2020 Estimated Capital Gains Baird Bond Funds

2020 Estimated Capital Gains ? Baird Bond Funds

In accordance with IRS rules, mutual funds are required to distribute substantially all net investment income and net capital gains to shareholders. Therefore, some of the Baird Funds are required to make capital gain distributions in December. Funds normally distribute net capital gains earned through October 30th to all shareholders before the end of the calendar year.

Information concerning capital gain distributions will be provided at :

November: an estimate of year-end required distributions. These amounts could be subject to change. Mid-December: final notification of actual distributions to be paid in 2020.

Record Date Ex-date / Reinvest Date Payable Date

December 16, 2020 December 17, 2020 December 18, 2020

BAIRD BOND FUNDS

Fund

Baird Aggregate Bond ? Inst. Baird Aggregate Bond ? Investor Baird Core Plus Bond ? Inst. Baird Core Plus Bond ? Investor Baird Intermediate Bond ? Inst. Baird Intermediate Bond ? Investor Baird Short-Term Bond ? Inst. Baird Short-Term Bond ? Investor Baird Ultra Short Bond ? Inst. Baird Ultra Short Bond ? Investor Baird Core Int. Muni Bond ? Inst. Baird Core Int. Muni Bond ? Investor Baird Municipal Bond ? Inst. Baird Municipal Bond ? Investor Baird Quality Int. Muni Bond ? Inst. Baird Quality Int. Muni Bond ? Investor Baird Strategic Muni Bond ? Inst. Baird Strategic Muni Bond ? Investor Baird Short-Term Muni Bond ? Inst. Baird Short-Term Muni Bond - Investor

Ticker

BAGIX BAGSX BCOIX BCOSX BIMIX BIMSX BSBIX BSBSX BUBIX BUBSX BMNIX BMNSX BMQIX BMQSX BMBIX BMBSX BSNIX BSNSX BTMIX BTMSX

******************** ESTIMATES ********************

Estimated Short Term Capital Gain

Paid per share

$0.05971 $0.05971 $0.03859 $0.03859 $0.04867 $0.04867 $0.04926 $0.04926 $0.00680 $0.00680 $0.01586 $0.01586 $0.23483 $0.23483

None None $0.07406 $0.07406 None None

Estimated Long Term Capital Gain

Paid per share

$0.07592 $0.07592 $0.07731 $0.07731 $0.11110 $0.11110 $0.02584 $0.02584 $0.00046 $0.00046 $0.01589 $0.01589

None None None None $0.00066 $0.00066 None None

Fund Price (NAV)

As of 10/30/20

11.78 12.20 12.11 12.64 11.77 12.33 9.97 9.96 10.09 10.11 10.84 10.83 10.64 10.63 11.95 12.25 10.60 10.59 10.38 10.36

These estimated capital gains are as of 10/30/20. Keep in mind that market conditions, portfolio changes, and/or changes in outstanding fund shares could affect these estimates substantially. This information is NOT FINAL and is subject to change until the ex-dividend date.

Final capital gains are reported on Form 1099-DIV which will be mailed to shareholders in late January.

Baird Funds, Robert W. Baird & Co., and its affiliates do not provide tax advice. This information is provided for general educational purposes only. The information is not to be relied upon for legal or tax advice. Investors should consult with their legal or tax advisors for personalized assistance, including information regarding any specific state law requirements.

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. This, and other information can be found in the prospectus or summary prospectus. A prospectus or summary prospectus may be obtained by visiting or by contacting Baird Funds directly at 800-444-9102. Please read the prospectus or summary prospectus carefully before investing.

Past performance is no guarantee of future results.

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 as disclosed in the current prospectus.

2020 Estimated Capital Gains ? Baird Equity Funds

In accordance with IRS rules, mutual funds are required to distribute substantially all net investment income and net capital gains to shareholders. Therefore, some of the Baird Funds are required to make capital gain distributions in December. Funds normally distribute net capital gains earned through October 30th to all shareholders before the end of the calendar year.

Information concerning capital gain distributions will be provided at :

November: an estimate of year-end required distributions. These amounts could be subject to change. Mid-December: final notification of actual distributions to be paid in 2020.

Record Date Ex-date / Reinvest Date Payable Date

December 16, 2020 December 17, 2020 December 18, 2020

BAIRD EQUITY FUNDS

Fund

Baird MidCap-Inst. Baird MidCap-Investor Baird SmallCap Value-Inst. Baird SmallCap Value-Investor Baird Small/Mid Cap Value -Inst. Baird Small/Mid Cap Value-Investor Baird Small/Mid Cap Growth -Inst. Baird Small/Mid Cap Growth-Investor Chautauqua Global Growth-Inst. Chautauqua Global Growth-Investor Chautauqua International-Inst. Chautauqua International-Investor

Ticker

BMDIX BMDSX BSVIX BSVSX BMVIX BMVSX BSGIX BSGSX CCGIX CCGSX CCWIX CCWSX

******************** ESTIMATES ********************

Estimated Short Term Capital Gain

Paid per share

$0.46333 $0.46333

None None None None $0.19886 $0.19886 None None None None

Estimated Long Term Capital Gain

Paid per share

$2.23935 $2.23935 $0.83329 $0.83329

None None $0.17870 $0.17870 None None None None

Fund Price (NAV)

As of 10/30/20

26.12 24.48 12.97 12.94 10.13 10.05 15.17 15.06 17.12 16.99 15.09 15.01

These estimated capital gains are as of 10/30/20. Keep in mind that market conditions, portfolio changes, and/or changes in outstanding fund shares could affect these estimates substantially. This information is NOT FINAL and is subject to change until the ex-dividend date.

Final capital gains are reported on Form 1099-DIV which will be mailed to shareholders in late January.

Baird Funds, Robert W. Baird & Co., and its affiliates do not provide tax advice. This information is provided for general educational purposes only. The information is not to be relied upon for legal or tax advice. Investors should consult with their legal or tax advisors for personalized assistance, including information regarding any specific state law requirements.

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. This, and other information can be found in the prospectus or summary prospectus. A prospectus or summary prospetus may be obtained by visiting or by contacting Baird Funds directly at 800-444-9102. Please read the prospectus or summary prospectus carefully before investing.

Past performance is no guarantee of future results.

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 as disclosed in the current prospectus.

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