# EDGAR Filing Document

**Accession Number:** 0001282693
**File Stem:** 0000894189-26-014218
**Filing Date:** 2026-5
**Character Count:** 24301
**Document Hash:** 0aaa5e5e4cc14af828b5809852707677
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-014218.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0000894189-26-014218

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAIRD FUNDS INC
- **CENTRAL INDEX KEY:** 0001282693

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-40128
- **FILM NUMBER:** 26928103

**BUSINESS ADDRESS:**
- **STREET 1:** 777 EAST WISCONSIN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-3500

**MAIL ADDRESS:**
- **STREET 1:** 777 EAST WISCONSIN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Baird Mid Cap Growth Fund (Series ID: S000000759)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000002174 | Institutional | BMDIX           |
| C000002175 | Investor      | BMDSX           |

![bairdlogoa.jpg](bairdlogoa.jpg)

**Baird Mid Cap Growth Fund**

**Trading Symbols:**

**BMDIX – Institutional Class Shares**

**BMDSX – Investor Class Shares**

**Summary Prospectus**

**May 1, 2026**

Before you invest, you may want to review the Baird Mid Cap Growth Fund's (the "Fund") prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund, including the Fund's statement of additional information and shareholder reports, online at http://www.bairdassetmanagement.com/funddocuments. You may also obtain this information at no cost by calling 1-866-442-2473 or by sending an e-mail request to prospectus@bairdfunds.com. The Fund's prospectus and statement of additional information, both dated May 1, 2026, are incorporated by reference into this summary prospectus.

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Investment Objective

The investment objective of the Baird Mid Cap Growth Fund (the "Fund") is to provide long-term growth of capital.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

**Shareholder Fees** 

***(fees paid directly from your investment)***

None

**Annual Fund Operating Expenses** 

**(*expenses that you pay each year as a percentage of the value of your investment*)** 

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| | | |
|:---|:---|:---|
|  | *Investor* <br>*<u>Class Shares</u>* | *Institutional*<br>*<u>Class Shares</u>* |
| Management Fees | 0.75% | 0.75% |
| Distribution and Service (12b-1) Fees | 0.25% |  |
| Other Expenses | <u>0.11%</u> | <u>0.11%</u> |
| Total Annual Fund Operating Expenses<sup>(1)</sup> | 1.11% | 0.86% |
| Less: Fee Waiver/Expense Reimbursement<sup>(2)</sup> | <u>-0.01%</u> | <u>-0.01%</u> |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement<sup>(1)</sup> | 1.10% | 0.85% |

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<sup>(1)</sup> The "Total Annual Fund Operating Expenses" and "Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement" do not correlate to the "Ratio of expenses to average net assets" figures in the Financial Highlights section of the Prospectus because the expense information above has been restated to reflect the current operating expenses of the Fund.

<sup>(2)</sup> Robert W. Baird & Co. Incorporated (the "Advisor") has contractually agreed to waive management fees and/or reimburse other expenses in order to limit the Fund's total annual fund operating expenses to 1.10% of average daily net assets for the Investor Class shares and 0.85% of average daily net assets for the Institutional Class shares. The Advisor's expense reimbursement agreement includes fees and expenses incurred by the Fund in connection with the Fund's investments in other investment companies (to the extent, in the aggregate, such expenses exceed 0.0049% of the Fund's average daily net assets) and interest expense, but excludes taxes, brokerage commissions and extraordinary expenses. If such excluded expenses were incurred, Fund expenses would be higher. The Advisor is entitled to recoup the fees waived and/or expenses reimbursed within a three-year period from the time the expenses were incurred, provided that the aggregate amount actually paid by the Fund toward the operating expenses in any month (taking into account the recoupment) will not cause the Fund to exceed the lesser of: (1) the expense cap in place at the time of the fee waiver and/or expense reimbursement; or (2) the expense cap in place at the time of the recoupment. The agreement will continue in effect at least through April 30, 2027 and may only be terminated prior to the end of this term by or with the consent of the Board of Directors.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that

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the Fund's operating expenses remain the same. Please note that the one-year numbers below are based on the Fund's net expenses resulting from the fee waiver/expense reimbursement arrangement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investor Class Shares | $112 | $352 | $611 | $1351 |
| Institutional Class Shares | $87 | $273 | $476 | $1060 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 63% of the average value of its portfolio.

Principal Investment Strategies

The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in the equity securities of U.S. and foreign mid-capitalization companies, principally common stocks and American Depositary Receipts ("ADRs") that are traded on major U.S. exchanges. Although the Fund principally invests in U.S. companies, the Fund may invest up to 15% of its total assets in equity securities (consisting of common stocks, ordinary shares and ADRs) of foreign companies. The Fund defines mid-capitalization companies as those companies with a market capitalization within the range of companies in the Russell Midcap<sup>®</sup> Growth Index at the time of investment.

When analyzing equity securities to be purchased by the Fund, Robert W. Baird & Co. Incorporated (the "Advisor") emphasizes a company's growth prospects. The Fund's investments are selected using a variety of both quantitative techniques and fundamental research in seeking to maximize the Fund's expected return while controlling risk.

The Fund seeks a portfolio comprised of companies which reflect "PRIME" growth factors. These factors are analyzed as part of the Advisor's investment process and are represented in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Durable **P**rofitability. Companies with advantaged competitive positions have greater potential to generate attractive and increasing margins, and high returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustainable **R**evenue Growth. Solid barriers to entry, favorable pricing power and an effective strategy can support top-line prospects, and superior earnings growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Favorable **I**ndustry dynamics. The Advisor leverages their intellectual capital by identifying favorable end-market demand, making investment across sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong **M**anagement. A critical element of a high-quality company. The Advisor seeks governance practices promoting integrity, accountability, and shareholder alignment. Growth, profitability, and balance sheet strength provide insight into effective management.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market **E**xpectations. Important in assessing risk/return opportunities and portfolio capital allocation. Strengthening fundamental trends can expand valuation potential.

The Advisor believes an analysis of these PRIME factors yields insights to the competitive strength of a business model.

The Advisor applies the following strategies when purchasing securities for the Fund's portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Typically holding the securities of fewer than 60 companies with exposure to approximately 20 industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking securities whose growth prospects, in the Advisor's opinion, are not reflected in their current stock prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limiting the size of any one new position. No security will represent more than 5% of the Fund's total assets at the time of purchase.

The Advisor may sell a security due to achievement of valuation targets, significant change in the initial investment premise or fundamental deterioration.

Principal Risks

Please be aware that you may lose money by investing in the Fund. The following is a summary description of certain risks of investing in the Fund.

*Stock Market Risks* 

Stock prices vary and may fall, thus reducing the value of the Fund's investments. Certain stocks selected for the Fund's portfolio may decline in value more than the overall stock market. U.S. and international markets have experienced price volatility in recent months and years. Continuing market volatility may have adverse effects on the Fund.

*Growth-Style Investing Risks* 

Because the Fund focuses on growth-style stocks, its performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a different investment style. Growth stocks are often characterized by high price-to-earnings ratios, which may be more volatile than stocks with lower price-to-earnings ratios.

*Management Risks* 

The Advisor's judgments about the attractiveness, value and potential appreciation of particular companies' stocks may prove to be incorrect. Such errors could result in a negative return to the Fund and a loss to you.

*Equity Securities Risks* 

Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This change may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests.

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*Common Stock Risks* 

Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders and other creditors.

*Mid-Capitalization Risks* 

Mid-capitalization stocks are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of mid-size companies may be substantially less than is typical of larger companies. Therefore, the securities of mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making them more susceptible to market pressures and business failure.

*Economic Sector Risks*

The Fund may invest a higher percentage of its total assets in one or more economic sectors, which may involve being overweight in those sectors relative to the Fund's benchmark index. Adverse conditions impacting those sectors may have a significant negative impact on the Fund's absolute and relative performance. Conversely, the Fund may be underweight or not invested in certain sectors relative to the Fund's benchmark index. Should those sectors experience outperformance, the Fund may underperform relative to the benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Industrials Sector Risk.* As of the date of this Prospectus, the Fund has significant exposure to securities of issuers in the industrials sector. As a result, the Fund is subject to the risk that the securities of issuers in the industrials sector will underperform the market as a whole because the industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.

*Foreign Securities Risks* 

Securities of foreign issuers and ADRs are subject to certain inherent risks, such as political or economic instability of the country of issue and government policies, tax rates, withholding of foreign taxes, prevailing interest rates and credit conditions that may differ from those affecting domestic corporations. Securities of foreign issuers and ADRs may also be subject to currency fluctuations and controls and greater fluctuation in price than the securities of domestic corporations. Foreign companies generally are subject to different auditing and financial reporting standards than those applicable to domestic companies.

*Information Security, Cybersecurity, and Technology-Related Risks*

As issuers and their service providers increasingly rely on digital technologies, such as the Internet, cloud computing, and AI-enabled systems, they face heightened information security, cybersecurity, and other technology-related risks, including incidents that could compromise the confidentiality, integrity, or availability of their systems, data, or technology infrastructure. Technology-related incidents may have a materially adverse impact on the issuer's performance and operations and can impede critical functions, compromise sensitive business and protected customer information, and may result in financial losses and increased compliance or operational expenses. Similar adverse consequences may arise from technology related incidents affecting governmental authorities, regulatory bodies, financial market systems, exchanges, brokers-dealers, banks, insurance companies, custodians, or other market participants.

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Although issuers and their service providers may adopt measures designed to prevent or mitigate such incidents, there remains a possibility that certain risks may not be identified or fully addressed.

*Artificial Intelligence Risks*

Issuers of investments increasingly use artificial intelligence ("AI") systems in various aspects of their business operations, creating competitive market pressures to increase the development and use of AI systems. Failure to effectively develop or use AI systems may place an issuer at a competitive disadvantage. At the same time, AI systems present significant risks that could materially affect an issuer's business and financial performance. AI tools may be highly useful, but they are evolving, complex and fallible systems that can exhibit bias, hallucinations, deceptive behaviors and other flaws. Issuers that depend on third-party AI systems may experience vendor dependency, limit insight to model performance, and risk of data disruptions. Rapidly changing and inconsistent regulations may require significant investment, whereas non-compliance may lead to fines, enforcement actions, or operational constraints. AI systems are vulnerable to cyberattacks or other adversarial actions that can impair performance and expose sensitive business and protected customer information, which can result in material disruption and damage to business operations, significant legal and regulatory liabilities, substantial remediation expenses, and reputational harm.

*Recent Market Events Risks*

Global financial markets have continued to experience periods of elevated volatility, driven by a combination of economic, political, and broader macroeconomic developments. Conditions across major economies have been influenced by shifting policy priorities, changes in geopolitical relationships, and evolving investor expectations. Within the United States, the current U.S. administration has demonstrated intent on implementing policy changes through executive orders and legislation, contributing to a less certain policy environment. Potential adjustments to federal programs, regulatory initiatives, and legislative priorities create additional factors for markets to assess, which may cause meaningful market uncertainty. While inflation reduction remains a central focus for policymakers, achieving the U.S. Federal Reserve Board's long term inflation target of 2% continues to prove challenging. The price of many goods and services remains elevated compared to levels from a few years ago. Leadership changes at the Federal Reserve and political divisions and discord add further uncertainty to the economic outlook. Internationally, geopolitical risks have increased due to ongoing military conflicts in the Middle East and Europe, which have adversely impacted global trade and contributed to price increases in commodities. Taken together, these developments may have a significant negative impact upon global economic conditions and contribute to a heightened risk environment. As a result, fluctuations in asset prices may increase, and such volatility could adversely affect the value of the Fund's portfolio.

Performance

The performance information presented below provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years and since inception periods compare with those of the Russell Midcap<sup>®</sup> Growth Index, the Fund's benchmark, and a broad measure of market performance. Past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.bairdfunds.com or by calling the Fund (toll-free) at 1-866-442-2473.

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**Calendar Year Returns for Institutional Class Shares** 

![chart-5b921a6fde0e4e0f947a.jpg](chart-5b921a6fde0e4e0f947a.jpg)

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| | | |
|:---|:---|:---|
| ***Best quarter:*** | 2nd quarter 2020 | 29.44% |
| ***Worst quarter:*** | 1st quarter 2020 | -19.30% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2025** | **Average Annual Total Returns as of December 31, 2025** | **Average Annual Total Returns as of December 31, 2025** | **Average Annual Total Returns as of December 31, 2025** | **Average Annual Total Returns as of December 31, 2025** |
|  | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> | Since Inception<br><u>12/29/00</u> |
| *Institutional Class* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | -9.36% | -0.88% | 8.75% | 7.27% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -11.71% | -2.47% | 7.22% | 6.32% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -3.84% | -0.55% | 7.11% | 6.10% |
| *Investor Class* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | -9.53% | -1.11% | 8.47% | 7.01% |
| **Russell 3000**<sup>®</sup> **Index**<br>**(reflects no deduction for fees, expenses or taxes)** | 17.15% | 13.15% | 14.29% | 8.86% |
| **Russell Midcap**<sup>®</sup> **Growth Index**<br>**(reflects no deduction for fees, expenses or taxes)** | 8.66% | 6.65% | 12.49% | 8.46% |

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After-tax returns are shown only for Institutional Class shares, and the after-tax returns for Investor Class shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through a tax-deferred or other tax-advantaged account, such as a 401(k) plan or an individual retirement account.

The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares and provides an assumed tax benefit that increases the after-tax return.

Investment Advisor

Robert W. Baird & Co. Incorporated ("Baird" or the "Advisor") is the Fund's investment advisor.

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Portfolio Managers

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| | | |
|:---|:---|:---|
| <u>Name</u> | Portfolio Manager of the Fund <br><u>Since</u> | <u>Title</u> |
| Kenneth M. Hemauer, CFA | 2010 | Senior Portfolio Manager for Baird Equity Asset Management, a department of the Advisor, and Managing Director of the Advisor |
| Corbin Weyer, CFA, CPA | 2026 | Senior Portfolio Manager and Director of Research for Baird Equity Asset Management and Managing Director of the Advisor |
| Charles F. Severson, CFA | 2000 | Portfolio Manager – Senior Advisor for Baird Equity Asset Management and Managing Director of the Advisor |

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Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund on any day the New York Stock Exchange (the "NYSE") is open by written request via mail (Baird Funds, Inc. c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252) or overnight delivery (Baird Funds, Inc. c/o U.S. Bank Global Fund Services, 801 Pennsylvania Avenue, Suite 219252, Kansas City, MO 64105-1307), by wire transfer, by telephone at 1-866-442-2473, or through a financial intermediary. Purchases and redemptions by telephone are only permitted if you previously established these options on your account.

The minimum initial and subsequent investment amounts are shown below, although the Fund may reduce or waive them in some cases in its discretion.

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| | | |
|:---|:---|:---|
|  | *Initial Purchase* | *Subsequent Purchases* |
| Investor Class | $1,000 – Individual Retirement Accounts <br>(Traditional/Roth/SIMPLE/SEP IRAs) | $100 |
|  | $2,500 – All Other Accounts | $100 |
| Institutional Class | $10,000 – All Account Types | No minimum |

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Tax Information

The Fund's distributions may be subject to federal income tax and may be taxed as ordinary income or long-term capital gains unless you are investing through a tax-deferred or other tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. You may be taxed later upon the withdrawal of monies from such tax-deferred or other tax-advantaged arrangements.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. In addition, some broker-dealers may regard Institutional Class shares of the Fund as "clean" shares and will charge you a commission on the purchase of such shares. Ask your salesperson or visit your financial intermediary's website for more information.