Strategy. 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 Growth Index at the time of investment. When analyzing equity securities to be purchased by the Fund, Robert W. Baird & Co. Incorporated (the … Show more… 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 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 companys growth prospects. The Funds investments are selected using a variety of both quantitative techniques and fundamental research in seeking to maximize the Funds 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 Advisors investment process and are represented in the following ways: Durable P rofitability. Companies with advantaged competitive positions have greater potential to generate attractive and increasing margins, and high returns. Sustainable R evenue Growth. Solid barriers to entry, favorable pricing power and an effective strategy can support top-line prospects, and superior earnings growth. Favorable I ndustry dynamics. The Advisor leverages their intellectual capital by identifying favorable end market demand, making investment across sectors. 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. 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 Funds portfolio: Typically holding the securities of fewer than 60 companies with exposure to at least 20 industries. Seeking securities whose growth prospects, in the Advisors opinion, are not reflected in their current stock prices. Limiting the size of any one new position. No security will represent more than 5% of the Funds 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. Show less