Baird Ultra Short Bond Institutional (Baird Ultra Short Bond Fund Ins) fond

The fund normally invests at least 80% of its net assets in bonds, including the following types of U.S. dollar-denominated debt obligations: U.S. government and other public-sector entities; asset-backed and mortgage-backed obligations of U.S. and foreign issuers; Corporate debt of U.S. and foreign issuers; money market instruments. It invests primarily in investment-grade debt obligations, rated at the time of purchase by at least one major rating agency, but may invest up to 10% of its net assets in high yield bonds.