Baird Small/Mid Cap Value Fund

OVERVIEW
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The Small/Mid Cap Value Fund invests in small- to medium-cap companies, typically defined as those with a market cap range of $300 million to $10 billion at time of purchase. The Portfolio seeks to own securities that the manager expects to exceed Wall Street expectations that trade at a discount to our proprietary calculations of fair value. The Portfolio typically owns companies exhibiting high-quality characteristics including, but not limited to, strong balance sheets, high returns on equity, competitive advantages, high barriers to entry and above-average profit margins. To help control risks, the Portfolio is generally diversified among companies in a broad range of industries and economic sectors. Typically, no single holding in the Portfolio will exceed 5% of the Portfolio at cost or 8% of the Portfolio measured at market value.

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, 2018 to the extent necessary to ensure that the total operating expenses do not exceed 1.20% of the Investor Class's average daily net assets and a 0.95% of the Institutional Class's average daily net assets. Investor class expense ratios include 0.25% 12b-1 fee. 

PERFORMANCE
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MANAGEMENT