An August 19 Morningstar video titled “2 Newly Rated—and Exceptional—Funds” featured Baird Ultra Short Bond Fund (BUBIX).

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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 may invest in mortgage- and asset-backed securities which may be subject to prepayment risk and thus may be more sensitive to interest rate changes than other types of debt securities. The Fund may also invest in U.S. dollar-denominated securities issued by foreign issuers which involve additional risks including political and economic instability, differences in financial reporting standards and less regulated securities markets. Non-investment-grade bonds involve greater risk of default and bankruptcy than investment-grade securities. While the U.S. government has historically provided financial support to various U.S. government-sponsored agencies, no assurance can be given that it will do so in the future if it is not obligated by law. A bond's market value may be affected significantly by changes in interest rates – generally, when interest rates rise, the bond's market value declines and when interest rates decline, its market value rises ("interest rate risk").

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, 2022. 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.

The Bloomberg Short-Term U.S. Government/Corporate Index contains securities that have fallen out of the U.S. Government/Credit Bond Index because of the standard minimum one-year-to-maturity constraint. Indices are unmanaged and are not available to direct investment.

Time periods greater than one year are annualized.

For more information on Morningstar ratings specific to Baird Ultra Short Bond Fund, visit page 2 of the fact sheet.

To read the fund’s prospectus or to obtain the fund’s performance to the most recent month end, SEC 30-day yield information, any sales charges, maximum sales charges, loads, fees, total annual operating expense ratio, gross of any fee waivers or expense reimbursements as stated in the fee table contact Baird directly at 866-442-2473 or visit the fund’s webpage here. Investment minimums for these institutional class funds is $10,000.

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to

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