Baird Small/Mid Cap Growth Fund
The net expense ratio is the gross expense ratio minus any reimbursement from the Advisor. The Advisor has contractually agreed to waive its fees and/or reimburse expenses at least through April 30, 2021, to the extent necessary to ensure that the total operating expenses do not exceed 1.10% of the Investor Class's average daily net assets and a 0.85% of the Institutional Class's average daily net assets. Investor class expense ratios include 0.25% 12b-1 fee.
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The funds' current performance may be lower or higher than the performance data quoted.
The Fund focuses on growth-style stocks and therefore the performance of the Fund will typically be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. The Fund may invest up to 15% of its total assets in U.S. dollar-denominated foreign securities and ADRs. Foreign investments involve additional risks such as currency rate fluctuations, political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of small- and mid-capitalization companies. Small- and mid-capitalization companies often are more volatile and face greater risks than larger, more established companies.
The Net Expense Ratio is the Gross Expense Ratio minus any reimbursement from the advisor. The advisor has contractually agreed to waive its fees and/or reimburse expenses at least through April 30, 2021, to the extent necessary to ensure that the total operating expenses do not exceed 1.10% of the Investor Class's average daily net assets and 0.85% of the Institutional Class's average daily net assets. Investor class expense ratios include a 0.25% 12b-1 fee.
The Russell 2500 Growth Index measures the performance of those Russell 2500 companies with above average price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. Indices are unmanaged and are not available for direct investment.

Jonathan Good, MBA
Portfolio Manager
Director
Jonathan joined Baird in 2006 and has 18 years of investment experience. He is currently the Portfolio Manager for the Baird Small/Mid Cap Growth Fund and a Senior Research Analyst covering healthcare for the growth strategies. Before joining Baird Equity Asset Management, Jonathan worked at Gartmore Global Investments as an equity analyst for their Global Health Sciences Fund. Prior to joining Gartmore, he spent five years at William Blair & Company as an equity research associate covering Biotech, Lifesciences, Diagnostics and Orthopedics. Jonathan earned a degree in Applied and Biomedical Sciences from the University of Pennsylvania, and earned his MBA from the Kellogg School of Management at Northwestern University.