International Growth Fund

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted.

Investors should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. This and other information is found in the prospectus and summary prospectus. For a prospectus or summary prospectus, contact Baird directly at 866-442-2473. Please read the prospectus or summary prospectus carefully before investing.

Time periods greater than one year are annualized.

Investor class expense ratios include a 0.25% 12b-1 fee.

The Net Expense Ratio is the Gross Expense Ratio minus any reimbursement from the Advisor for the International Growth and Global Growth Funds. The Advisor has contractually agreed to waive its fees and/or reimburse expenses at least through April 30, 2027, to the extent necessary to ensure that the total operating expenses do not exceed 1.05% of the Investor Class’s average daily net assets and 0.80% of the Institutional Class’s average daily net assets.

The Fund may hold fewer securities than other diversified funds, which increases the risk and volatility because each investment has a greater effect on the overall performance. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulations.

The MSCI ACWI ex-U.S. Index® is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the United States. Indexes are unmanaged and direct investment is not possible.

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