The overall Morningstar rating for a fund is derived from a weighted average of the performance figures associated with a fund’s three-, five- and ten-year (if applicable) Morningstar Rating metrics.

For each fund with at least a three year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.

The Baird Intermediate Municipal Bond Fund Institutional Class received 4 stars for the 3-year period among 205 Municipal National Intermediate Bond Funds and 5 stars for the 5-year period among 186 Municipal National Intermediate Bond Funds. The Baird Core Plus Bond Fund Institutional Class received 4 stars for the 3-year period among 1017 Intermediate-Term Bond Funds and 5 stars for the 5-year period among 871 Intermediate-Term Bond Funds. The Baird Aggregate Bond Fund Institutional Class received 3 stars for the 3-year period among 1017 Intermediate-Term Bond Funds and 3 stars for the 5-year period among 871 Intermediate-Term Bond Funds. The Baird MidCap Fund Institutional Class received 4 stars for the 3-year period among 681 Mid-Cap Growth Funds and 4 stars for the 5-year period among 609 Mid-Cap Growth Funds.

Past performance is no guarantee of future results.

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. For a prospectus and application, contact Baird Funds directly at 866-44BAIRD, via e-mail, or contact your Baird Financial Advisor. Please read the prospectus carefully before investing.

Baird Funds are offered through Robert W. Baird & Co., a registered broker/dealer. Baird also serves as investment advisor for the Funds and receives compensation for these services.