Baird Funds & Performance

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.

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.

Ultra Short Bond Fund - the Advisor has contractually agreed to waive management fees in an amount equal to an annual rate of 0.15% of the average daily net assets for the Fund until April 30, 2024.

Prior to December 12, 2021, the Baird Equity Opportunity Fund was managed in accordance with a different investment strategy. The Subadvisor became the Fund’s subadvisor effective December 12, 2021. The performance results shown are from periods during which the Fund was managed by the Advisor prior to the retention of a Subadvisor.

The Advisor has contractually agreed to waive its fees and/or reimburse expenses at least through April 30, 2024, 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 for the Chautauqua Global Growth Fund and Chautauqua International Growth Fund; and 1.10% of the Investor Class's average daily net assets and 0.85% of the Institutional Class's average daily net assets for the Baird Small/Mid Cap Growth Fund; and 1.07% of the Investor Class’s average daily net assets and 0.82% of the Institutional Class’s average daily net assets for the Baird Mid Cap Growth Fund. The advisor has contractually agreed to waive its fees and/or reimburse expenses for the Baird Equity Opportunity Fund at least through April 30, 2025, to the extent necessary to ensure that the total operating expenses do not exceed 1.25% of the Institutional Class's average daily net assets.

The Net expense ratio is the Gross expense ratio minus any reimbursement from the Advisor. Investor class expense ratios include 0.25% 12b-1 fee.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods.

^© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

**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.

*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 most recent month end unsubsidized yield for the Ultra Short Bond Fund Institutional Share Class is 5.10%.