L2 Tear Sheet US Large Cap Value Strategy – August Q2 2025

The Strategy is managed by Matthew Malgari and Sanjeev Bhojraj, PhD of L2 Asset Management, LLC (“L2”), who are coportfolio managers with investment discretion. The Strategy is managed in a manner substantially similar to that of the Baird LargeCap Fund1 as regards investment objective, principal and non-principal strategies, investment processes, and investment limitations and restrictions as stated in that fund’s most recent prospectus and statement of additional information. Without limiting the foregoing, the Strategy is managed in accordance with the following:

Investment Objective: To provide long-term growth of capital.

Principal Strategies: When buying securities, L2 normally invests at least 80% of net assets in the equity securities of principally large common capitalization stocks and companies, American Depositary Receipts (“ADRs”) that are traded on major U.S. exchanges.