Baird Quality Intermediate Municipal Bond Fund
The Fund is managed through a duration-neutral, risk-controlled approach with a strong emphasis on the long-term perspective. The primary investment objective of the Fund is to seek current income that is substantially exempt from federal income tax. A secondary objective is to seek total return with relatively low volatility of principal. The Fund invests in municipal securities issued by governmental authorities throughout the United States and its territories. The Fund primarily purchases general obligation and pre-refunded bonds issued for any purpose as well as certain revenue bonds.
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The funds' current performance may be lower or higher than the performance data quoted.
Because the Fund may invest more than 25% of its total assets in municipal obligations issued by entities located in the same state or the interest on which is paid solely from revenues of similar projects, changes in economic, business or political conditions relating to a particular state or types of projects may have a disproportionate impact on the Fund. A bond's market value may be affected significantly by changes in interest rates – generally, when interest rates rise, the bond's market value declines and when interest rates decline, its market value rises ("interest rate risk").
The Barclays Quality Intermediate Municipal Bond Index tracks the performance of municipal bonds with remaining maturities between 2 and 12 years and a minimum credit rating of A3. Indices are unmanaged and are not available for direct investment.

Mary Ellen Stanek, CFA
Managing Director
Chief Investment Officer
Mary Ellen has over 39 years of investment experience managing a broad range of fixed income portfolios. She is responsible for the formulation of fixed income strategy as well as the development and implementation of all fixed income asset management services. Mary Ellen serves on the board of Baird Financial Group, as President of the Baird Funds and is chair of the Baird Diversity Steering Committee. Mary Ellen obtained her undergraduate degree from Marquette University and her MBA from the University of Wisconsin-Milwaukee. She received the Chartered Financial Analyst designation in 1983. Mary Ellen is currently a member of the CFA Institute and is a member of the CFA Society of Milwaukee. Prior to joining Baird Advisors, Mary Ellen was President and Chief Executive Officer of Firstar Investment Research and Management Company (FIRMCO) and was Director of Fixed Income.

Gary A. Elfe, CFA
Managing Director
Research Director Emeritus/Senior Portfolio Manager
Gary has over 39 years of investment experience managing a broad range of fixed income portfolios. He plays a lead role in fixed income research, oversees credit related decisions and is responsible for setting and implementing investment strategy. Gary obtained his undergraduate degree and MBA from the University of Wisconsin-Milwaukee, and received the Chartered Financial Analyst designation in 1982. Gary is currently a member of the CFA Institute and is a member of the CFA Society of Milwaukee. Prior to joining Baird Advisors, Gary was a Senior Vice President and Research Director with Firstar Investment Research and Management Company (FIRMCO).

Charles B. Groeschell
Managing Director
Senior Portfolio Manager
Charlie has over 38 years of investment experience managing a broad range of fixed income portfolios. His responsibilities include setting investment policy and implementing the long term investment strategy of Baird Advisors. He also plays a lead role in the management of institutional client relationships. Charlie received his undergraduate degree from Texas Christian University and his MBA from the University of Wisconsin-Milwaukee. Prior to joining Baird Advisors, Charlie was a Senior Vice President and Senior Portfolio Manager with Firstar Investment Research & Management Company (FIRMCO).

Warren D. Pierson, CFA
Managing Director
Senior Portfolio Manager
Warren has over 32 years of investment experience managing a broad range of fixed income portfolios. He plays a lead role in the formulation of fixed income strategy as well as the development and implementation of Baird Advisors’ fixed income asset management services. Warren received his undergraduate degree from Lawrence University and was awarded the Chartered Financial Analyst designation in 1990. Warren is currently a member of the CFA Institute and is past President of the CFA Society of Milwaukee. Prior to joining Baird Advisors, Warren was a Senior Vice President and Senior Portfolio Manager with Firstar Investment Research and Management Company (FIRMCO) where he managed municipal bond portfolios and intermediate taxable bond portfolios.

Daniel A. Tranchita, CFA
Managing Director
Senior Portfolio Manager
Dan has over 28 years of investment experience managing a broad range of fixed income portfolios. He plays a lead role in research and strategy development in the mortgage and asset-backed sectors. Dan received his undergraduate degree and his MBA from Marquette University and the Chartered Financial Analyst designation in 1993. Dan is currently a member of the CFA Institute and is a member of the CFA Society of Milwaukee. Prior to joining Baird Advisors, Dan was a Senior Vice President and Senior Portfolio Manager with Firstar Investment Research and Management Company (FIRMCO).

M. Sharon deGuzman
Managing Director
Senior Portfolio Manager
Sharon has over 27 years of investment experience managing a broad range of fixed income portfolios. She plays a lead role in risk management and portfolio construction focusing on managing short and intermediate taxable portfolios and tax-exempt portfolios. She received her undergraduate degree from Eastern Illinois University. Sharon is currently a member of the CFA Institute and is a member of the CFA Society of Milwaukee. Prior to joining Baird Advisors, Sharon was an Assistant Vice President and Portfolio Manager with Firstar Investment Research and Management Company (FIRMCO) where she did quantitative fixed income analysis and portfolio management.