FIRST AMENDMENT TO THE AMENDED AND RESTATED CUSTODY AGREEMENT

THIS FIRST AMENDMENT effective as of September 10, 2018, to the Amended and Restated Custody Agreement, dated as of July 30, 2018 (the "Custody Agreement"), is entered into by and among Robert W. Baird & Co. Incorporated, a Wisconsin corporation (the "Advisor"), Baird Funds, Inc., a Wisconsin corporation (the “Company”) and U.S. Bank, N.A., a national banking association (the "Custodian").

RECITALS

WHEREAS, the parties have entered into a Custody Agreement; and

WHEREAS, the Company intends to create additional funds; and

WHEREAS, the parties desire to extend said Custody Agreement to apply to the Baird Small/Mid Cap Growth Fund; and

WHEREAS, Article XV, Section 15.02 of the Custody Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, the parties agree as follows:

Exhibit A of the Custody Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.

Except to the extent amended hereby, the Custody Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

BAIRD FUNDS, INC.	U.S. BANK, N.A.


By: /s/ Mary Ellen Stanek	By: /s/ Anita M. Zagrodnik
Name: Mary Ellen Stanek	Name: Anita M. Zagrodnik
Title: President	Title: Senior VP 9/13/18

ROBERT W. BAIRD & CO. INCORPORATED

By: /s/ Charles M. Weber

Name: Charles M. Weber

Title: Managing Director

Exhibit A

to the Amended and Restated Custody Agreement

Separate Series of Funds

Fund Names

Bond Funds

	Name of Series				Date Added
	Baird Intermediate Bond Fund				September 29, 2000
	Baird Core Plus Bond Fund				September 29, 2000
	Baird Aggregate Bond Fund				September 29, 2000
	Baird Quality Intermediate Municipal Bond Fund				March 30, 2001
	Baird Short-Term Bond Fund				August 31, 2004
	Baird Ultra Short Bond Fund				December 31, 2013
	Baird Short-Term Municipal Bond Fund				August 31, 2015
	Baird Core Intermediate Muni Bond Fund				August 31, 2015

Equity Funds

	Name of Series	Date Added
	Baird MidCap Fund	December 29, 2000
	Baird SmallCap Value Fund	May 1, 2012
	Baird Small/Mid Cap Value Fund	November 30, 2015
	Chautauqua Global Growth Fund	May 1, 2016
	Chautauqua International Growth Fund	May 1, 2016
	Baird Small/Mid Cap Growth Fund	September 10, 2018