^{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.}

^{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, 2020. The agreement may only be terminated prior to the end of this term by or with the consent of the Board of Directors of Baird Funds, Inc.}

^{Effective December 1, 2018, the investment advisory fee that the Baird Small/Mid Cap Value Fund, the Chautauqua International Growth Fund and the Chautauqua Global Growth Fund pays to the Advisor was reduced from an annual rate of 0.80% of the average daily net assets of each Fund to an annual rate of 0.75% of the average daily net assets of each Fund. Gross expense ratios are as of 12/31/2018 and were adjusted to reflect current fees for the previously referenced Funds.}

^{The Advisor has contractually agreed to waive its fees and/or reimburse expenses at least through April 30, 2020, 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, the Baird MidCap Fund and the Baird Small/Mid Cap Value Fund; and, 1.20% of the Investor Class's average daily net assets and 0.95% of the Institutional Class's average daily net assets for the Baird SmallCap Value Fund.}

^{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.}

^{A redemption fee of 2.00% is assessed on shares held for 90 days or fewer, as a percentage of the amount redeemed, in the Chautauqua International Growth Fund and Chautauqua Global Growth Fund. Performance data does not reflect this redemption fee.}