Baird Advisors’ disciplined investment process is applied to client portfolios managed to fixed income benchmarks across the duration spectrum. Baird Aggregate Product The investment objective of the Aggregate Product is to provide an annual rate of total return, before fund expenses, greater than the annual rate of total return of the Barclays Capital Aggregate Bond Index. The Barclays Capital Aggregate Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. Baird Core Plus Product The investment objective of the Core Plus Product is to provide an annual rate of total return, before fund expenses, greater than the annual rate of total return of the Barclays Capital U.S. Universal Bond Index. The Barclays Capital U.S. Universal Bond Index is an unmanaged, market value weighted index of fixed income securities issued in U.S. dollars, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt with maturities of at least one year. Baird Intermediate Government Product The investment objective of the Intermediate Product is to provide an annual rate of total return, before fund expenses, greater than the annual rate of total return of the Barclays Capital Intermediate Government/Credit Bond Index. The Barclays Capital Intermediate Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt including government and corporate securities with maturities between one and ten years. Baird Intermediate Municipal Product The investment objective of the Intermediate Municipal Product is to provide current income that is substantially exempt from federal income tax. A secondary objective is to provide total return with relatively low volatility of principal. The Intermediate Municipal Product strives to achieve an annual rate of return, before fund expenses, greater than the annual rate of the total return of the Barclays Capital 7- Year General Obligation Bond Index. The Barclays Capital 7-Year General Obligation Bond Index is an unmanaged, market value weighted index consisting of investment grade state and local general obligation bonds that have been issued as part of an offering of at least $50 million; have a minimum amount outstanding of at least $5 million; have been issued within the last five years; and have a maturity of six to eight years. Baird Short Term Product The investment objective of the Short-Term Product is to provide an annual rate of total return, before fund expenses, greater than the annual rate of total return of the Barclays Capital 1-3 Year Government/Credit Bond Index. The Barclays Capital 1-3 Year Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt including government and corporate securities with maturities between one and three years.