Baird Small/Mid Cap Growth Fund

OVERVIEW
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The Baird Small/Mid Cap Growth Fund is a high conviction portfolio of 60-70 stocks, with a strong emphasis on fundamental, bottom-up research to discover unique, secular growth stories that we believe can drive above average sales and earnings growth. The team strongly believes in having a true “smid” portfolio invested in companies primarily between $500 million and $12 billion in market cap. The primary investment goal is to provide superior-to-market returns over a 3-5 year time horizon versus the Russell 2500 Growth Index. The team does this by finding companies for inclusion in the portfolio that have stronger growth, more favorable industry dynamics and competitive positioning, and the opportunity to expand profit margins.

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, 2019 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
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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 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 mid-capitalization companies. 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, 2016, 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 Midcap Growth Index measures the performance of those Russell Midcap companies with higher 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.

MANAGEMENT
DISTRIBUTIONS
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