Quality Intermediate Municipal Bond Fund

The quality profile is calculated on a market value-weighted basis. Per the Baird Funds prospectus, each security in the Fund is assigned the highest credit quality rating provided by a nationally recognized statistical rating organization (e.g. S&P, Moody’s, Fitch). For pre-refunded securities, the reported credit quality reflects the highest reported rating from S&P, Moody’s or Fitch for the underlying collateral. Per the Bloomberg index controlling rating methodology, each security in the index is assigned a rating using S&P, Moody’s, and Fitch (middle of three ratings, lower of two ratings, or singular rating if rated by one rating agency). Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). 

Total sum based on unrounded data. Breakouts are shown rounded to the nearest tenth and may not visually sum. 

**The yield-to-worst (YTW) is the lowest estimated yield that can be received on a callable bond at current market price absent a default. The YTW is calculated by using the lower of yield-to-maturity or yield-to-call (an earlier date that the issuer could redeem the bond). The weighted average YTW of a Fund does not include fund fees and expenses. 

Average Effective Duration is a measure of a fund's interest-rate sensitivity—the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities.

Average Effective Maturity is a weighted average of all the maturities of the bonds in the portfolio, computed by weighing each maturity date (the date the security comes due) by the market value of the security.

*The 30-Day SEC Yield reported above is as of the most recent month end and reflects the impact of any fee waivers (the subsidized yield).The SEC 30-Day Yield reflects the rate at which a fund is earning income on its current portfolio net of any expense waivers or reimbursements. The SEC 30 Day Unsubsidized Yield reflects the rate at which the fund is earning income on its current portfolio without adjusting for any fee waivers or reimbursements.