EXPENSE CAP/REIMBURSEMENT AGREEMENT

EXPENSE CAP/REIMBURSEMENT AGREEMENT

This Agreement is entered into as of the 28th day of February, 2023 between Xxxxxx X. Xxxxx & Co. Incorporated (the “Advisor”) and Baird Funds, Inc. (the “Corporation”), on behalf of the Chautauqua Global Growth Fund, Chautauqua International Growth Fund, Xxxxx Small/Mid Cap Growth Fund and Xxxxx XxxXxx Fund (the “Funds”).

WHEREAS, the Advisor desires to contractually agree to waive a portion of its advisory fee or reimburse the Funds’ operating expenses to ensure that the Funds’ total operating expenses do not exceed the levels described below.

NOW THEREFORE, the parties agree as follows:

The Advisor agrees that, for the term of this Agreement, it will reduce its compensation as provided for in the Investment Advisory Agreement between the Corporation on behalf of the Funds and the Advisor and/or assume expenses for the Funds to the extent necessary to ensure that the Funds’ total operating expenses, including the fees and expenses incurred by the Funds in connection with the Funds’ investments in other investment companies (to the extent, in the aggregate, such fees and expenses on an annual basis exceed 0.0049% of the Fund’s average daily net assets) and interest expense, but excluding taxes, brokerage commissions and extraordinary expenses, do not exceed the following annual percentages of the average daily net assets attributable to the Funds’ Institutional Class and Investor Class shares:

			Institutional Class			Investor Class
Chautauqua Global Growth Fund			0.80%			1.05%
Chautauqua International Growth Fund			0.80%			1.05%
Xxxxx Mid Cap Growth Fund			0.85%			1.10%
Xxxxx Small/Mid Cap Growth Fund			0.85%			1.10%

The Advisor shall be entitled to recoup such amounts from the Funds for a period of up to three (3) years from the date the Advisor reduced its compensation and/or assumed expenses for the Funds, provided that the aggregate amount actually paid by the Funds toward the operating expenses in any month (taking into account the recoupment) will not cause the Funds to exceed the lesser of: (1) the expense cap in place at the time of the advisory fee waiver and/or expense reimbursement; or (2) the expense cap in place at the time of the recoupment.

This Agreement shall continue in effect through April 30, 2024. Thereafter this Agreement shall automatically continue for successive renewal terms of one year each, unless either party notifies the other party of its desire to terminate this Agreement prior to such renewal.

XXXXXX X. XXXXX & CO. INCORPORATED
By:			/s/ Reik Read
			Xxxx Xxxx, Managing Director
BAIRD FUNDS, INC. (on behalf of each of the Chautauqua Global Growth Fund, Chautauqua International Growth Fund, Baird Small/Mid Cap Growth and Xxxxx Mid Cap Growth Fund)
By:			/s/ Xxxxx Xxxxxxx
			Xxxxx Xxxxxxx, Vice President