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

$9.4B

AUM Growth

+$2.27B (+32%)

Cap. Flow

Cap. Flow % of AUM

Top 10 Holdings % Top 10 Hldgs %

Holding

1,361

New

Increased

Reduced

Closed

Top Buys

1		+$77.5M
2		+$45.5M
3		+$39.6M
4	AbbVie ABBV	+$38.6M
5	Digital Realty Trust DLR	+$38M

Top Sells

1		+$37.5M
2		+$32.4M
3		+$31.8M
4	Microchip Technology MCHP	+$31.1M
5	IBM IBM	+$27.8M

Sector Composition

1	Technology	12.37%
2	Industrials	12.28%
3	Healthcare	11.51%
4	Consumer Discretionary	10.17%
5	Financials	9.87%

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
101	EVHC 101 DELISTED Envision Healthcare Holdings Inc EVHC	$30.8M	0.33%	296,982 +106,772
102	102 Telefônica Brasil VIV $19.6B	$30.8M	0.33%	+1,742,921
103	103 FirstEnergy FE $27.1B	$30.8M	0.33%	788,930 +780,442
104	104 Conagra Brands CAG $8.86B	$30M	0.32%	1,062,139 +1,014,726
105	105 United Rentals URI $63.7B	$29.9M	0.32%	293,517 +60,012
106	106 The Mosaic Company MOS $9.35B	$29.5M	0.31%	+646,054
107	107 EOG Resources EOG $58.2B	$29.4M	0.31%	319,440 -47,874
108	ENV 108 DELISTED ENVESTNET, INC. ENV	$29M	0.31%	589,275 +156,505
109	109 Kohl's KSS $1.76B	$28.5M	0.3%	466,719 +418,490
110	110 WaFd WAFD $2.21B	$28.1M	0.3%	+1,267,182
111	111 Merck MRK $215B	$27.7M	0.29%	510,609 +185,358
112	TERP 112 DELISTED TerraForm Power, Inc TERP	$26.9M	0.29%	+871,313
113	113 Icon ICLR $14.6B	$26.9M	0.29%	526,703 -170,363
114	114 SLB Limited SLB $48.9B	$26.6M	0.28%	311,362 +131,985
115	115 Boeing BA $163B	$26.6M	0.28%	204,443 +138,894
116	ANSS 116 DELISTED Ansys ANSS	$25.2M	0.27%	307,307 -136,632
117	117 Ross Stores ROST $51.1B	$24.8M	0.26%	+527,122
118	118 Dollar Tree DLTR $20.2B	$24.6M	0.26%	349,751 -141,594
119	119 ServiceNow NOW $189B	$24.4M	0.26%	+359,857
120	120 Target TGT $41.6B	$24.4M	0.26%	321,069 +252,059
121	CELG 121 DELISTED Celgene Corp CELG	$24.2M	0.26%	216,414 +7,248
122	122 Costco COST $415B	$24.2M	0.26%	170,673 +84,724
123	NLSN 123 DELISTED Nielsen Holdings plc NLSN	$24M	0.26%	536,403 +491,620
124	124 Trinity Industries TRN $2.28B	$23.7M	0.25%	1,174,770 +102,873
125	125 lululemon athletica LULU $20.6B	$22.9M	0.24%	+410,964