case had the Account been invested in a manner wholly consistent with the investment strategy investment objective or selected by the client. Clients are encouraged to discuss with their GWG Consultant on a regular basis how the Account is being managed or advised and whether any such conditions exist. invest Methods of Analysis Baird, its home office investment professionals, and GWG Consultants may use various forms of security analyses, including the following: • Fundamental Analysis. Fundamental analysis involves an approach to investing through a detailed analysis of specific companies, such as their financial statements and financial ratios, management, competitive advantages and markets, in an attempt to determine the value of an investment. Fundamental analysis may include qualitative and quantitative analyses. A client should note that, to implement an investment strategy, a client’s GWG Consultant or investment manager may use or recommend mutual funds, ETPs or other Investment Funds that primarily in particular types of securities instead of direct investment in those types of securities. A client should also note that the client’s GWG Consultant or investment manager may use a strategy not described above or they may use a strategy with the same or similar name that is implemented differently. A client should ask the client’s GWG Consultant or investment manager for more specific information about the strategy being used for the client’s Account. Analysis. Qualitative • Qualitative analysis involves the use of subjective judgment to analyze factors that may be difficult to quantify or measure objectively. As it pertains to A client’s Account is subject to the risks associated with the Account’s particular strategies and investments. A client should review the risks associated with those strategies and investments 49 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  deems reliable, GWG and Baird do not independently verify or guarantee the accuracy of the information or tools used. managers and investment products, qualitative analysis may include review of the background and experience of a manager or a mutual fund company. in an attempt the client’s Baird and GWG Consultants may also utilize research reports created by Baird. However, it should be noted that GWG Consultants are not obligated to act in a manner consistent with Baird research reports and they may act in a manner that is contrary to those reports if they deem it to be consistent with investment objectives and in the client’s best interest. • Quantitative Analysis. Quantitative analysis is a method of evaluating securities by analyzing a large amount of data through the use of algorithms or models to understand behavior, predict market events, market prices, etc., and generate an investment decision. As it pertains to managers and investment products, quantitative analysis may include review of manager performance, investment style, style consistency, risk, and risk-adjusted performance. they may use • Technical Analysis. Technical analysis is a method of analyzing past price and volume patterns and trends in the trading markets to attempt to predict the direction of both the overall market and specific investments. • Top-Down Analysis. Top-down analysis involves a consideration of certain macroeconomic trends, such as general economic conditions, geographic or market sector performance, fiscal and monetary policy, taxes, or interest rates, to make investment decisions. Analysis. Bottom-up • Bottom-Up investment, When providing investment advice to clients, GWG Consultants may also use the model portfolios or recommended or eligible product lists (described below) made available by Baird’s Asset Manager Research Department or other Baird departments, or investment products that Baird has generally deemed to be “available” for use in its advisory programs (“Available Investment Products”). The level of initial and ongoing evaluation, monitoring and review that GWG and Baird perform on managers and on investment products varies. Available Investment Products generally do not receive the same level of initial or ongoing evaluation, monitoring or review by Baird as those managers or products that are included in a model portfolio or on a recommended or eligible product list. As a result, Available Investment Products are subject to certain risks. See “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Available Investment Product Risks” below for more information. analysis involves consideration of factors particular to a particular such as business financials (e.g., balance sheet strength and cash flows), financial ratios (e.g., price-to- earnings ratio), and business fundamentals (e.g., management and product or services performance) to make investment decisions. tools releases and other economic, financial More specific information about Baird model portfolios, recommended lists and eligible product lists is provided below. A client should note that investment products recommended to the client or selected for the client’s Account, including investment managers or products included on a Baird recommended or eligible product list, are those which, in Baird’s professional judgment, may be appropriate to help the client pursue the client’s financial goals. GWG and Baird do not represent or guarantee that such investment managers or products are or will be the best investment managers or products available. Under certain circumstances when requested by a client, GWG and Baird may allow a client to select a manager or investment product that is not on a Baird recommended or eligible product list or that Baird, its home office investment professionals, and GWG use various third party research information and to provide related investment advice to clients. These sources of information and tools may include, among others, issuer-supplied literature (such as annual reports, information) and press external market, and investment data and analyses provided by organizations not affiliated with Baird. They may also employ the use of computers and third party software to more readily display information, assist with the evaluation and analysis, and create asset allocation recommendations. Although they generally use information and tools that Baird 50 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  is generally not made available to Baird clients. A client should note that, unless GWG and Baird otherwise agree in writing, GWG and Baird do not initial or ongoing evaluation, provide any monitoring or review of any such managers or investment products and that the client’s decision to select such a manager or investment product is based solely upon the client’s review of the manager or investment product. Certain PWM-Managed Portfolios Baird Recommended Portfolio and all are above $5 billion at the time of investment. The team looks for quality companies with strong fundamental characteristics and management, attractive dividend yields, and the ability to increase their dividends. Companies are screened for dividend history and consistency, earnings growth expectations, and balance sheet quality. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. A position can be reduced or removed due to changes in valuation, company fundamentals or the perceived ability to continue to raise its dividend in the future—among a variety of other potential reasons for portfolio changes including a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. AQA Portfolios to clients Analysis investment approach performance. The analysis The Baird Recommended Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to outperform the S&P 500 Index by investing in a diversified core portfolio of 35–50 stocks. The portfolio invests primarily in stocks with market capitalization greater than or equal to $10 billion (large cap). The portfolio may also contain stocks with market caps below $10 billion but these stocks generally will not represent more than 35% of the total portfolio. The team’s top– down begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. This information is used to underweight or overweight particular industry sectors compared to the S&P 500 Index. Individual stocks are selected with an emphasis on higher quality companies that the team believes have strong fundamental characteristics teams, attractive growth and management prospects, and reasonable price-appreciation expectations. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. Stocks can be sold or positions reduced for a variety of reasons such as valuation, a change in company or industry fundamentals, or a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. Baird Rising Dividend Portfolio certain Baird makes available Automated Quantitative (“AQA”) Portfolios, which are managed by Baird’s PWM Equity Research team. AQA is an analytical tool that seeks to identify stocks of companies that are undervalued by calculating the intrinsic values for the stocks and comparing the calculated values to current market prices. Focusing on a company’s past financial performance, AQA analyzes fundamental ratios and trends of the most recent eight-year history of a company and each company in its peer group, excluding estimates of future balance sheet and income statement is ignores certain qualitative quantitative and information such as company-specific material news and events. Stocks are ranked from the most undervalued to the most overvalued based on the difference between the values calculated by AQA and current market prices. The stocks identified by AQA as being the most undervalued are then selected for investment. Baird offers the following four (4) AQA Portfolio strategies, each of which invest in undervalued stocks identified using AQA, excluding securities issued by banks, REITS and insurance companies: (1) the AQA All Cap Strategy, which primarily invests in stocks across market capitalizations, generally those included in the S&P 500®, S&P MidCap 400® or S&P SmallCap 600® Indices; (2) the AQA Large Cap Strategy, which primarily invests in large cap stocks, generally those included in the S&P 500® Index; (3) the AQA Mid Cap Strategy, which The Baird Rising Dividend Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to provide a core equity strategy with a portfolio yield above that of the S&P 500 Index. The team’s top–down investment approach begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. The 30–50 stocks in the portfolio are primarily large cap stocks—as defined by a market capitalization of $10 billion or greater at the time of investment— 51 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  primarily invests in mid cap stocks, generally those included in the S&P MidCap 400® Index; and (4) the AQA Small Cap Strategy, which primarily invests in small cap stocks, generally those included in the S&P SmallCap 600® Index. Certain Recommended Lists Baird’s Recommended Managers List adjusted performance, consistency of returns and downside protection. These factors are scored over various time periods and relative to a specific peer group universe, narrowing the pool of managers for further evaluation. Baird’s Asset Manager Research Department then performs a more in-depth evaluation of managers that are identified through the initial screening process, which generally includes a review of the following factors: stability of the firm/team, the robustness and repeatability of the investment process, the portfolio’s past returns pattern and tax-efficiency, and how the manager adds value. The final determination of Baird’s Recommended Managers List is subject to the approval of Baird’s Investment Committee. conference calls, for removal When selecting managers and BRM Strategies for Baird’s Recommended Managers List, Baird often seeks registered investment advisory firms having portfolio managers with academic credentials such as a master’s degree or participation or completion of the Chartered Financial Analyst (“CFA”) program. Baird also typically looks for a portfolio manager with greater than three (3) years of investment experience focusing on the particular investment style that is offered by the portfolio manager. Baird generally looks for portfolio managers that have demonstrated success, that have performance histories showing sufficient ability to achieve returns in excess of their respective benchmarks, and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird also considers other qualitative and quantitative factors. change Ongoing manager evaluation generally includes quarterly performance attribution and periodic onsite visits. Material adverse changes affecting a manager may result in the manager being placed on “watch” status. Managers on “watch” status are scrutinized to see if improvement or degradation is taking place. Potential causes from Baird’s Recommended Managers List include fundamental changes in the operations of the manager, turnover in key personnel, substantial changes in management or ownership, a in investment philosophy or style, significant drift from stated objectives, major legal, regulatory or compliance difficulties, impairment of financial condition, sustained underperformance in relation to its peers, or other adverse changes affecting the manager that in Baird’s opinion warrants the manager’s removal. Baird’s Asset Manager Research Department is primarily responsible for selecting and evaluating included on Baird’s investment managers Recommended Managers List. selecting In investment managers, Baird’s Asset Manager Research Department utilizes quantitative and qualitative measures to evaluate managers based on the: • quality and stability of their organization • soundness and clarity of their investment philosophy • reliability and consistency of their investment process • competitiveness of their investment performance Baird’s Asset Manager Research Department may also employ the use of computers and third party software to more readily display information and assist with the evaluation and analysis. Baird’s initial screening process begins with a proprietary, multi-factor model that evaluates managers on different factors including risk- If a Model-Traded BRM Strategy is selected for a client’s Account, it is important to note that Baird’s selection and ongoing evaluation of a BRM Strategy is based upon an assumption that the Recommended Manager’s Model Portfolio will be fully and faithfully implemented by the Overlay Manager or Implementation Manager on a continuous basis. A client should understand that the Overlay Manager or Implementation Manager has discretion over the client’s Account and may invest the client’s Account in a manner that differs from the Model Portfolio. Baird does not monitor the Account’s performance nor does it ascertain whether the Overlay Manager or Implementation Manager is implementing the Model Portfolio as provided by the Recommended Manager. If the Overlay Manager or Implementation Manager, in to the exercise of its discretion, decides 52 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  inclusion implement the Model Portfolio differently, the performance of a client’s Account could be negatively impacted. Baird is not monitoring, evaluating or reviewing the Overlay Manager or Implementation Manager or the performance of a client’s Account under those circumstances. mutual funds affiliated with Baird, have been selected by Baird in Baird’s for Recommended Mutual Fund List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select affiliated funds for Baird’s Recommended Mutual Fund List are the same as those used for unaffiliated funds. Baird’s Recommended Funds of Hedge Fund List affiliated managers for Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. This presents a conflict of interest. However, the criteria used by Baird in deciding to Baird’s select Recommended Managers List are the same as those used for unaffiliated managers. Baird’s Recommended Mutual Fund List Baird’s Recommended Funds of Hedge Fund List contains a variety of funds of hedge funds (“FOHFs”) that pursue various Alternative Strategies or other Complex Strategies. Some FOHFs primarily use credit-oriented investment strategies, which Baird classifies as fixed income diversifiers. Some FOHFs primarily use equity- oriented investment strategies and are classified as equity diversifiers. Other FOHFs use a combination of credit- and equity-oriented strategies, which Baird views as balanced diversifiers. In certain circumstances, FOHFs may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. that to the for the fund; and Baird’s Asset Manager To be added to Baird’s Recommended FOHF List, a FOHF must generally meet the following requirements: the investment advisor to the FOHF is registered as an Investment Adviser under the Advisers Act; the fund has stable to growing assets under management as determined by Baird, principals of the fund have an appropriate level of hedge fund management experience and a sufficient network of contacts in the industry as determined by to Baird; in Baird’s opinion, the fund has adequate diversification by number of hedge funds and type of hedge fund strategy; effective risk management programs have been established the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks FOHFs that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. Investment Committee legal documents Baird’s Recommended Mutual Fund List is designed to include mutual funds and ETFs across numerous asset classes. When selecting funds for inclusion on the List, Baird generally seeks funds that have investment managers with tenure of at least three (3) years and have underlying investments fund’s adhere market capitalization policy and are consistent with the manager’s stated investment process and philosophy. Baird generally looks for funds that are among the top-performing funds in a style category in terms of risk-adjusted returns or that are managed by individuals or firms that have demonstrated success in other, related asset classes; that have performance histories showing sufficient ability to achieve returns in excess of their respective style index; and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird’s Asset Manager Research Department is primarily responsible for assisting with selecting and evaluating funds included on the List. In selecting Research funds, Department utilizes a quantitative and qualitative evaluation process of the investment managers of such funds. The process Baird uses for selecting and removing funds for the Baird Recommended Fund List is similar to the process Baird uses to select and remove BRM Strategies described under “Baird’s Recommended Managers List” above. Baird’s is ultimately responsible for selecting funds included on the List. The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Aggregate Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Mid Cap Growth Fund, Before adding a prospective FOHF to the List, Baird’s Asset Manager Research Department conducts an in-depth due diligence process. The process begins with a review of the FOHF’s responses to a due diligence questionnaire and of marketing and (such as, subscription documentation, investor agreements, organizational and offering memorandum, 53 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  long-term and adversely affect the FOHF’s future performance. Baird’s Recommended Private Funds Lists Baird maintains lists of recommended private Funds (“Recommended Private Funds”), including a Recommended Funds of Private Equity Funds List, a Recommended Private Debt Fund List, and a Recommended Private Real Assets Fund List. investment thesis is presented In making that determination, funds, funds or documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the FOHF identifies, hires, monitors, and terminates individual hedge funds. Baird also evaluates how the FOHF constructs its hedge fund portfolio and manages risk. In addition, Baird undertakes a brief review of the FOHF’s third party service providers. At the conclusion of the onsite review, an to and discussed with a Baird Investment Committee. The Committee votes on whether to add the FOHF to Baird’s Recommended Funds of Hedge Fund List. the Committee considers the information presented, taking into account the merits of the individual FOHF, how that FOHF compares to other FOHFs that Baird offers, and the level of expected demand for the particular FOHF. and onsite client’s allocation to Baird’s Recommended Funds of Private Equity Funds List contains funds of private equity funds that pursue certain Alternative Strategies or other Complex Strategies. These strategies can include buyout, growth equity, venture capital, special situations or distressed investments. The investments are typically structured in the form of primary co- secondary investments. Most will be to “middle market” companies, many of which have above average to high levels of leverage, or debt relative to equity. In certain circumstances, funds of private equity funds may be an appropriate substitute for part of a traditional equity investments. changes that pursue or After a FOHF is added to Baird’s Recommended Funds of Hedge Fund List, it is monitored each quarter, reviews subsequent periodically take place. As part of its quarterly monitoring, Baird evaluates a FOHF’s assets under (subscriptions and flows management and redemptions), organizational (e.g., personnel changes or new offerings), recent changes made to the FOHF portfolio (e.g., hedge funds added or removed), and reasons for performance differences between the FOHF and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. Baird’s Recommended Private Debt Fund List contains private debt funds (also known as private certain funds) credit Alternative Strategies other Complex Strategies. The private debt funds on Baird’s Private Debt Funds List generally make first lien, second lien and unsecured loans, primarily to middle market companies sponsored by private equity firms. In certain circumstances, private debt funds may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. funds that or utilities, telecommunication, The investments may with companies that Baird may place a FOHF on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the FOHF’s performance going forward or possibly lead to the departure of an important member(s) of the FOHF. Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any firm that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long- term, and whether it can be remedied. Baird will remove a FOHF from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will terminate a FOHF from the List if it believes the issue is likely to be Baird’s Recommended Private Real Assets Fund List contains private real estate and private pursue infrastructure certain Alternative Strategies other Complex Strategies. These strategies invest in different real assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of investments may include, among others, real and estate, transportation. be structured in the form of asset ownership or leasing or include direct investment in or joint ventures control infrastructure assets. In certain circumstances, 54 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  private real assets funds may be an appropriate substitute for part of a client’s allocation to traditional fixed income or equity investments. fund flows (subscriptions and redemptions), organizational changes (e.g., personnel changes or new offerings), recent changes made to the portfolio, and reasons for performance differences between the fund and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. To be added to a Baird Recommended Private Fund List, a fund must generally meet the following requirements: the investment advisor to the fund is registered under the Advisers Act ; the fund has stable to growing assets under management as determined by Baird; principals of the fund have an appropriate level of applicable experience and a sufficient network of contacts in the industry as determined by Baird; effective risk management programs have been established for the fund; and the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks funds that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. fund Baird may place a Recommended Private Fund on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the fund’s performance going forward or possibly lead to the departure of an important member(s) of the investment team. fund’s Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any fund that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long-term, and whether it can be remedied. Baird will remove a fund from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will remove a fund from a Recommended Private Fund List if it believes the issue is likely to be long-term and adversely affect the fund’s future performance. Certain Eligible Product Lists Annuities the strength ratings When determining whether to make an annuity product available to Baird clients, Baird reviews the offering documents for the product and considers: the size of the insurer and the insurer’s credit rating, insurer’s distribution and support model, and product specifications and features of the product. Baird favors highly-rated insurers and evaluates them by using credit rating agencies and financial independent third-party research. Baird’s ETF Focus List the Before adding a prospective to a Recommended Private Fund List, Baird’s Asset Manager Research Department conducts an in- depth due diligence process. The process begins with a review of the fund’s responses to a due diligence questionnaire (known as a DDQ or RFI) and of marketing and legal documents (such as, subscription documentation, investor agreements, offering memorandum, organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the fund makes investment decisions. Baird also evaluates how the fund constructs its portfolio and manages risk. In addition, Baird may undertake a brief review of the fund’s third-party service providers. At the conclusion of the onsite review, an investment thesis is presented to and discussed with a Baird Investment Committee. The Committee votes on whether to add the fund to a Baird Recommended Private Fund List. In making that determination, information considers the Committee presented, taking into account the merits of the individual fund, how that fund compares to other similar funds that Baird offers, and the level of expected demand for that particular fund. indices, Baird’s ETF Focus List is designed to encompass numerous asset classes and varied investment objectives. Baird generally seeks to include ETPs, primarily ETFs, with transparent, experienced sponsors that have stable or growing assets under management and have demonstrated consistent strategy performance over time. Baird tends to favor ETPs that have well-known, diversified fees and tracking lower benchmark errors, and higher trading liquidity relative to After a fund is added to a Baird Recommended Private Fund List, it is monitored each quarter, and subsequent onsite reviews periodically take place. As part of its quarterly monitoring, Baird evaluates a fund’s assets under management and 55 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Available Hedge Funds other ETPs. Inclusion on or exclusion from the Baird ETF Focus List is not meant to be a buy or sell recommendation. Rather, the List is a collection of ETPs that may be appropriate to meet particular client investment goals. Managed Futures Effective March 1, 2018, Baird ceased maintaining an official list of managed futures funds that are structured as limited partnerships. Therefore, Baird does not, and will not in the future, provide any evaluation, monitoring or review of those funds or their sponsors. A client’s decision to invest in, or to maintain an investment in, a managed futures fund is based solely upon the client’s own review and evaluation of the fund. Structured Products Baird makes hedge funds available to clients in certain Programs sponsored by, affiliated with or offered by Capital Integration Systems LLC or CAIS Capital LLC (“CAIS”). An independent third- party research firm provides research and due diligence materials to Baird on the hedge funds available on the CAIS platform (“Available Hedge Funds”). Clients interested in an Available Hedge Fund or invested in an Available Hedge Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Hedge Fund, Baird does not conduct its own research or due diligence on any Available Hedge Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Available Private Funds is calculated, When determining whether to make a structured product available to Baird clients, Baird reviews the offering documents for the structured product and considers: the size of the issuer and issuer’s credit rating, the maturity of the product, how interest the underlying asset category (e.g., a basket of securities or currencies or a market index), applicable caps, barriers, and participation rate, and whether the structured product has principal protection. third-party research firm Baird tends to favor larger-sized issuers of structured products over smaller-sized issuers and also tends to favor structured products that have shorter maturities, less complex payout structures, underlying assets that are more liquid or transparent, and offer full or partial principal protection. If a product does not offer full principal protection, Baird also considers how much principal is exposed to loss, whether, in Baird’s judgment, there is reasonable risk/reward trade-off for that exposure, as well as the events that could trigger loss of principal and Baird’s belief as to the likelihood of the occurrence of such events. In addition to Recommended Private Funds, Baird makes available to clients in certain Programs other private funds sponsored by, affiliated with, or offered by CAIS (“Available Private Funds”), including Available Private Equity Funds, Available Private Debt Funds, Available Private REITs and Available Private Infrastructure Funds. When determining whether to make a fund an Available Private Fund, Baird utilizes the services of an that independent provides research and due diligence materials to Baird on the private funds available on the CAIS platform. Clients interested in an Available Private Fund or invested in an Available Private Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Private Fund, Baird does not conduct its own research or due diligence on any Available Private Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Investment Solutions Department Affiliated Private Equity Funds the Programs. Baird’s Compliance, Legal, and Baird’s is primarily responsible for selecting and evaluating structured products made available to clients under Alternative Investment Committee, which includes members of Baird’s Investment Solutions, Asset Manager Research, Risk Management Departments, ultimately determines whether to make a structured product available to Baird clients. In addition to Recommended Funds of Private Equity Funds and Available Private Equity Funds, Baird makes available to clients private equity funds that are affiliated with Baird (“Affiliated Private Equity Funds”). Baird does not subject Affiliated Private Equity Funds to the criteria imposed upon Recommended Funds of Private Equity Funds or Available Private Equity Funds 56 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  assets to equity securities and 50% of its assets to fixed income securities. described above when making them available to clients, and Baird does not perform any evaluation, monitoring or review of Affiliated Private Equity Funds. This presents a potential conflict of interest. See “Other Financial Industry Activities and Affiliations—Certain Affiliated and Related Parties—Affiliated Private Equity Funds” below. The Baird Trust Equity Income strategy (5) primarily invests in dividend paying companies that Baird Trust believes have the ability to consistently grow their dividend at attractive rates over the long‐term. Baird Trust Strategies More specific information about the particular investment strategies and methods of analysis that Baird uses in connection with each Program is further described below. Baird makes available to clients five (5) portfolio strategies developed and maintained by Baird Trust (“Baird Trust Strategies”) described below. The Baird Trust Strategies invest in a mix of equity securities and ETFs. The Baird Trust Large Cap Equity strategy (1) invests in a fairly concentrated portfolio of large cap equity securities. This strategy is intended for clients seeking investment in large cap companies as one part of their overall asset allocation. This strategy is generally not intended to be a complete investment program. (2) The Baird Trust Core + Satellite 100 strategy is a diversified portfolio with a 100% target equity allocation. The strategy uses the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) through the use of ETFs that principally invest in equity securities. This model does not include fixed income. The Baird Trust Core + Satellite 70/30 (3) strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and fixed income securities. This strategy has a target allocation of 70% of its assets to equity securities and 30% of its assets to fixed income securities. The GWG Investment Process When providing advice to clients, GWG starts with framework” and risk analysis the “financial developed for a client in connection with the financial planning process described above. Using a variety of tools, GWG then develops and recommends a strategic asset long-term, allocation and investment strategy for the client’s portfolio that is appropriate for the client’s risk and return objectives. GWG develops a customized asset allocation strategy by dividing client assets into what GWG views as “Less Risky” and “More Risky” asset classes. GWG then develops an investment strategy by diversifying the client’s portfolio among different investments in each asset class with the goal to manage risk. Investment strategies may involve the use of different equity styles or strategies, such as: large cap growth, large cap value, mid cap growth, mid cap value, small cap growth, small cap value, international and emerging market equities strategies; different income styles or fixed strategies, such as short or intermediate, taxable and tax-exempt bond, international and emerging market bond, and high yield bond strategies. In certain instances when appropriate for a client, Investment strategies may involve different Non- Traditional Asset strategies, such as real estate and real estate fund and commodity strategies; and Alternative Strategies, which may include the use of hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, and managed futures. See “Advisory Business— Consulting Services” above for more specific information. time to fixed From time, and depending on macroeconomic conditions, GWG may also recommend or implement a slight, short-term tactical tilt to the client’s chosen asset allocation (4) The Baird Trust Core + Satellite 50/50 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation portion of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity income securities. This securities and strategy has a target allocation of 50% of its 57 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that is above or below the long-term strategic asset allocation. GWG typically recommends or selects mutual funds and ETFs for GWG Investment Management Accounts. However, other types of securities may be recommended or selected for those Accounts. lists, see for the client. Once Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies” and “The GWG Investment Process” above. They may also use the model portfolios or recommended or eligible product lists made available by Baird’s Asset Manager Research Department or other Baird Departments, or they may use lists of investment products that Baird has generally deemed to be “available” for use in its advisory programs. For more information about Baird model portfolios, recommended lists and eligible product “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis” above. Service When recommending or selecting a particular mutual fund or ETF for client Accounts, GWG begins by reviewing a client’s asset allocation and investment strategy needs and identifying the characteristics of the types of mutual funds or ETFs appropriate the characteristic types of mutual funds or ETFs are identified, GWG looks for investments that meet those requirements. GWG tends to look for passively managed funds when selecting funds that invest primarily in equity securities and actively managed funds when selecting funds that invest primarily in fixed income securities. GWG also looks for funds that have higher trading volumes and lower expense ratios. Once GWG has identified a potential fund for a client, GWG conducts a quantitative and qualitative analysis of the investment manager for the fund similar to the analysis it performs on investment managers described under “GWG Recommended Managers Service” below. GWG manages client assets using investment strategies and investment products based upon a client’s particular investment objectives and financial goals. GWG may use a wide variety of investment products to implement the client’s investments are investment strategy, which further described under “Advisory Business— Additional Information—Permitted Investments” above. GWG may also use certain investment strategies, such as concentrated investment strategies and margin, and certain types of investments, such as illiquid securities and Complex Investment Products, including REITs, private equity funds, funds of private equity funds, leveraged or inverse funds and structured products. These investment strategies and products involve special risks and may not be appropriate for all clients. Please see “Principal Risks” below for more information. In order to implement the overall client portfolio strategy, GWG may utilize one or more of the Services and a combination of different investment vehicles, such as SMAs, mutual funds and ETFs. GWG Recommended Managers Service or More specific information about the particular investment strategies and methods of analysis that GWG and Baird use in connection with each Service is further described below. the heading Service Information GWG Investment Management Service Under the GWG Investment Management Service, GWG may use various investment strategies. A client’s particular investment strategy is typically determined by GWG in consultation with the client using the investment process described in the section “The GWG Investment Process” above. that is not selecting other When recommending investment managers to manage a client’s Account in the GWG Recommended Managers Service, GWG typically utilizes managers included on Baird’s Recommended Managers List described under “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis—Certain Recommended Lists—Baird’s Recommended Managers List” above. Although in some circumstances, GWG may select a manager to manage a client’s Account included on Baird’s Recommended Managers List. GWG will select or replace, or recommend the selection or replacement of, a particular manager GWG Consultants, as a group, utilize a variety of investment styles and strategies, including the investment strategies described in the sections “Methods of Analysis, Investment Strategies and 58 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird SMA Network and Dual Contract Programs organizational and Clients participating in the BSN Program or the DC Program should note that the level of initial and ongoing review performed by GWG and Baird on the managers and their SMA Strategies made available under those Programs, including any Affiliated SMA Strategies, is significantly less than that performed by GWG and Baird with respect to managers and their strategies eligible for the GWG Recommended Managers Service. BSN and DC Managers are subject to an initial review by Baird that considers the manager’s assets under management, regulatory and compliance history, and certain other limited factors deemed qualitative and quantitative relevant by Baird. The ongoing review is generally performed on an annual basis and is generally limited to significant changes in the managers’ assets under management in the SMA Strategy and a review of the SMA strategy in comparison to a relevant peer group or benchmark. based upon the client’s particular goals and circumstances and the client’s selected asset allocation and investment strategy. Before selecting or recommending a manager to a client, GWG performs its own quantitative and qualitative analysis of the manager, focusing on the manager’s performance and factors GWG believes will help a manager repeat historical performance such as the investment process and personnel, investment structure. GWG also focuses on the risk and investment style relative to other investment strategies already in a client’s portfolio. GWG generally relies upon Baird’s Advisory Research group to provide periodic review and evaluation of managers on Baird’s Recommended Managers List. To the extent a manager is not on Baird’s Recommended Managers List, GWG will perform periodic review and evaluation of the manager using its own quantitative and qualitative analysis described above. GWG will remove a manager from management of a client’s Account when the manager is removed from Baird’s Recommended Managers List or if GWG determines that removal is in the client’s best interest. a client who wishes Clients should note that an investment manager managing the client’s Account under the GWG Recommended Managers Service may not be on Baird’s Recommended Managers List. A client should understand that GWG and Baird do not perform any due diligence or ongoing monitoring, evaluation or reviews of investment managers except to the extent GWG otherwise specifically agrees to do so in writing. The BSN and DC Programs are designed to to accommodate independently select an investment manager not available in the GWG Recommended Managers Service to manage the assets in the client’s Account. A client should note that GWG and Baird do not make any recommendation to clients regarding any BSN Strategy or DC Strategy or any representations regarding a BSN Manager’s or DC Manager’s qualifications as an investment adviser or abilities to manage client assets. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, a client should note that GWG and Baird do not monitor or ascertain whether a third party Implementation Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The Overlay Manager may provide review and ongoing evaluations of certain BSN Managers that it makes available through the BSN Program. Clients should review Overlay Manager’s Form ADV Part 2A Brochure for more information, which is available upon request, or contact their GWG Consultant for more information. is GWG and Baird do not monitor or ascertain whether the Overlay Manager fully and faithfully implementing Model Portfolios under the BSN Program on a continuous basis. SMA Strategies offered under the BSN and DC Programs are subject to certain risks. See “Methods of Analysis, Investment Strategies and Risks—Available Risk of Loss—Principal for A client assumes ultimate responsibility client’s selection of an Other Manager under the GWG Recommended Managers Program (including any third party Implementation Manager). GWG and Baird assume no responsibility for the client’s termination of an Other Manager (including any third party Implementation Manager), the Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. 59 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for more Investment Product Risks” below information. Managers and DC Programs may be provided by Baird and managers affiliated with Baird. Such arrangements create a potential conflict of interest because Baird and its affiliates may receive higher aggregate compensation if clients retain Baird and affiliated managers instead of retaining unaffiliated managers. the A client should only participate in the BSN or DC Programs if the client wishes to take more responsibility for monitoring the client’s Account, the GWG Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. departments, retention of an reviewing those portfolio managers the heading The following Services exclusively offer portfolio management by Baird, its GWG Consultants, its PWM home office investment professionals, its investment management or investment managers that are affiliated with Baird: GWG Investment Management Service. The processes, if any, used by Baird for selecting and is described under “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Service Information” above. A client should note that the client’s appointment investment and continued manager to manage the client’s Account in connection with the BSN and DC Programs are based ultimately upon the client’s independent review of the investment manager and the investment manager’s services. Once retained by the client, an investment manager will only be removed from managing the client’s Account upon the investment manager’s withdrawal, removal from the Program, or the client’s direction to do so. (including any responsibility for the (including any third A client assumes ultimate responsibility for client’s selection of a manager under the BSN or DC Programs third party Implementation Manager). GWG and Baird assume no client’s termination of a manager under the BSN or DC party Programs Implementation Manager). GWG and Baird also assume no responsibility for any Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. A client should note that the processes and standards used by Baird in determining whether to make affiliated investment options available under the GWG Investment Management Service differ from those processes and standards used by Baird in determining whether to make non- affiliated investment options available under other Services. Baird approves, and continues to make available, affiliated investment options under the GWG Investment Management Service that would not be approved for, or would have been removed from, such other Services. This practice presents a conflict of interest because Baird has a financial incentive to maximize the number of affiliated investment options it makes available under the GWG Investment Management Service due to the fact that, by increasing investment options, Baird will likely attract more client assets and thereby increase Baird’s revenues. A client participating in the GWG Investment Management Service should monitor the client’s Account performance and periodically discuss the performance of such Account with the client’s GWG Consultant. professionals, an Portfolio management services under the DC Program may be provided by an investment management department of Baird if the client selects such an SMA Strategy. In order to provide portfolio management services under the DC Program, Baird requires that Baird associates meet all applicable requirements set forth by applicable law and regulations of self-regulatory organizations, such as the Financial Industry Regulatory Authority, Inc., exchanges, and governmental agencies. or for Portfolio Management by GWG, Baird and Related Persons Portfolio management services under the GWG Investment Management, GWG Recommended Portfolio management services under the GWG Recommended Managers Service or DC Program could be provided by Baird PWM home office investment investment management department of Baird or a manager affiliated with Baird should a client select an Affiliated SMA Strategy. When Baird selects SMA Strategies, or otherwise determines manager the Baird eligibility, availability Recommended Managers List or the DC Program, 60 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the associated the heading Affiliated SMA Strategies and affiliated investment managers are subject to the same selection and review processes, if any, that Baird applies to investment unaffiliated SMA Strategies and managers participating in each respective Service. The processes, if any, used by Baird for selecting and reviewing SMA Strategies and Affiliated SMA Strategies for those Services are further described “Methods of Analysis, under Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information” above. risk may or may not apply to a client. Clients should not pursue a strategy or invest in an investment product unless they are prepared to risks. Clients are accept encouraged to discuss with their GWG Consultant the risks that apply to them. A client should also review the prospectus or other disclosure document for any security or other investment product in which the client invests, as it will contain important information about the risks associated with investing in such security or other investment product. the Services include the General Risk Information General risks of following: Market Risks. A client’s Account may change in value due to overall market fluctuations. General economic conditions, political developments, international events and other factors may cause the overall market to decline, which in turn may reduce the value of the client’s Account regardless of the relative strength of the securities held in the Account. Securities prices often vary for reasons unrelated to matters directly affecting the issuers of the securities. When providing investment advisory services to clients, GWG and Baird are fiduciaries and are required to act solely in the best interest of clients. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for GWG and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about these potential conflicts and how Baird addresses them, please see the sections “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. fluctuate client accounts about Management and Securities Selection Risks. A client’s Account may in value differently than, or in the opposite direction as, the overall market or applicable benchmark because of the selection of individual securities for the Account. The judgments made by the persons the managing attractiveness, value and potential appreciation of particular securities may prove to be incorrect. For example, while the stock markets may experience increases in value, the client’s Account may experience a decline in value due to the underperformance of the stocks selected for investment in the client’s Account. conditions and other Principal Risks Risk is inherent in any investment product and GWG and Baird do not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved, and a client could lose all or a portion of the amount invested. The management of client accounts and recommendations made to clients are based in part upon the use of forward- looking projections, which in turn are based upon certain assumptions about how markets will perform in the future. There can be no guarantee that markets will perform in the manner assumed and the actual performance of markets and a client’s Account could differ materially from those assumptions. Also, a client’s Account value may fluctuate, sometimes dramatically, depending upon the nature of the client’s investments, factors. By market participating in a Service, a client may be subject to certain risks, including, but not limited to the risks described below. The risks discussed below vary by Service, investment style or strategy, and the investments in the client’s Account, and each Investment Objective and Asset Allocation Risks. A client’s investment objective and asset allocation strategies involve the risk that certain asset classes selected for the client’s Account may not perform as well as other asset classes during varying periods. In addition, clients who pursue more aggressive investment objectives and asset allocation strategies, while hoping to achieve high returns, may face greater risk of loss than clients with more conservative objectives and strategies. In developing investment objectives and asset 61 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors. allocation strategies, clients should carefully consider their financial situation and needs, investment goals, investment time horizon and risk tolerance. A client should inform the client’s GWG Consultant of these considerations so the GWG Consultant can assist in determining the client’s investment objectives and asset allocation strategies. Fixed Income Security Risks. Fixed income securities are subject to certain risks, including interest rate risk, credit risk and liquidity risk. In addition, they are subject to maturity risk. Generally, the longer a bond’s maturity, the greater the interest rate risk and the higher its yield. Conversely, the shorter a bond’s maturity, the lower the interest rate risk and the lower its yield. Non-rated, split-rated, below investment grade, and asset-backed securities, including mortgage-backed securities and CMOs, have additional, special risks. Conflicts of Interest Risks. Issuers, advisors or other sponsors of investment products or their affiliates may engage in business practices that conflict with the interests of investors. Among other things, these business practices can have a negative impact on the market price of the investment product. Clients are encouraged to review the prospectus or other disclosure document for the investment product and also discuss with their GWG Consultant the conflicts of interest risks that may apply to them. Stock Market Risks. Equity security prices vary and may fall, thus reducing the value of a client’s investments. Certain stocks selected for a client’s Account may decline in value more than the overall stock market. Interest Rate Risk. The value of some investment products, particularly fixed income securities, is affected significantly by changes in interest rates. Generally, when interest rates rise, the product’s market value declines and when interest rates decline, its market value rises. In addition, a rise in interest rates may have a negative impact on the issuer, which, in turn, could have a negative impact on the market value of the investment product. Equity Securities Risks. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets in general, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. Common Stock Risks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation interest rates; economic expansion or and contraction; and global or regional political, economic and banking crises. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders Credit Risk. The value of some investment products, particularly fixed income securities, is affected by changes in the product’s credit quality rating or the issuer’s financial condition. If the credit quality rating or the issuer’s financial condition declines, so may the value of the investment product. Issuers may experience unanticipated financial problems and may be unable to meet its payment obligations. Municipal obligations in particular may be adversely affected by political and economic conditions and developments (for example, legislation reducing state aid to local governments.) Bonds receiving the lowest investment grade rating or a non- investment grade rating may have speculative characteristics and, compared to higher grade debt obligations, may have a weakened capacity to make principal and interest payments due to changes in economic conditions or other adverse circumstances. Ratings agencies such as Moody’s, Fitch and S&P provide ratings on bonds based on their analyses of information they deem relevant. Ratings are essentially opinions or judgments of the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely 62 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  affecting the ability of an issuer to pay interest and/or repay principal and an agency’s decision to downgrade a security. less liquid larger companies. Therefore, them more susceptible currencies. For instance, foreign governments may limit or prevent investors from transferring their capital out of a country. This may affect the value of a client’s investment in the country that adopts such currency controls. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing the credit risk of such debt. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries. Capitalization Size Risks. A client may be invested in small and mid cap stocks, which are often more volatile and than investments in larger companies. The frequency and volume of trading in securities of such companies may be substantially less than is typical of the securities of such companies may be subject to greater and more abrupt price fluctuations. In addition, small- and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making to market pressures and business failure. Investments market depth, Emerging Markets Risks. in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development, political stability, infrastructure, capitalization, and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Growth and Value Investment Style Risks. Investment styles or strategies that focus on growth stocks may perform better or worse than styles or strategies that focus on value stocks or that are broader or more diversified. Similarly, investment styles or strategies that focus on value stocks may perform better or worse than styles or strategies that focus on growth stocks or that are broader or more diversified. A particular style of investing may go out of favor at times and for extended periods. Growth stocks are often characterized by high price-to-earnings ratios and may be more volatile than stocks with lower price-to-earnings ratios. Value stocks are subject to the risk that the broader market may not agree with the manager’s assessment of, or recognize, the investments’ intrinsic value. foreign ESG Considerations Risk. Consideration of ESG factors in the investment process may cause an advisor or manager to forgo opportunities to recommend or invest in certain companies or to gain exposure to certain industries or regions. Therefore, there is a risk that, under certain market conditions, an Account pursuing strategies that consider ESG factors may underperform accounts that do not consider such factors. There are not universally accepted ESG factors and advisors and managers typically consider them in their discretion. Foreign Issuer and Investment Risks. Securities of issuers, ADRs, Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”), and investments in foreign markets generally, are subject to certain inherent risks, such as political or economic instability of the country of issue, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. Such securities may also be subject to greater fluctuations in price than securities of domestic corporations. Investors in foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may enhance, erode, reverse gains or widen losses from investments denominated in foreign Cybersecurity Risks. With the increased use of technologies such as the Internet to conduct business, issuers of investments are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., 63 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  falling. Since interest federal taxation, resulting in financial in such Municipal Securities Risks. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. Municipal securities may also decrease in value during times when tax rates are income on municipal securities is normally not subject to regular the income attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, such interest income. Any proposed or actual changes rates or exempt status, therefore, can significantly affect the liquidity, marketability and supply and demand for municipal securities, which would in turn affect Baird’s ability to acquire and dispose of municipal securities at desirable yield and price levels. Investment in tax-exempt debt obligations poses additional risks. In many cases, the IRS has not ruled on whether the interest received on a tax- exempt obligation is tax-exempt, and accordingly, purchases of these municipal securities are based on the opinion of bond counsel to the issuers at the time of issuance. Thus, there is a risk that interest may be taxable on a municipal security that is otherwise expected to produce tax-exempt interest. through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting issuers or their service providers have the ability to cause impact business operations, disruptions and potentially losses, interference with the ability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While issuers and other parties may establish business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. As a result, client accounts and investments could be negatively impacted. securities, and/or issued by Government Obligation Risks. Client assets may be invested in securities issued, sponsored or guaranteed by the U.S. Government, its agencies and instrumentalities. However, no assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored agencies or instrumentalities where it is not obligated to do so by law. For instance, securities issued by the Government National Mortgage Association (“Ginnie Mae”) are supported by the faith and credit of the United States. full the Federal National Securities Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) have historically been supported only by the discretionary authority of the U.S. Government. While the U.S. Government provides financial support to various U.S. Government- sponsored agencies and instrumentalities, such as those listed above, no assurance can be given that it will always do so. Money Market Fund Risks. A money market fund is a type of mutual fund that generally invests in short-term debt instruments. Many investors use money market funds to store cash. There are three primary types of money market funds: (1) government money market funds (funds that invest nearly all assets in cash, government repurchase agreements collateralized by cash or government securities); (2) retail money market funds (funds that have policies and procedures reasonably designed to limit beneficial ownership to natural persons); and (3) institutional money market funds (funds that permit beneficial ownership by institutions and natural persons). The rules governing money market funds vary based on the type of money market fund. Government and retail money market funds generally try to keep their net asset value (NAV) at a stable $1.00 per share using special pricing and valuation conventions. Institutional money market funds are required to calculate their NAV in a manner such that the NAV will vary based upon the market value of assets and liabilities of the fund (also known as a “floating NAV”). An investment 64 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  through their intermediary services, a reduction in dealer inventories may lead to decreased liquidity and increased volatility in the fixed income markets. In the event the client directs Baird to liquidate an illiquid investment, the client should understand that Baird may have difficulty finding a buyer in the market for such investment and such investment may be held in the Account for a period of time while Baird attempts to satisfy the client’s liquidation request. for purchases or withdrawals. redemptions in an investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although some money market funds seek to preserve the value of an investment at $1.00 per share, there can be no assurance that will occur, and it is possible to lose money should the fund value per share fall. In some circumstances, money market funds may be forced to cease operations when the value of a fund drops. In that event, the fund's holdings may be liquidated and distributed to the fund's shareholders. This liquidation process could take time to complete. During that time, the amounts a client has invested in the money market fund would not be available In addition, retail and institutional money market funds are required to impose redemption fees (also known as liquidity fees) and suspend redemptions (also known as redemption gates) in certain circumstances. Government money market funds may also impose redemption fees those same and suspend circumstances. More specific information about how a money market fund calculates its NAV and the circumstances under which it will impose a redemption fee or suspend redemptions is set forth in the prospectus for that money market fund. by the to lower that were not predicted by can be no assurance that to make a market for Quantitative Strategy Risks. Some investment managers may employ quantitative investment methodologies or processes to make investment decisions. The success of the quantitative investment methodologies and processes used by investment managers depends on the analyses and assessments that were used in developing such methodologies and processes, as well as on the accuracy and reliability of models and data provided by third parties. Incorrect analyses and assessments or inaccurate or incomplete models and data would adversely affect performance. Additionally, manager’s methodologies and processes are predictive in nature, based on historical outcomes and trends. Certain low-probability events or factors that are assigned little weight may occur or prove to be more likely or may have more relevance than expected, for short or extended periods of time, the portfolios which may adversely affect generated investment manager’s quantitative methodologies and processes. It is also possible that prices of securities may move in directions the investment manager’s quantitative methodologies and processes or may fail to move as much as predicted, for reasons that were not expected. There these methodologies will enable a client to achieve the client’s objective. Illiquid Securities and Liquidity Risks. Liquidity risk is the risk that certain investments may be difficult or impossible to sell at the time and price that a client would like to sell. Clients may have the price, sell other investments or forego an investment opportunity, any of which may have a negative effect on the management or performance of client accounts. The liquidity of a particular investment depends on the strength of demand for the investment, which is generally related to the willingness of broker-dealers the investment as well as the interest of other investors to buy the investment. During periods of economic uncertainty, significant economic and market downturns and periods in which financial services firms are unable to commit capital to make a market in, or otherwise buy, certain investments, a client may experience challenges in selling such investments at optimal prices. In addition, recent regulatory changes applicable to financial intermediaries that make markets in debt securities have restricted or made it less desirable for those financial intermediaries to hold large inventories of debt securities. Because market makers provide stability to a market Technical Strategy Risks. Some investment managers may employ technical analysis or investment methodologies to make investment decisions or recommendations. The primary risk of using technical analysis is that past price and volume patterns and trends in the trading markets cannot predict future prices, volume patterns or trends. There is no guarantee that technical investment methods used are designed properly, are updated with new data as it becomes available, or can accurately predict future market or investment performance. In order for technical investment methods to work, 65 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  there must be sufficient data about the markets available so that trends can be identified and predictions can be made. A technical method may fail to identify trends or be able to accurately predict future prices if a market does not have sufficient data or trends or if the market behaves erratically. the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. Asset-backed securities are issued in multiple classes (or tranches) and their relative payment rights may be structured in many ways. Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other instruments. Asset-backed securities also can be more sensitive to interest rate risk than other types of fixed income securities. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. Asset-backed securities are subject to a number of other risks, including, but not limited to, market and valuation risks, liquidity risk, and prepayment risk. Split-Rated, and Concentration Risks. A client’s Account may consist of a portfolio of securities that is concentrated in an issuer or group of issuers, an industry or economic sector or group of related industries or sectors, or concentrated in limited asset classes. Client accounts with concentrated positions are susceptible to greater volatility and increased risk of loss than an Account that is diversified across several issuers and industries or sectors and asset classes. A client should not engage in strategies using concentration unless the client is prepared to experience significant losses in the value of the client’s Account. Non-Rated, Below Investment Grade Securities (High Yield or “Junk” Bonds) Risks. Investing in securities or other investment products that are not rated, split-rated or are below investment grade (also known as high yield or “junk” bonds) involve significant, special risks. As a result, they may not be suitable for some clients. The risks associated with these investments include, but not limited to, price volatility risk, credit risk, default risk, and liquidity risk. Clients investing in securities or other investment products that are not rated, split-rated or are below investment grade should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. including equity, fixed Frequent Trading and Portfolio Turnover Risks. Some of the investment strategies offered to clients in this Brochure may involve frequent or active trading for client accounts, which could result in high portfolio turnover. Strategies that involve frequent or active trading increase the management and securities selection risks because the persons managing the accounts are making more trading decisions, which may prove to be incorrect. A portfolio with a high turnover rate will also incur more transaction costs than one with a lower rate. Higher transaction costs may negatively impact the return of the portfolio. High portfolio turnover may also cause a client to experience adverse tax consequences due to the fact that the client may have increased instances of realized gains and losses and such gains and losses may commonly be characterized as short term gains and losses under applicable tax law. investment style, securities selection credit capitalization risk, foreign Mutual Fund Risks. Mutual funds can have investment objectives and many different strategies, income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, economic industry or sector, or geographic region. Mutual funds have risks, which may include market risk, risk, management and investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, risk, risk, rate investment style issuer and investment risk, and emerging market risk. Certain mutual funds pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of mutual fund selected. Also, investment Asset-Backed Securities Risks. Asset-backed securities are securities secured or backed by mortgage loans, student loans, automobile loans, installment sale contracts, credit card receivables or other assets and are issued by entities such as commercial banks, trusts, financial companies, industrial companies, finance subsidiaries of savings and loan associations, mortgage banks and investment banks. These securities represent interests in pools of assets in which periodic payments of interest or principal on the securities are made, thus, in effect passing through periodic payments made by the individual borrowers on 66 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. fund that for purposes of making equity, securities selection credit capitalization risk, foreign closed-end securities include market selection credit capitalization risk, foreign particular market capitalization, investment style, industry or sector, or geographic economic shares are not region. Closed-end investors cannot redeemable, meaning require closed-end funds to buy back their shares, although closed-end fund shares are listed and traded on an exchange. For many reasons, closed-end fund shares often trade at a discount to their net asset value and the market prices of closed end fund shares often fall below their public offering prices. Clients are therefore cautioned about buying shares of a closed-end fund in its initial public offering. Closed-end funds often engage in leverage to raise additional capital investments through borrowings and issuances of senior securities (such as preferred stock). Such leverage may present the opportunity to enhance potential returns but also involve the risk of exacerbating losses and depreciation in the value of the underlying securities. Closed-end funds have other risks, which may include market risk, management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, risk, risk, rate investment style issuer and investment risk, and emerging market risk. Certain funds pursue Complex Strategies, which are subject to special risks. Some closed-end funds are organized as interval funds, which differ from traditional closed-end funds in that their shares do not trade on the secondary market, but instead their shares are subject to repurchase offers from the fund. Closed-end funds structured as an interval fund will, therefore be relatively less liquid. Interval funds also often impose a redemption fee when shares are sold back to the fund. The degree of these and other risks will vary depending on the type of close-end fund selected. Exchange Traded Fund Risks. An ETF is different from a mutual fund in that an ETF does not sell its shares directly to public investors and does not redeem shares from public investors. Rather, shares of an ETF are commonly purchased or sold in the secondary market on a securities exchange, like common stocks. An ETF maintains a net asset value but, based on demand and other factors, the market price of shares of an ETF may vary from its net asset value. ETFs invest in and hold securities and other assets, such as stocks, bonds, commodities and currencies, and have stated investment objectives and principal strategies. ETFs can have many different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Many ETFs seek to track the performance of an index or other underlying benchmark. Passively managed ETFs will not be able to replicate exactly the performance of the indices the ETFs track because the total return generated by the securities will be reduced by management fees, transaction costs and other expenses incurred by the ETF. ETFs have other risk, risks, which may management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. Certain ETFs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of ETF selected. is selected by equity, Unit Investment Trust Risks. A UIT is a pooled in which a portfolio of investment vehicle securities the sponsor and deposited into the trust for a specified period of time. The portfolio of a UIT is designed to follow an investment objective over a specified time period, although there is no guarantee that the objective will be met. UITs can have many different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, Closed-End Fund Risks. Unlike mutual funds which continuously offer and redeem their shares on a daily basis at net asset value, closed-end funds typically raise money by selling a fixed number of shares of common stock in a single, one-time offering, much the way a company issues stock in an initial public offering. Closed- end funds can have many different investment objectives and strategies, including equity, fixed international, and global income, balanced, focus on a strategies, and strategies that 67 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  such as commodities, Non-Traditional Assets and Complex Strategies Risks Non-Traditional Assets Risks. Non-Traditional currencies, Assets, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Some Non-Traditional Assets are less transparent and more sensitive to domestic and foreign political and economic conditions than more traditional investments. Non-Traditional Assets are also generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Risks. Investments investments investment style, economic industry or sector, or geographic region. UITs are passively managed and follow a “buy and hold” strategy, meaning that UITs buy a fixed portfolio of securities and hold on to that portfolio until their termination date at which time the portfolio is liquidated with the net proceeds paid to investors. UITs, thus, generally have a relatively higher risk of loss than other funds in the event of adverse changes in market or economic conditions. UITs have other risks, which may include management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain UITs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of UIT selected. Also, investment return and principal value will fluctuate, and units, if and when redeemed, may be worth more or less than their original cost. in securities. investment and trading activities or consuming in Commodities commodities markets or a particular sector of the commodities markets, and in securities or other instruments denominated in or indexed or linked to commodities, are subject to certain risks. Those investments generally will subject a client Account to greater volatility than investments The traditional commodities markets are impacted by a variety of factors, including changes in overall market movements, domestic and foreign political and economic conditions, interest rates, inflation rates and in commodities. Prices of commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major regions. Certain producing commodities may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. No active trading market may exist for certain commodities investments, which may impair the value of the investments. negatively Investment Fund Risks; Purchase and Investment Funds are Redemption Risks. generally subject to the same risks as the securities or other assets in which they invest. In addition, from time to time Baird, a GWG Consultant, or an investment manager may decide to add or remove an Investment Fund to or from an investment strategy or Service. In addition, they may decide to increase or decrease their clients’ account allocations to an Investment Fund. In general, they will place transactions for all affected Accounts at one time, which may cause the fund to experience relatively large purchases or redemptions. Significant purchases and redemptions may adversely affect the fund in question and consequently, a client’s investment. An Investment Fund receiving large purchase orders may have difficulty investing the cash, which may have a negative impact on the fund’s performance. An Investment Fund experiencing large redemption orders may have to sell portfolio securities, which may impact performance and which may have negative tax consequences. Large redemptions could also reduce liquidity as the fund may suspend or delay redemptions. These risks are more pronounced with respect to newer Investment Funds and those with smaller asset sizes. Currency Risks. Investments in currencies, and investments in securities or other instruments denominated in or indexed or linked to currencies, are subject to certain risks. Those investments are subject to all of the risks associated with foreign investing generally. In addition, currency markets generally are not as regulated as securities markets. Also, changes in currency 68 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  instruments in that to liquidity risk, interest rate risk, market risk, credit risk, management risk and counterparty risk. The use of these is not appropriate for some clients because they involve special risks. A client should not invest in these instruments unless the client is prepared to experience volatility and significant losses in the client’s Account. exchange rates could adversely impact the investment. Devaluation of a currency by a country will also have a significant negative investment the value of any impact on denominated currency. Currency investments may also be positively or negatively affected by a country’s strategies intended to make its currency stronger or weaker relative to other currencies. the the underlying security or Leverage and Margin Risks. Leveraging strategies may amplify impact of any decrease in the value of underlying securities in the client’s Account, thereby increasing a client’s risk of loss. The use of leverage may also increase an Account’s volatility. Strategies involving margin can cause a client to lose more money than deposited in the client’s margin account. A client should not engage in strategies involving leverage or margin unless the client is prepared to experience significant losses in the value of the client’s Account. Options Risks. In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of index decreased below the strike price. Hedging Risks. When a derivative instrument is used as a hedge against an opposite position, any loss on the derivative instrument should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can be an effective way to reduce the investment risk, it may not always perfectly offset one position with another. As a result, there is no assurance that hedging transactions will be effective. Short Sales Risks. Short selling runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, which may result having to buy the securities sold short at an unfavorable price. A client should not engage in short sales unless the client is prepared to experience significant losses in the client’s Account. contracts other funds have unique for those fee an incentive Complex Investment Product Risks Hedge Funds and Funds of Hedge Fund Risks. Hedge funds typically engage in one or more Complex Strategies, including the use of Non-Traditional Assets, short sales, leverage and other derivative instruments. Funds of hedge funds typically invest substantially all of their assets in other hedge funds. Hedge funds and funds of hedge tax characteristics. A client should consult with a tax advisor before investing in those funds. Some hedge funds and funds of hedge funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of hedge funds and funds of hedge funds are typically higher than other types of funds. Investment advisers or funds often receive a managers management or plus performance-based fee. Because of the existence of a performance-based fee, fund managers may be motivated to make riskier investments that Derivative Instrument Risks. The values of options, convertible securities, futures, swaps, forward derivative and instruments is derived from an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments often have risks similar to the underlying asset, however, in certain cases, those risks are greater than the risks presented by the underlying asset. Derivative instruments may experience dramatic price changes and imperfect correlations between the price of the derivative and the underlying asset, which may increase volatility. Derivatives generally create leverage, and as a result, a small movement in the underlying asset's value can result in large change in the value of the derivative instrument. Derivatives are also subject 69 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to administrative service limited compared short sales, other expect risks may securities include: market selection credit capitalization risk, foreign have the potential for significant growth in value. Hedge funds and funds of hedge funds are also subject to a higher risk of incorrect valuations. Many hedge funds hold investments for which market quotations are not readily available, which necessitates the use of “fair value” pricing. Fair value pricing is an inherently subjective process and may not accurately reflect the prices that can actually be obtained upon sale of the assets for which fair values are used. Investments in hedge funds and funds of hedge funds also have reduced liquidity compared to other investments and are generally subject to a higher risk of volatility. Investing in hedge funds and funds of hedge funds involves other special risks, including, but to, risks associated with Non- not Traditional Assets, leverage, derivative instruments, and Complex Strategies. risk, Other management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. Hedge funds and funds of hedge funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in hedge funds or funds of hedge funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. risk, foreign investments regulation and offer limited disclosure and transparency. Also, the costs of private equity funds and funds of private equity funds are funds. typically higher than other types of Investment advisers or managers for those funds often receive a management fee plus an incentive fee or carried interest. Private equity funds and funds of private equity fund are also generally fees and subject portfolio company transaction fees. Because of the existence of a carried interest, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private equity funds and funds of private equity funds also have reduced investments. liquidity to Investors receive to should not distributions from a fund for a number of years. Private equity investing is very risky. Many investments made in portfolio companies are not profitable. In addition, investments made by private equity funds and funds of private equity funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private equity funds and funds of private equity funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. Private equity funds and funds of private equity funds are complex that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private equity funds and funds of private equity funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. in certain that may sectors, Private Equity Funds and Funds of Private Equity Funds Risks. Private equity funds are pools of actively managed capital that invest primarily in private companies with the intent of creating value in the companies in which they invest by improving operations, reducing costs, selling non-core assets and maximizing cash flow. Private equity funds usually have an investment focus on objective or strategy industries, companies geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Funds of private equity funds typically invest substantially all of their assets in other private equity funds. Private equity funds and funds of private equity funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private equity funds and funds of limited private equity funds are subject to Private Debt Funds (or Private Credit Funds) and Funds of Private Debt Funds Risks. Private debt funds (also known as private credit funds) are pools of actively managed capital that invest primarily in loans or debt instruments issued by companies in private transactions. Sometimes, repayment of the loan is secured by assets of the companies obtaining the loans. However, the companies often have low or no credit ratings. Thus, investments held by private debt funds generally are subject the same risks as 70 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fund risks, currency in certain sectors, investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment risks and leveraging risks. Private debt funds and funds of private debt funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private debt funds and funds of private debt funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. debt funds have unique warehouses, receive a management transaction should not expect to funds involves special in which they are below investment grade or “junk” bonds. Trading markets for the investments held by those funds are also limited and their investments may be illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically reset. These types of investments are sometimes referred to as floating rate corporate debt, floating rate loans or floating rate bank loans. Private debt funds usually have an investment objective or strategy that may focus on companies industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes, including focusing investments on smaller capitalization, distressed or bankrupt companies. Private debt funds commonly use borrowings or leverage to make investments. Funds of private debt funds typically invest substantially all of their assets in other private debt funds. Private debt funds and funds of tax private characteristics. A client should consult with a tax advisor before investing in those funds. Private debt funds and funds of private debt funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private debt funds and funds of private debt funds are typically higher than other types of funds. Investment advisers or managers for those funds fee plus a often performance fee. Private debt funds and funds of private debt fund are also generally subject to operational expenses and fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private debt funds and funds of private debt funds also have reduced liquidity compared to other investments. Investors receive distributions from a fund for a number of years. Private debt investing is very risky. Investments made by private debt funds and funds of private debt funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private debt funds and funds of private debt risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, issuer and investment style risk, foreign Real Estate Investment Trusts (“REITs”) and Private REIT Risks. A REIT is a corporation, trust or association that owns and typically operates income-producing real estate or real estate-related assets. The income-producing real estate assets owned by a REIT may include office buildings, shopping malls, multi-family housing, student housing, hotels, resorts, hospitals and health care facilities, self-storage facilities, data centers, telecommunications facilities, and mortgages or loans. Many REITs are registered with the SEC and their common stock and preferred stock are publicly traded on a stock exchange. These are known as publicly-traded REITs. Others may be registered with the SEC but are not publicly traded. These are known as private REITs (also known as non-traded or non- exchange traded REITs). There is no public trading market for private REITs and the sole method for disposing of the shares may be limited to a periodic offer to redeem the shares by the issuer, if the issuer offers a redemption program. Private REITs are generally subject to limited regulation and offer limited disclosure and transparency. The shareholders of a REIT are responsible for paying taxes on the dividends that they receive and on any capital gains associated with their investment in the REIT. Dividends paid by REITs generally are treated as ordinary income and are not entitled to the reduced tax rates on other types of corporate dividends. Prices of REIT securities and trading volumes may be more volatile that other investments. Many REITs focus on a particular sector of the real estate market, such as apartments, student housing, hotels and hospitality, health care, office buildings, shopping malls, warehouses, self-storage facilities and the like. Those REITs are subject to risks associated with sectors focused. Additionally, many REITs may own properties that are concentrated in a particular geographic region or regions, which subject them to the risk of 71 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for those risk, growth risk, credit risk, foreign should not expect to investing deteriorating economic conditions in those areas. Investing in REITs involves other special risks, including, but not limited to, real estate portfolio (including development, environmental, risk competition, occupancy and maintenance risk), liquidity risk, leverage risk, distribution risk, capital markets access risk, counterparty risk, conflicts of interest risk, risk, and dependence upon key personnel regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, interest rate issuer and investment risk, and emerging market risk. REITs involve significant, special risks and may not be suitable for some clients. Clients investing in REITs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility and volatility of regular distribution amounts, potential lack of liquidity and potential loss of their investment. fund risks, currency investments. Some may in properties industries, involved located improved management private real estate funds are typically higher than other types of funds. Investment advisers or managers funds often receive a management fee plus a performance fee. Private real estate funds and funds of private real estate fund are also generally subject to operational expenses and transaction fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private real estate funds and funds of private real estate funds also have reduced liquidity compared to other investments. Investors receive distributions from a fund for a number of years. Private real estate is very risky. Investments made by private real estate funds and funds of private real estate funds may be concentrated in properties involved in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private real estate funds and funds of private real estate funds involves special risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment risks and leveraging risks. Private real estate funds and funds of private real estate funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private real estate funds and funds of private real estate funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. real estate funds typically telecommunication, Private utilities, infrastructure Private Real Estate Funds and Private Real Estate Fund of Funds. Private real estate funds are pools of actively managed capital that directly invest primarily in investments in real estate and real estate-related investments. Private real estate funds may invest in any number of types of real estate, such as office, apartment, retail, lodging, industrial and other real estate and real focus estate-related in certain investment sectors or certain in geographic regions or that have certain sizes of operations or investment requirements. Some may focus investment on properties the manager or sponsor believes are undervalued or undercapitalized or that require repositioning, or redevelopment, additional capital to reach their full value. Private real estate funds commonly use borrowings or leverage to make investments. Trading markets for investments held by those funds are limited and their investments may be illiquid. Funds of private invest substantially all of their assets in other private real estate funds. Private real estate funds and funds of private real estate funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private real estate funds and funds of private real estate funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private real estate funds and funds of Private Infrastructure Funds Risks. Private infrastructure funds are pools of actively managed capital that invest primarily in infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of infrastructure investments may include, among and others, transportation. funds usually have an investment objective or strategy that may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types 72 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  throughout for those fees and for significant growth reduced liquidity compared investments made by industries or risks may securities include: market selection credit capitalization risk, foreign risk, foreign infrastructure funds are rates, Treasury yields, yield curves and spreads, derivative instruments, strategies, commodities, currencies or other assets. ETNs trade on the day at prices exchanges determined by the market. Unlike ETFs, issuers of ETNs do not buy or hold assets to replicate or approximate the performance of the underlying benchmark. Also in contrast to ETFs, ETNs also do not calculate their net asset value, are generally not redeemable on a daily basis, and are not registered under the Investment Company Act of 1940. Issuers may also have the right and option to redeem ETNs. Redemptions are made at the ETN’s “indicative value” or “closing indicative value”. An ETN's closing indicative value is computed by the issuer and is distinct from an ETN's market price, which is the price at which an ETN trades in the secondary market. Issuers of ETNs may also issue and redeem notes as a means to keep the ETN’s market price in line with its indicative value, which have caused significant fluctuations in ETN prices. Investing in ETNs involves special risks, including, but not limited to, risks associated with Non-Traditional Assets and derivative instruments and the risk that the actual market price for an ETN may vary significantly from the indicative value computed by the issuer. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, rate risk, risk, investment style issuer and investment risk, and emerging market risk. ETNs are complex investments and involve significant, special risks. As a result, ETNs may not be suitable for some clients. pools (typically structured and sizes of investments. Private infrastructure funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private infrastructure funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private infrastructure funds are typically higher than other types of funds. Investment advisers or funds often receive a managers management fee plus an incentive fee. Private infrastructure funds are also generally subject to administrative service investment transaction fees. Because of the existence of incentive fees, fund managers may be motivated investments that have the to make riskier potential in value. Investments in private infrastructure funds also to other have investments. Investors should not expect to receive distributions from a fund for a number of years. Private infrastructure investing is very risky. Many investments are not profitable. In addition, private infrastructure funds may be concentrated in one or more economic sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private infrastructure funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. risk, Other management and risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. Private complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private infrastructure funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. Exchange Traded Notes Risks. An ETN is a type of debt security that trades on an exchange and provides a return linked to the performance of an underlying benchmark. The underlying benchmark can be a particular security, bond, commodity, currency, or other Non-Traditional Asset type, a group or basket of companies, securities, commodities, currencies, derivative instruments, Non-Traditional Asset investments or other assets, or an index or other benchmark linked to stocks, market volatility, bonds, interest Managed Futures Risks. Managed futures are commodity as investment partnerships) managed by a futures trading adviser that trade speculatively in various derivative instruments and other investments. There are significantly higher fees and expenses associated with investments in managed futures than other types of funds. Sponsors or managers for these pools often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. Managed futures may seek exposure to different asset classes, such as equity securities, fixed income securities, commodities 73 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in managed currencies, funds and they Assets, leverage, Non-Traditional Assets, short sales, leverage, and derivative instruments. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Leveraged funds and inverse funds are complex investments that have an increased risk of loss compared to other involve significant, special risks. As a result, they may not be suitable for some clients. A client should not invest in these securities unless the client is prepared to experience significant losses in the value of the client’s Account. Investing (such as metals, agricultural products, and energy products), currencies, interest rates, and indices. Managed futures often obtain this exposure through derivative instruments, which may be traded on U.S. or foreign exchanges or markets. Managed futures often employ computerized, systematic and often proprietary trading models and systems. Investing futures involves special risks, including, but not limited to, liquidity risks and risks associated with and other Non- commodities, Traditional derivative instruments and Complex Strategies. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Managed futures can be speculative investments because of the types of investments they make and they involve significant, special risks. As a result, they may not be suitable for some clients. Clients investing in these funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. risks may securities include: market selection risk, credit risk, risk, foreign emerging market inverse Structured Products Risks. Structured products are a hybrid between two asset classes (typically issued in the form of a CD or note) but instead of having a pre-determined rate of interest, the return is linked to the performance of an underlying asset class, such as single security or basket or index of securities; a commodity or basket or index of commodities, including futures; and a foreign currency or basket of foreign in structured products currencies. involves special risks, including, but not limited to, risks associated with derivative instruments. risk, Other risk, management and investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate issuer and risk, investment commodities risk and currency risk. Structured products are complex investments and involve special risks. As a result, they may not be suitable for some clients. is Leveraged Fund and Inverse Fund Risks. Leveraged funds and inverse funds may be structured as ETNs, ETFs or open-end mutual funds. Leveraged funds seek to deliver multiples of the performance of the index or benchmark they track. Inverse funds seek to deliver the opposite of the performance of the index or benchmark they track. Leveraged inverse funds seek to achieve a return that is a multiple of the inverse performance of the underlying index. Most funds “reset” daily, leveraged and meaning that they are designed to achieve their stated objectives on a daily basis. Because of the effects of compounding, volatility and the fund expenses, the returns of a leveraged or inverse fund over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. To achieve their objectives, leveraged and inverse funds typically employ aggressive investment techniques, such as the use of leverage, short sales, swap contracts, futures, options and other derivative instruments. Investing in leveraged funds and inverse funds involves special risks, including, but not limited to, risks associated with Business Development Company Risks. A BDC closed-end typically a domestic, investment company that is operated for the purpose of making equity and debt investments in small and developing businesses, as well as financially troubled businesses. As a result, investments made by BDCs tend to be risky and speculative. Investment advisers or managers for BDCs often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. BDCs commonly use borrowings 74 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  those including, but not risk, capital markets access available cash flows. Many MLPs focus on a particular sector or industry. Those MLPs are subject to risks associated with sectors or industries in which they are focused. The value of an investment in an MLP and the amount of distributions it makes may depend on the prices of the underlying commodity, such as oil or natural gas. Many MLPs are sensitive to changes in the prevailing level of commodity prices. MLPs have also shown sensitivity to interest rate movements. Investing in MLPs involves other special risks, limited to, macroeconomic risk, interest rate risk, liquidity risk, operating risk, capital markets access risk, growth risk, distribution risk, conflicts of interest risk, and regulatory risk. MLPs are complex investments that have significant, special risks. As a result, MLPs may not be suitable for some clients. Clients investing in MLPs should have a high tolerance for risk, including the willingness and ability to accept potential lack of liquidity and potential loss of their investment. information about Additional certain Complex Investment Products and other investments pursuing Complex Strategies, including the risks associated with those investments, is available on Baird’s website at bairdwealth.com/retailinvestor and on FINRA’s website at www.finra.org/ Investors. A client is encouraged to read the disclosure documents included on those websites carefully before investing. or leverage to make investments in portfolio companies. Adverse interest rate movements can negatively impact a BDC’s ability to make investments. Investments made by BDCs are typically illiquid, and valuing such investments is challenging. It is possible that valuations on investments used are materially different from the values that BDCs will ultimately receive upon investments. Changing disposition of market and economic conditions affecting a BDC’s investments may cause significant volatility in the BDC’s net asset value and stock price. Due to the nature of BDCs’ investments, securities issued by BDCs are subject to greater liquidity risk than other investments. A debt security or preferred stock issued by a BDC, in many cases, is non- rated or is rated below investment grade, which can carry its own risks. Investing in BDCs involves other special risks, including, but not limited to, portfolio company credit and investment risk, risk, leverage risk, and dependence upon key personnel regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, and interest rate risk. BDCs can be speculative investments because of the types of investments they make and involve significant, special risks. As a result, BDC investments may not be suitable for some clients. Clients investing in BDCs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Risks Associated with Certain Investment Objectives and Asset Allocation Strategies Each Account is subject to the risks associated with the investments in the Account. Generally, an Account will be subject to the risks associated with the portfolio listed below that corresponds to the investment objective of the Account or the asset allocation strategy pursued by the Account. All Growth Portfolio. An All Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. All Growth Portfolios have historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a high risk of price declines, especially during periods when stock markets in general are declining. An All Growth Portfolio’s primary risks generally include: market risk, management and Master Limited Partnership Risks. An MLP is a form of publicly-traded partnership that is taxed tax as a partnership. MLPs have unique characteristics. A client should consult with a tax advisor before investing in MLPs. An MLP must generally earn at least 90% of its income from certain qualifying sources, which includes income and gains from certain activities involving natural resources such as oil, natural gas, natural gas liquids, refined petroleum products, coal, carbon dioxide and biofuels. An MLP is generally structured as a limited partnership or limited liability company and managed and operated by a general partner or manager. Owners of an MLP are called “limited partners” or “unit holders”. Unit holders own interests or units in the MLP (“units”) that are traded on a stock exchange. MLPs make distributions to unit holders of their 75 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  risk, common stock to other primary risks, risks, foreign to other primary risks, risks, foreign securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject including investment style issuer and investment risks, emerging market risks, fixed income security risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject investment style issuer and investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. upon Portfolio’s foreign issuer and investment risks, foreign the headings Capital Growth Portfolio. A Capital Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. Capital Growth Portfolios have historically experienced moderately high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining. A Capital Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending specific the investments, the Portfolio may also be subject to other primary risks, including investment style risks, risks, emerging market risks, fixed income securities risk, interest rate risk, credit risk, asset-backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Income with Growth Portfolio. An Income with Growth Portfolio will generally be invested in a manner that seeks to provide current income and some growth of capital. Income with Growth Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to interest rates and market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when interest rates are rising or when stock markets in general are declining. An Income with Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style issuer and investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. to economic The Growth with Income Portfolio. A Growth with Income Portfolio will generally be invested in a manner that seeks to provide moderate growth of capital and some current income. Growth with Income Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions and interest rates. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining or when interest rates are rising. A Growth with Income Portfolio’s primary risks generally include: market risk, management and Conservative Income Portfolio. A Conservative Income Portfolio will generally be invested in a manner that seeks to provide current income. Relative the portfolios described above, Conservative Income Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates Portfolio’s conditions. and investments are subject to risk of price declines, 76 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the Portfolios have the investments made, to other primary risks, risks, foreign especially during periods when interest rates are rising. A Conservative Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, equity securities risk, and common stock risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject including investment style issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. income. Relative to fixed income security investment strategy used, some upon Opportunistic historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. Depending upon the investment strategy used and the Portfolio’s investments may be subject to a high risk of price declines, especially during periods when stock markets in general are declining. An Opportunistic Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style risks, foreign issuer and investment risks, emerging market risks, risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non-Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. interest rates are fixed Capital Preservation Portfolio. A Capital Preservation Portfolio will generally be invested in a manner that seeks to preserve capital while generating current the portfolios described above, Capital Preservation Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and economic conditions. The Portfolio’s investments are subject to risk of price declines, especially during periods when rising. A Capital Preservation Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, income securities risk, interest rate risk, credit risk, and money market fund risk. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including foreign issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. Additional Considerations. A client should note that an Account pursuing a particular investment objective or asset allocation strategy will from time to time be subject to actual risks that are higher or lower than, or different from, the risks described above under certain circumstances. See “Investment Strategies and Methods of Analysis— Investment Strategies—Important Information about Implementation of Investment Objectives and Investment Strategies” above for more information. In addition to the specific risks described above, a client’s Account may be subject to additional risks, depending upon the particular investments in the client’s Account. A client should discuss the risks of particular investments with the client’s GWG Consultant. A client should also note that there is no guarantee as to how an Account will perform in the future. It is possible that an Account could experience more dramatic return or market value fluctuations than occurred in the past. to perception take advantage of of market Available Investment Product Risks The use of Available Investment Products, including SMA Strategies made available under the BSN and DC Programs, are subject to additional risks compared to the use of Baird investment products. Available recommended Opportunistic Portfolio. An Opportunistic Portfolio will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and the market sectors manager’s pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager to achieve growth while accounting for a client’s specific short, intermediate and long term investment and/or cash flow needs. Depending 77 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that Baird establishes for result in an elevated The uncertain course of these various factors may have a significant negative impact on the global economy, may risk environment with increased volatility in asset prices, which could have an adverse effect on a client’s Account. less if an Available Product experiences organizational, is a higher risk that Product that experiences the list of Investment Products are investment products that generally do not meet the qualifications and standards its recommended product lists. As a result, there is a higher likelihood that some Available Investment Products will have poor performance and will significantly underperform compared to an applicable benchmark index or peer group. Available Investment Products are also subject to significantly review by Baird rigorous compared to recommended investment products. Thus, Investment Product experiences significant performance problems or if the manager or sponsor of an Available Investment significant management, operational, compliance, legal, regulatory or other problems, the Available there Investment Product will be made available (and will continue to be made available) to clients by Baird. An investment by a client in an Available the Investment occurrence of any such event could negatively impact the client’s Account. Available Investment Products should only be used by a client if the client wishes to take more responsibility for monitoring and managing the assets in the client’s Account, recommended products does not contain an investment product that meets the client’s particular needs, and the client understands the risks of doing so. Recent Events U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and other global macro factors. Disciplinary Information In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have retirement plan and disadvantaged certain that were charitable organization customers eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. supervisor within The transition to a new administration following the recent U.S. Presidential election may introduce meaningful market uncertainty as new policies, executive orders, or legislation are proposed or enacted. Geopolitical risks appear elevated with the war between Ukraine and Russia now passing its third anniversary, tensions remaining high in the Middle East, and relations between the U.S. and China and other countries are strained. In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a its Private Wealth firm Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The Domestically, inflation remains an area of focus since getting to the U.S. Federal Reserve Board’s 2% target may prove to be more challenging than the market expects. In addition, the level of political discord remains high. 78 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. firms bought certain of the fees and/or the conflict of its to adopt or to investment advisory firms were offered the opportunity to voluntarily self-report violations of the federal securities laws relating to mutual fund share class selection and related disclosure issues and agree to settlement terms imposed by the SEC, including returning money to affected investment advisory clients. The central issue identified by the SEC was that, in many cases, for or investment advisory recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the firms when lower- cost share classes were available to those advisory clients, and the investment advisory firms did not adequately disclose their receipt of 12b-1 interest associated with those 12b-1 paying share classes. Baird and many other firms self-reported under the program and entered into substantially identical orders. By self-reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. More information about the order is contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public Disclosure website at https://www.adviserinfo.sec.gov/IAPD/Default.as px or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press- release/2019-28. designed provide to Baird’s clients and reports about an reports was engaged In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by subadvisors participating in Baird’s wrap fee programs offered through Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have implement policies and failed procedures specific financial information advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. to disclose In June 2019, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that between late April 2013 and early July 2013 it published research issuer without disclosing that the research analyst who authored the in employment discussions with the issuer that constituted an actual, material conflict of interest and that the failure research analyst’s the employment discussions with the issuer in the research reports made those reports misleading. Baird was censured and fined $150,000. In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) and 207 of for making the Advisers Act inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure the program, (or SCSD) Initiative.” Under In August 2022, Baird, without admitting or denying the findings, consented to the entry of findings of FINRA, which found that it charged unfair certain brokerage customers an 79 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  it charged supervisory system communications. As part of training, new communication tool designed for Baird associates’ personal devices, conducting training, and periodically requiring requisite associates to provide an attestation relating to their business- related the settlement, Baird was censured and ordered to cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies and procedures, surveillance program, technology solutions and similar matters related to off-channel communications. Additional information about Baird’s disciplinary history is available on the SEC’s website at www.adviserinfo.sec.gov. commission when its published minimum commission amount of $100 on 7,277 retail equity trades and failed to establish and reasonably maintain a designed to prevent charging a customer a commission that is unreasonable or unfair in violation of FINRA Rules 3110, 2121, and 2010. Baird also consented to a censure, a fine in the amount of $150,000, and the payment of restitution of $266,481 plus interest. The findings related to FINRA’s routine examination of Baird in 2020. During that examination, Baird modified its minimum commission schedule and supervisory procedures. Baird also took steps to make payments to the affected customers, which on average amounted to $36.62 per trade and $57.64 per customer. Baird will continue to make efforts to ensure that it charges fair prices and commissions on all securities transactions with its customers. The brokerage customers identified by FINRA did not include any GWG client and no GWG client was alleged to have been charged an unfair commission. Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker- dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker- dealers, financial investment advisors, other services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. its other receive higher through disclosure the From time to time, Baird and its GWG Consultants may recommend that clients retain the services of financial services firms or invest in investment products that are affiliated with or related to Baird. Such a recommendation of affiliated or related financial services firms or investment products creates a potential conflict of interest because Baird, its GWG Consultants and related parties may aggregate compensation if clients retain those firms or invest in those investment products instead of retaining unrelated firms or investing in unrelated this investment products. Baird addresses potential conflict this in Brochure. Further, when acting as fiduciaries, Baird and its GWG Consultants are required to select or recommend investment products only when they determine it to be in the client’s best interest to do so. The criteria used by them in deciding to select or recommend affiliated or In September 2023, Baird entered into an Offer of Settlement with the SEC, in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business- related communications made by Baird associates when they used their personal devices (“off- channel communications”) and for failing to supervise business-related associates’ communications. The settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were text and properly retaining business-related off-channel and instant messages communications sent and received on employees’ personal devices. Following the commencement of the SEC’s initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it was discovered that certain Baird supervisors off-channel using non-Baird communicated approved methods on their personal devices about Baird’s broker-dealer and investment adviser businesses, and findings were reported to the SEC. Baird took steps prior to and after the SEC’s review, including implementing a 80 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  manages a client’s Account rather than other unrelated managers. related investment products are generally the same as those used for unrelated investment products. However, a client should note that certain Services and certain categories of investment products made available to clients only offer advisors or investment products that are affiliated or related to with Baird. In those cases, Baird and its GWG Consultants do not impose the same criteria or level of review. including: Certain Affiliated and Related Parties Affiliated Broker-Dealers Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Certain investment products associated with Strategas Securities are made available to clients through the Services. Due to its affiliation with Strategas Securities, Baird has a financial incentive to favor Strategas Securities’ investment products and services. Broker-Dealer Activities Baird is engaged in a broad range of broker- individual and dealer activities, institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. information about Riverfront Certain GWG and Baird associates and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. Affiliated and Related Investment Advisors Baird is affiliated, and may be deemed to be under common control, with Riverfront by virtue of their common indirect ownership by BFG. Additional is available in Riverfront’s Form ADV Part 2A Brochure. Certain Riverfront investment products and services are made available to GWG clients through the Services. Due to its affiliation with Riverfront, Baird has a financial incentive to favor Riverfront investment products and services. Baird is related to Greenhouse and Greenhouse Fund GP LLC (“Greenhouse GP”) by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. From time to time, recommend GWG Consultants may use or Greenhouse or Greenhouse GP investment products and services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor their investment products and services. Investment Management Activities Baird and GWG Consultants may, from time to time refer clients to Baird Advisors or Baird Equity Asset Management, investment management departments of Baird, or CCM, a division of Baird Equity Asset Management. GWG Consultants are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. GWG Consultants may have a financial incentive to recommend to clients the services of those Baird investment management departments over the services provided by other investment managers. Baird is affiliated, and may be deemed to be under common control, with Strategas, by virtue of their common indirect ownership by BFG. Certain Strategas investment products and services are made available to clients through the Services. Due to its affiliation with Strategas, Baird has a financial incentive to favor Strategas investment products and services. Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. In addition, investment products and services offered by Baird Advisors, Baird Equity Asset Management and CCM are made available to clients through the Services. Baird has a financial incentive to favor Baird Advisors, Baird Equity Asset Management and CCM because Baird receives more compensation if Baird Advisors, Baird Equity Asset Management or CCM Baird is affiliated, and may be deemed to be under common control, with GAMMA by virtue of BFG’s and Riverfront’s indirect minority ownership and Riverfront’s of Gamma and BFG’s 81 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  representation on the board of directors of Gamma. on website investments those Funds amount of the referral compensation is disclosed in each Fund’s statement of additional information available at Baird’s GWG bairdassetmanagement.com/baird-funds. Consultants may have a financial incentive to favor over in investments in other mutual funds and to favor the Baird Equity over the Baird Bond Funds. Baird is related to LoCorr by virtue of BFG’s indirect minority ownership of the holding company of LoCorr and BFG’s representation on such holding company’s board of managers. From time to time, GWG Consultants may use or recommend LoCorr investment products and services. Due to its relation to LoCorr, Baird has a financial incentive to favor LoCorr investment products and services. in Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. 55ip uses research and other services from Riverfront, an affiliate of Baird, the development of its portfolios under the BSN Program, and Riverfront receives compensation from 55ip with respect to those portfolios. Due to its affiliation with Riverfront, Baird has a financial incentive to favor 55ip portfolios that use Riverfront services. for Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives those services. Additional compensation information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. information about those funds for and statement of CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those services. Additional those mutual funds, including information relating to the fees paid by investment management services, is available in the funds’ additional prospectus information. Affiliated and Related Mutual Funds, ETFs and Investment Companies Baird is the investment adviser and principal underwriter for the Baird Funds. Baird Advisors provides investment management, administrative, and other services to certain Baird Funds investing primarily in fixed income securities (the “Baird Bond Funds”). Baird Equity Asset investment Management and CCM provide management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”), and Greenhouse is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus and statement of additional information available on Baird’s website at bairdassetmanagement.com/baird-funds. Certain Baird Funds have been selected by Baird for inclusion on Baird’s Recommended Mutual Fund List, and all Baird Funds are made available to GWG clients through the Services. Baird has a financial incentive to favor the Baird Funds because Baird receives more compensation if a client invests in the Baird Funds rather than other unrelated funds. Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend Income Trust Series, the Automated Quantitative Analysis (AQA®) Portfolio Series, and the AQA® Large- Cap Portfolio Series. Additional information about those investment products, including information GWG Consultants who refer clients to the Baird Funds are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. The 82 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  funds are private pooled relating to the compensation paid to Baird is available in the applicable prospectus and other fund documents. Those investment products are made available to clients through the Programs. Due to its affiliation with those investment products, Baird has a financial incentive to favor those investment products. Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those investment vehicles that are not required to be registered with the SEC as investment companies. Due to their affiliation with the Chautauqua Private Funds, Baird Equity Asset Management, CCM and Baird have a financial incentive to favor those funds. funds and ETFs, those funds for and statement of Affiliated Private Equity Funds Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird and its GWG Consultants may refer clients to Baird Capital. The private equity funds offered through Baird Capital make venture capital, growth equity and private equity investments primarily in the business-to- business, technology and services sector. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange- Traded Fund III. Additional information about those mutual including information relating to the compensation paid to Riverfront by investment management services, is available in each fund’s additional prospectus information. Certain mutual funds and ETFs managed by Riverfront are made available to clients. Due to its affiliation with Riverfront, Baird has a financial incentive to favor funds managed by Riverfront. Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC Baird Venture Partners III Limited Partnership BVP III Affiliates Fund Limited Partnership BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Limited Partnership is available in Baird Venture Partners Management Company V, LLC Baird Venture Partners V Limited Partnership BVP V Affiliates Fund Limited Partnership BVP V Special Affiliates Fund Limited Partnership Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products, including information relating to the compensation paid to Strategas and Strategas the applicable Securities, prospectus. Those investment products are made available to clients through the Services. Due to its affiliation with Strategas and Strategas Securities, Baird has a financial incentive to favor those investment products. Baird Capital Partners Management Company V, LLC Baird Capital Partners V Limited Partnership BCP V Affiliates Fund Limited Partnership BCP V Special Affiliates Limited Partnership LoCorr acts as investment advisor to the LoCorr Funds. The LoCorr Funds are made available to clients through the Services. Due to its relation to the LoCorr Funds, Baird has a financial incentive to favor the LoCorr Funds. Baird Capital Management Company, LLC Baird Venture Partners GP VI, LLC Baird Venture Partners VI LP BVP VI Affiliates Fund LP BVP VI Special Affiliates Fund LP Baird Capital Management Company, LLC Affiliated Private Funds CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Baird Capital Global Fund Management I LP 83 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities https://www.bairdcapital.com/portfolio/baird- capital-portfolio.aspx. Investment Advisor Private Equity Fund(s) Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP BCGF I Special Affiliates LP BCGF I Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management II LLC Baird Capital Global Fund II Limited Partnership BCGF II Affiliates Fund Limited Partnership The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. These funds generally co-invest with unaffiliated private equity funds and private equity professionals in transactions in the United States and Europe. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. BCGF II Special Affiliates Limited Partnership Baird Capital Management Company, LLC Certain Baird Principal Group-Related Entities Baird Capital Global GP III LLC Investment Advisor Private Equity Fund(s) Baird Capital Global Fund III LP Baird Principal Group Management Company I, LLC BCGF III Affiliates Fund LP Baird Principal Group Partners Fund I Limited BCGF III Special Affiliates LP Partnership Baird Capital Partners Europe Limited* Baird Principal Group Management Company II, LLC Baird Capital Partners Europe II LP Baird Principal Group Partners Fund II Limited Baird Capital Partners Europe II Special Affiliates LP Partnership The Growth Fund Baird Principal Group Management Company, LLC Baird Principal Group Partners Fund III, LP * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. to to a client in Related Hedge Funds Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. The Greenhouse Onshore Fund LP is available to clients under the Services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor those hedge funds. If a client expresses an interest, GWG Consultants may refer clients to Baird Capital. GWG does not charge fees on client assets invested in private equity funds affiliated with Baird. Instead, the general partner of the private equity fund may the client’s GWG provide compensation Consultant for referring the client to Baird Capital. The actual amount of compensation may vary based upon the client’s investment commitment and will be disclosed the documentation the client receives in connection with the investment. Due to Baird’s affiliation with those private equity funds and the referral compensation paid to GWG Consultants, Baird and GWG Consultants have a financial incentive to favor those private equity funds. Other Affiliated Financial Services Firms Baird is affiliated, and may be deemed to be under common control, with Baird Trust, a Kentucky-chartered trust company, by virtue of their common indirect ownership by BFG. Certain Baird Trust investment products and services, such as the Baird Trust Strategies, are made available to clients through the Services. Due to its affiliation with Baird Trust, Baird has a financial incentive to favor Baird Trust investment products and services. Baird also has a financial incentive to the extent it would recommend that a client invest in a portfolio company owned by an affiliated private equity fund. A list of the portfolio investments held by private equity funds affiliated with Baird is at located on Baird Capital’s website 84 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Services Baird and GWG Consultant receive compensation for referring clients and from Baird Trust providing ongoing relationship management services to clients engaging Baird Trust for trust administration services as described under the heading “Advisory Business—Additional Service Information—Trust Arrangements” above. Baird and GWG Consultants thus have a financial incentive to favor Baird Trust over other trust companies. Certain Baird associates from time to time may provide clients with tax return preparation, bill pay or related services. In some instances, the fee for those services may be bundled with the Advisory Fee. A client should understand that the provision of such services is separate from, and not related to, the Services offered under this Brochure and will be governed by an agreement separate from the client’s advisory agreement with Baird. A client should understand that Baird and its associates do not act as investment adviser or fiduciary to the client when providing tax return preparation, bill pay or related non- advisory services to the client. managers, including the services of such firms or this conflict Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. In addition, or by Baird’s Other Financial Industry Activities Baird has business relationships with many investment those participating in the Services, separate and apart from the Services. Other investment management firms may select Baird, in its capacity as a broker- dealer, to execute portfolio trades for their clients, including for Investment Funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. This may create an incentive for Baird to favor investment management firms or their products, including the Investment Funds advised by such investment management firms. However, Baird is a fiduciary that is required to act in the best interest of advisory clients when selecting or recommending investment management their to such clients. Baird investment products addresses through potential disclosure in this Brochure. Further, Baird does not consider the extent to which an investment management firm directs or is expected to direct trades to Baird for execution when considering the eligibility of an investment management firm or its investment products for Baird’s advisory programs (including when Baird constructs its Recommended Managers List or Recommended Mutual Fund List). investment management firms are, absent client direction to the contrary, obligated at all times to retain the broker or dealer providing the client best the heading execution as described under “Brokerage Practices” below. In addition, mutual fund companies are prohibited from considering Baird’s efforts in marketing and selling their funds when selecting Baird for executing portfolio trades for the funds. To learn more about how a mutual fund company selects brokerage firms for trade execution, a client should consult the fund’s statement of additional information, available from each fund. To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, including GWG Consultants, their supervisors, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. The Code also generally prohibits Access Persons from executing a security transaction for their personal accounts during a blackout period one business day before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by Baird Compliance management Department. In addition, orders for the accounts 85 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  of Access Persons and other Baird associates that are under discretionary management by Baird may be aggregated with orders for other Baird client accounts, so long as the order is executed as part of a block transaction with client orders. A copy of the Code is available to clients or prospective clients upon request. on Baird’s website Recommendations of Related, Proprietary or Affiliated Funds and Managers Baird and GWG Consultants have an incentive to recommend related, proprietary or affiliated funds or managers because when client’s invest in affiliated funds or select an affiliated manager to manage client accounts, they will make more money. See “Other Industry Activities and Affiliations—Certain Affiliated and Related Parties” above and “List of Affiliated Companies, Funds and Managers” at bairdwealth.com/retailinvestor. Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients. incentive to recommend an Program. See “Trust Referral Compensation Paid to GWG Consultants GWG Consultants receive additional compensation to certain of Baird’s for referring clients funds or managers proprietary or affiliated described above. Such special compensation and referral fees give GWG Consultants an incentive to recommend or refer clients to these proprietary or affiliated funds and managers. See “Other and Affiliations—Certain Industry Activities Affiliated and Related Parties” above. GWG Consultants also receive additional compensation for referring clients to Baird Trust and for referring clients to unaffiliated banks that make loans to clients under Baird’s Securities-Based Lending Services Arrangements” and “Securities-Based Lending Program” below. In addition to those referral arrangements, GWG Consultants receive special compensation for referring business to certain of Baird’s other departments. See “Investment Banking, Public Finance and Institutional Equities Trading Activities” below. receives ongoing fees Participation or Interest in Client Transactions Investment Advisory Accounts Asset-based Advisory Fee arrangements create an incentive for Baird and GWG Consultants to set the applicable fee rate at a high level and to encourage clients to add more money into their accounts. Baird and GWG Consultants also have an investment advisory account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. Select clients may pay a fixed dollar fee, which presents a conflict in that such fee does not give the GWG Consultant an incentive to make recommendations that could benefit the client’s account, or a performance or incentive fee, which presents a conflict because it incentive to gives the GWG Consultant an recommend riskier in order to investments achieve the level of performance in the account that would result in payment of the fee. invested Ongoing Product Fees Baird from certain investment products that are purchased and held in client Accounts. Those fees, such as distribution (12b-1) and/or service fees (“12b-1 fees”) from mutual funds, are based on the value of client assets in those products. A GWG Consultant’s compensation increases as those fees increase. Thus, Baird and GWG Consultants have an incentive to recommend such products and to recommend such products that pay the greatest ongoing fees. investment products Accounts and Investments Provide Different Levels of Compensation investments Baird offers The accounts and provide Baird different levels of compensation. Baird and GWG Consultants have an incentive to generate revenues from client accounts and to offer and make recommendations that will provide them the greatest level of compensation. Certain mutual funds charge 12b-1 fees, which are paid to Baird. Baird receives 12b-1 fees on an ongoing basis as compensation for the services Baird provides to the applicable mutual fund. The 86 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  12b-1 fees paid by a mutual fund are disclosed in the mutual fund’s prospectus. Trust Portfolios and Baird generally does not allow mutual funds with 12b-1 fees to be purchased for GWG Service Accounts. If Baird receives 12b-1 fees from a fund with respect to a client’s mutual fund investment in the client’s Account and the client’s Account is subject to an asset-based fee arrangement, Baird either: (1) rebates such 12b-1 fees to the client’s Account if the client is paying an asset-based Advisory Fee on such investment; or (2) excludes such fund shares from the calculation of the client’s asset-based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the 12b-1 fee. 12b-1 fees rebated to a client’s Account are estimated based on the average daily balance of the mutual fund shares in the Account and the annual rate of the 12b-1 fee paid by the applicable fund. If any rebated fees remain in a client’s Account at the time of billing, those rebated amounts will be included in the Account assets subject to the Advisory Fee. Please see received marketing support payments over the past two calendar years from the sponsors or investment advisers of Alliance Bernstein Funds, American Funds, Franklin Templeton Funds, Fidelity Funds, Goldman Sachs Funds, Hartford Funds, Invesco Funds, John Hancock Funds, JPMorgan Funds, Lord Abbett Funds, MFS Funds, PIMCO Funds and Principal Funds. Baird also generally receives marketing support related to the sale of units of UITs. Sponsors of UITs typically make marketing or concession payments to the firms that sell their UITs, including Baird. These payments are typically calculated as a percentage of the total volume of sales of the sponsor’s UITs made by the firm during a particular period. That percentage typically increases as higher sales volume levels are these additional achieved. Descriptions of payments are provided in a UIT’s prospectus. UIT sponsors that have paid volume concessions to Baird over the past two calendar years include Advisors Asset Management (AAM), SmartTrust, First Guggenheim Investments. Receipt of marketing support payments from sponsors and investment advisers of mutual funds and UITs provides Baird an incentive to offer, market and recommend such mutual funds and UITs and to favor mutual funds and UITs with sponsors or investment advisers that make the greatest levels of such payments. Baird does not share these payments with GWG Consultants. “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. If Baird receives 12b-1 fees with respect to mutual fund shares that are designated as unbillable assets in a client’s Account, Baird will retain such 12b-1 fees. This presents a conflict of interest because it provides Baird and its GWG Consultants an incentive to recommend or invest client accounts in mutual fund shares that pay greater 12b-1 fees. Baird addresses this conflict by adopting a Mutual Fund Share Class Policy described above and by adopting internal policies that limit the circumstances under which mutual fund investments in client accounts can be designated as unbillable assets and 12b-1 fees can be retained. Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors Baird receives marketing support or revenue sharing payments (“marketing support”) from the sponsors and investment advisers of certain mutual funds. These payments, which are based on sales of, or client assets invested in, such funds, are intended to compensate Baird for providing marketing, distribution and other services for the mutual funds. Marketing support is not paid by sponsors or investment advisers of mutual funds on mutual fund assets held in investment advisory Retirement Accounts to the law. Baird extent prohibited by applicable Schwab Clearing Arrangement Baird has a clearing arrangement with Charles Schwab & Co., Inc. (“Schwab”) whereby Schwab maintains an omnibus account with certain mutual fund families for Baird on behalf of Baird clients. Under the clearing arrangement, Schwab provides clearing services for most “no load” funds and “load” funds held by Baird clients. Although Baird pays Schwab a fee for its clearing and omnibus services, Schwab generally passes through to Baird the shareholder servicing fees that Schwab receives from the funds. Shareholder servicing fees are not paid by Schwab on mutual fund assets held in Retirement Accounts to the extent prohibited by applicable law. The amount of the shareholder servicing fees paid to Baird is based on the value of the client assets invested in those funds. However, the shareholder servicing fee rate varies based on the type of fund (load or 87 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  benefits. see events paid by sponsors of investment products. Product sponsors may also provide gifts and entertainment in connection with those or other events. These benefits present a conflict of interest in that they give GWG Consultants an incentive to recommend investment products and their sponsors that provide the greatest levels of such “Revenue Please Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Program Baird no load), the value of client assets in those funds, and the relationship that Schwab has with those funds (whether or not Schwab receives payments from those funds or their sponsors, and the rates of such payments). As a result, Baird has an incentive to recommend mutual funds from which Baird would receive higher payments from Schwab. However, Baird generally does not compensate GWG Consultants based upon the amounts Baird receives from Schwab except with respect to amounts attributable to sales loads and 12b-1 fees that Baird would otherwise receive directly from a fund if it were not for the existence of the clearing arrangement with Schwab. If Baird receives 12b-1 fees from Schwab with respect to a mutual fund investment in a client’s Account, Baird rebates or retains such fees as further described under the heading “Ongoing Product Fees” above. Cash Sweep Program Baird has an incentive to have clients participate and maintain significant balances in Baird’s Cash Sweep receives because substantial compensation on client cash balances that are automatically swept into bank deposit accounts and invested in money market mutual funds under the program. Please see “Advisory Business—Additional Service Information—Cash for more detailed Sweep Program” above information. funds, the opportunity seminars Business—Additional supporting Baird Please see Trust Services Arrangements Baird and GWG Consultants have an incentive to recommend that a client retain Baird Trust for the client’s trust services needs rather than an unaffiliated firm because it is more profitable for Baird and they receive compensation from Baird Trust if the client retains Baird Trust. Please see “Advisory Service Information—Trust Services Arrangements” above for more detailed information. Baird Conference Sponsorships Baird hosts a number of seminars and conferences for GWG Consultants in any given year, including Baird’s PWM Symposium, which gives sponsors of investment products, such as mutual to make presentations at, and contribute money toward the cost of, such seminars and conferences. This presents a conflict of interest in that it gives Baird an incentive to promote or market the sponsors’ investment products in order to persuade them to and continue conferences. “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Margin Loans Baird has an incentive to recommend that a client use margin because Baird receives interest on client margin loans, and Baird and GWG Consultants also have an incentive to recommend that a client use margin, because a margin loan allows the client to make larger and more securities purchases. It also increases the value of a client’s Account and thus the Advisory Fee associated with that Account because the margin loan is not deducted for purposes of calculating the fee. Please see “Advisory Business—Additional Service Information—Margin Loans” above for more detailed information. GWG Consultants Receive Benefits from Product Providers GWG Consultants generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may include invitations to attend conferences or educational seminars, payment of related travel, lodging and meal expenses, and receipt of gifts and entertainment. For example, GWG Consultants are invited to educational conferences hosted by sponsors of mutual funds, annuities and other investment products, with the costs associated with such conference (including travel and lodging) paid by the sponsors. In addition, GWG Consultants hold client events with some or all of the costs of such Securities-Based Lending Program Baird and GWG Consultants have an incentive to recommend that a client participate in Baird’s Securities-Based Lending Program because Baird 88 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  GWG Consultants receive Service and referral compensation and such loans allow a client to keep more assets in the client’s Accounts, which result in more advisory fees for us and paid to the client’s GWG Consultant. Please see “Advisory Business—Additional Information— Securities-Based Lending Program” above for more detailed information. to clients rather Recommendations to Open Different Types of Accounts Baird and GWG Consultants have an incentive to recommend that a client open different types of accounts with Baird, such as individual accounts, IRA rollovers, joint accounts, 529 plan accounts and UGMA/UTMA accounts, because if a client has different types of accounts with Baird, the client brings more of the client’s investable assets to Baird, on which fees can be generated, thereby increasing Baird’s revenues and the client’s GWG Consultant’s compensation. Also, if a client has more account types with Baird, the client is statistically more likely to maintain the client’s relationship with Baird and the client’s GWG Consultant for longer periods of time. Consultant receive that increase incentive to recommend an with Baird, even if Investment Advisory and Brokerage Account and Service Recommendations Baird and GWG Consultants generally have a financial incentive to recommend investment advisory Accounts than brokerage accounts because Advisory Fee revenue is recurring, more predictable and typically greater than the revenues Baird earns, and the compensation GWG Consultants receive, from brokerage accounts. In addition, because Advisory Fees are paid by a client regardless of the trade activity in the client’s advisory Account, Baird will receive greater revenue, and the client’s GWG greater will compensation, from a low trade-activity advisory Account than from a low trade-activity brokerage account. Baird and GWG Consultants thus have investment an advisory Account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. However, because Baird’s revenues and the compensation paid to GWG Consultants from brokerage accounts increase as the level of trading increases, Baird and GWG Consultants have an incentive to recommend a brokerage account to a client rather than an investment advisory Account if the client has, or is expected to have, significant trading activity in the client’s account. GWG Consultants also have a financial incentive to recommend certain wealth management services, such as financial planning. Please see “Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, GWG Consultants and Investment Managers” above for more detailed information. to a client even though Baird Stock Ownership Most GWG Consultants own common stock of BFG, Baird’s ultimate parent, and when offered the opportunity to buy BFG stock they usually do so. The amount of BFG stock that a GWG Consultant may purchase is based in part on the GWG Consultant’s total production level. A client’s GWG Consultant thus has an incentive to make the GWG recommendations Consultant’s total production on the client’s accounts with Baird. Moreover, revenues from Baird’s PWM department, in which GWG Consultants operate, contribute substantially to BFG’s overall revenues and profitability, and the performance of BFG’s stock price is largely due to the profitability of Baird’s PWM department. As a result, a client’s GWG Consultant’s ownership of BFG stock creates a financial incentive to make recommendations to the client that increase the amount of revenues generated from the client’s accounts those recommendations will not increase the GWG Consultant’s production, so as to increase the revenues and profitability of Baird’s PWM department and thus of BFG, which will serve to grow the value of the BFG stock. For example, ownership of BFG stock provides a client’s GWG Consultant an incentive to recommend affiliated products such recommendation does not increase the client’s GWG Consultant’s production. in companies or for Account Transfers and New Accounts Baird and a client’s GWG Consultant have an incentive to recommend that the client transfer the client’s accounts to Baird and establish new accounts with Baird (including IRA rollovers) because doing so will result in increased revenues to Baird and compensation the GWG Consultant. Relationships with Issuers of Securities From time to time, Baird may have proprietary investments issuers whose securities are offered and sold to clients, a GWG Consultant or another Baird associate may have 89 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Investment Banking significant investments in companies or issuers whose securities are offered and sold to clients, or a GWG Consultant or another other Baird associate (or their spouses, partners or family members) may have a position as an officer or director of a company or issuer whose securities are offered and sold to clients. In such cases, Baird and/or a client’s GWG Consultant will have an incentive to recommend that the client invest in those companies. the securities issued in to Baird’s GWG Consultants Transferring to Baird A GWG Consultant joining Baird from another firm has an incentive to recommend that a client to transfer the client’s accounts from such firm to Baird because doing so will increase the GWG Consultant’s compensation. Please see “Advisory Business—Advisory Fees—Advisory Fee Payments to Baird, GWG Consultants and Investment Managers” above for more detailed information. compensation to favor the securities of issuers for which Baird provides such services over the securities of issuers for which Baird does not provide such services. A GWG Consultant who refers a client to Baird for a possible transaction in which Baird Investment Banking earns a financial advisory or underwriting fee receives a portion of such fee. A GWG Consultant who refers a client to Baird Public Finance for a municipal advisory or underwriting opportunity receives a portion of the compensation earned by Baird Public Finance on that opportunity. Baird and GWG Consultants thus have an incentive to recommend those offerings. A GWG Consultant who refers a corporation Institutional Equities business for a stock buy-back program receives a portion of the commissions earned by Baird’s Institutional Equities business. Baird and its GWG Consultants may, therefore, have an incentive to buy, and to recommend that clients sell, the securities of issuers that are part of Baird’s buyback services. For more information about referral compensation paid to GWG Consultants and related conflicts of interest, please see “Baird Referral Programs” on Baird’s website at bairdwealth.com/retailinvestor. agent, such commissions. Baird Underwritten Offerings Baird and GWG Consultants have an incentive to recommend that clients purchase securities in offerings underwritten by Baird because the underwriting compensation that Baird and GWG Consultants will earn on those offerings tends to be higher than the compensation they would normally receive if clients were to buy them in the secondary market, and because the profitability of underwritten offerings to Baird depends upon Baird’s ability to sell the securities allocated to Baird in the offering. Principal Trading Baird and GWG Consultants have an incentive to execute a trade for a client on a principal basis. The that Baird and GWG Consultants receive on principal trades, such as a markup or markdown, is often higher than the compensation they receive when executing trades as The as compensation received by Baird and GWG Consultants is in addition to the asset-based Advisory Fee a client pays on the client’s advisory Accounts. Thus, Baird and GWG Consultants have an incentive to trade as principal rather than as agent. Principal trades also allow Baird to sell securities from Baird’s account that Baird deems undesirable and to buy securities for Baird’s account that Baird deems desirable. For more information, please see “Advisory Business— Additional Service Information—Trading for Client Accounts—Trade Execution Services Performed by Baird—Principal Trades” above. Allocations of IPOs and Other Public Offerings GWG Consultants have the incentive to favor some clients over other clients when allocating shares issued in public offerings, particularly those clients with larger accounts or accounts that generate high fees and compensation, as a reward for their past business or to generate future business. related services fees the services Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities Through its Investment Banking, Public Finance and Institutional Equities Services Departments, Baird provides investment banking, municipal advisory, securities underwriting, stock buyback and to various corporate, municipal, and other issuers of securities. Baird from such receives compensation and it in connection with entities provides. Baird may, therefore, have an incentive Research Activities The investment advice provided to a client may be based on the research opinions of Baird’s research departments. Baird does, and seeks to 90 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  do, business with companies covered by those research departments and as a result, Baird may have a conflict of interest that could affect the content of its research reports. As a registered broker-dealer, Baird effects transactions in securities on a national exchange and may receive and retain compensation for such services, subject to the limitations and restrictions made applicable to such transactions by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder. Baird may also benefit from the possession or use of any free credit balances in client Accounts, subject to restrictions imposed by Rule 15c3-3 under the Exchange Act. Free credit balances include uninvested cash in client Accounts that has not been automatically deposited or swept into a bank deposit account or money market mutual fund. Trade Error Correction It is Baird’s policy that a client’s account will be fully compensated for any losses incurred as a result of a trade error for which Baird is responsible. If the trade error results in a gain, the gain may be retained by Baird. For more information, please see “Brokerage Practices— GWG’s and Baird’s Trading Practices—Trade Error Correction” below. securities exchanges Other Client Relationships Certain client accounts overseen by Baird and GWG Consultants may have similar investment objectives and strategies but may be subject to different fee schedules or commission rates. Thus, Baird and its GWG Consultants have an incentive to favor client accounts that generate a higher level of compensation. Baird’s Other Broker-Dealer and Related Activities their broker-dealer, and broker-dealer In representative capacities, respectively, Baird and its GWG Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, Complex Investment Products and other securities. Baird and its GWG Consultants receive compensation based upon the sale of such investment products. time that investments Baird may route certain securities orders to other broker-dealers or for execution. Baird selects execution venues based on the size of the order, trading characteristics of the security, speed of execution, likelihood of price improvement, availability of efficient automated transaction processing, guaranteed automatic execution levels, and other qualitative factors. Baird receives remuneration in the form of payment or liquidity rebates on certain options or equity securities orders routed to some venues (commonly known as “payment for order flow”). This compensation, although not material to Baird’s trading business, gives Baird an incentive to route client orders for securities transactions to those venues that provide Baird the greatest levels of compensation. At a client’s request, Baird will make available certain information about the routing of such client’s orders routed for execution in the six months prior to the request. Such information will include the identity of the venue to which orders were routed, whether such orders were directed or non- directed and the time of the transactions, if any, from such orders. Baird also that resulted prepares a quarterly summary discussing certain orders routed away for execution, including the type and the identity of the broker-dealers or exchanges receiving such orders. This summary as well as other important information about Baird’s order routing practices are available at: http://www.rwbaird.com/help/account- disclosures/routing-equity-orders.aspx. Service from time Baird and its affiliates and associates may buy or sell investments that are recommended to or owned by a client for their own accounts, or they may act as broker or agent for other clients investments. Those buying or selling those transactions may include buying or selling investments in a manner that differs from, or is inconsistent with, the advice given to a client, and those transactions may occur at or about the same are such recommended to or are purchased or sold for a client’s account. Baird may also engage in agency cross transactions and principal transactions with clients as further described under “Advisory Business—Additional Information— Trading for Client Accounts—Trade Execution Services Performed by Baird” above. Baird and its associates, by reason of Baird’s investment banking or other broker-dealer, activities, may time acquire to information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are 91 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  are made in a manner such that all such clients receive fair and equitable treatment over time; prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information with respect to any client Account. Baird’s other activities thus present a potential conflict of interest because such activities may limit Baird’s ability to advise or manage client Accounts. • address Baird’s and its associates’ trading activities and are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients; and • address and limit cash and non-cash benefits provided to GWG Consultants by third parties in an attempt to avoid any question of propriety or any conduct inconsistent with Baird’s high standards of ethics. Other Conflicts of Interest Baird offers to clients other investment products and services not described in this Brochure. These investment products and services provide different levels of compensation to Baird and its GWG Consultants. Baird and its GWG Consultants have an incentive to favor those investment products and services that generate a higher level of compensation than those that generate a lower level of compensation. For more information about the other investment products and services offered by Baird, clients should contact Baird or a GWG Consultant. extend beyond a client’s Duration Compensation Will Be Received If a client holds any of the investment products its affiliates and described above, Baird, associates will receive the fees and payments described above for the duration of the client’s advisory In some relationship with Baird. circumstances, the receipt of such compensation advisory may relationship with Baird if the client continues to hold those assets at Baird. retain Other sections of this Brochure also describe instances when Baird and its GWG Consultants may recommend to clients, and may buy and sell for client’s Account, securities in which Baird and its affiliates and associates have a material financial interest or practices that present a conflict of interest. For more information, please see “Advisory Business—Advisory Fees—Advisory Fee Payments to Baird, GWG Consultants and Investment Managers” and “Other Financial Industry Activities and Affiliations” above, and “Client Referrals and Other Compensation” below. If Baird, or an affiliate or associate of Baird, receives any compensation or benefit described in this Brochure from or related to a client’s investment, the they will generally compensation or benefit. Except as otherwise described above, Baird generally does not rebate these amounts to a client’s Account or credit the amount against the Advisory Fees payable by a client unless such compensation may not be retained under applicable law or regulation. to GWG to for Baird and Addressing Conflicts The foregoing activities could create a conflict of interest with clients. In addition to the measures described above, Baird addresses conflicts posed by those activities through disclosure in this Brochure, the client’s agreements with Baird, the Client Relationship Booklet and prospectuses, offering documents or other disclosure documents provided or made available to clients. Baird has also adopted a Code of Ethics and other internal policies and procedures its associates that: • require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); that • are designed Brokerage Practices GWG’s and Baird’s Trading Practices Broker-Dealer Selection GWG and Baird will select the broker-dealers, which may include Baird, that will execute trade orders for Non-Discretionary Accounts and with respect to Accounts that are managed directly by GWG or Baird unless the client has provided instructions the contrary. As investment adviser, GWG and Baird have an obligation to seek “best execution” of client trade orders. “Best execution” means that they must place client trade orders with those broker- dealers that they believe are capable of providing the best qualitative execution of client trade orders under the circumstances, taking into account the full range and quality of the services securities to ensure allocations made to discretionary client accounts 92 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  All advisory clients participating in a block transaction will receive the same execution price for the security bought or sold. Average prices may be used when allocating purchases and sales to a client’s Account because such securities may be purchased and sold at different prices in a series of block transactions. As a result, the average price received by a client may be higher or lower than the price the client may have received had the transaction been effected for the client independently from the block transaction. offered by the broker-dealer, including the value of the research provided (if any), the broker- dealer’s execution capabilities, the cost of the trade, the broker-dealer’s financial responsibility, and its responsiveness to GWG and Baird. It is important to note that GWG’s and Baird’s best execution obligation does not require them to solicit competitive bids for each transaction or to seek the lowest available cost of trade orders, so long as they reasonably believe that the broker- dealer selected can be reasonably expected to provide clients with the best qualitative execution under the circumstances. in treatment over Trade Aggregation, Allocation and Rotation Practices GWG and Baird may aggregate contemporaneous buy and sell orders for the accounts over which they have discretionary authority (a practice also known as bunching trades or block transactions). This practice may enable them to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist them in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing, client orders. the The amount of securities available marketplace, at a particular price at a particular time, may not satisfy the needs of all clients participating in a block transaction and may be insufficient to provide full allocation across all client accounts. To address this possibility, Baird has adopted trade allocation policies and procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable time. If a block transaction cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day will generally be allocated pro rata among the clients participating in the block transaction. However, GWG may also make random allocations to client accounts in certain circumstances, such as when Baird deems a partial fill for the total block order to be low. Adjustments may also be made to avoid a nominal allocation to client accounts. under their direct favorable net price When GWG is not able to aggregate trades, GWG generally uses a trade rotation process that is designed to be fair and equitable to its advisory clients over time. However, a client should be aware that GWG’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in the rotation, and, as a result, the client may receive a for the less applicable trade. into consideration account GWG and Baird generally aggregate buy and sell orders when executing trades for client account assets discretionary management when they have the opportunity to do so. When utilizing block transactions, GWG and Baird generally aggregate a client’s trade orders with trade orders for clients who are participating in the same Service and pursuing the same model portfolio or strategy. In some cases, GWG or Baird may aggregate a client’s trade orders with trade orders for other advisory clients who are not participants in the Services described in this Brochure. However, GWG and Baird determine whether or not to utilize block transactions for a client in their sole discretion and GWG’s and Baird’s decision is subject to their duty to seek best execution. In determining the amount to be allocated to an account, if any, GWG and Baird specific take investment restrictions, undesirable position size, account portfolio weightings, client tax status, client cash positions and client preferences. for fixed Notwithstanding the foregoing, if an aggregated trade order involves fixed income securities, GWG and Baird may allocate the securities based on the needs of client accounts. In addition, GWG and Baird will at times place aggregated trade income securities prior to orders determining how the aggregated trade order will 93 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  be allocated to client accounts. In those instances when an aggregated trade order for fixed income securities is placed prior to determining client allocations or when such trade order is only partially filled, GWG or Baird will seek to allocate trades in manner intended to be fair and equitable to applicable clients over time. Furthermore, when a trade order for fixed income securities is only partially filled, GWG and Baird may place orders for other fixed income securities that have similar characteristics, such as issuer name, structure, credit rating, or market sector. not aggregate the client’s directed brokerage trade orders with orders for other GWG clients. As a result, a client’s transaction costs may be higher because the client will not benefit from any volume discounts or other reduced transaction costs that GWG may obtain for its other clients. A client should further note that GWG generally will not include such client trade orders in its trade rotation process and that GWG will generally place the client’s trade orders with the directed broker-dealer after GWG completes its trading for other GWG client accounts. The client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in GWG’s rotation. As a result, the client may receive a less favorable net price for the trade. Because GWG and Baird are unable to buy or sell any security for a client’s Non-Discretionary Accounts without the client’s authorization, GWG and Baird generally do not aggregate or bunch trades for those Accounts with the same or similar trades for other client accounts. Because similar orders for the client and GWG’s or Baird’s other clients may be placed and filled at different times, the client may buy or sell securities at prices that are different from the prices obtained by other clients who received the same or similar advice from GWG or Baird. If a client directs GWG to use a particular broker- dealer, and if the particular broker-dealer referred the client to GWG or if the particular broker- dealer refers other clients to GWG or Baird in the future, GWG and Baird may benefit from the client’s directed brokerage arrangement. Because of these potential benefits, GWG and Baird may have an economic interest in having the client continue the directed brokerage arrangement. The benefits that GWG and Baird receive conflict with the client’s interest in having GWG or Baird recommend that the client utilize another broker- dealer to execute some or all transactions for the client’s Account. Before directing GWG to use a particular broker- dealer, a client should carefully consider the possible costs or disadvantages of directed brokerage arrangements. best execution for the the purchase of Cross Trading Involving Advisory Accounts GWG generally does not in engage in cross transactions, including agency cross transactions, except in limited instances such as when clients buy or sell variable rate demand obligations which are also known as “put bonds”. When GWG believes that the transaction is consistent with each client’s best interest, GWG, acting as investment manager, may cause (or in the case of Non-Discretionary accounts, recommend) the sale of securities from the account of an advisory client while at or about the same time causing (or, in the case of Non-Discretionary accounts, recommending) the same securities for the account of another GWG advisory client. Such transactions may have the Directed Brokerage Arrangements In some cases, a client may direct GWG to use a particular broker-dealer for execution of the client’s trade orders (a “directed brokerage arrangement”), and GWG may agree to the arrangement. This may occur when a client’s Account is held at another broker-dealer firm and a client directs GWG to execute trades through such firm, or when a client’s Retirement Account or other account is maintained on a platform operated and managed by a third party unaffiliated with GWG or Baird and trades must be executed through that platform. A client should understand that GWG and Baird consider such arrangements to be directed brokerage arrangements. A client should also understand that if the client has a directed brokerage arrangement, GWG and Baird may be unable to client’s achieve transactions. A client should note that any costs related to the directed brokerage arrangement are not included in the Advisory Fee and that the client will be solely responsible for monitoring, evaluating and reviewing the arrangement with the directed broker-dealer and paying any commissions or markups or markdowns or other costs imposed by the directed broker-dealer. A client should also note that GWG generally will 94 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  benefit of reducing transaction and market impact costs. Soft Dollar Benefits GWG and Baird receive no research or other products from broker-dealers in connection with GWG clients’ securities transactions. Trading Practices of Investment Managers If a client’s Account or a portion thereof is managed by an investment manager, the client should note that, like Baird, such investment manager has a duty to seek best execution for the client’s Account. In such cases, because Baird is acting as investment adviser for both buyer and seller, Baird is subject to potentially conflicting interests in causing (or recommending) the transactions. Also, because Baird is acting as investment adviser for both buyer and seller, transaction prices may be determined more by reference to market information or dealer indications for the securities involved, and less through the type of independent arms-length negotiation that might otherwise occur. Baird has adopted internal policies and procedures that require GWG and Baird to obtain approval of Baird’s Compliance Department before affecting a cross trade. the investment manager, Investment managers may participate in wrap fee programs. In addition, investment managers may manage institutional and other accounts not part of a wrap fee program. In the event an investment manager purchases or sells a security for all accounts using a particular SMA Strategy offered by the investment manager may have to potentially effect similar transactions through a number of different broker-dealers. In some cases, to address this situation, investment managers may decide to aggregate all such client transactions into a block trade that is executed through one broker-dealer. This practice may enable the investment manager to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist the investment manager in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing client orders. Trade Error Correction It is Baird’s policy that if there is a trade error for which GWG or Baird is responsible, GWG or Baird facts and will take actions, based on the circumstances surrounding the error, to put the client’s Account in the position that it would have been in as if the error had not occurred, including by adjusting or reversing the transaction, entering an offsetting transaction, or other methods that may be deemed appropriate by Baird. Errors caused by GWG or Baird will be corrected at no cost to client’s Account, with the client’s Account not recognizing any loss from the error. GWG and Baird may net gains and losses from a single error event involving more than one transaction in a security or transactions in multiple securities. The client’s Account will be fully compensated for any losses incurred as a result of an error event. If the trade error results in a gain, the gain may be retained by Baird but such gain is not given to or shared with any GWG or Baird associate. GWG and Baird offer many services and, from time to time, may have other clients in other programs trading in opposition to a client. To avoid favoring one client over another client, Baird attempts to use objective market data in the correction of any trading errors. in the information If a client’s Account is managed by an Other Manager, the client should review the Other Manager’s Brochure and contact the Other Manager for information about how the Other Manager corrects trade errors. Alternatively, an investment manager may utilize a trade rotation process where one group of clients may have a transaction effected before or after another group of the investment manager’s clients. A client should be aware that an investment manager’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the investment manager’s rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier investment manager’s rotation, and, as a result, the client may receive a less favorable net price for the trade. Additional regarding an investment manager’s trade rotation policies, if any, is available in the investment manager’s Form ADV Part 2A Brochure. 95 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  trading for the client’s Account because GWG and Baird do not monitor, review or evaluate whether the manager is complying with its best execution obligations to the client. A client should review the manager’s Form ADV Part 2A Brochure, inquire about the manager’s trading practices, and consider that information carefully, before selecting a manager. on website A client should note that the client’s advisory agreement permits GWG and Baird to trade as principal on orders received from Other Managers. See “Trade Execution Services Performed by Baird—Principal Transactions” below for more information. Trade Execution Services Performed by Baird If Baird provides trade execution services for a client’s Account, Baird will generally act as agent when routing client trade orders for execution. However, Baird may cross trades between client accounts or may act as principal for its own account in certain circumstances to the extent permitted by applicable law as is more fully described below. in A client should understand that certain securities, such as securities traded over-the-counter and fixed income securities, are primarily traded in dealer markets. When Baird purchases or sells these types of securities for client accounts, it generally does so through broker-dealer firms acting as a dealer or principal. Dealers executing include a markup, principal trades typically markdown or spread in the net price at which transactions are executed. A client bears such costs in addition to the Advisory Fee. the Model Provider’s Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after implemented the Model Portfolio they have updates for client accounts managed by them or after they have otherwise completed trading for those accounts. The Overlay Manager has provided to Baird a list of Model Providers that have such trade rotation policies, which list is available at Baird’s bairdwealth.com/retailinvestor. A GWG client should understand that an Account pursuing a Model Portfolio strategy offered by those Model Providers will have trades executed for the client’s Account at the end of the Model Provider’s trade rotation on a regular and consistent basis. As a result, trade orders for such an Account will significantly bear the market price impact, if any, of those trades executed earlier in the Model Provider’s rotation and the performance of the Account will differ, perhaps in a materially negative manner, from the performance of client accounts managed by the Model Provider. In addition and for the same reasons described above, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by GWG client Accounts pursuing the Model Portfolio strategy. GWG and Baird do not make or control any investment manager’s trade rotation policies, and they do not monitor, evaluate or review any investment manager’s compliance with the manager’s trade rotation policies or whether such trade rotation policies result inequitable performance of client Accounts. A client selecting a Model Portfolio offered by such a Model Provider is urged to obtain a copy of the Model Provider’s Form ADV Part 2A Brochure and review the description of the Model Provider’s trade rotation policy contained in that document. A copy of a Model Provider’s Brochure can be obtained by contacting a GWG Consultant. A client should also monitor the performance of an Account pursuing such a Model Portfolio strategy and compare that performance with the performance reported for the Model Portfolio by the Model Provider. A client about Account should questions discuss performance or trade rotation policy with the client’s GWG Consultant. Agency Cross Transactions GWG generally does not in engage in agency cross transactions, except in limited instances. However, in certain circumstances and to the extent permitted by applicable law and regulation, Baird and GWG Consultants may effect “agency cross” transactions with respect to a client’s Account. An “agency cross” transaction is a transaction in which Baird or its affiliates act as broker for the party or parties on both sides of the transaction. As compensation for brokerage services, Baird may receive compensation from parties on both sides of an agency cross transaction, the amount of which may vary. GWG Consultants may receive compensation from Baird A client should note that each investment manager is solely responsible for ensuring that it complies with its best execution obligations to the client. A client should review the manager’s 96 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  interests of related to agency cross transactions. Therefore, Baird and GWG Consultants may have a conflicting division of loyalties and responsibilities. However, in all cases, Baird and GWG Consultants will seek to obtain the best execution for each respective advisory client and will effect agency cross transactions only in accordance with the requirements of Rule 206(3)-2 under the Advisers Act. Furthermore, Baird will comply with additional regulations applicable to Retirement Accounts. incentive to agency transactions “agency Where applicable, a client’s advisory agreement discusses and cross authorizes Baird and GWG Consultants to effect agency cross transactions for a client’s Account. A client’s authorization to Baird and GWG cross” to effect Consultants transactions is given pursuant to Rule 206(3)-2 under the Advisers Act and may be revoked at any time by the client in client’s sole discretion by notifying the client’s GWG Consultant in writing. addition to the Advisory Fee paid by the client. Principal trades also allow Baird to sell securities from its account that it deems undesirable and to buy securities for its account that it deem desirable. Thus, in trading as principal with a client, Baird and GWG Consultants will have potentially conflicting division of loyalties and responsibilities regarding their own interests and the client. This potential the compensation may give Baird and GWG Consultants an recommend a transaction in which Baird and GWG Consultants transactions. act as principal over other Nonetheless, Baird and GWG Consultants have a fiduciary duty to act in the client’s best interest and to seek best execution for advisory clients. Baird addresses this conflict through disclosure in this Brochure. Furthermore, Baird has adopted internal procedures that require Baird and GWG Consultants, when acting in a principal capacity, to disclose all material information regarding Baird’s interest in the transaction, and obtain the client’s approval of the transaction prior to settlement. A client’s advisory agreement discloses, where applicable, the possibility of Baird’s role in potential principal transactions, and each transaction confirmation sent to GWG clients discloses the capacity in which Baird served in the transaction and whether Baird is a market maker in each security the client bought or sold. or if other the Account transactions. Riskless Principal Transactions Subject to the requirements of applicable law, Baird and GWG Consultants may execute transactions for a client’s Account while acting as principal for Baird’s own account. Baird and GWG Consultants act as principal when they sell a security from Baird’s inventory to a client or they purchase a security from a client for Baird’s inventory. Baird and GWG Consultants also act as principal when they sell new issue securities to clients in securities offerings underwritten by Baird. Baird also acts as principal in riskless principal principal transactions refer to transactions in which Baird, after having received a client’s order, executes an identical order in the marketplace to fill the client’s order while acting as principal. realize profits Baird may from principal transactions with a client based on the difference between the price Baird paid for the security and the price at which Baird sold the security, which may include a markup, markdown or spread from the prevailing market price, an underwriting fee, selling dealer concession, or other incentive to execute the transaction. GWG Consultants may receive compensation from Baird related to principal trades of securities underwritten by Baird. Any compensation received by Baird or a GWG Consultant in a principal transaction is in To the extent permitted by applicable law and regulation, if a client’s Account participates in a non- Non-Discretionary Service discretionary service, or is managed by an Other Manager, the client’s advisory agreement provides Baird and GWG Consultants with a blanket authorization to act as principal for Baird’s own account in selling any security to, or purchasing any security from, the client’s Account. With this authorization, Baird and GWG Consultants may effect any and all principal transactions with the client’s Account without having to provide specific written disclosures or obtain written client consent prior to completion of each proposed principal trade, subject to the requirements of an exemptive order issued by the SEC to Baird (Rel. No. IA- 4596) and other applicable law and regulation. This authorization to enable Baird and GWG Consultants to trade as principal with a client’s Account may be revoked at any time by the client in client’s sole discretion by 97 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  notifying the client’s GWG Consultant in writing. benchmark that combines the returns for two or more indices. A client should note that past performance does not indicate or guarantee future results. None of GWG, Baird, or investment managers managing the client’s Account promise or guarantee any level of investment returns or that the client’s investment objective will be achieved. Review of Accounts Client Account Review Client accounts are monitored on a periodic basis by the client’s GWG Consultant and are subject to review by the Baird Market Director or PWM Supervision department supervisor (or his or her respective designee) responsible for supervising the client’s GWG Consultant. A client’s GWG Consultant generally reviews the performance of the client’s Account at least annually. However, the client’s GWG Consultant may not review the performance of a client’s SMAs managed by Other Managers under the Baird SMA Network Program or Dual Contract Program. Baird has designated individuals who are responsible for monitoring a client’s GWG Consultant with respect to the client account’s trading activity and attempting to ascertain whether client accounts within each composite are being treated equitably. Benchmarks shown in performance reports are for informational purposes only. GWG’s selection and use of benchmarks is not a promise or guarantee that the performance of a client’s Account will meet or exceed the stated benchmark. When the client compares Account performance to the performance of a market index, the client should recognize that a market index merely reflects the performance of a list of unmanaged securities included in the index and the index performance does not take into account management fees, execution costs, and other expenses related to investing for a client’s Account. The securities included in a client’s Account generally do not exactly mirror the securities included in the index. performance comparisons Account Statements and Performance Reports If Baird provides transaction execution services to a client, Baird will generally provide the client with a monthly brokerage account statement when activity occurs during that month. Otherwise, Baird will provide the client with a quarterly statement if there has not been any intervening monthly transaction activity. The benchmarks used by Baird with respect to a client’s SMA may differ from the benchmarks used by the manager of the client’s SMA. As a result, the in Baird’s performance reports may differ from reports provided to clients directly by the investment manager for the client’s SMA. A client’s GWG Consultant will provide the client with a written report on the client’s Account’s performance as often as the client and the GWG Consultant may from time to time mutually agree. Performance reporting may not be available for Account assets that are not custodied at Baird. For more information about performance reports provided by GWG, see “Advisory Business— Description of Advisory Services” above. GWG or Baird may change or discontinue performance reporting to a client at any time for any reason upon notice. calculation of The performance of investment managers may, under certain circumstances, be presented to clients on a “gross” or “gross of fees” basis, which means the performance results being presented does not reflect the deduction of Advisory Fees and other costs that clients have incurred and will incur when retaining the manager. Had applicable Advisory Fees and other costs been included in the performance calculation, the manager’s performance results would have been lower than the performance results presented. Documents presenting a manager’s performance results on a gross of fees basis should contain certain disclosures about the performance results being presented. Clients are urged to review carefully those disclosures because they contain important information about the the performance results. If a client is presented performance information for a manager’s strategy on a gross of fees basis and the client has an Client performance reports usually contain a portfolio valuation and typically show the asset allocation of the client’s portfolio, changes in a client’s portfolio, and account performance compared to a benchmark market index or indices (such as the S&P 500® Index or the Bloomberg Intermediate Government/Credit Bond U.S. Index). The benchmark may be a blended 98 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account managed by that manager pursuant to that strategy, the client should obtain a performance report for the Account and review that performance information carefully because the performance report for the Account will reflect the deduction of applicable Advisory Fees and other costs. valuations that are not current. The prices obtained by GWG and Baird from the third party pricing services, issuers, sponsors and custodians may differ from prices that could be obtained from other sources. Values used in account statements and performance reports may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the values may be greater than the amount a client would receive if the securities were actually sold from the client’s Account. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by GWG or Baird. See “Custody” below for more information. Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by Baird client Accounts pursuing the Model Portfolio strategy. See “Additional Service Information—Trading for Client Accounts—Trading Practices of Investment Managers” above for more information. including, but not limited to, role in developing the these fees to Client Referrals and Other Compensation GWG or Baird may provide compensation to individuals who refer clients in some instances. When applicable, the compensation paid is a percentage of the client’s fee payments or the value of the client’s Account. The amount of compensation will vary, with the specific level determined based upon consideration of various factors the client individual’s relationship and the assets under management. Baird may pay registered representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird. When preparing a client’s Account statements and performance reports, GWG and Baird generally rely upon third party sources, such as third party pricing services. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian. and Personal Trading” GWG and Baird and Baird’s affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled “Advisory Business—Additional Service Information”, “Fees and Compensation”, “Other Financial Industry Activities and Affiliations”, “Code of Ethics, Participation or Interest in Client Transactions and “Brokerage Practices” above. is unreliable. Valuation data Custody Certain Services may require clients to custody their Account assets at Baird. If Baird is the custodian of a client’s assets, Baird will provide certain custody services, including holding the client’s Account assets, crediting contributions GWG and Baird do not conduct a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. GWG and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such valuations for investments, particularly annuities and Complex Investment Products, may not be provided to GWG or Baird in a timely manner, resulting in 99 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  from and interest and dividends received on securities held in a client’s Account, and making or “debiting” distributions the Account. Information about account statements and performance reports, if any, that GWG and Baird provide to clients is contained under the heading “Advisory Business–Consulting Services” and “Review of Accounts” above. shares, could be more or less expensive than if the investment was obtained from Baird or another firm. A client should further note that GWG and Baird may not provide performance review or reporting for Held-Away Assets. In addition, a client who uses a third party custodian is not eligible for cash sweep services offered by Baird. Clients using a third party custodian are encouraged to establish appropriate cash sweep arrangements. As custodian, Baird may hold a client’s Account assets in nominee or “street” name, a practice that refers to securities and assets being registered in Baird’s name or in a name that Baird designates, rather than in a client’s name directly. Baird will be the holder of record in those instances. Baird may utilize one or more subcustodians to provide for the custody of a client’s assets in certain circumstances. For instance, Baird utilizes subcustodians to maintain custody of certain client securities that are traded on foreign exchanges. (e.g., A client who uses a third party custodian authorizes GWG and Baird to give instructions to the client’s custodian for all actions necessary or incidental to the purchase, sale, exchange, and delivery of securities held in the client’s Account. Also, the client will receive account statements directly from the client’s selected custodian. A client should carefully review those account statements and them with any compare statements provided by GWG or Baird. A client should note that the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by GWG or Baird due to a variety of factors, including the use of different valuation sources and accounting methods settlement date trade or accounting) by the custodian and Baird. Investment Discretion Investment Selection and Trading Authorizations A client retains complete discretion over investment selection and trading decisions with respect to assets in a client’s Non-Discretionary Service Accounts, and GWG and Baird will only execute transactions for such Accounts pursuant to the client’s instruction or authorization. to client Accounts on If a client’s Account participates in a Discretionary Service, the client’s advisory agreement provides Baird and the client’s GWG Consultant, as applicable, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the Service selected by the client. If a client’s Account participates in the GWG Recommended Managers Service, the client’s advisory agreement provides Baird and the client’s GWG Consultant discretionary authority to appoint investment managers to manage the client’s Account and to terminate or replace investment managers for the client’s Account for GWG and Baird in their sole discretion may accept certain clients whose assets are held by another custodian (a “third party custodian”). A client who uses a third party custodian to hold Account assets does so at the client’s risk. A client should understand that GWG and Baird do not monitor, evaluate or review any third party custodian unless they otherwise agree to do so in writing. The client should also understand that the client will pay a custody fee to the third party custodian in addition to the Advisory Fee. Baird may also impose additional fees on Accounts with assets held by a third party custodian due to the increase in resources needed to administer those Accounts. Further, such third party custody limit the Services made arrangements may available to the client. In addition, a client should understand that: (a) each third party custodian has exclusive control over the investment options made available the custodian’s platform; (b) GWG and Baird have no authority or ability to add to, or remove from, a custodian’s platform any investment option; (c) any advice given by GWG or Baird with respect to the Account is inherently limited by the options available through a custodian’s platform; (d) GWG or Baird may have provided different investment advice with respect to the Account had they not been limited to the investment options made available through the custodian’s platform; and (e) certain investments, such as mutual fund 100 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  terminated by the client, the client’s investment manager, GWG or Baird. a any reason without prior notice to the client. If GWG or Baird terminates an investment manager from management client’s GWG of Recommended Managers Service Account, the client’s advisory agreement provides GWG and Baird discretionary authority to manage the assets in the client’s Account until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. include If a client’s Account participates in an SMA Service, the client’s advisory agreement provides the investment manager selected to manage the client’s Account, which may an Implementation Manager, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the SMA Service selected by the client. Orders for the purchase and sale of securities in a client’s Discretionary Service Accounts will generally be executed by Baird, in its capacity as broker-dealer, as further described under the heading “Brokerage Practices” above, unless Baird’s duty to seek to obtain best execution otherwise requires or unless the client has provided other instructions to Baird in writing. GWG and Baird do not have discretionary authority over the assets in a client’s SMAs that are managed by an Other Manager and cannot purchase or sell such assets without the consent of the client or such Other Manager. The investment manager for a client’s SMAs may initiate securities transactions through Baird, in its capacity as broker-dealer, as further described under the heading “Brokerage Practices” above, subject to the manager’s duty to seek to obtain best execution, or unless a client has provided other instructions in writing. Baird, as broker- dealer, will rely upon any such instructions of any investment managers selected to manage the client’s Account. for buying, holding, If a client participates in an SMA Service, the client authorizes GWG and Baird to share client’s information with the Overlay Manager and any Implementation Manager Other Manager or managing the client’s Account. The client also authorizes and directs GWG and Baird to transmit to the Overlay Manager and any such Other Manager or Implementation Manager any instructions that the client may provide to GWG or Baird to the extent necessary to carry out the client’s instructions. the client. Pursuant Client Investment Restrictions The Discretionary and the SMA Services offer a client the ability to impose reasonable investment restrictions on the management of an Account, including the designation of particular securities or types of securities that should not be purchased for the client’s Account, but a client may not require that particular funds or securities (or types) be purchased for the client’s Account. Reasonable investment restrictions requested by a client will apply only to those assets over which GWG, Baird or a client’s investment manager has discretion. If a client grants discretionary authority over the client’s Account to GWG, Baird, the client’s GWG Consultant or the client’s investment manager, the client’s advisory agreement authorizes GWG, Baird, the client’s GWG Consultant and the client’s investment manager, as applicable, to manage the client’s Account and to make investment decisions for the client’s Account, with the authority to determine the amount, type and timing exchanging, converting and selling securities and other assets for the client’s Account, subject to the terms of the Service selected by the client. The client’s advisory agreement also grants to GWG, Baird, the client’s GWG Consultant and the client’s investment manager, as applicable, complete and unlimited trading authorization and appoints them as the client’s agents and attorneys-in-fact to manage the assets in the client’s Account on the client’s behalf, subject to the terms of the Service selected by to such authorization and powers of attorney, GWG, Baird, the client’s GWG Consultant and the client’s investment manager may, in their sole discretion and at the client’s risk, purchase, sell, exchange, convert and otherwise trade the securities and other assets in the client’s Account, as well as arrange for delivery and payment in connection with the above, and act on the client’s behalf in all matters necessary or incidental to the handling of the client’s Account without prior notice to the client. Such trading authorizations and powers of attorney, whether granted to GWG, Baird, the client’s GWG Consultant or the client’s investment manager, shall remain in full force and effect until 101 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  on website investments to those GWG may also offer clients a socially responsible investing (“SRI”) service, which assists a client in restricting that are consistent with the client’s social investment guidelines or objectives. Clients electing the SRI service generally bear the cost of the SRI service as it is generally included in the Advisory Fee. entitled “Methods of accounts without restrictions investment product. Additional information is also available at Baird’s bairdwealth.com/retailinvestor. GWG, Baird and Baird’s affiliates will use their discretionary authority to invest the client’s Account in affiliated investment products when they determine it to be in the client’s best interest to do so. Generally, the criteria used by them in deciding to invest in affiliated investment products are the same as those used in deciding to invest a client’s assets in investment products unaffiliated with Baird. For more information about the criteria used by GWG and Baird, clients should review the section of the Brochure Analysis, Investment Strategies and Risk of Loss” above. For more information about the criteria used by Baird’s affiliates, clients should review the affiliate’s Form ADV Part 2A Brochure. A client’s consent may be revoked at any time. Other Managers may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with the Other Manager or that pay fees to the Other Manager or to any of its affiliates for investment advisory or other services they provide. In the event that a client’s Account is restricted from investing in certain securities, GWG, Baird or the client’s investment manager, as applicable, will select such other replacement securities, if any, as they deem appropriate. Accounts with investment restrictions may perform differently from and performance may be poorer. In addition, in the event there is a change in the classification or credit rating of a security held in the client’s Account, a client’s investment restrictions may force GWG, Baird or the client’s investment manager to sell such security at an inopportune impacting Account time, possibly negatively performance and causing the client’s Account to realize taxable gains or losses, which could be significant. A client should also be aware that, if the client’s Account holds any investment vehicle (such as a mutual fund or ETF), any investment restrictions the client places on the client’s Account may not flow through to the securities owned by that investment vehicle. Should a client wish to impose or modify existing restrictions, or the client’s financial condition or investment objectives have changed, the client should contact the client’s GWG Consultant. By signing an advisory agreement with GWG, a client consents to each Other Manager managing client’s Account investing all or a portion of the client’s Account in investment products that pay advisory or other fees to the Other Manager or its affiliates. Each Other Manager is responsible for providing to the client information about the amount of fees received by the Other Manager and its affiliates and the criteria used by the Other Manager in deciding to invest in products affiliated with the Other Manager. A client should contact the Other Manager and review the Other Manager’s Form ADV Part 2A Brochure for more information. A client’s consent may be revoked at any time. Affiliated Investment Products GWG, Baird and Baird’s affiliates may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with Baird or that pay fees to Baird or to any of its affiliates for investment advisory or other services they provide (“affiliated investment products”). Baird and its affiliates may receive fees or other compensation related to such investments made by the client. Investment Policy Statements GWG and Baird will not review, monitor, accept or adhere to an investment policy statement or similar document that was not prepared by GWG or Baird, unless they otherwise specifically agree to do so in writing. Adherence to any such investment policy statement or similar document is solely a client’s responsibility. By signing an advisory agreement with GWG, a client consents to GWG, Baird and Baird’s affiliates investing all or a portion of the client’s Account in affiliated investment products. The amount of fees received by Baird and its affiliates is generally described in the prospectus or other the offering or disclosure documents for 102 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  institutional class shares, manage the client’s Account (which may include Baird, the Overlay Manager or an Implementation Manager). A client may select either option by making the appropriate election in the client’s advisory agreement (and in the case of a dual contract arrangement under the Dual Contract Program, by providing proper instructions to the manager directly). For information about a manager’s voting policies and procedures, clients should review the manager’s Form ADV Part 2A Brochure. Conversion, Exchange or Sale of Certain Investments By participating in a Service, a client authorizes GWG and Baird to convert or exchange any shares of mutual funds and other Investment Funds held in the client’s Account to a class of shares of the same fund, such as advisory class financial shares, intermediary class shares, or another class of shares primarily designed for use in advisory programs (collectively, “Advisory Class Shares”), to the extent made available by the mutual fund or other Investment Fund in accordance with policies established by Baird from time to time, including, without limitation the Mutual Fund Share Class Policy that is described above. Discretionary Services Under the GWG Investment Management Service, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or a client may delegate such right to Baird. If a client retains proxy voting authority, Baird will forward proxy materials that Baird actually receives to the client. The client will then be solely responsible for analyzing the materials and casting the vote. A client should understand that, the client may not hold Advisory Class Shares in a non-Advisory Account and that the client may not be able to hold certain Advisory Class Shares in an account held at another firm. Upon the termination of a Service for an Account or the closure of an Account for any reason, GWG and Baird may convert or exchange the Advisory Class Shares held in the Account to an appropriate non- Advisory Class Shares issued by the same fund, or, if an appropriate non-Advisory Class Shares is not available, GWG and Baird may redeem or sell such Advisory Class Shares. If a client delegates voting authority to Baird, Baird will vote proxies solicited by, or with respect to, securities held in the client’s Account for the exclusive benefit of the client and in accordance with policies and procedures adopted by Baird. contacting Baird has adopted written policies and procedures that are reasonably designed to ensure that it votes client securities in the best interests of clients. Those procedures address material conflicts of interest that may arise between Baird’s interests and those of its clients. Although a description of Baird’s proxy voting policies and procedures is provided below, Baird will furnish a copy of its proxy voting policies and procedures to clients upon their request. Additionally, clients may obtain information on how Baird actually voted proxies with respect to the securities held in their GWG their accounts by Consultant or by calling (414) 765-3500. Voting Client Securities Non-Discretionary Accounts With respect to any Accounts over which the client retains discretionary investment authority, a client retains the right to vote proxies with respect to the securities held in such Accounts. Accordingly, the client is responsible for voting proxies and otherwise addressing all matters submitted for consideration by security holders, and GWG and Baird are under no obligation to take any action or render any advice regarding such matters. The client’s GWG Consultant may, upon the client’s request, provide advice on proxy voting or what other action the client could take. interests. Baird utilizes governance services, Separately Managed Accounts Under the GWG Recommended Managers Service, Baird SMA Network Program and Dual Contract Program, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or the client may delegate such right to the investment manager selected to In situations in which a client has delegated to Baird voting authority with respect to securities in the client’s Account, Baird will vote proxies in a manner that Baird believes is consistent with the client’s best an independent provider of proxy voting and currently corporate Institutional Shareholder Services (“ISS”), to 103 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  (or voting recommendations. interests of administering to manage or seeking administer) a corporate retirement, pension or employee benefit plan or providing (or seeking to provide) advisory or other services to a company whose management is soliciting proxies. In such instances, there may be a concern that Baird would be inclined to vote in favor of management because of Baird’s relationship or pursuit of a relationship with the company. In situations where there is a potential conflict of interest, Baird’s Proxy Voting Sub-Committee will determine the nature and materiality of the conflict. If the conflict is determined to not be material, the Sub-Committee will vote the proxy in a manner the Sub-Committee believes is in the best the client and without consideration of any benefit to Baird or its affiliates. If the potential conflict is determined to be material, Baird’s Proxy Voting Sub-Committee will take one of the following steps to address the potential conflict: (1) cast the vote in accordance with the recommendations of ISS or other independent third party; (2) refer the proxy to the client or to a fiduciary of the client for voting purposes; (3) suggest that the client engage another party to determine how the proxy should be voted; (4) if the matter is not addressed by ISS, vote in accordance with management’s recommendation; or (5) abstain from voting. analyze proxy materials and votes and make independent ISS provides proxy voting guidelines regarding its position on various matters presented by companies to their shareholders for consideration. Baird will typically vote shares in accordance with the recommendations made by ISS. However, ISS’s guidelines are not exhaustive, do not address all potential voting issues, and do not necessarily correspond with the opinions of GWG Consultants. In the event the client’s GWG Consultant believes the ISS recommendation is not in the best interest of the client, the GWG Consultant will bring the issue to Baird’s Proxy Voting Sub-Committee through a proxy challenge process. The Sub-Committee will then be responsible for determining how the vote will be cast. The decision made by the Proxy Voting Sub- Committee on the proxy challenge applies to all advisory accounts managed by the GWG Consultant (or team of GWG Consultants), unless the client has directed Baird to utilize specific voting guidelines (e.g., Taft-Hartley guidelines). For those matters for which the independent proxy voting service does not provide a specific voting recommendation, each GWG Consultant will cast the vote in a manner he or she believes is in the best interest of clients. The votes cast for a client’s Account may differ from those votes cast for other Baird clients based on differing views of GWG Consultants and other Baird portfolio managers. While Baird uses its best efforts to vote proxies, there are instances when voting is not practical or is not, in Baird’s or GWG Consultants’ view, in the best interest of clients. For example, casting a vote on a foreign security may involve additional costs or may prevent, for a period of time, sales of shares that have been voted. Also, when a client has entered into a securities lending program, Baird generally will not seek to recall the securities on loan for the purpose of voting the securities; however, Baird reserves the right to recall the shares on loan on a best efforts basis if the client’s GWG Consultant becomes aware of a proxy proposal where the proxy vote is materially important to the client’s Account. In addition to the services described above, Baird has engaged ISS for vote execution and record- keeping services. Baird uses ISS’s electronic vote management system to cast votes on behalf of clients. In connection with Baird’s use of that system, ISS pre-populates how client votes should be cast based upon ISS’s voting recommendations. The system allows Baird to change the pre-populated vote (to the extent permitted by Baird’s proxy voting policies) up until a certain time prior to the applicable meeting (the “voting cut-off time”). Baird’s proxy voting policies are designed to address situations when additional information becomes available after the votes are pre- populated in the system and before the voting cut-off time. However, there is no guarantee that all information that could affect Baird’s proxy voting decision will be received or considered by Baird prior to a vote being cast. Other Proxy Voting Information Clients wishing to direct particular votes once they have granted Baird discretionary voting authority may do so by contacting their GWG The proxy voting policies and procedures also address instances in which Baird’s interests may appear to conflict with client interests, such as when Baird or an affiliate of Baird is managing or 104 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  bankruptcy petition at any time during the past ten years. Consultant. However, if Baird has been granted discretionary voting authority, neither GWG nor Baird will provide a client with notice that Baird has received a proxy solicitation, nor will they consult with the client before casting a vote, unless the client otherwise directs them to do so. investment Except to the extent a client has delegated proxy voting authority to Baird, GWG and Baird have no authority, direct or implicit, and accept no responsibility for taking any action or rendering any advice with respect to the voting of proxies related to securities held in a client’s Accounts. including, of Labor without (“DOL”) Special Considerations for Retirement Accounts Each Retirement Account Fiduciary of a client should understand that GWG or Baird may invest for the client, recommend that the client invest in, or make available to plan for participants, affiliated investment products, that Baird and its affiliates will receive fees or other compensation related to such investments, and that they will retain such compensation to the extent permitted by applicable law, rule or limitation, regulation, Department Prohibited Transaction Exemption (“PTE”) 77-4, DOL PTE 2020-02 or other advisory opinions issued by the DOL. Providing Baird Voting Instructions As mentioned above, Baird may be the holder of record for certain securities in a client’s Account. If the client retains voting authority over such securities (or delegates such authority to party other than Baird), and a proxy is solicited with respect to any such securities, the client (or other authorized party) will need to provide voting instructions to Baird. To the extent the client (or other authorized party) does not provide timely voting instructions, Baird will vote such securities to the extent permitted by law and in compliance with the rules of the New York Stock Exchange and the SEC relating to such matters. Legal Proceedings and Corporate Actions Generally, none of GWG, Baird or any Other Manager responsible for managing all or a portion of the assets in a client’s Account will render advice or take action on a client’s behalf with respect to securities that are or were held in the client’s Account, or the issuers thereof, which go into default or become the subject of legal proceedings, such as class action claims, defaults or bankruptcies. Also, they may or may not vote or advise clients on other corporate actions, like tender offers, that are not solicited by a proxy statement. At a client’s request, Baird will forward information that Baird actually receives to the client. To the extent Baird and its affiliates rely upon PTE 77-4, each Retirement Account Fiduciary should also understand that when GWG or Baird invests the assets of a Retirement Account in an affiliated investment product that pays investment advisory fees to Baird or any of its affiliates, Baird and its affiliates will receive such investment advisory fees in accordance with the terms of DOL PTE 77- 4, and, as required thereby, GWG and Baird will waive the asset-based Advisory Fees on that portion of the assets invested in the affiliated investment product for such period of time so invested or Baird will offset the investment advisory fees received by Baird or any of its affiliates from the affiliated investment product against the asset-based Advisory Fee that GWG and Baird charge to the client. For the purpose of complying with the terms of DOL PTE 77-4, the client and each Retirement Account Fiduciary of the client acknowledge in the client’s advisory agreement that: (i) the investment in affiliated investment products for the client’s Account is appropriate because of, among other things, the investment goals, redeemability, liquidity, and diversification of those products; (ii) subject to the terms of the applicable Service, all assets of the client’s Account may be invested in one or more of the affiliated investment products; (iii) the client and such Retirement Account Fiduciary received prospectuses or other offering or disclosure documents for the affiliated investment products that may be used in connection with the Account, each of which include a summary of all fees that may be paid by the affiliated investment products to Baird or its affiliates; and (iv) the Financial Information GWG does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of Baird’s most recent fiscal year. Neither Baird nor GWG is aware of any financial condition that is reasonably likely to impair their ability to meet their contractual commitments to clients, nor has either been the subject of a 105 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment product client received information concerning the nature and extent of any differential between the rate of such affiliated investment product fees and the the client. The Advisory Fees payable by differential between the fees to be charged by GWG and Baird for the investment advisory services they provide to the client and, if applicable, the investment advisory and other similar fees paid by the affiliated investment product to Baird or its affiliates with respect to the services Baird or any of its affiliates provides to the affiliated is the difference between the Advisory Fee disclosed in the client’s advisory agreement and the applicable investment management, investment advisory and other similar fees detailed in the applicable prospectus or other offering or disclosure documents for the affiliated investment product. If the client’s Account is a Retirement Account, the client and each Retirement Account Fiduciary of the client should note that the advisory 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, GWG 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. GWG also will provide such other reasonably available information that the client may request for such purpose. that directed the fiduciary Fiduciary such Fiduciary is that for complying with all likelihood of price transactions, and the duty in certain broker-dealer, and terminating monitoring a funds. Baird may place orders 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 improvement, execution, 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 or other remuneration instances. Additional information about Baird’s routing of equity orders is available on Baird’s website at bairdwealth.com/retailinvestor. Baird does not place orders with market makers or other third parties for the purpose of compensating such firms for their efforts in marketing Baird-affiliated for mutual securities transactions with third party broker- dealers and other firms that provide research products and services to Baird. If the client’s Account is a Retirement Account and if GWG is directed to implement a directed brokerage arrangement for the Account, each Retirement Account Fiduciary of the client should understand: brokerage the arrangement must be for the exclusive benefit of participants and beneficiaries of the Retirement responsibilities Account; and discussed in ERISA Technical Bulletin 86-1. Each should also Retirement Account solely understand responsible fiduciary in ERISA Technical responsibilities discussed Bulletin 86-1, including, without limitation, the duty to make an initial determination that the directed broker-dealer is capable of providing best execution for the client’s brokerage transactions, the duty to monitor the services provided by the directed broker-dealer so as to assure that the client has received best execution of the client’s brokerage to determine that the commissions paid by the client and any other fees or costs incurred by the client are reasonable in relation to the value of the brokerage and other services received by the client. The client and each Retirement Account Fiduciary of the client should also understand that the client and the client’s Retirement Account Fiduciaries are solely responsible for engaging a its directed directed performance brokerage arrangement, and that GWG and Baird are not responsible for determining whether a directed broker-dealer is capable of providing best execution. 106 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  For more information If a client’s Account is a Retirement Account and if the client has selected an investment manager or product related to Baird (such as the use of services or products offered by Baird Advisors, Baird Equity Asset Management, CCM, Baird Trust, GAMMA, Greenhouse, LoCorr, Riverfront, Strategas or any Investment Fund affiliated with any of them), each Retirement Account Fiduciary of the client understands and agrees that in making such selection: (a) Baird and its affiliates may receive higher aggregate compensation than if the client selected investment managers, funds or other products not affiliated with Baird and thus Baird may have an incentive to offer such affiliated investment managers, funds or other products; (b) Baird makes available to the client investment managers, funds and products not affiliated with Baird and the client may obtain additional information about such unaffiliated investment managers, funds or products at any time by contacting the client’s GWG Consultant; and (c) the client is free to choose another investment option or participate in another Baird advisory program that does not use investment managers, funds or products affiliated with Baird at any time by contacting the client’s GWG about Consultant. investment managers and products that are affiliated with Baird, please see “Other Financial Industry Activities and Affiliations” above. 107 BGWG F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

Baird Private Wealth Management Brochure March 21, 2025 Institutional Consulting Services 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 information about Baird is available on This brochure (“Brochure”) provides information about the qualifications and business practices of Robert W. Baird & Co. Incorporated (“Baird”) and its Private Wealth Management Department’s Institutional Consulting Services. You should carefully consider this information before becoming a client of Baird. If you have any questions about the contents of this Brochure, please contact us 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 the SEC’s website at www.adviserinfo.sec.gov.  Material Changes Robert W. Baird & Co. Incorporated (“Baird”) updated the Form ADV Part 2A brochure for its Private Wealth Management Department’s Institutional Consulting Services (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that Baird has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Baird updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Advisory Business” for more information. • Baird updated information about risks associated with recent events, such as those associated with potential market uncertainty caused by policy changes as the result of the recent U.S. Presidential election, Russia’s ongoing war with Ukraine, conflicts in the Middle East, the strained relationship between the U.S. and China and other countries, inflation, discord in U.S. politics and other geopolitical events. See the Section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” for more specific information. • Baird updated information about Baird’s affiliates and related persons. See the Section of the Brochure entitled “Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents Advisory Business .......................................................................................................... 1 Robert W. Baird & Co. Incorporated .............................................................................. 1 The Client-Baird Fiduciary Relationship .......................................................................... 1 Summary of Institutional Consulting Services ................................................................. 2 Description of Services ................................................................................................ 2 Additional Service Information ...................................................................................... 4 Fees and Compensation ................................................................................................. 7 Advisory Fees ............................................................................................................. 7 Other Fees and Expenses ............................................................................................. 9 Other Compensation Received by Baird ....................................................................... 10 Performance-Based Fees and Side-By-Side Management ............................................. 10 Types of Clients ............................................................................................................ 11 Methods of Analysis, Investment Strategies and Risk of Loss ...................................... 11 Investment Strategies and Methods of Analysis ............................................................ 11 Principal Risks .......................................................................................................... 21 Disciplinary Information .............................................................................................. 33 Other Financial Industry Activities and Related Parties ............................................... 35 Broker-Dealer Activities ............................................................................................. 35 Investment Management Activities .............................................................................. 35 Certain Affiliated and Related Parties ........................................................................... 35 Other Financial Industry Activities ............................................................................... 38 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading...................................................................................................... 39 Code of Ethics .......................................................................................................... 39 Participation or Interest in Client Transactions .............................................................. 39 Brokerage Practices ..................................................................................................... 42 Review of Accounts ...................................................................................................... 43 Client Referrals and Other Compensation ..................................................................... 43 Custody ........................................................................................................................ 43 Investment Discretion .................................................................................................. 43 Voting Client Securities ................................................................................................ 43 Financial Information ................................................................................................... 43 Special Considerations for Retirement Accounts .......................................................... 43 iii Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  its services separately or recommendations regarding investment managers and individual securities; investment consulting; financial planning; investment policy development; and account performance monitoring. Baird also offers clients execution of brokerage transactions and administrative services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers in combination with other services. Baird participates in wrap fee programs, including programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid by clients for providing portfolio management services under those wrap fee programs. interest associated with billion in regulatory assets As of December 31, 2024, Baird had approximately under $342.1429 management, approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. amended (“IRC”) (collectively, Advisory Business This Brochure describes the institutional consulting services (“ICS”) that the Private Wealth Management (“PWM”) Department of Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients. Separate brochures describe those other investment advisory services and discuss the terms and conditions, fees and costs and potential conflicts of interest associated with those services. This Brochure also references other documents that contain additional important information about Baird. Those documents describe the types of services that Baird offers to clients and certain types of investments it makes available to clients, including the terms, conditions, fees and costs applicable to those services and investments and certain risks and conflicts of those services and investments. Those documents are available on Baird’s website at bairdwealth.com/retailinvestor. Included on that website is Baird’s Client Relationship Booklet, which contains Baird’s Form CRS Client Relationship Summary and Baird’s Client Relationship Details document. The Client Relationship Booklet also contains an important disclosure document for retirement investors that have retirement accounts, which include employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as “Retirement Accounts”). A client of Baird who is a retail investor should have already received a copy of the Client Relationship Booklet. A client or prospective client who wishes to obtain a brochure for another investment advisory service provided by Baird, or a paper copy of any of the other documents referenced in this Brochure, including the Client Relationship Booklet, should call Baird toll-free at 1-800-792-2473. The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. information is privately-held, Robert W. Baird & Co. Incorporated Baird employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. The Client-Baird Fiduciary Relationship Baird is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Baird and its associates are deemed to have a fiduciary relationship with a client when providing the investment advisory services that are described in this Brochure. That means that Baird and its associates are required to act in the best interest of the client when providing investment advisory services. From time to time, Baird or its associates may engage in certain business practices or may receive compensation or other benefits that create a potential for conflict between the interests of clients and the interests of Baird or its associates. Baird generally addresses potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements that contain individuals providing about investment advice to clients and the services they provide, and the agreements clients enter into with Baird. In addition, Baird has adopted internal policies and procedures for Baird and its associates that require them to: provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; and act with utmost care and good faith in dealings with advisory clients. The specific business practices that create potential conflicts of interest with clients and additional measures used by Baird to address them are discussed in other sections of this Brochure. A client should note that registration as an investment adviser does not imply a certain level of skill or training. Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird offers include: portfolio management and analysis; analysis and regarding asset allocation and recommendations and investment strategies; research, analysis 1 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Summary of Institutional Consulting Services This Brochure describes certain investment advisory and other institutional consulting services generally offered by Baird to ICS clients (“Services”). The Services consist of: investment advisory • non-discretionary services, whereby Baird and one or more Baird associates approved by Baird to provide the Services (each an “ICS Consultant”) provides investment advice and recommendations but the client retains full authority with respect to the management of the client’s assets (“Non-Discretionary Services”); and into an advisory agreement with the client, which occurs when Baird’s home office has accepted the client’s advisory agreement and determined that all of the client’s paperwork is in order and Baird has delivered to the client all applicable Consulting Agreement- and Brochure- related documents. A client should understand that the agreement will not become effective, and Baird will not provide any advisory services selected by the client, until such time that Baird has accepted the Consulting the Agreement. Baird may delay acceptance of Agreement and the provision of advisory services to the client for various reasons, including deficiencies in the client’s paperwork. Once it has become effective, the Agreement shall continue until it is terminated in accordance with the terms described in the Agreement. advisory services (“Consulting • non-investment Services”). These Services may be aggregated to oversee an entire investment program or may be utilized separately. Typically, the Services are related to client assets held in one or more accounts maintained by the client’s custodian (an ”Account”). Description of Services The description of the Services below is only a general description of the investment consulting services offered by Baird to clients. The specific Services, the level of service to be provided, and the frequency of periodic reviews, if any, will be set forth in the client’s Consulting Agreement. A client should refer to the client’s Consulting Agreement for more specific information about the Services being provided. asset allocation reviews, The Non-Discretionary Services generally include the provision of investment policy statement creation or reviews, investment recommendations, investment option due diligence, and periodic performance reviews. The Consulting Services generally include assistance in educational campaigns for employees exploring retirement plan investment options, fee analysis of qualified retirement plan expenses, qualified retirement plan provider reviews, and qualified retirement plan requests for proposal. The Services are non-discretionary in nature and a client retains full discretionary authority to manage the client’s assets. A client or a client’s third party service provider may mandate the use of certain investment options or require Baird and a client’s ICS Consultant provide the Services with respect to a limited universe of potential investment options. Unless otherwise instructed, Baird will provide the Services without regard to any such requirements or limitations. When the availability of potential investment options is limited or the use of certain investment options is required, a client should note that: (i) any advice given by Baird or a client’s ICS Consultant is inherently limited by the options made available, (ii) Baird or a client’s ICS Consultant may have provided different investment advice had they not been limited to the investment options made available, and (iii) certain investments, such as mutual funds, may offer classes of shares with lower or higher operating expenses that are not made available. Non-Discretionary Services that ICS clients typically work with or are introduced to an ICS investment Consultant. Baird PWM’s home office professionals may also provide advice and assistance to the client. The client, with the assistance of an ICS Consultant, determines the services that are most appropriate given the client’s goals and circumstances. However, it is the client that ultimately selects the Services and is most investment strategy appropriate for the client. Baird and its ICS Consultants make available the following non-discretionary investment advisory services for which they act as a fiduciary. Investment Policy Statement Creation or Review ICS Consultants tailor their advisory services to the individual needs of clients. Clients may negotiate with ICS Consultants to provide other services. investment time horizon, A client may elect to have Baird provide assistance in creating an investment policy statement or reviewing an existing investment policy statement. If a client elects this Service, the client’s ICS Consultant will typically assist the client in determining the client’s investment objectives, investment constraints, investment diversification requirements, and risk tolerance. The ICS Consultant will also typically assist the client with incorporating that information into an investment policy statement, or updating the information A prospective client that wishes to participate in a Service will enter into an Institutional Consulting Services Agreement (a “Consulting Agreement”) with Baird. The Consulting Agreement will contain the specific terms applicable to the services selected by the client, advisory fee (“Advisory Fee”) payable by the client and other terms applicable to the client’s advisory relationship with Baird. A client should note that the client’s advisory relationship with Baird does not begin until Baird enters 2 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in an existing document, as the case may be. The investment policy statement is intended to provide guidance to the client by establishing performance benchmarks that account for changing market conditions. issued by the U.S. Treasury, The client is responsible for the review and final approval of the client’s investment policy statement. Asset Allocation Review securities and collateralized mortgage obligations (“CMOs”)); convertible debt securities; obligations issued by U.S., state, or foreign governments or their agencies, instrumentalities, or authorities, such as securities federal government agencies or federal government- sponsored enterprises (“Agency securities”), or foreign governments; municipal securities; money market mutual funds; certificates of deposit (“CDs”) (primary or secondary); commercial paper; • cash and cash equivalents; • open-end mutual funds, closed-end funds, exchange- traded funds (“ETFs”), and unit investment trusts (“UITs”); the need for • insurance company separate accounts and variable annuities; and (“SMA”) services • separately managed account provided by investment managers. A client may elect to have Baird provide an Asset Allocation Review. This Service is designed to identify investment portfolio options for the client, weighing risk versus potential return on investment based upon the client’s investment objectives, investment time horizon, investment constraints, investment diversification, and risk tolerance. The client’s ICS Consultant makes allocation recommendations to the client after analyzing asset mixes as they correlate to identified risk parameters, thereby assisting the client in establishing reasonable investment return expectations. in concentrated and investment strategies The client is responsible for ensuring that all relevant information, including but not limited to, an investment policy statement approved by the client (including any revisions or modifications), is provided to the client’s ICS Consultant before the client’s ICS Consultant begins any asset allocation review. Subject to the terms of the client’s agreement, the client’s ICS Consultant will periodically review and evaluate the client’s current asset allocation and recommend revisions to the allocation based upon changes to the client’s situation. (collectively, “Complex Investment Due Diligence In some cases, ICS Consultants may recommend investments less diversified portfolios of securities. They may also recommend investments in illiquid securities and/or investments in alternative (“Alternative Strategies”) or other non-traditional or complex investment strategies that involve special risks not apparent in more traditional investments like stocks and bonds (collectively, “Complex Strategies”). Similarly, ICS Consultants may recommend that clients invest in non- traditional or real assets (“Non-Traditional Assets”). Some Services also offer the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies Investment Products”). Baird assumes no responsibility for a manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the manager. If a client elects to have Baird provide Investment Due Diligence, the client’s ICS Consultant assists the client in analyzing current and/or prospective investment options. The client is solely responsible for selecting an investment option and is solely responsible for hiring, terminating, and/or replacing an investment manager, and for buying, selling, or otherwise replacing any investment option. Periodic Performance Reviews Investment Recommendations If a client elects to receive Investment Recommendation Services, the client’s ICS Consultant will provide the client investment options consistent with the client’s investment objectives, investment guidelines and asset allocation needs. Investment options may include, but are not limited to: If a client elects to have Baird provide periodic performance reviews, a client’s ICS Consultant will provide the client with a written report on the client’s Account’s performance as often as the client and the ICS Consultant may from time to time mutually agree. The client’s ICS Consultant typically performs a review of the client’s asset allocation and provides an evaluation of the historical performance of the client’s investments by comparing the performance of those investments with benchmark indices, which may be determined by the client’s ICS Consultant or may be jointly determined by the client and ICS Consultant. • equity securities, including, but not limited to, common stocks, American Depositary Receipts (“ADRs”), and ordinary shares, including whether exchange-traded, or over-the-counter traded; • fixed-income securities, including but not limited to, debt securities issued by domestic and foreign corporations and other entities; preferred stocks, asset-backed securities (including mortgage-backed A client should note that past performance does not indicate or guarantee future results. None of Baird, its associates or investment managers managing the client’s Account promise or guarantee any level of investment 3 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  returns or that the client’s investment objective will be achieved. plan, the benefits derived from payment for such services, and compares them to industry costs and services. The client’s ICS Consultant typically also summarizes the results in writing, and provides those results to the client. The client’s ICS Consultant’s analysis does not generally consider fees and charges assessed to the client pursuant to the client’s Consulting Agreement. Retirement Plan Provider Review The selection and use of benchmarks is not a promise or guarantee that the performance of a client’s Account will meet or exceed the stated benchmark. When the client compares Account performance to the performance of a market index, the client should recognize that a market index merely reflects the performance of a list of unmanaged securities included in the index and the index performance does not take into account management fees, execution costs, and other expenses related to investing for a client’s Account. The securities included in a client’s Account generally do not exactly mirror the securities included in the index. The benchmarks used by Baird with respect to a client’s SMA may differ from the benchmarks used by the manager of the client’s SMA. As a result, the performance comparisons in Baird’s performance reports may differ from reports provided to clients directly by the investment manager for the client’s SMA. If a client elects to have Baird provide a retirement plan provider review, the client’s ICS Consultant will perform an analysis of the client’s plan provider. This analysis includes a review of services and benefits provided to the client by the plan provider, as well as the costs incurred to receive such services. The client’s ICS Consultant typically also summarizes the results in writing, and provides those results to the client. The client’s ICS Consultant relies upon information provided by the client and third party sources to provide this Service. Baird and ICS Consultants do not conduct a review of such information, and they do not verify or guarantee the accuracy of such information. Retirement Plan Provider Request for Proposal identifying and distributing Baird and the client’s ICS Consultant rely upon information provided by the client and/or the client’s custodians when performing a performance review. Baird and ICS Consultants do not conduct a review of valuation information provided by clients or third party custodians, and they do not verify or guarantee the accuracy of such information. Consulting Services In addition to the investment advisory services described above, Baird and its ICS Consultants make available the following non-investment advisory services for which they do not act as a fiduciary. Retirement Plan Participant Education If a client elects to have Baird provide a retirement plan provider request for proposal (“RFP”) Service, the client’s ICS Consultant will assist the client in preparing RFP documents, the RFP documents to multiple retirement plan providers, and analyzing their responses to the RFP. The client’s ICS Consultant typically performs a cost-benefit analysis of the services offered by each provider and the fees, summarizes the results in writing, and provides those results to the client. The client’s ICS Consultant relies upon information provided by the client, RFP participants, and third party sources to provide this Service. Baird and ICS Consultants do not conduct a review of such information, and they do not verify or guarantee the accuracy of such information. A client should note that the client’s ICS Consultant will solicit providers based solely on the criteria the client has provided to the client’s ICS Consultant. Other Services The client’s ICS Consultant may offer other consulting Services specifically tailored for the client. Any such Services will be set forth in the client’s Consulting Agreement. Additional Service Information Complex Strategies and Complex Investment Products If a client elects to have Baird provide retirement plan participant education, the client’s ICS Consultant, in cooperation with the client’s retirement plan provider, will offer general guidance to the client in the development and implementation of educational campaigns for plan participants. The general education services provided by the client’s ICS Consultant and the client’s plan provider may include, but are not limited to, topics such as plan options, saving for retirement, asset allocation, and the benefits of diversification. The client’s ICS Consultant may also work with the plan provider to distribute plan provider educational materials to the client’s employees. A client should understand that this service is limited to general education only and that Baird does not provide investment advice to retirement plan participants unless Baird otherwise agrees in writing. Retirement Plan Fee Review If a client elects to have Baird provide a retirement plan fee review, the client’s ICS Consultant will perform a fee analysis which includes a review of costs incurred by the Alternative Strategies or other Complex Strategies involve special risks not apparent in more traditional investments like stocks and bonds. Complex Strategies may be pursued in multiple ways, including by investing in alternative mutual funds, ETFs, hedge funds, managed futures, private equity funds and SMAs managed by third party managers. Some Complex Strategies invest in Non- 4 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Short Sales swaps, or Traditional Assets, such as real estate, commodities include metals, mining, energy and (which may agricultural products), currencies, movements in securities indices, credit spreads and interest rates, and venture capital and buyout investments in private companies. Some Complex Strategies engage in the use of margin or leverage or selling securities short (“short sales”). Some Complex Strategies invest in derivative instruments such as options, convertible securities, contracts. Complex forward futures, Investment Products generally engage in one or more information about Complex Strategies. Additional Alternative Strategies and Complex Strategies is contained under the heading “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Alternative Strategies and Complex Strategies” below. Additional information about Complex Strategies and Complex Investment Products, generally, is provided below. Short selling attempts to benefit from an anticipated decline in the market value of a security. To effect a short sale, a client sells a security the client does not own. When a client sells a security short, a firm borrows the security from a lender and makes delivery to the buyer on the client’s behalf. Because short sales involve an extension of credit from the firm to the client, a client must generally use a margin account. A client must also eventually purchase the same shares sold short and return them back to the lender. It is possible that the prices of securities that a client sells short may increase in value, in which case the client may lose money on the short position. Short selling thus runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. Non-Traditional Assets investments Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in short sales. Thus, a client’s Account will be subject to short sales risks if the investment manager managing the client’s Account or an investment product in the client’s Account engages in short sales. Options and Other Derivative Instruments Derivative Instruments cryptocurrency, or Non-Traditional Assets, such as in commodities, currencies, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, may be used for diversification purposes. They may also be used to try to reduce market and inflation risk. The performance of Non-Traditional Assets may not correspond to the performance of the stock markets generally, and investments in Non-Traditional Assets will generally impact an Account’s returns differently than more traditional investments like stocks or bonds. Non-traditional assets are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Non-traditional assets are generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Margin and Leverage Margin Derivatives instruments, such as options, convertible securities, futures, swaps, and forward contracts are financial contracts that derive value based upon the value of an underlying asset, such as a security, commodity, currency, index. Derivative instruments may be used as a substitute for taking a position in the underlying asset. Derivative instruments may also be used to try to hedge or reduce exposure to other risks. They may also be used to make speculative investments on the movement of the value of an underlying asset. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investing in derivatives also generally involves leverage. Derivatives are also generally less liquid, and subject to greater volatility compared to stocks and bonds. Options Margin involves borrowing money from a firm to buy securities or other property. Securities held in a client’s margin account are used as the firm’s collateral for the margin loan. The value of the collateral in the margin account must be maintained at a certain level relative to the margin loan for the duration of the loan. If the securities in the margin account decline in value, so does the value of the collateral supporting the margin loan, and as a result, the firm may take action, such as issue a margin call and sell securities in the account. Leverage Options transactions may involve the buying or writing of puts or calls on securities. In some cases, a firm may require clients to open a margin account to engage in options trading. Leverage generally attempts to obtain investment exposure in excess of available assets through the use of borrowings, short sales and other derivative instruments. While leverage can potentially enhance returns, it can also exacerbate losses if changes in the markets, or the values of the investments subject to the leverage, are adverse to the strategy being pursued. The use of leverage may also increase an Account’s volatility. With a call option, the purchaser has the right to buy, and the seller (writer) the obligation to sell, the underlying security or index at a predetermined price (i.e., the exercise or strike price) prior to expiration of the option. The premium paid to the seller (writer) for the option is in consideration for the underlying obligations imposed 5 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Complex Investment Products on the seller should the option be exercised. With a put option, the purchaser has the right to sell, and the seller has the obligation to buy, the underlying security or index at the exercise price prior to expiration of the option. Investment Products Complex Investment Products typically invest primarily in Non-Traditional Assets or engage in one or more Complex include Strategies. Complex Alternative Investment Products, such as hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds, and managed futures, but also include other investments pursuing Complex Strategies, including but not limited to exchange or swap funds, leveraged funds, inverse funds, and other special situation funds, structured certificates of deposit and structured notes (“structured products”), ETNs, business development companies (“BDCs”), REITs, and master limited partnerships (“MLPs”). In buying a call option, the purchaser expects that the market value of the underlying security or index will appreciate, which would enable the purchaser of a call to buy the underlying security or index at a strike price lower than the prevailing market price. The purchaser of the call option makes a profit if the prevailing market price is greater than the sum of the strike price plus the premium paid for the option. The seller of a call option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will depreciate such that the option will expire without being exercised. The seller of a call option makes a profit if the prevailing market price of the underlying security or index is less than the sum of the strike price plus the premium received. In addition, a client should be aware that more traditional investments, such as mutual funds, ETFs, UITs and variable annuities may also pursue Alternative Strategies, thereby making them Alternative Investment Products. A client should carefully review the prospectus or other offering document for each investment and understand the strategy being pursued before deciding to invest. More detailed information about mutual funds, ETFs, UITs and variable annuities is available on Baird’s website at bairdwealth.com/retailinvestor. Additional Important Information In buying a put option, the purchaser expects that the market value of the underlying security or index will depreciate, which would enable the purchaser of a put to sell the underlying security or index at a strike price higher than the prevailing market price. The purchaser of the put option makes a profit if the prevailing market price is less than the sum of the strike price and the premium paid for the option. The seller of a put option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will appreciate such that the option will expire without being exercised. The seller of a put option makes a profit if the prevailing market price of the underlying security or index is greater than the difference between the strike price and the premium. The use of Complex Strategies or Complex Investment Products is not appropriate for some clients because they involve special risks. A client should not engage in those strategies or invest in those products unless the client is prepared to experience significant losses in the client’s Account. This is especially true for short selling, which can result in unlimited losses as there is no limit to the amount borrowed securities can rise in value. See “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. Before using those types of strategies or products, a client is strongly urged to discuss them with the client’s ICS Consultant and any investment manager managing the client’s Account. Additional information about Complex Strategies and Complex Investment Products is provided under the heading “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies—Alternative Strategies and Complex Strategies” below and on Baird’s website at bairdwealth.com/retailinvestor. In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of the underlying security or index decreased below the strike price. investing in Complex A client assumes responsibility for engaging in Complex Strategies and Investment Products. If a client determines that the client no longer wants to engage in those strategies or invest in those products, the client is responsible for notifying the client’s ICS Consultant and any investment manager managing the client’s Account. Baird is not responsible for any losses resulting from any third party manager’s failure or delay in implementing any such instructions. Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in options transactions. Thus, a client’s Account will be subject to options risks if the investment manager managing the client’s Account or an investment product in the client’s Account engages in options transactions. 6 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Trust Services Arrangements is responsible other circumstances, and, if the client is an individual, if there are any significant life changes (e.g., change in marital status, significant health issue, or change in employment), that may affect the manner in which the client’s assets are invested. None of Baird, the client’s ICS Consultant or any investment manager managing a client’s Account for any adverse consequence arising out of the client’s failure to promptly inform the client’s ICS Consultant of any such changes. Since investment goals and financial circumstances change over time, a client should review the client’s participation in a Service with the client’s ICS Consultant at least annually. Legal and Tax Considerations Baird and its ICS Consultants do not provide legal or tax advice to clients in connection with the Services. Additional laws, regulations and other conditions apply to Retirement Accounts. Each owner, trustee, named fiduciary, responsible plan fiduciary, or other fiduciary acting on behalf of a Retirement Account (“Retirement Account Fiduciary”) should understand that Baird and its legal advice regarding associates do not provide Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts. Baird maintains an alliance with certain institutions, both non-affiliated and affiliated, including Baird Trust Company, that provide trust administration services, including trust administration, custody, tax reporting and recordkeeping. ICS Consultants at times refer clients seeking trust services to institutions that are members of the alliance. Subject to its fiduciary duties, the trustee oftentimes retains Baird to provide investment advisory services to the client trust. A client should understand that any such referral for trust services under the Trust Alliance Program made by Baird and its ICS Consultants is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such trust services arrangement. Baird has a financial incentive to recommend that clients use Baird Trust, an affiliate, over other non-affiliated trust companies. As a result of this affiliation, Baird Trust also has a financial incentive to retain Baird to provide investment advisory or other services on behalf of the client. In addition, Baird and ICS Consultants have a financial incentive to recommend arrangements that involve Baird and the ICS Consultant providing investment advisory services to the client and the trust company only providing trust administration services compared to an arrangement whereby a trust company would provide both investment advisory and trust administration services because it is more profitable to Baird and the ICS Consultant. A client’s Account may be invested in investment products classified as partnerships for U.S. federal income tax purposes, which may result in unique tax treatment, including Schedule K-1 reporting. In addition, when held in a client’s Retirement Account under certain circumstances, such investments may produce unrelated business taxable income which may result in a current- year income tax obligation to the client. A client should discuss the potential tax implications of the client’s investment products, and investment strategies, transactions with the client’s tax advisor. Fees and Compensation Advisory Fees Fee Options and Fee Payments In addition, outside of the Trust Alliance Program, ICS Consultants may refer a client to Baird Trust to provide investment advisory and trust administration services to the client. If a client enters into such a relationship with Baird Trust, Baird and the client’s ICS Consultant typically provide ongoing relationship management services. Baird Trust generally provides compensation to Baird and the client’s ICS Consultant for the referral and providing ongoing services, which may be up to 50% of the ongoing fees that a client pays to Baird Trust, and which is credited to the client’s ICS Consultant for purposes of determining the ICS Consultant’s compensation. The compensation paid to Baird and a client’s ICS Consultant does not increase the fees that the client pays to Baird Trust. Due to Baird’s affiliation with Baird Trust and the compensation paid to Baird and ICS Consultants, Baird and ICS Consultants have a financial incentive to favor Baird Trust over other trust companies. Baird generally offers three (3) fee alternatives for the Services: (i) an asset-based Advisory Fee paid quarterly, in advance, (ii) an annual fixed rate Advisory Fee that is paid by the client over four calendar quarters, or (iii) a one-time fixed rate Advisory Fee paid at the time that the Consulting Agreement is accepted by Baird. Client Responsibilities Because the Services selected and the level of service varies by client, Baird has no fee schedule for the Services. The maximum annual rate for an asset-based Advisory Fee charged by Baird for the Services is 1.00% (100 basis points). If the asset-based Advisory Fee is elected, the client’s initial billing period begins when the client signs the A client is responsible for providing information to Baird and the client’s ICS Consultant reasonably requested by them in order to provide the services selected by the client. Baird, the client’s ICS Consultant and investment managers, if any, will rely on this information when providing services to the client. A client is also responsible for promptly informing the client’s ICS Consultant if there is any change to the client’s investment objectives, risk tolerance, financial circumstances, investment needs, or 7 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  such agreement Consulting Agreement and is subsequently accepted by Baird, or billing begins at a pre- defined date that is mutually agreeable to Baird and the client. The minimum Account or household size is $10 million for individuals and $25 million for institutional Accounts. Baird, in its sole discretion, may waive the Account minimum requirement. The Advisory Fee and minimum Account value are negotiable in certain instances and may vary based upon a number of factors, including but not limited to the client’s particular investment style or objective and any particular services requested by the client. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to the factors identified above. Baird may increase a client’s Advisory Fee upon 30 days written notice to the client. The initial asset-based Advisory Fee is based upon the value of the assets in the client’s Account(s) as displayed on a custodian’s quarterly statement on the day the agreement is accepted by Baird or an agreed upon effective date. The initial Advisory Fee may also be based upon an estimated value of assets mutually agreed upon by both parties. Thereafter, the applicable asset-based quarterly Advisory Fee are calculated in accordance with the client’s Account asset value as displayed on a custodian’s quarterly statement as of the last business day of the prior calendar quarter, such payment to be made by the client to Baird on the first business day of the then current quarter or upon receipt of a Baird invoice. Advisory Fee Payments to Baird and ICS Consultants Baird and its associates benefit from the Advisory Fees and charges clients pay for the services described in this Brochure. Baird retains the entire Advisory Fee paid by clients. Baird does not conduct a review of valuation information provided by client’s custodian, and it does not verify or guarantee the accuracy of such information. Baird does not accept responsibility for valuations provided by third parties that are inaccurate unless Baird has a reason to believe that the source of such valuations is unreliable. The prices obtained by Baird from a client’s custodian may differ from prices that could be obtained from other sources. Values used for fee-calculation purposes may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in a client’s Account, and the fee for some securities may be calculated based on values that are greater than the amount a client would receive if the securities were actually sold from the client’s Account. their total production levels. The annual and the one-time fixed rate Advisory Fee options are negotiated at the time the Consulting Agreement is signed by the client and accepted by Baird. If the client elects the annual fixed rate Advisory Fee, Baird will bill the client the quarterly amount of the annual fixed rate Advisory Fee, in advance. Billing is adjusted for the number of days remaining in the current calendar quarter. The client receives an invoice from Baird detailing the quarterly fee. The client must pay Baird within fifteen (15) days after receipt of the bill. coaching, In the event that either Baird or the client terminates the Consulting Agreement, the client shall receive a pro-rated refund for amounts paid in advance for the period including the date of termination through the end of the applicable billing period. An ICS Consultant is primarily compensated on a monthly basis based upon a percentage of the ICS Consultant’s total production each month, which primarily consists of the total advisory fees and transaction-based fees paid to Baird by the ICS Consultant’s clients and any other fees Baird earns on advisory and brokerage accounts held by those clients, including trail fees paid by third parties. The percentage of the ICS Consultant’s total production actually paid to the ICS Consultant will increase as the total amount of the ICS Consultant’s production increases, meaning that, as the total amount of the ICS Consultant’s production increases, the rate and amount of compensation that Baird pays to the ICS Consultant also increase. ICS Consultants 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 ICS Consultants who achieve certain production thresholds are eligible for professional development conferences, business development reimbursements, awards and recognition trips to attractive destinations. ICS Consultants are also eligible for bonuses for achievement of professional designations depending on an ICS Consultant’s total production level. Thus, ICS Consultants have a general incentive to generate financial and other plans and charge higher fees for advisory Accounts and recommend larger investments in advisory Accounts. Given the structure of their compensation, they also have an incentive to recommend that a client transfer the client’s Accounts to Baird, establish new accounts with Baird (including IRA rollovers) and add more money into the client’s Accounts. In addition, most ICS Consultants Advisory Fee adjustments are not made during any period because of appreciation or depreciation in the client’s Account asset value during any billing period. Baird, in its sole discretion, may make fee adjustments in response to Account asset fluctuation resulting from contributions to, or periodic withdrawals from, the client’s Account. 8 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  ICS Consultant loan outstanding and not forgiven by Baird. In other words, upon leaving Baird, the ICS Consultant would be required to repay to Baird a portion of the special compensation that the ICS Consultant had received and that had not been forgiven. The amount of such repayment declines over time in proportion to the time the remains Baird’s employee. Structuring this special compensation in the form of forgivable loans provides the ICS Consultant added incentive to remain Baird’s employee and to recommend that persons become and remain a Baird client. Additional information about referral and non-cash compensation and other financial incentives provided to ICS Consultants is provided under the heading “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions” below. From time to time, Baird Financial Advisors outside of the ICS Program may refer their clients to ICS Consultants. In those instances, the ICS Consultant generally shares a portion of his or her compensation with the referring Baird Financial Advisor. are shareholders of Baird Financial Group, Inc. (“BFG”), Baird’s parent company, and thus benefit financially from Baird’s overall success. The number of shares of BFG stock that an ICS Consultant may purchase is based in part on the ICS Consultant’s total production level. ICS Consultants generally receive compensation for referrals to certain affiliated managers and products and for referrals to a limited number of other firms. More specific information is provided under the headings “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions” below. They also generally receive non- cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may 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 ICS compensation and benefits provides Consultants an incentive to favor investment products and their sponsors that provide the greatest levels of compensation and benefits. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for Baird and its associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). Other Fees and Expenses The fees paid to Baird by the client only cover the Services provided by Baird. The fees do not include any fees that may be charged by investment managers recommended by Baird. A client may also pay for other services, such as custody and trade execution, separately, when implementing recommendations made by Baird. A client is responsible for bearing or paying, in addition to the Advisory Fee, the costs of all: • commissions, sales charges, markups, markdowns, and spreads charged by broker-dealers that buy securities from, or sell securities to, the client’s Account (such costs may be inherently reflected in the price the client pays or receives for such securities); • underwriting discounts, dealer concessions or similar fees related to the public offering of investment products; • custody fees; • extra or special fees or expenses that may result from the execution of odd lot trade orders (i.e., “odd-lot differential”); • electronic fund fees, wire transfer fees, fees for transferring an investment between firms, and similar ICS Consultants generally receive recruitment bonuses and/or special compensation from Baird when they join Baird from another firm. The amount of such special compensation is typically based on the ICS Consultant’s production at the prior firm for the 1-year period prior to joining Baird or on the level of the ICS Consultant’s client assets at the prior firm. All or a substantial portion of the special compensation is paid in the form of an upfront bonus when the ICS Consultant joins Baird, and the remaining portion, if any, is paid in the form of back end bonuses generally in equal installments on an annual basis thereafter for a certain number of years (generally from one to three years). Installment payments are generally contingent upon the ICS Consultant achieving annual production or client asset levels that exceed a significant percentage of the ICS Consultant’s annual production for the 1-year period prior to joining Baird or the client assets that the ICS Consultant had prior to joining Baird. The special compensation is intended to compensate ICS Consultants for the significant effort involved in transitioning their business from the prior firm. This compensation provides ICS Consultants who have left another firm additional incentive to recommend that clients of the prior firm become Baird clients and to recommend investment products and services that increase their production, and thus presents a conflict of interest. The special compensation is generally structured in the form of a forgivable loan from Baird to the ICS Consultant. Under the terms of the forgivable loan, Baird makes the upfront or installment payment to the ICS Consultant in the form of a loan, and Baird forgives a portion of the loan made to the ICS Consultant each month for so long as the ICS Consultant remains Baird’s employee. Should the ICS Consultant cease to be Baird’s employee prior to the maturity date of the loan, the ICS Consultant is required to repay Baird the amount of the 9 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  fees or expenses related to Account transfers (including any such fees imposed by Baird); subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the Service. • currency conversions and transactions; • securities conversions, including, without limitation, the conversion of ADRs to or from foreign ordinary shares; • interest, fees and other costs related to margin accounts, short sales and options trades; • fees related to the establishment, administration or termination of Retirement Accounts, retirement or profit sharing plans, trusts or any other legal entity, including, without limitation, the calculation and payment of unrelated business income tax (“UBIT”); • fees imposed by the SEC or securities markets, including transaction fees imposed by electronic trading platforms, which fees may be imbedded in the price the client receives for the security; and • taxes imposed upon or resulting from transactions effected for a client’s Account, such as income, transfer or transaction taxes, foreign stamp duties, or any other costs or fees mandated by law or regulation. If the client’s Account is custodied at Baird, the client is also responsible for all applicable account fees and service charges Baird may impose in connection with the client’s agreements with Baird. A schedule of fees and service charges is available on Baird’s website at bairdwealth.com/retailinvestor. and other similar Other Compensation Received by Baird Baird is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and its Financial Advisors, including ICS Consultants, are registered broker-dealer representatives of Baird. In such capacities, Baird and ICS Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, private investment funds, and other securities, and sales of life insurance policies and annuities. Baird and ICS Consultants receive compensation based upon the sale of such securities and other investment products, including asset-based sales charges and service fees on the sale of mutual funds. This practice presents a conflict of interest because it gives Baird and ICS Consultants an incentive to recommend investment products based upon the compensation received rather than on a client’s needs. However, when providing investment advisory services to clients, Baird and ICS Consultants are fiduciaries and are required to act solely in the best interest of clients. Baird addresses this conflict through disclosure in this Brochure and by adopting internal policies and procedures for Baird and its associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about Baird’s compensation and other benefit arrangements and how Baird addresses the potential conflicts of interest, please see the sections “Advisory Business” and “Fees and Compensation” above, and “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. fees, marketing support ICS Consultants will recommend the purchase of, various investment products, including “no load” mutual fund or mutual funds with waived sales loads. A client has the option to purchase investment products through other brokers or agents that are not affiliated with Baird. fees, custody fees, in this Brochure that are subject the Advisers Act. Performance-based Certain investment products, such as mutual funds, ETFs, closed-end investments funds, UITs, alternative investment pools products, (collectively, “Investment Funds”) and annuities, have their own internal fees and expenses that are borne either directly or indirectly by their holders, including a client. These fees and expenses may include investment management fees, distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, payments, accounting administration expense reimbursements, and expenses associated with executing securities transactions for the investment product’s portfolio (“ongoing operating expenses”). These ongoing operating expenses are separate from, and in addition to, the Advisory Fees. As a result of making investments in these types of products, a client should be aware that the client is paying multiple layers of fees and expenses on the amount of the client’s assets so invested—the ongoing operating expenses and the Advisory Fee. A client is also responsible for any redemption fees, surrender charges or similar fees that the investment product, annuity or its sponsor may impose on the client. A client should review the prospectus or other applicable offering documents for each investment product or annuity in which the client invests for further information. Performance-Based Fees and Side-By-Side Management Baird advises client accounts not participating in services described to performance-based fee arrangements. Performance- based fee arrangements involve the payment of fees based upon the capital gains or capital appreciation of a client’s account. Any such fee arrangements are made in compliance with applicable provisions of Rule 205-3 under fee arrangements present a potential conflict of interest for Baird with respect to other client accounts that are not subject to performance-based fee arrangements because such arrangements give Baird an incentive to favor client accounts subject to performance-based fees over client accounts that are not subject to performance-based fees. Clients may also subscribe to other services or programs offered by Baird. Those service and programs may be 10 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Equity Strategies industry or sector Equity strategies generally have an objective to provide growth of capital and primarily invest in equity securities, such as common stocks. However, these strategies may also invest in other types of investments, such as fixed income securities and cash. Equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges, such as large cap, mid cap or small cap companies. Equity strategies may be combined with other strategies described below, such as growth, value, income, economic focused, international, global, or geographic region or country focused strategies. In addition to complying with its fiduciary duties by disclosing this conflict of interest to clients through this Brochure, Baird generally addresses potential conflicts of interest posed by performance-based fee arrangements by periodically monitoring the holdings and performance of performance-based fee accounts and comparing them to accounts not subject to a performance fee that are also managed using a similar strategy in an attempt to detect any possible inequitable treatment. Baird also attempts to minimize potential conflicts of interest posed by performance-based fee arrangements through internal trade allocation procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. Fixed Income or Bond Strategies Types of Clients Baird offers the Services to all types of current or prospective clients, including, but not limited to: banks or thrift institutions; pension and profit sharing plans; trusts; estates; charitable organizations; corporations or other business entities; sovereign nations and individuals. Applicable requirements such as minimum Account size, are discussed in the section entitled “Fees and Compensation” above. Clients are not required to open or maintain a trading account with Baird or an affiliated broker-dealer or retain Baird or its affiliates to serve as a client’s custodian to receive the Services. Methods of Analysis, Investment Strategies and Risk of Loss Investment Strategies and Methods of Analysis Investment Strategies Fixed income or bond strategies generally have one or more of the following objectives: (1) provide current income; or (2) preservation of capital. These strategies primarily invest in fixed income securities, such as corporate bonds, municipal securities, mortgage-backed or asset-backed securities, or government or agency debt obligations. However, these strategies may also invest in other types of investments, such as equity securities or cash. Fixed income strategies may invest in debt obligations having any credit rating, maturity or duration, or they may focus on specific credit ratings, maturities or durations, such as investment grade, non-rated, or high yield (“junk”) bonds, or bonds having short-term, intermediate-term or long-term maturities. Fixed income strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic region or country focused strategies. investment Balanced Strategies for approving any Balanced strategies generally have one or more of the following objectives: (1) provide current income; (2) growth of capital/principal or income; or (3) preservation of capital. These strategies primarily invest in a mix of equity, fixed income securities and cash. Balanced strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization ranges, credit ratings, maturities or durations as described above. Balanced strategies may be combined with other strategies described below, such as economic industry or sector focused, international, focused global, or geographic region or market strategies. In providing the Services, an ICS Consultant may use various different strategies because strategies are customized for each client. If a client has selected the Investment Policy Statement Creation or Review Service, a client’s particular investment strategy is typically jointly developed by the client and the client’s ICS Consultant through a fact finding and analysis process. ICS Consultants may also utilize the services of Baird PWM’s home office investment professionals as a part of that process. If a client does not select the Investment Policy Statement Creation or Review Service, the ICS Consultant will generally follow the investment strategies set forth in the investment policy statement provided to Baird by the client. A client is ultimately responsible investment policy statement and determining the investment strategies to be used. Value Strategies investment styles, philosophies, The strategies, techniques and methods of analysis that Baird PWM home office investment professionals, its ICS Consultants and investment managers use in formulating investment advice for clients vary widely. A brief description of commonly used strategies is provided below. A value strategy typically invests primarily in equity securities of value companies, which are those that the investment manager believes are out of favor with investors, appear underpriced by the market relative to their earnings or intrinsic value, or have high dividend yields. This strategy is subject to investment style risks. 11 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Growth Strategies because they generally are not diversified or they may invest in a limited number of securities. Tactical and Rotation Strategies A growth strategy typically invests primarily in equity securities of growth companies, which are those that the investment manager believes exhibit signs of above- average growth relative to peers or the market, even if the share price is high relative to earnings or intrinsic value. This strategy is subject to investment style risks. Income Strategies An income strategy typically invests primarily in income- producing securities, such as dividend-paying equity securities and fixed income securities. This strategy may invest in a combination of investment grade and high yield bonds. This type of strategy may also invest in yield- or income-producing, Non-Traditional Assets. long-term strategic asset Economic Industry or Sector Focused Strategies Economic industry or sector focused strategies primarily invest in companies in one or more economic industries or sectors, such as the telecommunications, technology, industrial, materials, or financial sectors. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. Tactical strategies typically tactically and actively adjust Account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short-term. Similarly, rotation strategies typically actively adjust Account allocations to different market sectors based upon the manager’s perception of how market sectors will perform in the short-term. Tactical and rotation strategies are often driven by technical analysis or methodologies and typically involve underweighting and overweighting Account allocations to certain asset classes or market sectors relative to an applicable allocation, benchmark index or the market generally. These strategies often will be focused or concentrated in one or more asset classes or market sectors from time to time, and it is likely that they will have limited or no exposure to one or more asset classes or market sectors. For that reason, tactical and rotation strategies are often subject to concentration risk. Because the decision-making for tactical and rotation strategies is based upon the manager’s short-term market outlook, Accounts pursuing these strategies often experience higher levels of trading and portfolio turnover relative to other strategies. International Strategies Opportunity or Opportunistic Strategies regions, credit Generally, international strategies primarily invest in securities issued by foreign companies, which may include companies in developed and emerging markets. International strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization ranges, industries or sectors, geographic ratings, maturities or durations. Global Strategies strategies often experience regions, credit Generally, global strategies invest in a mix of securities issued by U.S. and foreign companies, which may include companies in developed and emerging markets. Global strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization ranges, industries or sectors, geographic ratings, maturities or durations. Geographic Region or Country Focused Strategies Non-Traditional Assets, Opportunity strategies will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and market sectors to take advantage of the manager’s perception of market pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro- economic trends identified by the manager. Opportunity strategies often involve the use of other strategies, particularly tactical or rotation strategies, and will have the risks associated with those strategies. Opportunity Strategies may also involve investment in a more-limited number of companies compared to other strategies. As a result, a decline in value of one or a few investments will more adversely impact performance than if assets were more evenly invested in a larger number of companies. Opportunity higher fluctuations in annual returns and overall market value than other strategies. The types of investments used to implement opportunity strategies vary widely by manager and could include equity securities, fixed income securities, Alternative Investment Products and cash. Tax Management Strategies Geographic region or country focused strategies primarily invest in companies located a particular part of the world, such as Latin America, Europe or Asia, in a group of similarly-situated countries, such as developed or emerging markets, or one or more specific countries. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks Tax management strategies involve buying and selling investments in a manner intended to reduce the negative impact of taxes. They often involve buying or selling investments to limit taxable investment gains or to offset 12 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  “systematic” or automated trading of securities based upon where a security is relative to its trend line. • is Convertible Arbitrage Strategies. Convertible arbitrage involves the purchase and short sale of multiple securities of the same company. The strategy implemented by purchasing securities believed to be undervalued and selling short securities believed to be overvalued. Often, the strategy involves the purchase of a convertible bond issued by a company and selling short that company’s common stock. This strategy may involve the use of a wide range of derivative instruments. taxable investment gains with investment losses or selling investments to avoid recognition of taxable investment gains. Tax management strategies are not intended to, and likely will not, eliminate a client’s tax obligations. A tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. A tax management strategy is typically a secondary strategy used to achieve a secondary tax management objective and it is typically implemented together with other primary investment strategies designed to achieve primary investment objectives or goals. The performance of accounts utilizing a tax management strategy will vary from similarly-managed accounts that do not utilize such a strategy, possibly in a materially negative manner, and an account may not be successful in pursuing its primary investment strategies, objectives or goals. • Alternative Strategies and Complex Strategies interest rate Fixed Income Arbitrage Strategies. Fixed income arbitrage strategies generally seek to profit from interest rate, credit spread and other arbitrage opportunities by investing in fixed income securities, instruments and derivative instruments. • Alternative Strategies and other Complex Strategies may invest in a wide range of investments, which may include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Alternative Strategies and other Complex Strategies generally involve the use of margin, leverage, short sales and derivative instruments. Many Alternative Strategies and other Complex Strategies have no substantive restrictions on the types of investments that may be used. Examples of Alternative Strategies and other Complex Strategies include the following. • Capital Structure Arbitrage Strategies. Capital structure arbitrage generally involves investing in multiple levels of a single company’s capital structure, often taking long and short positions in a company’s debt or equity in order to capitalize on perceived mispricings resulting from market inefficiencies or different pricing assumptions. This type of strategy typically involves the use of derivatives and structured products. • similar or Relative Value Strategies. Relative value strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to exploit price differences among securities that share financial economic characteristics. • Absolute Return, Total Return and Real Return Strategies. Absolute return, total return and real return strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets in an attempt to generate performance that has low correlation to the major equity markets over a complete market cycle. They may also involve the use of derivative instruments. • Long/Short Strategies. Long/short strategies generally involve the purchase of securities believed to be undervalued and selling short securities believed to be overvalued. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. events (such and liquidations). Event-Driven Event-driven Strategies. strategies generally involve the use of Non- Traditional Assets, short sales and derivative instruments in an attempt to seek arbitrage opportunities, particularly those triggered by as mergers, corporate restructurings, These strategies typically involve the assessment of if, how and when an announced transaction will be completed. • Market Neutral Strategies. Market neutral strategies generally involve the purchase of securities and selling securities short in similar dollar amounts in an attempt to produce returns that are independent of general market performance. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. • reorganizations and • Merger Arbitrage/Special Situations Strategies. Merger arbitrage strategies involve the purchase and sale of securities of companies involved in corporate business combinations, such as mergers, exchange Statistical Arbitrage Strategies. Statistical Arbitrage is based on the theory that stocks have a tendency to return to a short-term trend line. This type of strategy typically involves the 13 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  offers, cash tender offers, spin-offs, leveraged buy-outs, restructurings and liquidations. These strategies often involve short selling, options trading, and the use of other derivative instruments. reset. These types • Distressed Strategies. Distressed strategies generally involve the purchase of securities in companies that are in financial distress, or companies that are entering into or are already in bankruptcy. They may also involve the use of short sales and derivative instruments. capitalization, distressed typically made through participation in private debt funds or funds of private debt funds. The involved are investments typically unrated or rated below investment grade and are illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically of investments are sometimes referred to as floating rate corporate debt, floating rate loans or floating rate bank loans. Private debt strategies often involve the use of leverage and may involve investment in or smaller bankrupt companies. o strategies invest • Macro Strategies. Macro strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to profit from in securities markets, anticipated changes commodities markets, currency values, and/or interest rates. and Systematic • Discretionary strategies generally rely Trading trading strategies Strategies. Discretionary generally attempt to identify and capitalize on patterns or trends in the markets. Systematic trading on computerized trading systems or models to identify and capitalize on those patterns or trends. These strategies often involve the use of Non-Traditional Assets, short sales, derivative instruments and significant leverage. or environmental Private Investment Strategies. • Private Real Estate Strategies. Private real estate in physical properties, such as office buildings, apartments, retail centers, and industrial facilities. These investments are typically made through participation in private REITs. Private real estate strategies may focus on specific geographic regions, property types, or economic sectors. Investments in private real estate can be illiquid, meaning they may take time to sell or refinance. Property values can fluctuate due to market conditions, supply and demand, and other factors. There are also risks related to tenant vacancies, property damage, hazards. Leverage is often used in private real estate investments, which can increase potential returns but also amplifies potential losses. o generally involve o in companies invest investments include, specific also Private Equity Strategies. Private equity equity strategies in private investments are transactions. These typically made through participation in private equity funds or funds of private equity funds. Private equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of capitalization ranges. They may also focus on companies in one or more economic industries or sectors or geographic regions. Some private equity strategies focus on companies that are newly formed, in financial distress or already in bankruptcy. The securities purchased are typically unregistered and illiquid. Private equity strategies may also involve the use of leverage. Private Infrastructure Strategies. Private infrastructure in strategies infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of infrastructure others, investments among and telecommunication, utilities, transportation. These investments are typically made through participation in private infrastructure funds. Investments in private infrastructure strategies are often illiquid. They may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments and may, lack therefore, diversification. o • invest Leveraged Strategies. Leveraged strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to amplify returns or Private Debt or Private Credit Strategies. Private debt (also known as private credit) strategies loans or debt in instruments issued by companies in private are transactions. These investments 14 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  produce returns that are a multiple of a benchmark index. • Inverse Strategies. Inverse strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to produce returns that are the opposite of a benchmark index. Strategies and Asset allocation strategies have varying investment objectives, ranging from growth of capital to preservation of capital. Asset allocation strategies also have varying investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing Accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use tactical investing, which typically involves tactically and actively adjusting Account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short-term. Some asset allocation strategies involve the use of both strategic and tactical investment strategies, sometimes referred to as dynamic strategies. Alternative Strategies and other Complex Strategies are not appropriate for some clients because they are subject to special risks. See “Advisory Business—Other Service Information—Complex Complex Investment Products” above and “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks— Non-Traditional Assets and Alternative Strategies Risks” below for more information. Asset Allocation Strategies Asset allocation strategies involve investing in one or more of the following categories of assets: Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and ETPs. The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. • cap located the equity securities asset category, which is comprised of certain asset classes, such as, equity securities issued by: U.S. large cap growth companies; U.S. large cap value companies; U.S. large cap core companies; U.S. mid cap growth companies; U.S. mid cap value companies; U.S. mid cap core companies; U.S. small cap growth companies; U.S. small cap core companies; U.S. small value companies; in foreign companies developed markets; foreign companies located in emerging markets; U.S. REITs; and foreign REITs; Baird uses its Capital Market Assumptions in developing its proprietary model asset allocation strategies, including those used by some ICS Consultants. In determining its Capital Market Assumptions, Baird conducts an analysis of different asset classes and the different levels of risk associated with those investments. That analysis involves the consideration of past performance and the use of forward-looking projections that are based upon certain assumptions made by Baird about how markets will perform in the future. There is no assurance that asset classes or markets will perform in accordance with Baird’s projections or assumptions. For more information about Baird’s Capital Market Assumptions, a client should contact the client’s ICS Consultant. • Methods of Analysis Baird PWM home office investment professionals, and ICS Consultants may use various forms of security analyses, including the following: • the fixed income securities asset category, which is comprised of certain asset classes, such as: short-term taxable bonds; intermediate term taxable bonds; long-term taxable bonds; short-term tax-exempt bonds; intermediate term tax-exempt bonds; long-term tax-exempt bonds; high yield fixed income securities; foreign fixed income securities; and broad fixed income securities; • and Fundamental Analysis. Fundamental analysis involves an approach to investing through a detailed analysis of specific companies, such as their financial statements and financial ratios, management, competitive advantages and markets, in an attempt to determine the value of an investment. Fundamental analysis may include qualitative and quantitative analyses. the Non-Traditional Assets category, which is comprised of certain asset classes, such as: commodity-linked commodities instruments; and currencies, cryptocurrencies and currency-linked instruments; • Qualitative Analysis. Qualitative • the Alternative Investment Products category which is comprised of certain asset classes, such as: hedge funds, private equity funds and managed futures; and cash. • analysis involves the use of subjective judgment to analyze factors that may be difficult to quantify or measure objectively. As it pertains to managers and investment products, qualitative analysis may include review of the background and experience of a manager or a mutual fund company. 15 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  does not independently verify or guarantee the accuracy of the information or tools used. in an attempt Baird and ICS Consultants may also utilize research reports created by Baird. However, it should be noted that ICS Consultants are not obligated to act in a manner consistent with Baird research reports and they may act in a manner that is contrary to those reports if they deem it to be consistent with the client’s investment objectives and in the client’s best interest. • Quantitative Analysis. Quantitative analysis is a method of evaluating securities by analyzing a large amount of data through the use of to algorithms or models understand behavior, predict market events, market prices, etc., and generate an investment decision. As it pertains to managers and investment products, quantitative analysis may include review of manager performance, investment style, style consistency, risk, and risk-adjusted performance. • Technical Analysis. Technical analysis is a method of analyzing past price and volume patterns and trends in the trading markets to attempt to predict the direction of both the overall market and specific investments. • Top-Down Analysis. Top-down analysis involves a consideration of certain macroeconomic trends, such as general economic conditions, geographic or market sector performance, fiscal and monetary policy, taxes, or interest rates, to make investment decisions. • investment, When providing the Services, ICS Consultants may also use the model portfolios or recommended or eligible product lists (described below) made available by Baird’s Asset Manager Research Department or other Baird departments, or they may use investment products that Baird has generally deemed to be “available” for use in its advisory programs (“Available Investment Products”). The level of initial and ongoing evaluation, monitoring and review that Baird and its ICS Consultants perform on managers and on investment products varies. Available Investment Products generally do not receive the same level of initial or ongoing evaluation, monitoring or review by Baird as those managers or products that are included in a model portfolio or on a recommended or eligible product list. As a result, Available Investment Products are subject to certain risks. See “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks— Available Investment Product Risks” below for more information. fundamentals and product or that Bottom-Up Analysis. Bottom-up analysis involves consideration of factors particular to a particular such as business financials (e.g., balance sheet strength and cash flows), financial ratios (e.g., price-to-earnings (e.g., ratio), and business management services performance) to make investment decisions. the A client should note investment products recommended to the client or selected, including investment managers or products included on a Baird recommended or eligible product list, are those which, in Baird’s professional judgment, may be appropriate to help the client pursue the client’s financial goals. Baird and ICS Consultants do not represent or guarantee that such investment managers or products are or will be the best investment managers or products available. “Holdings-based analysis” of Services” above. If a client selects the Investment Due Diligence Services, the ICS Consultant may perform a quantitative analysis of the investment option’s performance coupled with a qualitative screening of investment option. Quantitative analysis of some investments options may be limited because a holdings-based analysis may not be available. determines investment style by examining the actual securities held in a portfolio, and is used as an alternative to returns- based style analysis, which is a method for determining the style of an investment portfolio by analyzing its return performance. ICS Consultants may use a wide variety of investment products to implement the client’s investment strategy, which investments are further described under “Advisory ICS Business—Description Consultants may also engage in certain strategies and use certain investments that involve special, sometimes significant, risks. See “Advisory Business—Description of Services” above for more information. A client should ask the client’s ICS Consultant for additional information about the investment styles, philosophies, strategies, analyses and techniques the ICS Consultant will use in order to meet the client’s objectives. Certain PWM-Managed Portfolios Baird Recommended Portfolio Baird PWM home office investment professionals, and ICS Consultants use various third party research information and related tools to provide investment advice to clients. These sources of information and tools may include, among others, issuer-supplied literature (such as annual reports, press releases and other information) and external market, economic, financial and investment data and analyses provided by organizations not affiliated with Baird. They may also employ the use of computers and third party software to more readily display information, assist with the evaluation and analysis, and create asset allocation recommendations. Although they generally use information and tools that Baird deems reliable, Baird The Baird Recommended Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to outperform 16 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  top–down change company or the S&P 500 Index by investing in a diversified core portfolio of 35–50 stocks. The portfolio invests primarily in stocks with market capitalization greater than or equal to $10 billion (large cap). The portfolio may also contain stocks with market caps below $10 billion but these stocks generally will not represent more than 35% of the total portfolio. The investment team’s approach begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. This information is used to underweight or overweight particular industry sectors compared to the S&P 500 Index. Individual stocks are selected with an emphasis on higher quality companies that the team believes have strong fundamental characteristics and management teams, attractive growth prospects, and reasonable price-appreciation expectations. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. Stocks can be sold or positions reduced for a variety of reasons such as valuation, a industry in fundamentals, or a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. calculated values to current market prices. Focusing on a company’s past financial performance, AQA analyzes fundamental ratios and trends of the most recent eight- year history of a company and each company in its peer group, excluding estimates of future balance sheet and income statement performance. The analysis is quantitative and ignores certain qualitative information such as company-specific material news and events. Stocks are ranked from the most undervalued to the most overvalued based on the difference between the values calculated by AQA and current market prices. The stocks identified by AQA as being the most undervalued are then selected for investment. Baird offers the following four (4) AQA Portfolio strategies, each of which invest in undervalued stocks identified using AQA, excluding securities insurance issued by banks, REITS and companies: (1) the AQA All Cap Strategy, which primarily invests in stocks across market capitalizations, generally those included in the S&P 500®, S&P MidCap 400® or S&P SmallCap 600® Indices; (2) the AQA Large Cap Strategy, which primarily invests in large cap stocks, generally those included in the S&P 500® Index; (3) the AQA Mid Cap Strategy, which primarily invests in mid cap stocks, generally those included in the S&P MidCap 400® Index; and (4) the AQA Small Cap Strategy, which primarily invests in small cap stocks, generally those included in the S&P SmallCap 600® Index. Baird Rising Dividend Portfolio Certain Recommended Lists Baird’s Recommended Managers List companies strong When selecting managers and their strategies (“BRM Strategies”) for Baird’s Recommended Managers List, Baird often seeks registered investment advisory firms having portfolio managers with academic credentials such as a master’s degree or participation or completion of the Chartered Financial Analyst (“CFA”) program. Baird also typically looks for a portfolio manager with greater than three (3) years of investment experience focusing on the particular investment style that is offered by the portfolio manager. Baird generally looks for portfolio managers that have demonstrated success, that have performance histories showing sufficient ability to achieve returns in excess of their respective benchmarks, and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird also considers other qualitative and quantitative factors. The Baird Rising Dividend Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to provide a core equity strategy with a portfolio yield above that of the S&P 500 Index. The team’s top–down investment approach begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. The 30– 50 stocks in the portfolio are primarily large cap stocks— as defined by a market capitalization of $10 billion or greater at the time of investment—and all are above $5 billion at the time of investment. The team looks for quality fundamental with characteristics and management, attractive dividend yields, and the ability to increase their dividends. Companies are screened for dividend history and consistency, earnings growth expectations, and balance sheet quality. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. A position can be reduced or removed due to changes in valuation, company fundamentals or the perceived ability to continue to raise its dividend in the future—among a variety of other potential reasons for portfolio changes including a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. Baird’s Asset Manager Research Department is primarily responsible for selecting and evaluating investment managers included on Baird’s Recommended Managers List. In selecting investment managers, Baird’s Asset Manager Research Department utilizes quantitative and qualitative measures to evaluate managers based on the: AQA Portfolios • quality and stability of their organization • soundness and clarity of their investment philosophy • reliability and consistency of their investment process • competitiveness of their investment performance Baird makes available to clients certain Automated Quantitative Analysis (“AQA”) Portfolios, which are managed by Baird’s PWM Equity Research team. AQA is an analytical tool that seeks to identify stocks of companies that are undervalued by calculating the intrinsic values for the stocks and comparing the 17 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s Asset Manager Research Department may also employ the use of computers and third party software to more readily display information and assist with the evaluation and analysis. factors: stability of the Baird’s initial screening process begins with a proprietary, multi-factor model that evaluates managers on different factors including risk-adjusted performance, consistency of returns and downside protection. These factors are scored over various time periods and relative to a specific peer group universe, narrowing the pool of managers for further evaluation. Baird’s Asset Manager Research Department then performs a more in-depth evaluation of managers that are identified through the initial screening process, which generally includes a review of the following firm/team, the robustness and repeatability of the investment process, the portfolio’s past returns pattern and tax-efficiency, and how the manager adds value. The final determination of Baird’s Recommended Managers List is subject to the approval of Baird’s Investment Committee. for inclusion to select affiliated funds firms that have demonstrated success in other, related asset classes; that have performance histories showing sufficient ability to achieve returns in excess of their respective style index; and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird’s Asset Manager Research Department is primarily responsible for assisting with selecting and evaluating funds included on the List. In selecting funds, Baird’s Asset Manager Research Department utilizes a quantitative and qualitative evaluation process of the investment managers of such funds. The process Baird uses for selecting and removing funds for the Baird Recommended Fund List is similar to the process Baird uses to select and remove BRM Strategies described under “Baird’s Recommended Managers List” above. Baird’s Investment Committee is ultimately responsible for selecting funds included on the List. The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Aggregate Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Mid Cap Growth Fund, mutual funds affiliated with Baird, have been selected by Baird in Baird’s Recommended Mutual Fund List. This presents a conflict of interest. However, the criteria used by Baird in deciding for Baird’s Recommended Mutual Fund List are the same as those used for unaffiliated funds. Baird’s Recommended Funds of Hedge Fund List Ongoing manager evaluation generally includes quarterly conference calls, performance attribution and periodic onsite visits. Material adverse changes affecting a manager may result in the manager being placed on “watch” status. Managers on watch status are scrutinized to see if improvement or degradation is taking place. Potential causes for removal from Baird’s Recommended Managers List include fundamental changes in the operations of the manager, turnover in key personnel, substantial changes in management or ownership, a change in investment philosophy or style, significant drift from stated objectives, major legal, regulatory or compliance difficulties, impairment of financial condition, sustained underperformance in relation to its peers, or other adverse changes affecting the manager that in Baird’s opinion warrants the manager’s removal. Baird’s Recommended Funds of Hedge Fund List contains a variety of funds of hedge funds (“FOHFs”) that pursue various Alternative Strategies or other Complex Strategies. Some FOHFs primarily use credit-oriented investment strategies, which Baird classifies as fixed income diversifiers. Some FOHFs primarily use equity- oriented investment strategies and are classified as equity diversifiers. Other FOHFs use a combination of credit- and equity-oriented strategies, which Baird views as balanced diversifiers. In certain circumstances, FOHFs may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. Certain investment strategies offered by Baird Equity Asset Management, an investment management department of Baird, have been selected by Baird for inclusion on Baird’s Recommended Managers List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select affiliated managers for Baird’s Recommended Managers List are the same as those used for unaffiliated managers. Baird’s Recommended Mutual Fund List To be added to Baird’s Recommended FOHF List, a FOHF must generally meet the following requirements: the investment advisor to the FOHF is registered as an Investment Adviser under Advisers Act; the fund has stable to growing assets under management as determined by Baird; principals of the fund have an appropriate level of hedge fund management experience and a sufficient network of contacts in the industry as determined by Baird; in Baird’s opinion, the fund has adequate diversification by number of hedge funds and type of hedge fund strategy; effective risk management programs have been established for the fund; and service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks FOHFs that it believes possess one or more unique attributes that may lead to Baird’s Recommended Mutual Fund List is designed to include mutual funds and ETFs across numerous asset classes. When selecting funds for inclusion on the List, Baird generally seeks funds that have investment managers with tenure of at least three (3) years and have underlying investments that adhere to the fund’s market capitalization policy and are consistent with the manager’s stated investment process and philosophy. Baird generally looks for funds that are among the top- performing funds in a style category in terms of risk- adjusted returns or that are managed by individuals or 18 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s Recommended Private Funds List favorable performance relative to their peers going forward. Private Funds”), including Baird maintains lists of recommended private Funds (“Recommended a Recommended Funds of Private Equity Funds List, a Recommended Private Debt Fund List, and a Recommended Private Real Assets Fund List. as subscription documentation, Baird’s Recommended Funds of Private Equity Funds List contains funds of private equity funds that pursue certain Alternative Strategies or other Complex Strategies. These strategies can include buyout, growth equity, venture capital, special situations or distressed investments. The investments are typically structured in the form of primary funds, secondary funds or co-investments. Most will be to “middle market” companies, many of which have above average to high levels of leverage, or debt relative to equity. In certain circumstances, funds of private equity funds may be an appropriate substitute for part of a client’s allocation to traditional equity investments. Before adding a prospective FOHF to the List, Baird’s Asset Manager Research Department conducts an in- depth due diligence process. The process begins with a review of the FOHF’s responses to a due diligence questionnaire and of marketing and legal documents investor (such agreements, and offering memorandum, organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the FOHF identifies, hires, monitors, and terminates individual hedge funds. Baird also evaluates how the FOHF constructs its hedge fund portfolio and manages risk. In addition, Baird undertakes a brief review of the FOHF’s third party service providers. At the conclusion of the onsite review, an investment thesis is presented to and discussed with a Baird Investment Committee. The Committee votes on whether to add the FOHF to Baird’s Recommended Funds of Hedge Fund List. In making that determination, the Committee considers the information presented, taking into account the merits of the individual FOHF, how that FOHF compares to other FOHFs that Baird offers, and the level of expected demand for the particular FOHF. Baird’s Recommended Private Debt Fund List contains private debt funds (also known as private credit funds) that pursue certain Alternative Strategies or other Complex Strategies. The private debt funds on Baird’s Private Debt Funds List generally make first lien, second lien and unsecured loans, primarily to middle market companies sponsored by private equity firms. In certain circumstances, private debt funds may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. After a FOHF is added to Baird’s Recommended Funds of Hedge Fund List, it is monitored each quarter, and subsequent onsite reviews periodically take place. As part of its quarterly monitoring, Baird evaluates a FOHF’s assets under management and flows (subscriptions and redemptions), organizational changes (e.g., personnel changes or new offerings), recent changes made to the FOHF portfolio (e.g., hedge funds added or removed), and reasons for performance differences between the FOHF and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. Baird’s Recommended Private Real Assets Fund List contains private real estate and private infrastructure funds that pursue certain Alternative Strategies or other Complex Strategies. These strategies invest in different real assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of investments may include, among others, real estate, telecommunication, utilities, and transportation. The investments may be structured in the form of asset ownership or leasing or include direct investment in or joint ventures with companies that control infrastructure assets. In certain circumstances, private real assets funds may be an appropriate substitute for part of a client’s allocation to traditional fixed income or equity investments. Baird may place a FOHF on “Watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the FOHF’s performance going forward or possibly lead to the departure of an important member(s) of the FOHF. Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any firm that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long-term, and whether it can be remedied. Baird will remove a FOHF from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will terminate a FOHF from the List if it believes the issue is likely to be long-term and adversely affect the FOHF’s future performance. to fund To be added to a Baird Recommended Private Fund List, a fund must generally meet the following requirements: the investment advisor to the fund is registered under the Advisers Act ; the fund has stable to growing assets under management as determined by Baird; principals of the fund have an appropriate level of applicable experience and a sufficient network of contacts in the industry as determined by Baird; effective risk management programs have been established for the fund; and the service providers (e.g., auditor, the administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks funds 19 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Eligible Product Lists Baird’s ETF Focus List that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. fund makes Baird’s ETF Focus List is designed to encompass investment numerous asset classes and varied objectives. Baird generally seeks to include ETPs, primarily ETFs, with transparent, experienced sponsors that have stable or growing assets under management and have demonstrated consistent strategy performance over time. Baird tends to favor ETPs that have well- known, diversified benchmark indices, lower fees and tracking errors, and higher trading liquidity relative to other ETPs. Inclusion on or exclusion from the Baird ETF Focus List is not meant to be a buy or sell recommendation. Rather, the List is a collection of ETPs that may be appropriate to meet particular client investment goals. Managed Futures Effective March 1, 2018, Baird ceased maintaining an official list of managed futures funds that are structured as limited partnerships. Therefore, Baird does not, and will not in the future, provide any evaluation, monitoring or review of those funds or their sponsors. A client’s decision to invest in, or to maintain an investment in, a managed futures fund is based solely upon the client’s own review and evaluation of the fund. Before adding a prospective fund to a Recommended Private Fund List, Baird’s Asset Manager Research Department conducts an in-depth due diligence process. The process begins with a review of the fund’s responses to a due diligence questionnaire (known as a DDQ or RFI) and of marketing and legal documents (such as, subscription documentation, investor agreements, offering memorandum, organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the investment decisions. Baird also evaluates how the fund constructs its portfolio and manages risk. In addition, Baird may undertake a brief review of the fund’s third-party service providers. At the conclusion of the onsite review, an investment thesis is presented to and discussed with a Baird Investment Committee. The Committee votes on whether to add the fund to a Baird Recommended Private Fund List. In making that determination, the Committee considers the information presented, taking into account the merits of the individual fund, how that fund compares to other similar funds that Baird offers, and the level of expected demand for that particular fund. Structured Products When determining whether to make a structured product available to Baird clients, Baird reviews the offering documents for the structured product and considers: the size of the issuer and issuer’s credit rating, the maturity of the product, how interest is calculated, the underlying asset category (e.g., a basket of securities or currencies or a market index), applicable caps, barriers, and participation rate, and whether the structured product has principal protection. After a fund is added to a Baird Recommended Private Fund List, it is monitored each quarter, and subsequent onsite reviews periodically take place. As part of its quarterly monitoring, Baird evaluates a fund’s assets under management and fund flows (subscriptions and redemptions), organizational changes (e.g., personnel changes or new offerings), recent changes made to the portfolio, and reasons for performance differences between the fund and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on- site review. Baird tends to favor larger-sized issuers of structured products over smaller-sized issuers and also tends to favor structured products that have shorter maturities, less complex payout structures, underlying assets that are more liquid or transparent, and offer full or partial principal protection. If a product does not offer full principal protection, Baird also considers how much principal is exposed to loss, whether, in Baird’s judgment, there is reasonable risk/reward trade-off for that exposure, as well as the events that could trigger loss of principal and Baird’s belief as to the likelihood of the occurrence of such events. Baird may place a Recommended Private Fund on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the fund’s performance going forward or possibly lead to the departure of an important member(s) of the fund’s investment team. Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any fund that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long-term, and whether it can be remedied. Baird will remove a fund from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will remove a fund from a Recommended Private Fund List if it believes the issue is likely to be long- term and adversely affect the fund’s future performance. Certain Eligible Product Lists Baird’s Investment Solutions Department is primarily responsible for selecting and evaluating structured products made available to clients under the Services. Baird’s Alternative Investment Committee, which includes members of Baird’s Investment Solutions, Asset Manager Research, Compliance, Legal, and Risk Management Departments, ultimately determines whether to make a structured product available to Baird clients. 20 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Available Hedge Funds Trust Strategies invest in a mix of equity securities and ETFs. The Baird Trust Large Cap Equity strategy (1) invests in a fairly concentrated portfolio of large cap equity securities. This strategy is intended for clients seeking investment in large cap companies as one part of their overall asset allocation. This strategy is generally not intended to be a complete investment program. Baird makes hedge funds available to clients in certain Programs sponsored by, affiliated with or offered by Capital Integration Systems LLC or CAIS Capital LLC (“CAIS”). An independent third-party research firm provides research and due diligence materials to Baird on the hedge funds available on the CAIS platform (“Available Hedge Funds”). Clients interested in an Available Hedge Fund or invested in an Available Hedge Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Hedge Fund, Baird does not conduct its own research or due diligence on any Available Hedge Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. (2) The Baird Trust Core + Satellite 100 strategy is a diversified portfolio with a 100% target equity allocation. The strategy uses the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) through the use of ETFs that principally invest in equity securities. This model does not include fixed income. Available Private Funds (3) The Baird Trust Core + Satellite 70/30 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and fixed income securities. This strategy has a target allocation of 70% of its assets to equity securities and 30% of its assets to fixed income securities. (4) The Baird Trust Core + Satellite 50/50 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation portion of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and fixed income securities. This strategy has a target allocation of 50% of its assets to equity securities and 50% of its assets to fixed income securities. In addition to Recommended Private Funds, Baird makes available to clients in certain Programs other private funds sponsored by, affiliated with, or offered by CAIS (“Available Private Funds”), including Available Private Equity Funds, Available Private Debt Funds, Available Private REITs and Available Private Infrastructure Funds. When determining whether to make a fund an Available Private Fund, Baird utilizes the services of an independent third-party research firm that provides research and due diligence materials to Baird on the private funds available on the CAIS platform. Clients interested in an Available Private Fund or invested in an Available Private Fund may obtain those research and due diligence materials from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Private Fund, Baird does not conduct its own research or due diligence on any Available Private Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Affiliated Private Equity Funds (5) The Baird Trust Equity Income strategy primarily invests in dividend paying companies that Baird Trust believes have the ability to consistently grow their dividend at attractive rates over the long‐term. In addition to Recommended Funds of Private Equity Funds and Available Private Equity Funds, Baird makes available to clients private equity funds that are affiliated with Baird (“Affiliated Private Equity Funds”). Baird does not subject Affiliated Private Equity Funds to the criteria imposed upon Recommended Funds of Private Equity Funds or Available Private Equity Funds described above when making them available to clients, and Baird does not perform any evaluation, monitoring or review of Affiliated Private Equity Funds. This presents a potential conflict of interest. See “Other Financial Industry Activities and Affiliations—Certain Affiliated and Related Parties—Affiliated Private Equity Funds” below. Baird Trust Strategies Baird makes available to clients five (5) portfolio strategies developed and maintained by Baird Trust (“Baird Trust Strategies”) described below. The Baird Principal Risks Risk is inherent in any investment product and Baird does not guarantee any level of return on a client’s investments. There is no assurance that a client’s investment objectives will be achieved, and a client could lose all or a portion of the amount invested. Baird’s recommendations are based in part upon the use of forward-looking projections, which in turn are based upon certain assumptions about how markets will perform in the future. There can be no guarantee that markets will perform in the manner assumed and the actual performance of markets and a client’s Account could differ materially from those assumptions. Also, a client’s Account value may fluctuate, sometimes dramatically, depending upon the nature of the client’s investments, market conditions and other factors. By investing, a client 21 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment style or strategy, and engage in business practices that conflict with the interests of investors. Among other things, these business practices can have a negative impact on the market price of the investment product. Clients are encouraged to review the prospectus or other disclosure document for the investment product and also discuss with their ICS Consultant the conflicts of interest risks that may apply to them. may be subject to certain risks, including, but not limited to the risks described below. The risks discussed below vary by the investments in the client’s Account, and each risk may or may not apply to a client. Clients should not pursue a strategy or invest in an investment product unless they are prepared to accept the associated risks. Clients are encouraged to discuss with their ICS Consultant the risks that apply to them. A client should also review the prospectus or other disclosure document for any security or other investment product in which the client invests, as it will contain important information about the risks associated with investing in such security or other investment product. Stock Market Risks. Equity security prices vary and may fall, thus reducing the value of a client’s investments. Certain stocks selected for a client’s Account may decline in value more than the overall stock market. General Risk Information General risks of investing include the following: Equity Securities Risks. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets in general, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. Market Risks. A client’s Account may change in value due to overall market fluctuations. General economic conditions, political developments, international events and other factors may cause the overall market to decline, which in turn may reduce the value of the client’s Account regardless of the relative strength of the securities held in the Account. Securities prices often vary for reasons unrelated to matters directly affecting the issuers of the securities. Management and Securities Selection Risks. A client’s Account may fluctuate in value differently than, or in the opposite direction as, the overall market or applicable benchmark because of the selection of individual securities for the Account. The judgments made by the persons managing client Accounts about the attractiveness, value and potential appreciation of particular securities may prove to be incorrect. For example, while the stock markets may experience increases in value, the client’s Account may experience a decline in value due to the underperformance of the stocks selected for investment in the client’s Account. Common Stock Risks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors. Fixed-Income Security Risks. Fixed income securities are subject to certain risks, including interest rate risk, credit risk and liquidity risk. In addition, they are subject to maturity risk. Generally, the longer a bond’s maturity, the greater the interest rate risk and the higher its yield. Conversely, the shorter a bond’s maturity, the lower the interest rate risk and the lower its yield. Non-rated, split- rated, below investment grade, and asset-backed securities, including mortgage-backed securities and CMOs, have additional, special risks. Investment Objective and Asset Allocation Risks. A client’s investment objective and asset allocation strategies involve the risk that certain asset classes selected for the client’s Account may not perform as well as other asset classes during varying periods. In addition, clients who pursue more aggressive investment objectives and asset allocation strategies, while hoping to achieve high returns, may face greater risk of loss than clients with more conservative objectives and strategies. In developing investment objectives and asset allocation strategies, clients should carefully consider their financial situation and needs, investment goals, investment time horizon and risk tolerance. A client should inform the client’s ICS Consultant of these considerations so the ICS Consultant can assist in determining the client’s investment objectives and asset allocation strategies. Conflicts of Interest Risks. Issuers, advisors or other sponsors of investment products or their affiliates may Interest Rate Risk. The value of some investment products, particularly fixed income securities, is affected significantly by changes in interest rates. Generally, when interest rates rise, the product’s market value declines and when interest rates decline, its market value rises. In addition, a rise in interest rates may have a negative impact on the issuer, which, in turn, could have a 22 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  negative impact on the market value of the investment product. Credit Risk. The value of some investment products, particularly fixed income securities, is affected by changes in the product’s credit quality rating or the issuer’s financial condition. If the credit quality rating or the issuer’s financial condition declines, so may the value of the investment product. Issuers may experience unanticipated financial problems and may be unable to meet its payment obligations. Municipal obligations in particular may be adversely affected by political and economic conditions and developments (for example, legislation reducing state aid to local governments.) Bonds receiving the lowest investment grade rating or a non-investment grade rating may have speculative characteristics and, compared to higher grade debt obligations, may have a weakened capacity to make principal and interest payments due to changes in economic conditions or other adverse circumstances. Ratings agencies such as Moody’s, Fitch and S&P provide ratings on bonds based on their analyses of information they deem relevant. Ratings are essentially opinions or judgments of the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and/or repay principal and an agency’s decision to downgrade a security. (“GDRs”) and European Depositary Receipts (“EDRs”), and investments in foreign markets generally, are subject to certain inherent risks, such as political or economic instability of the country of issue, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. Such securities may also be subject to greater fluctuations in price than securities of domestic corporations. Investors in foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may enhance, erode, reverse gains or widen losses from investments denominated in foreign currencies. For instance, foreign governments may limit or prevent investors from transferring their capital out of a country. This may affect the value of a client’s investment in the country that adopts such currency controls. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing the credit risk of such debt. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries. political stability, market Capitalization Size Risks. A client may be invested in small and mid cap stocks, which are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of such companies may be substantially less than is typical of larger companies. Therefore, the securities of such companies may be subject to greater and more abrupt price fluctuations. In addition, small- and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making them more susceptible to market pressures and business failure. Emerging Markets Risks. Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic depth, development, infrastructure, capitalization, and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. ESG Considerations Risk. Consideration of ESG factors in the investment process may cause an advisor or manager to forgo opportunities to recommend or invest in certain companies or to gain exposure to certain industries or regions. Therefore, there is a risk that, under certain market conditions, an Account pursuing strategies that consider ESG factors may underperform accounts that do not consider such factors. There are not universally accepted ESG factors and advisors and managers typically consider them in their discretion. Growth and Value Investment Style Risks. Investment styles or strategies that focus on growth stocks may perform better or worse than styles or strategies that focus on value stocks or that are broader or more diversified. Similarly, investment styles or strategies that focus on value stocks may perform better or worse than styles or strategies that focus on growth stocks or that are broader or more diversified. A particular style of investing may go out of favor at times and for extended periods. Growth stocks are often characterized by high price-to-earnings ratios and may be more volatile than stocks with lower price-to-earnings ratios. Value stocks are subject to the risk that the broader market may not agree with the manager’s assessment of, or recognize, the investments’ intrinsic value. result Cybersecurity Risks. With the increased use of technologies such as the Internet to conduct business, issuers of investments are susceptible to operational, information security and related risks. In general, cyber incidents can from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems Foreign Issuer and Investment Risks. Securities of issuers, ADRs, Global Depositary Receipts foreign 23 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  compliance costs. Similar redemption gates) in (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting issuers or their service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the ability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or adverse additional consequences could result from cyber incidents affecting governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, financial insurance companies and other institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While issuers and other parties may establish business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. As a result, client Accounts and investments could be negatively impacted. it will governing money market funds vary based on the type of money market fund. Government and retail money market funds generally try to keep their net asset value (NAV) at a stable $1.00 per share using special pricing and valuation conventions. Institutional money market funds are required to calculate their NAV in a manner such that the NAV will vary based upon the market value of assets and liabilities of the fund (also known as a “floating NAV”). An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although some money market funds seek to preserve the value of an investment at $1.00 per share, there can be no assurance that will occur, and it is possible to lose money should the fund value per share fall. In some circumstances, money market funds may be forced to cease operations when the value of a fund drops. In that event, the fund's holdings may be liquidated and distributed to the fund's shareholders. This liquidation process could take time to complete. During that time, the amounts a client has invested in the money market fund would not be available for purchases or withdrawals. In addition, retail and institutional money market funds are required to impose redemption fees (also known as liquidity fees) and suspend redemptions certain (also known as circumstances. Government money market funds may also impose redemption fees and suspend redemptions in those same circumstances. More specific information about how a money market fund calculates its NAV and impose a the circumstances under which redemption fee or suspend redemptions is set forth in the prospectus for that money market fund. Government Obligation Risks. Client assets may be invested in securities issued, sponsored or guaranteed by the U.S. Government, its agencies and instrumentalities. However, no assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored agencies or instrumentalities where it is not obligated to do so by law. For instance, securities issued by the Government National Mortgage Association (“Ginnie Mae”) are supported by the full faith and credit of the United States. Securities issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) have historically been supported only by the discretionary authority of the U.S. Government. While the U.S. Government provides financial support to various U.S. Government-sponsored agencies and instrumentalities, such as those listed above, no assurance can be given that it will always do so. regulatory changes applicable to Illiquid Securities and Liquidity Risks. Liquidity risk is the risk that certain investments may be difficult or impossible to sell at the time and price that a client would like to sell. Clients may have to lower the price, sell other investments or forego an investment opportunity, any of which may have a negative effect on the management or performance of client Accounts. The liquidity of a particular investment depends on the strength of demand for the investment, which is generally related to the willingness of broker-dealers to make a market for the investment as well as the interest of other investors to investment. During periods of economic buy the uncertainty, significant economic and market downturns and periods in which financial services firms are unable to commit capital to make a market in, or otherwise buy, certain investments, a client may experience challenges in selling such investments at optimal prices. In addition, financial recent intermediaries that make markets in debt securities have restricted or made it less desirable for those financial intermediaries to hold large inventories of debt securities. Because market makers provide stability to a market through their intermediary services, a reduction in dealer inventories may lead to decreased liquidity and increased volatility in the fixed income markets. Money Market Fund Risks. A money market fund is a type of mutual fund that generally invests in short-term debt instruments. Many investors use money market funds to store cash. There are three primary types of money market funds: (1) government money market funds (funds that invest nearly all assets in cash, government securities, and/or repurchase agreements collateralized by cash or government securities); (2) retail money market funds (funds that have policies and procedures reasonably designed to limit beneficial ownership to natural persons); and (3) institutional money market funds (funds that permit beneficial ownership by institutions and natural persons). The rules Quantitative Strategy Risks. Some employ quantitative managers may investment investment 24 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to make risks because the persons managing the Accounts are making more trading decisions, which may prove to be incorrect. A portfolio with a high turnover rate will also incur more transaction costs than one with a lower rate. Higher transaction costs may negatively impact the return of the portfolio. High portfolio turnover may also cause a client to experience adverse tax consequences due to the fact that the client may have increased instances of realized gains and losses and such gains and losses may commonly be characterized as short term gains and losses under applicable tax law. methodologies or processes investment decisions. The success of the quantitative investment methodologies and processes used by investment managers depends on the analyses and assessments that were used in developing such methodologies and processes, as well as on the accuracy and reliability of models and data provided by third parties. Incorrect analyses and assessments or inaccurate or incomplete models and data would adversely affect performance. Additionally, an investment manager’s methodologies and processes are predictive in nature, based on historical outcomes and trends. Certain low-probability events or factors that are assigned little weight may occur or prove to be more likely or may have more relevance than expected, for short or extended periods of time, which may adversely affect the portfolios generated by the investment manager’s quantitative methodologies and processes. It is also possible that prices of securities may move in directions that were not predicted by the investment manager’s quantitative methodologies and processes or may fail to move as much as predicted, for reasons that were not expected. There can be no assurance that these methodologies will enable a client to achieve the client’s objective. technical analysis or to make In order for Asset-Backed Asset-backed Securities Risks. securities are securities secured or backed by mortgage loans, student loans, automobile loans, installment sale contracts, credit card receivables or other assets and are issued by entities such as commercial banks, trusts, financial companies, finance subsidiaries of industrial companies, savings and loan associations, mortgage banks and investment banks. These securities represent interests in pools of assets in which periodic payments of interest or principal on the securities are made, thus, in effect passing through periodic payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. Asset-backed securities are issued in multiple classes (or tranches) and their relative payment rights may be structured in many ways. Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other instruments. Asset-backed securities also can be more sensitive to interest rate risk than other types of fixed income securities. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. Asset-backed securities are subject to a number of other risks, including, but not limited to, market and valuation risks, liquidity risk, and prepayment risk. Technical Strategy Risks. Some investment managers may investment employ methodologies investment decisions or recommendations. The primary risk of using technical analysis is that past price and volume patterns and trends in the trading markets cannot predict future prices, volume patterns or trends. There is no guarantee that technical investment methods used are designed properly, are updated with new data as it becomes available, or can accurately predict future market or investment performance. technical investment methods to work, there must be sufficient data about the markets available so that trends can be identified and predictions can be made. A technical method may fail to identify trends or be able to accurately predict future prices if a market does not have sufficient data or trends or if the market behaves erratically. Concentration Risks. A client’s Account may consist of a portfolio of securities that is concentrated in an issuer or group of issuers, an industry or economic sector or group of related industries or sectors, or concentrated in limited asset classes. Client Accounts with concentrated positions are susceptible to greater volatility and increased risk of loss than an Account that is diversified across several issuers and industries or sectors and asset classes. A client should not engage in strategies using concentration unless the client is prepared to experience significant losses in the value of the client’s Account. Non-Rated, Split-Rated, and Below Investment Grade Securities (High Yield or “Junk” Bonds) Risks. Investing in securities or other investment products that are not rated, split-rated or are below investment grade (also known as high yield or “junk” bonds) involve significant, special risks. As a result, they may not be suitable for some clients. The risks associated with these investments include, but not limited to, price volatility risk, credit risk, default risk, and liquidity risk. Clients investing in securities or other investment products that are not rated, split-rated or are below investment grade should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Frequent Trading and Portfolio Turnover Risks. Some of the investment strategies offered to clients in this Brochure may involve frequent or active trading for client Accounts, which could result in high portfolio turnover. Strategies that involve frequent or active trading increase the management and securities selection Mutual Fund Risks. Mutual funds can have many different investment objectives and strategies, including equity, fixed income, balanced, international, and global strategies, and strategies that focus on a particular investment style, economic market capitalization, industry or sector, or geographic region. Mutual funds 25 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  risks, which may include market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain ETFs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of ETF selected. have risks, which may include market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain mutual funds pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of mutual fund selected. Also, investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. inspection by Collective Investment Trust Risks. Collective investment trusts (CITs) are pooled investment vehicles similar to mutual funds available to qualified investors, typically through retirement plans. Like mutual funds, CITs can have many different investment objectives and strategies that present similar risks, which may include market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain UITs may pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of CIT selected. Also, investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. CITs are not subject to the Investment Company Act of 1940, as amended, and are not subject to the Securities and Exchange Commission. CITs do not trade on an exchange and provide less transparency when compared with mutual funds. Closed-End Fund Risks. Unlike mutual funds which continuously offer and redeem their shares on a daily basis at net asset value, closed-end funds typically raise money by selling a fixed number of shares of common stock in a single, one-time offering, much the way a company issues stock in an initial public offering. Closed- end funds can have many different investment objectives and strategies, including equity, fixed income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Closed-end fund shares are not redeemable, meaning that investors cannot require closed-end funds to buy back their shares, although closed-end fund shares are listed and traded on an exchange. For many reasons, closed-end fund shares often trade at a discount to their net asset value and the market prices of closed end fund shares often fall below their public offering prices. Clients are therefore cautioned about buying shares of a closed- end fund in its initial public offering. Closed-end funds often engage in leverage to raise additional capital for purposes of making investments through borrowings and issuances of senior securities (such as preferred stock). Such leverage may present the opportunity to enhance potential returns but also involve the risk of exacerbating losses and depreciation in the value of the underlying securities. Closed-end funds have other risks, which may include market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain closed-end funds pursue Complex Strategies, which are subject to special risks. Some closed-end funds are organized as interval funds, which differ from traditional closed-end funds in that their shares do not trade on the secondary market, but instead their shares are subject to repurchase offers from the fund. Closed-end funds structured as an interval fund will, therefore be relatively less liquid. Interval funds also often impose a redemption fee when shares are sold back to the fund. The degree of these and other risks will vary depending on the type of close-end fund selected. Exchange Traded Fund Risks. An ETF is different from a mutual fund in that an ETF does not sell its shares directly to public investors and does not redeem shares from public investors. Rather, shares of an ETF are commonly purchased or sold in the secondary market on a securities exchange, like common stocks. An ETF maintains a net asset value but, based on demand and other factors, the market price of shares of an ETF may vary from its net asset value. ETFs invest in and hold securities and other assets, such as stocks, bonds, commodities and currencies, and have stated investment objectives and principal strategies. ETFs can have many different investment objectives and strategies, including equity, fixed income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Many ETFs seek to track the performance of an index or other underlying benchmark. Passively managed ETFs will not be able to replicate exactly the performance of the indices the ETFs track because the total return generated by the securities will be reduced by management fees, transaction costs and other expenses incurred by the ETF. ETFs have other Unit Investment Trust Risks. A UIT is a pooled investment vehicle in which a portfolio of securities is selected by the sponsor and deposited into the trust for a specified period of time. The portfolio of a UIT is designed to follow an investment objective over a 26 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  income, balanced, foreign political and economic conditions than more traditional investments. Non-traditional assets are also generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. investments than investments in trading activities specified time period, although there is no guarantee that the objective will be met. UITs can have many different investment objectives and strategies, including equity, international, and global fixed strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. UITs are passively managed and follow a “buy and hold” strategy, meaning that UITs buy a fixed portfolio of securities and hold on to that portfolio until their termination date at which time the portfolio is liquidated with the net proceeds paid to investors. UITs, thus, generally have a relatively higher risk of loss than other funds in the event of adverse changes in market or economic conditions. UITs have other risks, which may include management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain UITs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of UIT selected. Also, investment return and principal value will fluctuate, and units, if and when redeemed, may be worth more or less than their original cost. Commodities Risks. Investments in commodities markets or a particular sector of the commodities markets, and in securities or other instruments denominated in or indexed or linked to commodities, are subject to certain risks. Those investments generally will subject a client Account to greater volatility traditional securities. The commodities markets are impacted by a variety of factors, including changes in overall market movements, domestic and foreign political and economic conditions, interest rates, inflation rates and investment and in commodities. Prices of commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. No active trading market may exist for certain commodities investments, which may impair the value of the investments. securities or other fund’s performance. An Investment in currencies, and Currency Risks. Investments investments instruments in denominated in or indexed or linked to currencies, are subject to certain risks. Those investments are subject to all of the risks associated with foreign investing generally. In addition, currency markets generally are not as regulated as securities markets. Also, changes in currency exchange rates could adversely impact the investment. Devaluation of a currency by a country will also have a significant negative impact on the value of any investment denominated in that currency. Currency investments may also be positively or negatively affected by a country’s strategies intended to make its currency stronger or weaker relative to other currencies. Investment Fund Risks; Purchase and Redemption Risks. Investment Funds are generally subject to the same risks as the securities or other assets in which they invest. In addition, from time to time Baird, an ICS Consultant, or an investment manager may decide to add or remove an Investment Fund to or from an investment strategy or program. In addition, they may decide to increase or decrease their clients’ Account allocations to an Investment Fund. In general, they will place transactions for all affected accounts at one time, which may cause the fund to experience relatively large purchases or redemptions. Significant purchases and redemptions may adversely affect the fund in question and consequently, a client’s investment. An Investment Fund receiving large purchase orders may have difficulty investing the cash, which may have a negative impact on the Fund experiencing large redemption orders may have to sell impact portfolio securities, which may negatively performance and which may have negative tax consequences. Large redemptions could also reduce liquidity as the fund may suspend or delay redemptions. These risks are more pronounced with respect to newer Investment Funds and those with smaller asset sizes. Non-Traditional Assets and Complex Strategies Risks Leverage and Margin Risks. Leveraging strategies may amplify the impact of any decrease in the value of underlying securities in the client’s Account, thereby increasing a client’s risk of loss. The use of leverage may also increase an Account’s volatility. Strategies involving margin can cause a client to lose more money than deposited in the client’s margin account. A client should not engage in strategies involving leverage or margin unless the client is prepared to experience significant losses in the value of the client’s Account. Non-Traditional Assets Risks. Non-Traditional Assets, such as commodities, currencies, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Some Non-Traditional Assets are less transparent and more sensitive to domestic and Short Sales Risks. Short selling runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap 27 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  on the amount that the price of a security may appreciate. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, which may result having to buy the securities sold short at an unfavorable price. A client should not engage in short sales unless the client is prepared to experience significant losses in the client’s Account. fee, cryptocurrency, or leverage, derivative Derivative Instrument Risks. The values of options, convertible securities, futures, swaps, forward contracts and other derivative instruments is derived from an underlying asset, such as a security, commodity, currency, index. Derivative instruments often have risks similar to the underlying asset, however, in certain cases, those risks are greater than the risks presented by the underlying asset. Derivative instruments may experience dramatic price changes and imperfect correlations between the price of the derivative and the underlying asset, which may increase volatility. Derivatives generally create leverage, and as a result, a small movement in the underlying asset's value can result in large change in the value of the derivative instrument. Derivatives are also subject to liquidity risk, interest rate risk, market risk, credit risk, management risk and counterparty risk. The use of these instruments is not appropriate for some clients because they involve special risks. A client should not invest in these instruments unless the client is prepared to experience volatility and significant losses in the client’s Account. of hedge funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Some hedge funds and funds of hedge funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of hedge funds and funds of hedge funds are typically higher than other types of funds. Investment advisers or managers for those funds often receive a management fee plus an incentive or performance-based fee. Because of the existence of a fund managers may be performance-based motivated to make riskier investments that have the potential for significant growth in value. Hedge funds and funds of hedge funds are also subject to a higher risk of incorrect valuations. Many hedge funds hold investments for which market quotations are not readily available, which necessitates the use of “fair value” pricing. Fair value pricing is an inherently subjective process and may not accurately reflect the prices that can actually be obtained upon sale of the assets for which fair values are used. Investments in hedge funds and funds of hedge funds also have reduced liquidity compared to other investments and are generally subject to a higher risk of volatility. Investing in hedge funds and funds of hedge funds involves other special risks, including, but not limited to, risks associated with Non-Traditional Assets, short sales, instruments, and Complex Strategies. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Hedge funds and funds of hedge funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in hedge funds or funds of hedge funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Options Risks. In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of the underlying security or index decreased below the strike price. invest primarily flow. Private equity Hedging Risks. When a derivative instrument is used as a hedge against an opposite position, any loss on the derivative instrument should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can be an effective way to reduce the investment risk, it may not always perfectly offset one position with another. As a result, there is no assurance that hedging transactions will be effective. Complex Investment Product Risks Private Equity Funds and Funds of Private Equity Funds Risks. Private equity funds are pools of actively managed capital that in private companies with the intent of creating value in the companies in which they invest by improving operations, reducing costs, selling non-core assets and maximizing cash funds usually have an investment objective or strategy that may focus on companies in certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Funds of private equity funds typically invest substantially all of their assets in other private equity funds. Private equity funds and funds of private equity funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private equity funds and funds of private equity funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private equity funds and funds of private equity funds are typically higher than Hedge Funds and Funds of Hedge Fund Risks. Hedge funds typically engage in one or more Complex Strategies, including the use of Non-Traditional Assets, short sales, leverage and other derivative instruments. Funds of hedge funds typically invest substantially all of their assets in other hedge funds. Hedge funds and funds 28 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  funds have unique other types of funds. Investment advisers or managers for those funds often receive a management fee plus an incentive fee or carried interest. Private equity funds and funds of private equity fund are also generally subject to administrative service fees and portfolio company transaction fees. Because of the existence of a carried interest, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private equity funds and funds of private equity funds also have reduced liquidity compared to other investments. Investors should not expect to receive distributions from a fund for a number of years. Private equity investing is very risky. Many investments made in portfolio companies are not profitable. In addition, investments made by private equity funds and funds of private equity funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private equity funds and funds of private equity funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Private equity funds and funds of private equity funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private equity funds and funds of private equity funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. assets in other private debt funds. Private debt funds and funds of private debt tax characteristics. A client should consult with a tax advisor before investing in those funds. Private debt funds and funds of private debt funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private debt funds and funds of private debt funds are typically higher than other types of funds. Investment advisers or managers for those funds often receive a management fee plus a performance fee. Private debt funds and funds of private debt fund are also generally subject to operational expenses and transaction fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private debt funds and funds of private debt funds also have reduced liquidity compared to other investments. Investors should not expect to receive distributions from a fund for a number of years. Private debt investing is very risky. Investments made by private debt funds and funds of private debt funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private debt funds and funds of private debt funds involves special risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment fund risks, currency risks and leveraging risks. Private debt funds and funds of private debt funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private debt funds and funds of private debt funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. telecommunications facilities, Private Debt Funds (or Private Credit Funds) and Funds of Private Debt Funds. Private debt funds (also known as private credit funds) are pools of actively managed capital that invest primarily in loans or debt instruments issued by companies in private transactions. Sometimes, repayment of the loan is secured by assets of the companies obtaining the loans. However, the companies often have low or no credit ratings. Thus, investments held by private debt funds generally are subject the same risks as below investment grade or “junk” bonds. Trading markets for the investments held by those funds are also limited and their investments may be illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically reset. These types of investments are sometimes referred to as floating rate corporate debt, floating rate loans or floating rate bank loans. Private debt funds usually have an investment objective or strategy that may focus on companies in certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes, including focusing investments on smaller capitalization, distressed or bankrupt companies. Private debt funds commonly use borrowings or leverage to make investments. Funds of private debt funds typically invest substantially all of their Real Estate Investment Trusts (“REITs”) and Private REIT Risks. A REIT is a corporation, trust or association that owns and typically operates income- producing real estate or real estate-related assets. The income-producing real estate assets owned by a REIT may include office buildings, shopping malls, multi-family housing, student housing, hotels, resorts, hospitals and health care facilities, self-storage facilities, data centers, warehouses, and mortgages or loans. Many REITs are registered with the SEC and their common stock and preferred stock are publicly traded on a stock exchange. These are known as publicly-traded REITs. Others may be registered with the SEC but are not publicly traded. These are known as private REITs (also known as non-traded or non- exchange traded REITs). There is no public trading market for private REITs and the sole method for disposing of the shares may be limited to a periodic offer to redeem the shares by the issuer, if the issuer offers a redemption program. Private REITs are generally subject 29 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  portfolio risk (including funds are complex to limited regulation and offer limited disclosure and transparency. The shareholders of a REIT are responsible for paying taxes on the dividends that they receive and on any capital gains associated with their investment in the REIT. Dividends paid by REITs generally are treated as ordinary income and are not entitled to the reduced tax rates on other types of corporate dividends. Prices of REIT securities and trading volumes may be more volatile that other investments. Many REITs focus on a particular sector of the real estate market, such as apartments, student housing, hotels and hospitality, health care, office buildings, shopping malls, warehouses, self- storage facilities and the like. Those REITs are subject to risks associated with sectors in which they are focused. Additionally, many REITs may own properties that are concentrated in a particular geographic region or regions, which subject them to the risk of deteriorating economic conditions in those areas. Investing in REITs involves other special risks, including, but not limited to, real development, estate environmental, competition, occupancy and maintenance risk), liquidity risk, leverage risk, distribution risk, capital markets access risk, growth risk, counterparty risk, conflicts of interest risk, dependence upon key personnel risk, and regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. REITs involve significant, special risks and may not be suitable for some clients. Clients investing in REITs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility and volatility of regular distribution amounts, potential lack of liquidity and potential loss of their investment. and funds of private real estate funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private real estate funds and funds of private real estate funds are typically higher than other types of funds. Investment advisers or managers for those funds often receive a management fee plus a performance fee. Private real estate funds and funds of private real estate fund are also generally subject to operational expenses and transaction fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private real estate funds and funds of private real estate funds also have reduced liquidity compared to other investments. Investors should not expect to receive distributions from a fund for a number of years. Private real estate investing is very risky. Investments made by private real estate funds and funds of private real estate funds may be concentrated in properties involved in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private real estate funds and funds of private real estate funds involves special risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment fund risks, currency risks and leveraging risks. Private real estate funds and funds of private real estate investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private real estate funds and funds of private real estate funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. types and sizes of Private Real Estate Funds and Private Real Estate Fund of Funds. Private real estate funds are pools of actively managed capital that directly invest primarily in investments in real estate and real estate-related investments. Private real estate funds may invest in any number of types of real estate, such as office, apartment, retail, lodging, industrial and other real estate and real estate-related investments. Some may focus investment in properties involved in certain sectors or industries, located in certain geographic regions or that have certain sizes of operations or investment requirements. Some may focus investment on properties the manager or sponsor believes are undervalued or undercapitalized or that require repositioning, redevelopment, improved management or additional capital to reach their full value. Private real estate funds commonly use borrowings or leverage to make investments. Trading markets for investments held by those funds are limited and their investments may be illiquid. Funds of private real estate funds typically invest substantially all of their assets in other private real estate funds. Private real estate funds and funds of private real estate funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private real estate funds Private Private Infrastructure Funds Risks. infrastructure funds are pools of actively managed capital that invest primarily in infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of infrastructure investments may include, among others, telecommunication, utilities, and transportation. Private infrastructure funds usually have an investment objective or strategy that may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain investments. Private infrastructure funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private infrastructure funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private infrastructure funds are typically higher than other types of funds. Investment advisers or managers for those funds often receive a management fee plus an incentive fee. Private infrastructure funds are also generally subject to 30 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  liquidity compared to other investments and include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. ETNs are complex involve significant, special risks. As a result, ETNs may not be suitable for some clients. interest rates, and administrative service fees and investment transaction fees. Because of the existence of incentive fees, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private infrastructure funds also have reduced investments. Investors should not expect to receive distributions from a fund for a number of years. Private infrastructure investing is very risky. Many investments are not profitable. In addition, investments made by private infrastructure funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private infrastructure funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Private infrastructure funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private infrastructure funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. derivative instruments, Managed Futures Risks. Managed futures are commodity pools (typically structured as investment partnerships) managed by a futures trading adviser that trade speculatively in various derivative instruments and other investments. There are significantly higher fees and expenses associated with investments in managed futures than other types of funds. Sponsors or managers for these pools often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. Managed futures may seek exposure to different asset classes, such as equity securities, fixed income securities, commodities (such as metals, agricultural products, and energy products), currencies, indices. Managed futures often obtain this exposure through derivative instruments, which may be traded on U.S. or foreign exchanges or markets. Managed futures often employ computerized, systematic and often proprietary trading models and systems. Investing in managed futures involves special risks, including, but not limited to, liquidity risks and risks associated with commodities, currencies, and other Non-Traditional Assets, leverage, derivative instruments and Complex Strategies. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Managed futures can be speculative investments because of the types of investments they make and they involve significant, special risks. As a result, they may not be suitable for some clients. Clients investing in these funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Exchange Traded Notes Risks. An ETN is a type of debt security that trades on an exchange and provides a return linked to the performance of an underlying benchmark. The underlying benchmark can be a particular security, bond, commodity, currency, or other non-traditional asset type, a group or basket of companies, securities, commodities, currencies, derivative instruments, non- traditional asset investments or other assets, or an index or other benchmark linked to stocks, market volatility, bonds, interest rates, Treasury yields, yield curves and spreads, strategies, commodities, currencies or other assets. ETNs trade on exchanges throughout the day at prices determined by the market. Unlike ETFs, issuers of ETNs do not buy or hold assets to replicate or approximate the performance of the underlying benchmark. Also in contrast to ETFs, ETNs also do not calculate their net asset value, are generally not redeemable on a daily basis, and are not registered under the Investment Company Act of 1940. Issuers may also have the right and option to redeem ETNs. Redemptions are made at the ETN’s “indicative value” or “closing indicative value”. An ETN's closing indicative value is computed by the issuer and is distinct from an ETN's market price, which is the price at which an ETN trades in the secondary market. Issuers of ETNs may also issue and redeem notes as a means to keep the ETN’s market price in line with its indicative value, which have caused significant fluctuations in ETN prices. Investing in ETNs involves special risks, including, but not limited to, risks associated with Non-Traditional Assets and derivative instruments and the risk that the actual market price for an ETN may vary significantly from the indicative value computed by the issuer. Other risks may Leveraged Fund and Inverse Fund Risks. Leveraged funds and inverse funds may be structured as ETNs, ETFs or open-end mutual funds. Leveraged funds seek to deliver multiples of the performance of the index or benchmark they track. Inverse funds seek to deliver the opposite of the performance of the index or benchmark they track. Leveraged inverse funds seek to achieve a return that is a multiple of the inverse performance of the underlying index. Most leveraged and inverse funds “reset” daily, meaning that they are designed to achieve their stated objectives on a daily basis. Because of the effects of compounding, volatility and the fund expenses, 31 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the returns of a leveraged or inverse fund over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. To achieve their objectives, leveraged and inverse funds typically employ aggressive investment techniques, such as the use of leverage, short sales, swap contracts, futures, options and other derivative instruments. Investing in leveraged funds and inverse funds involves special risks, including, but not limited to, risks associated with Non-Traditional Assets, short sales, leverage, and derivative instruments. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Leveraged funds and inverse funds are complex investments that have an increased risk of loss compared to other funds and they involve significant, special risks. As a result, they may not be suitable for some clients. A client should not invest in these securities unless the client is prepared to experience significant losses in the value of the client’s Account. valuing such investments is challenging. It is possible that valuations on investments used are materially different from the values that BDCs will ultimately receive upon disposition of those investments. Changing market and economic conditions affecting a BDC’s investments may cause significant volatility in the BDC’s net asset value and stock price. Due to the nature of BDCs’ investments, securities issued by BDCs are subject to greater liquidity risk than other investments. A debt security or preferred stock issued by a BDC, in many cases, is non-rated or is rated below investment grade, which can carry its own risks. Investing in BDCs involves other special risks, including, but not limited to, portfolio company credit and investment risk, leverage risk, capital markets access risk, dependence upon key personnel risk, and regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, and interest rate risk. BDCs can be speculative investments because of the types of investments they make and involve significant, special risks. As a result, BDC investments may not be suitable for some clients. Clients investing in BDCs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Structured Products Risks. Structured products are a hybrid between two asset classes (typically issued in the form of a CD or note) but instead of having a pre- determined rate of interest, the return is linked to the performance of an underlying asset class, such as single security or basket or index of securities; a commodity or basket or index of commodities, including futures; and a foreign currency or basket of foreign currencies. Investing in structured products involves special risks, including, but not limited to, risks associated with derivative instruments. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, emerging market risk, commodities risk and currency risk. Structured products are complex investments and involve special risks. As a result, they may not be suitable for some clients. Master Limited Partnership Risks. An MLP is a form of publicly-traded partnership that is taxed as a partnership. MLPs have unique tax characteristics. A client should consult with a tax advisor before investing in MLPs. An MLP must generally earn at least 90% of its income from certain qualifying sources, which includes income and gains from certain activities involving natural resources such as oil, natural gas, natural gas liquids, refined petroleum products, coal, carbon dioxide and biofuels. An MLP is generally structured as a limited partnership or limited liability company and managed and operated by a general partner or manager. Owners of an MLP are called “limited partners” or “unit holders”. Unit holders own interests or units in the MLP (“units”) that are traded on a stock exchange. MLPs make distributions to unit holders of their available cash flows. Many MLPs focus on a particular sector or industry. Those MLPs are subject to risks associated with sectors or industries in which they are focused. The value of an investment in an MLP and the amount of distributions it makes may depend on the prices of the underlying commodity, such as oil or natural gas. Many MLPs are sensitive to changes in the prevailing level of commodity prices. MLPs have also shown sensitivity to interest rate movements. Investing in MLPs involves other special risks, including, but not limited to, macroeconomic risk, interest rate risk, liquidity risk, operating risk, capital markets access risk, growth risk, distribution risk, conflicts of interest risk, and regulatory risk. MLPs are complex investments that have significant, special risks. As a result, MLPs may not be suitable for some clients. Clients investing in MLPs should have a high tolerance for risk, including the willingness and ability to Business Development Company Risks. A BDC is typically a domestic, closed-end investment company that is operated for the purpose of making equity and debt investments in small and developing businesses, as well as financially troubled businesses. As a result, investments made by BDCs tend to be risky and speculative. Investment advisers or managers for BDCs often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. BDCs commonly use borrowings or leverage to make investments in portfolio companies. Adverse interest rate movements can negatively impact a BDC’s ability to make investments. Investments made by BDCs are typically illiquid, and 32 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  accept potential lack of liquidity and potential loss of their investment. Domestically, inflation remains an area of focus since getting to the U.S. Federal Reserve Board’s 2% target may prove to be more challenging than the market expects. In addition, the level of political discord remains high. Additional information about certain Complex Investment Products and other investments pursuing Complex Strategies, including the risks associated with those investments, is available on Baird’s website at bairdwealth.com/retailinvestor. A client is encouraged to read the disclosure documents included on those websites carefully before investing. The uncertain course of these various factors may have a significant negative impact on the global economy, may result in an elevated risk environment with increased volatility in asset prices, which could have an adverse effect on a client’s Account. Available Investment Product Risks to risks compared investment products. Product experiences Disciplinary Information In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of FINRA that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front- end sales charge. The findings also stated that these customers were instead sold Class A shares with a front- end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. The use of Available Investment Products are subject to the use of Baird additional recommended Available Investment Products are investment products that generally do not meet the qualifications and standards that Baird establishes for its recommended product lists. As a result, there is a higher likelihood that some Investment Products will have poor Available performance and will significantly underperform compared to an applicable benchmark index or peer group. Available Investment Products are also subject to significantly less rigorous review by Baird compared to recommended investment products. Thus, if an Available Investment Product experiences significant performance problems or if the manager or sponsor of an Available Investment significant management, organizational, operational, compliance, legal, regulatory or other problems, there is a higher risk that the Available Investment Product will be made available (and will continue to be made available) to clients by Baird. An investment by a client in an Available Investment Product that experiences the occurrence of any such event could negatively impact the client’s Account. Available Investment Products should only be used by a client if the client wishes to take more responsibility for monitoring and managing the assets in the client’s Account, the list of recommended products does not contain an investment product that meets the client’s particular needs, and the client understands the risks of doing so. Recent Events U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and other global macro factors. The transition to a new administration following the recent U.S. Presidential election may introduce meaningful market uncertainty as new policies, executive orders, or legislation are proposed or enacted. that was reasonably designed In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a firm supervisor within its Private Wealth Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade to ensure errors compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. Geopolitical risks appear elevated with the war between Ukraine and Russia now passing its third anniversary, tensions remaining high in the Middle East, and relations between the U.S. and China and other countries are strained. In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to 33 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. More information about the order is contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public Disclosure website at https://www.adviserinfo.sec.gov/IAPD/Default.aspx or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press-release/2019-28. In June 2019, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that between late April 2013 and early July 2013 it published research reports about an issuer without disclosing that the research analyst who authored the reports was engaged in employment discussions with the issuer that constituted an actual, material conflict of interest and that the failure to disclose the research analyst’s employment discussions with the issuer in the research reports made those reports misleading. Baird was censured and fined $150,000. the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by certain of the subadvisors participating in Baird’s wrap fee programs offered through its Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have failed to adopt or implement policies and procedures designed to provide specific information to Baird’s clients and financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. In September 2022, Baird, without admitting or denying the findings, consented to the entry of findings of FINRA, which found that it charged certain brokerage customers an unfair commission when it charged its published minimum commission amount of $100 on 7,277 retail equity trades and failed to establish and maintain a supervisory system reasonably designed to prevent charging a customer a commission that is unreasonable or unfair in violation of FINRA Rules 3110, 2121, and 2010. Baird also consented to a censure, a fine in the amount of $150,000, and the payment of restitution of $266,481 plus interest. The findings related to FINRA’s routine examination of Baird in 2020. Following that examination, Baird modified its minimum commission schedule and supervisory procedures. Baird also took steps to make payments to the affected customers, which on average amounted to $36.62 per trade and $57.64 per customer. Baird will continue to make efforts to ensure that it charges fair prices and commissions on all securities transactions with its customers. its In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) and 207 of the Advisers Act for making inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure (or SCSD) Initiative.” Under the program, investment advisory firms were offered the opportunity to voluntarily self-report violations of the federal securities laws relating to mutual fund share class selection and related disclosure issues and agree to settlement terms imposed by the SEC, including returning money to affected investment advisory clients. The central issue identified by the SEC was that, in many cases, investment advisory firms bought for or recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the firms when lower-cost share classes were available to those advisory clients, and the investment advisory firms did not adequately disclose their receipt of 12b-1 fees and/or the conflict of interest associated with those 12b-1 paying share classes. Baird and many other firms self-reported under the program and entered into substantially identical orders. By self- reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund In September 2023, Baird entered into an Offer of Settlement with the SEC, in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a- 4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business-related communications made by Baird associates when they used their personal devices (“off-channel communications”) and for failing to supervise business-related associates’ communications. The settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were properly retaining business- related text and instant messages and other off-channel communications sent and received on employees’ personal devices. Following the commencement of the SEC’s initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their 34 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that certain Baird including: individual and Broker-Dealer Activities Baird is engaged in a broad range of broker-dealer activities, institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. Certain Baird associates and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it was discovered supervisors communicated off-channel using non-Baird approved methods on their personal devices about Baird’s broker- dealer and investment adviser businesses, and the findings were reported to the SEC. Baird took steps prior to and after the SEC’s review, including implementing a new communication tool designed for Baird associates’ personal devices, conducting training, and periodically requiring requisite associates to provide an attestation relating to their business-related communications. As part of the settlement, Baird was censured and ordered to cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies and procedures, training, surveillance program, technology solutions and similar matters related to off-channel communications. on SEC’s website Additional information about Baird’s disciplinary history is at the available www.adviserinfo.sec.gov. Investment Management Activities Baird and its ICS Consultants may, from time to time refer clients to Baird Advisors or Baird Equity Asset Management, investment management departments of Baird, or Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management. ICS Consultants are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation received by Baird. ICS Consultants may have a financial incentive to recommend to clients the services of those Baird investment management departments over the services provided by other investment managers. Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker-dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker-dealers, investment advisors, other financial services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. Baird has a financial incentive to favor Baird Equity Asset Management because Baird receives more compensation if Baird Equity Asset Management manages a client’s Account rather than other unrelated managers. Certain Affiliated and Related Parties Affiliated Broker-Dealers Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Due to its affiliation with Strategas Securities, Baird has a financial incentive to favor Strategas Securities’ investment products and services. Affiliated and Related Investment Advisors From time to time, Baird and its ICS Consultants may recommend that clients retain the services of financial services firms or invest in investment products that are affiliated with or related to Baird. Such a recommendation of affiliated or related financial services firms or investment products creates a potential conflict of interest because Baird, its ICS Consultants and related parties may receive higher aggregate compensation if clients retain those firms or invest in those investment products instead of retaining unrelated firms or investing in unrelated investment products. Baird addresses this potential conflict through disclosure in this Brochure. Further, when acting as fiduciaries, Baird and its ICS Consultants are required to select or recommend investment products only when they determine it to be in the client’s best interest to do so. The criteria used by them in deciding to select or recommend affiliated or related investment products are generally the same as those used for unrelated investment products. Baird is affiliated, and may be deemed to be under common control, with Riverfront Investment Group, LLC indirect ("Riverfront") by virtue of their common ownership by BFG. Additional information about Riverfront is available in Riverfront’s Form ADV Part 2A Brochure. Due to its affiliation with Riverfront, Baird has a financial incentive to favor Riverfront investment products and services. 35 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  compensation is disclosed in each Fund’s statement of additional information available on Baird’s website at bairdassetmanagement.com/baird-funds. ICS Consultants may have a financial incentive to favor investments in those Funds over investments in other mutual funds and to favor the Baird Equity Funds over the Baird Bond Funds. Baird is related to Greenhouse and Greenhouse Fund GP LLC (“Greenhouse GP”) by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. From time to time, ICS Consultants may use or recommend Greenhouse or Greenhouse GP investment products and services. Due to its relation with Greenhouse and Greenhouse GP, Baird has a financial incentive to favor their investment products and services. is available in the Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, fund’s prospectus and statement of additional information. Baird is affiliated, and may be deemed to be under common control, with Strategas Asset Management, LLC (“Strategas”), by virtue of their common indirect ownership by BFG. Due to its affiliation with Strategas, Baird has a financial incentive to favor Strategas investment products and services. Baird is affiliated, and may be deemed to be under common control, with GAMMA Investing, LLC (“GAMMA”) by virtue of BFG’s and Riverfront’s indirect minority ownership of GAMMA and BFG’s and Riverfront’s representation on the board of directors of GAMMA. Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. Baird is related to LoCorr Fund Management, LLC (“LoCorr”) by virtue of BFG’s indirect minority ownership of the holding company of LoCorr and BFG’s representation on such holding company’s board of managers. From time to time, ICS Consultants may use or recommend LoCorr investment products and services. Due to its relation to LoCorr, Baird has a financial incentive to favor LoCorr investment products and services. Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. Affiliated and Related Mutual Funds, ETFs and Investment Companies funds, CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those services. Additional information about including those mutual information relating to the fees paid by those funds for investment management services, is available in the statement of additional funds’ prospectus and information. Income Trust Series, on website Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend the Automated Quantitative Analysis (AQA®) Portfolio Series, and the AQA® Large-Cap Portfolio Series. Additional information about those investment products, including information relating to the compensation paid to Baird is available in the applicable prospectus and other fund documents. Those investment products are made available to clients. Due to its affiliation with those investment products, Baird has a financial incentive to favor those investment products. Baird is the investment adviser and principal underwriter for Baird Funds, Inc. (the “Baird Funds”). Baird Advisors provides investment management, administrative, and other services to certain Baird Funds investing primarily in fixed income securities (the “Baird Bond Funds”). Baird Equity Asset Management and CCM provide investment management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”), and Greenhouse is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus and statement of additional information available at Baird’s bairdassetmanagement.com/baird-funds. Certain Baird Funds have been selected by Baird for inclusion on Baird’s Recommended Mutual Fund List. Baird has a financial incentive to favor the Baird Funds because Baird receives more compensation if a client invests in the Baird Funds rather than other unrelated funds. Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange-Traded Fund III. Additional information about those mutual funds and ETFs, including information ICS Consultants who refer clients to the Baird Funds are eligible for referral compensation to be paid by Baird that is based upon, among other factors, the compensation the referral received by Baird. The amount of 36 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) BVP III Affiliates Fund Limited Partnership BVP III Special Affiliates Limited Partnership relating to the compensation paid to Riverfront by those funds for investment management services, is available in each fund’s prospectus and statement of additional information. Due to its affiliation with Riverfront, Baird has a financial incentive to favor funds managed by Riverfront. Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Limited Partnership Baird Venture Partners Management Company V, LLC Baird Venture Partners V Limited Partnership BVP V Affiliates Fund Limited Partnership BVP V Special Affiliates Fund Limited Partnership Baird Capital Partners Management Company V, LLC Baird Capital Partners V Limited Partnership BCP V Affiliates Fund Limited Partnership Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products, including information relating to the compensation paid to Strategas and Strategas Securities, is available in the applicable prospectus. Those investment products are made available to ICS clients. Due to its affiliation with Strategas and Strategas Securities, Baird has a financial incentive to favor those investment products. BCP V Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Venture Partners GP VI, LLC LoCorr acts as investment advisor to the LoCorr Funds. The LoCorr Funds are made available to clients through the Services. Due to its relation to the LoCorr Funds, Baird has a financial incentive to favor the LoCorr Funds. Baird Venture Partners VI LP BVP VI Affiliates Fund LP Affiliated Private Funds BVP VI Special Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management I LP Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP BCGF I Special Affiliates LP BCGF I Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management II LLC CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those funds are private pooled investment vehicles that are not required to be registered with the SEC as investment companies. Due to their affiliation with the Chautauqua Private Funds, Baird Equity Asset Management, CCM and Baird have a financial incentive to favor those funds. Baird Capital Global Fund II Limited Partnership BCGF II Affiliates Fund Limited Partnership Affiliated Private Equity Funds BCGF II Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Capital Global GP III LLC Baird Capital Global Fund III LP BCGF III Affiliates Fund LP BCGF III Special Affiliates LP Baird Capital Partners Europe Limited* Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird and its ICS Consultants may refer clients to Baird Capital. The private equity funds offered through Baird Capital make venture capital, growth equity and private equity investments primarily in the business-to-business, technology and services sectors. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. Baird Capital Partners Europe II LP Baird Capital Partners Europe II Special Affiliates LP Certain Baird Capital-Related Entities The Growth Fund Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. Baird Venture Partners III Limited Partnership 37 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  ownership by BFG. Certain Baird Trust investment products and services, such as the Baird Trust Strategies, are made available to ICS clients. Due to its affiliation with Baird Trust, Baird has a financial incentive to favor Baird Trust investment products and services. ICS Consultants who assist in obtaining a client’s investment in a private equity fund offered through Baird Capital are eligible for referral compensation from the general partner of the private equity fund. The actual amount of compensation may vary based upon the client’s investment commitment and will be disclosed to a client in the documentation the client receives in connection with the investment. Due to Baird’s affiliation with those private equity funds and the referral compensation paid to ICS Consultants, Baird and its ICS Consultants have a financial incentive to favor those private equity funds. Baird and ICS Consultants receive compensation from Baird Trust for referring clients and providing ongoing relationship management services to clients engaging Baird Trust for trust administration services as described the heading “Advisory Business—Additional under Service Information—Trust Services Arrangements” above. Baird and ICS Consultants thus have a financial incentive to favor Baird Trust over other trust companies. Baird also has a financial incentive to the extent it would recommend that a client invest in a portfolio company owned by an affiliated private equity fund. A list of the portfolio investments held by private equity funds affiliated with Baird is located on Baird Capital’s website at https://www.bairdcapital.com/portfolio/baird-capital- portfolio.aspx. firms or The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. These funds generally co-invest with unaffiliated private equity funds and private equity professionals in transactions in the United States and Europe. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. Certain Baird Principal Group-Related Entities Investment Advisor Private Equity Fund(s) Baird Principal Group Management Company I, LLC Baird Principal Group Partners Fund I Limited Partnership Baird Principal Group Management Company II, LLC Baird Principal Group Partners Fund II Limited Partnership Baird Principal Group Management Company, LLC Baird Principal Group Partners Fund III, LP Hedge Funds Other Financial Industry Activities Baird has business relationships with many investment managers, including those participating in the Services, separate and apart from the Services. Other investment management firms may select Baird, in its capacity as a broker-dealer, to execute portfolio trades for their clients, including for Investment Funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. This may create an incentive for Baird to favor the services of such investment management their products, including the Investment Funds advised by such investment management firms. However, Baird is a fiduciary that is required to act in the best interest of advisory clients when selecting or recommending investment management firms or their investment products to such clients. Baird addresses this potential conflict through disclosure in this Brochure. Further, Baird does not consider the extent to which an investment management firm directs or is expected to direct trades to Baird for execution when considering the eligibility of an investment management firm or its investment products for Baird’s advisory programs (including when Baird constructs its Recommended Managers List or Recommended Mutual Fund List). In addition, investment management firms are, absent client direction to the contrary, obligated at all times to retain the broker or dealer providing the client best execution. In addition, mutual fund companies are prohibited from considering Baird’s efforts in marketing and selling their funds when selecting Baird for executing portfolio trades for the funds. To learn more about how a mutual fund company selects brokerage firms for trade execution, a client should consult the fund’s statement of additional information, available from each fund. Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. The Greenhouse Onshore Fund LP is available to clients. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor those hedge funds. Other Affiliated Financial Services Firms Certain Baird associates from time to time may provide clients with tax return preparation, bill pay or related services. In some instances, the fee for those services may be bundled with the Advisory Fee. A client should understand that the provision of such services is separate from, and not related to, the Services offered under this Brochure and will be governed by an agreement separate from the client’s advisory agreement with Baird. A client should understand that Baird and its associates do not Baird is affiliated, and may be deemed to be under common control, with Baird Trust, a Kentucky-chartered trust company, by virtue of their common indirect 38 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  act as investment adviser or fiduciary to the client when providing tax return preparation, bill pay or related non- advisory services to the client. investment advisory account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s Account. Select clients may pay a fixed dollar fee, which presents a conflict in that such fee does not give the ICS Consultant an incentive to make recommendations that could benefit the client’s Account, or a performance or incentive fee, which presents a conflict because it gives the ICS Consultant an incentive to recommend riskier investments in order to achieve the level of performance in the Account that would result in payment of the fee. Accounts and Investments Provide Different Levels of Compensation Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. The accounts and investments Baird offers provide Baird different levels of compensation. Baird and ICS Consultants have an incentive to generate revenues from client Accounts and to offer investment products and make recommendations that will provide them the greatest level of compensation. Recommendations of Related, Proprietary or Affiliated Funds and Managers Baird and ICS Consultants have an incentive to recommend related, proprietary or affiliated funds or managers because when client’s invest in affiliated funds or select an affiliated manager to manage client Accounts, they will make more money. See “Other Industry Activities and Affiliations—Certain Affiliated and Related Parties” above and “List of Affiliated Companies, Funds and Managers” on Baird’s website at bairdwealth.com/retailinvestor. Referral Compensation Paid to ICS Consultants To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, including ICS Consultants, their supervisors, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. The Code also generally prohibits Access Persons from executing a security transaction for their personal accounts during a blackout period one business day before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by Baird management or by Baird’s Compliance Department. In addition, orders for the accounts of Access Persons and other Baird associates that are under discretionary management by Baird may be aggregated with orders for other Baird client accounts, so long as the order is executed as part of a block transaction with client orders. A copy of the Code is available to clients or prospective clients upon request. Lending Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s In addition, Baird’s Compliance advisory clients. Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients. ICS Consultants receive additional compensation for referring clients to certain of Baird’s proprietary or affiliated funds or managers described above. Such special compensation and referral fees give ICS Consultants an incentive to recommend or refer clients to these proprietary or affiliated funds and managers. See “Other Industry Activities and Affiliations—Certain Affiliated and Related Parties” above. ICS Consultants also receive additional compensation for referring clients to Baird Trust and for referring clients to unaffiliated banks that make loans to clients under Baird’s Securities- Based “Trust Services Program. See Arrangements” and “Securities-Based Lending Program” below. In addition to those referral arrangements, ICS Consultants receive special compensation for referring business to certain of Baird’s other departments. See “Investment Banking, Public Finance and Institutional Equities Trading Activities” below. Participation or Interest in Client Transactions Investment Advisory Accounts Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors Asset-based Advisory Fee arrangements create an incentive for Baird and ICS Consultants to set the applicable fee rate at a high level and to encourage clients to add more money into their accounts. Baird and ICS Consultants also have an incentive to recommend an Baird receives marketing support or revenue sharing payments (“marketing support”) from the sponsors and investment advisers of certain mutual funds. These payments, which are based on sales of, or client assets invested in, such funds, are intended to compensate 39 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  funds, annuities and other investment products, with the costs associated with such conference (including travel and lodging) paid by the sponsors. In addition, ICS Consultants hold client events with some or all of the costs of such events paid by sponsors of investment products. Product sponsors may also provide gifts and entertainment in connection with those or other events. These benefits present a conflict of interest in that they give ICS Consultants an incentive to recommend investment products and their sponsors that provide the greatest levels of such benefits. Please see “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Trust Services Arrangements Baird and ICS Consultants have an incentive to recommend that a client retain Baird Trust for the client’s trust services needs rather than an unaffiliated firm because it is more profitable for Baird and they receive compensation from Baird Trust if the client retains Baird Trust. Please see “Advisory Business—Additional Service Information—Trust Services Arrangements” above for more detailed information. from sponsors and Investment Advisory and Brokerage Account and Service Recommendations Baird for providing marketing, distribution and other services for the mutual funds. Marketing support is not paid by sponsors or investment advisers of mutual funds on mutual fund assets held in investment advisory Retirement Accounts to the extent prohibited by applicable law. Baird received marketing support payments over the past two calendar years from the sponsors or investment advisers of Alliance Bernstein Funds, American Funds, Franklin Templeton Funds, Fidelity Funds, Goldman Sachs Funds, Hartford Funds, Invesco Funds, John Hancock Funds, JPMorgan Funds, Lord Abbett Funds, MFS Funds, PIMCO Funds and Principal Funds. Baird also generally receives marketing support related to the sale of units of UITs. Sponsors of UITs typically make marketing or concession payments to the firms that sell their UITs, including Baird. These payments are typically calculated as a percentage of the total volume of sales of the sponsor’s UITs made by the firm during a particular period. That percentage typically increases as higher sales volume levels are achieved. Descriptions of these additional payments are provided in a UIT’s prospectus. UIT sponsors that have paid volume concessions to Baird over the past two calendar years include Advisors Asset Management (AAM), SmartTrust, and Guggenheim Investments. Receipt of marketing support payments investment advisers of mutual funds and UITs provides Baird an incentive to offer, market and recommend such mutual funds and UITs and to favor mutual funds and UITs with sponsors or investment advisers that make the greatest levels of such payments. Baird does not share these payments with ICS Consultants. Please see “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Baird Conference Sponsorships ICS Consultant will to ICS Consultants Baird hosts a number of seminars and conferences for ICS Consultants in any given year, including Baird’s PWM investment Symposium, which gives sponsors of products, such as mutual funds, the opportunity to make presentations at, and contribute money toward the cost of, such seminars and conferences. This presents a conflict of interest in that it gives Baird an incentive to promote or market the sponsors’ investment products in order to persuade them to continue supporting Baird seminars and conferences. Please see “Revenue Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. ICS Consultants Receive Benefits from Product Providers Consultants receive Baird and ICS Consultants generally have a financial incentive to recommend investment advisory accounts to clients rather than brokerage accounts because Advisory Fee revenue is recurring, more predictable and typically greater than the revenues Baird earns, and the compensation ICS Consultants receive, from brokerage accounts. In addition, because Advisory Fees are paid by a client regardless of the trade activity in the client’s advisory account, Baird will receive greater revenue, and the client’s receive greater compensation, from a low trade-activity advisory account than from a low trade-activity brokerage account. Baird and ICS Consultants thus have an incentive to recommend an investment advisory account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s Account. However, because Baird’s revenues and from the compensation paid brokerage accounts increase as the level of trading increases, Baird and ICS Consultants have an incentive to recommend a brokerage account to a client rather than an investment advisory account if the client has, or is expected to have, significant trading activity in the client’s Account. ICS Consultants also have a financial incentive to recommend certain wealth management services, such as financial planning. Please see “Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird and ICS Consultants” above for more detailed information. Account Transfers and New Accounts Baird and a client’s ICS Consultant have an incentive to recommend that the client transfer the client’s Accounts ICS non-cash generally compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may include invitations to attend conferences or educational seminars, payment of related travel, lodging and meal expenses, and receipt of gifts and entertainment. For example, ICS Consultants are invited to educational conferences hosted by sponsors of mutual 40 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  ICS Consultants Transferring to Baird to Baird and establish new accounts with Baird (including IRA rollovers) because doing so will result in increased revenues to Baird and compensation for the ICS Consultant. Recommendations to Open Different Types of Accounts An ICS Consultant joining Baird from another firm has an incentive to recommend that a client to transfer the client’s accounts from such firm to Baird because doing so will increase the ICS Consultant’s compensation. Please see “Advisory Business—Advisory Fees—Advisory Fee Payments to Baird and ICS Consultants” above for more detailed information. Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities likely to maintain Baird and ICS Consultants have an incentive to recommend that a client open different types of accounts with Baird, such as individual accounts, IRA rollovers, joint accounts, 529 plan accounts and UGMA/UTMA accounts, because if a client has different types of accounts with Baird, the client brings more of the client’s investable assets to Baird, on which fees can be generated, thereby increasing Baird’s revenues and the client’s ICS Consultant’s compensation. Also, if a client has more account types with Baird, the client is statistically more the client’s relationship with Baird and the client’s ICS Consultant for longer periods of time. Baird Stock Ownership thus has an incentive accounts with Baird, even if Through its Investment Banking, Public Finance and Institutional Equities Services Departments, Baird investment banking, municipal advisory, provides securities underwriting, stock buyback and related services to various corporate, municipal, and other issuers of securities. Baird receives compensation and fees from such entities in connection with the services it provides. Baird may, therefore, have an incentive to favor the securities of issuers for which Baird provides such services over the securities of issuers for which Baird does not provide such services. An ICS Consultant who refers a client to Baird Investment Banking for a possible transaction in which Baird Investment Banking earns a financial advisory or underwriting fee receives a portion of such fee. An ICS Consultant who refers a client to Baird Public Finance for a municipal advisory or underwriting opportunity receives a portion of the compensation earned by Baird Public Finance on that opportunity. Baird and ICS Consultants thus have an incentive to recommend the securities issued in those offerings. An ICS Consultant who refers a corporation to Baird’s Institutional Equities business for a stock buy-back program receives a portion of the commissions earned by Baird’s Institutional Equities business. Baird and its ICS Consultants may, therefore, have an incentive to buy, and to recommend that clients sell, the securities of issuers that are part of Baird’s buyback services. For more information about referral compensation paid to ICS Consultants and related conflicts of interest, please see “Baird Referral Programs” on Baird’s website at bairdwealth.com/retailinvestor. Baird Underwritten Offerings Most ICS Consultants own common stock of BFG, Baird’s ultimate parent, and when offered the opportunity to buy BFG stock they usually do so. The amount of BFG stock that an ICS Consultant may purchase is based in part on the ICS Consultant’s total production level. A client’s ICS Consultant to make recommendations that increase the ICS Consultant’s total production on the client’s accounts with Baird. Moreover, revenues from Baird’s PWM department, in which ICS Consultants operate, contribute substantially to BFG’s overall revenues and profitability, and the performance of BFG’s stock price is largely due to the profitability of Baird’s PWM department. As a result, a client’s ICS Consultant’s ownership of BFG stock creates a financial incentive to make recommendations to the client that increase the amount of revenues generated from the client’s those recommendations will not increase the ICS Consultant’s production, so as to increase the revenues and profitability of Baird’s PWM department and thus of BFG, which will serve to grow the value of the BFG stock. For example, ownership of BFG stock provides a client’s ICS Consultant an incentive to recommend affiliated products to a client even though such recommendation does not increase the client’s ICS Consultant’s production. Relationships with Issuers of Securities Baird and ICS Consultants have an incentive to recommend that clients purchase securities in offerings underwritten by Baird because the underwriting compensation that Baird and ICS Consultants will earn on those offerings tends to be higher than the compensation they would normally receive if clients were to buy them in the secondary market, and because the profitability of underwritten offerings to Baird depends upon Baird’s ability to sell the securities allocated to Baird in the offering. Research Activities From time to time, Baird may have proprietary investments in companies or issuers whose securities are offered and sold to clients, an ICS Consultant or another Baird associate may have significant investments in companies or issuers whose securities are offered and sold to clients, or an ICS Consultant or another other Baird associate (or their spouses, partners or family members) may have a position as an officer or director of a company or issuer whose securities are offered and sold to clients. In such cases, Baird and/or a client’s ICS Consultant will have an incentive to recommend that the client invest in those companies. The investment advice provided to a client may be based on the research opinions of Baird’s research departments. Baird does, and seeks to do, business with companies covered by those research departments and as a result, 41 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird may have a conflict of interest that could affect the content of its research reports. Fees—Advisory Other Client Relationships securities in which Baird and its affiliates and associates have a material financial interest or practices that present a conflict of interest. For more information, please see Fee “Advisory Business—Advisory Payments to Baird and ICS Consultants” and “Other Financial Industry Activities and Affiliations” above, and “Client Referrals and Other Compensation” below. Addressing Conflicts Certain client accounts overseen by Baird and ICS Consultants may have similar investment objectives and strategies but may be subject to different fee schedules or commission rates. Thus, Baird and its ICS Consultants have an incentive to favor client accounts that generate a higher level of compensation. Baird’s Other Broker-Dealer and Related Activities in this Brochure, The foregoing activities could create a conflict of interest with clients. In addition to the measures described above, Baird addresses conflicts posed by those activities through disclosure the client’s agreements with Baird, the Client Relationship Booklet and prospectuses, offering documents or other disclosure documents provided or made available to clients. Baird has also adopted a Code of Ethics and other internal policies and procedures for Baird and its associates that: • In their broker-dealer, and broker-dealer representative capacities, respectively, Baird and its ICS Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, Complex Investment Products and other securities. Baird and its ICS Consultants receive compensation based upon the sale of such investment products. require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); • address Baird’s and its associates’ trading activities and are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients; and • Baird and its affiliates and associates may buy or sell investments that are recommended to or owned by a client for their own accounts, or they may act as broker or agent for other clients buying or selling those investments. Those transactions may include buying or selling investments in a manner that differs from, or is inconsistent with, the advice given to a client, and those transactions may occur at or about the same time that such investments are recommended to or are purchased or sold for a client’s Account. address and limit cash and non-cash benefits provided to ICS Consultants by third parties in an attempt to avoid any question of propriety or any conduct inconsistent with Baird’s high standards of ethics. Duration Compensation Will Be Received law or agreements If a client holds any of the investment products described above, Baird, its affiliates and associates will receive the fees and payments described above for the duration of the client’s advisory relationship with Baird. In some circumstances, the receipt of such compensation may extend beyond a client’s advisory relationship with Baird if the client continues to hold those assets at Baird. Baird and its associates, by reason of Baird’s broker- dealer, investment banking or other activities, may from time to time acquire information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable from disclosing such information to clients or acting upon such information with respect to any client Account. Baird’s other activities thus present a potential conflict of interest because such activities may limit Baird’s ability to advise or manage client Accounts. Other Conflicts of Interest If Baird, or an affiliate or associate of Baird, receives any compensation or benefit described in this Brochure from or related to a client’s investment, they will generally retain the compensation or benefit. Except as otherwise described above, Baird generally does not rebate these amounts to a client’s Account or credit the amount against the Advisory Fees payable by a client unless such compensation may not be retained under applicable law or regulation. Baird offers to clients other investment products and services not described in this Brochure. These investment products and services provide different levels of compensation to Baird and its ICS Consultants. Baird and its ICS Consultants have an incentive to favor those investment products and services that generate a higher level of compensation than those that generate a lower level of compensation. For more information about the other investment products and services offered by Baird, clients should contact Baird or an ICS Consultant. Brokerage Practices Baird does not recommend or select broker-dealers to effect transactions for client Accounts as part of the Services. Other sections of this Brochure also describe instances when Baird and its ICS Consultants may recommend to clients, and may buy and sell for client’s Account, 42 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities held in such Accounts and is solely responsible for voting any such proxies. Review of Accounts The nature and frequency of client Account reviews performed by ICS Consultants and the reports provided to clients varies by the particular needs of each client and will be set forth in the client’s Consulting Agreement. However, ICS Consultants generally review client Accounts at least annually. A client receives reports on a periodic basis with such frequency as the client and Baird agree in the client’s agreement. ICS clients currently receive those reports on an annual, semi-annual or quarterly basis. Such reports show asset performance compared to benchmarks within the same asset class. Financial Information Baird does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of its most recent fiscal year. Baird is not aware of any financial condition that is reasonably likely to impair its ability to meet its contractual commitments to clients, nor has it been the subject of a bankruptcy petition at any time during the past ten years. in some instances. When applicable, regulation, including, without Client Referrals and Other Compensation Baird may provide compensation to individuals who refer clients the compensation paid is a percentage of the client’s fee payments or the value of the client’s Account. The amount of compensation will vary, with the specific level determined based upon consideration of various factors including, but not limited to, the individual’s role in developing the client relationship and the assets under management. Baird may pay these fees to registered representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird. Special Considerations for Retirement Accounts Each Retirement Account Fiduciary of a client should understand that Baird may recommend that the client invest in, or make available for investment to plan participants, affiliated investment products, that Baird and its affiliates will receive fees or other compensation related to such investments, and that they will retain such compensation to the extent permitted by applicable law, rule or limitation, Department of Labor (“DOL”) Prohibited Transaction Exemption (“PTE”) 77-4, DOL PTE 2020-02 or other advisory opinions issued by the DOL. “Other Financial Baird and its affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” above. Custody Baird does not have custody of client assets as part of the Services. However, some clients may elect to establish a brokerage account or participate in other advisory programs or services provided by Baird to implement the advice provided by ICS Consultants. Under those circumstances, Baird may agree to provide such services and serve as custodian under a separate agreement. A client should consult with the client’s ICS Consultant or review Baird’s Form ADV Part 2A Brochure and agreement for the other advisory program or service for more information. Investment Discretion Baird and ICS Consultants do not have discretionary authority to buy or sell securities for client Accounts or otherwise act for client Accounts in connection with the Services. A client retains full discretionary authority over client’s Accounts. Voting Client Securities Baird does not have authority to vote proxies with respect to the securities held in the client’s Account or otherwise act for client Accounts in connection with the Services. A client retains the right to vote proxies with respect to the To the extent Baird and its affiliates rely upon PTE 77-4, each Retirement Account Fiduciary should understand that when Baird invests the assets of a Retirement Account in an affiliated investment product that pays investment advisory fees to Baird or any of its affiliates, Baird and its affiliates will receive such investment advisory fees in accordance with PTE 77-4, and, as required thereby, Baird will waive its asset-based Advisory Fees on that portion of the assets invested in the affiliated investment product for such period of time so invested or Baird will offset the investment advisory fees received by Baird or any of its affiliates from the affiliated investment product against the asset-based Advisory Fee that Baird charges to the client. For the purpose of complying with the terms of DOL PTE 77-4, the client and each Retirement Account Fiduciary of the client acknowledge in the client’s agreement that: (i) the investment in affiliated investment products for the client’s Account is appropriate because of, among other things, the investment goals, redeemability, liquidity, and diversification of those products; (ii) all assets of the client’s Account may be invested in one or more of the affiliated investment products; (iii) the client and such Retirement Account Fiduciary received prospectuses or other offering or disclosure documents for the affiliated investment products that may be used in connection with the Account, each of which include a summary of all fees that may be paid by the affiliated investment products to Baird or its affiliates; and (iv) the client received information concerning the nature and extent of any differential between the rate of such affiliated investment product fees and the Advisory Fees payable by the client. The differential between the fees to be charged by Baird for the investment advisory services it provides to the 43 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  client and, if applicable, the investment advisory and other similar fees paid by the affiliated investment product to Baird or its affiliates with respect to the services Baird or any of its affiliates provides to the affiliated investment product is the difference between the Advisory Fee disclosed in the client’s agreement and the applicable investment management, investment advisory and other similar fees detailed in the applicable prospectus or other offering or disclosure documents for the affiliated investment product. about such unaffiliated If a client’s Account is a Retirement Account and if the client has selected an investment manager or product related to Baird (such as the use of services or products offered by Baird Advisors, Baird Equity Asset Management, CCM, Baird Trust, GAMMA, Greenhouse, LoCorr, Riverfront, Strategas or any Investment Fund affiliated with any of them), each Retirement Account Fiduciary of the client understands and agrees that in making such selection: (a) Baird and its affiliates may receive higher aggregate compensation than if the client selected investment managers, funds or other products not affiliated with Baird and thus Baird may have an incentive to offer such affiliated investment managers, funds or other products; (b) Baird makes available to the client investment managers, funds and products not affiliated with Baird and the client may obtain additional information investment managers, funds or products at any time by contacting the client’s ICS Consultant; and (c) the client is free to choose another investment option or participate in another Baird advisory program that does not use investment managers, funds or products affiliated with Baird at any time by contacting the client’s ICS Consultant. For more information about investment managers and products that are affiliated with Baird, please see “Other Financial Industry Activities and Affiliations” above. 44 Baird ICS Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

Baird Private Asset Management Brochure March 21, 2025 Baird Private Asset Management 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Toll Free: 888-596-1592 www.rwbaird.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”) and Baird Private Asset Management (“PAM”), part of Baird’s Private Wealth Management department. Clients should carefully consider this information before becoming a client of PAM. If you have any questions about the contents of this Brochure, please contact PAM 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 Private Asset Management (“PAM”), part of the Private Wealth Management department of Robert W. Baird & Co. Incorporated (“Baird”), updated its Form ADV Part 2A brochure (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that PAM has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Baird updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Portfolio Manager Selection and Evaluation—Selection and Evaluation—Advisory Business” for more information. • Baird updated the description of investment options available under its Cash Sweep Program. See the Section of the Brochure entitled “Advisory Business—Additional Service Information—Cash Sweep Program” for specific information. • Baird updated information about risks associated with recent events, such as those associated with potential market uncertainty caused by policy changes as the result of the recent U.S. Presidential election, Russia’s ongoing war with Ukraine, conflicts in the Middle East, the strained relationship between the U.S. and China and other countries, inflation, discord in U.S. politics and other geopolitical events. See the Section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” for more specific information. • Baird updated information about Baird’s affiliates and related persons. See the Section of the Brochure entitled “Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents Advisory Business ........................................................................................... 1 Robert W. Baird & Co. Incorporated ................................................................ 1 The Client-Baird Fiduciary Relationship ............................................................ 1 Summary of PAM’s Services ........................................................................... 2 Consulting Services ...................................................................................... 5 Discretionary Services ................................................................................... 6 PAM Investment Management Service ....................................................... 6 SMA Services ............................................................................................... 7 PAM Recommended Managers Service ....................................................... 7 Baird SMA Network Program .................................................................... 8 Dual Contract Program .......................................................................... 11 Other SMA Strategy Information ............................................................. 12 Additional Service Information ..................................................................... 12 Conversion, Exchange or Sale of Certain Investments ............................... 12 Complex Strategies and Complex Investment Products .............................. 13 Permitted Investments .......................................................................... 15 Unsupervised Assets ............................................................................. 17 Special Considerations for the Services .................................................... 17 Household Management ......................................................................... 17 Tax Management Services ..................................................................... 18 Investment Objectives ........................................................................... 21 Mutual Fund Share Class Policy ............................................................... 22 Custody Services .................................................................................. 23 Cash Sweep Program ............................................................................ 23 Trust Services Arrangements .................................................................. 25 Margin Loans ........................................................................................ 25 Securities-Based Lending Program .......................................................... 26 Client Responsibilities ............................................................................ 27 Legal and Tax Considerations ................................................................. 27 Account Requirements ........................................................................... 27 Fees and Compensation ................................................................................ 31 Advisory Fees ............................................................................................ 31 Fee Options and Fee Schedules............................................................... 31 Service Account Minimums ..................................................................... 33 Calculation and Payment of Advisory Fees ................................................ 33 Obtaining Services Separately: Brokerage or Advisory? Factors to Consider ...................................................................................... 37 Advisory Fee Payments to Baird, PAM Consultants and Investment Managers ........................................................................ 38 Other Fees and Expenses ............................................................................ 39 Cost and Expense Information for Certain Investment Products .................. 39 Additional Account Fees and Charges ...................................................... 40 Other Fees and Charges ........................................................................ 40 Other Compensation Received by PAM and Baird ............................................ 41 Performance-Based Fees and Side-By-Side Management .............................. 41 Types of Clients............................................................................................. 42 iii Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Methods of Analysis, Investment Strategies and Risk of Loss ....................... 42 Investment Strategies and Methods of Analysis .............................................. 42 Investment Strategies ........................................................................... 42 Methods of Analysis .............................................................................. 49 The PAM Investment Process .................................................................. 57 Service Information............................................................................... 59 Portfolio Management by PAM, Baird and Related Persons .......................... 61 Principal Risks ............................................................................................ 62 General Risk Information ....................................................................... 62 Non-Traditional Assets and Complex Strategies Risks ................................ 69 Complex Investment Product Risks ......................................................... 71 Risks Associated with Certain Investment Objectives and Asset Allocation Strategies ......................................................................... 77 Available Investment Product Risks ......................................................... 79 Recent Events ...................................................................................... 80 Disciplinary Information ............................................................................... 80 Other Financial Industry Activities and Related Parties ................................ 82 Broker-Dealer Activities ............................................................................... 82 Investment Management Activities ............................................................... 82 Certain Affiliated and Related Parties ............................................................ 83 Affiliated Broker-Dealers ........................................................................ 83 Affiliated and Related Investment Advisors ............................................... 83 Affiliated and Related Mutual Funds, ETFs and Investment Companies ....................................................................................... 83 Affiliated Private Funds .......................................................................... 84 Affiliated Private Equity Funds ................................................................ 85 Related Hedge Funds ............................................................................. 86 Other Affiliated Financial Services Firms................................................... 86 Other Financial Industry Activities ................................................................ 86 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................................................................ 87 Code of Ethics ............................................................................................ 87 Participation or Interest in Client Transactions ............................................... 87 Investment Advisory Accounts ................................................................ 87 Accounts and Investments Provide Different Levels of Compensation .................................................................................. 88 Recommendations of Related, Proprietary or Affiliated Funds and Managers ................................................................................... 88 Referral Compensation Paid to PAM Consultants ....................................... 88 Ongoing Product Fees ............................................................................ 88 Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors ................................................................................... 89 Schwab Clearing Arrangement ................................................................ 89 Baird Conference Sponsorships ............................................................... 89 PAM Consultants Receive Benefits from Product Providers .......................... 90 Cash Sweep Program ............................................................................ 90 Trust Services Arrangements .................................................................. 90 iv Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Margin Loans ........................................................................................ 90 Securities-Based Lending Program .......................................................... 90 Investment Advisory and Brokerage Account and Service Recommendations............................................................................. 90 Account Transfers and New Accounts ...................................................... 91 Recommendations to Open Different Types of Accounts ............................. 91 Baird Stock Ownership .......................................................................... 91 Relationships with Issuers of Securities ................................................... 91 PAM Consultants Transferring to Baird ..................................................... 91 Principal Trading ................................................................................... 91 Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities ................................................................. 92 Baird Underwritten Offerings .................................................................. 92 Allocations of IPOs and Other Public Offerings .......................................... 92 Research Activities ................................................................................ 92 Trade Error Correction ........................................................................... 92 Other Client Relationships ...................................................................... 92 Baird’s Other Broker-Dealer and Related Activities .................................... 92 Other Conflicts of Interest ...................................................................... 93 Addressing Conflicts .............................................................................. 94 Duration Compensation Will Be Received ................................................. 94 Brokerage Practices ...................................................................................... 94 PAM’s and Baird’s Trading Practices .............................................................. 94 Broker-Dealer Selection ......................................................................... 94 Trade Aggregation, Allocation and Rotation Practices ................................. 94 Directed Brokerage Arrangements........................................................... 95 Cross Trading Involving Advisory Accounts ............................................... 96 Trade Error Correction ........................................................................... 96 Soft Dollar Benefits ............................................................................... 97 Trading Practices of Investment Managers ..................................................... 97 Trade Execution Services Performed by Baird ................................................. 98 Agency Cross Transactions ..................................................................... 98 Principal Transactions ............................................................................ 98 Review of Accounts ....................................................................................... 99 Client Account Review ................................................................................. 99 Account Statements and Performance Reports .............................................. 100 Client Referrals and Other Compensation ................................................... 101 Custody ....................................................................................................... 101 Investment Discretion ................................................................................ 102 Investment Selection and Trading Authorizations .......................................... 102 Client Investment Restrictions ..................................................................... 103 Affiliated Investment Products..................................................................... 104 Investment Policy Statements ..................................................................... 104 Conversion, Exchange or Sale of Certain Investments .................................... 104 Voting Client Securities ............................................................................... 105 Non-Discretionary Accounts ........................................................................ 105 Separately Managed Accounts ..................................................................... 105 v Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Discretionary Services ................................................................................ 105 Other Proxy Voting Information ................................................................... 106 Providing Baird Voting Instructions .............................................................. 106 Legal Proceedings and Corporate Actions ...................................................... 107 Financial Information.................................................................................. 107 Special Considerations for Retirement Accounts ......................................... 107 vi Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Robert W. Baird & Co. Incorporated Baird is privately-held, employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. to clients, including the analysis and research, analysis Baird’s website planning; investment and account transactions and Baird offers various investment advisory services to clients, including services not described in this Brochure. The investment advisory services Baird include: portfolio management and offers recommendations analysis; investment regarding asset allocation and strategies; and recommendations regarding investment managers and individual securities; investment consulting; policy financial development; performance monitoring. Baird also offers clients execution of administrative brokerage services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers its services separately or in combination with other services. retirement accounts, which (“IRC”) (collectively, Baird participates in wrap fee programs, including programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid by clients for providing portfolio management services under those wrap fee programs. under management, including Advisory Business This Brochure describes some of the investment advisory services that Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients through Private Asset Management (“PAM”), part of Baird’s Private Wealth Management (“PWM”) department. Baird and PAM offer other investment advisory services not described in this Brochure. Separate brochures describe those other investment advisory services and discuss the terms and conditions, fees and costs and potential conflicts of interest associated with those services. This Brochure also references other documents that contain additional important information about Baird. Those documents describe the types of services that Baird offers to clients and certain types of investments it makes available terms, conditions, fees and costs applicable to those services and investments and certain risks and conflicts of interest associated with those services and investments. Those documents are available on at bairdwealth.com/retailinvestor. Included on that website is Baird’s Client Relationship Booklet, contains Baird’s Form CRS Client which Relationship Summary and Baird’s Client Relationship Details document. The Client Relationship Booklet also contains an important disclosure document for retirement investors that include have employee pension benefit plan accounts that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and individual retirement accounts (“IRAs”) that are subject to the Internal Revenue Code of 1986, as amended “Retirement Accounts”). A client of Baird should have already received a copy of the Client Relationship Booklet. A client or prospective client who wishes to obtain a brochure for another investment advisory service provided by Baird, or a paper copy of any of the other documents referenced in this Brochure, the Client Relationship Booklet, should contact a PAM Consultant or call Baird toll-free at 1-800-792-2473. As of December 31, 2024, Baird had approximately $342.1429 billion in regulatory assets approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. The Client-Baird Fiduciary Relationship is registered with the Securities and Baird Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). PAM and Baird are deemed to have a fiduciary relationship with a client when providing the investment 1 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  • discretionary services, whereby a client gives PAM or Baird (including Baird PWM’s home office investment professionals or the client’s PAM Consultant) full discretionary authority to manage the client’s Account (“Discretionary Services”); provide investment advice client’s Account • non-discretionary services, whereby PAM or Baird and recommendations but the client retains full authority with respect to the management of the (“Non-Discretionary Services”); and contain information about • separately managed account (“SMA”) programs and services, whereby investment managers, which may include third party investment managers unrelated or related to Baird (“Other Managers”) or Baird, manage the client’s Account according to a strategy (each, an “SMA Strategy”) with full discretionary authority, and PAM and Baird provide additional consulting services the client (collectively, “SMA to Services”). Depending on their particular needs or objectives, clients may use one or more of these Services. advisory services that are described in this Brochure. That means that PAM and Baird are required to act in the best interest of the client when providing investment advisory services. From time to time PAM and Baird may engage in certain business practices or may receive compensation or other benefits that create a potential for conflict between the interests of clients and the interests of PAM and Baird. PAM and Baird generally address potential conflicts of interest by disclosing them to clients through documents provided to clients, including, without limitation, this Brochure, Brochure supplements that individuals providing investment advice to clients and the services they provide, and the agreements clients enter into with PAM and Baird. In addition, Baird has adopted internal policies and procedures for PAM and Baird that require them to: provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); make full disclosure of all potential, material conflicts of interest; act with utmost care and good faith in dealings with advisory clients; and seek to obtain “best execution” of advisory client transactions. The specific business practices that create potential conflicts of interest with clients and additional measures used by PAM and Baird to address them are discussed in other sections of this Brochure. A client should note that registration as an investment adviser does not imply a certain level of skill or training. advisory account advised by The Consulting Services include: assisting a client with the development of an investment policy statement; asset allocation reporting; investment manager search, investment manager interviews, performance reviews, performance monitoring, asset allocation and funding requirement analysis; asset liability modeling; and annuity modeling. In certain instances, PAM may also provide clients with asset allocation and funding requirement analysis and asset liability modeling. The Discretionary Services include: PAM Investment Management. The SMA Services include: PAM Recommended Managers; Baird SMA Network (“BSN”); and Dual Contract (“DC”). reporting and Summary of PAM’s Services This Brochure describes certain investment advisory programs and services that PAM and Baird offer to clients (“Services”) and applies to PAM each (“Account”). The investment advisory services offered under the Services generally include investment advice and consulting services, performance related account services, which are provided by Baird PWM’s home office investment professionals or PAM, and, depending upon the Service that a client selects, include portfolio the Service may management. The Services consist of: consulting services (“Consulting • certain Services”); The SMA Services are generally offered under a “single contract” arrangement. Under a single contract arrangement, a client enters into an advisory agreement with PAM and Baird, and Baird, in turn, enters into a subadvisory or similar agreement with the investment manager on the client’s behalf. This type of arrangement is frequently referred to as a single contract arrangement because there is only one contract between the client and PAM and Baird; the client does not have an agreement directly with the 2 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Compensation—Other Fees and Expenses” below for more information. the client has client’s investment manager. Under the Dual Contract Program, a client has a “dual contract” arrangement, meaning two contracts; one contract with PAM and Baird and another contract with the client’s investment manager. Certain Programs may allow a client to invest in groups of mutual funds and ETFs (referred to as “sleeves”) and other model portfolios of securities managed by Baird PWM (such sleeves and model portfolios collectively, “PWM-Managed Portfolios”). tend PAM and Baird tailor advisory services to the individual needs of clients. Each Service is designed to address different investment needs of clients. All of the Services discussed in this Brochure may not be appropriate for every client. For example, the Services may not be appropriate for clients who have low or no trading activity, who desire to pay transaction-based fees, who maintain their accounts invested in high levels of cash or other concentrated positions, who do not want ongoing professional investment advice or account monitoring, who to execute transactions without the recommendation or advice of an advisor, which are commonly referred to as “unsolicited” transactions, or who intend to utilize an investment strategy, product or solution that is not available in a Service. and bonds (collectively, Manager, and investment products Baird has engaged an overlay management firm, Envestnet Asset Management, Inc. (the “Overlay Manager”) to provide certain subadvisory services to clients that participate in certain SMA Services. The SMA Services make available two types of SMA Strategies: (1) manager-traded strategies, whereby the manager itself manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Manager-Traded Strategy”); and (2) model- traded strategies, whereby the manager does not manage a client’s Account (a “Model Provider”) but instead provides a model portfolio (“Model Portfolio”) to an overlay management firm, which may include the Overlay Manager, Baird or other third party firm (each, an “Implementation Manager”), that in turn manages a client’s Account and conducts the trading to implement the SMA Strategy selected by the client (a “Model-Traded Strategy”). If a client selects a Model-Traded Strategy, the Model Provider will provide the Model Portfolio and updates to the the Implementation Implementation Manager will manage the client’s Account with full discretionary authority according to the strategy selected by the client. Otherwise, if the client selects a Manager-Traded Strategy, the investment manager will directly manage the client’s Account with full discretionary authority as more fully described below. Some Services offer clients the ability to pursue alternative investment strategies (“Alternative Strategies”) or other non-traditional or complex investment strategies that involve special risks not apparent in more traditional investments like “Complex stocks Strategies”). Similarly, some Programs offer clients the ability to invest in non-traditional or real assets (“Non-Traditional Assets”). Some Programs also offer the ability to invest in investment products that pursue Alternative Strategies (“Alternative Investment Products”) or other Complex Strategies (collectively, “Complex Investment Products”). The use of these involves strategies and special risks, and a client should not engage in a strategy or purchase an investment product unless the client understands the related risks. See “Additional Service Information—Complex Strategies and Complex Investment Products” and “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. allocation strategies have Baird is also registered with the SEC as a broker- dealer under Securities Exchange Act of 1934, as amended (the “Exchange Act”). Baird, in its capacity as broker-dealer, may also provide clients with trade execution, custody and other standard brokerage services. However, trade execution services, whether provided by Baird or another firm, are not included in the advisory fee the client pays for the Services (“Advisory Fee”). A client should note that the client will incur costs in addition to the Advisory Fee. See “Fees and Certain Services make available asset allocation investment strategies. Asset allocation strategies involve investing in one or more categories of assets, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash, and one or more subcategories of assets, called asset classes. Asset varying investment objectives and investment strategies. Some asset allocation strategies use strategic 3 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  PAM clients typically work with a PAM Consultant to determine the services that are appropriate given their financial goals and circumstances. The client will provide financial, tax, and liquidity requirements information to their PAM Consultant to assist in determining the client’s investment needs, objectives and risk tolerances for the assets being invested. However, it is a client that ultimately selects the Service and investment strategy that is most appropriate for the client. Analysis—Investment investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use tactical investing, which typically involves tactically and actively adjusting account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short- term. Some asset allocation strategies involve the use of both strategic and tactical investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and exchange traded products (“ETPs”), including exchange traded funds (“ETFs”) and exchange traded notes (“ETNs”). The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. See “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Strategies—Asset Allocation Strategies” below for more information. Service A client that wishes to participate in a Service will enter into a client relationship agreement or other investment advisory agreement with PAM and Baird client’s (“advisory agreement”). The advisory agreement will contain the specific terms applicable to the services selected by the client, fees payable by the client, and other terms applicable to the client’s advisory relationship with PAM and Baird. A client should note that the client’s advisory relationship with PAM and Baird does not begin until they enter into the applicable advisory agreement with the client, which occurs when Baird PWM’s Home Office has accepted the client’s advisory agreement and determined that all of the client’s paperwork is in order. See Information—Account “Additional Requirements” below for more information. Greenhouse Funds Subject to the agreement of PAM, a client may impose reasonable restrictions on the securities or types of securities to be held in the client’s Account. Please see “Investment Discretion” below for more information. Clients may negotiate with PAM to provide other investment advisory services. related The Services make available investment products and services offered by parties that are not related to Baird. Some Services make available investment products and services offered by parties related to Baird, including: Baird Advisors and Baird Equity Asset Management, investment management departments of Baird; Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management; GAMMA Investing, LLC LLLP (“GAMMA”), (“Greenhouse”), LoCorr Fund Management, LLC (“LoCorr”), Riverfront Investment Group, LLC (“Riverfront”) and Strategas Asset Management, LLC (“Strategas”), investment managers that are affiliated with Baird; Baird Trust Company (“Baird Trust”), a trust company that is affiliated with Baird; mutual funds offered by Baird Funds, Inc. (the “Baird Funds”), which is affiliated with Baird; and mutual funds offered by LoCorr Investment Trust (the “LoCorr Funds”), which is related to Baird. Those affiliated investment products and services generally consist of mutual funds, ETPs or other funds offered by parties related to Baird (“Affiliated Funds”) and SMA Strategies offered by parties (“Affiliated SMA to Baird Strategies”). For more information about these and other related parties, see “Other Financial Industry Activities and Affiliations” below. As mentioned above, Baird, in its capacity as broker-dealer, may also provide PAM clients with trade execution, custody and other standard brokerage services. For this reason, a client may also enter into a client relationship agreement or other account agreement with PAM and Baird (“account agreement”) if the client has not already done so. The client’s account agreement authorizes PAM and Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Baird generally does not permit a client to include assets in the client’s Account that are held by a third party custodian or that are otherwise held outside of a Baird account (“Held-Away Assets”), although PAM will provide Consulting Services on Held- Away Assets when requested by a client and agreed to by PAM. 4 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Service has different for any and ongoing research, Each structures, administration, types and levels of service, and fees and expenses. In particular, a client should investment advisory services note that the provided by PAM and Baird, including the depth of initial evaluation, monitoring and review of the investments in a client’s Account, varies by Service and the investments selected for the Account. objectives, policies, constraints, and risk profile, as specified by the client to PAM. PAM does not assume responsibility for the client’s choice of any investment investment manager or manager’s performance when providing this service to the client, nor is PAM responsible for an unaffiliated investment manager’s compliance with applicable law or for matters beyond PAM’s reasonable control. Investment Manager Search Interviews. PAM coordinates client interviews with a select number of investment managers listed on the Investment Manager Search Report. The interviews enable the client to gain additional information regarding such investment managers’ respective investment philosophies, policies and business operations. The foregoing discussion of the Services is only a summary. More specific information about the Services and the particular investment advisory services that PAM and Baird provide in connection with each Service are further described below and in the client’s advisory agreement. Clients are encouraged to review this Brochure and their advisory agreement carefully. Consulting Services PAM offers the following Consulting Services. compares various aspects of in preparing an the client’s Past Performance Reviews. PAM provides to a client a Past Performance Review which, based on information supplied by the client, includes the historical performance of the client’s portfolios such and performance to one or more benchmark indices. Account data will be derived from information provided by the client or its agent(s) for the agreed upon time period. PAM is not responsible for verifying information supplied by the client or its agent(s). provide a the accurately reflects the Performance Monitoring Reports. PAM will client written to periodically Performance Monitoring Reports which include calculations of the performance of the client’s Account(s) over various time periods and compare various aspects of such performance to one or more benchmark indices. Investment Policy Statement. PAM will assist a Investment Policy client Statement reflecting investment objectives, policies, constraints, and risk profile. The Investment Policy Statement is designed to provide guidance to the client’s investment manager(s). The Investment Policy Statement is a product of information and data provided by the client; therefore, the client is responsible for review and final approval of the Investment Policy Statement. The client is solely responsible for Investment Policy determining whether client’s Statement investment objectives, policies, constraints, and risk profile. PAM offers the following consulting services to clients only in special arrangements: Asset Allocation and for determining whether into account by PAM Asset Allocation Report. PAM provides to a client or its fiduciaries an Asset Allocation Report which identifies one or more investment portfolios for the client (in terms of risk and return) based on certain information requested by PAM and provided by the client. The client is solely the responsible information taken in formulating an Asset Allocation Report is accurate and complete. Funding Annual Requirements. Annually, PAM evaluates the adequacy of the client’s current and target asset allocation to meet projected liabilities. The client provides actuarial data that PAM relies upon as accurate and complete. PAM’s analysis assesses the long term funding risks associated with the client’s current asset allocation, and if necessary, PAM recommends a rebalancing plan which supports the transition to, and maintenance of, the client’s target asset allocation. Asset Liability Modeling. As a client’s actuarial liabilities inputs, economic situations, and/or Investment Manager Search Report. PAM provides to a client an Investment Manager Search Report that lists investment managers with investment philosophies and investment strategies believed to be consistent with the client’s investment 5 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to, equity securities, fixed “Additional Service change, the client’s current asset allocation should be altered. PAM provides a liability model to help the client determine the appropriate time to alter the asset mix, as well as the proper assets to draw down in the proper sequence. Actuarial assumptions used to forecast the size of the future liability stream are provided by the client or the client’s agent, and PAM relies upon such information as accurate and complete. As the client’s liabilities come due, the client works with PAM to determine the order and amount of each segment of the portfolio(s) to withdraw from in order to minimize transition costs. This service is typically performed annually. Investments” below. PAM about Information—PAM A PAM Consultant may make investments in various types of securities, including, but not limited income securities, mutual funds, ETFs, Non-Traditional Assets and Investment certain Alternative Products. All or a portion of the assets in a client’s Account may be held in cash or cash equivalents, including securities issued by money market mutual funds, or may be deposited in interest- bearing bank accounts. Additional information about the types of investments a PAM Consultant may use for client accounts is contained under the Information— heading For more Permitted information Investment the Management Service, see “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Investment Management Service” below. appropriate given annual changes Annual Annuity Modeling. Annually, PAM recommends changes to the client’s asset/liability projection model. PAM assists the client model projected liabilities under various assumptions to contribution project requirements liability in projections, actuarial assumptions, the current level of assets held and the current expected asset growth assumptions. PAM maintains and refines the calculation models. Baird may remove any PAM Consultant or strategy from the Service at any time and transfer day-to-day management responsibility of a client’s Account to another PAM Consultant or Baird Financial Advisor at any time without providing prior notice to, or obtaining the consent of, a client. Discretionary Services PAM Investment Management Service Under the PAM Investment Management Service, a client grants full discretionary authority and management of the client’s Account to Baird and the client’s PAM Consultant. investments reviews the client’s products. See “Additional Important Information about PAM Investment Management Service Accounts. A client should note that PAM Consultants may engage in strategies that involve concentrated and less diversified portfolios of securities, leverage or margin. In addition, PAM Consultants may invest client accounts in illiquid securities and Complex Investment Products. These types of strategies and involve special, sometimes significant, risks and are not appropriate for all clients. A client should understand those risks before engaging in those strategies or investing in those Service Information—Complex Strategies and Complex Investment Products” and “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. “Other Financial In the PAM Investment Management Service, a client’s PAM Consultant seeks to meet the client’s particular investment needs by developing a customized investment strategy based upon guidelines that are jointly established by the client and the the client’s PAM Consultant. At commencement of services, the client’s PAM Consultant investment objectives and risk tolerance. Based upon that review and other information provided by the client, the PAM Consultant makes a subsequent recommendation to the client as to which investment style the PAM Consultant believes is best suited for the client. A client makes the final decision as to which investment style is chosen for the client’s Account. More specific information as to how the client’s PAM Consultant will manage the client’s Account is provided to the client in connection with the opening of the Account. Mutual funds, ETFs and other investment products affiliated with Baird are available to clients under the PAM Investment Management Service. This interest. For more presents a conflict of information, Industry see Affiliations and Activities” below. 6 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  SMA Services PAM Recommended Managers Service initially selects to a client by a PAM Consultant assigned to the client’s Account. A client, typically working with a PAM Consultant, the PAM Recommended Manager and PAM RM Strategy for the client’s Account. Thereafter, whenever Baird or the client’s PAM Consultant deems it necessary, Baird or the client’s PAM Consultant will replace a PAM Recommended Manager or PAM RM Strategy with another PAM Recommended Manager or PAM RM Strategy for the client’s Account. The PAM Recommended Managers Service is a program whereby a client provides Baird and the client’s PAM Consultant with discretionary authority to appoint investment managers to manage the client’s Account with full discretionary authority and to terminate or replace investment managers for the client’s Account. The PAM Recommended Managers Service is designed for a client who wishes to have the client’s Account managed by investment managers that are monitored by PAM and Baird on an ongoing basis. the Under the PAM Recommended Managers Service, PAM and Baird determine investment managers (“PAM Recommended Managers”) and their strategies (“PAM RM Strategies”) eligible to participate in the Service through an initial and ongoing evaluation process. full discretionary authority If a client participates in the PAM Recommended Managers Service, the client authorizes and directs PAM and Baird to appoint PAM Recommended Managers to serve as sub-adviser to the client’s Account and to otherwise manage the client’s Account in accordance with the terms of the PAM Recommended Managers Service. The client also authorizes and directs the PAM Recommended Managers to manage the client’s Account with in accordance with the PAM RM Strategy selected. RM Strategies offered Analysis—Service For more specific information about the managers and SMA Strategies made available through the PAM Recommended Managers Service and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Information—PAM Recommended Managers Service” below. full discretionary authority PAM Recommended Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the PAM Recommended Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. are urged review the information about the full discretionary authority Certain PAM RM Strategies are only made available through Implementation Managers. The PAM through Implementation Managers consist of Manager- Traded Strategies and Model-Traded Strategies. If a PAM RM Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs PAM and Baird to appoint the Implementation Manager to serve as sub-adviser to the client’s Account. If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to manage the client’s Account with in accordance with the selected PAM RM Strategy. If a Manager-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, the client authorizes and directs the Implementation Manager to appoint the applicable PAM Recommended Manager as sub-adviser, and the client also authorizes and directs such PAM Recommended Manager to manage the client’s Account with in accordance with the selected PAM RM Strategy. Clients PAM to Recommended Manager’s Form ADV Part 2A contain additional Brochure, which should PAM the important Recommended Manager, including information about PAM Recommended Manager’s strategies, the types of investments the PAM Recommended Manager may use for a client’s Account, and the risks associated with investing in a PAM RM Strategy. Such brochures are available upon request. the implement Some of the services provided under the PAM Recommended Managers Service will be provided If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Implementation Manager will Account, typically the Model Portfolio as proposed by the Model Provider. However, since the Implementation Manager has discretionary 7 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the client’s Account, the prior manager and manager may sell all or a portion of the securities or other investments in the Account that were managed by the replacement manager will reinvest the cash proceeds of those sales. Sales of securities or other investments could result in adverse tax consequences for the client. faithfully authority over the Implementation Manager may implement the Model Portfolio differently than proposed by the Model Provider if the Implementation Manager determines such action to be necessary and in the client’s best interest. A client should note that PAM and Baird do not monitor or ascertain whether a third party Implementation Manager is implementing the Model fully and Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s PAM Consultant. in If PAM or Baird terminates an investment manager from the PAM Recommended Managers Service, a client authorizes PAM and Baird to invest, with full discretionary authority, the assets in the client’s Account previously managed by the terminated other investment manager securities, including, but not limited to, mutual funds and ETPs. PAM’s and Baird’s discretionary authority to make such other investments will continue until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. below Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a PAM client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of other client accounts managed by those Model Providers. See “Additional Service Information— Trading for Client Accounts—Trading Practices of Investment Managers” for more information. the client should understand A client who prefers to continue using an investment manager that has been removed from the PAM Recommended Managers Service, or who directs or otherwise requests that a particular investment manager not recommended by PAM be selected to manage the client’s Account, will need to move to another Service, such as the BSN Program. See “Baird SMA Network Program” below for more information. Clients who elect to do so will no longer receive the same level of rigorous ongoing monitoring, evaluation, or review of that investment manager from PAM or Baird. the discretionary departments of Baird, recommendation or If a client’s Account is managed by an Other Manager under the PAM Recommended Managers that, Service, notwithstanding authority granted to Baird and the client’s PAM Consultant under the Service: Baird and the client’s PAM Consultant do not manage the Account and do not otherwise have any influence over the Other investment decisions or securities Manager’s selections, and therefore, Baird and the client’s PAM Consultant are not responsible for the decisions made by the Other Manager; and Baird and the client’s PAM Consultant do not provide investment advice any regarding the purchase or sale of investment products made for the client’s Account. Information about Affiliated Important Managers. The PAM Recommended Managers Service makes available to clients investment services that are offered by Baird Advisors and investment Baird Equity Asset Management, management and Riverfront, an affiliate of Baird. Baird has a potential conflict of interest to the extent Baird would advise a client to select investment products offered by those Baird Departments or Riverfront. For more information, see “Other Financial Industry Affiliations and Activities” below. from the Baird SMA Network Program the direction of The BSN Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the From time to time, PAM or Baird may remove investment managers PAM Recommended Managers Service, and PAM or Baird may select a replacement manager to manage the client’s Account. In such event, PAM the client’s or Baird, at replacement manager, or the client’s replacement 8 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  a is designed client who wishes the BSN Manager may use for a client’s Account, and the risks associated with investing in a BSN Strategy. Such brochures are available upon request. to client. The BSN Program accommodate to independently select an investment manager not available in the PAM Recommended Managers Program to manage the assets in the client’s Account. (“BSN Strategies”) eligible Some of the services provided under the BSN Program may be provided to a client by a PAM Consultant assigned to the client’s Account, and the client’s PAM Consultant may provide his or her own advice and recommendations about BSN Managers. Under the BSN Program, Baird determines the investment managers (“BSN Managers”) and their strategies to participate in the Program through a significantly less rigorous evaluation process compared to the PAM Recommended Managers Service. However, a client should note that PAM and Baird do not make any recommendation to clients regarding any BSN Strategy or any representations regarding a BSN Manager’s qualifications as an investment adviser or abilities to manage client assets. If a client participates in the BSN Program, the client authorizes and directs PAM and Baird to appoint the BSN Manager selected by the client to serve as sub-adviser to the client’s Account. The client also authorizes and directs the BSN Manager to manage client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. For more specific information about the managers and SMA Strategies made available through the BSN Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, if any, see “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information—Baird SMA Network and Dual Contract Programs” below. the A client should only participate in the BSN Program if the client wishes to take more responsibility for monitoring the client’s Account, the PAM Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. have varying Certain BSN Strategies are only made available through the Overlay Manager. The BSN Strategies offered through the Overlay Manager consist of Manager-Traded Strategies and Model-Traded Strategies. If a client selects a BSN Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs PAM and Baird to appoint the Overlay Manager to serve as sub-adviser to the client’s Account. If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. If a client selects a Manager-Traded Strategy offered through the Overlay Manager for the client’s Account, the client authorizes and directs the Overlay Manager to appoint the applicable BSN Manager as sub-adviser, and the client also authorizes and directs such BSN Manager to manage the client’s Account with full discretionary authority in accordance with the BSN Strategy selected by the client. investment BSN Managers objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the BSN Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. Certain managers offer strategies that exclusively invest in Investment Funds (“Fund Strategist Portfolios”). If a client selects a Model-Traded Strategy offered through the Overlay Manager for the client’s Account, the Overlay Manager will typically implement the Model Portfolio as proposed by the Model Provider. However, since the Overlay Manager has discretionary authority over the client’s Account, the Overlay Manager may implement the Model Portfolio differently than Clients are urged to review the BSN Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the BSN Manager, including information about the BSN Manager’s strategies, the types of investments 9 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  regarding proposed by the Model Provider if the Overlay Manager determines such action to be necessary and in the client’s best interest. A client should note that PAM and Baird do not monitor or ascertain whether the Overlay Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. The client should periodically discuss the Account’s performance with the client’s PAM Consultant. Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information the BSN Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviser info.sec.gov. Information—Trading Certain managers of Model-Traded Strategies offered through the Overlay Manager have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a PAM client Account pursuing a Model Portfolio strategy offered by those Model Providers will differ, perhaps in a materially negative manner, from the performance of client accounts managed by those Model Providers. See “Additional Service for Client Accounts—Trading Practices of Investment Managers” below for more information. The BSN Strategies and BSN Managers made available under the BSN Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the BSN Program, PAM and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the BSN Program, upon the withdrawal or removal of an investment manager from the BSN Program, a client’s BSN Program Account will be automatically removed from the BSN Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to PAM. See “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Service Information—Baird SMA Network and Dual Contract Programs” below for further information. influence over Important Information about the BSN Program. Portfolios managed by 55I, LLC (d/b/a 55ip, “55ip”) are made available under the BSN Program. 55ip uses research and other services from Riverfront, an affiliate of Baird, in the development of certain of those portfolios, and Riverfront receives compensation from 55ip with respect to those portfolios. This presents a conflict of interest. For more information, see “Other Financial Industry Affiliations and Activities” below. reviewing the If a client’s Account is managed by an Other Manager under the BSN Program, the client should understand that: PAM and Baird do not manage the Account and do not otherwise have any the Other Manager’s investment decisions or securities selections, and therefore, PAM and Baird are not responsible for the decisions made by the Other Manager; PAM and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s Account; and PAM and Baird only provide the client with certain consulting services, which may include the client’s PAM Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically manager’s performance. PAM and Baird do not undertake to provide any other consulting or investment advisory services under the BSN Program unless PAM and Baird agree to do so in writing. appointment the Account and its A client that participates in the BSN Program is strongly encouraged to contact the client’s PAM Consultant or BSN Manager on a periodic basis to discuss: investment performance; the BSN Manager’s investment philosophy and style (to determine if the BSN The BSN Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the PAM Recommended Managers Service to manage the client’s Account. The client assumes ultimate responsibility for monitoring the client’s BSN the BSN Manager’s Program Account and and client’s performance. A continued retention of a BSN Manager to manage the client’s Account are based ultimately upon the client’s independent review of the BSN Manager and the BSN Manager’s services. The client ultimately determines that the BSN Strategy to be is used in managing the client’s Account 10 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  particular needs, and the client understands the risks of doing so. the foregoing when deciding DC Managers have varying investment objectives, styles and strategies, and they may invest a client’s Account in various types of securities, which will be chosen by the DC Manager and which may include mutual funds, ETFs or other investment products affiliated with the manager or Baird. consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a BSN Manager will only be removed from managing the client’s BSN Program Account upon the manager’s withdrawal, removal from the BSN Program, or the client’s direction to do so. A client should carefully consider to participate in the BSN Program and also consider whether another Service, such as the PAM Recommended Managers Service, may be more appropriate for the client. Dual Contract Program Clients are urged to review the DC Manager’s Form ADV Part 2A Brochure, which should contain additional important information about the DC Manager, including information about the DC Manager’s strategies, the types of investments the DC Manager may use for a client’s Account, and the risks associated with investing in a DC Strategy. Such brochures are available upon request. a is designed client who wishes The DC Program is a program whereby a client independently selects an investment manager to manage the client’s Account with full discretionary authority according to a strategy selected by the to client. The DC Program accommodate to independently select an investment manager not available in the PAM Recommended Managers Service or BSN Program to manage the assets in the client’s Account. Some of the services provided under the DC Program may be provided to a client by a PAM Consultant assigned to the client’s Account, and the client’s PAM Consultant may provide his or her own advice and recommendations about DC Managers. Under the DC Program, Baird determines the investment managers (“DC Managers”) and their strategies (“DC Strategies”) eligible to participate in the Program through a significantly less rigorous evaluation process compared to the PAM Recommended Managers Service. However, a client should note that PAM and Baird do not make any recommendation to clients regarding any DC Strategy or any representations regarding a DC Manager’s qualifications as an investment adviser or abilities to manage client assets. Under the DC Program, DC Managers are offered to clients through a dual contract arrangement, and a client will need to enter into a separate agreement with the DC Manager in addition to the advisory agreement the client enters into with PAM and Baird. A client participating in the DC Program is solely responsible for negotiating the client’s agreement with the client’s DC Manager, and neither PAM nor Baird will participate or advise a client regarding the terms of such an agreement, the advisability of entering into such an agreement, or the retention of the client’s DC Manager unless PAM and Baird agree to do so in writing. For more specific information about the managers and SMA Strategies made available through the DC Program and the level of initial and ongoing research, evaluation, monitoring and review performed by Baird on those managers and SMA Strategies, if any, see “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information—Baird SMA Network and Dual Contract Programs” below. A client should only participate in the DC Program if the client wishes to take more responsibility for monitoring the PAM the client’s Account, Recommended Managers Program does not contain an SMA Strategy that meets the client’s If a client’s Account is managed by an Other Manager under the DC Program, the client should understand that: PAM and Baird do not manage the Account and do not otherwise have any influence over the Other Manager’s investment decisions or securities selections, and therefore, PAM and Baird are not responsible for the decisions made by the Other Manager; PAM and Baird do not provide any recommendation or investment advice regarding the purchase or sale of investment products made for the client’s 11 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  reviewing the assumes ultimate responsibility Account; and PAM and Baird only provide the client with certain consulting services, which may include the client’s PAM Consultant’s assistance with determining the client’s financial needs, investment goals and investment restrictions and periodically manager’s performance. PAM and Baird do not undertake to provide any other consulting or investment advisory services under the DC Program unless PAM and Baird agree to do so in writing. the Account and its the DC Manager’s the foregoing when deciding A client that participates in the DC Program is strongly encouraged to contact the client’s PAM Consultant or DC Manager on a periodic basis to investment discuss: performance; investment philosophy and style (to determine if the DC Strategy remains appropriate for the client); any potential conflicts of interest; and any investment restrictions the client may wish to impose or change. A client should also periodically check the registration status, disciplinary events and other information regarding the DC Manager, described on the manager’s Form ADV, which is available on the SEC's website at www.adviserinfo.sec.gov. The DC Program is designed to accommodate a client who wishes to independently select an investment manager that is not available in the PAM Recommended Managers Service or BSN Program to manage the client’s Account. The client for monitoring the client’s DC Program Account and the DC Manager’s performance. A client’s appointment and continued retention of a DC Manager to manage the client’s Account are based ultimately upon the client’s independent review of the DC Manager and the DC Manager’s services. The client ultimately determines that the DC Strategy to be used in managing the client’s Account is consistent with the client’s stated investment objectives and financial needs and risk tolerance. Once retained by the client, a DC Manager will only be removed from managing the client’s DC Program Account upon the manager’s withdrawal, removal from the DC Program, or the client’s direction to do so. A client should carefully to consider participate in the DC Program and also consider whether another Service, such as the PAM Recommended Managers Service, may be more appropriate for the client. Other SMA Strategy Information Certain SMA Strategies are available through multiple Services. The overall cost of an SMA Strategy and the types and levels of service provided to a client in connection with an SMA Strategy will vary depending upon the particular Service selected by the client. A client should ask the client’s PAM Consultant whether an SMA Strategy is available through multiple Programs and, if so, the client should discuss with the PAM Consultant the different costs of the Services and the types and levels of service provided in connection with the Services. A client is solely responsible for selecting the Service in which the client’s Account will participate. The DC Strategies and DC Managers made available under the DC Program are subject to change or removal at any time in Baird’s sole discretion. Under the terms of the DC Program, PAM and Baird cannot appoint a replacement manager or otherwise manage a client’s Account assets. Given the terms of the DC Program, upon the withdrawal or removal of an investment manager from the DC Program, a client’s DC Program Account will be automatically removed from the DC Program and the Account will become an unmanaged brokerage account, unless the client provides contrary instructions to PAM. See “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Service Information—Baird SMA Network and Dual Contract Programs” below for more information. Information about Additional Service Information Conversion, Exchange or Sale of Certain Investments the DC Important Program. Other investment management departments of Baird and managers affiliated with Baird are available to clients under the DC Program. This presents a conflict of interest. For more information, see “Other Financial Industry Affiliations and Activities” below. (collectively, By participating in a Service, a client authorizes Baird to convert or exchange any shares of investment funds, such as mutual funds, ETFs, closed-end funds, unit investment trusts (“UITs”), Complex Investment Products, and other similar investment pools “Investment Funds”) held in the client’s Account to a class of shares of the same fund. See “Investment 12 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Discretion—Conversion, Exchange or Sale of Certain Investments” below for more information. generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Complex Strategies and Complex Investment Products Margin and Leverage Margin or including by investing in and venture capital and such as options, Margin involves borrowing money from a firm, such as Baird, to buy securities or other property. It is generally PAM’s practice to not use margin as part of an investment strategy, although a client’s investment manager may do so. If a client wishes to pay for securities by borrowing part of the purchase price from Baird, a client must open a margin account with Baird, and Baird may provide the client with a margin loan. Securities held in a client’s margin account are used as Baird’s collateral for the margin loan. The value of the collateral the margin account must be maintained at a certain level relative to the margin loan for the duration of the loan. If the securities in the margin account decline in value, so does the value of the collateral supporting the margin loan, and as a result, Baird may take action, such as issue a margin call and sell securities in the account. Leverage is contained under “Methods of Analysis, and Risk of instruments. While returns, Some Services offer clients the ability to pursue Alternative Strategies other Complex Strategies that involve special risks not apparent in more traditional investments like stocks and bonds. Complex Strategies may be pursued in multiple ways, in alternative mutual funds, ETFs, hedge funds, managed futures, private equity funds and SMAs third party managers. Some managed by Complex Strategies in Non-Traditional invest Assets, such as real estate, commodities (which include metals, mining, energy and may agricultural products), currencies, movements in securities indices, credit spreads and interest rates, buyout investments in private companies. Some Complex Strategies engage in the use of margin or leverage or selling securities short (“short sales”). Some Complex Strategies invest in derivative instruments convertible securities, futures, swaps, or forward contracts. Complex Investment Products generally engage in one or more Complex Strategies. Additional information about Alternative Strategies and Complex Strategies the Investment heading Strategies Loss—Investment Strategies and Methods of Analysis—Investment Strategies—Alternative Strategies and Complex Strategies” below. Additional information about Complex Strategies and Complex Investment Products, generally, is provided below. Leverage generally attempts to obtain investment exposure in excess of available assets through the use of borrowings, short sales and other leverage can derivative potentially enhance can also it exacerbate losses if changes in the markets, or the values of the investments subject to the leverage, are adverse to the strategy being pursued. The use of leverage may also increase an Account’s volatility. Non-Traditional Assets Short Sales to benefit currencies, Short selling attempts from an anticipated decline in the market value of a security. To affect a short sale, a client sells a security the client does not own. When a client sells a security short, Baird borrows the security from a lender and makes delivery to the buyer on the client’s behalf. Because short sales involve an extension of credit from Baird to the client, a client must use a margin account. A client must also eventually purchase the same shares sold short and return them back to the lender. It is possible that the prices of securities that a client sells short may increase in value, in which case the client may lose money on the short position. Non-Traditional Assets, such as investments in commodities, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, may be used for diversification purposes. They may also be used to try to reduce market and inflation risk. The performance of Non-Traditional Assets may not correspond to the performance of the stock markets generally, and investments in Non- impact an Traditional Assets will generally account’s returns differently than more traditional investments like stocks or bonds. Non-Traditional Assets are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Non-Traditional Assets are 13 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the right to sell, and the seller has the obligation to buy, the underlying security or index at the exercise price prior to expiration of the option. Short selling thus runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in short sales. Thus, a client’s Account will be subject to short sales risks if the investment manager managing the client’s Account or an investment product the client’s Account in engages in short sales. Options and Other Derivative Instruments Derivative Instruments instruments, securities, futures, In buying a call option, the purchaser expects that the market value of the underlying security or index will appreciate, which would enable the purchaser of a call to buy the underlying security or index at a strike price lower than the prevailing market price. The purchaser of the call option makes a profit if the prevailing market price is greater than the sum of the strike price plus the premium paid for the option. The seller of a call option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will depreciate such that the option will expire without being exercised. The seller of a call option makes a profit if the prevailing market price of the underlying security or index is less than the sum of the strike price plus the premium received. in in such as options, Derivatives convertible swaps, and forward contracts are financial contracts that derive value based upon the value of an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments may be used as a substitute for the underlying asset. taking a position Derivative instruments may also be used to try to hedge or reduce exposure to other risks. They may also be used to make speculative investments on the movement of the value of an underlying asset. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly securities and other traditional investments. Investing in derivatives also generally involves leverage. Derivatives are also generally less liquid, and subject to greater volatility compared to stocks and bonds. Options In buying a put option, the purchaser expects that the market value of the underlying security or index will depreciate, which would enable the purchaser of a put to sell the underlying security or index at a strike price higher than the prevailing market price. The purchaser of the put option makes a profit if the prevailing market price is less than the sum of the strike price and the premium paid for the option. The seller of a put option earns income in the form of the premium received from the purchaser for the option and expects that the market value of the underlying security or index will appreciate such that the option will expire without being exercised. The seller of a put option makes a profit if the prevailing market price of the underlying security or index is greater than the difference between the strike price and the premium. Options transactions may involve the buying or writing of puts or calls on securities. In some cases, Baird may require clients to open a margin account to engage in options trading. security or With a call option, the purchaser has the right to buy, and the seller (writer) the obligation to sell, index at a the underlying predetermined price (i.e., the exercise or strike price) prior to expiration of the option. The premium paid to the seller (writer) for the option is in consideration for the underlying obligations imposed on the seller should the option be exercised. With a put option, the purchaser has In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of the underlying security or index decreased below the strike price. 14 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  and any Clients should note that investment managers managing a client’s Account or investment products in the client’s Account may also engage in options transactions. Thus, a client’s Account will be subject to options risks if the investment manager managing the client’s Account or an investment product the client’s Account in engages in options transactions. Complex Investment Products Products include types of strategies or products, a client is strongly urged to discuss them with the client’s PAM Consultant investment manager managing the client’s Account. A client should also carefully review the client’s agreements with Baird and related disclosure documents, which the client should have received when opening the Account. Additional information about Complex Strategies and Complex Investment Products is provided under the heading “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Investment Strategies—Alternative Strategies and Complex Strategies” below and on Baird’s website at bairdwealth.com/retailinvestor. futures, but also for notifying and any ETNs, business A client assumes responsibility for engaging in Complex Strategies and investing in Complex Investment Products. If a client determines that the client no longer wants to engage in those strategies or invest in those products, the client is the client’s PAM responsible Consultant investment manager managing the client’s Account. PAM and Baird are not responsible for any losses resulting from any Other Manager’s failure or delay in implementing any such instructions. Complex Investment Products typically invest primarily in Non-Traditional Assets or engage in one or more Complex Strategies. Complex Investment Alternative Investment Products, such as hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, private debt funds, and managed include other investments pursuing Complex Strategies, including but not limited to, exchange or swap funds, leveraged funds, inverse funds, and other special situation funds, structured certificates of (“structured deposit and structured notes products”), development companies (“BDCs”), real estate investment trusts limited partnerships (“REITs”), and master (“MLPs”). thereby making website In addition, a client should be aware that more traditional investments, such as mutual funds, ETFs, UITs and variable annuities may also pursue Complex Strategies, them Complex Investment Products. A client should carefully review the prospectus or other offering document for each investment and understand the strategy being pursued before deciding to invest. More detailed information about mutual funds, ETFs, UITs and variable annuities is available at Baird’s on bairdwealth.com/retailinvestor. The use of Complex Strategies or Complex Investment Products has a unique impact upon the calculation of a client’s asset-based Advisory Fee. See “Fees and Compensation—Calculation and Payment of Advisory Fees” below for more information. A client should also understand that Baird and the client’s PAM Consultant have a financial incentive to use, or recommend the use of, certain Complex Strategies or Complex Investment Products, including margin and short sales. See “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. Additional Important Information losses in As a creditor, Baird may have interests that are adverse to a client. Neither PAM nor Baird will act as investment adviser to a client with respect to the liquidation of securities held in an Account to meet a call on a margin loan. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Permitted Investments Under the Discretionary and Non-Discretionary Services, Baird determines the asset categories The use of Complex Strategies or Complex Investment Products is not appropriate for some clients because they involve special risks. A client should not engage in those strategies or invest in those products unless the client is prepared to experience significant the client’s Account. This is especially true for short selling, which can result in unlimited losses as there is no limit to the amount borrowed securities can rise in value. See “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks” below for more information. Before using those 15 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  securities; money market mutual funds; certificates of deposit (“CDs”) (primary or secondary); commercial paper; Investments”). • rights or warrants on equity securities and written covered call equity options; “Methods and Risk of Analysis, of load-waived, or for purchase; shares and investment products that clients may access for investment (“Permitted Investments”) and those that are not permitted in Program Accounts Permitted (“Unpermitted Investments vary by Service. Although Baird determines the Permitted Investments under those Services, the level of initial and ongoing evaluation, monitoring and review that PAM and Baird perform on Permitted Investments varies. For more information, see the descriptions of each Service under “Advisory Business” above and Investment under Loss—Investment Strategies Strategies and Methods of Analysis” below. PAM or Baird may add Permitted Investments or restrict client access to a Permitted Investment at any time in their sole discretion. Service • open-end mutual funds shares that Baird has selected for use in the Service, which generally includes only those funds with which Baird has a selling agreement and only those funds that are institutional are no-load, that were allowed originally purchased in a Baird brokerage account and not sold when transitioned to an advisory account will held in the account as non-billable assets when the original purchase was subject to a front-end sales charge (typically 36 months) or until the Contingent Deferred Sales Charge (CDSC) expires (typically 13 months) if subject to a back-end sales charge after which time they will be converted to the appropriate advisory share class and become billable assets; Some Permitted Investments contain restrictions that limit their use, and clients will not be permitted to purchase or hold such investments outside of an Account. See “Advisory Business— Additional Information—Account Requirements” below for more information. for use in In certain limited instances, Baird may allow a client to hold an investment in an Account that is an Unpermitted Investment. • closed-end funds, ETFs, and UITs that have cost structures designed fee-based investment advisory programs; UITs originally purchased in a brokerage account and not sold when transitioned to an advisory account will be held as non-billable assets until the UIT termination date at which time they will be liquidated and the proceeds are billable; Investment Management Service. PAM Permitted Investments for the PAM Investment Management Service generally include, but are not limited to, the following types of investments: • BDCs, publicly-traded REITs, certain non publicly-traded (or private) REITs, and MLPs (which may be organized as limited liability companies (“LLCs”)); • equity securities, including, but not limited to, common stocks, American Depositary Receipts (“ADRs”), and ordinary shares, including whether exchange-traded, or over-the-counter traded; leveraged • ETNs, funds, and other special situation mutual funds, and exchange or swap funds; stocks, • certain hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, reinsurance funds, structured products, private debt funds and managed futures that Baird has selected for use in the Services; and • cash and cash equivalents. • fixed income securities, including but not limited to, debt securities issued by domestic and corporations and other entities; foreign preferred securities asset-backed (including mortgage-backed securities and collateralized mortgage obligations (“CMOs”)); convertible debt securities; obligations issued by U.S., state, or foreign governments or their agencies, instrumentalities, or authorities, such as securities issued by the U.S. Treasury, federal federal government agencies or government-sponsored enterprises (“Agency securities”), or foreign governments; municipal The types of investments that are not permitted for the PAM Investment Management Service generally include, but are not limited to: 16 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  If a client holds • Class B or Class C shares offered by mutual funds or any other class of mutual fund shares that impose a contingent deferred or level sales charge (back-end or level load); • inverse funds; • UITs that impose an initial or deferred sales charge (load); • put options; • all annuities and insurance products; or options on • commodities, futures commodities, and commodity pools; and investment funds • private and Complex Investment Products that Baird has not selected for use in the Services. If a client has selected a commission-based fee arrangement, the client should discuss with the client’s PAM Consultant which assets will be purchased for the client’s Account. brokerage account, or continues to hold the asset against Baird’s or the client’s PAM Consultant’s recommendation. an Unsupervised Asset in an Account, the client should understand that the Unsupervised Asset may not be included in performance reports provided to the client and that Baird and PAM Consultants do not manage, provide investment advice, or otherwise act as an investment adviser with respect to the Unsupervised Asset, even if the Unsupervised Asset is included in account statements or performance reports provided to the client. Because Baird and PAM Consultants do not manage or provide investment advisory services regarding Unsupervised Assets, no asset- based Advisory Fee is charged on Unsupervised Assets. While Unsupervised Assets are not subject to the asset-based Advisory Fee, Baird may impose additional fees upon Accounts holding Unsupervised Assets. See “Other Fees and Expenses” below for more information. A client that holding an should also understand Unsupervised Asset in an Account may increase the risk of trade errors, overinvestment, and negative Account performance. A client should consult the client’s PAM Consultant for further information. Special Considerations for the Services Third Party Information SMA Services. Investment products under the SMA Services are selected solely by the investment manager providing services to the client. The investment products used by an investment manager may include products that Baird does not permit to be used in connection with the PAM Investment Management Service described above. A client should review the investment manager’s Form ADV Part 2A Brochure for more information. Unsupervised Assets When providing services to a client, PAM and Baird rely on information provided by third parties and other external sources believed to be reliable, including, but not limited to, information provided by investment managers. PAM and Baird assume that all such information is accurate, complete and current. PAM and Baird do not conduct an in- depth review of, or verify, such information, and they do not guarantee the accuracy of the information used. See “Methods of Analysis, Investment Strategies and Risk of Loss—Methods of Analysis” below for more information. Household Management or supervised by them the household level Unless otherwise specified in writing, PAM and Baird manage client Advisory Accounts together at (“Household Management”). Household Management provides that the client’s Advisory Accounts are managed together toward a single, overall investment objective selected by the client with the flexibility of using multiple, eligible Advisory Accounts (“Household Management Accounts”) that may have different investment strategies or objectives. Under certain circumstances, Baird, in its sole discretion, may accept a client request to hold an asset in an Account that is not included in the investment advisory services provided by Baird or a PAM Consultant or otherwise monitored, (an overseen “Unsupervised Asset”). For example, if Baird permits a client to hold an Unpermitted Investment in an Account, the asset is typically also considered an Unsupervised Asset. Baird, in its sole discretion, may also designate an asset that is otherwise a Permitted Investment as an Unsupervised Asset under certain circumstances, such as when a client acquires the asset in an unsolicited transaction, transfers the asset from firm or Baird an account held at another 17 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that it is no longer able to manage the Account according to the Household Management Plan. included Household Management Accounts, taken together, will be managed or advised by Baird and client’s PAM Consultant in such a way so as to seek to achieve a single, overall goal or investment objective (“Household Management Objective”) chosen by the client. Each individual Account included in Household Management will also be managed or advised by Baird and client’s PAM Consultant in accordance with the terms of the applicable Advisory Program or Service and any investment strategy or objective applicable to the Account. However, each individual account included in Household Management may be managed or advised in any manner believed by Baird or the client’s PAM Consultant to be necessary or appropriate for the Household Management Accounts, taken together, to seek to achieve the Household Management Objective. Given the nature of Household Management, a client should understand that each Account enrolled in a Household Management Plan may not be invested in a manner such that the individual Account alone would be able to achieve the Household Management Objective. It is likely that one or more Accounts in a Household Management Plan, taken alone, will be managed or advised differently and will be subject to greater or enhanced risks than would be the case if the Account alone had the same objective as the Household Management Objective. Such enhanced risks include, without limitation, market risks, investment objective and asset allocation risks, capitalization risks, investment style risks, illiquid securities and liquidity risks, concentration risks, frequent trading and portfolio turnover risks, Non-Traditional Assets and Complex Strategies risks, and Complex Investment Product risks. is contained under Analysis—Investment Plan will The Household Management Objectives that Baird makes available to clients as part of Household Management include: (1) All Growth; (2) Capital Growth; (3) Growth with Income; (4) Income with Growth; (5) Conservative Income; and (6) Capital Preservation. A description of those objectives the heading “Portfolio Manager Selection and Evaluation— Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Strategies—Asset Allocation Strategies” below. (a is A client should note that: if an Account is removed from a Household Management Plan for any reason, including if the client ceases to be a member of the same household, the Service and strategy for the Account removed from the Household Management remain unchanged unless a change is requested by the client; further, the Account removed from the Household Management Plan will not be allocated assets from other Accounts included in the Household Management Plan unless the client and all other applicable clients, if any, consent and direct Baird to do so and then only to the extent permitted by applicable law; and PAM and Baird will have no liability for implementing a Household Management Plan unless a client requests, in writing, that an Advisory Account be excluded from the Household Management Plan. Tax Management Services Unless otherwise specified in writing, clients that are part of the same household will include their eligible Advisory Accounts in the same household “Household for management purposes Management Plan”). It the client’s sole responsibility to notify PAM that the client should be excluded from a household so that PAM is aware that the client’s Advisory Accounts are to be managed independently. It is also the client’s sole responsibility to notify PAM whenever the client ceases to be part of a household if an account is part of a Household Management Plan. Failure to do so could have a materially negative impact on applicable accounts. is part Many Services and managers make available tax management strategies and services that are intended to reduce the negative impact of U.S. federal income taxes on an Account. Certain Services and managers include tax management services as a default feature of the Services or the manager’s services. A client is encouraged to discuss the client’s tax management needs with the client’s PAM Consultant before enrolling the Account in a Service or selecting a manager. A An account will be removed from a Household Management Plan: (1) upon request or consent of the client, (2) if the Account ceases to be an eligible Advisory Account, (3) in the event the Account another Household of Management Plan, if the client notifies PAM that the client ceases to be a member of the applicable household, or (4) upon written notice from Baird 18 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  should contact the client’s client should understand the terms of the tax management services that will be implemented, including the associated limitations, risks and additional costs, if any, before enrolling an Account in a Service or selecting a manager for that Account. A client that wishes to opt an Account out of participation in a tax management service PAM Consultant. The offering and performance of tax management services to a client’s Account does not constitute tax advice. A client is ultimately responsible for all tax-related consequences resulting from the client’s decision tax management to utilize services. Tax management services are provided solely based upon the direction and information provided by a client. Before enrolling in a tax management service, a client should consult the client’s tax advisors about the tax consequences of doing so. PAM Tax Management Strategies the PAM income tax basis, by offsetting capital losses in the Account with capital gains. This strategy is oftentimes referred to a “tax harvesting” or “tax implementing a tax loss harvesting”. When harvesting strategy, the Baird PWM Home Office or the PAM Consultant, as applicable, periodically, but at least annually, conducts an assessment of the Account to identify capital losses for tax harvesting opportunities. When an opportunity is identified, the Baird PWM Home Office or the PAM Consultant, as applicable, sells (or recommends the sale of) certain securities in the client’s Account in order for the Account to recognize the unrealized capital losses identified as part of the assessment process. The Baird PWM Home Office or the PAM Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in one or more replacement securities, which may include, without limitation, ETFs, cash, cash equivalents or other securities deemed appropriate by the Baird PWM Home Office or the PAM Consultant, as applicable. Unless the client instructs otherwise, such reinvestment will be made on a temporary basis and generally only for the duration of any applicable IRS wash sale rule period, currently 30 days, and within a reasonable time thereafter, the proceeds will be reinvested in a manner consistent with the way the Account was invested prior to the employment of the tax harvesting strategy. the implementation of the Generally, tax harvesting strategy is limited to open end mutual fund and ETF positions with unrealized capital losses over $1,000 for U.S. federal income tax purposes, unless Baird and the client otherwise agree. implementation of Certain PAM Consultants offer tax management investment strategies (“PAM TM Strategies”), described below, to non-Retirement Accounts enrolled in PAM Consultant-directed Services, including Investment Management Service. A client is encouraged to ask the client’s PAM Consultant if PAM TM Strategies will be used if the Account is enrolled in a Service. PAM Consultants who offer PAM TM Strategies will generally implement such strategies for Accounts they manage on a discretionary basis unless a client opts out by contacting the client’s PAM Consultant. The Baird PWM Home Office will assist with the PAM TM the Strategies. Capital Gains Avoidance Strategy investment strategies Each PAM TM Strategy is a secondary investment strategy designed to achieve a secondary objective of an Account to reduce the negative impact of U.S. federal income taxes and each such strategy is implemented together with the other primary for the Account that are designed to achieve the client’s primary investment objectives or goals. The PAM TM Strategies features are not available to Retirement Accounts. Tax Harvesting Strategy A capital gains avoidance strategy seeks to avoid capital gains attributable to an investment in the Account for U.S. federal income tax purposes by selling the investment before the capital gain is distributed by the issuer. When implementing a capital gains avoidance strategy, the Baird PWM Home Office or the PAM Consultant, as applicable, periodically, but at least annually, monitors the issuers of investments held in the Account for capital gains distributions announcements and capital gains avoidance opportunities. When an opportunity is identified, the Baird PWM Home Office or the PAM Consultant, as applicable, sells (or recommends the sale of) such securities in the the client’s Account identified as part of A tax harvesting strategy seeks to improve the value of an Account, on a post U.S. federal 19 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  monitoring process in order for the Account to avoid a capital gain distribution made by the issuer. The Baird PWM Home Office or the PAM Consultant will then reinvest (or recommend the reinvestment of) the proceeds of such sale in cash until the capital gain distribution has been paid by the issuer, and then the securities will be purchased again. If the securities are sold at a loss, then Baird PWM or the PAM Consultant may employ (or recommend the employment of) the tax harvesting strategy described above. Office or PAM Consultant, as applicable, and securities may be excluded from implementation of such strategies for a number of reasons, including without limitation, the length of time the security has been in the Account, the lack of a replacement security acceptable to Baird or the PAM Consultant, withdrawal and deposit activity in the Account, market conditions deemed unfavorable by Baird or the PAM Consultant, or if doing so would, in Baird’s or the PAM Consultant’s judgment, negatively impact management of the Account. The tax harvesting and capital gains avoidance strategies are provided by Baird and PAM Consultants on an Account-by-Account basis. When employing such strategies for a client Account, Baird does not monitor or consider the trading activity in any other client account, including any other Account held at Baird. Generally, the capital gains avoidance strategy is limited to open end mutual fund positions in a client Account, and a mutual fund position will be included in the implementation of the strategy only if the potential net U.S. federal income tax benefit to the Account related to such position is estimated by Baird to be $1,000 or more. For purposes of calculating the $1,000 threshold, the Account’s current unrealized gain or loss in each mutual fund position is analyzed in light of the applicable amount of capital gains distribution announced by the mutual fund company. Additional Important Information about PAM’s Tax Management Strategies. investment strategies, there PAM’s tax management strategies are not intended to, and likely will not, eliminate a client’s U.S. federal income tax obligations. is no Like all guarantee that the implementation of a tax management strategy will be successful. A client’s use of a tax management strategy may not lower a client’s tax obligations or actually otherwise achieve a client’s tax goals. implementation of a The purchase or sale of securities by a client account (whether held at Baird or another firm) during any applicable IRS wash sale rule period that, in violation of such rule, overlaps with a purchase or sale of securities made in an Account as part of a PAM TM Strategy will result in applicable tax losses being disallowed by the IRS. Baird and PAM are not responsible for any such violations of the IRS wash sales rule or the negative consequences to the client of such violation. Before selling a security from an account, including any account held at a firm other than Baird, a client should contact the client’s PAM Consultant to determine if the sale of the security may be impacted by IRS wash sale rule limitations by reason of the tax management services being provided by Baird or PAM. The tax management strategy is based upon Baird’s or the PAM Consultant’s, as applicable, estimates of capital gains and losses associated with investments in client’s Account and information provided to them by third parties, such as issuers of securities. Capital losses will remain in an Account following the implementation of a tax harvesting strategy, and the Account will realize capital gains following the implementation of a capital gains avoidance strategy, the extent such estimates or to information are incorrect. Replacement securities selected in connection with the implementation of a PAM TM Strategy may not perform similarly to the securities they replace. The performance of Accounts utilizing a PAM TM Strategy will vary from similarly- managed Accounts that do not utilize such a strategy, possibly in a materially negative manner, and a client’s Account may not be successful in pursuing its primary investment strategies, objectives or goals. A client should also note that when normal for the client’s is resumed trading activity The implementation of the tax harvesting strategy and capital gains avoidance strategy (or the recommendation to implement a strategy) is done in the sole discretion of the Baird PWM Home 20 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Account, such activity could generate taxable gains or losses. Third Party Tax Management Services Growth investment objective will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. Such an Account may also hold other types of investments. review the Some investment managers participating in the SMA Services offer tax management services and others do not. A client should consult the client’s investment PAM Consultant or manager’s Form ADV Part 2A Brochure for specific information. Investment Objectives Generally, every Account will have one of the investment objectives described below. Conservative Income. A Conservative Income investment objective typically seeks to provide current income. Typically, an Account pursuing a Conservative Income investment objective will experience relatively small fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. Such an Account may also hold other types of investments. All Growth. An All Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing an All Growth investment objective will experience high fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in equity securities. Such an Account may also hold other types of investments. Capital Preservation. A Capital Preservation investment objective typically seeks to preserve capital while generating current income. Typically, an Account pursuing a Capital Preservation investment objective will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, such an Account generally invests nearly all of its assets in a mix of fixed income securities and cash. Such an Account may also hold other types of investments. Capital Growth. A Capital Growth investment objective typically seeks to provide growth of capital. Typically, an Account pursuing a Capital Growth investment objective will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. Such an Account may also hold other types of investments. for a client’s specific Growth with Income. A Growth with Income investment objective typically seeks to provide moderate growth of capital and some current income. Typically, an Account pursuing a Growth with Income investment objective will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, such an Account will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. Such an Account may also hold other types of investments. investment objective Income with Growth. An Income with Growth investment objective typically seeks to provide current income and some growth of capital. Typically, an Account pursuing an Income with Opportunistic. An Opportunistic investment objective typically seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the percentage of assets held in various investment categories to take advantage of the manager’s perception of market pricing anomalies, market sectors deemed favorable for investment by the manager, the current interest rate environment or other macro-economic trends identified by the manager to achieve growth while accounting short, intermediate and long term investment and/or cash flow needs. Depending upon the investment strategy used, an Account pursuing an Opportunistic could experience high fluctuations in annual returns and overall market value. The types of investments in which such an Account may invest will also vary widely, depending upon the particular investment strategy used. 21 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  long-term growth by investments based upon in to implement a typically objective and overweighting index or Tactical. A tactical investment objective seeks to provide tactically and actively adjusting account allocations to different the categories of manager’s perception of how those investment the short-term. categories will perform tactical Strategies used investment involve account underweighting allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, the market generally. benchmark Accounts with a tactical investment objective may have investments focused or concentrated in certain asset classes, geographic locations or market sectors and they often experience higher levels of trading and portfolio turnover relative to accounts with other investment objectives. indicates A Tax-Managed that the account investment Tax-Managed. is objective transitioning from one investment strategy to another using one or more tax management strategies or tax management considerations. The primary investment strategy or consideration for investment Accounts with a Tax-Managed objective will involve tax management, and such accounts may not be successful in pursuing any other investment strategies, objectives or goals. Goal. A Goal investment objective indicates that the Account is a Goal Management Account that is part of a Goal Management Plan and the Account will be managed or advised in accordance with the applicable Goal Management Objective. Investment Objectives For information about the risks associated with the investment objectives described above, see the section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Risks Associated with Certain and Asset Allocation Strategies” below. Mutual Fund Share Class Policy advisory accounts, Baird has established a mutual fund share class policy (“Share Class Policy”) for certain PAM-directed Services, including PAM Investment Management (the “Share Class Policy Services”). Typically, only one share class of a given mutual fund family will be made available for purchase by clients in the Share Class Policy Services pursuant to the Share Class Policy (the “Approved Share Class”). When selecting the Approved Share Class for a mutual fund family, Baird endeavors to select the share class with the lowest expense ratio, based upon the average expense ratio of the class across all mutual funds in the mutual fund family, that are widely available for trading on the mutual fund trading platform of Charles Schwab & Co., Inc. (“Schwab”). In selecting the share class for a mutual fund family to be made available for purchase by clients in the Share Class Policy Services, Baird considers a number of factors, including the number of funds within the fund family that offer the share class, client positions in and demand funds, and the for those availability of the share classes and funds for purchase on the Schwab mutual fund trading platform. Generally, share classes designed for retirement plans and those that pay a distribution (12b-1) fee to Baird will not be permitted in those Services, or, if such share classes are permitted and the client’s Account is subject to an asset- based fee arrangement, Baird will either: (1) rebate the distribution (12b-1) fees to a client if the client is paying an asset-based Advisory Fee on such investment; or (2) exclude such fund shares from the calculation of the client’s asset- based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the distribution (12b-1) fee as further described under the heading “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions—Investment Product Selling or Servicing—Mutual Funds” below. Clients should note that the Approved Share Class for a mutual fund family is based upon the average expense ratio for the class across all mutual funds in the fund family and not on a fund-by-fund basis. Further, the expenses of every mutual fund can and will vary over time. Therefore, while Baird has endeavored to select the lowest cost share classes as described above, in some instances, the Approved Share Class is not the least expensive share class for a particular mutual fund. Clients may be able to obtain a less Most mutual funds offer different share classes. While each share class of a given mutual fund has the same underlying investments, those share classes have different fees, costs and investment minimums, and they provide different levels of compensation to Baird. In an effort to provide clients with appropriate low cost mutual fund investment options for their fee-based investment 22 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Cash Sweep Program expensive share class in other Programs or at another firm. payments, revenue sharing the applicable mutual to provide FDIC Interest Baird receives certain compensation from mutual fund families in the form of distribution (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing and support administration fees. The amount of compensation paid to Baird generally varies based upon the share class of fund purchased by clients. Because the compensation that Baird receives from certain mutual funds is based upon share class purchased by clients, Baird has a financial incentive to make available to clients those share classes that provide Baird greater compensation, which, in many instances, would cause clients investing in those share classes to incur higher ongoing costs relative to other share classes made available by the fund families. This presents a conflict of interest. Baird addresses this conflict through the Share Class Policy described above and through disclosure in this Brochure. For more information about the compensation that Baird receives from mutual funds, see “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or in Client Transactions—Investment Product Selling and Servicing—Mutual Funds” below. is available Each Baird maintains a Cash Sweep Program that is intended for clients who want to earn interest and receive FDIC insurance protection on their cash over short periods of time while awaiting investment. If a client participates in Baird’s Cash Sweep Program, uninvested cash in the client’s accounts will be automatically deposited or swept, on a daily basis, into one or more FDIC-insured deposit accounts at participating banks (the “Bank Sweep Feature”) or, under certain conditions, will be automatically invested in shares of a money market mutual fund that Baird makes available in the program (the “Money Market Fund Feature”), subject to the terms and conditions of the program. By using multiple participating banks as opposed to a single bank, the Bank Sweep Feature seeks insurance protection for a client’s cash balances of up to an aggregate deposit limit determined under the program (currently, $2,500,000 for most account types and $5,000,000 for joint accounts). A client receives interest on cash balances in deposit accounts under the Bank Sweep Feature at tiered rates that are based on the aggregate value of the accounts within the client’s household. The applicable client household tier values are: less than $1 million; at least $1 million but less than $2 million; at least $2 million but less than $5 million; and $5 million are more. Current rate at information rwbaird.com/cashsweeps. deposit account at a bank constitutes a direct obligation of the bank and is not directly or indirectly Baird’s obligation. Shares of mutual funds held in client Accounts that do not meet the requirements of the Share Class Policy will generally be converted to the applicable Approved Share Class subject to certain restrictions. The Share Class Policy is subject to change at Baird’s discretion without notice to clients. Additional information about the Share Class Policy is available on Baird’s website at bairdwealth.com/retailinvestor. The Share Class Policy does not apply to the portion of a UAS Account managed by a third party managers. Third party managers are responsible for establishing their own criteria for selecting investments, including mutual funds, if any. Custody Services Baird may provide custody services in connection with the Services. See “Custody” below for more specific information. Any aggregate cash balances held by a client in excess of the applicable aggregate deposit limit are automatically invested in shares of a money market mutual fund that Baird makes available in the Money Market Fund feature of the program. Cash held in employee benefit plan accounts, employee health and welfare plan accounts, and SEP and SIMPLE IRAs will be automatically invested or swept into a money market mutual fund that Baird makes available under the Money Market Fund Feature of the program In addition, clients with aggregate cash balances of $5 million or more across all of their accounts with Baird within the same household may opt out of the Bank Sweep Feature and instead have all of their cash balances automatically swept into an institutional money market mutual fund that Baird makes available under the Money Market Fund 23 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment advisory IRA Program is available Feature of the program. Effective June 1, 2025, clients with aggregate cash balances of $5 million or more across of their accounts with us within the same household both at the time of the request to opt out and as of the end of any two previous consecutive months beginning on April 30, 2025 and thereafter. More information about the Money Market Fund Feature of Baird’s Cash at Sweep rwbaird.com/cashsweeps. related to those assets, and The Bank Sweep Feature seeks to provide FDIC insurance protection for a client’s cash balances up to an aggregate deposit limit determined under the program. Any deposits, including CDs, that a client maintains, directly or indirectly through an intermediary (such as us or another broker), with a bank participating in the Cash Sweep Program in the same capacity with the bank will be aggregated with the client’s cash balances deposited with the bank under the Cash Sweep Program for purposes of calculating the $250,000 FDIC insurance limit. Total deposits exceeding $250,000 at a bank may not be fully insured by the FDIC. A client is responsible for monitoring the total amount of other deposits that the client has with a bank outside the Cash Sweep Program in order to determine the extent of deposit insurance coverage available. Baird is not responsible for any insured or uninsured portion of a client’s deposits at a bank. Cash invested in a money market mutual fund under the Money Market Fund Feature is not FDIC insured, but is protected by Securities Investor Protection Corporation (“SIPC”) coverage up to applicable limits. receives compensation for Program, Baird’s compensation is a monthly per account fee (which is the same regardless of client balances in bank deposit accounts). For fee- accounts based participating in the Bank Sweep Feature, Baird’s compensation is a monthly per account fee (which is the same regardless of client balances in bank deposit accounts). The per account fee for these advisory IRA accounts is generally paid out of the interest that the banks pay on aggregate client balances in the deposit accounts, and the per account fee varies based on the applicable Fed Funds Target Rate but in no event will it exceed $19.00 per month. Baird also receives an annual rate of compensation of up to 0.50% of the aggregate client balances automatically invested into money market mutual funds under the Money Market Fund Feature. A client should note that the client will be charged the asset-based Advisory Fee on the value of all of the assets in the client’s Accounts, including cash that is swept into a bank deposit account or invested into a money market mutual fund under the Cash Sweep Program. As a result, Baird receives two layers of fees on a client’s assets swept or invested in the Cash Sweep Program: the Advisory Fee, which compensates Baird for the investment advice, trading and custody services provided to the client the compensation paid by the banks or money market funds related to those assets, which compensates Baird for the services Baird provides to the banks and funds and for Baird’s efforts in maintaining the Cash Sweep Program. The compensation that Baird receives from the Cash Sweep Program gives Baird a financial incentive to recommend that a client participate in the Cash Sweep Program and maintain high levels of uninvested cash balances in the client’s accounts. account values of As an alternative to the Cash Sweep Program, Baird makes available other money market mutual funds and other cash alternatives in which a client may invest, often at a higher yield, although these investments do not have an automatic sweep feature. In addition, instead of maintaining cash balances in an advisory Account, a client has the option to maintain such cash balances in a brokerage account that is not subject to an asset-based Advisory Fee. Baird the administrative, accounting and other services that Baird provides under the program, which is paid out of the aggregate interest that is paid by the participating banks on the aggregate client balances in the deposit accounts participating in the Bank Sweep Feature. Baird’s annual rate of compensation may be up to 3.60% of the for clients with aggregate client balances household than less $1,000,000, 2.45% for clients with household account values of $1,000,000 but less than $2,000,000, 2.00% for clients with household account values of $2,000,000 but less than $5,000,000, and 1.75% for clients with household account values of $5,000,000 or more. In a lower interest rate environment Baird’s annual rate of compensation will be less. For IRAs enrolled in a A client should understand that the Cash Sweep Program is an ancillary account service and it is not nor is it part of any advisory program or investment advisory service. PAM and Baird do 24 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in connection with ongoing Baird Trust generally not act as investment adviser or a fiduciary to a client the Cash Sweep Program. However, a client should note that the amount of the client’s advisory Account dedicated to cash and cash equivalents is part of the overall investment allocation advice provided to the client and thus the amount of such cash and cash equivalents included in the calculation of the Advisory Fee for the client’s advisory Account. on website More detailed information about the Cash Sweep Program and the compensation Baird receives is at Baird’s available www.rwbaird.com/cashsweeps. A client also receives information about the compensation Baird receives from the Cash Sweep Program through a client’s account statements. Trust Services Arrangements In addition, outside of the Trust Alliance Program, PAM Consultants may refer a client to Baird Trust to provide investment management and trust administration services to the client. If a client enters into such a relationship with Baird Trust, Baird and the client’s PAM Consultant typically relationship management provide services. provides compensation to Baird and the client’s PAM Consultant for the referral and providing ongoing services, which may be up to 50% of the ongoing fees that a client pays to Baird Trust, and which is for credited to the client’s PAM Consultant purposes of determining the PAM Consultant’s compensation. The compensation paid to Baird and a client’s PAM Consultant does not increase the fees that the client pays to Baird Trust. Due to Baird’s affiliation with Baird Trust and the compensation paid to Baird and PAM Consultants, Baird and PAM Consultants have a financial incentive to favor Baird Trust over other trust companies. services, including Margin Loans tax visit contact website a loan, Baird has an incentive financial incentive that any margin balance (i.e., it Margin involves borrowing money from Baird using eligible securities as collateral, including for the purpose of buying securities. If a client uses margin, the client will pay Baird interest on the amount the client borrows. The rate of interest that a client pays on a margin loan will be at a base rate determined by Baird plus or minus a specified percentage that varies based on the outstanding debit balance of the margin loan and the client’s household account value. Interest rates are lower for larger debit balances and those with higher household account balances. As a result, rates will vary. To determine the actual interest rate that may apply to a client’s margin Baird’s loan, at PAM or rwbaird.com/loanrates Consultant. Because a client will pay interest to Baird on the outstanding balance of the client’s margin to recommend that a client use margin. Baird and PAM Consultants also have an incentive to recommend that a client use margin, because a margin loan allows a client to make larger securities purchases and retain assets in the client’s Accounts that pay an ongoing asset-based Advisory Fee instead of liquidating them to fund a cash need, which increases the asset-based fees Baird earns on a client’s Accounts. A client should note the outstanding amounts of the margin loan the client Baird maintains an alliance with certain institutions, both non-affiliated and affiliated, including Baird Trust Company, that provide trust administration trust administration, custody, reporting and recordkeeping. PAM Consultants at times refer clients seeking trust services to institutions that are members of the alliance. Subject to its fiduciary duties, the trustee oftentimes retains Baird to provide investment advisory services to the client trust. A client should understand that any such referral for trust services under the Trust Alliance Program made by Baird and its PAM Consultants is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a referral and they will not provide advice on or oversee any such trust services arrangement. Baird has a financial incentive to recommend that clients use Baird Trust, an affiliate, over other non-affiliated trust companies. As a result of this affiliation, Baird Trust also has a financial incentive to retain Baird to provide investment advisory or other services on behalf of the client. In addition, Baird and PAM Consultants have a to recommend arrangements that involve Baird and the PAM Consultant providing investment advisory services to the client and the trust company only providing trust administration services compared to an arrangement whereby a trust company would provide both investment advisory and trust administration services because is more profitable to Baird and the PAM Consultant. 25 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  owes to Baird) in the client’s advisory Accounts will not be applied to reduce the client’s billable account value in calculating the client’s asset- based Advisory Fee, which gives Baird and PAM Consultants further incentive to recommend client use of margin instead of liquidating assets to fund a cash need. Because the interest Baird receives and fees Baird earns on a client’s Accounts increase as the amount of the client’s margin loan increases, Baird and PAM Consultants also have an incentive to recommend that the client continue to maintain a margin loan balance with Baird at high levels. Baird has the right to lend the securities a client pledges as collateral for the client’s margin loan, and Baird receives additional compensation for lending those securities, which provides Baird a further incentive to recommend margin to a client. A client should note that Baird’s margin loan program is generally intended to be used to fund additional purchases of securities. or short-term liquidity needs. If a client wishes to obtain a loan for some other purpose, a client should instead consider whether the client is eligible for Baird’s Securities-Based Lending Program, which involves clients obtaining loans from third-party lenders for general use purposes. Baird and PAM Consultants have a conflict to the extent they would recommend that a client use the Baird margin loan program instead of the Securities-Based Lending Program because a client pays interest and other fees to Baird instead of a third-party lender. financial incentive Additional important information about margin, including the risks and margin interest rates that apply, is set forth in the “Margin” section of Baird’s website at bairdwealth.com/retailinvestor. Securities-Based Lending Program of website creditworthiness, and the aggregate assets in a client’s Baird accounts in the client’s household (“relationship size”). The interest rates are based rate, plus an applicable on a benchmark percentage that varies based on the approved loan amount and the relationship size. Rates are generally higher for smaller loans and relationship sizes and lower for larger loans and relationship sizes. The interest rate that will apply to a client’s loan will be set forth in the loan agreement the client enters into with the bank. Baird receives an ongoing administrative fee from the bank, at an annual rate of up to 2.50% of the outstanding balance under a client’s loan, which is paid by the bank out of the interest the client pays to the bank. A client’s PAM Consultant typically receives an ongoing referral fee at an annual rate of up to 0.25% of the outstanding balance of the client’s loan, which is paid out of Baird’s administrative fee. A client should note that Baird and PAM Consultants will continue to receive compensation on assets held in the client’s accounts that serve as collateral for the client’s loans, including Advisory Fees. Because Baird receives an administrative fee and PAM Consultants receive a referral fee if a client obtains a loan from a third lender under Baird’s Securities-Based party Lending Program, Baird and PAM Consultants have an incentive to recommend that a client obtain loans under that program. Baird and PAM Consultants will continue to receive compensation on assets held in a client’s accounts that are collateral for such loans, including Advisory Fees on such assets if those assets are in the client’s advisory Account. As a result, Baird and PAM to Consultants have a recommend that a client obtain a loan under the program to provide for the client’s needs instead of liquidating assets in the client’s accounts with Baird because a decline in the amounts the client has in the client’s accounts will result in lower revenues to Baird and compensation paid to the client’s PAM Consultant. Additional important information about securities-based lending is set forth in the “Securities-Based Lending Program” section at Baird’s bairdwealth.com/retailinvestor. Baird offers clients an opportunity to borrow money from a third party lender under Baird’s Securities-Based Lending Program. These loans, if made, can be used for any personal or business purpose other than to purchase, carry or trade securities, or to repay margin debt. These loans are secured by the investments and other assets in the client’s accounts with Baird. A client will pay interest on the outstanding balance of the client’s loan. The rates of interest charged by the bank depends on many factors, such as the prevailing interest rate environment, the amount line of credit, a client’s of the loan or A client should understand that any referral made the by Baird and PAM Consultants under Securities-Based Lending Program is an ancillary account service and it is not an, nor is it part of any, Advisory Program or investment advisory service. They do not act as investment adviser or a fiduciary to the client when making such a 26 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  referral and they will not provide advice on or oversee any such lending arrangement. Client Responsibilities tax advice K-1 reporting. In addition, when held in a client’s Retirement Account under certain circumstances, such investments may produce unrelated business taxable income which may result in a current-year income tax obligation to the client. PAM does not provide any in connection with any of the Services. A client should discuss the potential tax implications of the client’s investment strategies, investment products, and transactions with the client’s tax advisor. If a client wishes for PAM to implement a particular investment strategy for tax purposes, and PAM agrees to implement such strategy, neither PAM nor Baird will be responsible for the development, evaluation or efficacy of any such strategy. Account Requirements Opening an Account A client that wishes to engage PAM will enter into an advisory agreement with PAM and Baird. The client’s advisory agreement will contain the specific terms applicable to the services selected by the client, Advisory Fees payable by the client, and other terms applicable to the client’s advisory relationship with PAM and Baird. A client is responsible for providing information to Baird and the client’s PAM Consultant reasonably requested by them in order to provide the services selected by the client. Baird, the client’s PAM Consultant and investment managers, if any, will rely on this information when providing services to the client. A client is also responsible for promptly informing the client’s PAM Consultant of any significant life changes (e.g., change in marital status, significant health issue, or change in employment) or if there is any change to the client’s investment objectives, risk tolerance, financial circumstances, investment needs, or other circumstances that may affect the manner in which the client’s assets are invested. None of Baird, the client’s PAM Consultant or any investment manager managing a client’s Account for any adverse consequence is responsible arising out of the client’s failure to promptly inform the client’s PAM Consultant of any such changes. Since investment goals and financial circumstances change over time, a client should review the client’s participation in a Service with the client’s PAM Consultant at least annually. Legal and Tax Considerations PAM and Baird do not provide legal or tax advice to clients in connection with the Services. is a brokerage agreement Account (“Retirement In addition to the investment advisory services that PAM and Baird provide in connection with each Service, Baird, in its capacity as broker- dealer, may provide clients with trade execution, custody and other standard brokerage services. For this reason, a client may also enter into a client account agreement with Baird if the client has not already done so. The client account agreement that authorizes Baird to execute trades for, and perform related brokerage and custody services to, the client’s Account. Additional laws, regulations and other conditions apply to Retirement Accounts. Each owner, trustee, named responsible plan fiduciary, fiduciary, or other fiduciary acting on behalf of a Retirement Account Fiduciary”) should understand that PAM and Baird do not provide legal advice regarding Retirement Accounts. A Retirement Account Fiduciary is urged to consult with his or her own legal advisor about the laws and regulations that may apply to Retirement Accounts. Baird generally requires that assets in a client’s Account be held in a Baird account, for which Baird acts as custodian. However, in certain limited circumstances when requested by a client, Baird may permit a client to include Held-Away Assets in the client’s Account. liquidations, redemptions, The investment strategies used for a client’s Account and transactions in a client’s Account, including and rebalancing transactions, may cause the client to realize gains or losses for income tax purposes. In addition, a client’s Account may be invested in investment products classified as partnerships for U.S. federal income tax purposes, which may result in unique tax treatment, including Schedule After a client has signed and delivered an advisory agreement to Baird, the agreement is subject to review and acceptance by the client’s PAM Consultant, his or her Market Director or PWM Supervision department supervisor (or his or her respective designee), and Baird PWM’s Home Office. The agreement and Baird’s advisory 27 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in to investment manager until acceptable their sole discretion. Funds deposited or transferred to a client’s SMAs from another Baird account and funds deposited or transferred to a client’s SMAs from outside of Baird will not be available for investment by the client’s the next business day and therefore the investment of such funds, at the discretion of the manager, will occur no earlier than the next business day. relationship with a client will become effective when the client’s paperwork is accepted by Baird PWM’s Home Office and following such acceptance the client written Baird has delivered confirmation of the Account’s enrollment in the applicable Service. A client should understand that the advisory agreement will not become effective, and Baird will not provide any advisory services to the client, until such time that Baird has accepted the advisory agreement. Baird may delay acceptance of the advisory agreement and the provision of advisory services to the client for various reasons, including deficiencies in the client’s paperwork. Once it has become effective, the agreement shall continue until it is terminated in accordance with the terms described in the advisory agreement. certain retain those documents for The terms of a client’s agreements and this Brochure apply to all Accounts that a client establishes with PAM, including any Accounts that a client may open with Baird in the future. Some of the information in those documents may not apply to a client now, but may apply in the future if a client changes services or establishes other Accounts with PAM. PAM will generally not provide a client another copy of the agreements or this Brochure when a client changes services or establishes new Accounts unless the client requests a copy from PAM. Therefore, a client future should reference as they contain important information if a client changes services or establishes other Accounts with PAM. Certain Account Requirements Minimum Account Size Some PAM Consultants will invest, or recommend investing, cash contributions made to an Account over a period of time. This method of investment is sometimes referred to dollar cost averaging (“DCA”). The goal of this method of investment is to reduce the risk of making large purchases of securities at an inopportune time or price. The investment and Overlay Manager managers also offer an optional DCA service for Accounts they manage. Additional information will be provided to a client if the client enrolls in a DCA service. A client should note that, if dollar cost averaging is used to invest cash in the client’s Account, the returns for the Account could, depending upon market and other conditions, be lower than the returns that could have been obtained had all the cash in the Account been fully invested upon contribution to the Account. In addition, a client should note that, when dollar cost averaging is used, the amount of cash in the client’s Account will be included in the value of the Account for fee calculation purposes. Whenever assets are contributed to an Account, a client should discuss with the client’s PAM Consultant the timing of when the assets will be invested. If DCA will be used to invest the assets, a client should ask for more specific information about how the assets will be invested and the associated timing for investing. that Each Service has a minimum account size and may have a minimum Advisory Fee, which are described in the section entitled “Fees and Compensation—Advisory Fees” below. PAM or Baird may remove an Account from a Service and immediately terminate the advisory agreement with respect to an Account upon written notice to the client if the client fails to maintain the required minimum asset levels in an Account or if the client fails to otherwise abide by the terms of a Service as determined by PAM or Baird in their sole discretion. Account Contributions and Withdrawals A client may fund an Account with cash and with securities that PAM, Baird and the client’s to be investment manager, if any, deem When a client funds an Account with securities, including when a client changes Services for an Account or changes investment managers for an Account within the same Service, the client should understand that PAM’s, Baird’s or the client’s investment manager’s review of securities used to fund the Account may delay investing. In addition, PAM, Baird or the client’s investment the if any, may determine manager, securities contributed to the Account may not be appropriate for the client’s strategy, and PAM, Baird or the investment manager, if any, may sell, or recommend the sale of, such securities. Further, an investment manager may be removed from the management of a client’s Account and a 28 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Liens and Use of Account Assets as Collateral sale could in adverse As security for the full and complete payment when due of any debts and other obligations that a client owes to PAM and Baird, and to the extent permitted by applicable law or regulation, all assets in a client’s Account held at Baird will be subject to a first priority security interest, lien and right of setoff in favor of Baird. Baird may sell assets in an Account to satisfy the lien. As a secured party, Baird may have interests that are adverse to a client. Neither PAM nor Baird will act as investment adviser to a client with respect to such sale of assets held in an Account. Any such sale of assets will be executed in Baird’s capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis. Such sales could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should review the client’s agreements for more information. replacement investment manager may be appointed. In such event, Baird, at the direction of the client’s replacement manager, or the client’s replacement manager may sell all or a portion of the securities or other investments in the Account that were managed by the prior manager and the replacement manager will reinvest the cash proceeds of those sales. Any tax result such consequences for the client. A client should note that securities transferred into an Account may be subject to the Advisory Fee immediately upon its transfer into the Account, even if the client paid a commission or front-end sales charge on the security prior to its transfer into the Account. In addition, if the securities are subject to deferred sales charges or redemption fees, the client will be responsible for paying those charges and fees. To the extent permitted by applicable law, certain funding transactions may be handled by Baird on a principal basis, and such transactions are not considered investment advisory services of PAM, Baird or the client’s investment manager. All of the assets in a client’s Account must be free and clear from any security interest, lien, charge or other encumbrance (other than a security interest, lien, charge or other encumbrance in favor of Baird) and must remain so for the duration of the client’s relationship with Baird, unless Baird otherwise specifically agrees in writing. Business—Additional If an asset transferred to an Account is an Unpermitted Investment under the terms of the applicable Service, PAM, Baird or the client’s investment manager may sell the asset or transfer it into a separate brokerage account. Alternatively, they may designate such asset as an Unsupervised Asset as further described under “Advisory Service Information—Unsupervised Assets” above. If a client wishes to obtain loans secured by assets in the client’s Account (commonly referred to as “securities-based lending”) and PAM and Baird agree to the arrangement, the client should understand that the lender may exercise certain rights and powers over the assets in the Account, including the disposition and sale of any and all assets pledged as collateral for the loan to meet a collateral call, which may occur without prior notice to the client. A collateral call could have adverse tax consequences, disrupt a client’s investment strategy, and have an adverse impact on the Account’s performance. A client should be aware of these and other potential adverse effects of securities-based lending and collateralizing Accounts before deciding to do so. A client is responsible for notifying PAM and any the client’s investment manager managing Account of any contributions made into the Account and instructing PAM and any investment manager to liquidate positions in the event the from the client wishes to withdraw assets Account. PAM and Baird have no responsibility to invest cash deposits (other than complying with a client’s cash sweep instructions) or liquidate positions with respect to an Account managed by an Other Manager, and they are not responsible for any losses that may result from a client’s failure to notify PAM and any investment manager managing the client’s Account regarding deposits or withdrawals. A client may also incur additional expenses and liabilities, including tax related liabilities, when transferring assets out of an Account or Baird’s custody. See “Termination of Accounts” below. A client is required to disclose the terms of the client’s agreements with Baird to any lender seeking to use Account assets as collateral. A client must promptly notify PAM and Baird of any default or similar event under the client’s collateral arrangements. 29 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  PAM or Baird may remove an Account from a Service and immediately close an Account upon written notice to a client if the client fails to abide by the terms of the Service. PAM or Baird may also remove an Account from a Service at any time upon written notice to a client if the client fails to maintain the required minimum asset levels in such Account. A client should understand that neither PAM nor Baird will provide advice on or oversee a securities-based lending or collateral arrangement and they will not act as investment adviser or a fiduciary to the client with respect to the liquidation of securities held in the client’s Account to meet a collateral call. Any such liquidation will be executed in Baird’s capacity as broker-dealer and may, as permitted by law, result in executions on a principal basis. “Additional In some instances, Baird and PAM Consultants may refer a client to a third party lender under Baird’s Securities-Based Lending Program that certain pays Baird and PAM Consultants compensation. Service See Information—Securities-Based Lending Program” above for more information. exclusive responsibility to Business—Additional in writing, Upon the termination of an Account’s enrollment in a Service, PAM, Baird and, if relevant, any other investment manager managing such Account, shall have no obligation to act as investment adviser to such Account. If such Account is custodied at Baird, the Account shall be converted to and designated as a brokerage account. PAM, Baird, and, if relevant, any other investment manager managing such Account, shall be under no obligation to recommend any action with regard to, or to liquidate the securities or other investments in, such Account. After an Account is removed from a Service, it is the issue client’s instructions, the regarding management of any assets in such Account. Securities purchased on margin are used as Baird’s collateral for the margin loan. Clients that have a margin account should review the section “Advisory Service Information—Complex Strategies and Complex Investment Products” above for additional information. Electronic Delivery of Documents By signing an advisory agreement, a client consents to the electronic delivery of documents that PAM or Baird may deliver to the client. The term of the consent to electronic delivery is indefinite but a client may revoke the consent at any time by notifying PAM. Termination of Accounts If a client directs Baird to liquidate assets in connection with a closure of an Account, the client should understand that Baird acts as broker- dealer, and not investment adviser, when processing such a liquidation request and that the client will generally be charged commissions, sales charges, sales “loads”, or other applicable transaction-based fees in accordance with the applicable Baird fee schedule or other third-party transaction-based fee schedule for the particular investment then in effect. Additional information about the compensation that a client pays to Baird for effecting brokerage transactions is contained in Baird’s Client Relationship Details document, available on Baird’s website at bairdwealth.com/retailinvestor. A client may incur significant expenses and liabilities, including tax-related liabilities for which the client will be solely liable, if the client closes an Account, terminates an advisory agreement, or transfers assets out of Baird’s custody. PAM and Baird will not be liable to a client in any way with respect to the termination, closure, transfer or liquidation of the client’s Accounts. The client’s advisory agreement will survive any event that causes the client’s PAM Consultant to be unable to provide services to the client (either on a temporary or permanent basis), including if the client’s PAM Consultant ceases to be employed by Baird. In any such event, Baird will endeavor to continue to provide services to the client and will as promptly as practicable assign another PAM Consultant or Baird Financial Advisor to the client’s Accounts (either on a temporary or permanent basis) and the client will be notified of any such change or, if Baird determines that it is unable to continue to provide advisory services to the client, Baird may remove the applicable Account from a Service or Program and convert the Account to a brokerage account upon notice to the client. Some of the investments offered in connection with the Services contain restrictions that limit 30 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  among different Accounts held by the same client, depending on the services selected for an Account. All new client Accounts paying an asset-based fee are generally subject to a unified advice fee arrangement (“Unified Advice Fee Arrangement”), which is described below. Unified Advice Fee Arrangement their use, and such investments may be unavailable for purchase or holding outside of an Account. For example, certain Investment Funds held in an Account may only be available to a client through a PAM Service or may not be held at another firm. If such restrictions apply and the client terminates a Service or closes an Account, the Client will be required to sell or redeem such Investment Funds or exchange them for other Investment Funds that may be more costly to the client or have poorer performance. A client should consider restrictions applicable to investments carefully before participating in a Service. A client should contact the client’s PAM Consultant for specific information as to how Account closure, termination of an agreement, or asset transfers might impact the assets in the client’s Accounts. Fees and Compensation Advisory Fees Fee Options and Fee Schedules Under a Unified Advice Fee Arrangement, the asset-based Advisory Fee is comprised of an advice fee (“Advice Fee”) and, for some Services, an additional portfolio fee (“Portfolio Fee”). The Advice Fee covers certain investment advisory and custody services provided by PAM and Baird. The Portfolio Fee covers portfolio management and other services provided by Baird and the manager to the client’s Account, which may include departments or affiliates of Baird. If a client has a Unified Advice Fee Arrangement, the client’s Advisory Fee rate will be equal to the sum of the applicable Advice Fee rate and the applicable Portfolio Fee rate, if any. Clients with a Unified Advice Fee Arrangement generally choose a breakpoint fee schedule for the Advice Fee portion of the Advisory Fee. fee arrangement, A client’s advisory agreement will set forth the actual compensation the client will pay to Baird. In most instances, a client pays an ongoing Advisory Fee based upon the value of assets in fee”), the client’s Account (an “asset-based although other options, such as a flat fee or a commission-based are available. Breakpoint Advice Fee Schedules Asset-Based Fee Arrangement fee PAM generally offers one asset-based arrangement: a breakpoint fee schedule. All Services Except Consulting Services. The following fee schedule sets forth the maximum breakpoint Advice Fee rates for the Services (other than Consulting Services) provided by PAM. Unified Advice Fee Arrangement Breakpoint Advice Fee Schedule Services (Other Than Consulting Services Under a breakpoint fee schedule, the asset-based fee is determined by reference to the market value of the client’s Account assets, with the fee rate being lower for accounts with higher levels of assets. The breakpoint fee, once determined, is then applied to all of the assets in the client’s Account. Value of Assets Annual Fee Rate $0 to $249,999 3.00% $250,000 to $499,999 2.50% $500,000 to $999,999 2.25% $1,000,000 to $1,999,999 2.00% The asset-based fee may be a fixed percentage investment across all asset categories or strategies or may be a percentage that varies by asset category or investment strategy. For example, an Account pursuing an equity strategy may pay a higher fee rate than an Account pursuing a fixed income strategy. $2,000,000 to $4,999,999 1.75% $5,000,000 and above 1.50% The typical asset-based fee varies depending upon the Service and the fee option selected by the client. Fee options and rates may also differ 31 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Consulting Services. The following fee schedule sets forth the maximum breakpoint Advice Fee rates for the Consulting Services provided by PAM. Unified Advice Fee Arrangement * Fees charged by managers under the DC Program are negotiated by each client pursuant to a separate agreement that does not include Baird. Baird, therefore, does not have the necessary information to provide a definitive range of fees paid to managers under the DC Program. Breakpoint Advice Fee Schedule Consulting Services Value of Assets Annual Fee Rate Up to $10 million 0.50% $10 million - $25 million 0.45% The Portfolio Fee rates are current as of the date of this Brochure. A client’s actual Portfolio Fees could be higher or lower than the amounts shown above if Baird adds new investment managers to the Services with higher or lower fees or if Baird and a manager renegotiate the amount of the subadvisory fee. $25,000,001 - 50 million 0.35% Above $50 million Negotiable Portfolio Fee Schedule following fee schedule sets forth titled “Administrative The Portfolio Fee rate varies by Service, investment vehicle, and the type of investment strategy or style being pursued by the Account. The the maximum Portfolio Fee rates or range of rates for the Services. In some instances, Baird provides operational and administrative services to third party managers in connection with their management of client Accounts. As compensation for those services, Baird receives a portion of the Portfolio Fee at an annual rate of up to 0.02% of the value of the Account. Additional information is contained in the document Servicing, Revenue Sharing, and Other Third Party Payments” available on Baird’s website at bairdwealth.com/retailinvestor. Portfolio Fee Schedule Service Annual Fee Rate or Range of Rates PAM Investment Management 0.00% PAM Recommended Managers The Portfolio Fee rates set forth above do not include the overlay fees charged by the Overlay Manager for tax overlay or impact overlay services, which are generally 0.10% of the value of the Account annually. 0.20% - 0.75% Equity SMA Strategies 0.20% - 0.52% Balanced SMA Strategies 0.25% - 0.40% Fixed Income SMA Strategies 0.25% - 0.70% Global and International SMA Strategies For more specific information about the fee that applies to an existing Account, a client should refer to the paperwork the client received when opening the Account or the client may contact the client’s PAM Consultant. 0.35% - 0.60% Alternative SMA Strategies Flat Fee Arrangement 0.10% Tax Managed Strategies 0.09% Index SMA Strategies Baird SMA Network (BSN) 0.26% - 0.77% Equity SMA Strategies 0.22% - 0.60% Balanced SMA Strategies 0.12% - 0.40% Fixed Income SMA Strategies 0.25% - 0.70% Global and International SMA Strategies Under a flat fee arrangement, the applicable fee may be determined according to a fixed asset- based fee rate or may be a fixed dollar amount. Specific services may each have their own, separately stated flat fee, or several services may be grouped together under a single flat fee. Some services may entail a flat fee per usage. Flat fees are negotiable and vary by client. The details of flat fee arrangements, including fee amounts, the billing schedule, and the services covered, will be included in the client’s advisory agreement. 0.32% - 0.60% Alternative SMA Strategies —* Dual Contract (DC) 32 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Commission-Based Fee Arrangement commission-based A client’s Account may also be subject to a minimum quarterly Advisory Fee that will be set forth in the client’s advisory agreement regardless of the value of the assets in the client’s Account. The minimum annual Advice Fee for PAM Investment Management Accounts is generally $3,000 for equity or balanced Accounts and $1,250 for fixed income Accounts. In addition, if a third party custodian has custody of the client’s Account assets, Baird may impose Account requirements different than those set forth above, including but not limited to higher minimums, and it may impose additional fees due to the increase in resources needed to administer the Account. A client is encouraged to periodically review with the client’s PAM Consultant the client’s Advisory Fee and the services provided to determine if the services and fees continue to meet the client’s needs. Calculation and Payment of Advisory Fees Asset-Based Fee Arrangements Advisory PAM also offers a fee arrangement. In contrast to the asset-based fee arrangements described above, a client who selects a commission-based fee arrangement pays PAM and Baird commissions and other costs and expenses of the transactions that are effected for the client’s Account (“Transaction Fees”). These commissions and other transaction charges compensate PAM and Baird for the combination of investment advice and brokerage services they provide. Depending upon a client’s selection, a client’s Account may be subject to a commission- based fee arrangement or may be subject to both a commission-based fee arrangement and asset- based fee arrangement. For example, if a client’s Account is managed by an investment manager other than PAM, a client electing a commission- based fee arrangement may pay Transaction Fees to PAM for the trades placed by the investment manager and an asset-based fee to PAM and the client’s investment manager. If a client selects a commission-based fee arrangement, the client’s advisory agreement will set forth how the compensation the client will pay to PAM and Baird will be determined. See “Calculation and Payment Fee Fees—Commission-Based of Arrangements” below for more information. Service Account Minimums The minimum asset value to open an Account in those additional advisory services is set forth in the table below. Additional Advisory Services Account Minimums Service Asset Level Baird will calculate a client’s Advisory Fee by applying the applicable fee rate to the value of all of the assets in the client’s Accounts, including cash and its equivalent and including all Held- Away Assets, unless otherwise agreed to in writing. 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. Consulting Services Negotiable Baird SMA Network $100,000(1) Dual Contract $100,000(1) PAM Investment Management $100,000 PAM Recommended Managers $100,000(1) than $1,000,000. As a If requested by a client and approved by Baird, a client’s Advisory Fee may be determined by also including the aggregate value of assets in certain other Advisory accounts held by a client and certain members of the client’s household or family (a “household fee arrangement”). A client should note that Retirement Accounts may not be included in a household fee arrangement to the extent a prohibited transaction under ERISA or the IRC may result. The terms of any such household fee arrangement will be set forth in the client’s advisory agreement. (1) Investment managers typically have an account minimum of $100,000. However, each investment manager sets its own minimum account size requirements, which can range from $25,000 to more result, some investment managers may not be available to clients with smaller accounts. 33 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  third party pricing services, to inform the from issuers, sponsors and custodians may differ from prices that could be obtained from other sources. for a household Values used for fee-calculation purposes may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the Advisory Fee for some securities may be calculated based on values that are greater than the amount a client would receive if the securities were actually sold from the client’s Account. A client should note that it is client’s sole responsibility client’s PAM Consultant that client’s household or family has two or more Advisory accounts that are eligible for a household fee arrangement. PAM and Baird do not undertake any obligation to ensure client Accounts are eligible fee arrangement. By agreeing to a household fee to such arrangement, each client subject household fee arrangement consents to PAM and Baird providing to each other client subject to such household fee arrangement, in PAM’s or Baird’s sole discretion, information about the aggregate level, or range, of household assets used for fee calculation purposes. As a result, each such client should understand that the other clients included in the household fee arrangement may be able to ascertain the amount of the client’s assets at Baird. As mentioned above, Baird will include cash and cash equivalent balances in a client’s Account when calculating a client’s asset-based Advisory Fee. Baird has adopted internal policies that monitor the percentage of an Account swept into cash under the Cash Sweep Program. These internal policies are designed to inform PAM Consultants and their clients who hold large cash sweep balances in their Accounts for sustained periods that those Accounts are holding large cash sweep balances and that there may be other investment or account options for their cash and that Baird receives direct compensation in addition to the Advisory Fee from client balances in the Cash Sweep Program. If a client maintains a debit balance in the client’s margin account with Baird, such balance has no bearing on the asset-based Advisory Fees charged on client’s Account. In other words, the margin balance (i.e., the outstanding amounts of the margin loan a client owes to Baird) in client’s Account will not be applied to reduce the client’s billable Account value in calculating the Advisory Fee. For purposes of calculating a client’s asset-based Advisory Fee, the value of a client’s assets is generally determined by Baird. Baird generally relies upon third party sources, such as third party pricing services when valuing Account assets. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian in determining the value of the assets in the client’s Account. is unreliable. Valuation data The Account value used for the Advisory Fee calculation may differ from that shown on a client’s Account statement or performance report due to a variety of factors, including the client’s use of margin, options, short sales, and other considerations. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by Baird. See “Advisory Services” above and “Custody” below for more information. A client’s Advisory Fees are payable in accordance with the terms of the client’s advisory agreement. Neither PAM nor Baird conducts a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. PAM and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such valuations for investments, particularly annuities and Complex Investment Products, may not be provided to Baird in a timely manner, resulting in valuations that are not current. The prices obtained by Baird 34 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the Typically, Advisory Fees are payable on a calendar quarterly basis, in advance. The initial billing period begins when client’s advisory agreement is accepted by Baird and the Account is opened by Baird (the “Opening Date”). The initial Advisory Fee payment will be adjusted for the number of days remaining in the then current quarter. The initial Advisory Fee will be based on the value of assets in the client’s Account on the Opening Date. The period which such payment covers shall run from the Opening Date through the last business day of the then current calendar quarterly billing period. Thereafter, the quarterly Advisory Fees shall be calculated based upon the Account’s asset value on the last business day of the prior calendar quarter and shall become payable on the first business day of the then current calendar quarter. If PAM, Baird or the client terminates the client’s advisory agreement or the client’s participation in a Service, a pro-rated refund from the date of termination through the end of the applicable billing period will generally be made to the client in the client’s affected Accounts. PAM and Baird will not implement a decrease in the client’s fee rate during a billing period or otherwise reimburse or adjust Advisory Fees during any such period for asset value appreciation or depreciation in a client’s Account during such period. For example, if a client’s Account is subject to a tiered or breakpoint fee schedule and the asset levels of the Account move into a new tier or cross a breakpoint during such period, no rebate or fee adjustment will be made. However, PAM and Baird, in their sole discretion, may make fee adjustments in response to asset fluctuations in a client’s Account occurring during a billing period that result from contributions to, or withdrawals from, the client’s Account. Each Service may have a minimum asset value in order to open an Account, and a minimum Advisory Fee may be assessed against a client’s Account as further described under “Advisory Fee—Fee Schedules” above. The minimum Advisory Fee will be described in the client’s advisory agreement. PAM may waive the minimum asset value or minimum Advisory Fee at its discretion. The minimum Advisory Fee is subject to change upon notice to the client. the client’s Account may A client’s Advisory Fees and other charges will be automatically deducted from the client’s Account, unless the client requests, and PAM and Baird agree, to an alternate arrangement, such as having Baird issue the client an invoice for the Advisory Fees (“direct billing”). A client should understand that the client’s Advisory Fees and other charges relating to the client’s Account may be satisfied from free credit balances and other assets in the client’s Account. If free credit balances in a client’s Account are insufficient to pay the Advisory Fees or other charges when due, investment manager PAM, Baird and any managing sell investments from the client’s Account to the extent they deem necessary and appropriate, in their sole discretion, to pay the client’s Advisory Fees and other charges. The Advisory Fee and minimum account value are negotiable in certain instances and may vary based upon a number of factors, including but not limited to the size and nature of the assets in the client’s Account, the client’s particular investment strategy or objective, and any particular services requested by the client. In some instances, clients may pay a higher fee than indicated in the fee schedules above. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to the factors identified above. If a client’s Account is subject to direct billing, the client is required to pay each bill within 30 days of the date of the invoice. PAM and Baird may automatically deduct a client’s Advisory Fees and other charges from the client’s Account as described above in the event that Baird does not receive payment from the client within 30 days of the date of the invoice. PAM or Baird may rescind a direct billing arrangement with a client at any time. Direct billing may not be available for Retirement Accounts. The fee schedules set forth above are the current fee schedules for the Services. Each Service has had other fee schedules in effect, which may reflect fees that are lower or higher, as the case may be, than those shown above. As new fee schedules are put into effect, they are made applicable only to new clients, and fee schedules applicable to existing clients may not be affected. To the extent permitted by applicable law, PAM or Baird may increase a client’s existing fees and other charges or add additional fees or charges by providing the client with 30 days’ prior written notice. 35 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Therefore, some clients may pay different fees than those shown above. Commission-Based Fee Arrangements For equity securities, ETFs, bond and no-load mutual fund transactions, a client is subject to Baird’s minimum commission charge then in effect, unless otherwise stated in the client’s agreement. The minimum commission charge may change from time to time without notice to the client and can be found on Baird’s website at bairdwealth.com/retailinvestor or by contacting a PAM Consultant. the cost of the trade and, A client’s advisory agreement will set forth how the compensation the client will pay to PAM and Baird will be determined. Instead of an asset- based fee, clients who select a commission-based fee arrangement pay to PAM and Baird Transaction Fees for each transaction effected for their Accounts, similar to the compensation that a client would pay if the Account was a brokerage account. The Transaction Fees and charges will be included in therefore, automatically deducted from the client’s Account or from the investment amount. Other fees and charges, if applicable, will also be deducted from the client’s Account. to Baird’s standard To the extent permitted by applicable law, Baird may modify a client’s existing fees, including Transaction Fees, and other charges or add additional fees or charges by providing the client with 30 days’ prior written notice. A client account may also be subject to a minimum quarterly fee that will be set forth in the client’s advisory agreement regardless of the values of the assets in the client’s Account. The minimum account size is set forth above. This minimum may be waived in PAM’s discretion. For equity securities and ETPs, such as ETFs, the Transaction Fees generally will be determined commission according schedule then in effect, unless otherwise stated in the client’s advisory agreement. The commission rates may be negotiated by the client. Baird’s standard commission schedule considers the share price or principal amount and the number of shares traded in determining the applicable commission. Baird may change its standard commission schedule at any time without notice to the client. The transaction confirmation sent to the client will disclose the amount of the commission charged by PAM or Baird for that transaction. Clients are encouraged to discuss commission rates with their PAM Consultant. For fixed income securities, such as bonds, a client typically pays a fixed dollar amount per security bought or sold for the client’s Accounts, or the client may pay a certain dollar amount that varies depending upon the aggregate value of the transaction. The Transaction Fees and minimum Account value are negotiable in certain instances and may vary based upon a number of factors, including but not limited to the size and nature of the assets in the client’s Account, the client’s particular investment strategy or objective, and any particular services requested by the client. The fees paid by a client may differ from the fees paid by other clients based on a number of factors, including but not limited to the factors identified above. sales charges and in For other investment products, such as mutual funds, UITs, annuities and Alternative Investment the Products, a client generally will pay commissions, other transaction-based compensation disclosed in the prospectus or other offering documents for the applicable investment product. For certain types of investments, a client will also indirectly pay Baird and the client’s PAM Consultant ongoing or trail commissions or fees (“trail fees”) described in the prospectus or offering document for the investment. Additional information about these forms of compensation is provided on Baird’s website at bairdwealth.com/retailinvestor. A client should note that Accounts with commission-based fee arrangements present some of the same conflicts of interest that are present traditional brokerage accounts. The compensation received by Baird and the client’s PAM Consultant under is a commission-based fee arrangement directly related to the amount of Transaction Fees and trail fees paid by the client and the number of transactions effected for the client’s Account. As the amount of Transaction Fees and trail fees paid by the 36 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  are provided to Service Accounts, or whether the client does not want or need such services; Accordingly, this • whether the types of investment strategies, products and solutions the client seeks are available; pay the greatest levels • whether there are limitations on the types of securities and other investments available for purchase and whether those limitations are significant to the client; the • whether the nature and level of transaction services, account performance reporting, or other ancillary services the client wants are available; client and the number of transactions effected for the client’s Account increases, the compensation that Baird receives and pays to the client’s PAM Consultant also increases. practice presents a conflict of interest because it gives Baird and the client’s PAM Consultant an incentive to trade actively for the client’s Account, recommend or select investments that of compensation, recommend or select Other Managers that trade actively, and provide compensation advice based upon received rather than on a client’s needs. A client is encouraged to review the conflicts traditional of interest associated with brokerage accounts contained in Baird’s Client Relationship Details document located on Baird’s website at bairdwealth.com/ retailinvestor for more information. • whether the client prefers to pay an ongoing Advisory Fee for continuous advice or pay commissions and other fees on a transaction- by-transaction basis; • the relative costs and expenses of a Service Account and a brokerage account, which will vary depending upon: fee or commission rate the client o the negotiates; to the contrary, o the size of the client’s account; o the level of trading activity and size of trade orders; Client Accounts with commission-based fee arrangements also present another conflict not associated with traditional brokerage accounts. A client should understand that, depending upon the Service selected by the client, the PAM Consultant may act with discretion with respect to the client’s the client’s Account and that, absent instructions the PAM Consultant will effect transactions for the client’s Account without obtaining the client’s consent or providing notice to the client. o applicable account fees and charges; Obtaining Services Separately: Brokerage or Advisory? Factors to Consider o the client’s use of third party managers who charge their own fees for managing accounts in addition to PAM’s Advice Fee; and o the amount of the client’s account invested in investment products that have additional internal ongoing operating fees and expenses (e.g., Investment Funds). Baird offers brokerage accounts and other services to clients, and certain services provided to a client in connection with a particular Service may be available to a client outside of the Service separately. Thus, a client’s participation in a Service could cost the client more or less than if the client purchased each service separately. A number of factors bear upon the relative cost of each Service. In comparing the Services to brokerage accounts or other services, a client should consider a number of factors, including, but not limited to: Additional important information about brokerage accounts and facts to consider when making account type decisions is contained in the Client Relationship Details document, which should have been delivered to the client and is available on Baird’s website at bairdwealth.com/retailinvestor. • whether a client prefers to have ongoing monitoring, investment advice or professional management of the client’s investments, which A client should review other account types and programs with the client’s PAM Consultant to 37 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  determine whether they are more appropriate or should be used in addition to a Service. that to Baird and PAM Consultant have an incentive to recommend or select trade investment managers frequently because such relationships will be more the client’s PAM profitable Consultant. Advisory Fee Payments to Baird, PAM Consultants and Investment Managers PAM and Baird and Baird’s affiliates and associates benefit from the Advisory Fees and charges clients pay for the services described in this Brochure. to fee as compensation for Baird retains the entire Advisory Fee paid by clients, except as further described below. With respect to the PAM Recommended Managers Service, Baird SMA Network Program and Dual Contract Program, Baird pays the manager (including Implementation Managers, if any) a the subadvisory manager’s services as further described below. recognition trips for achievement of Client Accounts are generally subject to a Unified Advice Fee Arrangement in which the Advisory Fee consists of an Advice Fee and a separate Portfolio Fee. Baird pays the manager out of the Portfolio Fee paid by the client. The Portfolio Fee rates are set forth under “Fee Options and Fee Schedules—Unified Advice Fee Arrangement— Portfolio Fee” above. However, Baird, in many instances, retains a portion of the Portfolio Fee when a client’s Account is managed by an affiliated or unaffiliated investment manager. The maximum portion of the Portfolio Fee retained by Baird in those instances is equal to an annual rate of 0.10% of the value of a client’s Account. Such amounts are retained by Baird for the services it provides. A PAM Consultant is primarily compensated on a monthly basis based upon a percentage of the PAM Consultant’s total production each month, which primarily consists of the total advisory fees and transaction-based fees paid to Baird by the PAM Consultant’s clients and any other fees Baird earns on advisory and brokerage accounts held by those clients, including trail fees paid by third parties. The percentage of the PAM Consultant’s total production actually paid the PAM Consultant will increase as the total amount of the PAM Consultant’s production increases, meaning that, as the total amount of the PAM Consultant’s production increases, the rate and amount of compensation that Baird pays to the PAM increase. PAM Consultants Consultant also 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. PAM Consultants who achieve certain production thresholds are eligible for professional development conferences, business development coaching, reimbursements, to attractive awards and destinations. PAM Consultants are also eligible for bonuses professional designations depending on a PAM Consultant’s total production level. Thus, PAM Consultants have a general incentive to generate financial and other plans and charge higher fees for advisory accounts and recommend larger investments in advisory accounts. As the portion of the Advisory Fee or Portfolio Fee paid to an investment manager increases, the portion of the Advisory Fee or Portfolio Fee that is retained by Baird decreases. Thus, Baird (but not PAM) has an incentive to recommend or favor investment managers that are paid less, because Baird will receive a higher portion of the Advisory Fee or Portfolio Fee. Industry Activities In addition, Baird has an incentive to favor related managers over other investment managers because the entire Advisory Fee is retained by Baird and those related investment managers. For more information about related managers, see “Other and Financial Affiliations” below. Given the nature of commission-based fee arrangements, if a client is paying Transaction Fees, Baird and the client’s Given the structure of their compensation, they also have an incentive to recommend that a client transfer the client’s accounts to Baird, establish new accounts with Baird (including IRA rollovers) and add more money into the client’s accounts. In addition, most PAM Consultants are shareholders of Baird Financial Group, Inc. (“BFG”), Baird’s parent company, and thus benefit financially from Baird’s overall success. The number of shares of BFG stock that a PAM Consultant may purchase is based in part on the PAM Consultant’s total production level. PAM Consultants generally receive compensation for referrals to certain affiliated managers and products and for referrals to a limited number of other firms. More specific 38 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  include invitations and benefits provides in the information is provided under the headings “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions” below. They also generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may 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 PAM Consultants an incentive to favor investment products and their sponsors that provide the greatest levels of compensation and benefits. to PAM Consultants forgives a portion of the loan made to the PAM Consultant each month for so long as the PAM Consultant remains Baird’s employee. Should the PAM Consultant cease to be Baird’s employee prior to the maturity date of the loan, the PAM Consultant is required to repay Baird the amount of the loan outstanding and not forgiven by Baird. In other words, upon leaving Baird, the PAM Consultant would be required to repay to Baird a portion of the special compensation that the PAM Consultant had received and that had not been forgiven. The amount of such repayment declines over time in proportion to the time the PAM Consultant remains Baird’s employee. Structuring this special compensation form of forgivable loans provides the PAM Consultant added incentive to remain Baird’s employee and to recommend that persons become and remain a Baird client. Additional information about referral and non-cash compensation and other financial incentives provided is provided under the heading “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading—Participation or Interest in Client Transactions” below. From time to time, Baird PAM Consultants outside of PAM may refer their clients to PAM Consultants. In those instances, the PAM Consultant generally shares a portion of his or her compensation with the referring Baird Financial Advisor. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for PAM and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). Other Fees and Expenses Cost and Expense Information for Certain Investment Products A client should be aware that certain investment products in which the client invests, such as mutual funds and other Investment Funds, annuities and other products, have their own ongoing management and other operating fees and expenses that are deducted from the assets of the product (or income or gains generated by the product on its investments) and thus reduce the value or return of the client’s investment in the product. These fees and expenses may include investment management fees, distribution PAM Consultants generally receive recruitment bonuses and/or special compensation from Baird when they join Baird from another firm. The amount of such special compensation is typically based on the PAM Consultant’s production at the prior firm for the 1-year period prior to joining Baird or on the level of the PAM Consultant’s client assets at the prior firm. All or a substantial portion of the special compensation is paid in the form of an upfront bonus when the PAM Consultant joins Baird, and the remaining portion, if any, is paid in the form of back end bonuses generally in equal installments on an annual basis thereafter for a certain number of years (generally from one to three years). Installment payments are generally contingent upon the PAM Consultant achieving annual production or client asset levels that exceed a significant percentage of the PAM Consultant’s annual production for the 1-year period prior to joining Baird or the client assets that the PAM Consultant had prior to joining Baird. The special compensation is intended to compensate PAM Consultants for the significant effort involved in transitioning their business from the prior firm. This compensation provides PAM Consultants who have left another firm additional incentive to recommend that clients of the prior firm become Baird clients and to recommend investment products and services that increase their production, and thus presents a conflict of interest. The special compensation is generally structured in the form of a forgivable loan from Baird to the PAM Consultant. Under the terms of the forgivable loan, Baird makes the upfront or installment payment to the PAM Consultant in the form of a loan, and Baird 39 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  the price the client pays or receives for such securities); • redemption fees, surrender charges or similar fees that an investment product or its sponsor may impose; • underwriting discounts, dealer concessions or similar fees related to the public offering of investment products; • extra or special fees or expenses that may result from the execution of odd lot trade orders (i.e., “odd-lot differential”); important • electronic fund fees, wire transfer fees, fees for transferring an investment between firms, and similar fees or expenses related to account transfers (including any such fees imposed by Baird); • currency conversions and transactions; conversions, • securities (12b-1) fees, shareholder servicing fees, transfer agency fees, networking fees, accounting fees, marketing support payments, administration fees, fees, expense reimbursements, and custody expenses associated with executing securities transactions for the investment product’s portfolio (“ongoing operating expenses”). These ongoing operating expenses are separate from, and in addition to, the Advisory Fees. As a result of making investments in these types of products, a client should be aware that the client is paying multiple layers of fees and expenses on the amount of the client’s assets so invested—the ongoing operating expenses and the Advisory Fee. Additional information about ongoing fees and expenses that apply to those types of investments is provided in Baird’s Client Relationship Details document and Baird’s website at bairdwealth.com/retailinvestor. A client can find the actual ongoing fees and expenses of an investment product that the client will pay or bear in the product’s prospectus or offering document. including, without limitation, the conversion of ADRs to or from foreign ordinary shares; Additional Account Fees and Charges • interest, fees and other costs related to margin accounts, short sales and options trades; related to the • fees website If the client’s Account is custodied at Baird, the client is also responsible for all applicable account fees and service charges Baird may impose in connection with the client’s agreements with Baird. A schedule of fees and service charges is available at Baird’s on bairdwealth.com/retailinvestor. establishment, administration or termination of Retirement Accounts, retirement or profit sharing plans, trusts or any other legal entity, including, without limitation, the calculation and payment of unrelated business income tax (“UBIT”); Other Fees and Charges • fees imposed by the SEC or securities markets, including transaction fees imposed by electronic trading platforms, which fees may be imbedded in the price the client receives for the security; and imposed upon or resulting • taxes In addition to the Advisory Fee described above, a client of PAM will incur other fees and expenses. The asset-based fee only covers investment advice provided by PAM, and a client will pay for other services, such as custody and trade execution, separately in addition to the Advisory Fee. Please see the section “Brokerage Practices” below for more information about PAM’s trading practices. from transactions effected for a client’s Account, such as income, transfer or transaction taxes, foreign stamp duties, or any other costs or fees mandated by law or regulation. A client is responsible for bearing or paying, in addition to the Advisory Fee, the costs of all: front-end or deferred sales • commissions, charges, redemption fees, or other charges; Clients who use a custodian other than, or in addition to, Baird will pay the other custodian’s fees and expenses in addition to the Advisory Fee. In addition, if a third party custodian has custody of the client’s Account assets, the Account is subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. • markups, markdowns, and spreads charged by Baird in a principal transaction with a client or charged by other broker-dealers that buy securities from, or sell securities to, the client’s Account (such costs are inherently reflected in In addition to the Advisory Fee, a client will also be responsible for paying the fees charged by 40 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  each investment manager selected by the client under the Dual Contract Program. If a client directs PAM or Baird to pay the client’s DC Manager’s fee out of the client’s Account, and PAM or Baird agree to do so, PAM and Baird will not be responsible for verifying the calculation or accuracy of such fee. If a client holds an Unsupervised Asset in the client’s Account, the client may be charged a commission, markup or markdown in connection with its purchase or sale. The cash proceeds from the sale of an Unsupervised Asset that remain in a client’s Account are considered Permitted Investments subject to the asset-based Advisory Fee. If an asset becomes an Unsupervised Asset during a quarterly billing period, that asset will be excluded for purposes of determining the asset- based Advisory Fee beginning at the start of the next quarterly billing period, and no portion of the asset-based Advisory Fee paid by a client in advance for the quarter will be refunded or rebated to the client. Additionally, Unsupervised Assets in an Account are subject to any applicable set-up, maintenance and administrative fees established by Baird. Baird may waive such fees in its discretion. specific about Securities Exchange Act, and PAM Consultants are registered broker-dealer representatives of Baird. In such capacities, Baird and PAM Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, private investment funds, and other securities, and sales of annuities. At times, Baird and PAM Consultants provide such brokerage and related services to clients in connection with the Services described in this Brochure. Baird and PAM Consultants receive compensation based upon the sale of such investment products, securities and other including asset-based sales charges and service fees on the sale of mutual funds. This practice presents a conflict of interest because it gives Baird and PAM Consultants an incentive to recommend investment products based upon the compensation received rather than on a client’s needs. However, when providing investment advisory services to clients, Baird and PAM Consultants are fiduciaries and are required to act solely in the best interest of clients. Baird addresses this conflict through disclosure in this Brochure and by adopting internal policies and procedures for PAM and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more Baird’s information compensation and other benefit arrangements and how Baird addresses the potential conflicts of interest, please see the sections “Advisory Business” and “Fees and Compensation” above, and “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. If a client selects a commission-based fee arrangement for an SMA, the client should note that the client will incur commissions or related costs in addition to the commissions that the client pays to PAM (“additional commissions”) if the investment manager decides to place the client’s trade order for execution by a firm other than Baird. However, if a client incurs additional commissions, at least annually, PAM attempts to rebate the amount of such additional commissions or offset the amount of such additional commissions against the commissions and fees that the client pays to PAM. PAM may discontinue such rebates and offsets in its discretion at any time upon notice to the client. PAM will purchase for client accounts, or will recommend the purchase of, various investment products, including “no load” mutual funds or mutual funds with waived sales loads. A client has the option to purchase investment products through other brokers or agents that are not affiliated with Baird. Clients who have Accounts managed by PAM may also have other accounts with Baird that are not managed by PAM. Those accounts may be subject to fees, commissions or other expenses that are entirely separate from the payment of fees and expenses for the services provided by PAM. Performance-Based Fees and Side-By- Side Management PAM does not advise any client accounts that are subject to performance-based fee arrangements. Other Compensation Received by PAM and Baird Baird is registered as a broker-dealer under the Baird advises client accounts not participating in services described in this Brochure that are 41 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Methods of Analysis, Investment Strategies and Risk of Loss Investment Strategies and Methods of Analysis Investment Strategies Act. Performance-based The investment styles, philosophies, strategies, techniques and methods of analysis that PAM, investment Baird, Baird PWM’s home office professionals, and Other Managers use in formulating investment advice for clients vary widely by Service and the person providing the advice. A brief description of commonly used strategies is provided below. subject to performance-based fee arrangements. Performance-based fee arrangements involve the payment of fees based upon the capital gains or capital appreciation of a client’s account. Any such fee arrangements are made in compliance with applicable provisions of Rule 205-3 under the Advisers fee arrangements present a potential conflict of interest for Baird (but not PAM) with respect to other client accounts that are not subject to performance-based fee arrangements because such arrangements give Baird an incentive to favor client accounts subject to performance- based fees over client accounts that are not subject to performance-based fees. Equity Strategies interest the arrangements holdings inequitable focused, Equity strategies generally have an objective to provide growth of capital and primarily invest in equity securities, such as common stocks. However, these strategies may also invest in other types of investments, such as fixed income securities and cash. Equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges, such as large cap, mid cap or small cap companies. Equity strategies may be combined with other strategies described below, such as growth, value, income, economic industry or sector international, global, or geographic region or country focused strategies. Fixed Income or Bond Strategies In addition to complying with its fiduciary duties by disclosing this conflict of interest to clients through this Brochure, Baird generally addresses posed by of potential conflicts by performance-based fee and periodically monitoring performance of performance-based fee accounts and comparing them to accounts not subject to a performance fee that are also managed using a similar strategy in an attempt to detect any treatment. Baird also possible attempts to minimize potential conflicts of interest posed by performance-based fee arrangements through internal trade allocation procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable treatment over time. Types of Clients PAM offers the Services to all types of current or prospective clients, including, but not limited to: individuals; banks or thrift institutions; pension trusts; estates; and profit sharing plans; charitable organizations; and corporations or other business entities. Applicable requirements for opening or maintaining an Account, such as minimum account size, are discussed in the “Fees and Compensation— section entitled Advisory Fees” above. region or country Fixed income or bond strategies generally have one or more of the following objectives: (1) provide current income; or (2) preservation of capital. These strategies primarily invest in fixed income securities, such as corporate bonds, municipal securities, mortgage-backed or asset- backed securities, or government or agency debt obligations. However, these strategies may also invest in other types of investments, such as equity securities or cash. Fixed income strategies may invest in debt obligations having any credit rating, maturity or duration, or they may focus on specific credit ratings, maturities or durations, such as investment grade, non-rated, or high yield (“junk”) bonds, or bonds having short-term, intermediate-term or long-term maturities. Fixed income strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic focused strategies. 42 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Balanced Strategies client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. International Strategies include companies ranges, regions, credit region or market Generally, international strategies primarily invest in securities issued by foreign companies, which may in developed and emerging markets. International strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization sectors, geographic ratings, maturities or durations. Balanced strategies generally have one or more of the following objectives: (1) provide current income; (2) growth of capital/principal or income; or (3) preservation of capital. These strategies primarily invest in a mix of equity, fixed income securities and cash. Balanced strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on specific capitalization ranges, credit ratings, maturities or durations as described above. Balanced strategies may be combined with other strategies described below, such as economic industry or sector focused, international, global, or geographic focused strategies. Global Strategies Value Strategies A value strategy typically invests primarily in equity securities of value companies, which are those that the investment manager believes are out of favor with investors, appear underpriced by the market relative to their earnings or intrinsic value, or have high dividend yields. This strategy is subject to investment style risks. ranges, regions, credit Growth Strategies Generally, global strategies invest in a mix of securities issued by U.S. and foreign companies, which may include companies in developed and emerging markets. Global strategies may invest in companies of all market capitalization ranges and in investments having any credit rating, maturity or duration, or they may focus on industries or specific capitalization sectors, geographic ratings, maturities or durations. Geographic Region or Country Focused Strategies A growth strategy typically invests primarily in equity securities of growth companies, which are those that the investment manager believes exhibit signs of above-average growth relative to peers or the market, even if the share price is high relative to earnings or intrinsic value. This strategy is subject to investment style risks. Income Strategies Geographic region or country focused strategies primarily invest in companies located a particular part of the world, such as Latin America, Europe or Asia, in a group of similarly-situated countries, such as developed or emerging markets, or one or more specific countries. These strategies alone generally are not intended to satisfy a client’s entire portfolio diversification needs. These strategies are subject to concentration risks because they generally are not diversified or they may invest in a limited number of securities. fixed invest Tactical and Rotation Strategies An income strategy typically invests primarily in income-producing securities, such as dividend- income paying equity securities and securities. This strategy may in a combination of investment grade and high yield bonds. This type of strategy may also invest in income-producing, Non-Traditional yield- or Assets. Economic Industry or Sector Focused Strategies technology, Tactical strategies typically tactically and actively adjust account allocations to different categories of investments, such as asset classes, geographic locations or market sectors, based upon the manager’s perception of how those investments will perform in the short-term. Similarly, rotation strategies typically actively adjust account allocations to different market sectors based upon the manager’s perception of how those market sectors will perform in the short-term. Tactical Economic industry or sector focused strategies primarily invest in companies in one or more economic industries or sectors, such as the telecommunications, industrial, materials, or financial sectors. These strategies alone generally are not intended to satisfy a 43 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Tax Management Strategies underweighting and taxable strategies are often subject these strategies and rotation strategies are often driven by technical analysis or methodologies and typically involve overweighting account allocations to certain asset classes, geographic locations or market sectors relative to an applicable long-term strategic asset allocation, benchmark index or the market generally. These strategies often will be focused or concentrated in one or more asset classes, geographic locations or market sectors from time to time, and it is likely that they will have limited or no exposure to one or more asset classes, geographic locations or market sectors. For that reason, tactical and rotation to concentration risk. Because the decision-making for tactical and rotation strategies is based upon the manager’s short-term market outlook, often accounts pursuing experience higher levels of trading and portfolio turnover relative to other strategies. Opportunity or Opportunistic Strategies the manager Tax management strategies involve buying and selling investments in a manner intended to reduce the negative impact of U.S. federal income taxes. They often involve buying or selling investments to limit taxable investment gains or to offset investment gains with investment losses or selling investments to avoid recognition of taxable investment gains. Tax management strategies are not intended to, and likely will not, eliminate a client’s tax obligations. A tax management strategy may not actually lower a client’s tax obligations or otherwise achieve a client’s tax goals. A tax management strategy is typically a secondary strategy used to achieve a secondary tax management objective and it is typically implemented together with other primary investment strategies designed to achieve primary investment objectives or goals. However, managers in certain situations may use a tax management strategy as the primary investment strategy or tax management may be their primary consideration when managing client accounts, such as when is transitioning an account from one investment strategy to another. The performance of accounts utilizing a tax management strategy will vary from similarly-managed accounts that do not utilize such a strategy, possibly in a materially negative manner, and an account may not be successful in pursuing any other investment strategies, objectives or goals. Alternative Strategies and Complex Strategies invest than other strategies. The to Alternative Strategies and other Complex Strategies may in a wide range of investments, which may include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Alternative Strategies and other Complex Strategies generally involve the use of margin, leverage, short sales and derivative instruments. Many Alternative Strategies and other Complex Strategies have no substantive restrictions on the types of investments that may be used. Examples of Alternative Strategies and other Complex Strategies include the following. Opportunity strategies will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and market sectors to take advantage of the manager’s perception of market pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager. Opportunity strategies often involve the use of other strategies, particularly tactical or rotation strategies, and will have the risks associated with those strategies. Opportunity Strategies may also involve investment in a more- limited number of companies compared to other strategies. As a result, a decline in value of one or a few investments will more adversely impact performance than if assets were more evenly invested in a larger number of companies. Opportunity strategies often experience higher fluctuations in annual returns and overall market value types of investments used implement opportunity strategies vary widely by manager and could include equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. • Relative Value Strategies. Relative value strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to exploit price differences among securities 44 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  financial that share similar economic or characteristics. involves the use of derivatives and structured products. • Long/Short Strategies. Long/short strategies generally involve the purchase of securities believed to be undervalued and selling short securities believed to be overvalued. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. • Absolute Return, Total Return and Real Return Strategies. Absolute return, total return and real return strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets in an attempt to generate performance that has low correlation to the major equity markets over a complete market cycle. They may also involve the use of derivative instruments. • Event-Driven • Market Neutral Strategies. Market neutral strategies generally involve the purchase of securities and selling securities short in similar dollar amounts in an attempt to produce returns that are independent of general market performance. They may also involve the use of Non-Traditional Assets, leverage and derivative instruments. events (such and liquidations). Event-driven Strategies. strategies generally involve the use of Non- Traditional Assets, short sales and derivative instruments in an attempt to seek arbitrage opportunities, particularly those triggered by as mergers, corporate restructurings, These strategies typically involve the assessment of if, how and when an announced transaction will be completed. • Statistical Arbitrage Strategies. Statistical Arbitrage is based on the theory that stocks have a tendency to return to a short-term trend line. This type of strategy typically involves the “systematic” or automated trading of securities based upon where a security is relative to its trend line. arbitrage strategies involve in corporate buy-outs, restructurings is short securities believed • Merger Arbitrage/Special Situations Strategies. the Merger purchase and sale of securities of companies involved reorganizations and business combinations, such as mergers, exchange offers, cash tender offers, spin-offs, and leveraged liquidations. These strategies often involve short selling, options trading, and the use of other derivative instruments. • Convertible Arbitrage Strategies. Convertible arbitrage involves the purchase and short sale of multiple securities of the same company. The implemented by purchasing strategy securities believed to be undervalued and selling to be overvalued. Often, the strategy involves the purchase of a convertible bond issued by a company and selling short that company’s common stock. This strategy may involve the use of a wide range of derivative instruments. • Fixed • Distressed Strategies. Distressed strategies generally involve the purchase of securities in companies that are in financial distress, or companies that are entering into or are already in bankruptcy. They may also involve the use of short sales and derivative instruments. Income Arbitrage Strategies. Fixed income arbitrage strategies generally seek to profit from interest rate, credit spread and other arbitrage opportunities by investing in fixed income securities, interest rate instruments and derivative instruments. • Macro Strategies. Macro strategies generally involve the purchase of traditional assets, such as stocks and bonds, and Non-Traditional Assets and the use of short sales and derivative instruments in an attempt to profit from anticipated changes in securities markets, commodities markets, currency values, and/or interest rates. and Systematic • Discretionary • Capital Structure Arbitrage Strategies. Capital structure arbitrage generally involves investing in multiple levels of a single company’s capital structure, often taking long and short positions in a company’s debt or equity in order to capitalize on perceived mispricings resulting from market inefficiencies or different pricing assumptions. This type of strategy typically Trading Strategies. Discretionary trading strategies generally attempt to identify and capitalize on 45 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  strategies generally rely patterns or trends in the markets. Systematic trading on computerized trading systems or models to identify and capitalize on those patterns or trends. These strategies often involve the use of Non-Traditional Assets, short sales, derivative instruments and significant leverage. risks related • Private Investment Strategies. participation in private REITs. Private real focus on specific estate strategies may geographic types, or regions, property economic sectors. Investments in private real estate can be illiquid, meaning they may take time to sell or refinance. Property values can fluctuate due to market conditions, supply and demand, and other factors. There are tenant vacancies, to also property damage, or environmental hazards. Leverage is often used in private real estate investments, which can increase potential returns but also amplifies potential losses. generally in companies involve in o Private invest types. Examples of include, These among utilities, investments o Private Equity Strategies. Private equity strategies equity private investments transactions. These investments are typically made through participation in private equity funds or funds of private equity funds. Private equity strategies may invest in companies of all market capitalization ranges or may focus on any combination of specific capitalization ranges. They may also focus on companies in one or more economic industries or sectors or geographic regions. Some private equity strategies focus on companies that are newly formed, in financial distress or already in bankruptcy. The securities purchased are typically unregistered and illiquid. Private equity strategies may also involve the use of leverage. Infrastructure Strategies. Private infrastructure in strategies infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and infrastructure asset others, investments and telecommunication, transportation. are typically made through participation in private infrastructure funds. Investments in private infrastructure strategies are often illiquid. They may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments and may, therefore, also lack diversification. typically unrated or • Leveraged Strategies. Leveraged strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to amplify returns or produce returns that are a multiple of a benchmark index. types of referred to as floating • Inverse Strategies. Inverse strategies generally involve the use of Non-Traditional Assets, leverage, short sales and derivative instruments in an attempt to produce returns that are the opposite of a benchmark index. in smaller o Private Debt or Private Credit Strategies. Private debt (also known as private credit) strategies invest in loans or debt instruments issued by companies in private transactions. These investments are typically made through participation in private debt funds or funds of private debt funds. The investments involved are rated below investment grade and are illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically investments are reset. These sometimes rate corporate debt, floating rate loans or floating rate bank loans. Private debt strategies often involve the use of leverage and may involve investment capitalization, distressed or bankrupt companies. limited to, collateralized industrial o Private Real Estate Strategies. Private real estate strategies invest in physical properties, such as office buildings, apartments, retail facilities. These centers, and through investments are typically made • Reinsurance Strategies. Reinsurance investment strategies generally involve participation in the reinsurance market through investment in a variety of insurance-linked securities or other instruments. Investments may include, but are not reinsurance contracts, industry-loss warranties, catastrophe bonds, mortality bonds, equity investments in reinsurance companies, and insurance or 46 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  insurance-linked swaps and other similar derivative instruments. such as: hedge funds, private equity funds and managed futures; and • cash. allocation strategies have Business—Additional also have varying Alternative Strategies and other Complex Strategies are not appropriate for some clients because they are subject to special risks. See “Advisory Service Information—Complex Strategies and Complex Investment Products” above and “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Non-Traditional Assets and Complex Strategies Risks” below for more information. Asset Allocation Strategies investing, which and actively typically adjusting Certain Services, including the PAM Investment Management Service, make available asset allocation strategies. Asset allocation strategies involve investing in one or more of the following categories of assets: tactical Asset varying investment objectives, ranging from growth of capital to preservation of capital. Asset allocation strategies investment strategies. Some asset allocation strategies use strategic investment strategies, which involve investing accounts in accordance with a predetermined target allocation to different asset classes. Some asset allocation strategies use involves tactical tactically account allocations to different asset classes based upon the manager’s perception of how those asset classes will perform in the short-term. Some asset allocation strategies involve the use of both strategic and investment strategies, sometimes referred to as dynamic strategies. Asset allocation strategies may be implemented using a variety of investment types, such as individual securities, mutual funds and ETPs. The amount allocated to an asset class or investment type varies by strategy, and some strategies may have little or no allocation to one or more asset classes or types of investments described above. companies; U.S. cap located • the equity securities asset category, which is comprised of certain asset classes, such as, equity securities issued by: U.S. large cap growth companies; U.S. large cap value companies; U.S. large cap core companies; U.S. mid cap growth companies; U.S. mid cap value companies; U.S. mid cap core companies; U.S. small cap growth companies; U.S. small cap value core small in foreign companies companies; developed markets; foreign companies located in emerging markets; U.S. REITs; and foreign REITs; as: short-term taxable involves that are based upon • the fixed income securities asset category, which is comprised of certain asset classes, such bonds; intermediate term taxable bonds; long-term taxable bonds; short-term tax-exempt bonds; intermediate term tax-exempt bonds; long-term tax-exempt bonds; high yield fixed income securities; foreign fixed income securities; and broad fixed income securities; Baird’s projections Baird uses its Capital Market Assumptions in developing its proprietary model asset allocation strategies, including those used by some PAM Consultants. In determining its Capital Market Assumptions, Baird conducts an analysis of different asset classes and the different levels of risk associated with those investments. That analysis the consideration of past performance and the use of forward-looking projections certain assumptions made by Baird about how markets will perform in the future. There is no assurance that asset classes or markets will perform in or accordance with assumptions. For more information about Baird’s Capital Market Assumptions, a client should contact the client’s PAM Consultant. and • the Non-Traditional Assets category, which is comprised of certain asset classes, such as: commodities commodity-linked instruments; and currencies, cryptocurrencies and currency-linked instruments; Baird’s most common asset allocation strategies are described below. A client should note that the specific investments in an Account following a particular asset allocation strategy could vary • the Alternative Investment Products category which is comprised of certain asset classes, 47 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  from the description below for a number of reasons, including market conditions. invest income and some growth of capital. Typically, an Income with Growth Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities and equity securities, with a bias towards fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to fixed income securities than equity securities. All Growth Portfolio. An All Growth Portfolio typically seeks to provide growth of capital. Typically, an All Growth Portfolio will experience high fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in equity securities. This strategy may also invest in other asset classes, such as fixed income securities, Non-Traditional Assets and cash. This in Alternative strategy may also Investment Products or may involve the use of leverage, short sales and derivative instruments. experience relatively Conservative Income Portfolio. A Conservative Income Portfolio typically seeks to provide current Income income. Typically, a Conservative Portfolio will small fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of fixed income securities, cash and equity securities, with a significantly higher allocation to fixed income securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets. Generally, under normal market conditions, this strategy will have a significantly higher allocation to fixed income securities and cash than equity securities. Capital Growth Portfolio. A Capital Growth Portfolio typically seeks to provide growth of capital. Typically, a Capital Growth Portfolio will experience moderately high fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a significantly higher allocation to equity securities. This strategy may also invest in other asset classes, such as Non- Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a significantly higher allocation to equity securities than fixed income securities. Preservation A Portfolio. typically seeks Capital Capital Preservation Portfolio typically seeks to preserve capital while generating current income. Typically, a Capital Preservation Portfolio will experience relatively small fluctuations in annual returns and overall market value. Under normal market conditions, this strategy generally invests nearly all of its assets in a mix of fixed income securities and cash. This strategy may also invest in other asset classes, such as equity securities and Non- Traditional Assets. income investments Growth with Income Portfolio. A Growth with to provide Income Portfolio moderate growth of capital and some current income. Typically, a Growth with Income Portfolio will experience moderate fluctuations in annual returns and overall market value. Generally, under normal market conditions, this strategy will primarily invest in a mix of equity securities and fixed income securities, with a bias towards equity securities. This strategy may also invest in other asset classes, such as Non-Traditional Assets and cash. This strategy may also invest in Alternative Investment Products or may involve the use of leverage, short sales and derivative instruments. Generally, under normal market conditions, this strategy will have a slightly higher allocation to equity securities than fixed income securities. Income with Growth Portfolio. An Income with Growth Portfolio typically seeks to provide current Some PAM Consultants and investment managers use asset allocation strategies that include target asset allocation percentages for equity and/or fixed in the names or descriptions of the strategies (e.g., 80-20, 60-40, 40-60, 20-80, etc.). A client should note that those percentages are intended to be asset allocation targets only. There is no guarantee that Accounts following asset allocation strategies will be invested strictly in accordance with target asset allocations. It is likely that the actual 48 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Objectives and investment restrictions, investments in Accounts following those strategies will vary, sometimes significantly, from the target asset allocations and may include other asset classes due to market conditions and the PAM Consultant’s or investment manager’s assessment of how to best invest a client’s Accounts. See “Important Information about Implementation of Investment Investment Strategies” below for more information. For information about the risks associated with the asset allocation strategies described above, see the section of the Brochure entitled “Principal Risks—Risks Associated with Certain Investment Objectives and Asset Allocation Strategies” below. Important Information about Implementation of Investment Objectives and Investment Strategies selected by the client for the Account in certain other circumstances, such as when the client’s Account is transitioning to a new Service, investment objective or investment strategy, or due to other factors, such as market appreciation or depreciation of the assets in the client’s Account, deposits and withdrawals made by the client, and if any, imposed by the client. A client’s Account may not be able to achieve its investment objectives during any such period of time and the Account may be subject to different or enhanced risks than would be the case had the Account been invested in a manner wholly consistent with the investment objective or investment strategy selected by the client. Clients are encouraged to discuss with their PAM Consultant on a regular basis how the Account is being managed or advised and whether any such conditions exist. Methods of Analysis invest Baird, its home office investment professionals, and PAM Consultants may use various forms of security analyses, including the following: A client should note that, to implement an investment strategy, a client’s PAM Consultant or investment manager may use or recommend mutual funds, ETPs or other Investment Funds that primarily in particular types of securities instead of direct investment in those types of securities. A client should also note that investment the client’s PAM Consultant or manager may use a strategy not described above or they may use a strategy with the same or similar name that is implemented differently. A client should ask the client’s PAM Consultant or investment manager for more specific information about the strategy being used for the client’s Account. • Fundamental Analysis. Fundamental analysis involves an approach to investing through a detailed analysis of specific companies, such as their financial statements and financial ratios, management, competitive advantages and markets, in an attempt to determine the value of an investment. Fundamental analysis may include qualitative and quantitative analyses. Analysis. Qualitative • Qualitative is subject to the risks A client’s Account associated with the Account’s particular strategies and investments. A client should review the risks associated with those strategies and investments described under the heading “Principal Risks” below. analysis involves the use of subjective judgment to analyze factors that may be difficult to quantify or measure objectively. As it pertains to managers and investment products, qualitative analysis may include review of the background and experience of a manager or a mutual fund company. in an attempt From time to time, the client’s PAM Consultant or investment manager will invest the client’s Account, or recommend that the client invest the Account, in a manner that is inconsistent with the investment strategy or investment objective selected by the client for the Account when the client’s PAM Consultant or investment manager determines that it is appropriate to do so, such as using defensive strategies in response to adverse market or other conditions or engaging in tax management. Similarly, a client’s Account may be invested in a manner inconsistent with the investment objective investment strategy or • Quantitative Analysis. Quantitative analysis is a method of evaluating securities by analyzing a large amount of data through the use of algorithms or models to understand behavior, predict market events, market prices, etc., and generate an investment decision. As it pertains to managers and investment products, quantitative analysis may include review of manager performance, investment style, style consistency, risk, and risk-adjusted performance. 49 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  PAM and Baird do not independently verify or guarantee the accuracy of the information or tools used. • Technical Analysis. Technical analysis is a method of analyzing past price and volume patterns and trends in the trading markets to attempt to predict the direction of both the overall market and specific investments. the client’s • Top-Down Analysis. Top-down analysis involves a consideration of certain macroeconomic trends, such as general economic conditions, geographic or market sector performance, fiscal and monetary policy, taxes, or interest rates, to make investment decisions. Baird and PAM Consultants may also utilize research reports created by Baird. However, it should be noted that PAM Consultants are not obligated to act in a manner consistent with Baird research reports and they may act in a manner that is contrary to those reports if they deem it to be consistent with investment objectives and in the client’s best interest. Analysis. Bottom-up • Bottom-Up investment, analysis involves consideration of factors particular to a particular such as business financials (e.g., balance sheet strength and cash flows), financial ratios (e.g., price-to- earnings ratio), and business fundamentals (e.g., management and product or services performance) to make investment decisions. tools releases and other economic, financial risks. See relies on independent, When providing investment advice to clients, PAM Consultants may also use the model portfolios or recommended or eligible product lists (described below) made available by Baird’s Asset Manager Research Department or other Baird departments, or they may use investment products that Baird has generally deemed to be “available” for use in its advisory programs (“Available Investment Products”). The level of initial and ongoing evaluation, monitoring and review that PAM and Baird perform on managers and on investment products varies. Available Investment Products generally do not receive the same level of initial or ongoing evaluation, monitoring or review by Baird as those managers or products that are included in a model portfolio or on a recommended or eligible product list. As a result, Available Investment Products are subject to certain “Methods of Analysis, Investment Strategies and Risk of Loss—Principal Risks—Available Investment Product Risks” below for more information. performance, More specific information about Baird model portfolios, recommended lists and eligible product lists is provided below. A client should note that investment products recommended to the client or selected for the client’s Account, including investment managers or products included on a Baird recommended or eligible product list, are those which, in Baird’s professional judgment, may be appropriate to help the client pursue the client’s financial goals. PAM and Baird do not represent or guarantee that such investment managers or products are or will be the best investment managers or products available. software readily and create asset Under certain circumstances when requested by a client, PAM and Baird may allow a client to select a manager or investment product that is not on a Baird recommended or eligible product list or that Baird, its home office investment professionals, and PAM use various third party research information and to provide related investment advice to clients. These sources of information and tools may include, among others, issuer-supplied literature (such as annual reports, information) and press external market, and investment data and analyses provided by organizations not affiliated with Baird. PAM primarily third-party research and information when analyzing market trends and conditions, investment manager performance, and asset class characteristics and performance. PAM has built and maintains a proprietary database of manager characteristics, including historical personnel details, fees, investment philosophy, ownership and legal history. PAM has purchased and customized software to analyze the data, which we update at least quarterly. Some of the data, particularly general economic data, is publicly available, but PAM also pays for access to third- party databases which contain data used in our analyses. PAM does not accept fees or other remuneration from managers to be included in databases or in our manager search process. PAM may also employ the use of computers and third party display to more information, assist with the evaluation and analysis, allocation recommendations. Although they generally use information and tools that Baird deems reliable, 50 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  is generally not made available to Baird clients. A client should note that PAM and Baird do not provide any initial or ongoing evaluation, monitoring or review of any such managers or investment products and that the client’s decision to select such a manager or investment product is based solely upon the client’s review of the manager or investment product. Certain PWM-Managed Portfolios Baird Recommended Portfolio investment. The team looks for quality companies with strong fundamental characteristics and management, attractive dividend yields, and the ability to increase their dividends. Companies are screened for dividend history and consistency, earnings growth expectations, and balance sheet quality. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. A position can be reduced or removed due to changes in valuation, company fundamentals or the perceived ability to continue to raise its dividend in the future—among a variety of other potential reasons for portfolio changes including a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. AQA Portfolios to clients Analysis investment approach performance. The analysis is The Baird Recommended Portfolio, which managed by Baird’s PWM Equity Research team, seeks to outperform the S&P 500 Index by investing in a diversified core portfolio of 35–50 stocks. The portfolio invests primarily in stocks with market capitalization greater than or equal to $10 billion (large cap). The portfolio may also contain stocks with market caps below $10 billion but these stocks generally will not represent more than 35% of the total portfolio. The team’s top– begins with down macroeconomic and market outlooks from Baird’s Investment Strategy team. This information is used to underweight or overweight particular industry sectors compared to the S&P 500 Index. Individual stocks are selected with an emphasis on higher quality companies that the team believes have strong fundamental characteristics and management teams, attractive growth reasonable price-appreciation prospects, and expectations. Each stock selected is assigned a weighting as a percentage of the portfolio. No single company stock will comprise more than the greater of 5% of the portfolio or 1.5 times the stock’s market weight in the S&P 500 index. Stocks can be sold or positions reduced for a variety of reasons such as valuation, a change in company or industry fundamentals, or a change in industry sector weighting. The Portfolio is intended as a long-term investment strategy. Baird Rising Dividend Portfolio Baird makes available certain (“AQA”) Automated Quantitative Portfolios, which are managed by Baird’s PWM Equity Research team. AQA is an analytical tool that seeks to identify stocks of companies that are undervalued by calculating the intrinsic values for the stocks and comparing the calculated values to current market prices. Focusing on a company’s past financial performance, AQA analyzes fundamental ratios and trends of the most recent eight-year history of a company and each company in its peer group, excluding estimates of future balance sheet and income statement is quantitative and ignores certain qualitative information such as company-specific material news and events. Stocks are ranked from the most undervalued to the most overvalued based on the difference between the values calculated by AQA and current market prices. The stocks identified by AQA as being the most undervalued are then selected for investment. Baird offers the following four (4) AQA Portfolio strategies, each of which invest in undervalued stocks identified using AQA, excluding securities issued by banks, REITS and insurance companies: (1) the AQA All Cap Strategy, which primarily invests in stocks across market capitalizations, generally those included in the S&P 500®, S&P MidCap 400® or S&P SmallCap 600® Indices; (2) the AQA Large Cap Strategy, which primarily invests in large cap stocks, generally those included in the S&P 500® Index; (3) the AQA Mid Cap Strategy, which primarily invests in mid cap stocks, generally The Baird Rising Dividend Portfolio, which is managed by Baird’s PWM Equity Research team, seeks to provide a core equity strategy with a portfolio yield above that of the S&P 500 Index. The team’s top–down investment approach begins with macroeconomic and market outlooks from Baird’s Investment Strategy team. The 30–50 stocks in the portfolio are primarily large cap stocks—as defined by a market capitalization of $10 billion or greater at the time of investment— and all are above $5 billion at the time of 51 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  those included in the S&P MidCap 400® Index; and (4) the AQA Small Cap Strategy, which primarily invests in small cap stocks, generally those included in the S&P SmallCap 600® Index. Certain Recommended Lists Baird’s Recommended Managers List downside protection. These factors are scored over various time periods and relative to a specific peer group universe, narrowing the pool of managers for further evaluation. Baird’s Asset Manager Research Department then performs a more in-depth evaluation of managers that are identified through the initial screening process, which generally includes a review of the following factors: stability of the firm/team, the robustness and repeatability of the investment process, the portfolio’s past returns pattern and tax-efficiency, and how the manager adds value. The final determination of Baird’s Recommended Managers List is subject to the approval of Baird’s Investment Committee. conference calls, for removal When selecting managers and BRM Strategies for Baird’s Recommended Managers List, Baird often seeks registered investment advisory firms having portfolio managers with academic credentials such as a master’s degree or participation or completion of the Chartered Financial Analyst (“CFA”) program. Baird also typically looks for a portfolio manager with greater than three (3) years of investment experience focusing on the particular investment style that is offered by the portfolio manager. Baird generally looks for portfolio managers that have demonstrated success, that have performance histories showing sufficient ability to achieve returns in excess of their respective benchmarks, and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird also considers other qualitative and quantitative factors. change Ongoing manager evaluation generally includes performance quarterly attribution and periodic onsite visits. Material adverse changes affecting a manager may result in the manager being placed on “watch” status. Managers on “watch” status are scrutinized to see if improvement or degradation is taking place. Potential causes from Baird’s Recommended Managers List include fundamental changes in the operations of the manager, turnover in key personnel, substantial changes in management or ownership, a in investment philosophy or style, significant drift from stated objectives, major legal, regulatory or compliance difficulties, impairment of financial condition, sustained underperformance in relation to its peers, or other adverse changes affecting the manager that in Baird’s opinion warrants the manager’s removal. Baird’s Asset Manager Research Department is primarily responsible for selecting and evaluating included on Baird’s investment managers selecting In Recommended Managers List. investment managers, Baird’s Asset Manager Research Department utilizes quantitative and qualitative measures to evaluate managers based on the: • quality and stability of their organization • soundness and clarity of their investment philosophy • reliability and consistency of their investment process • competitiveness of their investment performance Baird’s Asset Manager Research Department may also employ the use of computers and third party software to more readily display information and assist with the evaluation and analysis. its discretion, decides Baird’s initial screening process begins with a proprietary, multi-factor model that evaluates managers on different factors including risk- adjusted performance, consistency of returns and If a Model-Traded BRM Strategy is selected for a client’s Account, it is important to note that Baird’s selection and ongoing evaluation of a BRM Strategy is based upon an assumption that the Recommended Manager’s Model Portfolio will be fully and faithfully implemented by the Overlay Manager or Implementation Manager on a continuous basis. A client should understand that the Overlay Manager or Implementation Manager has discretion over the client’s Account and may invest the client’s Account in a manner that differs from the Model Portfolio. Baird does not monitor the Account’s performance nor does it ascertain whether the Overlay Manager or Implementation Manager is implementing the Model Portfolio as provided by the Recommended Manager. If the Overlay Manager or Implementation Manager, in to the exercise of implement the Model Portfolio differently, the 52 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  inclusion performance of a client’s Account could be negatively impacted. Baird is not monitoring, evaluating or reviewing the Overlay Manager or Implementation Manager or the performance of a client’s Account under those circumstances. selected by Baird in Baird’s for Recommended Mutual Fund List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select affiliated funds for Baird’s Recommended Mutual Fund List are the same as those used for unaffiliated funds. Baird’s Recommended Funds of Hedge Fund List affiliated managers for Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. This presents a conflict of interest. However, the criteria used by Baird in deciding to select Baird’s Recommended Managers List are the same as those used for unaffiliated managers. Baird’s Recommended Mutual Fund List Baird’s Recommended Funds of Hedge Fund List contains a variety of funds of hedge funds (“FOHFs”) that pursue various Alternative Strategies or other Complex Strategies. Some FOHFs primarily use credit-oriented investment strategies, which Baird classifies as fixed income diversifiers. Some FOHFs primarily use equity- oriented investment strategies and are classified as equity diversifiers. Other FOHFs use a combination of credit- and equity-oriented strategies, which Baird views as balanced diversifiers. In certain circumstances, FOHFs may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. that to the for the fund; and Baird’s Asset Manager To be added to Baird’s Recommended FOHF List, following a FOHF must generally meet the requirements: the investment advisor to the FOHF is registered as an Investment Adviser under the Advisers Act; the fund has stable to growing assets under management as determined by Baird, principals of the fund have an appropriate level of hedge fund management experience and a sufficient network of contacts in the industry as determined by to Baird; in Baird’s opinion, the fund has adequate diversification by number of hedge funds and type of hedge fund strategy; effective risk management programs have been established the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks FOHFs that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. Investment Committee legal documents offering memorandum, is Baird’s Recommended Mutual Fund List designed to include mutual funds and ETFs across numerous asset classes. When selecting funds for inclusion on the List, Baird generally seeks funds that have investment managers with tenure of at least three (3) years and have underlying investments fund’s adhere market capitalization policy and are consistent with the manager’s stated investment process and philosophy. Baird generally looks for funds that are among the top-performing funds in a style category in terms of risk-adjusted returns or that are managed by individuals or firms that have demonstrated success in other, related asset classes; that have performance histories showing sufficient ability to achieve returns in excess of their respective style index; and that have investment processes, infrastructure, personnel and other resources satisfactory to Baird. Baird’s Asset Manager Research Department is primarily responsible for assisting with selecting and evaluating funds included on the List. In selecting funds, Research Department utilizes a quantitative and qualitative evaluation process of the investment managers of such funds. The process Baird uses for selecting and removing funds for the Baird Recommended Fund List is similar to the process Baird uses to select and remove BRM Strategies described under “Baird’s Recommended Managers List” above. Baird’s is ultimately responsible for selecting funds included on the List. The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Aggregate Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Mid Cap Growth Fund, mutual funds affiliated with Baird, have been Before adding a prospective FOHF to the List, Baird’s Asset Manager Research Department conducts an in-depth due diligence process. The process begins with a review of the FOHF’s responses to a due diligence questionnaire and of marketing and (such as, subscription documentation, investor agreements, and organizational documents, and the investment advisor’s Form 53 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Baird’s Recommended Private Funds Lists Baird maintains lists of recommended private Funds (“Recommended Private Funds”), including a Recommended Funds of Private Equity Funds List, a Recommended Private Debt Fund List, and a Recommended Private Real Assets Fund List. investment thesis is presented In making that determination, funds, funds or ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the FOHF identifies, hires, monitors, and terminates individual hedge funds. Baird also evaluates how the FOHF constructs its hedge fund portfolio and manages risk. In addition, Baird undertakes a brief review of the FOHF’s third party service providers. At the conclusion of the onsite review, an to and discussed with a Baird Investment Committee. The Committee votes on whether to add the FOHF to Baird’s Recommended Funds of Hedge Fund List. the Committee considers the information presented, taking into account the merits of the individual FOHF, how that FOHF compares to other FOHFs that Baird offers, and the level of expected demand for the particular FOHF. client’s allocation to Baird’s Recommended Funds of Private Equity Funds List contains funds of private equity funds that pursue certain Alternative Strategies or other Complex Strategies. These strategies can include buyout, growth equity, venture capital, special investments. The situations or distressed investments are typically structured in the form of primary co- secondary investments. Most will be to “middle market” companies, many of which have above average to high levels of leverage, or debt relative to equity. In certain circumstances, funds of private equity funds may be an appropriate substitute for part of a traditional equity investments. and onsite changes that pursue or After a FOHF is added to Baird’s Recommended Funds of Hedge Fund List, it is monitored each quarter, reviews subsequent periodically take place. As part of its quarterly monitoring, Baird evaluates a FOHF’s assets under management and (subscriptions and flows (e.g., redemptions), organizational personnel changes or new offerings), recent changes made to the FOHF portfolio (e.g., hedge funds added or removed), and reasons for performance differences between the FOHF and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. Baird’s Recommended Private Debt Fund List contains private debt funds (also known as certain funds) credit private Alternative Strategies other Complex Strategies. The private debt funds on Baird’s Private Debt Funds List generally make first lien, second lien and unsecured loans, primarily to middle market companies sponsored by private equity firms. In certain circumstances, private debt funds may be an appropriate substitute for part of a client’s allocation to traditional high yield fixed income or equity investments. funds that or utilities, telecommunication, The investments may with companies that Baird’s Recommended Private Real Assets Fund List contains private real estate and private pursue infrastructure certain other Complex Alternative Strategies Strategies. These strategies invest in different real assets and may involve exposure to a range of economic or market sectors, geographic types. Examples of locations and asset investments may include, among others, real and estate, transportation. be structured in the form of asset ownership or leasing or include direct investment in or joint ventures control infrastructure assets. In certain circumstances, private real assets funds may be an appropriate substitute for part of a client’s allocation to traditional fixed income or equity investments. Baird may place a FOHF on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the FOHF’s performance going forward or possibly lead to the departure of an important member(s) of the FOHF. Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any firm that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long- term, and whether it can be remedied. Baird will remove a FOHF from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will terminate a FOHF from the List if it believes the issue is likely to be long-term and adversely affect the FOHF’s future performance. 54 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  between the fund and its benchmark. Subsequent onsite reviews are similar in nature and scope to the initial on-site review. To be added to a Baird Recommended Private Fund List, a fund must generally meet the following requirements: the investment advisor to the fund is registered under the Advisers Act ; the fund has stable to growing assets under management as determined by Baird; principals of the fund have an appropriate level of applicable experience and a sufficient network of contacts in the industry as determined by Baird; effective risk management programs have been established for the fund; and the service providers to the fund (e.g., auditor, administrator, and legal counsel) are deemed to be reputable in the judgment of Baird. Baird also seeks funds that it believes possess one or more unique attributes that may lead to favorable performance relative to their peers going forward. fund Baird may place a Recommended Private Fund on “watch” status if it has experienced a material event that, in Baird’s opinion, may negatively affect the fund’s performance going forward or possibly lead to the departure of an important member(s) of the investment team. fund’s Examples include a large decline in assets under management, high rate of redemptions, notable change in the investment or compliance teams, weakening performance, or regulatory problems. Any fund that is placed on “watch” status is evaluated more closely to determine if the problem is likely to be temporary or long-term, and whether it can be remedied. Baird will remove a fund from “watch” status and return it to active status if, in Baird’s opinion, the problem has been or is in process of being adequately addressed. However, Baird will remove a fund from a Recommended Private Fund List if it believes the issue is likely to be long-term and adversely affect the fund’s future performance. Certain Eligible Product Lists Annuities the strength ratings When determining whether to make an annuity product available to Baird clients, Baird reviews the offering documents for the product and considers: the size of the insurer and the insurer’s credit rating, insurer’s distribution and support model, and product specifications and features of the product. Baird favors highly-rated insurers and evaluates them by using credit rating agencies and financial independent third-party research. Baird’s ETF Focus List the Before adding a prospective to a Recommended Private Fund List, Baird’s Asset Manager Research Department conducts an in- depth due diligence process. The process begins with a review of the fund’s responses to a due diligence questionnaire (known as a DDQ or RFI) and of marketing and legal documents (such as, subscription documentation, investor agreements, offering memorandum, organizational documents, and the investment advisor’s Form ADV Part 2A Brochures). This is followed by an onsite review, where Baird meets with one or more principals and analysts to assess how the fund makes investment decisions. Baird also evaluates how the fund constructs its portfolio and manages risk. In addition, Baird may undertake a brief review of the fund’s third-party service providers. At the conclusion of the onsite review, an investment thesis is presented to and discussed with a Baird Investment Committee. The Committee votes on whether to add the fund to a Baird Recommended Private Fund List. In making that determination, the Committee information considers presented, taking into account the merits of the individual fund, how that fund compares to other similar funds that Baird offers, and the level of expected demand for that particular fund. indices, Baird’s ETF Focus List is designed to encompass numerous asset classes and varied investment objectives. Baird generally seeks to include ETPs, primarily ETFs, with transparent, experienced sponsors that have stable or growing assets under management and have demonstrated consistent strategy performance over time. Baird tends to favor ETPs that have well-known, diversified fees and tracking lower benchmark errors, and higher trading liquidity relative to other ETPs. Inclusion on or exclusion from the Baird ETF Focus List is not meant to be a buy or is a sell recommendation. Rather, the List After a fund is added to a Baird Recommended Private Fund List, it is monitored each quarter, and subsequent onsite reviews periodically take place. As part of its quarterly monitoring, Baird evaluates a fund’s assets under management and fund flows (subscriptions and redemptions), organizational changes (e.g., personnel changes or new offerings), recent changes made to the portfolio, and reasons for performance differences 55 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Available Hedge Funds collection of ETPs that may be appropriate to meet particular client investment goals. Managed Futures Effective March 1, 2018, Baird ceased maintaining an official list of managed futures funds that are structured as limited partnerships. Therefore, Baird does not, and will not in the future, provide any evaluation, monitoring or review of those funds or their sponsors. A client’s decision to invest in, or to maintain an investment in, a managed futures fund is based solely upon the client’s own review and evaluation of the fund. Structured Products Baird makes hedge funds available to clients in certain Programs sponsored by, affiliated with or offered by Capital Integration Systems LLC or CAIS Capital LLC (“CAIS”). An independent third- party research firm provides research and due diligence materials to Baird on the hedge funds available on the CAIS platform (“Available Hedge Funds”). Clients interested in an Available Hedge Fund or invested in an Available Hedge Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Hedge Fund, Baird does not conduct its own research or due diligence on any Available Hedge Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. Available Private Funds is calculated, When determining whether to make a structured product available to Baird clients, Baird reviews the offering documents for the structured product and considers: the size of the issuer and issuer’s credit rating, the maturity of the product, how the underlying asset interest category (e.g., a basket of securities or currencies or a market index), applicable caps, barriers, and participation rate, and whether the structured product has principal protection. third-party research firm Baird tends to favor larger-sized issuers of structured products over smaller-sized issuers and also tends to favor structured products that have shorter maturities, less complex payout structures, underlying assets that are more liquid or transparent, and offer full or partial principal protection. If a product does not offer full principal protection, Baird also considers how much principal is exposed to loss, whether, in Baird’s judgment, there is reasonable risk/reward trade-off for that exposure, as well as the events that could trigger loss of principal and Baird’s belief as to the likelihood of the occurrence of such events. Investment Solutions Department In addition to Recommended Private Funds, Baird makes available to clients in certain Programs other private funds sponsored by, affiliated with, or offered by CAIS (“Available Private Funds”), including Available Private Equity Funds, Available Private Debt Funds, Available Private REITs and Available Private Infrastructure Funds. When determining whether to make a fund an Available Private Fund, Baird utilizes the services of an that independent provides research and due diligence materials to Baird on the private funds available on the CAIS platform. Clients interested in an Available Private Fund or invested in an Available Private Fund may obtain additional information from Baird upon request. Clients should note that Baird solely relies upon the independent third-party research firm to provide an independent analysis of each Available Private Fund, Baird does not conduct its own research or due diligence on any Available Private Fund, and Baird does not verify the accuracy of the information contained in the research and due diligence materials. the Programs. Baird’s Affiliated Private Equity Funds Compliance, Legal, and Baird’s is primarily responsible for selecting and evaluating structured products made available to clients under Alternative Investment Committee, which includes members of Baird’s Investment Solutions, Asset Manager Research, Risk Management Departments, ultimately determines whether to make a structured product available to Baird clients. In addition to Recommended Funds of Private Equity Funds and Available Private Equity Funds, Baird makes available to clients private equity funds that are affiliated with Baird (“Affiliated Private Equity Funds”). Baird does not subject Affiliated Private Equity Funds to the criteria imposed upon Recommended Funds of Private Equity Funds or Available Private Equity Funds 56 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  assets to equity securities and 50% of its assets to fixed income securities. described above when making them available to clients, and Baird does not perform any evaluation, monitoring or review of Affiliated Private Equity Funds. This presents a potential conflict of interest. See “Other Financial Industry Activities and Affiliations—Certain Affiliated and Related Parties—Affiliated Private Equity Funds” below. The Baird Trust Equity Income strategy (5) primarily invests in dividend paying companies that Baird Trust believes have the ability to consistently grow their dividend at attractive rates over the long‐term. Baird Trust Strategies More specific information about the particular investment strategies and methods of analysis that Baird uses in connection with each Program is further described below. The PAM Investment Process Baird makes available to clients five (5) portfolio strategies developed and maintained by Baird Trust (“Baird Trust Strategies”) described below. The Baird Trust Strategies invest in a mix of equity securities and ETFs. to foreign equity securities, fixed The Baird Trust Large Cap Equity strategy (1) invests in a fairly concentrated portfolio of large cap equity securities. This strategy is intended for clients seeking investment in large cap companies as one part of their overall asset allocation. This strategy is generally not intended to be a complete investment program. inverse PAM may using also other investment strategies, such (2) The Baird Trust Core + Satellite 100 strategy is a diversified portfolio with a 100% target equity allocation. The strategy uses the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) through the use of ETFs that principally invest in equity securities. This model does not include fixed income. When providing advice to clients, PAM generally its clients a recommends and provides diversified portfolio strategy incorporating U.S. and income securities, Non-Traditional Assets, such as real estate, commodities, currencies, and Alternative Investment Products, which may include the use of hedge funds, funds of hedge funds, private equity funds, funds of private equity funds, REITs, funds and structured leveraged or base products. its recommendations investment strategies and investment products based upon a client’s particular needs. PAM may recommend certain as concentrated investment strategies and margin, and certain types of investments, such as illiquid securities. The exact composition of a client portfolio will be constrained by the client’s legal and tax considerations and greatly influenced by the client’s liquidity needs and tolerance for portfolio fluctuations. The process by which PAM evaluates a client’s investment needs and constructs and implements a client portfolio are described below. Phase 1: Evaluate The Baird Trust Core + Satellite 70/30 (3) strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity securities and fixed income securities. This strategy has a target allocation of 70% of its assets to equity securities and 30% of its assets to fixed income securities. the fixed (4) The Baird Trust Core + Satellite 50/50 strategy utilizes the Baird Trust Large Cap Equity strategy as the core allocation portion of the portfolio while providing exposure to satellite asset classes (such as mid cap and small cap companies) and fixed income securities through the use of ETFs that principally invest in equity income securities. This securities and strategy has a target allocation of 50% of its After gathering pertinent information regarding the client, such as, tax considerations, liquidity needs, and investment time horizon, PAM will recommend a target allocation to one or more asset classes described above. For some clients, PAM will develop an Investment Policy Statement through discussions with client. The Investment Policy Statement will set forth the target asset allocation, set forth allowed and disallowed assets, and provide a description of the responsibilities of PAM, client’s other investment 57 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  a single significant underperformance by manager. The systematic process PAM uses for choosing investment managers, commingled funds, mutual funds and ETFs consists of the following steps: managers, if any, and the client. The Investment Policy Statement generally will be reviewed at least annually, and PAM will recommend changes if necessary to reflect any new circumstances communicated to PAM by the client, such as a change in a client’s liquidity needs or investment time horizon. Generally, any changes will be discussed with the client before implementation. Phase 2: Strategy Design and economic • Quantitative Screening. On a quantitative basis, takes a dynamic view of historical PAM time statistics over various performance intervals conditions. The approach is two-pronged: (1) assess peer universe comparisons; and (2) apply index- based measures, both on an absolute and risk- adjusted basis. The data is then analyzed using a proprietary scoring model, which places particular emphasis on consistent positive relative performance over the long-term. PAM will compile, with data supplied by the client, a source of funds document (“Source of Funds”), listing investment assets to be transferred to Baird and other significant investment assets which may not be managed by PAM but which PAM will consider in constructing the overall investment portfolio. PAM will review the Source of Funds with the client to reach agreement on the total assets available for investment and the ownership or registration of the same. and accounts, professional • Qualitative Screening. The candidate list is then further reduced by reviewing broader issues that help identify superior, stable organizations. Some examples of the issues examined include: size of assets under management, growth of assets staff qualifications and turnover, a strong investment buy and sell discipline, risk controls, and business, regulatory and legal history. Using the client’s target asset allocation, Source of Funds and Investment Policy Statement, if any, as guidelines, PAM will construct a recommended target allocation for client’s portfolio to specific that will detail asset classes, investments investment managers, investment vehicles (i.e., SMAs, mutual funds, ETFs, etc.) and target dollar values for each. The recommended allocation may include a series of investment phases to reach the long term target allocation depending on client preference, current investments, and market conditions. fixed “passive” or • Rank and Sort Semifinalists. The investment selection process has now produced a short list of candidates; generally, between three and ten for each asset class. For new or emerging managers, PAM will typically conduct an onsite due diligence visit to determine and analyze more about team structure and strength, infrastructure, and hold discussions around philosophy and strategy. PAM then determines the appropriate investment structure to access the investment manager(s)—whether it be an SMA, commingled institutional class fund, mutual fund or ETF—with a view to try and select the structure that is the most cost effective for clients. In constructing the portfolio, PAM considers suitability of different asset classes (e.g., large cap value domestic equity, mid cap value domestic equity small cap value domestic equity, international equity, fixed income, etc.), the income overall aggregate equity and allocation for the entire portfolio, and use of index-tracking “active” and/or investments. PAM may recommend the for portfolio components from several different asset classes and a mixture of active and passive investments. For each recommended asset class, PAM will also recommend specific investment managers. The managers may include SMAs, mutual funds, ETFs, and other investment vehicles. For most asset classes, PAM will typically recommend more than one manager in order to further reduce risk from • Finalist Selection. PAM will analyze security overlap and correlation with other potential investment managers when determining the client’s final allocation. Final manager or fund selection depends on the specific client needs, which are defined through the investment policy development and investment recommendation stages. The managers or funds that are most appropriate to meet the guidelines of the 58 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  client’s Investment Policy Statement, if any, are then chosen. product lists made available by Baird’s Asset Manager Research Department or other Baird Departments, or they may use lists of investment products that Baird has generally deemed to be “available” for use in its advisory programs. For more information about Baird model portfolios, recommended lists and eligible product lists, see “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Methods of Analysis” above. The recommended allocation will also include the fee for each manager, if any, as well as the PAM Advisory Fee. A weighted-average fee based on the recommended allocation will also be provided, but the actual fee paid by a client will vary depending on the dollar amounts actually invested, changes in the value of investments over time, and other factors. Phase 3: Implement Service Once the recommended allocation is reviewed with the client and a final allocation is approved by the client, PAM will implement the agreed upon plan. This usually includes setting up various Baird accounts, transferring assets from outside accounts to Baird, reconciling assets received against client-provided information as to the assets in the outside accounts, liquidation of some assets, transfers of some assets to investment managers, and purchase of mutual funds and ETFs. PAM manages client assets using investment strategies and investment products based upon a client’s particular investment objectives and financial goals. PAM may use a wide variety of investment products to implement the client’s investment strategy, which investments are further described under “Advisory Business— Additional Information—Permitted Investments” above. PAM may also use certain investment strategies, such as concentrated investment strategies and margin, and certain types of investments, such as illiquid securities and Complex Investment Products, including REITs, private equity funds, funds of private equity funds, leveraged or inverse funds and structured products. These investment strategies and products involve special risks and may not be appropriate for all clients. Please see “Principal Risks” below for more information. In order to implement the overall client portfolio strategy, PAM may utilize one or more of the Services and a combination of different investment vehicles, such as SMAs, mutual funds and ETFs. PAM Recommended Managers Service or More specific information about the particular investment strategies and methods of analysis that PAM and Baird use in connection with each Service is further described below. Service Information the heading PAM Investment Management Service Under the PAM Investment Management Service, PAM may use various investment strategies. A client’s particular investment strategy is typically determined by PAM in consultation with the client using the investment process described in the section “The PAM Investment Process” above. selecting other When recommending investment managers to manage a client’s Account in the PAM Recommended Managers Service, PAM may utilize managers included on Baird’s Recommended Managers List described under “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Methods of Analysis—Certain Recommended Lists—Baird’s Recommended Managers List” above. PAM may also select managers not included on Baird’s Recommended Managers List though its own manager evaluation process. client’s PAM Consultants, as a group, utilize a variety of investment styles and strategies, including the investment strategies described in the sections “Methods of Analysis, Investment Strategies and Risk of Loss—Investment Strategies and Methods of Analysis—Investment Strategies” and “The PAM Investment Process” above. They may also use the model portfolios or recommended or eligible PAM will select or replace, or recommend the selection or replacement of, a particular manager based upon the client’s particular goals and circumstances and investment the strategy. This may involve the selection or recommendation of a manager on Baird’s Recommended Managers List and it may involve managers not on such list. PAM typically conducts 59 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  involves in-person or If a Model-Traded Strategy offered through an Implementation Manager is selected for a client’s Account, a client should note that PAM and Baird do not monitor or ascertain whether a third party Implementation Manager is fully and faithfully implementing the Model Portfolio on a continuous basis. additional qualitative and quantitative reviews of managers on Baird’s Recommended Managers List and will conduct qualitative and quantitative reviews of managers on other managers not included on such list. PAM’s evaluation process typically telephonic interviews of the manager and a review of the manager’s historic performance, size of assets under management, asset flows, and an analysis of how the management firm adds value. A client assumes ultimate responsibility for client’s selection of an Other Manager under the PAM Recommended Managers Program (including any third party Implementation Manager). PAM and Baird assume no responsibility for the client’s termination of an Other Manager (including any third party Implementation Manager), the Other Manager’s investment decisions, performance, compliance with applicable laws or regulations, or for any other matters involving or affecting the Other Manager. Baird SMA Network and Dual Contract Programs The hiring of investment managers for a client account includes an initial screening by PAM of a potential manager for overall style, firm size, the age of the investment advisor, its compliance with GIPS composite standards, its average turnover, and its performance record in said style for at least the five (5) years preceding the review. A quantitative score calculation is assessed to each investment manager based upon the Sortino Ratio, Alpha, Standard Deviation, Market Capture, Batting Average and Retention, Sharpe ratio, one- year trailing return, the most recent quarter return, the up market capture ratio, and down market capture ratio. A weight is then assigned to each of the foregoing. Clients participating in the BSN Program or the DC Program should note that the level of initial and ongoing review performed by PAM and Baird on the managers and their SMA Strategies made available under those Programs, including any Affiliated SMA Strategies, is significantly less than that performed by PAM and Baird with respect to managers and their strategies eligible for the PAM Recommended Managers Service. A review of the investment manager’s long term and short term consistency with its stated investment style is then performed. A select group of managers who are found to meet quantitative and qualitative analysis standards set by PAM for this program are sent investment manager questionnaires. Upon completion of the form by the investment manager, PAM reviews the history of the investment management firm, ownership structure, investment professional biographies, investment professional turnover, buy/sell disciplines, and operations and trading. A model portfolio with holdings and weights is also requested from the investment manager. BSN and DC Managers are subject to an initial review by Baird that considers the manager’s regulatory and assets under management, compliance history, and certain other limited qualitative and quantitative factors deemed relevant by Baird. The ongoing review is generally performed on an annual basis and is generally limited to significant changes in the managers’ assets under management in the SMA Strategy and a review of the SMA strategy in comparison to a relevant peer group or benchmark. a client who wishes After the investment manager is selected, the manager is reviewed by PAM daily whereby a comparison of the manager’s performance is tracked against a suitable benchmark and daily trading activity of the manager is reviewed. PAM will typically remove a manager when the manager is removed from Baird’s Recommended Managers List or when PAM believes that the manager is experiencing significant and prolonged underperformance. The BSN and DC Programs are designed to accommodate to independently select an investment manager not available in the PAM Recommended Managers Service to manage the assets in the client’s Account. A client should note that PAM and Baird do not make any recommendation to clients regarding any BSN Strategy or DC Strategy or any representations regarding a BSN Manager’s or 60 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  DC Manager’s qualifications as an investment adviser or abilities to manage client assets. applicable laws or regulations, or for any other matters involving or affecting the Other Manager. The Overlay Manager may provide review and ongoing evaluations of certain BSN Managers that it makes available through the BSN Program. Clients should review Overlay Manager’s Form ADV Part 2A Brochure for more information, which is available upon request, or contact their PAM Consultant for more information. is Portfolio management services under the DC Program may be provided by an investment management department of Baird if the client selects such an SMA Strategy. In order to provide portfolio management services under the DC Program, Baird requires that Baird associates meet all applicable requirements set forth by applicable law and regulations of self-regulatory organizations, such as the Financial Industry Inc., exchanges, and Regulatory Authority, governmental agencies. PAM and Baird do not monitor or ascertain fully and whether the Overlay Manager faithfully implementing Model Portfolios under the BSN Program on a continuous basis. Portfolio Management by PAM, Baird and Related Persons of Loss—Principal SMA Strategies offered under the BSN and DC Programs are subject to certain risks. See “Methods of Analysis, Investment Strategies and Risks—Available Risk Investment Product Risks” below for more information. Portfolio management services under the PAM Investment Management, PAM Recommended Managers and DC Programs may be provided by Baird and managers affiliated with Baird. Such arrangements create a potential conflict of interest because Baird and its affiliates may receive higher aggregate compensation if clients retain Baird and affiliated managers instead of retaining unaffiliated managers. the A client should only participate in the BSN or DC Programs if the client wishes to take more responsibility for monitoring the client’s Account, the PAM Recommended Managers Program does not contain an SMA Strategy that meets the client’s particular needs, and client understands the risks of doing so. departments, retention of an the heading The following Services exclusively offer portfolio management by Baird, its PAM Consultants, its PWM home office investment professionals, its or investment management investment managers that are affiliated with Baird: PAM Investment Management Service. The processes, if any, used by Baird for selecting and reviewing those portfolio managers is described under “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information” above. A client should note that the client’s appointment and continued investment manager to manage the client’s Account in connection with the BSN and DC Programs are based ultimately upon the client’s independent review of the investment manager and the investment manager’s services. Once retained by the client, an investment manager will only be removed from managing the client’s Account upon the investment manager’s withdrawal, removal from the Program, or the client’s direction to do so. (including any A client assumes ultimate responsibility for client’s selection of a manager under the BSN or DC Programs third party Implementation Manager). PAM and Baird assume no responsibility for the client’s termination of a the BSN or DC Programs manager under (including any Implementation third party Manager). PAM and Baird also assume no responsibility for any Other Manager’s investment with decisions, performance, compliance A client should note that the processes and standards used by Baird in determining whether to make affiliated investment options available under the PAM Investment Management Service differ from those processes and standards used by Baird in determining whether to make non- affiliated investment options available under other Services. Baird approves, and continues to make available, affiliated investment options under the PAM Investment Management Service that would not be approved for, or would have been removed from, such other Services. This practice presents a conflict of interest because Baird has a financial incentive to maximize the number of affiliated 61 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investment options it makes available under the PAM Investment Management Service due to the fact that, by increasing investment options, Baird will likely attract more client assets and thereby increase Baird’s revenues. A client participating in the PAM Investment Management Service should monitor the client’s Account performance and periodically discuss the performance of such Account with the client’s PAM Consultant. professionals, an conditions and other or for the associated the heading assurance that a client’s investment objectives will be achieved, and a client could lose all or a portion of the amount invested. The management of client accounts and recommendations made to clients are based in part upon the use of forward- looking projections, which in turn are based upon certain assumptions about how markets will perform in the future. There can be no guarantee that markets will perform in the manner assumed and the actual performance of markets and a client’s Account could differ materially from those assumptions. Also, a client’s Account value may fluctuate, sometimes dramatically, depending upon the nature of the client’s investments, market factors. By participating in a Service, a client may be subject to certain risks, including, but not limited to the risks described below. The risks discussed below vary by Service, investment style or strategy, and the investments in the client’s Account, and each risk may or may not apply to a client. Clients should not pursue a strategy or invest in an investment product unless they are prepared to accept risks. Clients are encouraged to discuss with their PAM Consultant the risks that apply to them. A client should also the prospectus or other disclosure review document for any security or other investment product in which the client invests, as it will contain important information about the risks associated with investing in such security or other investment product. Portfolio management services under the PAM Recommended Managers Service or DC Program could be provided by Baird PWM home office investment investment management department of Baird or a manager affiliated with Baird should a client select an Affiliated SMA Strategy. When Baird selects SMA Strategies, or otherwise determines manager availability the Baird eligibility, Recommended Managers List or the DC Program, Affiliated SMA Strategies and affiliated investment managers are subject to the same selection and review processes, if any, that Baird applies to unaffiliated SMA Strategies and investment managers participating in each respective Service. The processes, if any, used by Baird for selecting and reviewing SMA Strategies and Affiliated SMA Strategies for those Services are further described under “Methods of Analysis, Investment Strategies and Risk of Loss— Investment Strategies and Methods of Analysis— Service Information” above. General Risk Information risks of the Services include the General following: Market Risks. A client’s Account may change in value due to overall market fluctuations. General economic conditions, political developments, international events and other factors may cause the overall market to decline, which in turn may reduce the value of the client’s Account regardless of the relative strength of the securities held in the Account. Securities prices often vary for reasons unrelated to matters directly affecting the issuers of the securities. When providing investment advisory services to clients, PAM and Baird are fiduciaries and are required to act solely in the best interest of clients. Baird addresses the conflicts described above through disclosure in this Brochure and by adopting internal policies and procedures for PAM and Baird and their associates that require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients). For more specific information about these potential conflicts and how Baird addresses them, please see the sections “Other Financial Industry Activities and Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below. fluctuate Principal Risks Risk is inherent in any investment product and PAM and Baird do not guarantee any level of return on a client’s investments. There is no Management and Securities Selection Risks. A client’s Account may in value differently than, or in the opposite direction as, the overall market or applicable benchmark because of the selection of individual securities for the Account. The judgments made by the persons 62 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  client accounts about sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. managing the attractiveness, value and potential appreciation of particular securities may prove to be incorrect. For example, while the stock markets may experience increases in value, the client’s Account may experience a decline in value due to the underperformance of the stocks selected for investment in the client’s Account. Common Stock Risks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors. Investment Objective and Asset Allocation Risks. A client’s investment objective and asset allocation strategies involve the risk that certain asset classes selected for the client’s Account may not perform as well as other asset classes during varying periods. In addition, clients who pursue more aggressive investment objectives and asset allocation strategies, while hoping to achieve high returns, may face greater risk of loss than clients with more conservative objectives and strategies. In developing investment objectives and asset allocation strategies, clients should carefully consider their financial situation and needs, investment goals, investment time horizon and risk tolerance. A client should inform the client’s PAM Consultant of these considerations so the PAM Consultant can assist in determining the client’s investment objectives and asset allocation strategies. Fixed Income Security Risks. Fixed income securities are subject to certain risks, including interest rate risk, credit risk and liquidity risk. In addition, they are subject to maturity risk. Generally, the longer a bond’s maturity, the greater the interest rate risk and the higher its yield. Conversely, the shorter a bond’s maturity, the lower the interest rate risk and the lower its yield. Non-rated, split-rated, below investment grade, and asset-backed securities, including mortgage-backed securities and CMOs, have additional, special risks. Conflicts of Interest Risks. Issuers, advisors or other sponsors of investment products or their affiliates may engage in business practices that conflict with the interests of investors. Among other things, these business practices can have a negative impact on the market price of the investment product. Clients are encouraged to review the prospectus or other disclosure document for the investment product and also discuss with their PAM Consultant the conflicts of interest risks that may apply to them. Stock Market Risks. Equity security prices vary and may fall, thus reducing the value of a client’s investments. Certain stocks selected for a client’s Account may decline in value more than the overall stock market. Interest Rate Risk. The value of some investment products, particularly fixed income securities, is affected significantly by changes in interest rates. Generally, when interest rates rise, the product’s market value declines and when interest rates decline, its market value rises. In addition, a rise in interest rates may have a negative impact on the issuer, which, in turn, could have a negative impact on the market value of the investment product. Equity Securities Risks. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets in general, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor Credit Risk. The value of some investment products, particularly fixed income securities, is affected by changes in the product’s credit quality rating or the issuer’s financial condition. If the credit quality rating or the issuer’s financial 63 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  with the manager’s assessment of, or recognize, the investments’ intrinsic value. foreign condition declines, so may the value of the investment product. Issuers may experience unanticipated financial problems and may be unable to meet its payment obligations. Municipal obligations in particular may be adversely affected by political and economic conditions and developments (for example, legislation reducing state aid to local governments.) Bonds receiving the lowest investment grade rating or a non- investment grade rating may have speculative characteristics and, compared to higher grade debt obligations, may have a weakened capacity to make principal and interest payments due to changes in economic conditions or other adverse circumstances. Ratings agencies such as Moody’s, Fitch and S&P provide ratings on bonds based on their analyses of information they deem relevant. Ratings are essentially opinions or judgments of the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and/or repay principal and an agency’s decision to downgrade a security. less liquid larger companies. Therefore, them more susceptible Capitalization Size Risks. A client may be invested in small and mid cap stocks, which are often more volatile and than investments in larger companies. The frequency and volume of trading in securities of such companies may be substantially less than is typical of the securities of such companies may be subject to greater and more abrupt price fluctuations. In addition, small- and mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making to market pressures and business failure. Foreign Issuer and Investment Risks. Securities of issuers, ADRs, Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”), and investments in foreign markets generally, are subject to certain inherent risks, such as political or economic instability of the country of issue, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. Such securities may also be subject to greater fluctuations in price than securities of domestic corporations. Investors in foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may enhance, erode, reverse gains or widen losses from investments denominated in foreign currencies. For instance, foreign governments may limit or prevent investors from transferring their capital out of a country. This may affect the value of a client’s investment in the country that adopts such currency controls. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing the credit risk of such debt. In addition, there may be less publicly available information about a foreign company than about a domestic company. Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic companies. With respect to certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or diplomatic developments, which could affect investment in those countries. Investments market depth, Emerging Markets Risks. in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development, political stability, infrastructure, capitalization, and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Growth and Value Investment Style Risks. Investment styles or strategies that focus on growth stocks may perform better or worse than styles or strategies that focus on value stocks or that are broader or more diversified. Similarly, investment styles or strategies that focus on value stocks may perform better or worse than styles or strategies that focus on growth stocks or that are broader or more diversified. A particular style of investing may go out of favor at times and for extended periods. Growth stocks are often characterized by high price-to-earnings ratios and may be more volatile than stocks with lower price-to-earnings ratios. Value stocks are subject to the risk that the broader market may not agree 64 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  ESG Considerations Risk. Consideration of ESG factors in the investment process may cause an advisor or manager to forgo opportunities to recommend or invest in certain companies or to gain exposure to certain industries or regions. Therefore, there is a risk that, under certain market conditions, an Account pursuing strategies that consider ESG factors may underperform accounts that do not consider such factors. There are not universally accepted ESG factors and advisors and managers typically consider them in their discretion. issued by Government Obligation Risks. Client assets may be invested in securities issued, sponsored or guaranteed by the U.S. Government, its agencies and instrumentalities. However, no assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored agencies or instrumentalities where it is not obligated to do so by law. For instance, securities issued by the Government National Mortgage Association (“Ginnie Mae”) are supported by the faith and credit of the United States. full Securities the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) have historically been supported only by the discretionary authority of the U.S. Government. While the U.S. Government provides financial support to various U.S. Government- sponsored agencies and instrumentalities, such as those listed above, no assurance can be given that it will always do so. falling. Since interest federal taxation, resulting in financial in such Municipal Securities Risks. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. Municipal securities may also decrease in value during times when tax rates are income on municipal securities is normally not subject to regular the income attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, such interest income. Any proposed or actual rates or exempt status, changes therefore, can significantly affect the liquidity, marketability and supply and demand for municipal securities, which would in turn affect Baird’s ability to acquire and dispose of municipal securities at desirable yield and price levels. Investment in tax-exempt debt obligations poses additional risks. In many cases, the IRS has not ruled on whether the interest received on a tax- exempt obligation is tax-exempt, and accordingly, purchases of these municipal securities are based on the opinion of bond counsel to the issuers at the time of issuance. Thus, there is a risk that interest may be taxable on a municipal security that is otherwise expected to produce tax-exempt interest. Cybersecurity Risks. With the increased use of technologies such as the Internet to conduct business, issuers of investments are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting issuers or their service providers have the ability to cause impact business operations, disruptions and potentially losses, interference with the ability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While issuers and other parties may establish business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. As a result, client accounts and investments could be negatively impacted. Money Market Fund Risks. A money market fund is a type of mutual fund that generally invests in short-term debt instruments. Many 65 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to lower securities, and/or to make a market for may have the price, sell other investments or forego an investment opportunity, any of which may have a negative effect on the management or performance of client accounts. The liquidity of a particular investment depends on the strength of demand for the investment, which is generally related to the willingness of broker-dealers the investment as well as the interest of other investors to buy the investment. During periods of economic uncertainty, significant economic and market downturns and periods in which financial services firms are unable to commit capital to make a market in, or otherwise buy, certain investments, a client may experience challenges in selling such investments at optimal prices. In addition, recent regulatory changes applicable to financial intermediaries that make markets in debt securities have restricted or made it less desirable for those financial intermediaries to hold large inventories of debt securities. Because market makers provide stability to a market through their intermediary services, a reduction in dealer inventories may lead to decreased liquidity and increased volatility in the fixed income markets. In the event the client directs Baird to liquidate an illiquid investment, the client should understand that Baird may have difficulty finding a buyer in the market for such investment and such investment may be held in the Account for a period of time while Baird attempts to satisfy the client’s liquidation request. for purchases or withdrawals. redemptions in an investment investors use money market funds to store cash. There are three primary types of money market funds: (1) government money market funds (funds that invest nearly all assets in cash, government repurchase agreements collateralized by cash or government securities); (2) retail money market funds (funds that have policies and procedures reasonably designed to limit beneficial ownership to natural persons); and (3) institutional money market funds (funds that permit beneficial ownership by institutions and natural persons). The rules governing money market funds vary based on the type of money market fund. Government and retail money market funds generally try to keep their net asset value (NAV) at a stable $1.00 per share using special pricing and valuation conventions. Institutional money market funds are required to calculate their NAV in a manner such that the NAV will vary based upon the market value of assets and liabilities of the fund (also known as a “floating NAV”). An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although some money market funds seek to preserve the value of an investment at $1.00 per share, there can be no assurance that will occur, and it is possible to lose money should the fund value per share fall. In some circumstances, money market funds may be forced to cease operations when the value of a fund drops. In that event, the fund's holdings may be liquidated and distributed to the fund's shareholders. This liquidation process could take time to complete. During that time, the amounts a client has invested in the money market fund would not be available In addition, retail and institutional money market funds are required to impose redemption fees (also known as liquidity fees) and suspend redemptions (also known as redemption gates) in certain circumstances. Government money market funds may also impose redemption fees and suspend those same circumstances. More specific information about how a money market fund calculates its NAV and the circumstances under which it will impose a redemption fee or suspend redemptions is set forth in the prospectus for that money market fund. by the Illiquid Securities and Liquidity Risks. Liquidity risk is the risk that certain investments may be difficult or impossible to sell at the time and price that a client would like to sell. Clients Quantitative Strategy Risks. Some investment managers may employ quantitative investment methodologies or processes to make investment decisions. The success of the quantitative investment methodologies and processes used by investment managers depends on the analyses and assessments that were used in developing such methodologies and processes, as well as on the accuracy and reliability of models and data provided by third parties. Incorrect analyses and assessments or inaccurate or incomplete models and data would adversely affect performance. Additionally, manager’s methodologies and processes are predictive in nature, based on historical outcomes and trends. Certain low-probability events or factors that are assigned little weight may occur or prove to be more likely or may have more relevance than expected, for short or extended periods of time, the portfolios which may adversely affect investment manager’s generated quantitative methodologies and processes. It is 66 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that were not predicted by can be no assurance that also possible that prices of securities may move in directions the investment manager’s quantitative methodologies and processes or may fail to move as much as predicted, for reasons that were not expected. There these methodologies will enable a client to achieve the client’s objective. one with a lower rate. Higher transaction costs may negatively impact the return of the portfolio. High portfolio turnover may also cause a client to experience adverse tax consequences due to the fact that the client may have increased instances of realized gains and losses and such gains and losses may commonly be characterized as short term gains and losses under applicable tax law. Technical Strategy Risks. Some investment managers may employ technical analysis or investment methodologies to make investment decisions or recommendations. The primary risk of using technical analysis is that past price and volume patterns and trends in the trading markets cannot predict future prices, volume patterns or trends. There is no guarantee that technical investment methods used are designed properly, are updated with new data as it becomes available, or can accurately predict future market or investment performance. In order for technical investment methods to work, there must be sufficient data about the markets available so that trends can be identified and predictions can be made. A technical method may fail to identify trends or be able to accurately predict future prices if a market does not have sufficient data or trends or if the market behaves erratically. Asset-Backed Securities Risks. Asset-backed securities are securities secured or backed by mortgage loans, student loans, automobile loans, installment sale contracts, credit card receivables or other assets and are issued by entities such as commercial banks, trusts, financial companies, finance subsidiaries of industrial companies, savings and loan associations, mortgage banks and investment banks. These securities represent interests in pools of assets in which periodic payments of interest or principal on the securities are made, thus, in effect passing through periodic payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. Asset-backed securities are issued in multiple classes (or tranches) and their relative payment rights may be structured in many ways. Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other instruments. Asset-backed securities also can be more sensitive to interest rate risk than other types of fixed income securities. Modest movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of these securities. Asset-backed securities are subject to a number of other risks, including, but not limited to, market and valuation risks, liquidity risk, and prepayment risk. Split-Rated, and Concentration Risks. A client’s Account may consist of a portfolio of securities that is concentrated in an issuer or group of issuers, an industry or economic sector or group of related industries or sectors, or concentrated in limited asset classes. Client accounts with concentrated positions are susceptible to greater volatility and increased risk of loss than an Account that is diversified across several issuers and industries or sectors and asset classes. A client should not engage in strategies using concentration unless the client is prepared to experience significant losses in the value of the client’s Account. Non-Rated, Below Investment Grade Securities (High Yield or “Junk” Bonds) Risks. Investing in securities or other investment products that are not rated, split-rated or are below investment grade (also known as high yield or “junk” bonds) involve significant, special risks. As a result, they may not be suitable for some clients. The risks associated with these investments include, but not limited to, price volatility risk, credit risk, default risk, and liquidity risk. Clients investing in securities or other investment products that are not rated, split-rated or are below investment grade should have a high tolerance for risk, including the willingness and ability to accept significant price Frequent Trading and Portfolio Turnover Risks. Some of the investment strategies offered to clients in this Brochure may involve frequent or active trading for client accounts, which could result in high portfolio turnover. Strategies that involve frequent or active trading increase the management and securities selection risks because the persons managing the accounts are making more trading decisions, which may prove to be incorrect. A portfolio with a high turnover rate will also incur more transaction costs than 67 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  volatility, potential lack of liquidity and potential loss of their investment. credit capitalization risk, foreign including equity, fixed investment style, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, risk, risk, rate investment style issuer and investment risk, and emerging market risk. Certain ETFs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of ETF selected. securities selection credit capitalization risk, foreign that Mutual Fund Risks. Mutual funds can have investment objectives and many different strategies, income, balanced, international, and global strategies, and strategies that focus on a particular market capitalization, economic industry or sector, or geographic region. Mutual funds have risks, which may include market risk, management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. Certain mutual funds pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of mutual fund selected. Also, investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. fund that for purposes of making equity, securities selection credit capitalization risk, foreign closed-end Closed-End Fund Risks. Unlike mutual funds which continuously offer and redeem their shares on a daily basis at net asset value, closed-end funds typically raise money by selling a fixed number of shares of common stock in a single, one-time offering, much the way a company issues stock in an initial public offering. Closed- end funds can have many different investment objectives and strategies, including equity, fixed international, and global income, balanced, focus on a strategies, and strategies particular market capitalization, investment style, industry or sector, or geographic economic shares are not region. Closed-end redeemable, meaning investors cannot require closed-end funds to buy back their shares, although closed-end fund shares are listed and traded on an exchange. For many reasons, closed-end fund shares often trade at a discount to their net asset value and the market prices of closed end fund shares often fall below their public offering prices. Clients are therefore cautioned about buying shares of a closed-end fund in its initial public offering. Closed-end funds often engage in leverage to raise additional capital investments through borrowings and issuances of senior securities (such as preferred stock). Such leverage may present the opportunity to enhance potential returns but also involve the risk of exacerbating losses and depreciation in the value of the underlying securities. Closed-end funds have other risks, which may include market risk, risk, management and investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, issuer and investment style investment risk, and emerging market risk. Certain funds pursue Complex Strategies, which are subject to special risks. Some closed-end funds are organized as interval funds, which differ from traditional closed-end Exchange Traded Fund Risks. An ETF is different from a mutual fund in that an ETF does not sell its shares directly to public investors and does not redeem shares from public investors. Rather, shares of an ETF are commonly purchased or sold in the secondary market on a securities exchange, like common stocks. An ETF maintains a net asset value but, based on demand and other factors, the market price of shares of an ETF may vary from its net asset value. ETFs invest in and hold securities and other assets, such as stocks, bonds, commodities and currencies, and have stated investment objectives and principal strategies. ETFs can have many different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. Many ETFs seek to track the performance of an index or other underlying benchmark. Passively managed ETFs will not be able to replicate exactly the performance of the indices the ETFs track because the total return generated by the securities will be reduced by management fees, transaction costs and other expenses incurred by the ETF. ETFs have other risk, risks, which may risk, management and securities include market selection 68 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  funds in that their shares do not trade on the secondary market, but instead their shares are subject to repurchase offers from the fund. Closed-end funds structured as an interval fund will, therefore be relatively less liquid. Interval funds also often impose a redemption fee when shares are sold back to the fund. The degree of these and other risks will vary depending on the type of close-end fund selected. is selected by negatively addition, they may decide to increase or decrease their clients’ account allocations to an Investment Fund. In general, they will place transactions for all affected Accounts at one time, which may cause the fund to experience relatively large purchases or redemptions. Significant purchases and redemptions may adversely affect the fund in question and consequently, a client’s investment. An Investment Fund receiving large purchase orders may have difficulty investing the cash, which may have a negative impact on the fund’s performance. An Investment Fund experiencing large redemption orders may have to sell portfolio securities, which may impact performance and which may have negative tax consequences. Large redemptions could also reduce liquidity as the fund may suspend or delay redemptions. These risks are more pronounced with respect to newer Investment Funds and those with smaller asset sizes. equity, Non-Traditional Assets and Complex Strategies Risks such as commodities, Non-Traditional Assets Risks. Non-Traditional Assets, currencies, cryptocurrencies, securities indices, interest rates, credit spreads, and private companies, are subject to risks that are different from, and in some instances, greater than, other assets like stocks and bonds. Some Non-Traditional Assets are less transparent and more sensitive to domestic and foreign political and economic conditions than more traditional investments. Non-Traditional Assets are also generally more difficult to value, less liquid, and subject to greater volatility compared to stocks and bonds. Risks. Investments investments in securities. Unit Investment Trust Risks. A UIT is a pooled in which a portfolio of investment vehicle the sponsor and securities deposited into the trust for a specified period of time. The portfolio of a UIT is designed to follow an investment objective over a specified time period, although there is no guarantee that the objective will be met. UITs can have many different investment objectives and strategies, including income, balanced, fixed international, and global strategies, and strategies that focus on a particular market capitalization, investment style, economic industry or sector, or geographic region. UITs are passively managed and follow a “buy and hold” strategy, meaning that UITs buy a fixed portfolio of securities and hold on to that portfolio until their termination date at which time the portfolio is liquidated with the net proceeds paid to investors. UITs, thus, generally have a relatively higher risk of loss than other funds in the event of adverse changes in market or economic conditions. UITs have other risks, which may include management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, and emerging market risk. Certain UITs pursue Complex Strategies, which are subject to special risks. The degree of these and other risks will vary depending on the type of UIT selected. Also, investment return and principal value will fluctuate, and units, if and when redeemed, may be worth more or less than their original cost. investment and trading activities Commodities in commodities markets or a particular sector of the in commodities markets, and securities or other instruments denominated in or indexed or linked to commodities, are subject to certain risks. Those investments generally will subject a client Account to greater volatility than The traditional investments commodities markets are impacted by a variety of factors, including changes in overall market movements, domestic and foreign political and economic conditions, interest rates, inflation rates and in commodities. Prices of commodities may also be affected by factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments. The prices of Investment Fund Risks; Purchase and Investment Funds are Redemption Risks. generally subject to the same risks as the securities or other assets in which they invest. In addition, from time to time Baird, a PAM Consultant, or an investment manager may decide to add or remove an Investment Fund to or from an investment strategy or Service. In 69 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  or consuming engage in short sales unless the client is prepared to experience significant losses in the client’s Account. contracts other commodities can also fluctuate widely due to supply and demand disruptions in major producing regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. No active trading market may exist for certain commodities investments, which may impair the value of the investments. instruments in that Derivative Instrument Risks. The values of options, convertible securities, futures, swaps, forward derivative and instruments is derived from an underlying asset, such as a security, commodity, currency, cryptocurrency, or index. Derivative instruments often have risks similar to the underlying asset, however, in certain cases, those risks are greater than the risks presented by the underlying asset. Derivative instruments may experience dramatic price changes and imperfect correlations between the price of the derivative and the underlying asset, which may increase volatility. Derivatives generally create leverage, and as a result, a small movement in the underlying asset's value can result in large change in the value of the derivative instrument. Derivatives are also subject to liquidity risk, interest rate risk, market risk, credit risk, management risk and counterparty risk. The use of these is not appropriate for some clients because they involve special risks. A client should not invest in these instruments unless the client is prepared to experience volatility and significant losses in the client’s Account. Currency Risks. Investments in currencies, and investments in securities or other instruments denominated in or indexed or linked to currencies, are subject to certain risks. Those investments are subject to all of the risks associated with foreign investing generally. In addition, currency markets generally are not as regulated as securities markets. Also, changes in currency impact the exchange rates could adversely investment. Devaluation of a currency by a country will also have a significant negative impact on investment the value of any denominated currency. Currency investments may also be positively or negatively affected by a country’s strategies intended to make its currency stronger or weaker relative to other currencies. the the underlying security or Leverage and Margin Risks. Leveraging strategies may amplify impact of any decrease in the value of underlying securities in the client’s Account, thereby increasing a client’s risk of loss. The use of leverage may also increase an Account’s volatility. Strategies involving margin can cause a client to lose more money than deposited in the client’s margin account. A client should not engage in strategies involving leverage or margin unless the client is prepared to experience significant losses in the value of the client’s Account. Options Risks. In purchasing a put or call option, the purchaser faces the risk of loss of the premium paid for the option if the market price moves in a direction opposite to what the purchaser had expected. In selling or writing an option, the seller faces significantly more risk. A seller of a call option faces the risk of significant loss if the prevailing market price of the underlying security or index increases above the strike price, and a seller of a put option faces the risk of significant loss if the prevailing market price of index decreased below the strike price. Hedging Risks. When a derivative instrument is used as a hedge against an opposite position, any loss on the derivative instrument should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can be an effective way to reduce the investment risk, it may not always perfectly offset one position with another. As a result, there is no assurance that hedging transactions will be effective. Short Sales Risks. Short selling runs the risk of loss if the price of the securities sold short does not decline below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, which may result having to buy the securities sold short at an unfavorable price. A client should not 70 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Complex Investment Product Risks funds have unique in certain that may sectors, for those fee an incentive funds are subject to to administrative service compared other expect limited short sales, risks may securities include: market selection credit capitalization risk, foreign risk, foreign Private Equity Funds and Funds of Private Equity Funds Risks. Private equity funds are pools of actively managed capital that invest primarily in private companies with the intent of creating value in the companies in which they invest by improving operations, reducing costs, selling non-core assets and maximizing cash flow. Private equity funds usually have an investment focus on objective or strategy companies industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Funds of private equity funds typically invest substantially all of their assets in other private equity funds. Private equity funds and funds of private equity funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private equity funds and funds of private equity limited regulation and offer limited disclosure and transparency. Also, the costs of private equity funds and funds of private equity funds are typically higher than other types of funds. Investment advisers or managers for those funds often receive a management fee plus an incentive fee or carried interest. Private equity funds and funds of private equity fund are also generally subject fees and portfolio company transaction fees. Because of the existence of a carried interest, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private equity funds and funds of private equity funds also have reduced investments. to liquidity Investors receive to should not distributions from a fund for a number of years. Private equity investing is very risky. Many investments made in portfolio companies are not profitable. In addition, investments made by private equity funds and funds of private equity funds may be concentrated in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private equity funds and funds of private equity funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, issuer and investment style investment risk, and emerging market risk. Hedge Funds and Funds of Hedge Fund Risks. Hedge funds typically engage in one or more Complex Strategies, including the use of Non-Traditional Assets, short sales, leverage and other derivative instruments. Funds of hedge funds typically invest substantially all of their assets in other hedge funds. Hedge funds and funds of hedge tax characteristics. A client should consult with a tax advisor before investing in those funds. Some hedge funds and funds of hedge funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of hedge funds and funds of hedge funds are typically higher than other types of funds. Investment advisers or funds often receive a managers management or plus performance-based fee. Because of the existence of a performance-based fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Hedge funds and funds of hedge funds are also subject to a higher risk of incorrect valuations. Many hedge funds hold investments for which market quotations are not readily available, which necessitates the use of “fair value” pricing. Fair value pricing is an inherently subjective process and may not accurately reflect the prices that can actually be obtained upon sale of the assets for which fair values are used. Investments in hedge funds and funds of hedge funds also have reduced liquidity compared to other investments and are generally subject to a higher risk of volatility. Investing in hedge funds and funds of hedge funds involves other special risks, including, but to, risks associated with Non- not Traditional Assets, leverage, derivative instruments, and Complex Strategies. risk, Other management and risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest risk, risk, risk, rate investment style issuer and investment risk, and emerging market risk. Hedge funds and funds of hedge funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in hedge funds or funds of hedge funds should have a high tolerance for risk, including the willingness and ability to accept lack of significant price volatility, potential liquidity and potential loss of their investment. 71 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments significant, special risks. As a result, they may not be suitable for some clients. Clients investing in reinsurance funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. Private equity funds and funds of private equity funds are complex that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private equity funds and funds of private equity funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. is inversely correlated to those events are in certain sectors, evaluated risks during risk as debt funds have unique securities selection receive a management transaction Reinsurance Fund Risks. Reinsurance funds invest primarily in insurance-linked securities or other instruments. A fund’s return on those the investments occurrence of applicable catastrophic or other events, such as hurricanes, tornados, floods, earthquakes or other natural disasters, or fires, explosions, aviation or marine accidents or other non-natural disasters. The occurrence and severity of inherently unpredictable. A fund could lose all or a significant portion of its investment upon the occurrence of an applicable event and the occurrence of multiple events could cause the fund to sustain substantial losses. In addition, certain investments may expose a fund to liability in excess of amounts received in connection with the investment. The performance of certain insurance-linked securities is dependent upon underwriting decisions made by insurance companies associated with those securities. Thus, the fund is subject to the risk that those insurance companies may not have adequately the underwriting process. Reinsurance funds may also be subject to concentration risk as the market for certain insurance-linked securities is small and competition to buy insurance-linked securities has increased in recent years. Due to the nature of a reinsurance fund’s underlying investments, an investment in a reinsurance fund is subject to fund’s underlying the valuation investments may be difficult to accurately and timely value. Investing in reinsurance funds involves other special risks, including, but not limited to, dependence upon key personnel, Non- Traditional Assets risks, currency risks, leverage risks, derivative instrument risks and hedging risks. Other risks may include: market risk, management and risk, investment objective and asset allocation risk, equity securities risks, fixed income securities risks, interest rate risk, credit risk, foreign issuer and investment risks, emerging market risks, illiquid securities risks, quantitative strategy risks, and high yield or “junk” bond risks. Reinsurance that have funds are complex investments Private Debt Funds (or Private Credit Funds) and Funds of Private Debt Funds Risks. Private debt funds (also known as private credit funds) are pools of actively managed capital that invest primarily in loans or debt instruments issued by companies in private transactions. Sometimes, repayment of the loan is secured by assets of the companies obtaining the loans. However, the companies often have low or no credit ratings. Thus, investments held by private debt funds generally are subject the same risks as below investment grade or “junk” bonds. Trading markets for the investments held by those funds are also limited and their investments may be illiquid. Oftentimes, the interest rate paid by the companies is determined by a reference interest rate, such as the federal funds rate, which is periodically reset. These types of investments are sometimes referred to as floating rate corporate debt, floating rate loans or floating rate bank loans. Private debt funds usually have an investment objective or strategy that may focus on companies industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes, including focusing investments on smaller capitalization, distressed or bankrupt companies. Private debt funds commonly use borrowings or leverage to make investments. Funds of private debt funds typically invest substantially all of their assets in other private debt funds. Private debt funds and funds of tax private characteristics. A client should consult with a tax advisor before investing in those funds. Private debt funds and funds of private debt funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private debt funds and funds of private debt funds are typically higher than other types of funds. Investment advisers or managers for those funds often fee plus a performance fee. Private debt funds and funds of private debt fund are also generally subject to operational expenses and fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant 72 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  should not expect to funds involves special in which they are risk, foreign fund risks, currency risk, growth growth in value. Investments in private debt funds and funds of private debt funds also have reduced liquidity compared to other investments. receive Investors distributions from a fund for a number of years. Private debt investing is very risky. Investments made by private debt funds and funds of private debt funds may be concentrated in one or more industries or sectors, geographic economic regions, stages of development or operation, or sizes. Investing in private debt funds and funds of private debt risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, issuer and investment style investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, investment risks and leveraging risks. Private debt funds and funds of private debt funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private debt funds and funds of private debt funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. risk, credit risk, foreign transparency. The shareholders of a REIT are responsible for paying taxes on the dividends that they receive and on any capital gains associated with their investment in the REIT. Dividends paid by REITs generally are treated as ordinary income and are not entitled to the reduced tax rates on other types of corporate dividends. Prices of REIT securities and trading volumes may be more volatile that other investments. Many REITs focus on a particular sector of the real estate market, such as apartments, student housing, hotels and hospitality, health care, office buildings, shopping malls, warehouses, self-storage facilities and the like. Those REITs are subject to risks associated with sectors focused. Additionally, many REITs may own properties that are concentrated in a particular geographic region or regions, which subject them to the risk of deteriorating economic conditions in those areas. Investing in REITs involves other special risks, including, but not limited to, real estate portfolio (including development, environmental, risk competition, occupancy and maintenance risk), liquidity risk, leverage risk, distribution risk, risk, capital markets access counterparty risk, conflicts of interest risk, risk, and dependence upon key personnel regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, interest rate issuer and investment risk, and emerging market risk. REITs involve significant, special risks and may not be suitable for some clients. Clients investing in REITs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility and volatility of regular distribution amounts, potential lack of liquidity and potential loss of their investment. warehouses, investments. Some may in properties industries, involved located Real Estate Investment Trusts (“REITs”) and Private REIT Risks. A REIT is a corporation, trust or association that owns and typically operates income-producing real estate or real estate-related assets. The income-producing real estate assets owned by a REIT may include office buildings, shopping malls, multi-family housing, student housing, hotels, resorts, hospitals and health care facilities, self-storage facilities, data centers, telecommunications facilities, and mortgages or loans. Many REITs are registered with the SEC and their common stock and preferred stock are publicly traded on a stock exchange. These are known as publicly-traded REITs. Others may be registered with the SEC but are not publicly traded. These are known as private REITs (also known as non-traded or non- exchange traded REITs). There is no public trading market for private REITs and the sole method for disposing of the shares may be limited to a periodic offer to redeem the shares by the issuer, if the issuer offers a redemption program. Private REITs are generally subject to limited limited disclosure and regulation and offer Private Real Estate Funds and Private Real Estate Fund of Funds. Private real estate funds are pools of actively managed capital that directly invest primarily in investments in real estate and real estate-related investments. Private real estate funds may invest in any number of types of real estate, such as office, apartment, retail, lodging, industrial and other real estate and real focus estate-related in certain investment sectors or certain in geographic regions or that have certain sizes of operations or investment requirements. Some may focus investment on properties the manager 73 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  improved management funds and funds of private real estate funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. real estate funds typically telecommunication, Private utilities, infrastructure for those for those fees and should not expect to investing for significant growth reduced liquidity compared investments made by industries or risks may fund risks, currency securities include: market selection risk, foreign or sponsor believes are undervalued or undercapitalized or that require repositioning, redevelopment, or additional capital to reach their full value. Private real estate funds commonly use borrowings or leverage to make investments. Trading markets for investments held by those funds are limited and their investments may be illiquid. Funds of invest private substantially all of their assets in other private real estate funds. Private real estate funds and funds of private real estate funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private real estate funds and funds of private real estate funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private real estate funds and funds of private real estate funds are typically higher than other types of funds. Investment advisers or managers funds often receive a management fee plus a performance fee. Private real estate funds and funds of private real estate fund are also generally subject to operational expenses and transaction fees. Because of the existence of a performance fee, fund managers may be motivated to make riskier investments that have the potential for significant growth in value. Investments in private real estate funds and funds of private real estate funds also have reduced liquidity compared to other investments. Investors receive distributions from a fund for a number of years. Private real estate is very risky. Investments made by private real estate funds and funds of private real estate funds may be concentrated in properties involved in one or more economic industries or sectors, geographic regions, stages of development or operation, or sizes. Investing in private real estate funds and funds of private real estate funds involves special risks, including, but not limited to, dependence upon key personnel, conflicts of interest risks, market risk, management and securities selection risk, investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style risk, foreign issuer and investment risk, emerging market risk, illiquid securities and liquidity risks, concentration risks, risks and investment leveraging risks. Private real estate funds and funds of private real estate funds are complex investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private real estate Private Infrastructure Funds Risks. Private infrastructure funds are pools of actively managed capital that invest primarily in infrastructure projects and assets and may involve exposure to a range of economic or market sectors, geographic locations and asset types. Examples of infrastructure investments may include, among and others, transportation. funds usually have an investment objective or strategy that may focus on certain sectors, industries, geographic regions, size ranges or stages of development or operations, or on certain types and sizes of investments. Private infrastructure funds have unique tax characteristics. A client should consult with a tax advisor before investing in those funds. Private infrastructure funds are subject to limited regulation and offer limited disclosure and transparency. Also, the costs of private infrastructure funds are typically higher than other types of funds. Investment advisers or funds often receive a managers management fee plus an incentive fee. Private infrastructure funds are also generally subject to administrative service investment transaction fees. Because of the existence of incentive fees, fund managers may be motivated investments that have the to make riskier potential in value. Investments in private infrastructure funds also to other have investments. Investors should not expect to receive distributions from a fund for a number of years. Private infrastructure investing is very risky. Many investments are not profitable. In addition, private infrastructure funds may be concentrated in one or more economic sectors, geographic regions, stages of development or operation, or sizes of companies. Investing in private infrastructure funds involves other special risks, including, but not limited to, dependence upon key personnel and conflicts of interest risks. Other risk, risk, management and investment objective and asset allocation risk, interest rate risk, credit risk, capitalization risk, investment style issuer and investment risk, and emerging market risk. complex Private infrastructure funds are 74 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  special risks. As a result, ETNs may not be suitable for some clients. pools (typically structured investments that have significant, special risks. As a result, they may not be suitable for some clients. Clients investing in private infrastructure funds should have a high tolerance for risk, including the willingness and ability to accept lack of liquidity and potential loss of their investment. throughout in managed currencies, Assets, leverage, Managed Futures Risks. Managed futures are commodity as investment partnerships) managed by a futures trading adviser that trade speculatively in various derivative instruments and other investments. There are significantly higher fees and expenses associated with investments in managed futures than other types of funds. Sponsors or managers for these pools often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. Managed futures may seek exposure to different asset classes, such as equity securities, fixed income securities, commodities (such as metals, agricultural products, and energy products), currencies, interest rates, and indices. Managed futures often obtain this exposure through derivative instruments, which may be traded on U.S. or foreign exchanges or markets. Managed futures often employ computerized, systematic and often proprietary trading models futures and systems. Investing involves special risks, including, but not limited to, liquidity risks and risks associated with and other Non- commodities, derivative Traditional instruments and Complex Strategies. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Managed futures can be speculative investments because of the types of investments they make and they involve significant, special risks. As a result, they may not be suitable for some clients. Clients investing in these funds should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. credit capitalization risk, foreign Exchange Traded Notes Risks. An ETN is a type of debt security that trades on an exchange and provides a return linked to the performance of an underlying benchmark. The underlying benchmark can be a particular security, bond, commodity, currency, or other Non-Traditional Asset type, a group or basket of companies, securities, commodities, currencies, derivative instruments, Non-Traditional Asset investments or other assets, or an index or other benchmark linked to stocks, market volatility, bonds, interest rates, Treasury yields, yield curves and spreads, derivative instruments, strategies, commodities, currencies or other assets. ETNs trade on the day at prices exchanges determined by the market. Unlike ETFs, issuers of ETNs do not buy or hold assets to replicate or approximate the performance of the underlying benchmark. Also in contrast to ETFs, ETNs also do not calculate their net asset value, are generally not redeemable on a daily basis, and are not registered under the Investment Company Act of 1940. Issuers may also have the right and option to redeem ETNs. Redemptions are made at the ETN’s “indicative value” or “closing indicative value”. An ETN's closing indicative value is computed by the issuer and is distinct from an ETN's market price, which is the price at which an ETN trades in the secondary market. Issuers of ETNs may also issue and redeem notes as a means to keep the ETN’s market price in line with its indicative value, which have caused significant fluctuations in ETN prices. Investing in ETNs involves special risks, including, but not limited to, risks associated with Non-Traditional Assets and derivative instruments and the risk that the actual market price for an ETN may vary significantly from the indicative value computed by the issuer. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, risk, risk, investment style issuer and investment risk, and emerging market risk. ETNs are complex investments and involve significant, Leveraged Fund and Inverse Fund Risks. Leveraged funds and inverse funds may be structured as ETNs, ETFs or open-end mutual funds. Leveraged funds seek to deliver multiples of the performance of the index or benchmark they track. Inverse funds seek to deliver the opposite of the performance of the index or 75 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  inverse commodities risk and currency risk. Structured products are complex investments and involve special risks. As a result, they may not be suitable for some clients. is those funds and they benchmark they track. Leveraged inverse funds seek to achieve a return that is a multiple of the inverse performance of the underlying index. Most funds “reset” daily, leveraged and meaning that they are designed to achieve their stated objectives on a daily basis. Because of the effects of compounding, volatility and the fund expenses, the returns of a leveraged or inverse fund over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. To achieve their objectives, leveraged and inverse funds typically employ aggressive investment techniques, such as the use of leverage, short sales, swap contracts, futures, options and other derivative instruments. Investing in leveraged funds and inverse funds involves special risks, including, but not limited to, risks associated with Non-Traditional Assets, short sales, leverage, and derivative instruments. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, foreign issuer and investment risk, and emerging market risk. Leveraged funds and inverse funds are complex investments that have an increased risk of loss compared to other involve significant, special risks. As a result, they may not be suitable for some clients. A client should not invest in these securities unless the client is prepared to experience significant losses in the value of the client’s Account. risk, capital markets access Investing risks may securities include: market selection Structured Products Risks. Structured products are a hybrid between two asset classes (typically issued in the form of a CD or note) but instead of having a pre-determined rate of interest, the return is linked to the performance of an underlying asset class, such as single security or basket or index of securities; a commodity or basket or index of commodities, including futures; and a foreign currency or basket of foreign currencies. in structured products involves special risks, including, but not limited to, risks associated with derivative instruments. Other risk, risk, management and investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest issuer and rate risk, investment risk, credit risk, foreign risk, emerging market Business Development Company Risks. A BDC closed-end typically a domestic, investment company that is operated for the purpose of making equity and debt investments in small and developing businesses, as well as financially troubled businesses. As a result, investments made by BDCs tend to be risky and speculative. Investment advisers or managers for BDCs often receive a management fee plus incentive or performance-based fee. Because of the existence of a performance-based fee, managers may be motivated to make riskier investments that have the potential for significant growth in value. BDCs commonly use borrowings or leverage to make investments in portfolio companies. Adverse interest rate movements can impact a BDC’s ability to make negatively investments. Investments made by BDCs are typically illiquid, and valuing such investments is challenging. It is possible that valuations on investments used are materially different from the values that BDCs will ultimately receive upon disposition of investments. Changing market and economic conditions affecting a BDC’s investments may cause significant volatility in the BDC’s net asset value and stock price. Due to the nature of BDCs’ investments, securities issued by BDCs are subject to greater liquidity risk than other investments. A debt security or preferred stock issued by a BDC, in many cases, is non- rated or is rated below investment grade, which can carry its own risks. Investing in BDCs involves other special risks, including, but not limited to, portfolio company credit and investment risk, risk, leverage dependence upon key personnel risk, and regulatory risk. Other risks may include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, and interest rate risk. BDCs can be speculative investments because of the types of investments they make and involve significant, special risks. As a result, BDC investments may not be suitable for some clients. Clients investing in BDCs should have a high tolerance for risk, including the willingness and ability to accept significant price volatility, potential lack of liquidity and potential loss of their investment. 76 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Risks Associated with Certain Investment Objectives and Asset Allocation Strategies Each Account is subject to the risks associated with the investments in the Account. Generally, an Account will be subject to the risks associated with the portfolio listed below that corresponds to the investment objective of the Account or the asset allocation strategy pursued by the Account. risk, common stock to other primary risks, risks, foreign including, but not All Growth Portfolio. An All Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. All Growth Portfolios have historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a high risk of price declines, especially during periods when stock markets in general are declining. An All Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject investment style issuer and investment risks, emerging market risks, fixed income security risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Master Limited Partnership Risks. An MLP is a form of publicly-traded partnership that is taxed as a partnership. MLPs have unique tax characteristics. A client should consult with a tax advisor before investing in MLPs. An MLP must generally earn at least 90% of its income from certain qualifying sources, which includes income and gains from certain activities involving natural resources such as oil, natural gas, natural gas liquids, refined petroleum products, coal, carbon dioxide and biofuels. An MLP is generally structured as a limited partnership or limited liability company and managed and operated by a general partner or manager. Owners of an MLP are called “limited partners” or “unit holders”. Unit holders own interests or units in the MLP (“units”) that are traded on a stock exchange. MLPs make distributions to unit holders of their available cash flows. Many MLPs focus on a particular sector or industry. Those MLPs are subject to risks associated with sectors or industries in which they are focused. The value of an investment in an MLP and the amount of distributions it makes may depend on the prices of the underlying commodity, such as oil or natural gas. Many MLPs are sensitive to changes in the prevailing level of commodity prices. MLPs have also shown sensitivity to interest rate movements. Investing in MLPs involves other special risks, limited to, macroeconomic risk, interest rate risk, liquidity risk, operating risk, capital markets access risk, growth risk, distribution risk, conflicts of interest risk, and regulatory risk. MLPs are complex investments that have significant, special risks. As a result, MLPs may not be suitable for some clients. Clients investing in MLPs should have a high tolerance for risk, including the willingness and ability to accept potential lack of liquidity and potential loss of their investment. information about upon Portfolio’s Additional certain Complex Investment Products and other investments pursuing Complex Strategies, including the risks associated with those investments, is available on Baird’s website at bairdwealth.com/retailinvestor and on FINRA’s website at www.finra.org/ Investors. A client is encouraged to read the included on those disclosure documents websites carefully before investing. foreign issuer and investment Capital Growth Portfolio. A Capital Growth Portfolio will generally be invested in a manner that seeks to provide growth of capital. Capital Growth Portfolios have historically experienced moderately high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining. A Capital Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending specific the investments, the Portfolio may also be subject to other primary risks, including investment style risks, risks, emerging market risks, fixed income securities 77 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  risks, foreign the headings risk, interest rate risk, credit risk, asset-backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the “Non- risks described under Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style issuer and investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. to economic The to other primary risks, risks, foreign to other primary risks, risks, foreign Growth with Income Portfolio. A Growth with Income Portfolio will generally be invested in a manner that seeks to provide moderate growth of capital and some current income. Growth with Income Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions and interest rates. The Portfolio’s investments are subject to a risk of price declines, especially during periods when stock markets in general are declining or when interest rates are rising. A Growth with Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, fixed income securities risk, interest rate risk, credit risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject including investment style issuer and investment risks, emerging market risks, asset- backed securities risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non- Traditional Assets and Complex Strategies Risks” and “Complex Investment Product Risks” above. Conservative Income Portfolio. A Conservative Income Portfolio will generally be invested in a manner that seeks to provide current income. Relative the portfolios described above, Conservative Income Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and Portfolio’s conditions. investments are subject to risk of price declines, especially during periods when interest rates are rising. A Conservative Income Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, equity securities risk, and common stock risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be including subject investment style issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. income. Relative to interest rates are fixed Income with Growth Portfolio. An Income with Growth Portfolio will generally be invested in a manner that seeks to provide current income and some growth of capital. Income with Growth Portfolios have historically experienced moderate fluctuations in annual returns and overall market value, typically as a result of changes to interest rates and market and economic conditions. The Portfolio’s investments are subject to a risk of price declines, especially during periods when interest rates are rising or when stock markets in general are declining. An Income with Growth Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, fixed income securities risk, interest rate risk, credit risk, money market fund risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Capital Preservation Portfolio. A Capital Preservation Portfolio will generally be invested in a manner that seeks to preserve capital while the generating current portfolios described above, Capital Preservation Portfolios have historically experienced smaller fluctuations in annual returns and overall market value as a result of changes in stock market conditions, but have experienced fluctuations in relation to changes in interest rates and economic conditions. The Portfolio’s investments are subject to risk of price declines, especially during periods rising. A Capital when Preservation Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, income securities risk, interest rate risk, credit risk, and money market fund risk. Depending upon the Portfolio’s specific 78 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  investments, the Portfolio may also be subject to other primary risks, including foreign issuer and investment risks, asset-backed securities risks, and below investment grade (high yield or “junk” bonds) securities risks. about Implementation of Investment Objectives and Investment Strategies” above for more information. In addition to the specific risks described above, a client’s Account may be subject to additional risks, depending upon the particular investments in the client’s Account. A client should discuss the risks of particular investments with the client’s PAM Consultant. A client should also note that there is no guarantee as to how an Account will perform in the future. It is possible that an Account could experience more dramatic return or market value fluctuations than occurred in the past. to perception take advantage of of market Available Investment Product Risks the Portfolios have that Baird establishes for the investments made, less if an Available Product experiences organizational, is a higher risk that fixed income security Product that experiences Opportunistic Portfolio. An Opportunistic Portfolio will generally be invested in a manner that seeks to provide long term growth through capital appreciation and/or income by utilizing an active management style that shifts the amount of investment made in different asset classes and the market sectors manager’s pricing anomalies, those market or industry sectors deemed favorable for investment by the manager, the current interest rate environment and/or other macro-economic trends identified by the manager to achieve growth while accounting for a client’s specific short, intermediate and long term investment and/or cash flow needs. Depending investment strategy used, some upon Opportunistic historically experienced high fluctuations in annual returns and overall market value, typically as a result of changes to market and economic conditions. Depending upon the investment strategy used and the Portfolio’s investments may be subject to a high risk of price declines, especially during periods when stock markets in general are declining. An Opportunistic Portfolio’s primary risks generally include: market risk, management and securities selection risk, investment objective and asset allocation risk, stock market risk, equity securities risk, common stock risk, and capitalization risks. Depending upon the Portfolio’s specific investments, the Portfolio may also be subject to other primary risks, including investment style risks, foreign issuer and investment risks, emerging market risks, risks, below investment grade (high yield or “junk” bonds) securities risks, and the risks described under the headings “Non-Traditional Assets and Complex Investment Strategies Risks” and “Complex Product Risks” above. the list of The use of Available Investment Products, including SMA Strategies made available under the BSN and DC Programs, are subject to additional risks compared to the use of Baird recommended investment products. Available Investment Products are investment products that generally do not meet the qualifications and standards its recommended product lists. As a result, there is a higher likelihood that some Available Investment Products will have poor performance and will significantly underperform compared to an applicable benchmark index or peer group. Available Investment Products are also subject to significantly review by Baird rigorous compared to recommended investment products. Thus, Investment Product experiences significant performance problems or if the manager or sponsor of an Available Investment significant operational, management, compliance, legal, regulatory or other problems, there the Available Investment Product will be made available (and will continue to be made available) to clients by Baird. An investment by a client in an Available Investment the occurrence of any such event could negatively impact the client’s Account. Available Investment Products should only be used by a client if the client wishes to take more responsibility for monitoring and managing the assets in the client’s Account, recommended products does not contain an investment product that meets the client’s particular needs, and the client understands the risks of doing so. Additional Considerations. A client should note that an Account pursuing a particular investment objective or asset allocation strategy will from time to time be subject to actual risks that are higher or lower than, or different from, the risks described above under certain circumstances. See “Investment Strategies and Methods of Analysis— Information Investment Strategies—Important 79 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Recent Events U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and other global macro factors. ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. supervisor within The transition to a new administration following the recent U.S. Presidential election may introduce meaningful market uncertainty as new policies, executive orders, or legislation are proposed or enacted. Geopolitical risks appear elevated with the war between Ukraine and Russia now passing its third anniversary, tensions remaining high in the Middle East, and relations between the U.S. and China and other countries are strained. Domestically, inflation remains an area of focus since getting to the U.S. Federal Reserve Board’s 2% target may prove to be more challenging than the market expects. In addition, the level of political discord remains high. result in an elevated The uncertain course of these various factors may have a significant negative impact on the global risk economy, may environment with increased volatility in asset prices, which could have an adverse effect on a client’s Account. taken against the In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a its Private Wealth firm Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors that was reasonably designed to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. The disciplinary action firm supervisor did not relate to PAM or its business operations. certain of the its Disciplinary Information In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have disadvantaged certain retirement plan and that were charitable organization customers eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. The findings also stated that these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with higher In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate policies and procedures to track and disclose trading away practices by subadvisors participating in Baird’s wrap fee programs offered through Private Wealth Management Department. Through these programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often 80 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to adopt or to designed provide to Baird’s clients and More information about the order is contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public Disclosure website at https://www.adviserinfo.sec.gov/IAPD/Default.as px or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press- release/2019-28. reports about an reports was engaged embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have implement policies and failed specific procedures information financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. to disclose In June 2019, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that between late April 2013 and early July 2013 it published issuer without research disclosing that the research analyst who authored the in employment discussions with the issuer that constituted an actual, material conflict of interest and that the research analyst’s the failure employment discussions with the issuer in the research reports made those reports misleading. Baird was censured and fined $150,000. Initiative.” Under brokerage customers an it charged supervisory system firms bought fees and/or the conflict of In August 2022, Baird, without admitting or denying the findings, consented to the entry of findings of FINRA, which found that it charged certain unfair its published commission when minimum commission amount of $100 on 7,277 retail equity trades and failed to establish and maintain a reasonably designed to prevent charging a customer a commission that is unreasonable or unfair in violation of FINRA Rules 3110, 2121, and 2010. Baird also consented to a censure, a fine in the amount of $150,000, and the payment of restitution of $266,481 plus interest. The findings related to FINRA’s routine examination of Baird in 2020. During that examination, Baird modified its minimum commission schedule and supervisory procedures. Baird also took steps to make payments to the affected customers, which on average amounted to $36.62 per trade and $57.64 per customer. Baird will continue to make efforts to ensure that it charges fair prices and commissions on all securities transactions with its customers. In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) and 207 of for making the Advisers Act inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure (or SCSD) the program, firms were offered the investment advisory opportunity to voluntarily self-report violations of the federal securities laws relating to mutual fund share class selection and related disclosure issues and agree to settlement terms imposed by the SEC, including returning money to affected investment advisory clients. The central issue identified by the SEC was that, in many cases, investment advisory for or recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the firms when lower- cost share classes were available to those advisory clients, and the investment advisory firms did not adequately disclose their receipt of 12b-1 interest associated with those 12b-1 paying share classes. Baird and many other firms self-reported under the program and entered into substantially identical orders. By self-reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. In September 2023, Baird entered into an Offer of Settlement with the SEC, in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business- related communications made by Baird associates when they used their personal devices (“off- 81 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  its certain management persons of Baird may invest in those investment products. other receive higher through disclosure the communications. As part of From time to time, Baird and its PAM Consultants may recommend that clients retain the services of financial services firms or invest in investment products that are affiliated with or related to Baird. Such a recommendation of affiliated or related financial services firms or investment products creates a potential conflict of interest because Baird, its PAM Consultants and related parties may aggregate compensation if clients retain those firms or invest in those investment products instead of retaining unrelated firms or investing in unrelated this investment products. Baird addresses potential conflict this in Brochure. Further, when acting as fiduciaries, Baird and its PAM Consultants are required to select or recommend investment products only when they determine it to be in the client’s best interest to do so. The criteria used by them in deciding to select or recommend affiliated or related investment products are generally the same as those used for unrelated investment products. However, a client should note that certain Services and certain categories of investment products made available to clients only offer advisors or investment products that are affiliated or related to with Baird. In those cases, Baird and its PAM Consultants do not impose the same criteria or level of review. including: training, channel communications”) and for failing to supervise business-related associates’ communications. The settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were text and properly retaining business-related instant messages off-channel and communications sent and received on employees’ personal devices. Following the commencement of the SEC’s initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it was discovered that certain Baird supervisors off-channel using non-Baird communicated approved methods on their personal devices about Baird’s broker-dealer and investment adviser businesses, and findings were reported to the SEC. Baird took steps prior to and after the SEC’s review, including implementing a new communication tool designed for Baird associates’ personal devices, conducting training, and periodically requiring requisite associates to provide an attestation relating to their business- related the settlement, Baird was censured and ordered to cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies and procedures, surveillance program, technology solutions and similar matters related to off-channel communications. Broker-Dealer Activities Baird is engaged in a broad range of broker- dealer activities, individual and institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. Additional information about Baird’s disciplinary history is available on the SEC’s website at www.adviserinfo.sec.gov. Certain PAM and Baird associates and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker- dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker- dealers, financial investment advisors, other services firms and investment products that are identified below. Certain Baird associates and Investment Management Activities Baird and PAM Consultants may, from time to time refer clients to Baird Advisors or Baird Equity 82 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  financial incentive to favor their investment products and services. Asset Management, investment management departments of Baird, or CCM, a division of Baird Equity Asset Management. Baird is affiliated, and may be deemed to be under common control, with Strategas, by virtue of their common indirect ownership by BFG. Certain Strategas investment products and services are made available to clients through the Services. Due to its affiliation with Strategas, Baird has a financial incentive to favor Strategas investment products and services. and BFG’s Certain investment strategies offered by Baird Equity Asset Management have been selected by Baird for inclusion on Baird’s Recommended Managers List. In addition, investment products and services offered by Baird Advisors, Baird Equity Asset Management and CCM are made available to clients through the Services. Baird has a financial incentive to favor Baird Advisors, Baird Equity Asset Management and CCM because Baird receives more compensation if Baird Advisors, Baird Equity Asset Management or CCM manages a client’s Account rather than other unrelated managers. Baird is affiliated, and may be deemed to be under common control, with GAMMA by virtue of BFG’s and Riverfront’s indirect minority ownership of Gamma and Riverfront’s representation on the board of directors of Gamma. Certain Affiliated and Related Parties Affiliated Broker-Dealers Baird is related to LoCorr by virtue of BFG’s indirect minority ownership of the holding company of LoCorr and BFG’s representation on such holding company’s board of managers. From time to time, PAM Consultants may use or recommend LoCorr investment products and services. Due to its relation to LoCorr, Baird has a financial incentive to favor LoCorr investment products and services. in Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Certain investment products associated with Strategas Securities are made available to clients through the Services. Due to its affiliation with Strategas Securities, Baird has a financial incentive to favor Strategas Securities’ investment products and services. Affiliated and Related Investment Advisors 55ip uses research and other services from the Riverfront, an affiliate of Baird, development of its portfolios under the BSN Program, and Riverfront receives compensation from 55ip with respect to those portfolios. Due to its affiliation with Riverfront, Baird has a financial favor 55ip portfolios that use incentive to Riverfront services. information about Riverfront Affiliated and Related Mutual Funds, ETFs and Investment Companies Baird is affiliated, and may be deemed to be under common control, with Riverfront by virtue of their common indirect ownership by BFG. Additional is available in Riverfront’s Form ADV Part 2A Brochure. Certain Riverfront investment products and services are made available to PAM clients through the Services. Due to its affiliation with Riverfront, Baird has a financial incentive to favor Riverfront investment products and services. Baird is related to Greenhouse and Greenhouse Fund GP LLC (“Greenhouse GP”) by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. From time to time, recommend PAM Consultants may use or Greenhouse or Greenhouse GP investment products and services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a Baird is the investment adviser and principal underwriter for the Baird Funds. Baird Advisors provides investment management, administrative, to certain Baird Funds and other services investing primarily in fixed income securities (the “Baird Bond Funds”). Baird Equity Asset Management and CCM provide investment management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”), and Greenhouse is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each 83 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  (AQA®) Portfolio Series, and the AQA® Large- Cap Portfolio Series. Additional information about those investment products, including information relating to the compensation paid to Baird is available in the applicable prospectus and other fund documents. Those investment products are made available to clients through the Programs. Due to its affiliation with those investment products, Baird has a financial incentive to favor those investment products. Fund’s prospectus and statement of additional information available on Baird’s website at bairdassetmanagement.com/baird-funds. Certain Baird Funds have been selected by Baird for inclusion on Baird’s Recommended Mutual Fund List, and all Baird Funds are made available to PAM clients through the Services. Baird has a financial incentive to favor the Baird Funds because Baird receives more compensation if a client invests in the Baird Funds rather than other unrelated funds. funds and ETFs, those funds for Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. and statement of for Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange- Traded Fund III. Additional information about those mutual including information relating to the compensation paid to Riverfront by investment management services, is available in each fund’s prospectus additional information. Certain mutual funds and ETFs managed by Riverfront are made available to clients. Due to its affiliation with Riverfront, Baird has a financial incentive to favor funds managed by Riverfront. Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives compensation those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. is available in Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. Strategas acts as investment advisor to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products, including information relating to the compensation paid to Strategas and Strategas Securities, the applicable prospectus. Those investment products are made available to clients through the Services. Due to its affiliation with Strategas and Strategas Securities, Baird has a financial incentive to favor those investment products. information about those funds for and statement of CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those services. Additional those mutual funds, including information relating to the fees paid by investment management services, is available in the funds’ prospectus additional information. LoCorr acts as investment advisor to the LoCorr Funds. The LoCorr Funds are made available to clients through the Services. Due to its relation to the LoCorr Funds, Baird has a financial incentive to favor the LoCorr Funds. Affiliated Private Funds Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend Income Trust the Automated Quantitative Analysis Series, CCM acts as investment manager for, and Baird is the the general partner or manager of, 84 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) Baird Capital Management Company, LLC Baird Capital Global Fund Management I LP funds are private pooled Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP BCGF I Special Affiliates LP BCGF I Affiliates Fund LP Baird Capital Management Company, LLC Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those investment vehicles that are not required to be registered with the SEC as investment companies. Due to their affiliation with the Chautauqua Private Funds, Baird Equity Asset Management, CCM and Baird have a financial incentive to favor those funds. Baird Capital Global Fund Management II LLC Baird Capital Global Fund II Limited Partnership Affiliated Private Equity Funds BCGF II Affiliates Fund Limited Partnership BCGF II Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Capital Global GP III LLC Baird Capital Global Fund III LP BCGF III Affiliates Fund LP BCGF III Special Affiliates LP Baird Capital Partners Europe Limited* Baird Capital Partners Europe II LP Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird and its PAM Consultants may refer clients to Baird Capital. The private equity funds offered through Baird Capital make venture capital, growth equity and private equity investments primarily in the business-to- business, technology and services sector. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. Baird Capital Partners Europe II Special Affiliates LP The Growth Fund Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. Baird Venture Partners III Limited Partnership BVP III Affiliates Fund Limited Partnership BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Limited Partnership Baird Venture Partners Management Company V, LLC Baird Venture Partners V Limited Partnership BVP V Affiliates Fund Limited Partnership BVP V Special Affiliates Fund Limited Partnership PAM Consultants who assist in obtaining a client’s investment in a private equity fund offered through Baird Capital are eligible for referral compensation from the general partner of the private equity fund. The actual amount of compensation may vary based upon the client’s investment commitment and will be disclosed to a client in the documentation the client receives in connection with the investment. Due to Baird’s affiliation with those private equity funds and the referral compensation paid to PAM Consultants, Baird and PAM Consultants have a financial incentive to favor those private equity funds. Baird Capital Partners Management Company V, LLC Baird Capital Partners V Limited Partnership BCP V Affiliates Fund Limited Partnership BCP V Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Venture Partners GP VI, LLC Baird Venture Partners VI LP on Baird BVP VI Affiliates Fund LP Baird also has a financial incentive to the extent it would recommend that a client invest in a portfolio company owned by an affiliated private equity fund. A list of the portfolio investments held by private equity funds affiliated with Baird is located at Capital’s website https://www.bairdcapital.com/portfolio/baird- capital-portfolio.aspx. BVP VI Special Affiliates Fund LP 85 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Services services to clients engaging Baird Trust for trust administration services as described under the heading “Advisory Business—Additional Service Arrangements” Information—Trust above. Baird and PAM Consultants thus have a financial incentive to favor Baird Trust over other trust companies. The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. These funds generally co-invest with unaffiliated private equity funds and private equity professionals in transactions in the United States and Europe. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. managers, including Certain Baird Principal Group-Related Entities Investment Advisor Private Equity Fund(s) Baird Principal Group Management Company I, LLC Baird Principal Group Partners Fund I Limited Partnership Baird Principal Group Management Company II, LLC Baird Principal Group Partners Fund II Limited Partnership the services of such Baird Principal Group Management Company, LLC Baird Principal Group Partners Fund III, LP firms. If a client Related Hedge Funds or recommending Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. The Greenhouse Onshore Fund LP is available to clients under the Services. Due to its relation to Greenhouse and Greenhouse GP, Baird has a financial incentive to favor those hedge funds. Other Affiliated Financial Services Firms Baird is affiliated, and may be deemed to be under common control, with Baird Trust, a Kentucky-chartered trust company, by virtue of their common indirect ownership by BFG. Certain Baird Trust investment products and services, such as the Baird Trust Strategies, are made available to clients through the Services. Due to its affiliation with Baird Trust, Baird has a financial incentive to favor Baird Trust investment products and services. Other Financial Industry Activities Baird has business relationships with many investment those participating in the Services, separate and apart from the Services. Other investment management firms may select Baird, in its capacity as a broker- dealer, to execute portfolio trades for their clients, including for Investment Funds they advise. Investment management firms may also select Baird to provide custody, research or other services. Baird receives compensation for those services. This may create an incentive for Baird to favor investment management firms or their products, including the Investment Funds advised by such investment management is paying commissions to PAM for advisory services it provides to the client (in those advisory programs in which commissions may be charged), Baird and PAM Consultants could have a financial incentive to favor an investment management firm that trades actively, thereby executing more trades and generating higher compensation for Baird and PAM Consultants. However, Baird and PAM Consultants are fiduciaries that are required to act in the best interest of advisory clients when selecting investment management firms or their investment products to such clients. Baird addresses this potential conflict through disclosure in this Brochure. Further, Baird does not consider the extent to which an investment management firm directs or is expected to direct trades to Baird for execution when considering the eligibility of an investment management firm or its investment products for Baird’s advisory programs (including when Baird constructs its Recommended Managers List or Recommended Mutual Fund List). In addition, investment management firms are, absent client direction to the contrary, obligated at all times to retain the broker or dealer providing the client best execution as described under the heading “Brokerage Practices” below. In addition, mutual fund companies are prohibited from considering Baird’s efforts in marketing and selling their funds when selecting Baird for executing portfolio trades Baird and PAM Consultant receive compensation for referring clients and from Baird Trust relationship management providing ongoing 86 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  for the funds. To learn more about how a mutual fund company selects brokerage firms for trade execution, a client should consult the fund’s statement of additional information, available from each fund. or by Baird’s during a blackout period one business day before or after the date that a client transaction in that same security is executed. The Code provides for certain exceptions deemed appropriate by Baird management Compliance Department. In addition, orders for the accounts of Access Persons and other Baird associates that are under discretionary management by Baird may be aggregated with orders for other Baird client accounts, so long as the order is executed as part of a block transaction with client orders. A copy of the Code is available to clients or prospective clients upon request. Certain Baird associates from time to time may provide clients with tax return preparation, bill pay or related services. In some instances, the fee for those services may be bundled with the Advisory Fee. A client should understand that the provision of such services is separate from, and not related to, the Services offered under this Brochure and will be governed by an agreement separate from the client’s advisory agreement with Baird. A client should understand that Baird and its associates do not act as investment adviser or fiduciary to the client when providing tax return preparation, bill pay or related non- advisory services to the client. Baird has also implemented certain policies and procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing advisory-related services to clients. Participation or Interest in Client Transactions Investment Advisory Accounts Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are recommended to or are purchased or sold for client accounts. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. Asset-based Advisory Fee arrangements create an incentive for Baird and PAM Consultants to set the applicable fee rate at a high level and to encourage clients to add more money into their accounts. Baird and PAM Consultants also have an incentive to recommend an investment advisory account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. Select clients may pay a fixed dollar fee, which presents a conflict in that such fee does not give the PAM Consultant an incentive to make recommendations that could benefit the client’s account, or a performance or incentive fee, which presents a conflict because it gives the PAM Consultant an incentive to recommend riskier investments in order to achieve the level of performance in the account that would result in payment of the fee. Commission-Based Fee Arrangements present a conflict of interest because it gives Baird and the client’s PAM Consultant an incentive to trade actively for the client’s Account, or recommend or select Other Managers that trade actively, and to provide advice based upon the compensation received rather than on a client’s needs. See To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide investment advisory services to clients, including PAM Consultants, their supervisors, and certain associates who have access to non-public information relating to advisory client accounts (“Access Persons”). The Code prohibits Access Persons from using knowledge about advisory client account transactions to profit personally, directly, or indirectly, by trading in his or her personal accounts. The Code also generally from executing a prohibits Access Persons security transaction for their personal accounts 87 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Ongoing Product Fees receives ongoing fees “Fees Fees— and Compensation—Advisory Calculation and Payment of Advisory Fees— Commission-Based Fee Arrangements” above for more information. Accounts and Investments Provide Different Levels of Compensation invested in Baird from certain investment products that are purchased and held in client Accounts. Those fees, such as distribution (12b-1) and/or service fees (“12b-1 fees”) from mutual funds, are based on the value of client assets those products. A PAM Consultant’s compensation increases as those fees increase. Thus, Baird and PAM Consultants have an incentive to recommend such products and to recommend such products that pay the greatest ongoing fees. investment products investments Baird offers The accounts and provide Baird different levels of compensation. Baird and PAM Consultants have an incentive to generate revenues from client accounts and to offer and make recommendations that will provide them the greatest level of compensation. Recommendations of Related, Proprietary or Affiliated Funds and Managers Certain mutual funds charge 12b-1 fees, which are paid to Baird. Baird receives 12b-1 fees on an ongoing basis as compensation for the services Baird provides to the applicable mutual fund. The 12b-1 fees paid by a mutual fund are disclosed in the mutual fund’s prospectus. on Baird’s website Baird and PAM Consultants have an incentive to recommend related, proprietary or affiliated funds or managers because when client’s invest in affiliated funds or select an affiliated manager to manage client accounts, they will make more money. See “Other Industry Activities and Affiliations—Certain Affiliated and Related Parties” above and “List of Affiliated Companies, Funds at and Managers” bairdwealth.com/retailinvestor. Referral Compensation Paid to PAM Consultants Baird generally does not allow mutual funds with 12b-1 fees to be purchased for PAM Service Accounts. If Baird receives 12b-1 fees from a fund with respect to a client’s mutual fund investment in the client’s Account and the client’s Account is subject to an asset-based fee arrangement, Baird either: (1) rebates such 12b-1 fees to the client’s Account if the client is paying an asset-based Advisory Fee on such investment; or (2) excludes such fund shares from the calculation of the client’s asset-based Advisory Fee (sometimes referred to as “unbillable assets”) for such period of time that Baird collects and retains the 12b-1 fee. 12b-1 fees rebated to a client’s Account are estimated based on the average daily balance of the mutual fund shares in the Account and the annual rate of the 12b-1 fee paid by the applicable fund. If any rebated fees remain in a client’s Account at the time of billing, those rebated amounts will be included in the Account assets subject to the Advisory Fee. Program. See “Trust PAM Consultants receive additional compensation to certain of Baird’s for referring clients proprietary or affiliated funds or managers described above. Such special compensation and referral fees give PAM Consultants an incentive to recommend or refer clients to these proprietary or funds and managers. See “Other affiliated Industry Activities and Affiliations—Certain Affiliated and Related Parties” above. PAM Consultants also receive additional compensation for referring clients to Baird Trust and for referring clients to unaffiliated banks that make loans to clients under Baird’s Securities-Based Lending Services Arrangements” and “Securities-Based Lending Program” below. In addition to those referral arrangements, PAM Consultants receive special compensation for referring business to certain of Baird’s other departments. See “Investment Banking, Public Finance and Institutional Equities Trading Activities” below. If Baird receives 12b-1 fees with respect to mutual fund shares that are designated as unbillable assets in a client’s Account, Baird will retain such 12b-1 fees. This presents a conflict of interest because it provides Baird and its PAM Consultants an incentive to recommend or invest client accounts in mutual fund shares that pay greater 12b-1 fees. Baird addresses this conflict by adopting a Mutual Fund Share Class Policy described above and by adopting internal policies that limit the circumstances under which mutual fund investments in client accounts can be 88 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Schwab Clearing Arrangement designated as unbillable assets and 12b-1 fees can be retained. Marketing Support and Revenue Sharing from Mutual Fund and UIT Sponsors Baird has a clearing arrangement with Charles Schwab & Co., Inc. (“Schwab”) whereby Schwab maintains an omnibus account with certain mutual fund families for Baird on behalf of Baird clients. Under the clearing arrangement, Schwab provides clearing services for most “no load” funds and “load” funds held by Baird clients. Although Baird pays Schwab a fee for its clearing and omnibus services, Schwab generally passes through to Baird the shareholder servicing fees that Schwab receives from the funds. Shareholder servicing fees are not paid by Schwab on mutual fund assets held in Retirement Accounts to the extent prohibited by applicable law. The amount of the shareholder servicing fees paid to Baird is based on the value of the client assets invested in those funds. However, the shareholder servicing fee rate varies based on the type of fund (load or no load), the value of client assets in those funds, and the relationship that Schwab has with those funds (whether or not Schwab receives payments from those funds or their sponsors, and the rates of such payments). As a result, Baird has an incentive to recommend mutual funds from which Baird would receive higher payments from Schwab. However, Baird generally does not compensate PAM Consultants based upon the amounts Baird receives from Schwab except with respect to amounts attributable to sales loads and 12b-1 fees that Baird would otherwise receive directly from a fund if it were not for the existence of the clearing arrangement with Schwab. If Baird receives 12b-1 fees from Schwab with respect to a mutual fund investment in a client’s Account, Baird rebates or retains such fees as further described under the heading “Ongoing Product Fees” above. Trust Portfolios and Baird Conference Sponsorships funds, the opportunity Please see seminars Baird receives marketing support or revenue sharing payments (“marketing support”) from the sponsors and investment advisers of certain mutual funds. These payments, which are based on sales of, or client assets invested in, such funds, are intended to compensate Baird for providing marketing, distribution and other services for the mutual funds. Marketing support is not paid by sponsors or investment advisers of mutual funds on mutual fund assets held in investment advisory Retirement Accounts to the law. Baird extent prohibited by applicable received marketing support payments over the past two calendar years from the sponsors or investment advisers of Alliance Bernstein Funds, American Funds, Franklin Templeton Funds, Fidelity Funds, Goldman Sachs Funds, Hartford Funds, Invesco Funds, John Hancock Funds, JPMorgan Funds, Lord Abbett Funds, MFS Funds, PIMCO Funds and Principal Funds. Baird also generally receives marketing support related to the sale of units of UITs. Sponsors of UITs typically make marketing or concession payments to the firms that sell their UITs, including Baird. These payments are typically calculated as a percentage of the total volume of sales of the sponsor’s UITs made by the firm during a particular period. That percentage typically increases as higher sales volume levels are achieved. Descriptions of these additional payments are provided in a UIT’s prospectus. UIT sponsors that have paid volume concessions to Baird over the past two calendar years include Advisors Asset Management (AAM), SmartTrust, Guggenheim First Investments. Receipt of marketing support payments from sponsors and investment advisers of mutual funds and UITs provides Baird an incentive to offer, market and recommend such mutual funds and UITs and to favor mutual funds and UITs with sponsors or investment advisers that make the greatest levels of such payments. Baird does not share these payments with PAM “Revenue Consultants. Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. supporting Baird Please see Baird hosts a number of seminars and conferences for PAM Consultants in any given year, including Baird’s PWM Symposium, which gives sponsors of investment products, such as mutual to make presentations at, and contribute money toward the cost of, such seminars and conferences. This presents a conflict of interest in that it gives Baird an incentive to promote or market the sponsors’ investment products in order to persuade them to and continue conferences. “Revenue Sharing/Marketing Support and Other Third Party 89 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Margin Loans Payments” at bairdwealth.com/retailinvestor for more information. PAM Consultants Receive Benefits from Product Providers Baird has an incentive to recommend that a client use margin because Baird receives interest on loans, and Baird and PAM client margin Consultants also have an incentive to recommend that a client use margin, because a margin loan allows the client to make larger and more securities purchases. It also increases the value of a client’s Account and thus the Advisory Fee associated with that Account because the margin loan is not deducted for purposes of calculating the fee. Please see “Advisory Business—Additional Service Information—Margin Loans” above for more detailed information. Securities-Based Lending Program PAM Consultants receive Service Baird and PAM Consultants have an incentive to recommend that a client participate in Baird’s Securities-Based Lending Program because Baird and referral compensation and such loans allow a client to keep more assets in the client’s Accounts, which result in more advisory fees for us and paid to the client’s PAM Consultant. Please see “Advisory Business—Additional Information— Securities-Based Lending Program” above for more detailed information. benefits. see Investment Advisory and Brokerage Account and Service Recommendations PAM Consultants generally receive non-cash compensation and other benefits from Baird and from sponsors of investment products with which Baird does business. Such non-cash compensation and other benefits may include invitations to attend conferences or educational seminars, payment of related travel, lodging and meal expenses, and receipt of gifts and entertainment. For example, PAM Consultants are invited to educational conferences hosted by sponsors of mutual funds, annuities and other investment products, with the costs associated with such conference (including travel and lodging) paid by the sponsors. In addition, PAM Consultants hold client events with some or all of the costs of such events paid by sponsors of investment products. Product sponsors may also provide gifts and entertainment in connection with those or other events. These benefits present a conflict of interest in that they give PAM Consultants an incentive to recommend investment products and their sponsors that provide the greatest levels of such “Revenue Please Sharing/Marketing Support and Other Third Party Payments” at bairdwealth.com/retailinvestor for more information. Cash Sweep Program to clients rather Program Baird Consultant receive Baird has an incentive to have clients participate and maintain significant balances in Baird’s Cash Sweep receives because substantial compensation on client cash balances that are automatically swept into bank deposit accounts and invested in money market mutual funds under the program. Please see “Advisory Business—Additional Service Information—Cash Sweep Program” above for more detailed information. Trust Services Arrangements Business—Additional Baird and PAM Consultants generally have a financial incentive to recommend investment advisory Accounts than brokerage accounts because Advisory Fee is recurring, more predictable and revenue typically greater than the revenues Baird earns, and the compensation PAM Consultants receive, from brokerage accounts. In addition, because Advisory Fees are paid by a client regardless of the trade activity in the client’s advisory Account, Baird will receive greater revenue, and the client’s PAM greater will compensation, from a low trade-activity advisory Account than from a low trade-activity brokerage account. Baird and PAM Consultants thus have an incentive to recommend an investment advisory Account to a client rather than a brokerage account if the client has, or is expected to have, lower levels of trading activity in the client’s account. However, because Baird’s revenues and the compensation paid to PAM Consultants from brokerage accounts increase as the level of trading increases, Baird and PAM Consultants have an incentive to recommend a brokerage Baird and PAM Consultants have an incentive to recommend that a client retain Baird Trust for the client’s trust services needs rather than an unaffiliated firm because it is more profitable for Baird and they receive compensation from Baird Trust if the client retains Baird Trust. Please see “Advisory Service Information—Trust Services Arrangements” above for more detailed information. 90 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  with Baird, even if to recommend account to a client rather than an investment advisory Account if the client has, or is expected to have, significant trading activity in the client’s account. PAM Consultants also have a financial incentive certain wealth management services, such as financial planning. Please see “Fees and Compensation—Advisory Fees—Advisory Fee Payments to Baird, PAM Consultants and Investment Managers” above for more detailed information. to a client even though Account Transfers and New Accounts BFG stock creates a financial incentive to make recommendations to the client that increase the amount of revenues generated from the client’s those accounts recommendations will not increase the PAM Consultant’s production, so as to increase the revenues and profitability of Baird’s PWM department and thus of BFG, which will serve to grow the value of the BFG stock. For example, ownership of BFG stock provides a client’s PAM Consultant an incentive to recommend affiliated products such recommendation does not increase the client’s PAM Consultant’s production. Relationships with Issuers of Securities for in companies or Baird and a client’s PAM Consultant have an incentive to recommend that the client transfer the client’s accounts to Baird and establish new accounts with Baird (including IRA rollovers) because doing so will result in increased revenues to Baird and compensation the PAM Consultant. Recommendations to Open Different Types of Accounts invest From time to time, Baird may have proprietary investments issuers whose securities are offered and sold to clients, a PAM Consultant or another Baird associate may have significant investments in companies or issuers whose securities are offered and sold to clients, or a PAM Consultant or another other Baird associate (or their spouses, partners or family members) may have a position as an officer or director of a company or issuer whose securities are offered and sold to clients. In such cases, Baird and/or a client’s PAM Consultant will have an incentive to recommend that the client in those companies. PAM Consultants Transferring to Baird Baird and PAM Consultants have an incentive to recommend that a client open different types of accounts with Baird, such as individual accounts, IRA rollovers, joint accounts, 529 plan accounts and UGMA/UTMA accounts, because if a client has different types of accounts with Baird, the client brings more of the client’s investable assets to Baird, on which fees can be generated, thereby increasing Baird’s revenues and the client’s PAM Consultant’s compensation. Also, if a client has more account types with Baird, the client is statistically more likely to maintain the client’s relationship with Baird and the client’s PAM Consultant for longer periods of time. Baird Stock Ownership A PAM Consultant joining Baird from another firm has an incentive to recommend that a client to transfer the client’s accounts from such firm to Baird because doing so will increase the PAM Consultant’s compensation. Please see “Advisory Business—Advisory Fees—Advisory Fee Payments to Baird, PAM Consultants and Investment Managers” above for more detailed information. Principal Trading that increase the Most PAM Consultants own common stock of BFG, Baird’s ultimate parent, and when offered the opportunity to buy BFG stock they usually do so. The amount of BFG stock that a PAM Consultant may purchase is based in part on the PAM Consultant’s total production level. A client’s PAM incentive to make Consultant thus has an recommendations PAM Consultant’s total production on the client’s accounts with Baird. Moreover, revenues from in which PAM Baird’s PWM department, Consultants operate, contribute substantially to BFG’s overall revenues and profitability, and the performance of BFG’s stock price is largely due to the profitability of Baird’s PWM department. As a result, a client’s PAM Consultant’s ownership of Baird and PAM Consultants have an incentive to execute a trade for a client on a principal basis. The compensation that Baird and PAM Consultants receive on principal trades, such as a markup or markdown, is often higher than the compensation they receive when executing trades as agent, such as commissions. The compensation received by Baird and PAM Consultants is in addition to the asset-based Advisory Fee a client pays on the client’s advisory Accounts. Thus, Baird and PAM incentive to trade as Consultants have an principal rather than as agent. Principal trades 91 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Business—Additional be higher than the compensation they would normally receive if clients were to buy them in the secondary market, and because the profitability of underwritten offerings to Baird depends upon Baird’s ability to sell the securities allocated to Baird in the offering. also allow Baird to sell securities from Baird’s account that Baird deems undesirable and to buy securities for Baird’s account that Baird deems desirable. For more information, please see “Advisory Service Information—Trading for Client Accounts—Trade Execution Services Performed by Baird—Principal Trades” above. Allocations of IPOs and Other Public Offerings Baird’s Investment Banking, Public Finance and Institutional Equities Services Activities PAM Consultants have the incentive to favor some clients over other clients when allocating shares issued in public offerings, particularly those clients with larger accounts or accounts that generate high fees and compensation, as a reward for their past business or to generate future business. related services Research Activities fees the services The investment advice provided to a client may be based on the research opinions of Baird’s research departments. Baird does, and seeks to do, business with companies covered by those research departments and as a result, Baird may have a conflict of interest that could affect the content of its research reports. Investment Banking Trade Error Correction the securities issued in It is Baird’s policy that a client’s account will be fully compensated for any losses incurred as a result of a trade error for which Baird is responsible. If the trade error results in a gain, the gain may be retained by Baird. For more information, please see “Brokerage Practices— PAM’s and Baird’s Trading Practices—Trade Error Correction” below. to Baird’s Other Client Relationships Certain client accounts overseen by Baird and PAM Consultants may have similar investment objectives and strategies but may be subject to different fee schedules or commission rates. Thus, Baird and its PAM Consultants have an incentive to favor client accounts that generate a higher level of compensation. Baird’s Other Broker-Dealer and Related Activities Through its Investment Banking, Public Finance and Institutional Equities Services Departments, Baird provides investment banking, municipal advisory, securities underwriting, stock buyback and to various corporate, municipal, and other issuers of securities. Baird from such receives compensation and entities it in connection with provides. Baird may, therefore, have an incentive to favor the securities of issuers for which Baird provides such services over the securities of issuers for which Baird does not provide such services. A PAM Consultant who refers a client to Baird for a possible transaction in which Baird Investment Banking earns a financial advisory or underwriting fee receives a portion of such fee. A PAM Consultant who refers a client to Baird Public Finance for a municipal advisory or underwriting opportunity receives a portion of the compensation earned by Baird Public Finance on that opportunity. Baird and PAM Consultants thus have an incentive to recommend those offerings. A PAM Consultant who refers a Institutional Equities corporation business for a stock buy-back program receives a portion of the commissions earned by Baird’s Institutional Equities business. Baird and its PAM Consultants may, therefore, have an incentive to buy, and to recommend that clients sell, the securities of issuers that are part of Baird’s buyback services. For more information about referral compensation paid to PAM Consultants and related conflicts of interest, please see “Baird Referral Programs” on Baird’s website at bairdwealth.com/retailinvestor. Baird Underwritten Offerings In their broker-dealer, and broker-dealer representative capacities, respectively, Baird and its PAM Consultants provide brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, Complex Investment Products and other securities. Baird and its PAM Consultants receive Baird and PAM Consultants have an incentive to recommend that clients purchase securities in offerings underwritten by Baird because the underwriting compensation that Baird and PAM Consultants will earn on those offerings tends to 92 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  compensation based upon the sale of such investment products. time that investments for execution in the six months prior to the request. Such information will include the identity of the venue to which orders were routed, whether such orders were directed or non- directed and the time of the transactions, if any, that resulted from such orders. Baird also prepares a quarterly summary discussing certain orders routed away for execution, including the type and the identity of the broker-dealers or exchanges receiving such orders. This summary as well as other important information about Baird’s order routing practices are available at: http://www.rwbaird.com/help/account- disclosures/routing-equity-orders.aspx. Service from time Baird and its affiliates and associates may buy or sell investments that are recommended to or owned by a client for their own accounts, or they may act as broker or agent for other clients investments. Those buying or selling those transactions may include buying or selling investments in a manner that differs from, or is inconsistent with, the advice given to a client, and those transactions may occur at or about the are such same recommended to or are purchased or sold for a client’s account. Baird may also engage in agency cross transactions and principal transactions with clients as further described under “Advisory Information— Business—Additional Trading for Client Accounts—Trade Execution Services Performed by Baird” above. Baird and its associates, by reason of Baird’s investment banking or other broker-dealer, time acquire to activities, may information deemed confidential, material and non-public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information with respect to any client Account. Baird’s other activities thus present a potential conflict of interest because such activities may limit Baird’s ability to advise or manage client Accounts. Other Conflicts of Interest As a registered broker-dealer, Baird effects transactions in securities on a national exchange and may receive and retain compensation for such services, subject to the limitations and restrictions made applicable to such transactions by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder. Baird may also benefit from the possession or use of any free credit balances in client Accounts, subject to restrictions imposed by Rule 15c3-3 under the Exchange Act. Free credit balances include uninvested cash in client Accounts that has not been automatically deposited or swept into a bank deposit account or money market mutual fund. securities exchanges Baird offers to clients other investment products and services not described in this Brochure. These investment products and services provide different levels of compensation to Baird and its PAM Consultants. Baird and its PAM Consultants have an incentive to favor those investment products and services that generate a higher level of compensation than those that generate a lower level of compensation. For more information about the other investment products and services offered by Baird, clients should contact Baird or a PAM Consultant. Other sections of this Brochure also describe instances when Baird and its PAM Consultants may recommend to clients, and may buy and sell for client’s Account, securities in which Baird and its affiliates and associates have a material financial interest or practices that present a conflict of interest. For more information, please see “Advisory Business—Advisory Fees—Advisory Fee Payments to Baird, PAM Consultants and Investment Managers” and “Other Financial Baird may route certain securities orders to other broker-dealers or for execution. Baird selects execution venues based on the size of the order, trading characteristics of the security, speed of execution, likelihood of price improvement, availability of efficient automated transaction processing, guaranteed automatic execution levels, and other qualitative factors. Baird receives remuneration in the form of payment or liquidity rebates on certain options or equity securities orders routed to some venues (commonly known as “payment for order flow”). This compensation, although not material to Baird’s trading business, gives Baird an incentive to route client orders for securities transactions to those venues that provide Baird the greatest levels of compensation. At a client’s request, Baird will make available certain information about the routing of such client’s orders routed 93 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Industry Activities and Affiliations” above, and “Client Referrals and Other Compensation” below. amount against the Advisory Fees payable by a client unless such compensation may not be retained under applicable law or regulation. Addressing Conflicts Brokerage Practices PAM’s and Baird’s Trading Practices Broker-Dealer Selection for Baird and The foregoing activities could create a conflict of interest with clients. In addition to the measures described above, Baird addresses conflicts posed by those activities through disclosure in this Brochure, the client’s agreements with Baird, the Client Relationship Booklet and prospectuses, offering documents or other disclosure documents provided or made available to clients. Baird has also adopted a Code of Ethics and other internal policies and procedures its associates that: • require them to provide investment advice that is suitable for advisory clients (based upon the information provided by such clients); that • are designed securities to ensure allocations made to discretionary client accounts are made in a manner such that all such clients receive fair and equitable treatment over time; financial responsibility, and • address Baird’s and its associates’ trading activities and are designed to prevent them from improperly benefiting from the trading activities of Baird’s advisory clients; and • address and limit cash and non-cash benefits provided to PAM Consultants by third parties in an attempt to avoid any question of propriety or any conduct inconsistent with Baird’s high standards of ethics. PAM and Baird will select the broker-dealers, which may include Baird, that will execute trade orders for Non-Discretionary Accounts and with respect to Accounts that are managed directly by PAM or Baird unless the client has provided instructions to PAM to the contrary. As investment adviser, PAM and Baird have an obligation to seek “best execution” of client trade orders. “Best execution” means that they must place client trade orders with those broker-dealers that they believe are capable of providing the best qualitative execution of client trade orders under the circumstances, taking into account the full range and quality of the services offered by the broker-dealer, including the value of the research provided (if any), the broker-dealer’s execution capabilities, the cost of the trade, the broker- dealer’s its responsiveness to PAM and Baird. It is important to note that PAM’s and Baird’s best execution obligation does not require them to solicit competitive bids for each transaction or to seek the lowest available cost of trade orders, so long as they reasonably believe that the broker-dealer selected can be reasonably expected to provide clients with the best qualitative execution under the circumstances. From time to time, clients may direct PAM to execute trades through Baird. See “Directed Brokerage” below. Duration Compensation Will Be Received Trade Aggregation, Allocation and Rotation Practices extend beyond a client’s If a client holds any of the investment products its affiliates and described above, Baird, associates will receive the fees and payments described above for the duration of the client’s advisory In some relationship with Baird. circumstances, the receipt of such compensation advisory may relationship with Baird if the client continues to hold those assets at Baird. retain PAM and Baird may aggregate contemporaneous buy and sell orders for the accounts over which they have discretionary authority (a practice also known as bunching trades or block transactions). This practice may enable them to obtain more favorable execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist them in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing, client orders. If Baird, or an affiliate or associate of Baird, receives any compensation or benefit described in this Brochure from or related to a client’s investment, the they will generally compensation or benefit. Except as otherwise described above, Baird generally does not rebate these amounts to a client’s Account or credit the 94 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  to be low. Adjustments may also be made to avoid a nominal allocation to client accounts. under their direct favorable net price When PAM is not able to aggregate trades, PAM generally uses a trade rotation process that is designed to be fair and equitable to its advisory clients over time. However, a client should be aware that PAM’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in the rotation, and, as a result, the client may receive a for the less applicable trade. into consideration account PAM and Baird generally aggregate buy and sell orders when executing trades for client account assets discretionary management when they have the opportunity to do so. When utilizing block transactions, PAM and Baird generally aggregate a client’s trade orders with trade orders for clients who are participating in the same Service and pursuing the same model portfolio or strategy. In some cases, PAM or Baird may aggregate a client’s trade orders with trade orders for other advisory clients who are not participants in the Services described in this Brochure. However, PAM and Baird determine whether or not to utilize block transactions for a client in their sole discretion and PAM’s and Baird’s decision is subject to their duty to seek best execution. In determining the amount to be allocated to an account, if any, PAM and Baird take specific investment restrictions, undesirable position size, account portfolio weightings, client tax status, client cash positions and client preferences. All advisory clients participating in a block transaction will receive the same execution price for the security bought or sold. Average prices may be used when allocating purchases and sales to a client’s Account because such securities may be purchased and sold at different prices in a series of block transactions. As a result, the average price received by a client may be higher or lower than the price the client may have received had the transaction been effected for the client independently from the block transaction. income securities in Notwithstanding the foregoing, if an aggregated trade order involves fixed income securities, PAM and Baird may allocate the securities based on the needs of client accounts. In addition, PAM and Baird will at times place aggregated trade orders for fixed income securities prior to determining how the aggregated trade order will be allocated to client accounts. In those instances when an aggregated trade order for fixed income securities is placed prior to determining client allocations or when such trade order is only partially filled, PAM or Baird will seek to allocate trades in manner intended to be fair and equitable to applicable clients over time. Furthermore, when a trade order for fixed income securities is only partially filled, PAM and Baird may place orders for other fixed that have similar characteristics, such as issuer name, structure, credit rating, or market sector. treatment over Because PAM and Baird are unable to buy or sell any security for a client’s Non-Discretionary Accounts without the client’s authorization, PAM and Baird generally do not aggregate or bunch trades for those Accounts with the same or similar trades for other client accounts. Because similar orders for the client and PAM’s or Baird’s other clients may be placed and filled at different times, the client may buy or sell securities at prices that are different from the prices obtained by other clients who received the same or similar advice from PAM or Baird. Directed Brokerage Arrangements the The amount of securities available marketplace, at a particular price at a particular time, may not satisfy the needs of all clients participating in a block transaction and may be insufficient to provide full allocation across all client accounts. To address this possibility, Baird has adopted trade allocation policies and procedures that are designed to make securities allocations to discretionary client accounts in a manner such that all such clients receive fair and equitable time. If a block transaction cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day will generally be allocated pro rata among the clients participating in the block transaction. However, PAM may also make random allocations to client accounts in certain circumstances, such as when Baird deems a partial fill for the total block order In some cases, a client may direct PAM to use a particular broker-dealer for execution of the client’s trade orders (a “directed brokerage 95 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Before directing PAM to use a particular broker- dealer, a client should carefully consider the possible costs or disadvantages of directed brokerage arrangements. to be directed From time to time, PAM may request that PAM clients direct PAM to execute trades through Baird, as broker-dealer, including clients subject to a commission-based fee arrangement. This presents a conflict of interest, which is further described under “Fees and Compensation— Advisory Fees” above. Cross Trading Involving Advisory Accounts best execution for the the purchase of PAM generally does not in engage in cross transactions, including agency cross transactions, except in limited instances such as when clients buy or sell variable rate demand obligations which are also known as “put bonds”. When PAM believes that the transaction is consistent with each client’s best interest, PAM, acting as investment manager, may cause (or in the case of Non-Discretionary accounts, recommend) the sale of securities from the account of an advisory client while at or about the same time causing (or, in the case of Non-Discretionary accounts, recommending) the same securities for the account of another PAM advisory client. Such transactions may have the benefit of reducing transaction and market impact costs. arrangement”), and PAM may agree to the arrangement. This may occur when a client’s Account is held at another broker-dealer firm and a client directs PAM to execute trades through such firm, or when a client’s Retirement Account or other account is maintained on a platform operated and managed by a third party unaffiliated with PAM or Baird and trades must be executed through that platform. A client should understand that PAM and Baird consider such arrangements brokerage arrangements. A client should also understand that if the client has a directed brokerage arrangement, PAM and Baird may be unable to achieve client’s transactions. A client should note that any costs related to the directed brokerage arrangement are not included in the Advisory Fee and that the client will be solely responsible for monitoring, evaluating and reviewing the arrangement with the directed broker-dealer and paying any commissions or markups or markdowns or other costs imposed by the directed broker-dealer. A client should also note that PAM generally will not aggregate the client’s directed brokerage trade orders with orders for other PAM clients. As a result, a client’s transaction costs may be higher because the client will not benefit from any volume discounts or other reduced transaction costs that PAM may obtain for its other clients. A client should further note that PAM generally will not include such client trade orders in its trade rotation process and that PAM will generally place the client’s trade orders with the directed broker- dealer after PAM completes its trading for other PAM client accounts. The client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier in PAM’s rotation. As a result, the client may receive a less favorable net price for the trade. In such cases, because Baird is acting as investment adviser for both buyer and seller, Baird is subject to potentially conflicting interests in causing (or recommending) the transactions. Also, because Baird is acting as investment adviser for both buyer and seller, transaction prices may be determined more by reference to market information or dealer indications for the securities involved, and less through the type of independent arms-length negotiation that might otherwise occur. Baird has adopted internal policies and procedures that require PAM and Baird to obtain approval of Baird’s Compliance Department before affecting a cross trade. Trade Error Correction interest It is Baird’s policy that if there is a trade error for which PAM or Baird is responsible, PAM or Baird will take actions, based on the facts and circumstances surrounding the error, to put the client’s Account in the position that it would have been in as if the error had not occurred, including by adjusting or reversing the transaction, entering If a client directs PAM to use a particular broker- dealer, and if the particular broker-dealer referred the client to PAM or if the particular broker-dealer refers other clients to PAM or Baird in the future, PAM and Baird may benefit from the client’s directed brokerage arrangement. Because of these potential benefits, PAM and Baird may have an economic interest in having the client continue the directed brokerage arrangement. The benefits that PAM and Baird receive conflict with the client’s in having PAM or Baird recommend that the client utilize another broker- dealer to execute some or all transactions for the client’s Account. 96 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  execution, including better pricing and enhanced investment opportunities, than would otherwise be available if orders were not aggregated. Using block transactions may also assist the investment manager in potentially avoiding an adverse effect on the price of a security that could result from simultaneously placing a number of separate, successive or competing client orders. an offsetting transaction, or other methods that may be deemed appropriate by Baird. Errors caused by PAM or Baird will be corrected at no cost to client’s Account, with the client’s Account not recognizing any loss from the error. PAM and Baird may net gains and losses from a single error event involving more than one transaction in a security or transactions in multiple securities. The client’s Account will be fully compensated for any losses incurred as a result of an error event. If the trade error results in a gain, the gain may be retained by Baird but such gain is not given to or shared with any PAM or Baird associate. PAM and Baird offer many services and, from time to time, may have other clients in other programs trading in opposition to a client. To avoid favoring one client over another client, Baird attempts to use objective market data in the correction of any trading errors. in the information If a client’s Account is managed by an Other Manager, the client should review the Other Manager’s Brochure and contact the Other Manager for information about how the Other Manager corrects trade errors. Alternatively, an investment manager may utilize a trade rotation process where one group of clients may have a transaction effected before or after another group of the investment manager’s clients. A client should be aware that an investment manager’s trade rotation practices may at times result in a transaction being effected for the client’s Account that occurs near or at the end of the investment manager’s rotation and, in such event, client’s trade orders will significantly bear the market price impact, if any, of those trades executed earlier investment manager’s rotation, and, as a result, the client may receive a less favorable net price for the trade. Additional regarding an investment manager’s trade rotation policies, if any, is available in the investment manager’s Form ADV Part 2A Brochure. Soft Dollar Benefits PAM and Baird receive no research or other products from broker-dealers in connection with PAM clients’ securities transactions. on Trading Practices of Investment Managers If a client’s Account or a portion thereof is managed by an investment manager, the client should note that, like Baird, such investment manager has a duty to seek best execution for the client’s Account. the investment manager, Investment managers may participate in wrap fee programs. In addition, investment managers may manage institutional and other accounts not part of a wrap fee program. In the event an investment manager purchases or sells a security for all accounts using a particular SMA Strategy offered by the investment manager may have to potentially effect similar transactions through a number of different broker-dealers. In some cases, to address this situation, investment managers may decide to aggregate all such client transactions into a block trade that is executed through one broker-dealer. This practice may enable the investment manager to obtain more favorable Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. The Overlay Manager has provided to Baird a list of Model Providers that have such trade rotation policies, which list is available at website Baird’s bairdwealth.com/retailinvestor. A PAM client should understand that an Account pursuing a Model Portfolio strategy offered by those Model Providers will have trades executed for the client’s Account at the end of the Model Provider’s trade rotation on a regular and consistent basis. As a result, trade orders for such an Account will significantly bear the market price impact, if any, of those trades executed earlier in the Model Provider’s rotation and the performance of the Account will differ, perhaps in a materially negative manner, from the performance of client accounts managed by the Model Provider. In addition and for the same reasons described above, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from 97 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  in A client should understand that certain securities, such as securities traded over-the-counter and fixed income securities, are primarily traded in dealer markets. When Baird purchases or sells these types of securities for client accounts, it generally does so through broker-dealer firms acting as a dealer or principal. Dealers executing principal trades typically include a markup, markdown or spread in the net price at which transactions are executed. A client bears such costs in addition to the Advisory Fee. Agency Cross Transactions except in limited the Model Provider’s the actual performance realized by PAM client Accounts pursuing the Model Portfolio strategy. PAM and Baird do not make or control any investment manager’s trade rotation policies, and they do not monitor, evaluate or review any investment manager’s compliance with the manager’s trade rotation policies or whether such trade rotation policies result inequitable performance of client Accounts. A client selecting a Model Portfolio offered by such a Model Provider is urged to obtain a copy of the Model Provider’s Form ADV Part 2A Brochure and review the description of the Model Provider’s trade rotation policy contained in that document. A copy of a Model Provider’s Brochure can be obtained by contacting a PAM Consultant. A client should also monitor the performance of an Account pursuing such a Model Portfolio strategy and compare that performance with the performance reported for the Model Portfolio by the Model Provider. A client about Account should questions discuss trade performance or rotation policy with the client’s PAM Consultant. in accordance with A client should note that each investment manager is solely responsible for ensuring that it complies with its best execution obligations to the client. A client should review the manager’s trading for the client’s Account because PAM and Baird do not monitor, review or evaluate whether the manager is complying with its best execution obligations to the client. A client should review the manager’s Form ADV Part 2A Brochure, inquire about the manager’s trading practices, and consider that information carefully, before selecting a manager. PAM generally does not in engage in agency cross transactions, instances. However, in certain circumstances and to the extent permitted by applicable law and regulation, Baird and PAM Consultants may effect “agency cross” transactions with respect to a client’s Account. An “agency cross” transaction is a transaction in which Baird or its affiliates act as broker for the party or parties on both sides of the transaction. As compensation for brokerage services, Baird may receive compensation from parties on both sides of an agency cross transaction, the amount of which may vary. PAM Consultants may receive compensation from Baird related to agency cross transactions. Therefore, Baird and PAM Consultants may have a conflicting division of loyalties and responsibilities. However, in all cases, Baird and PAM Consultants will seek to obtain the best execution for each respective advisory client and will effect agency cross transactions only the requirements of Rule 206(3)-2 under the Advisers Act. Furthermore, Baird will comply with additional regulations applicable to Retirement Accounts. agency transactions A client should note that the client’s advisory agreement permits PAM and Baird to trade as principal on orders received from Other Managers. See “Trade Execution Services Performed by Baird—Principal Transactions” below for more information. “agency Where applicable, a client’s advisory agreement discusses and cross authorizes Baird and PAM Consultants to effect agency cross transactions for a client’s Account. A client’s authorization to Baird and PAM cross” to effect Consultants transactions is given pursuant to Rule 206(3)-2 under the Advisers Act and may be revoked at any time by the client in client’s sole discretion by notifying the client’s PAM Consultant in writing. Principal Transactions Trade Execution Services Performed by Baird If Baird provides trade execution services for a client’s Account, Baird will generally act as agent when routing client trade orders for execution. However, Baird may cross trades between client accounts or may act as principal for its own account in certain circumstances to the extent permitted by applicable law as is more fully described below. Subject to the requirements of applicable law, Baird and PAM Consultants may execute 98 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  transaction confirmation sent to PAM clients discloses the capacity in which Baird served in the transaction and whether Baird is a market maker in each security the client bought or sold. or if other the Account transactions. Riskless transactions for a client’s Account while acting as principal for Baird’s own account. Baird and PAM Consultants act as principal when they sell a security from Baird’s inventory to a client or they purchase a security from a client for Baird’s inventory. Baird and PAM Consultants also act as principal when they sell new issue securities to clients in securities offerings underwritten by Baird. Baird also acts as principal in riskless principal principal transactions refer to transactions in which Baird, after having received a client’s order, executes an identical order in the marketplace to fill the client’s order while acting as principal. realize profits To the extent permitted by applicable law and regulation, if a client’s Account participates in a non- Non-Discretionary Service discretionary service, or is managed by an Other Manager, the client’s advisory agreement provides Baird and PAM Consultants with a blanket authorization to act as principal for Baird’s own account in selling any security to, or purchasing any security from, the client’s Account. With this authorization, Baird and PAM Consultants may effect any and all principal transactions with the client’s Account to provide specific written without having disclosures or obtain written client consent prior to completion of each proposed principal trade, subject to the requirements of an exemptive order issued by the SEC to Baird (Rel. No. IA- 4596) and other applicable law and regulation. This authorization to enable Baird and PAM Consultants to trade as principal with a client’s Account may be revoked at any time by the client in client’s sole discretion by notifying the client’s PAM Consultant in writing. It is generally PAM’s practice to rebate to a client any compensation that PAM receives relating to agency cross trades or principal transactions effected for the client’s Account. interests of incentive to Baird may from principal transactions with a client based on the difference between the price Baird paid for the security and the price at which Baird sold the security, which may include a markup, markdown or spread from the prevailing market price, an underwriting fee, selling dealer concession, or other incentive to execute the transaction. PAM Consultants may receive compensation from Baird related to principal trades of securities underwritten by Baird. Any compensation received by Baird or a PAM Consultant in a principal transaction is in addition to the Advisory Fee paid by the client. Principal trades also allow Baird to sell securities from its account that it deems undesirable and to buy securities for its account that it deem desirable. Thus, in trading as principal with a client, Baird and PAM Consultants will have potentially conflicting division of loyalties and responsibilities regarding their own interests and the client. This potential the compensation may give Baird and PAM Consultants an recommend a transaction in which Baird and PAM Consultants transactions. act as principal over other Nonetheless, Baird and PAM Consultants have a fiduciary duty to act in the client’s best interest and to seek best execution for advisory clients. Baird addresses this conflict through disclosure in this Brochure. Furthermore, Baird has adopted internal procedures that require Baird and PAM Consultants, when acting in a principal capacity, to disclose all material information regarding Baird’s interest in the transaction, and obtain the client’s approval of the transaction prior to settlement. Review of Accounts Client Account Review Client accounts are monitored on a periodic basis by the client’s PAM Consultant and are subject to review by the Baird Market Director or PWM Supervision department supervisor (or his or her respective designee) responsible for supervising the client’s PAM Consultant. A client’s PAM Consultant generally reviews the performance of the client’s Account at least annually. However, the client’s PAM Consultant may not review the performance of a client’s SMAs managed by Other Managers under the Baird SMA Network Program or Dual Contract Program. Baird has designated individuals who are responsible for monitoring a client’s PAM Consultant with respect to the client account’s trading activity and attempting to ascertain whether client accounts within each composite are being treated equitably. A client’s advisory agreement discloses, where applicable, the possibility of Baird’s role in transactions, and each potential principal 99 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  included in a client’s Account generally do not exactly mirror the securities included in the index. performance comparisons Account Statements and Performance Reports If Baird provides transaction execution services to a client, Baird will generally provide the client with a monthly brokerage account statement when activity occurs during that month. Otherwise, Baird will provide the client with a quarterly statement if there has not been any intervening monthly transaction activity. The benchmarks used by Baird with respect to a client’s SMA may differ from the benchmarks used by the manager of the client’s SMA. As a result, the in Baird’s performance reports may differ from reports provided to clients directly by the investment manager for the client’s SMA. A client’s PAM Consultant will provide the client with a written report on the client’s Account’s performance as often as the client and the PAM Consultant may from time to time mutually agree. Performance reporting may not be available for Account assets that are not custodied at Baird. For more information about performance reports provided by PAM, see “Advisory Business— Description of Advisory Services” above. PAM or Baird may change or discontinue performance reporting to a client at any time for any reason upon notice. calculation of Client performance reports usually contain a portfolio valuation and typically show the asset allocation of the client’s portfolio, changes in a client’s portfolio, and account performance compared to a benchmark market index or indices (such as the S&P 500® Index or the Bloomberg U.S. Intermediate Government/Credit Bond Index). The benchmark may be a blended benchmark that combines the returns for two or more indices. The performance of investment managers may, under certain circumstances, be presented to clients on a “gross” or “gross of fees” basis, which means the performance results being presented does not reflect the deduction of Advisory Fees and other costs that clients have incurred and will incur when retaining the manager. Had applicable Advisory Fees and other costs been included in the performance calculation, the manager’s performance results would have been lower than the performance results presented. Documents presenting a manager’s performance results on a gross of fees basis should contain certain disclosures about the performance results being presented. Clients are urged to review carefully those disclosures because they contain important information about the the performance results. If a client is presented performance information for a manager’s strategy on a gross of fees basis and the client has an Account managed by that manager pursuant to that strategy, the client should obtain a performance report for the Account and review that performance information carefully because the performance report for the Account will reflect the deduction of applicable Advisory Fees and other costs. A client should note that past performance does not indicate or guarantee future results. None of PAM, Baird, or investment managers managing the client’s Account promise or guarantee any level of investment returns or that the client’s investment objective will be achieved. Certain Model Providers have adopted trade rotation policies that allow them to send Model Portfolio updates to the Overlay Manager after they have implemented the Model Portfolio updates for client accounts managed by them or after they have otherwise completed trading for those accounts. As a result, the performance of a Model Portfolio, as reported by the Model Provider, will differ, perhaps in a materially negative manner, from the actual performance realized by Baird client Accounts pursuing the Model Portfolio strategy. See “Additional Service Information—Trading for Client Accounts—Trading Practices of Investment Managers” above for more information. Benchmarks shown in performance reports are for informational purposes only. PAM’s selection and use of benchmarks is not a promise or guarantee that the performance of a client’s Account will meet or exceed the stated benchmark. When the client compares Account performance to the performance of a market index, the client should recognize that a market index merely reflects the performance of a list of unmanaged securities included in the index and the index performance does not take into account management fees, execution costs, and other expenses related to investing for a client’s Account. The securities 100 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  including, but not limited to, role in developing the these fees to Client Referrals and Other Compensation PAM or Baird may provide compensation to individuals who refer clients in some instances. When applicable, the compensation paid is a percentage of the client’s fee payments or the value of the client’s Account. The amount of compensation will vary, with the specific level determined based upon consideration of various factors the individual’s client relationship and the assets under management. registered Baird may pay representatives of Baird and its affiliates as well as to unaffiliated solicitors that have entered into a written agreement with Baird. When preparing a client’s Account statements and performance reports, PAM and Baird generally rely upon third party sources, such as third party pricing services. In some instances, such as when Baird is unable to obtain a price for an asset from a pricing service, Baird may obtain a price from its trading desk or it may elect to not price the asset. Obtaining a price from its trading desk may present a conflict of interest. In some cases, Baird obtains prices from the issuers or sponsors of investment products in the client’s Account when prices are not otherwise readily available. This frequently occurs with respect to the valuation of annuities and Complex Investment Products. If the assets in the client’s Account are held by a custodian other than Baird, Baird may also use valuation information provided by the client’s third party custodian. and Personal Trading” PAM and Baird and Baird’s affiliates and associates may receive certain economic benefits in connection with providing advisory services to clients, which are described in the sections entitled “Advisory Business—Additional Service Information”, “Fees and Compensation”, “Other Financial Industry Activities and Affiliations”, “Code of Ethics, Participation or Interest in Client and Transactions “Brokerage Practices” above. is unreliable. Valuation data in a timely manner, resulting from Custody Certain Services may require clients to custody their Account assets at Baird. If Baird is the custodian of a client’s assets, Baird will provide certain custody services, including holding the client’s Account assets, crediting contributions and interest and dividends received on securities held in a client’s Account, and making or “debiting” distributions the Account. Information about account statements and performance reports, if any, that PAM and Baird provide to clients is contained under the heading “Advisory Business–Consulting Services” and “Review of Accounts” above. PAM and Baird do not conduct a review of valuation information provided by third party pricing services, issuers, sponsors, or custodians, and they do not verify or guarantee the accuracy of such information. PAM and Baird do not accept responsibility for valuations provided by third parties that are inaccurate unless they have a reason to believe that the source of such valuations for investments, particularly annuities and Complex Investment Products, may not be provided to PAM in or Baird valuations that are not current. The prices obtained by PAM and Baird from the third party pricing services, issuers, sponsors and custodians may differ from prices that could be obtained from other sources. Values used in account statements and performance reports may vary from prices received in actual transactions and are not firm bids, offers or guarantees of any type with respect to the value of assets in an Account, and the values may be greater than the amount a client would receive if the securities were actually sold from the client’s Account. If a client has assets held by a third party custodian, the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by PAM or Baird. See “Custody” below for more information. As custodian, Baird may hold a client’s Account assets in nominee or “street” name, a practice that refers to securities and assets being registered in Baird’s name or in a name that Baird designates, rather than in a client’s name directly. Baird will be the holder of record in those instances. Baird may utilize one or more subcustodians to provide for the custody of a client’s assets in certain circumstances. For instance, Baird utilizes 101 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  subcustodians to maintain custody of certain client securities that are traded on foreign exchanges. (e.g., statements provided by PAM or Baird. A client should note that the prices shown on a client’s Account statements provided by the custodian could be different from the prices shown on statements and reports provided by PAM or Baird due to a variety of factors, including the use of different valuation sources and accounting methods settlement date trade or accounting) by the custodian and Baird. Investment Discretion Investment Selection and Trading Authorizations A client retains complete discretion over investment selection and trading decisions with respect to assets in a client’s Non-Discretionary Service Accounts, and PAM and Baird will only execute transactions for such Accounts pursuant to the client’s instruction or authorization. to client Accounts on If a client’s Account participates in a Discretionary Service, the client’s advisory agreement provides Baird and the client’s PAM Consultant, as applicable, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the Service selected by the client. a client’s If a client’s Account participates in the PAM Recommended Managers Service, the client’s advisory agreement provides Baird and the client’s PAM Consultant discretionary authority to appoint investment managers to manage the client’s Account and to terminate or replace investment managers for the client’s Account for any reason without prior notice to the client. If PAM or Baird terminates an investment manager from management PAM of Recommended Managers Service Account, the client’s advisory agreement provides PAM and Baird discretionary authority to manage the assets in the client’s Account until a replacement investment manager is selected or alternative arrangements are made for the management of the client’s assets. PAM and Baird in their sole discretion may accept into a client’s Account, Held-Away Assets including assets that are held by another custodian (a “third party custodian”). A client who uses a third party custodian to hold Account assets does so at the client’s risk. A client should understand that PAM and Baird do not monitor, evaluate or review any third party custodian. The client should also understand that the client will pay a custody fee to the third party custodian in addition to the Advisory Fee. Baird may also impose additional fees on Accounts with assets held by a third party custodian due to the increase in resources needed to administer those Accounts. Further, such third party custody arrangements may limit the Services made available to the client. In addition, a client should understand that: (a) each third party custodian has exclusive control over the investment options made available the custodian’s platform; (b) PAM and Baird have no authority or ability to add to, or remove from, a custodian’s platform any investment option; (c) any advice given by PAM or Baird with respect to the Account is inherently limited by the options available through a custodian’s platform; (d) PAM or Baird may have provided different investment advice with respect to the Account had they not been limited to the investment options made available through the custodian’s platform; and (e) certain investments, such as mutual fund shares, could be more or less expensive than if the investment was obtained from Baird or another firm. A client should further note that PAM and Baird may not provide performance review or reporting for Held-Away Assets. In addition, a client who uses a third party custodian is not eligible for cash sweep services offered by Baird. Clients using a third party custodian are encouraged to establish appropriate cash sweep arrangements. include If a client’s Account participates in an SMA Service, the client’s advisory agreement provides the investment manager selected to manage the an client’s Account, which may Implementation Manager, discretionary authority to manage the assets in the client’s Account in accordance with the terms of the SMA Service selected by the client. A client who uses a third party custodian authorizes PAM and Baird to give instructions to the client’s custodian for all actions necessary or incidental to the purchase, sale, exchange, and delivery of securities held in the client’s Account. Also, the client will receive account statements directly from the client’s selected custodian. A client should carefully review those account them with any compare statements and 102 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  subject to the manager’s duty to seek to obtain best execution, or unless a client has provided other instructions in writing. Baird, as broker- dealer, will rely upon any such instructions of any investment managers selected to manage the client’s Account. for buying, holding, the If a client participates in an SMA Service, the client authorizes PAM and Baird to share client’s information with the Overlay Manager and any Other Manager or Implementation Manager managing the client’s Account. The client also authorizes and directs PAM and Baird to transmit to the Overlay Manager and any such Other Manager or Implementation Manager any instructions that the client may provide to PAM or Baird to the extent necessary to carry out the client’s instructions. the client. Pursuant Client Investment Restrictions The Discretionary and the SMA Services offer a client the ability to impose reasonable investment restrictions on the management of an Account, including the designation of particular securities or types of securities that should not be purchased for the client’s Account, but a client may not require that particular funds or securities (or types) be purchased for the client’s Account. Reasonable investment restrictions requested by a client will apply only to those assets over which PAM, Baird or a client’s investment manager has discretion. investments to those If a client grants discretionary authority over the client’s Account to PAM, Baird, the client’s PAM Consultant or the client’s investment manager, the client’s advisory agreement authorizes PAM, Baird, the client’s PAM Consultant and the client’s investment manager, as applicable, to manage the client’s Account and to make investment decisions for the client’s Account, with the authority to determine the amount, type and timing exchanging, converting and selling securities and other assets for the client’s Account, subject to the terms of the Service selected by the client. The client’s advisory agreement also grants to PAM, Baird, the client’s PAM Consultant and client’s investment manager, as applicable, complete and unlimited trading authorization and appoints them as the client’s agents and attorneys-in-fact to manage the assets in the client’s Account on the client’s behalf, subject to the terms of the Service selected by to such authorization and powers of attorney, PAM, Baird, the client’s PAM Consultant and the client’s investment manager may, in their sole discretion and at the client’s risk, purchase, sell, exchange, convert and otherwise trade the securities and other assets in the client’s Account, as well as arrange for delivery and payment in connection with the above, and act on the client’s behalf in all matters necessary or incidental to the handling of the client’s Account without prior notice to the client. Such trading authorizations and powers of attorney, whether granted to PAM, Baird, the client’s PAM Consultant or the client’s investment manager, shall remain in full force and effect until terminated by the client, the client’s investment manager, PAM or Baird. PAM may also offer clients a socially responsible investing (“SRI”) service, which assists a client in restricting that are consistent with the client’s social investment guidelines or objectives. Clients electing the SRI service generally bear the cost of the SRI service as it is generally included in the Advisory Fee. accounts without restrictions In the event that a client’s Account is restricted from investing in certain securities, PAM, Baird or the client’s investment manager, as applicable, will select such other replacement securities, if any, as they deem appropriate. Accounts with investment restrictions may perform differently from and performance may be poorer. In addition, in the event there is a change in the classification or credit rating of a security held in the client’s Account, a client’s investment restrictions may force PAM, Baird or the client’s investment manager to sell such security at an inopportune Orders for the purchase and sale of securities in a client’s Discretionary Service Accounts will generally be executed by Baird, in its capacity as broker-dealer, as further described under the heading “Brokerage Practices” above, unless Baird’s duty to seek to obtain best execution otherwise requires or unless the client has provided other instructions to Baird in writing. PAM and Baird do not have discretionary authority over the assets in a client’s SMAs that are managed by an Other Manager and cannot purchase or sell such assets without the consent of the client or such Other Manager. The investment manager for a client’s SMAs may initiate securities transactions through Baird, in its capacity as broker-dealer, as further described under the heading “Brokerage Practices” above, 103 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Other Managers may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with the Other Manager or that pay fees to the Other Manager or to any of its affiliates for investment advisory or other services they provide. time, possibly negatively impacting Account performance and causing the client’s Account to realize taxable gains or losses, which could be significant. A client should also be aware that, if the client’s Account holds any investment vehicle (such as a mutual fund or ETF), any investment restrictions the client places on the client’s Account may not flow through to the securities owned by that investment vehicle. Should a client wish to impose or modify existing restrictions, or the client’s financial condition or investment objectives have changed, the client should contact the client’s PAM Consultant. By signing an advisory agreement with PAM, a client consents to each Other Manager managing client’s Account investing all or a portion of the client’s Account in investment products that pay advisory or other fees to the Other Manager or its affiliates. Each Other Manager is responsible for providing to the client information about the amount of fees received by the Other Manager and its affiliates and the criteria used by the Other Manager in deciding to invest in products affiliated with the Other Manager. A client should contact the Other Manager and review the Other Manager’s Form ADV Part 2A Brochure for more information. A client’s consent may be revoked at any time. Affiliated Investment Products PAM, Baird and Baird’s affiliates may use the discretionary authority granted to them by a client to invest the client’s Account in investment products affiliated with Baird or that pay fees to Baird or to any of its affiliates for investment advisory or other services they provide (“affiliated investment products”). Baird and its affiliates may receive fees or other compensation related to such investments made by the client. Investment Policy Statements PAM and Baird will not review, monitor, accept or adhere to an investment policy statement or similar document that was not prepared by PAM or Baird, unless they otherwise specifically agree to do so in writing. Adherence to any such investment policy statement or similar document is solely a client’s responsibility. to invest in affiliated for use Conversion, Exchange or Sale of Certain Investments By participating in a Service, a client authorizes PAM and Baird to convert or exchange any shares of mutual funds and other Investment Funds held in the client’s Account to a class of shares of the fund, such as advisory class shares, same institutional class shares, financial intermediary class shares, or another class of shares primarily designed advisory programs in (collectively, “Advisory Class Shares”), to the extent made available by the mutual fund or other Investment Fund in accordance with policies established by Baird from time to time, including, without limitation the Mutual Fund Share Class Policy that is described above. By signing an advisory agreement with PAM, a client consents to PAM, Baird and Baird’s affiliates investing all or a portion of the client’s Account in affiliated investment products. The amount of fees received by Baird and its affiliates is generally described in the prospectus or other offering or disclosure documents for the investment product. Additional information is also available on Baird’s website at bairdwealth.com/retailinvestor. PAM, Baird and Baird’s affiliates will use their discretionary authority to invest the client’s Account in affiliated investment products when they determine it to be in the client’s best interest to do so. Generally, the criteria used by them in deciding investment products are the same as those used in deciding to invest a client’s assets in investment products unaffiliated with Baird. For more information about the criteria used by PAM and Baird, clients should review the section of the Brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss” above. For more information about the criteria used by Baird’s affiliates, clients should review the affiliate’s Form ADV Part 2A Brochure. A client’s consent may be revoked at any time. A client should understand that, the client may not hold Advisory Class Shares in a non-Advisory Account and that the client may not be able to hold certain Advisory Class Shares in an account 104 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  receives to the client. The client will then be solely responsible for analyzing the materials and casting the vote. held at another firm. Upon the termination of a Service for an Account or the closure of an Account for any reason, PAM and Baird may convert or exchange the Advisory Class Shares held in the Account to an appropriate non- Advisory Class Shares issued by the same fund, or, if an appropriate non-Advisory Class Shares is not available, PAM and Baird may redeem or sell such Advisory Class Shares. If a client delegates voting authority to Baird, Baird will vote proxies solicited by, or with respect to, securities held in the client’s Account for the exclusive benefit of the client and in accordance with policies and procedures adopted by Baird. Baird has adopted written policies and procedures that are reasonably designed to ensure that it votes client securities in the best interests of clients. Those procedures address material conflicts of interest that may arise between Baird’s interests and those of its clients. Although a description of Baird’s proxy voting policies and procedures is provided below, Baird will furnish a copy of its proxy voting policies and procedures to clients upon their request. Additionally, clients may obtain information on how Baird actually voted proxies with respect to the securities held in their accounts by contacting their PAM Consultant or by calling (414) 765-3500. Voting Client Securities Non-Discretionary Accounts With respect to any Accounts over which the client retains discretionary investment authority, a client retains the right to vote proxies with respect to the securities held in such Accounts. Accordingly, the client is responsible for voting proxies and otherwise addressing all matters submitted for consideration by security holders, and PAM and Baird are under no obligation to take any action or render any advice regarding such matters. The client’s PAM Consultant may, upon the client’s request, provide advice on proxy voting or what other action the client could take. interests. Baird utilizes governance services, voting recommendations. Separately Managed Accounts Under the PAM Recommended Managers Service, Baird SMA Network Program and Dual Contract Program, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or the client may delegate such right to the investment manager selected to manage the client’s Account (which may include Baird, the Overlay Manager or an Implementation Manager). A client may select either option by making the appropriate election in the client’s advisory agreement (and in the case of a dual contract arrangement under the Dual Contract Program, by providing proper instructions to the manager directly). For information about a manager’s voting policies and procedures, clients should review the manager’s Form ADV Part 2A Brochure. Discretionary Services Under the PAM Investment Management Service, a client may retain the right to vote proxies with respect to the securities held in the client’s Account, or a client may delegate such right to Baird. If a client retains proxy voting authority, Baird will forward proxy materials that Baird actually In situations in which a client has delegated to Baird voting authority with respect to securities in the client’s Account, Baird will vote proxies in a manner that Baird believes is consistent with the client’s best an independent provider of proxy voting and corporate currently Institutional Shareholder Services (“ISS”), to analyze proxy materials and votes and make independent ISS provides proxy voting guidelines regarding its position on various matters presented by companies to their shareholders for consideration. Baird will typically vote shares in accordance with the recommendations made by ISS. However, ISS’s guidelines are not exhaustive, do not address all potential voting issues, and do not necessarily correspond with the opinions of PAM Consultants. In the event the client’s PAM Consultant believes the ISS recommendation is not in the best interest of the client, the PAM Consultant will bring the issue to Baird’s Proxy Voting Sub-Committee through a proxy challenge then be process. The Sub-Committee will responsible for determining how the vote will be cast. The decision made by the Proxy Voting Sub- Committee on the proxy challenge applies to all advisory accounts managed by the PAM Consultant (or team of PAM Consultants), unless the client has directed Baird to utilize specific 105 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  independent third party; (2) refer the proxy to the client or to a fiduciary of the client for voting purposes; (3) suggest that the client engage another party to determine how the proxy should be voted; (4) if the matter is not addressed by ISS, vote in accordance with management’s recommendation; or (5) abstain from voting. voting guidelines (e.g., Taft-Hartley guidelines). For those matters for which the independent proxy voting service does not provide a specific voting recommendation, each PAM Consultant will cast the vote in a manner he or she believes is in the best interest of clients. The votes cast for a client’s Account may differ from those votes cast for other Baird clients based on differing views of PAM Consultants and other Baird portfolio managers. While Baird uses its best efforts to vote proxies, there are instances when voting is not practical or is not, in Baird’s or PAM Consultants’ view, in the best interest of clients. For example, casting a vote on a foreign security may involve additional costs or may prevent, for a period of time, sales of shares that have been voted. Also, when a client has entered into a securities lending program, Baird generally will not seek to recall the securities on loan for the purpose of voting the securities; however, Baird reserves the right to recall the shares on loan on a best efforts basis if the client’s PAM Consultant becomes aware of a proxy proposal where the proxy vote is materially important to the client’s Account. In addition to the services described above, Baird has engaged ISS for vote execution and record- keeping services. Baird uses ISS’s electronic vote management system to cast votes on behalf of clients. In connection with Baird’s use of that system, ISS pre-populates how client votes should be cast based upon ISS’s voting recommendations. The system allows Baird to change the pre-populated vote (to the extent permitted by Baird’s proxy voting policies) up until a certain time prior to the applicable meeting (the “voting cut-off time”). Baird’s proxy voting policies are designed to address situations when additional information becomes available after the votes are pre- populated in the system and before the voting cut-off time. However, there is no guarantee that all information that could affect Baird’s proxy voting decision will be received or considered by Baird prior to a vote being cast. (or Other Proxy Voting Information Clients wishing to direct particular votes once they have granted Baird discretionary voting authority may do so by contacting their PAM Consultant. However, if Baird has been granted discretionary voting authority, neither PAM nor Baird will provide a client with notice that Baird has received a proxy solicitation, nor will they consult with the client before casting a vote, unless the client otherwise directs them to do so. Except to the extent a client has delegated proxy voting authority to Baird, PAM and Baird have no authority, direct or implicit, and accept no responsibility for taking any action or rendering any advice with respect to the voting of proxies related to securities held in a client’s Accounts. interests of Providing Baird Voting Instructions As mentioned above, Baird may be the holder of record for certain securities in a client’s Account. If the client retains voting authority over such securities (or delegates such authority to party other than Baird), and a proxy is solicited with respect to any such securities, the client (or other authorized party) will need to provide voting The proxy voting policies and procedures also address instances in which Baird’s interests may appear to conflict with client interests, such as when Baird or an affiliate of Baird is managing or administering to manage or seeking administer) a corporate retirement, pension or employee benefit plan or providing (or seeking to provide) advisory or other services to a company whose management is soliciting proxies. In such instances, there may be a concern that Baird would be inclined to vote in favor of management because of Baird’s relationship or pursuit of a relationship with the company. In situations where there is a potential conflict of interest, Baird’s Proxy Voting Sub-Committee will determine the nature and materiality of the conflict. If the conflict is determined to not be material, the Sub-Committee will vote the proxy in a manner the Sub-Committee believes is in the the client and without best consideration of any benefit to Baird or its affiliates. If the potential conflict is determined to be material, Baird’s Proxy Voting Sub-Committee will take one of the following steps to address the potential conflict: (1) cast the vote in accordance with the recommendations of ISS or other 106 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  instructions to Baird. To the extent the client (or other authorized party) does not provide timely voting instructions, Baird will vote such securities to the extent permitted by law and in compliance with the rules of the New York Stock Exchange and the SEC relating to such matters. Legal Proceedings and Corporate Actions Generally, none of PAM, Baird or any Other Manager responsible for managing all or a portion of the assets in a client’s Account will render advice or take action on a client’s behalf with respect to securities that are or were held in the client’s Account, or the issuers thereof, which go into default or become the subject of legal proceedings, such as class action claims, defaults or bankruptcies. Also, they may or may not vote or advise clients on other corporate actions, like tender offers, that are not solicited by a proxy statement. At a client’s request, Baird will forward information that Baird actually receives to the client. Financial Information PAM does not require or solicit prepayment of more than $1,200 in fees per client six months or more in advance and, thus, has not included a balance sheet of Baird’s most recent fiscal year. Neither Baird nor PAM is aware of any financial condition that is reasonably likely to impair their ability to meet their contractual commitments to clients, nor has either been the subject of a bankruptcy petition at any time during the past ten years. investment investment product including, of Labor without (“DOL”) also understand that when PAM or Baird invests the assets of a Retirement Account in an affiliated investment product that pays investment advisory fees to Baird or any of its affiliates, Baird and its affiliates will receive such investment advisory fees in accordance with the terms of DOL PTE 77- 4, and, as required thereby, PAM and Baird will waive the asset-based Advisory Fees on that portion of the assets invested in the affiliated investment product for such period of time so invested or Baird will offset the investment advisory fees received by Baird or any of its affiliates from the affiliated investment product against the asset-based Advisory Fee that PAM and Baird charge to the client. For the purpose of complying with the terms of DOL PTE 77-4, the client and each Retirement Account Fiduciary of the client acknowledge in the client’s advisory agreement that: (i) the investment in affiliated investment products for the client’s Account is appropriate because of, among other things, the investment goals, redeemability, liquidity, and diversification of those products; (ii) subject to the terms of the applicable Service, all assets of the client’s Account may be invested in one or more of the affiliated investment products; (iii) the client and such Retirement Account Fiduciary received prospectuses or other offering or disclosure documents for the affiliated investment products that may be used in connection with the Account, each of which include a summary of all fees that may be paid by the affiliated investment products to Baird or its affiliates; and (iv) the client received information concerning the nature and extent of any differential between the rate of such affiliated investment product fees and the Advisory Fees payable by the client. The differential between the fees to be charged by PAM and Baird for the investment advisory services they provide to the client and, if applicable, the investment advisory and other similar fees paid by the affiliated investment product to Baird or its affiliates with respect to the services Baird or any of its affiliates provides is the to the affiliated difference between the Advisory Fee disclosed in the client’s advisory agreement and the applicable investment management, investment advisory and other similar fees detailed in the applicable prospectus or other offering or disclosure documents for the affiliated investment product. Special Considerations for Retirement Accounts Each Retirement Account Fiduciary of a client should understand that PAM or Baird may invest for the client, recommend that the client invest in, or make available to plan for participants, affiliated investment products, that Baird and its affiliates will receive fees or other compensation related to such investments, and that they will retain such compensation to the extent permitted by applicable law, rule or limitation, regulation, Prohibited Department Transaction Exemption (“PTE”) 77-4, DOL PTE 2020-02 or other advisory opinions issued by the DOL. If the client’s Account is a Retirement Account and if PAM is directed to implement a directed brokerage arrangement for the Account, each To the extent Baird and its affiliates rely upon PTE 77-4, each Retirement Account Fiduciary should 107 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  that directed the fiduciary Fiduciary such Fiduciary is that for complying with all likelihood of price transactions, and the duty in certain broker-dealer, and terminating monitoring a funds. Baird may place orders 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, 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 or other remuneration instances. Additional information about Baird’s routing of equity orders is available on Baird’s website at bairdwealth.com/retailinvestor. Baird does not place orders with market makers or other third parties for the purpose of compensating such firms for their efforts in marketing Baird-affiliated mutual for securities transactions with third party broker- dealers and other firms that provide research products and services to Baird. Retirement Account Fiduciary of the client should understand: brokerage the arrangement must be for the exclusive benefit of participants and beneficiaries of the Retirement Account; and responsibilities discussed in ERISA Technical Bulletin 86-1. Each should also Retirement Account solely understand fiduciary responsible responsibilities discussed in ERISA Technical Bulletin 86-1, including, without limitation, the duty to make an initial determination that the directed broker-dealer is capable of providing best execution for the client’s brokerage transactions, the duty to monitor the services provided by the directed broker-dealer so as to assure that the client has received best execution of the client’s to brokerage determine that the commissions paid by the client and any other fees or costs incurred by the client are reasonable in relation to the value of the brokerage and other services received by the client. The client and each Retirement Account Fiduciary of the client should also understand that the client and the client’s Retirement Account Fiduciaries are solely responsible for engaging a its directed performance directed brokerage arrangement, and that PAM and Baird are not responsible for determining whether a directed broker-dealer is capable of providing best execution. If the client’s Account is a Retirement Account, the client and each Retirement Account Fiduciary of the client should note that the advisory 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, PAM 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. PAM also will provide such other reasonably available information that the client may request for such purpose. If a client’s Account is a Retirement Account and if the client has selected an investment manager or product related to Baird (such as the use of services or products offered by Baird Advisors, Baird Equity Asset Management, CCM, Baird Trust, GAMMA, Greenhouse, LoCorr, Riverfront, Strategas or any Investment Fund affiliated with any of them), each Retirement Account Fiduciary of the client understands and agrees that in making such selection: (a) Baird and its affiliates may receive higher aggregate compensation than if the client selected investment managers, funds or other products not affiliated with Baird and thus Baird may have an incentive to offer such affiliated investment managers, funds or other products; (b) Baird makes available to the client investment managers, funds and products not affiliated with Baird and the client may obtain additional information about such unaffiliated investment managers, funds or products at any time by contacting the client’s PAM Consultant; and (c) the client is free to choose another investment option or participate in another Baird 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 108 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  For more information advisory program that does not use investment managers, funds or products affiliated with Baird at any time by contacting the client’s PAM about Consultant. investment managers and products that are affiliated with Baird, please see “Other Financial Industry Activities and Affiliations” above. 109 Baird PAM F+C Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC 

Baird Institutional Equities and Research Form ADV Part 2A Brochure March 21, 2025 Institutional Equity Research Services Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue Milwaukee, WI 53202 IER-HD@rwbaird.com 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”) and its Institutional Equities and Research Department’s Institutional Equity Research Services. Clients should carefully consider this information before becoming a client of Baird. If you have any questions about the contents of this Brochure, please contact us at the email address 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 Robert W. Baird & Co. Incorporated (“Baird”) updated the Form ADV Part 2A brochure for its Institutional Equities and Research Department (the “Brochure”) on March 21, 2025. The following summary discusses the material changes that Baird has made to the Brochure since March 21, 2024, the date of the last annual update to the Brochure. • Baird updated information about Baird’s regulatory assets under management. See the Section of the Brochure entitled “Advisory Business—Robert W. Baird & Co. Incorporated” for more information. • Baird updated information about Baird’s affiliates. See the Section of the Brochure entitled “Other Financial Industry Activities and Affiliations” for more information. A client should note that the foregoing summary only discusses material changes made to the Brochure since March 21, 2024. The updated Brochure contains changes that are not listed above. ii Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Table of Contents1 Advisory Business .......................................................................................................... 1 Robert W. Baird & Co. Incorporated .............................................................................. 1 Description of Research Services ................................................................................... 1 Additional Service Information ...................................................................................... 1 Fees and Compensation ................................................................................................. 2 Fees for Research Services ........................................................................................... 2 Other Fees and Expenses ............................................................................................. 2 Other Compensation Received by Baird ......................................................................... 2 Performance-Based Fees and Side-By-Side Management ............................................... 2 Types of Clients .............................................................................................................. 2 Methods of Analysis, Investment Strategies and Risk of Loss ........................................ 2 Research Services Risks ............................................................................................... 3 Investment Risks ........................................................................................................ 4 Disciplinary Information ................................................................................................ 4 Other Financial Industry Activities and Affiliations ........................................................ 6 Broker-Dealer Activities ............................................................................................... 6 Investment Management Activities ................................................................................ 6 Certain Affiliated and Related Parties ............................................................................. 6 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading........................................................................................................ 8 Code of Ethics ............................................................................................................ 8 Participation or Interest in Client Transactions ................................................................ 8 Brokerage Practices ....................................................................................................... 9 Review of Accounts ........................................................................................................ 9 Client Referrals and Other Compensation ....................................................................... 9 Custody ........................................................................................................................ 10 Investment Discretion .................................................................................................. 10 Voting Client Securities ................................................................................................ 10 Financial Information ................................................................................................... 10 1 The SEC requires all investment advisers to organize their Form ADV Part 2A Brochure according to specific categories of information, even though some categories of information may not apply to the business of certain investment advisers. Where a required category is not relevant to its business, Baird Institutional Equities and Research has listed the category below and stated that it does not apply to its business. iii Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Advisory Business This Brochure describes the Institutional Research Services that the Institutional Equities and Research division of Robert W. Baird & Co. Incorporated (“Baird”) offers to its clients. Baird is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). research analysts, other The information contained in this Brochure is current as of the date above and is subject to change at Baird’s discretion. Please retain this Brochure for your records. Robert W. Baird & Co. Incorporated Baird is a privately-held, employee-owned global investment and wealth management firm formed in the State of Wisconsin in 1919. Description of Research Services Baird offers the equity research services described in this Brochure (the “Research Services”) to institutional clients through its Institutional Equities and Research (“IER”) division. The Research Services made available to clients include equities-based research reports, surveys and analyses about companies, industries, sectors, markets and macro-economic developments produced by Baird research-related IER communications from IER research analysts, and access to research analysts including via attendance at industry conferences. Some of the Research Services may also be provided by other Baird IER representatives in selected circumstances as requested by a client and agreed upon by Baird. The specific Research Services provided to a particular client vary based upon the client’s needs and will be set forth in the client’s agreement with Baird (the “Agreement”). Baird is owned indirectly by its associates through several holding companies. Baird is owned directly by Baird Financial Corporation (“BFC”). BFC is, in turn, owned by Baird Financial Group, Inc. (“BFG”), which is the ultimate parent company of Baird. Associates of Baird own substantially all of the outstanding stock of BFG. Baird’s investment advisory relationship with a client is strictly limited to Research Services provided to the client in exchange for a cash fee. To the extent a client receives research or other advice incidental to brokerage services such as in consideration of commissions or other trading- related compensation, the client should note that such research or advice is not an investment advisory service. See “Additional Service Information – Brokerage and Other Services” below for more information. strategies; research, analysis the specific its services separately or Baird research analysts provide Research Services with respect to over 700 individual companies or securities categorized within five broad market sectors: (i) Consumer and Retail, (ii) Financial Services, (iii) Healthcare and Life Sciences, (iv) Industrial, (v) Real Estate, and (vi) Technology and Services. In connection with its provision of the Research Services, Baird does not tailor such services to the individual needs of specific clients and the Research Services are not customized to meet investment objectives, goals, strategies, financial needs or risk profile of any client who receives the Research Services (nor any customers of such clients). Through its Private Wealth Management and Asset Management divisions, Baird offers various investment advisory services to retail and institutional clients, including services not described in this Brochure. These investment advisory services Baird offers include: portfolio management and analysis; analysis and regarding asset allocation and recommendations investment and recommendations regarding investment managers and individual securities; investment consulting; financial planning; investment policy development; and account performance monitoring. Baird also offers clients execution of brokerage transactions and administrative services, including maintaining custody of account assets. Clients may also negotiate other services with Baird. Baird offers in combination with other services. Additional Service Information Brokerage and Other Services Baird participates in wrap fee programs not described in this Brochure and it provides portfolio management services in connection with those programs. Baird receives a portion of the wrap fee paid by clients for providing portfolio management services under those wrap fee programs. billion in regulatory assets As of December 31, 2024, Baird had approximately $342.1429 under management, approximately $250.2975 billion of which was managed on a discretionary basis and approximately $91.8454 billion of which was managed on a non- discretionary basis. Baird is dually registered as an investment adviser and a broker-dealer, and offers both investment advisory and brokerage services. Although Baird acts as investment adviser when it provides the Research Services for a cash fee, the investment advisory relationship does not extend to other services we or our affiliates provide or other arrangements we or our affiliates have with clients. These non-advisory services may include invitations to industry conferences and other corporate access services, custody, trade execution or other brokerage services, the provision of investment advice solely incidental to brokerage services, including market color, analysis, perspectives, opinions, commentaries or ideas provided by IER representatives or affiliates of Baird. Baird’s investment advisory relationship with a client is 1 Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  strictly limited to Research Services provided to the client in exchange for a cash fee. Services. See “Participation in Client Transactions – Research Activities” below for more information. A client has the option to obtain execution of trades, including the purchase of investment products that Baird may recommend, through broker-dealers and other brokers or agents that are not affiliated with Baird. fees) Specifically, where Baird provides research or other advice in consideration of commissions or other trading- related compensation, Baird is acting in its capacity as a broker-dealer and not an investment adviser. Brokerage services are regulated under different standards than those that apply to investment advisory services and differ in terms of the types of investment assistance provided, fees charged and the rights and obligations of the parties involved. Any securities transactions or orders that may be executed, routed or otherwise processed through Baird will be handled by Baird solely in its capacity as broker-dealer. Performance-Based Fees and Side-By-Side Management Baird does not charge any fees or maintain other arrangements involving the payment of fees based upon the capital gains or capital appreciation of a client’s assets in connection with (i.e., performance-based provision of the Research Services. Other divisions of Baird do, however, advise client accounts that are subject to performance-based fee arrangements. Fees and Compensation Fees for Research Services Fees for provision of the Research Services are separately negotiated with each client based upon the nature of the services provided and other factors. Fees are payable as agreed upon by the parties, typically in arrears. Baird generally does not solicit or accept pre-paid fees for provision of the Research Services unless requested by the client. The specific fee and terms of payment will be set forth in the client’s Agreement. Types of Clients Baird offers the Research Services to institutional clients including but not limited to investment advisers, pension and retirement plans, corporations and other entities, mutual funds, insurance companies, hedge funds, private equity funds, trusts and banks. Clients are not required to open or maintain a trading account with Baird or an affiliated broker-dealer to receive the Research Services. Other Fees and Expenses The fees paid to Baird by the client only cover the Research Services provided by Baird. A client may also pay for other services, such as securities trade execution and custody, separately when effecting securities trades. Methods of Analysis, Investment Strategies and Risk of Loss The Research Services consist of impersonal investment advisory services that analyze a broad range of securities and companies. When analyzing a specific company (i.e., “fundamental research”), written research reports will generally contain one of the three investment ratings detailed below with respect to the subject company: • O-Outperform. An “Outperform” rating means, in the research analyst’s opinion, the subject company is expected to outperform, on a total return, risk- adjusted basis, the broader U.S. equity market over the next 12 months. • N – Neutral. A “Neutral” rating means, in the research analyst’s opinion, the subject company is Expected to perform in line with the broader U.S. equity market over the next 12 months. Other Compensation Received by Baird Baird is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and in such capacity, Baird provides brokerage and related services to clients, including the purchase and sale of individual stocks, bonds, mutual funds, private investment funds, and other securities, and sales of life insurance policies and annuities. Baird receives compensation based upon the sale of such securities and other investment products, including asset-based sales charges and service fees on the sale of mutual funds. Should a client use Baird or an affiliated broker-dealer to execute trades, the client will incur transaction costs such as commissions, mark-ups or mark-downs and spreads payable to Baird or the affiliated broker-dealer. Such costs are exclusive to and in addition to the fee for the Research Services. • U – Underperform. An “Underperform” rating means, in the research analyst’s opinion, the subject company is Expected to underperform on a total return, risk- adjusted basis, the broader U.S. equity market over the next 12 months. The compensation received by Baird or an affiliate of Baird presents a conflict of interest because it gives Baird an incentive to recommend investment products based upon the compensation received rather than on a client’s needs. Baird addresses the conflict through disclosure in this Brochure. In addition, IER research analysts are not compensated based upon the sale of any security, including those that are the subject of the Research 2 Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  In addition, written research reports will generally assign one of the four Risk Ratings detailed below with respect to the subject company: • Fundamental Analysis. Fundamental analysis involves a detailed analysis of specific companies using financial statements and financial ratios, information regarding management, competitive advantages and markets, in an attempt to determine the value or develop an opinion regarding the expected value of a security. Fundamental analysis may include qualitative and quantitative analyses. • L-Lower Risk. A Lower Risk rating means, in the research analyst’s opinion, the covered company represents a higher-quality company for investors seeking capital appreciation or income with an emphasis on safety. Company characteristics may include: stable earnings, conservative balance sheets, and an established history of revenue and earnings. • Qualitative Analysis. Qualitative analysis involves the use of subjective judgment to analyze factors that may be difficult to quantify or measure objectively. • Quantitative Analysis. Quantitative analysis is a method of evaluating securities by analyzing a large amount of data through the use of algorithms or models. • A- Average Risk. An Average risk rating means, in the research analyst’s opinion, the covered company represents a growth situation for investors seeking capital appreciation with an emphasis on safety. Company characteristics may include: moderate volatility, modest balance-sheet leverage, and stable patterns of revenue and earnings. • Technical Analysis. Technical analysis is a method of analyzing past price and volume patterns and trends in the trading markets or an individual security to attempt to predict the direction of both the overall market and specific investments. • H-Higher Risk. A Higher Risk rating means, in the research analyst’s opinion, the covered company represents a higher-growth situation appropriate for the investors seeking capital appreciation with acceptance of risk. Company characteristics may include: higher balance-sheet leverage, dynamic business environments, and higher levels of earnings and price volatility. investment decision. • S- Speculative Risk. A Speculative Risk rating means, in the research analyst’s opinion, the covered company represents a high-growth situation appropriate only for investors willing to accept a high degree of volatility include: and risk. Company characteristics may unpredictable earnings, small capitalization, aggressive growth strategies, rapidly changing market dynamics, high leverage, extreme price volatility and unknown competitive challenges. All Risk or Investment ratings are determined without regard to any client’s particular situation, needs or objectives. Research reports and research analyst commentaries may be modified from time to time without notice and may express opinions or provide investment perspectives that are inconsistent with prior opinions or perspectives of the research analyst preparing the report or opinions or perspectives of other Baird representatives. Clients must consider their particular circumstances and needs and make their own independent investigation before Baird expressly making an for the completeness, disclaims any responsibility accuracy or timeliness of the Research Services provided and Baird is under no duty to update or revise the Research Services, the contents thereof or analyses, recommendations or opinions expressed therein. Nothing contained in this paragraph or elsewhere in this document shall constitute a waiver by clients of any of their legal rights under applicable U.S. federal securities laws or any other laws whose applicability is not permitted to be waived. Any risk or investment rating assigned in a report is based solely on the analyst’s evaluation of the merits of investing in the security without regard to other factors. Any such recommendation does not consider a client’s particular circumstances or needs. Baird may rely on third-party sources for information that it believes to be reliable in providing the Research Services, but it does not guarantee the quality, accuracy or completeness of any third party information or any information or data. Baird makes no express or implied warranties with respect to the Research Services or any other information or data. Research analysts perform analysis based on publicly- available economic, industry, market and company data, which include financial statements and financial ratios as well as information regarding a company’s products and services, market and management. In providing the Research Services, research analysts or others may use various forms of security analyses, including the following: Research Services Risks The analyses, perspectives, opinions and commentaries included in the Research Services reflect the good faith, personal views of the research analysts and others providing the Research Services at the time such services are provided and are based upon information available to them. It is possible that such analyses, perspectives, 3 Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  opinions and commentaries, predictions or beliefs about future outcomes may prove to be incorrect. Investment Risks Risk is inherent in any investment in securities that clients should be prepared to bear. Clients should be aware of the following risks associated with respect to an investment in equity securities: below the price at which they were originally sold. This risk of loss is theoretically unlimited, as there is no cap on the amount that the price of a security may appreciate. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, which may result having to buy the securities sold short at an unfavorable price. A client should not engage in short sales unless the client is prepared and able to sustain significant losses. Equity Securities Risks. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets in general, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, such as increases in production costs, or factors directly related to a specific company, such as decisions made by its management. Disciplinary Information In April 2016, Baird, without admitting or denying the findings, consented to the sanctions and findings of FINRA that it violated NASD Conduct Rule 3010, FINRA Rule 3110, and FINRA Rule 2010, by failing to establish and maintain a supervisory system and procedures reasonably designed to ensure that customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. In May 2015, Baird began a review to determine whether Baird had provided available sales charge waivers to eligible customers. Based on this review, in May 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front- end sales charge. The findings also stated that these customers were instead sold Class A shares with a front- end sales charge or Class B or C shares with higher ongoing fees and the potential application of a contingent deferred sales charge. Baird was censured and required to pay restitution to affected customers estimated to be approximately $2.1 million including interest. Common Stock Risks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political events, such as economic and banking crises. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors. Industry/Sector Risks. An investment in one or more securities operating in an individual industry or sector are subject to industry-specific risks. Any factors detrimental to the performance of such industries as a whole will disproportionately impact investment returns of these securities. Investments focused in a particular industry are subject to greater risk and a more impacted by volatility than less concentrated investments. that was reasonably designed In July 2016, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that the firm and a firm supervisor within its Private Wealth Management business did not reasonably supervise a former Financial Advisor who misused a customer’s funds. The findings stated that the supervisor did not reasonably follow-up on red flags associated with a trade correction request submitted by the Financial Advisor that should have alerted him to the Financial Advisor's misuse of a customer’s funds. The supervisor also did not follow certain of Baird’s written supervisory procedures (“WSPs”) relating to trade corrections. After the supervisor realized that the Financial Advisor misused the customer’s funds, Baird reimbursed the customer for the loss. The findings also included that Baird did not establish and maintain a supervisory system, including WSPs, for correcting trade errors to ensure compliance with applicable securities laws, regulations and rules. Baird was censured and fined $200,000. financial resources and Capitalization Size Risks. Small and mid cap stocks, are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of such companies may be substantially less than is typical of larger companies. Therefore, the securities of such companies may be subject to greater and more abrupt price fluctuations. In addition, small- and mid-size companies may lack the management product experience, diversification of larger companies, making them more susceptible to market pressures and business failure. Short Sales Risks. Short selling runs the risk of loss if the price of the securities sold short does not decline In September 2016, the SEC announced that Baird, without admitting or denying the findings, consented to the sanctions and findings of the SEC that it violated Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder by failing to adopt and implement adequate 4 Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  contained in Baird’s Form ADV, which is available on the SEC’s Investment Advisory Public Disclosure website at https://www.adviserinfo.sec.gov/IAPD/Default.aspx or in the SEC’s press release about the SCSD Initiative at https://www.sec.gov/news/press-release/2019-28. In June 2019, Baird, without admitting or denying the findings, consented to the sanctions and to the entry of findings of FINRA that between late April 2013 and early July 2013 it published research reports about an issuer without disclosing that the research analyst who authored the reports was engaged in employment discussions with the issuer that constituted an actual, material conflict of interest and that the failure to disclose the research analyst’s employment discussions with the issuer in the research reports made those reports misleading. Baird was censured and fined $150,000. policies and procedures to track and disclose trading away practices by certain of the subadvisors participating in Baird’s wrap fee programs offered through its Private these Wealth Management Department. Through programs, Baird’s advisory clients pay an annual fee in exchange for receiving access to select subadvisors and trading strategies, advice from Baird’s financial advisors, and trade execution services through Baird at no additional cost. However, if a subadvisor chooses not to direct the execution of particular equity trades through Baird in order to fulfill its best execution obligation and the executing broker charges a commission or fee, Baird’s advisory clients often are charged additional commissions or fees for those transactions, which is often embedded in the price paid or received for the security. This practice is referred to as “trading away” and these types of trades are frequently called “trade aways.” Baird was found to have failed to adopt or implement policies and procedures designed to provide specific information to Baird’s clients and financial advisors about the costs of trading away. Baird agreed to provide additional disclosure to clients and review and, as necessary, update its policies and procedures. Baird also was ordered to cease and desist committing or causing any violations and any future violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and pay a civil money penalty in the amount of $250,000. its that certain Baird In September 2023, Baird entered into an Offer of Settlement with the SEC, in which it admitted that it violated Section 17(a) of the Exchange Act and Rule 17a- 4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder for failing to maintain records of certain business-related communications made by Baird associates when they used their personal devices (“off-channel communications”) and for failing to supervise business-related associates’ communications. The settlement was related to an SEC risk-based initiative, whereby the SEC investigated a large number of financial services firms to determine whether those firms were properly retaining business- related text and instant messages and other off-channel communications sent and received on employees’ personal devices. Following the commencement of the SEC’s initiative, Baird cooperated with the SEC and conducted voluntary interviews of a sampling of Baird supervisors to gather and review messages found on their personal devices. While Baird had policies and procedures in place prohibiting such off-channel communications, it supervisors was discovered communicated off-channel using non-Baird approved methods on their personal devices about Baird’s broker- dealer and investment adviser businesses, and the findings were reported to the SEC. Baird took steps prior to and after the SEC’s review, including implementing a new communication tool designed for Baird associates’ personal devices, conducting training, and periodically requiring requisite associates to provide an attestation relating to their business-related communications. As part of the settlement, Baird was censured and ordered to cease and desist from future violations of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder and to pay a civil monetary penalty of $15 million. In addition, Baird agreed to certain undertakings, including retaining an independent compliance consultant to conduct a review of Baird’s policies and procedures, training, surveillance program, technology solutions and similar matters related to off-channel communications. In March 2019, Baird, without admitting or denying the findings, consented to an order of the SEC, which found that it violated Sections 206(2) and 207 of the Advisers Act for making inadequate disclosures to advisory clients about mutual fund share classes. The order was part of a voluntary self-reporting program initiated by the SEC called the “Share Class Selection Disclosure (or SCSD) Initiative.” Under the program, investment advisory firms were offered the opportunity to voluntarily self-report violations of the federal securities laws relating to mutual fund share class selection and related disclosure issues and agree to settlement terms imposed by the SEC, including returning money to affected investment advisory clients. The central issue identified by the SEC was that, in many cases, investment advisory firms bought for or recommended to their investment advisory clients mutual fund share classes that had distribution or service fees (commonly known as 12b-1 fees) paid out of fund assets to the firms when lower-cost share classes were available to those advisory clients, and the investment advisory firms did not adequately disclose their receipt of 12b-1 fees and/or the conflict of interest associated with those 12b-1 paying share classes. Baird and many other firms self-reported under the program and entered into substantially identical orders. By self- reporting and consenting to the order, Baird agreed to a censure and to cease and desist from committing or causing any violations and future violations of Sections 206(2) and 207 of the Advisers Act. Baird also agreed to establish a distribution fund and to deposit into that fund the improperly disclosed 12b-1 fees received by Baird plus prejudgment interest, which will be paid to affected advisory clients. More information about the order is 5 Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  on SEC’s website Additional information about Baird’s disciplinary history is available at the www.adviserinfo.sec.gov. Baird is affiliated, and may be deemed to be under common control, with Strategas Asset Management, LLC (“Strategas”), by virtue of their common indirect ownership by BFG. Baird is affiliated, and may be deemed to be under common control, with GAMMA Investing, LLC (“GAMMA”) by virtue of BFG’s and Riverfront’s indirect minority ownership of Gamma and BFG’s and Riverfront’s representation on the board of directors of Gamma. Other Financial Industry Activities and Related Parties Baird is registered with the SEC as a broker-dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird is also affiliated with or related to certain broker-dealers, investment advisors, other financial services firms and investment products that are identified below. Certain Baird associates and certain management persons of Baird may invest in those investment products. Baird is related to LoCorr Fund Management, LLC (“LoCorr”) by virtue of BFG’s indirect minority ownership the holding company of LoCorr and BFG’s of representation on such holding company’s board of managers. including: individual and Affiliated and Related Mutual Funds, ETFs and Investment Companies Broker-Dealer Activities Baird is engaged in a broad range of broker-dealer activities, institutional brokerage transactions; origination of, and participation in, underwritings of corporate and municipal securities; market making and trading activities in corporate securities and municipal and governmental bonds; distribution of mutual fund shares; option transactions; and research services. Certain Baird associates and certain management persons of Baird are registered, or have an application pending to register, as registered representatives and associated persons of Baird to the extent necessary or appropriate to perform their job responsibilities. on website Baird is the investment adviser and principal underwriter for Baird Funds, Inc. (the “Baird Funds”). Baird Advisors provides investment management, administrative, and other services to certain Baird Funds investing primarily in fixed-income securities (the “Baird Bond Funds”). Baird Equity Asset Management and CCM provide investment management and other services to certain Baird Funds investing primarily in equity securities (the “Baird Equity Funds”) and Greenhouse is the investment subadvisor to one of those Funds, the Baird Equity Opportunity Fund. As compensation for its services, Baird receives fees from each Baird Fund, which fees are disclosed in each Fund’s prospectus and statement of additional information available at Baird’s bairdassetmanagement.com/baird-funds. Investment Management Activities Baird Advisors and Baird Equity Asset Management are investment management departments of Baird, and Chautauqua Capital Management (“CCM”) is a division of Baird Equity Asset Management. Certain Affiliated and Related Parties Affiliated Broker-Dealers is available in the Baird Advisors serves as investment sub-adviser to two mutual fund series of the Bridge Builder Trust and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, fund’s prospectus and statement of additional information. Baird is affiliated, and may be deemed to be under common control, with Strategas Securities, LLC (“Strategas Securities”), which is registered with the SEC as a broker-dealer and investment adviser, by virtue of their common indirect ownership by BFG. Affiliated and Related Investment Advisors Baird Equity Asset Management serves as investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives compensation for those services. Additional information about that mutual fund, including information relating to the fees paid by that fund for investment management services, is available in the fund’s prospectus and statement of additional information. Baird is affiliated, and may be deemed to be under common control, with Riverfront Investment Group, LLC ("Riverfront") by virtue of their common indirect ownership by BFG. is related to Greenhouse Funds Baird LLLP (“Greenhouse”) and Greenhouse Fund GP LLC ("Greenhouse GP") by virtue of BFG’s indirect minority ownership of Greenhouse and BFG’s representation on the board of managers of Greenhouse GP. Baird Equity Asset Management serves as investment adviser to Series Twenty Nine Baird Small/Mid Cap Growth CIT, a series of the Reliance Trust Institutional Retirement Trust. Additional information about that CIT, including information relating to the fees paid by that CIT for investment management services, is available in the CIT’s offering documents. 6 Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  funds, clients to Baird Capital. The private equity funds offered through Baird Capital make venture capital, growth equity and private equity investments primarily in the healthcare, technology and services, and products sectors. The private equity funds offered through Baird Capital and the investment adviser entities that manage them are set forth below. CCM serves as investment sub-adviser to a mutual fund series of the Pace® Select Advisors Trust and Baird receives compensation for those services. Additional including those mutual information about information relating to the fees paid by those funds for investment management services, is available in the funds’ prospectus and statement of additional information. Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) Baird Venture Partners Management Company III, LLC Baird Venture Partners III Limited Partnership BVP III Affiliates Fund Limited Partnership Baird acts as a portfolio consultant or selects securities for the following UITs: the DIT Global Portfolio Series, the Dividend Income Trust Series, the Automated Quantitative Analysis (AQA®) Portfolio Series and the AQA® Large-Cap Portfolio Series. Additional information about those investment products, including information relating to the compensation paid to Baird is available in the applicable prospectus and other fund documents. BVP III Special Affiliates Limited Partnership Baird Venture Partners Management Company IV, LLC Baird Venture Partners IV Limited Partnership BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Limited Partnership Baird Venture Partners Management Company V, LLC Baird Venture Partners V Limited Partnership Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Investors Trust and certain ETFs that are part of the ALPS ETF Trust and First Trust Exchange-Traded Fund III. Additional information about those mutual funds and ETFs, including information relating to the compensation paid to Riverfront by those funds for investment management services, is available in each fund’s prospectus and statement of additional information. BVP V Affiliates Fund Limited Partnership BVP V Special Affiliates Fund Limited Partnership Baird Capital Partners Management Company V, LLC Baird Capital Partners V Limited Partnership BCP V Affiliates Fund Limited Partnership BCP V Special Affiliates Limited Partnership Baird Capital Management Company, LLC Baird Venture Partners GP VI, LLC Baird Venture Partners VI LP Strategas acts as investment adviser to certain ETFs that are series of the Advisors’ Inner Circle Fund III and acts as investment sub-adviser for the Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit investment trust organized in series, which series currently consists of Strategas Trust, Series 1-1 (Strategas Policy Basket Portfolio). Additional information about those investment products, including information relating to the compensation paid to Strategas and Strategas Securities, is available in the applicable prospectus. BVP VI Affiliates Fund LP BVP VI Special Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management I LP LoCorr acts as investment advisor to the LoCorr Funds, a mutual fund series of LoCorr Investment Trust. Additional information about those mutual funds is available in each fund’s prospectus and statement of additional information. Affiliated Private Funds Baird Capital Global Fund I LP Baird Capital Global Fund I-DE LP BCGF I Special Affiliates LP BCGF I Affiliates Fund LP Baird Capital Management Company, LLC Baird Capital Global Fund Management II LLC Baird Capital Global Fund II Limited Partnership BCGF II Affiliates Fund Limited Partnership CCM acts as investment manager for, and Baird is the general partner or manager of, the Chautauqua International Growth Equity QP Fund, LP, the Chautauqua Global Growth Equity QP Fund, LP and the Chautauqua New World Growth Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”). Those funds are private pooled investment vehicles that are not required to be registered with the SEC as investment companies. BCGF II Special Affiliates Limited Partnership Affiliated Private Equity Funds Baird Capital Management Company, LLC Baird Capital Global GP III LLC Baird Capital Global Fund III LP Baird is also engaged in a private equity business through Baird Capital (“Baird Capital”), Baird’s global private equity group. Baird and its representatives may refer 7 Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Certain Baird Capital-Related Entities Investment Advisor Private Equity Fund(s) BCGF III Affiliates Fund LP BCGF III Special Affiliates LP Baird Capital Partners Europe Limited* Baird Capital Partners Europe II LP Baird Capital Partners Europe II Special Affiliates LP The Growth Fund Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Subject to the restrictions described below, Baird and its affiliates and associates may engage in securities transactions for their own accounts, including in the same or related securities that are the subject of the Research Services. These transactions may include trading in securities in a manner that differs from, or is inconsistent with, the advice given to Baird clients, and the transactions may occur at or about the same time that such securities are the subject of the Research Services. This creates a potential for a conflict between the interest of clients and the interests of Baird and its affiliates and associates. * Baird Capital Partners Europe Limited, an English limited company, is regulated and authorized by the Financial Conduct Authority. The Baird Principal Group is a group within Baird that has private equity funds where investors are limited to Baird employees and Baird affiliated entities. These funds generally co-invest with unaffiliated private equity funds and private equity professionals in transactions in the United States and Europe. The private equity funds offered through Baird Principal Group and the investment adviser entities that manage them are set forth below. Certain Baird Principal Group-Related Entities Investment Advisor Private Equity Fund(s) Baird Principal Group Management Company I, LLC Baird Principal Group Partners Fund I Limited To address the potential for conflicts of interest, Baird has adopted a Code of Ethics (the “Code”) that applies to its associates that provide the Research Services, their supervisors, and certain associates who have access to non-public information relating to the Research Services (“Access Persons”). The Code prohibits Access Persons from using knowledge about the Research Services to profit personally, directly, or indirectly, by trading in his or her personal accounts. In addition, an Access Person must generally pre-clear his or her trades or obtain prior authorization from his or her supervisor or Baird’s Compliance Department before executing a trade. The Code provides for certain exceptions deemed appropriate by Baird management or by Baird’s Compliance Department. A copy of the Code is available to clients or prospective clients upon request. Partnership Baird Principal Group Management Company II, LLC Baird Principal Group Partners Fund II Limited Partnership Baird Principal Group Management Company, LLC Baird Principal Group Partners Fund III, LP implemented certain policies and Baird has also procedures relating to Baird’s and its associates’ trading activities that are designed to prevent them from improperly benefiting from the Research Services. In addition, Baird’s Compliance Department monitors the personal trading activities of all of Baird’s associates providing the Research Services. Related Hedge Funds Participation or Interest in Client Transactions Research Activities Greenhouse acts as investment manager for, and Greenhouse GP is the general partner of, the Greenhouse Master Fund LP and the Greenhouse Onshore Fund LP. Greenhouse also acts as investment adviser for the Greenhouse Overseas Fund Ltd. Those funds are hedge funds that are not required to be registered with the SEC as investment companies. Other Affiliated Financial Services Firms Baird is affiliated, and is under common control, with Baird Trust Company, a Kentucky-chartered trust company, by virtue of their common indirect ownership by BFG. Baird does, and seeks to do, business with companies covered by Baird research analysts. Employees of Baird or its affiliates may serve as officers of directors of companies covered by research analysts. In addition, Baird or its affiliates may hold securities of covered companies in the ordinary course of their business such as in connection with market making activities. As a result of the foregoing, Baird will have a conflict of interest in certain instances that could affect the content of its research reports. Baird addresses this potential conflict of interest through disclosure in this Brochure, disclosure on research reports and by ensuring that research analyst compensation does not take into account these factors. Research analyst compensation is based on: (1) the analyst's the correlation between research 8 Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Other Conflicts of Interest Baird offers to clients other investment products and services, including asset management and other products and services that are investment advisory in nature, not described in this Brochure. These investment products and services provide different levels of compensation to Baird. However, it is not a condition or a requirement for clients who pay for the Research Services to accept such services from Baird or any affiliate. Addressing Conflicts recommendations and stock price performance; (2) ratings and direct feedback from investing clients, institutional and retail sales force (as applicable) and from independent rating services; (3) the research analyst's productivity, including the quality of such analyst's research and such analyst's contribution to the growth and development of our overall research effort; (4) compliance with all of Baird’s internal policies and procedures; and (5) other considerations, such as Baird’s assessment of the prevailing market rates for talent in the sector the research analyst covers, but excluding the analyst’s contributions to Baird’s investment banking services activities. This compensation criteria and actual compensation, is reviewed and approved on an annual basis by Baird's Research Oversight Committee. Analyst compensation is derived from all revenue sources of the firm, including revenue from investment banking. Baird does not compensate research analysts based on specific investment banking transaction. The foregoing activities could create a conflict of interest with clients. In addition to the measures described above, Baird addresses conflicts posed by those activities through disclosure in this Brochure, via the Research Services, including disclosure on research reports, and in the client’s agreements with Baird. Baird has also adopted a Code of Ethics and other internal policies and procedures for Baird and its associates that: Baird’s Other Broker-Dealer and Related Activities • require them to provide the Research Services in a manner that reflects the analyst’s personal views about the companies or securities to which they apply, to confirm that no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in any research report and to certify the same on written research reports; • prohibit research analysts from owning stock in companies covered by the analyst; and • As a registered broker-dealer, Baird may buy or sell securities for its own account in the ordinary course of its market making activities. Baird also effects transactions in securities and receives and retains compensation for such services. In such capacity, Baird may act as agent or principal in executing trades for client accounts, some of whom may be clients who receive the Research Services. Those securities trades and market making activities involve buying or selling securities that are the same as those discussed in reports and commentaries included in the Research Services. However, Baird does not intentionally buy or sell securities as a result of any discussions about them in the Research Services and the personnel providing such services do not receive copies or drafts of research reports or commentaries before they are delivered to clients. address and limit cash and non-cash benefits provided to research analysts by third parties in an attempt to avoid any question of propriety or any conduct inconsistent with Baird’s high standards of ethics. Brokerage Practices Baird does not recommend or select broker-dealers to effect transactions for client accounts as part of the Research Services. In connection with the provision of the Research Services, Baird does not have discretion over client accounts and does not recommend or select the use of any particular broker‐dealer to implement research recommendations, although Baird in its capacity as a broker‐dealer seeks to provide brokerage services to clients. Clients are not required nor expected to use Baird or any other affiliate to implement recommendations received or otherwise to place orders for securities transactions. Review of Accounts Provision of the Research Services does not require a client establish an account with Baird. Accordingly, Baird does not review client accounts. Baird and its associates, by reason of its broker-dealer or from time to time acquire other activities, may information deemed confidential, material and non- public, about corporations or other entities and their securities. Baird and its associates are prohibited by applicable law or agreements from disclosing such information to clients or acting upon such information. Baird’s other activities thus present a potential conflict of interest because such activities may limit Baird’s ability to provide the Research Services. Client Referrals and Other Compensation Neither Baird nor its employees or supervised persons receive any additional economic benefit (including, for example, sales awards or other prizes) from any non- client for providing the Research Services to clients. Baird does not enter into or any agreements or other understanding under which Baird pays, directly or indirectly, any compensation to third parties for client referrals with respect to the Research Services. 9 Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC  Custody Baird does not maintain custody of client funds or securities in connection with the Research Services. Investment Discretion Baird does not have discretionary authority to buy or sell securities for client accounts or otherwise act for client accounts in connection with the Research Services. Voting Client Securities Baird does not have authority to vote proxies with respect to the securities held in the client’s account or otherwise act for client accounts in connection with the Research Services. Financial Information Baird is not aware of any financial condition that is reasonably likely to impair its ability to meet its contractual commitments to clients, nor has it been the subject of a bankruptcy petition at any time during the past ten years. 10 Baird IER Brochure Rev. 03/21/2025 Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue, Milwaukee, WI 53202 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC