Baird Short-Term Bond Fund

The fund primarily (at least 80% of its net assets) commits to debt instruments denominated in U.S. dollars. Its portfolio typically comprises obligations from the U.S. government and other public sector organizations, as well as asset-backed and mortgage-backed securities originating from both domestic and international issuers, and corporate bonds from companies around the world. A core principle of its investment strategy is to only acquire debt that is rated investment-grade by at least one major credit rating agency at the time of purchase; unrated securities are included only if the advisor deems them to be of comparable credit quality.