Baird Portfolio holdings

AUM $9.78B

1-Year Est. Return 11.39%

2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Est. Return

1 Year Est. Return

+11.39%

3 Year Est. Return

5 Year Est. Return

10 Year Est. Return

AUM

$9.78B

AUM Growth

+$385M (+4.1%)

Cap. Flow

Cap. Flow % of AUM

Top 10 Holdings % Top 10 Hldgs %

Holding

1,389

New

Increased

Reduced

Closed

Top Buys

1		+$64.6M
2		+$63.4M
3		+$44.2M
4	SPDR Euro Stoxx 50 ETF FEZ	+$43.3M
5	Hasbro HAS	+$41.6M

Top Sells

1		+$60.8M
2		+$43M
3		+$31.9M
4	Kohl's KSS	+$31.7M
5	Teva Pharmaceuticals TEVA	+$30.2M

Sector Composition

1	Technology	12.91%
2	Industrials	12.25%
3	Healthcare	11.28%
4	Consumer Discretionary	10.26%
5	Financials	9.44%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal
326	326 State Street STT $32.5B	$5.4M	0.06%	73,495 -9,878
327	327 Mondelez International MDLZ $74.5B	$5.38M	0.06%	149,087 +5,302
328	328 J.M. Smucker SJM $10.9B	$5.36M	0.05%	46,288 -25,463
329	TWO 329 Two Harbors Investment TWO $981M	$5.35M	0.05%	62,971 +1,147
330	330 SPDR Gold Trust GLD $129B	$5.35M	0.05%	47,043 -2,776
331	PX 331 DELISTED Praxair Inc PX	$5.28M	0.05%	43,748 +1,390
332	332 Host Hotels & Resorts HST $11.1B	$5.26M	0.05%	260,544 +24,314
333	333 ICU Medical ICUI $2.96B	$5.26M	0.05%	56,446 +9,956
334	334 Lithia Motors LAD $7.63B	$5.25M	0.05%	52,853 +3,947
335	335 TJX Companies TJX $158B	$5.24M	0.05%	149,686 -4,686
336	336 Qorvo QRVO $8.87B	$5.23M	0.05%	+65,569
337	337 Colgate-Palmolive CL $61.8B	$5.22M	0.05%	75,247 -2,126
338	338 Altria Group MO $96B	$5.22M	0.05%	104,274 -1,838
339	339 Universal Logistics Holdings ULH $432M	$5.2M	0.05%	206,515 +40,354
340	340 Analog Devices ADI $115B	$5.2M	0.05%	82,526 +23,020
341	341 Tri Pointe Homes TPH $2.75B	$5.16M	0.05%	334,277 +91,497
342	342 Texas Instruments TXN $146B	$5.11M	0.05%	89,328 -1,131
343	343 Chipotle Mexican Grill CMG $43.6B	$5.1M	0.05%	392,050 +110,350
344	344 American Water Works AWK $24.7B	$5.04M	0.05%	92,965 -102
345	345 Unilever UL $149B	$5M	0.05%	119,988 -78,658
346	346 Honeywell HON $127B	$4.98M	0.05%	50,112 +423
347	347 QuidelOrtho QDEL $1.82B	$4.98M	0.05%	184,574 +10,681
348	348 Exelon EXC $47.5B	$4.88M	0.05%	203,440 -59,633
349	349 Kohl's KSS $1.77B	$4.87M	0.05%	62,200 -404,519
350	BMR 350 DELISTED BIOMED REALTY TRUST INC BMR	$4.74M	0.05%	209,230 +38,783