As filed with the U.S. Securities and Exchange Commission on September 3, 2021
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09997
Baird Funds, Inc.
(Exact name of Registrant as specified in charter)
777 East Wisconsin Avenue
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Andrew D. Ketter
Robert W. Baird & Co. Incorporated
777 East Wisconsin Avenue
Milwaukee, WI 53202
(Name and address of agent for service)
1-866-442-2473
Registrant's telephone number, including area code
Date of fiscal year end: December 31
Date of reporting period: June 30, 2021
Item 1. Reports to Stockholders.
Semi-Annual Report –
Baird Funds
June 30, 2021
Taxable Bond Funds
Baird Ultra Short Bond Fund
Baird Short-Term Bond Fund
Baird Intermediate Bond Fund
Baird Aggregate Bond Fund
Baird Core Plus Bond Fund
Municipal Bond Funds
Baird Short-Term Municipal Bond Fund
Baird Strategic Municipal Bond Fund
Baird Quality Intermediate Municipal Bond Fund
Baird Core Intermediate Municipal Bond Fund
Baird Municipal Bond Fund
Go Green. | Go Paperless. |
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Table of Contents
Baird Ultra Short Bond Fund | 1 |
Baird Short-Term Bond Fund | 12 |
Baird Intermediate Bond Fund | 24 |
Baird Aggregate Bond Fund | 36 |
Baird Core Plus Bond Fund | 59 |
Baird Short-Term Municipal Bond Fund | 84 |
Baird Strategic Municipal Bond Fund | 118 |
Baird Quality Intermediate Municipal Bond Fund | 132 |
Baird Core Intermediate Municipal Bond Fund | 150 |
Baird Municipal Bond Fund | 176 |
Additional Information on Fund Expenses | 185 |
Statements of Assets and Liabilities | 186 |
Statements of Operations | 188 |
Statements of Changes in Net Assets | 190 |
Financial Highlights | 195 |
Notes to the Financial Statements | 205 |
Statement Regarding Liquidity Risk Management Program | 216 |
Additional Information | 217 |
This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.
Baird Ultra Short Bond Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
Net Assets | $6,248,416,150 | |||
SEC 30-Day Yield(3) | ||||
Institutional Class (Subsidized) | 0.56% | |||
Institutional Class (Unsubsidized) | 0.41% | |||
Investor Class (Subsidized) | 0.32% | |||
Investor Class (Unsubsidized) | 0.17% | |||
Average Effective Duration | 0.55 years | |||
Average Effective Maturity | 0.59 years | |||
Annualized Expense Ratio(4) | ||||
Gross | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (5) | ||
Net | ||||
Sector Weightings(1) | Institutional Class | 0.15% | ||
Investor Class | 0.40% | (5) | ||
Portfolio Turnover Rate | 41% | (6) | ||
Number of Holdings | 459 | |||
(1) | Percentages shown are based on the Fund’s total investments. |
(2) | The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). |
(3) | SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021. |
(4) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. The Advisor has contractually agreed to waive management fees in an amount equal to an annual rate of 0.15% of average daily net assets for the Fund, at least through April 30, 2022. The agreement may only be terminated prior to the end of this term by or with the consent of the Board of Directors of Baird Funds, Inc. |
(5) | Includes 0.25% 12b-1 fee. |
(6) | Not annualized. |
Page 1
Baird Ultra Short Bond Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | 0.18% | 0.65% | 2.00% | 1.76% | 1.50% |
Investor Class Shares | 0.06% | 0.31% | 1.84% | 1.55% | 1.28% |
Bloomberg Barclays U.S. Short-Term Government/Corporate Index(2) | 0.11% | 0.25% | 1.75% | 1.47% | 1.11% |
(1) | For the period from December 31, 2013 (inception date) through June 30, 2021. |
(2) | The Bloomberg Barclays U.S. Short-Term Government/Corporate Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities less than one year. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The Fund’s gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly referred to as “high yield” bonds). While these types of securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund may also invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 2
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
2.000%, 11/15/2021 | $ | 248,400,000 | $ | 250,185,375 | ||||||||
2.500%, 01/15/2022 | 62,200,000 | 63,016,375 | ||||||||||
2.500%, 02/15/2022 | 175,000,000 | 177,666,016 | ||||||||||
1.750%, 03/31/2022 | 310,000,000 | 313,875,000 | ||||||||||
1.750%, 04/30/2022 | 290,000,000 | 294,010,155 | ||||||||||
0.125%, 06/30/2022 | 200,000,000 | 200,046,876 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $1,298,800,587) | 1,298,799,797 | 20.8 | % | |||||||||
Other Government Related Security | ||||||||||||
Industrial Bank of Korea, | ||||||||||||
0.776%, 08/02/2021 | ||||||||||||
(3 Month LIBOR USD + 0.600%)(1)(2)(3) | 4,250,000 | 4,251,573 | ||||||||||
Total Other Government Related Security | ||||||||||||
(Cost $4,250,056) | 4,251,573 | 0.1 | % | |||||||||
Corporate Bonds | ||||||||||||
Industrials | ||||||||||||
7-Eleven, Inc., | ||||||||||||
0.612%, 08/10/2022 | ||||||||||||
(3 Month LIBOR USD + 0.450%)(1)(2)(3) | 7,000,000 | 7,003,143 | ||||||||||
AbbVie, Inc.: | ||||||||||||
2.150%, 11/19/2021 | 7,195,000 | 7,247,259 | ||||||||||
5.000%, 12/15/2021 | 20,828,000 | 21,028,498 | ||||||||||
3.450%, 03/15/2022 | 4,385,000 | 4,458,943 | ||||||||||
3.250%, 10/01/2022 | 4,425,000 | 4,549,591 | ||||||||||
2.900%, 11/06/2022 | 9,732,000 | 10,055,492 | ||||||||||
America Movil SAB de CV, | ||||||||||||
3.125%, 07/16/2022(1) | 23,174,000 | 23,807,137 | ||||||||||
American Tower Corp., | ||||||||||||
2.250%, 01/15/2022 | 6,715,000 | 6,784,438 | ||||||||||
Amgen, Inc., | ||||||||||||
3.625%, 05/15/2022 | 5,000,000 | 5,090,422 | ||||||||||
Analog Devices, Inc., | ||||||||||||
2.500%, 12/05/2021 | 2,000,000 | 2,015,429 | ||||||||||
ANR Pipeline Co., | ||||||||||||
9.625%, 11/01/2021(1) | 11,305,000 | 11,646,168 | ||||||||||
AT&T, Inc.: | ||||||||||||
1.134%, 07/15/2021 | ||||||||||||
(3 Month LIBOR USD + 0.950%)(3) | 3,000,000 | 3,001,050 | ||||||||||
3.000%, 06/30/2022 | 3,200,000 | 3,272,095 | ||||||||||
BAE Systems PLC, | ||||||||||||
4.750%, 10/11/2021(1)(2) | 27,745,000 | 28,064,598 | ||||||||||
Bayer US Finance II LLC: | ||||||||||||
2.750%, 07/15/2021(1)(2) | 1,184,000 | 1,184,930 | ||||||||||
2.200%, 07/15/2022(1)(2) | 2,000,000 | 2,028,800 | ||||||||||
Bayer US Finance LLC, | ||||||||||||
3.000%, 10/08/2021(1)(2) | 24,170,000 | 24,342,125 | ||||||||||
Becton Dickinson and Co., | ||||||||||||
2.894%, 06/06/2022 | 42,380,000 | 43,312,181 | ||||||||||
BG Energy Capital PLC, | ||||||||||||
4.000%, 10/15/2021(1)(2) | 7,940,000 | 8,022,438 | ||||||||||
Biogen, Inc., | ||||||||||||
3.625%, 09/15/2022 | 1,870,000 | 1,942,810 | ||||||||||
Boeing Co., | ||||||||||||
1.167%, 02/04/2023 | 20,000,000 | 20,082,908 | ||||||||||
Boston Scientific Corp., | ||||||||||||
3.375%, 05/15/2022 | 5,269,000 | 5,409,647 | ||||||||||
Broadcom, Inc., | ||||||||||||
3.000%, 01/15/2022 | 21,111,000 | 21,346,557 | ||||||||||
Bunge Limited Finance Corp., | ||||||||||||
3.000%, 09/25/2022 | 1,100,000 | 1,129,822 | ||||||||||
Cabot Corp., | ||||||||||||
3.700%, 07/15/2022 | 4,000,000 | 4,113,670 | ||||||||||
Campbell Soup Co., | ||||||||||||
2.500%, 08/02/2022 | 1,842,000 | 1,882,587 | ||||||||||
Canadian Natural Resources Ltd., | ||||||||||||
3.450%, 11/15/2021(1) | 12,821,000 | 12,868,762 | ||||||||||
Cardinal Health, Inc., | ||||||||||||
2.616%, 06/15/2022 | 6,856,000 | 6,993,392 | ||||||||||
Celanese US Holdings LLC, | ||||||||||||
4.625%, 11/15/2022 | 4,000,000 | 4,213,219 | ||||||||||
Cenovus Energy, Inc., | ||||||||||||
3.950%, 04/15/2022(1) | 12,080,000 | 12,296,344 | ||||||||||
Charter Communications Operating LLC, | ||||||||||||
4.464%, 07/23/2022 | 21,421,000 | 22,176,920 | ||||||||||
CNH Industrial Capital LLC: | ||||||||||||
3.875%, 10/15/2021(1) | 32,345,000 | 32,647,439 | ||||||||||
4.375%, 04/05/2022(1) | 11,047,000 | 11,363,976 | ||||||||||
Constellation Brands, Inc., | ||||||||||||
2.700%, 05/09/2022 | 24,601,000 | 25,051,306 | ||||||||||
CVS Health Corp., | ||||||||||||
3.500%, 07/20/2022 | 13,300,000 | 13,671,443 | ||||||||||
Daimler Finance North America LLC: | ||||||||||||
2.000%, 07/06/2021(1)(2) | 5,000,000 | 5,001,000 | ||||||||||
2.200%, 10/30/2021(1)(2) | 3,015,000 | 3,034,220 | ||||||||||
3.750%, 11/05/2021(1)(2) | 6,629,000 | 6,705,401 | ||||||||||
2.850%, 01/06/2022(1)(2) | 9,556,000 | 9,676,795 | ||||||||||
1.056%, 02/15/2022 | ||||||||||||
(3 Month LIBOR USD + 0.900%)(1)(2)(3) | 3,500,000 | 3,518,359 | ||||||||||
1.030%, 02/22/2022 | ||||||||||||
(3 Month LIBOR USD + 0.880%)(1)(2)(3) | 3,500,000 | 3,517,424 | ||||||||||
3.400%, 02/22/2022(1)(2) | 9,594,000 | 9,785,983 | ||||||||||
Danone SA: | ||||||||||||
2.077%, 11/02/2021(1)(2) | 4,184,000 | 4,203,256 | ||||||||||
3.000%, 06/15/2022(1)(2) | 15,500,000 | 15,892,561 | ||||||||||
Dentsply Sirona, | ||||||||||||
4.125%, 08/15/2021 | 2,000,000 | 2,000,000 | ||||||||||
DR Horton, Inc., | ||||||||||||
4.375%, 09/15/2022 | 3,250,000 | 3,368,541 | ||||||||||
Eastman Chemical Co.: | ||||||||||||
3.500%, 12/01/2021 | 10,945,000 | 11,087,595 | ||||||||||
3.600%, 08/15/2022 | 14,000,000 | 14,387,827 | ||||||||||
eBay, Inc., | ||||||||||||
3.800%, 03/09/2022 | 6,851,000 | 6,992,446 | ||||||||||
El Paso Natural Gas Co. LLC, | ||||||||||||
8.625%, 01/15/2022 | 2,000,000 | 2,085,014 | ||||||||||
EMD Finance LLC, | ||||||||||||
2.950%, 03/19/2022(1)(2) | 8,850,000 | 8,979,086 | ||||||||||
Enbridge, Inc., | ||||||||||||
2.900%, 07/15/2022(1) | 8,664,000 | 8,871,939 | ||||||||||
Encana Corp., | ||||||||||||
3.900%, 11/15/2021 | 11,769,000 | 11,797,145 | ||||||||||
Energy Transfer LP, | ||||||||||||
4.650%, 02/15/2022 | 7,367,000 | 7,557,316 | ||||||||||
Energy Transfer Partners LP, | ||||||||||||
5.200%, 02/01/2022 | 3,500,000 | 3,553,942 | ||||||||||
Enterprise Products Operating LLC, | ||||||||||||
3.500%, 02/01/2022 | 37,850,000 | 38,574,704 | ||||||||||
Equifax, Inc.: | ||||||||||||
1.026%, 08/15/2021 | ||||||||||||
(3 Month LIBOR USD + 0.870%)(3) | 6,420,000 | 6,425,704 | ||||||||||
3.600%, 08/15/2021 | 2,859,000 | 2,870,366 | ||||||||||
ERAC USA Finance LLC, | ||||||||||||
2.600%, 12/01/2021(2) | 9,325,000 | 9,395,853 |
The accompanying notes are an integral part of these financial statements.
Page 3
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Florida Gas Transmission Co. LLC, | ||||||||||||
3.875%, 07/15/2022(2) | $ | 4,750,000 | $ | 4,865,995 | ||||||||
FMC Corp., | ||||||||||||
3.950%, 02/01/2022 | 10,080,000 | 10,194,701 | ||||||||||
Ford Motor Credit Co. LLC, | ||||||||||||
3.339%, 03/28/2022 | 750,000 | 761,025 | ||||||||||
Fresenius Medical Care US Finance II, Inc., | ||||||||||||
5.875%, 01/31/2022(1)(2) | 6,738,000 | 6,943,587 | ||||||||||
General Mills, Inc., | ||||||||||||
2.600%, 10/12/2022 | 2,500,000 | 2,564,948 | ||||||||||
General Motors Co., | ||||||||||||
1.028%, 09/10/2021 | ||||||||||||
(3 Month LIBOR USD + 0.900%)(3) | 1,500,000 | 1,501,998 | ||||||||||
General Motors Financial Co., Inc.: | ||||||||||||
4.375%, 09/25/2021 | 2,808,000 | 2,834,091 | ||||||||||
4.200%, 11/06/2021 | 8,096,000 | 8,202,033 | ||||||||||
3.450%, 01/14/2022 | 4,100,000 | 4,157,160 | ||||||||||
3.150%, 06/30/2022 | 12,075,000 | 12,364,306 | ||||||||||
3.550%, 07/08/2022 | 16,320,000 | 16,844,432 | ||||||||||
Genpact Luxembourg Sarl, | ||||||||||||
3.700%, 04/01/2022 | 30,598,000 | 31,182,680 | ||||||||||
Georgia-Pacific LLC, | ||||||||||||
3.163%, 11/15/2021(2) | 3,670,000 | 3,691,553 | ||||||||||
Glencore Finance (Canada) Ltd., | ||||||||||||
4.950%, 11/15/2021(1)(2) | 36,299,000 | 36,892,997 | ||||||||||
Glencore Funding LLC, | ||||||||||||
3.000%, 10/27/2022(1)(2) | 5,000,000 | 5,140,650 | ||||||||||
Grupo Bimbo SAB de CV, | ||||||||||||
4.500%, 01/25/2022(1)(2) | 3,588,000 | 3,666,555 | ||||||||||
GTE Corp., | ||||||||||||
8.750%, 11/01/2021 | 6,575,000 | 6,757,051 | ||||||||||
Halliburton Co., | ||||||||||||
3.250%, 11/15/2021 | 2,121,000 | 2,128,320 | ||||||||||
Hewlett Packard Enterprise Co.: | ||||||||||||
3.500%, 10/05/2021 | 13,665,000 | 13,742,133 | ||||||||||
4.400%, 10/15/2022 | 17,057,000 | 17,798,551 | ||||||||||
Howard University, | ||||||||||||
2.638%, 10/01/2021 | 925,000 | 929,902 | ||||||||||
2.738%, 10/01/2022 | 1,045,000 | 1,070,077 | ||||||||||
HP, Inc., | ||||||||||||
4.050%, 09/15/2022 | 3,000,000 | 3,130,536 | ||||||||||
Hutchison Whampoa International Ltd., | ||||||||||||
4.625%, 01/13/2022(1)(2) | 1,000,000 | 1,021,684 | ||||||||||
Hyundai Capital America: | ||||||||||||
3.750%, 07/08/2021(1)(2) | 17,885,000 | 17,895,073 | ||||||||||
3.950%, 02/01/2022(1)(2) | 12,191,000 | 12,431,928 | ||||||||||
3.100%, 04/05/2022(1)(2) | 2,782,000 | 2,834,959 | ||||||||||
3.000%, 06/20/2022(1)(2) | 3,008,000 | 3,076,799 | ||||||||||
3.250%, 09/20/2022(1)(2) | 4,671,000 | 4,813,303 | ||||||||||
Hyundai Capital America, Inc., | ||||||||||||
1.137%, 07/08/2021 | ||||||||||||
(3 Month LIBOR USD + 0.940%)(1)(2)(3) | 2,000,000 | 2,000,238 | ||||||||||
Kinder Morgan Energy Partners LP: | ||||||||||||
5.000%, 10/01/2021 | 18,391,000 | 18,391,000 | ||||||||||
4.150%, 03/01/2022 | 16,712,000 | 17,126,416 | ||||||||||
3.950%, 09/01/2022 | 8,337,000 | 8,603,312 | ||||||||||
Kraft Heinz Foods Co., | ||||||||||||
3.500%, 06/06/2022 | 10,645,000 | 10,931,244 | ||||||||||
Kroger Co.: | ||||||||||||
3.400%, 04/15/2022 | 4,800,000 | 4,881,135 | ||||||||||
2.800%, 08/01/2022 | 3,000,000 | 3,072,422 | ||||||||||
Leggett & Platt, Inc., | ||||||||||||
3.400%, 08/15/2022 | 5,375,000 | 5,500,063 | ||||||||||
Lennar Corp., | ||||||||||||
4.125%, 01/15/2022 | 13,987,000 | 14,126,870 | ||||||||||
Marriott International, Inc.: | ||||||||||||
2.300%, 01/15/2022 | 5,837,000 | 5,878,532 | ||||||||||
2.125%, 10/03/2022 | 7,716,000 | 7,825,727 | ||||||||||
Martin Marietta Materials, Inc., | ||||||||||||
0.650%, 07/15/2023(8) | 10,000,000 | 10,022,589 | ||||||||||
Midwest Connector Capital Co. LLC, | ||||||||||||
3.625%, 04/01/2022(2) | 15,000,000 | 15,253,203 | ||||||||||
Molson Coors Beverage Co.: | ||||||||||||
2.100%, 07/15/2021 | 18,135,000 | 18,147,149 | ||||||||||
3.500%, 05/01/2022 | 11,725,000 | 12,033,400 | ||||||||||
Mosaic Co.: | ||||||||||||
3.750%, 11/15/2021 | 7,810,000 | 7,841,609 | ||||||||||
3.250%, 11/15/2022 | 2,000,000 | 2,070,358 | ||||||||||
Nissan Motor Acceptance Corp.: | ||||||||||||
1.900%, 09/14/2021(1)(2) | 1,250,000 | 1,253,431 | ||||||||||
0.765%, 09/21/2021 | ||||||||||||
(3 Month LIBOR USD + 0.630%)(1)(2)(3) | 5,000,000 | 5,002,748 | ||||||||||
3.650%, 09/21/2021(1)(2) | 3,773,000 | 3,798,035 | ||||||||||
2.800%, 01/13/2022(1)(2) | 9,859,000 | 9,969,507 | ||||||||||
2.650%, 07/13/2022(1)(2) | 1,070,000 | 1,087,459 | ||||||||||
2.600%, 09/28/2022(1)(2) | 1,000,000 | 1,020,612 | ||||||||||
Northern Border Pipeline Co., | ||||||||||||
7.500%, 09/15/2021 | 35,400,000 | 35,924,399 | ||||||||||
Nutrien Ltd., | ||||||||||||
3.150%, 10/01/2022(1) | 2,406,000 | 2,469,668 | ||||||||||
O’Reilly Automotive, Inc., | ||||||||||||
3.800%, 09/01/2022 | 12,250,000 | 12,603,759 | ||||||||||
Occidental Petroleum Corp., | ||||||||||||
1.606%, 08/15/2022 | ||||||||||||
(3 Month LIBOR USD + 1.450%)(3) | 8,250,000 | 8,209,049 | ||||||||||
ONEOK Partners LP, | ||||||||||||
3.375%, 10/01/2022 | 3,500,000 | 3,595,750 | ||||||||||
ONEOK, Inc., | ||||||||||||
4.250%, 02/01/2022 | 20,987,000 | 21,254,342 | ||||||||||
Oracle Corp.: | ||||||||||||
2.500%, 05/15/2022 | 1,100,000 | 1,117,016 | ||||||||||
2.500%, 10/15/2022 | 16,474,000 | 16,921,618 | ||||||||||
Orlando Health Obligated Group, | ||||||||||||
3.205%, 10/01/2021 | 1,000,000 | 1,006,063 | ||||||||||
Parker-Hannifin Corp., | ||||||||||||
3.500%, 09/15/2022 | 2,412,000 | 2,501,684 | ||||||||||
PayPal Holdings, Inc., | ||||||||||||
2.200%, 09/26/2022 | 12,795,000 | 13,099,811 | ||||||||||
Penske Truck Leasing Co.: | ||||||||||||
3.375%, 02/01/2022(2) | 11,050,000 | 11,185,190 | ||||||||||
4.875%, 07/11/2022(2) | 18,821,000 | 19,634,535 | ||||||||||
Pernod Ricard SA, | ||||||||||||
4.250%, 07/15/2022(1)(2) | 1,500,000 | 1,557,167 | ||||||||||
Phillips 66, | ||||||||||||
4.300%, 04/01/2022 | 34,976,000 | 35,989,794 | ||||||||||
Rayonier, Inc., | ||||||||||||
3.750%, 04/01/2022 | 24,500,000 | 24,895,104 | ||||||||||
Raytheon Technologies Corp., | ||||||||||||
3.100%, 11/15/2021 | 6,554,000 | 6,575,582 | ||||||||||
Regency Energy Partners LP / | ||||||||||||
Regency Energy Finance Corp.: | ||||||||||||
5.875%, 03/01/2022 | 30,281,000 | 30,928,792 | ||||||||||
5.000%, 10/01/2022 | 3,900,000 | 4,065,582 | ||||||||||
Reliance Industries Ltd., | ||||||||||||
5.400%, 02/14/2022(1)(2) | 26,471,000 | 27,199,482 | ||||||||||
Rogers Communications, Inc., | ||||||||||||
0.735%, 03/22/2022 | ||||||||||||
(3 Month LIBOR USD + 0.600%)(1)(3) | 30,839,000 | 30,926,887 |
The accompanying notes are an integral part of these financial statements.
Page 4
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Roper Technologies, Inc., | ||||||||||||
2.800%, 12/15/2021 | $ | 2,851,000 | $ | 2,878,063 | ||||||||
Ryder System, Inc., | ||||||||||||
2.500%, 09/01/2022 | 14,475,000 | 14,795,333 | ||||||||||
Sabine Pass Liquefaction LLC, | ||||||||||||
6.250%, 03/15/2022 | 40,701,000 | 41,748,752 | ||||||||||
Schlumberger Investment SA, | ||||||||||||
2.400%, 08/01/2022(2) | 3,500,000 | 3,555,464 | ||||||||||
Seven & i Holdings Co., Ltd., | ||||||||||||
3.350%, 09/17/2021(1)(2) | 1,608,000 | 1,618,072 | ||||||||||
Smithfield Foods, Inc.: | ||||||||||||
2.650%, 10/03/2021(1)(2) | 13,305,000 | 13,369,771 | ||||||||||
3.350%, 02/01/2022(1)(2) | 1,482,000 | 1,502,832 | ||||||||||
Smiths Group PLC, | ||||||||||||
3.625%, 10/12/2022(1)(2) | 2,500,000 | 2,597,893 | ||||||||||
Sonoco Products Co., | ||||||||||||
4.375%, 11/01/2021 | 2,000,000 | 2,006,205 | ||||||||||
Southern Natural Gas Co. LLC, | ||||||||||||
0.625%, 04/28/2023(2) | 7,000,000 | 7,006,580 | ||||||||||
Suntory Holdings Ltd., | ||||||||||||
2.550%, 06/28/2022(1)(2) | 12,075,000 | 12,308,099 | ||||||||||
Teck Resources Ltd., | ||||||||||||
4.750%, 01/15/2022(1) | 2,890,000 | 2,922,644 | ||||||||||
Time Warner Cable LLC, | ||||||||||||
4.000%, 09/01/2021 | 24,947,000 | 24,947,000 | ||||||||||
Toyota Industries Corp., | ||||||||||||
3.110%, 03/12/2022(1)(2) | 17,900,000 | 18,216,298 | ||||||||||
TransCanada PipeLines Ltd., | ||||||||||||
2.500%, 08/01/2022(1) | 24,208,000 | 24,765,206 | ||||||||||
Trustees of Boston College, | ||||||||||||
2.651%, 07/01/2022 | 1,000,000 | 1,022,630 | ||||||||||
Verizon Communications, Inc., | ||||||||||||
1.256%, 05/15/2025 | ||||||||||||
(3 Month LIBOR USD + 1.100%)(3) | 4,000,000 | 4,125,320 | ||||||||||
VF Corp., | ||||||||||||
2.050%, 04/23/2022 | 7,446,000 | 7,546,913 | ||||||||||
Viatris, Inc., | ||||||||||||
1.125%, 06/22/2022(2) | 20,000,000 | 20,142,620 | ||||||||||
Volkswagen Group of America Finance LLC: | ||||||||||||
2.500%, 09/24/2021(1)(2) | 7,425,000 | 7,461,875 | ||||||||||
1.108%, 11/12/2021 | ||||||||||||
(3 Month LIBOR USD + 0.940%)(1)(2)(3) | 6,200,000 | 6,220,478 | ||||||||||
4.000%, 11/12/2021(1)(2) | 10,041,000 | 10,180,839 | ||||||||||
2.900%, 05/13/2022(1)(2) | 7,275,000 | 7,429,431 | ||||||||||
2.700%, 09/26/2022(1)(2) | 6,060,000 | 6,227,997 | ||||||||||
Walgreens Boots Alliance, Inc., | ||||||||||||
3.300%, 11/18/2021 | 5,552,000 | 5,586,257 | ||||||||||
Westlake Chemical Corp., | ||||||||||||
3.600%, 07/15/2022 | 3,360,000 | 3,437,970 | ||||||||||
WestRock RKT LLC, | ||||||||||||
4.900%, 03/01/2022 | 5,065,000 | 5,210,924 | ||||||||||
Whirlpool Corp., | ||||||||||||
4.700%, 06/01/2022 | 4,374,000 | 4,543,668 | ||||||||||
Williams Companies, Inc.: | ||||||||||||
7.875%, 09/01/2021 | 11,619,000 | 11,759,664 | ||||||||||
4.000%, 11/15/2021 | 14,900,000 | 14,956,810 | ||||||||||
3.600%, 03/15/2022 | 12,983,000 | 13,200,902 | ||||||||||
3.350%, 08/15/2022 | 1,500,000 | 1,535,988 | ||||||||||
Xylem, Inc., | ||||||||||||
4.875%, 10/01/2021 | 28,750,000 | 29,063,706 | ||||||||||
Zimmer Holdings, Inc., | ||||||||||||
3.150%, 04/01/2022 | 20,171,000 | 20,492,576 | ||||||||||
Total Industrials | ||||||||||||
(Cost $1,703,997,289) | 1,704,710,156 | 27.2 | % | |||||||||
Utilities | ||||||||||||
American Electric Power Co., Inc., | ||||||||||||
3.650%, 12/01/2021 | 6,650,000 | 6,745,213 | ||||||||||
American Transmission Systems, Inc., | ||||||||||||
5.250%, 01/15/2022(2) | 25,991,000 | 26,613,595 | ||||||||||
CenterPoint Energy, Inc., | ||||||||||||
2.500%, 09/01/2022 | 9,476,000 | 9,687,263 | ||||||||||
DTE Energy Co., | ||||||||||||
3.300%, 06/15/2022 | 2,500,000 | 2,556,404 | ||||||||||
Duquesne Light Holdings, Inc., | ||||||||||||
5.900%, 12/01/2021(2) | 5,251,000 | 5,366,864 | ||||||||||
Enel Finance International NV, | ||||||||||||
2.875%, 05/25/2022(1)(2) | 43,175,000 | 44,119,824 | ||||||||||
Entergy Corp., | ||||||||||||
4.000%, 07/15/2022 | 10,688,000 | 11,024,644 | ||||||||||
Evergy, Inc., | ||||||||||||
5.292%, 06/15/2022(7) | 2,014,000 | 2,080,690 | ||||||||||
LG&E and KU Energy LLC, | ||||||||||||
4.375%, 10/01/2021 | 1,900,000 | 1,900,000 | ||||||||||
NextEra Energy Capital Holdings, Inc.: | ||||||||||||
0.685%, 08/28/2021 | ||||||||||||
(3 Month LIBOR USD + 0.550%)(3) | 2,619,000 | 2,620,021 | ||||||||||
1.950%, 09/01/2022 | 10,742,000 | 10,938,003 | ||||||||||
0.420%, 02/22/2023 | ||||||||||||
(3 Month LIBOR USD + 0.270%)(3) | 8,500,000 | 8,501,483 | ||||||||||
Oncor Electric Delivery Co. LLC, | ||||||||||||
4.100%, 06/01/2022 | 3,622,000 | 3,711,193 | ||||||||||
Public Service Co. of New Mexico, | ||||||||||||
5.350%, 10/01/2021 | 12,205,000 | 12,228,181 | ||||||||||
Puget Energy, Inc., | ||||||||||||
5.625%, 07/15/2022 | 11,919,000 | 12,396,519 | ||||||||||
Southwestern Electric Power Co., | ||||||||||||
3.550%, 02/15/2022 | 12,250,000 | 12,393,795 | ||||||||||
Total Utilities | ||||||||||||
(Cost $172,812,683) | 172,883,692 | 2.8 | % | |||||||||
Financials | ||||||||||||
ABN AMRO Bank NV, | ||||||||||||
0.709%, 08/27/2021 | ||||||||||||
(3 Month LIBOR USD + 0.570%)(1)(2)(3) | 1,000,000 | 1,000,830 | ||||||||||
AerCap Holdings NV: | ||||||||||||
4.450%, 12/16/2021(1) | 3,000,000 | 3,045,552 | ||||||||||
3.950%, 02/01/2022(1) | 15,675,000 | 15,939,778 | ||||||||||
3.500%, 05/26/2022(1) | 2,000,000 | 2,047,905 | ||||||||||
4.625%, 07/01/2022(1) | 11,064,000 | 11,504,781 | ||||||||||
Air Lease Corp.: | ||||||||||||
3.500%, 01/15/2022 | 8,144,000 | 8,278,665 | ||||||||||
3.750%, 02/01/2022 | 6,890,000 | 6,983,140 | ||||||||||
Ally Financial, Inc.: | ||||||||||||
4.125%, 02/13/2022 | 15,081,000 | 15,424,685 | ||||||||||
4.625%, 05/19/2022 | 22,213,000 | 23,005,462 | ||||||||||
American International Group, Inc., | ||||||||||||
4.875%, 06/01/2022 | 22,705,000 | 23,634,165 | ||||||||||
Banco Santander SA, | ||||||||||||
3.500%, 04/11/2022(1) | 18,833,000 | 19,290,118 | ||||||||||
Bank of America Corp.: | ||||||||||||
5.700%, 01/24/2022 | 11,399,000 | 11,749,286 | ||||||||||
3.124%, 01/20/2023 | ||||||||||||
(3 Month LIBOR USD + 1.160%)(3) | 35,000,000 | 35,526,983 | ||||||||||
Barclays PLC: | ||||||||||||
3.200%, 08/10/2021(1) | 16,575,000 | 16,626,346 | ||||||||||
4.610%, 02/15/2023 | ||||||||||||
(3 Month LIBOR USD + 1.400%)(1)(3) | 27,203,000 | 27,899,463 | ||||||||||
BPCE SA: | ||||||||||||
2.750%, 12/02/2021(1) | 5,870,000 | 5,934,030 | ||||||||||
3.000%, 05/22/2022(1)(2) | 32,246,000 | 33,022,884 |
The accompanying notes are an integral part of these financial statements.
Page 5
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Cantor Fitzgerald LP, | ||||||||||||
6.500%, 06/17/2022(2) | $ | 919,000 | $ | 969,214 | ||||||||
CIT Group, Inc., | ||||||||||||
5.000%, 08/15/2022 | 2,750,000 | 2,873,750 | ||||||||||
Citigroup, Inc.: | ||||||||||||
2.350%, 08/02/2021 | 1,269,000 | 1,271,226 | ||||||||||
2.900%, 12/08/2021 | 19,171,000 | 19,352,803 | ||||||||||
1.136%, 04/25/2022 | ||||||||||||
(3 Month LIBOR USD + 0.960%)(3) | 4,875,000 | 4,905,610 | ||||||||||
2.312%, 11/04/2022 (SOFR + 0.867%)(3) | 8,000,000 | 8,050,212 | ||||||||||
3.142%, 01/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.722%)(3) | 11,601,000 | 11,776,536 | ||||||||||
Citizens Bank NA: | ||||||||||||
0.874%, 02/14/2022 | ||||||||||||
(3 Month LIBOR USD + 0.720%)(3) | 1,500,000 | 1,505,101 | ||||||||||
2.650%, 05/26/2022 | 4,000,000 | 4,077,810 | ||||||||||
Cooperatieve Rabobank UA, | ||||||||||||
3.950%, 11/09/2022(1) | 6,805,000 | 7,123,772 | ||||||||||
Credit Agricole SA, | ||||||||||||
3.375%, 01/10/2022(1)(2) | 16,305,000 | 16,566,584 | ||||||||||
Credit Suisse AG, | ||||||||||||
2.800%, 04/08/2022(1) | 34,425,000 | 35,091,173 | ||||||||||
Credit Suisse Group Funding Guernsey Ltd., | ||||||||||||
3.800%, 09/15/2022(1) | 10,675,000 | 11,108,209 | ||||||||||
Daiwa Securities Group, Inc., | ||||||||||||
3.129%, 04/19/2022(1)(2) | 11,144,000 | 11,391,362 | ||||||||||
Danske Bank A/S, | ||||||||||||
5.000%, 01/12/2022(1)(2) | 22,678,000 | 23,204,158 | ||||||||||
Deutsche Bank AG: | ||||||||||||
4.250%, 10/14/2021(1) | 24,688,000 | 24,955,701 | ||||||||||
5.000%, 02/14/2022(1) | 5,246,000 | 5,389,502 | ||||||||||
Discover Financial Services, | ||||||||||||
5.200%, 04/27/2022 | 7,740,000 | 8,041,180 | ||||||||||
Fifth Third Bank NA, | ||||||||||||
0.816%, 02/01/2022 | ||||||||||||
(3 Month LIBOR USD + 0.640%)(3) | 2,000,000 | 2,006,555 | ||||||||||
First Niagara Financial Group, Inc., | ||||||||||||
7.250%, 12/15/2021 | 17,597,000 | 18,142,907 | ||||||||||
First Republic Bank, | ||||||||||||
2.500%, 06/06/2022 | 3,516,000 | 3,578,926 | ||||||||||
Goldman Sachs Group, Inc.: | ||||||||||||
5.750%, 01/24/2022 | 35,450,000 | 36,546,429 | ||||||||||
2.876%, 10/31/2022 | ||||||||||||
(3 Month LIBOR USD + 0.821%)(3) | 12,000,000 | 12,094,435 | ||||||||||
ING Groep NV, | ||||||||||||
3.150%, 03/29/2022(1) | 35,500,000 | 36,262,592 | ||||||||||
International Lease Finance Corp., | ||||||||||||
5.875%, 08/15/2022(1) | 4,404,000 | 4,660,422 | ||||||||||
JPMorgan Chase & Co., | ||||||||||||
2.776%, 04/25/2023 | ||||||||||||
(3 Month LIBOR USD + 0.935%)(3) | 37,675,000 | 38,399,439 | ||||||||||
Liberty Mutual Group, Inc., | ||||||||||||
4.950%, 05/01/2022(2) | 1,393,000 | 1,443,343 | ||||||||||
Lloyds Bank PLC, | ||||||||||||
3.000%, 01/11/2022(1) | 7,622,000 | 7,733,113 | ||||||||||
Markel Corp., | ||||||||||||
4.900%, 07/01/2022 | 1,565,000 | 1,630,444 | ||||||||||
Mitsubishi UFJ Financial Group, Inc.: | ||||||||||||
0.826%, 07/26/2021 | ||||||||||||
(3 Month LIBOR USD + 0.650%)(1)(3) | 5,981,000 | 5,983,531 | ||||||||||
0.831%, 03/07/2022 | ||||||||||||
(3 Month LIBOR USD + 0.700%)(1)(3) | 3,173,000 | 3,187,326 | ||||||||||
2.665%, 07/25/2022(1) | 3,445,000 | 3,530,447 | ||||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd., | ||||||||||||
2.652%, 09/19/2022(1)(2) | 3,000,000 | 3,067,954 | ||||||||||
Mizuho Financial Group, Inc., | ||||||||||||
1.075%, 02/28/2022 | ||||||||||||
(3 Month LIBOR USD + 0.940%)(1)(3) | 5,205,000 | 5,234,963 | ||||||||||
Morgan Stanley, | ||||||||||||
2.750%, 05/19/2022 | 21,833,000 | 22,319,894 | ||||||||||
National Bank of Canada: | ||||||||||||
2.150%, 10/07/2022(1)(2) | 4,609,000 | 4,710,914 | ||||||||||
0.310%, 05/16/2023 | ||||||||||||
(SOFR + 0.300%)(1)(3) | 22,075,000 | 22,078,887 | ||||||||||
NatWest Markets PLC, | ||||||||||||
3.625%, 09/29/2022(1)(2) | 4,500,000 | 4,680,105 | ||||||||||
Nordea Bank AB, | ||||||||||||
4.250%, 09/21/2022(1)(2) | 10,275,000 | 10,731,871 | ||||||||||
PNC Bank NA, | ||||||||||||
0.553%, 12/09/2022 | ||||||||||||
(3 Month LIBOR USD + 0.430%)(3) | 8,000,000 | 8,015,139 | ||||||||||
Reliance Standard Life Global Funding II, | ||||||||||||
2.625%, 07/22/2022(1)(2) | 1,004,000 | 1,028,120 | ||||||||||
Santander Holdings USA, Inc., | ||||||||||||
4.450%, 12/03/2021(1) | 9,550,000 | 9,679,999 | ||||||||||
Santander UK Group Holdings PLC, | ||||||||||||
2.875%, 08/05/2021(1) | 3,270,000 | 3,277,550 | ||||||||||
Santander UK PLC, | ||||||||||||
0.816%, 11/15/2021 | ||||||||||||
(3 Month LIBOR USD + 0.660%)(1)(3) | 3,000,000 | 3,007,476 | ||||||||||
Societe Generale SA, | ||||||||||||
3.250%, 01/12/2022(1)(2) | 8,210,000 | 8,337,385 | ||||||||||
Standard Chartered PLC: | ||||||||||||
1.328%, 09/10/2022 | ||||||||||||
(3 Month LIBOR USD + 1.200%)(1)(2)(3) | 5,000,000 | 5,009,150 | ||||||||||
2.744%, 09/10/2022 | ||||||||||||
(3 Month LIBOR USD + 1.200%)(1)(2)(3) | 38,116,000 | 38,274,444 | ||||||||||
1.338%, 01/20/2023 | ||||||||||||
(3 Month LIBOR USD + 1.150%)(1)(2)(3) | 3,000,000 | 3,015,739 | ||||||||||
Sumitomo Mitsui Financial Group, Inc.: | ||||||||||||
2.442%, 10/19/2021(1) | 15,000,000 | 15,100,576 | ||||||||||
2.846%, 01/11/2022(1) | 2,356,000 | 2,388,500 | ||||||||||
SunTrust Banks, Inc., | ||||||||||||
0.746%, 05/17/2022 | ||||||||||||
(3 Month LIBOR USD + 0.590%)(3) | 8,700,000 | 8,743,193 | ||||||||||
Synchrony Bank, | ||||||||||||
3.000%, 06/15/2022 | 18,493,000 | 18,909,849 | ||||||||||
Synchrony Financial, | ||||||||||||
2.850%, 07/25/2022 | 2,850,000 | 2,917,272 | ||||||||||
Trinity Acquisition PLC, | ||||||||||||
3.500%, 09/15/2021 | 10,365,000 | 10,404,140 | ||||||||||
UBS Group Funding Switzerland AG, | ||||||||||||
1.706%, 02/01/2022 | ||||||||||||
(3 Month LIBOR USD + 1.530%)(1)(2)(3) | 4,900,000 | 4,944,253 | ||||||||||
Wells Fargo Bank NA, | ||||||||||||
0.783%, 09/09/2022 | ||||||||||||
(3 Month LIBOR USD + 0.660%)(3) | 8,400,000 | 8,411,676 | ||||||||||
Zions Bancorp NA, | ||||||||||||
3.350%, 03/04/2022 | 2,500,000 | 2,543,158 | ||||||||||
Total Financials | ||||||||||||
(Cost $860,088,524) | 860,600,092 | 13.8 | % | |||||||||
Total Corporate Bonds | ||||||||||||
(Cost $2,736,898,496) | 2,738,193,940 | 43.8 | % |
The accompanying notes are an integral part of these financial statements.
Page 6
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Municipal Bonds | ||||||||||||
Arlington County Industrial | ||||||||||||
Development Authority, | ||||||||||||
2.426%, 12/15/2021 | $ | 1,360,000 | $ | 1,373,245 | ||||||||
Berks County Municipal Authority, | ||||||||||||
0.750%, 05/15/2022 | ||||||||||||
(Callable 07/01/2021)(4) | 410,000 | 410,000 | ||||||||||
Borough of Carlstadt NJ, | ||||||||||||
2.000%, 07/23/2021 | 8,525,000 | 8,532,812 | ||||||||||
Borough of Economy PA, | ||||||||||||
0.320%, 12/15/2021(8) | 1,000,000 | 999,960 | ||||||||||
Burke County Development Authority, | ||||||||||||
1.550%, 12/01/2049(4) | 13,000,000 | 13,181,086 | ||||||||||
California Municipal Finance Authority, | ||||||||||||
0.300%, 07/01/2051(4)(8) | 10,000,000 | 10,000,058 | ||||||||||
Central Texas Turnpike System, | ||||||||||||
0.000%, 08/15/2021 | 1,115,000 | 1,114,642 | ||||||||||
City of Baton Rouge and | ||||||||||||
Parish of East Baton Rouge, | ||||||||||||
5.000%, 08/01/2021 | 1,500,000 | 1,505,560 | ||||||||||
City of Bridgeport CT, | ||||||||||||
3.313%, 07/01/2021 | 2,150,000 | 2,150,000 | ||||||||||
City of Farmington NM, | ||||||||||||
1.200%, 06/01/2040(4) | 2,000,000 | 2,013,496 | ||||||||||
City of New Orleans LA, | ||||||||||||
3.692%, 09/01/2022 | 2,000,000 | 2,073,395 | ||||||||||
City of New York NY: | ||||||||||||
0.140%, 04/01/2042 | ||||||||||||
(Callable 07/01/2021)(4) | 10,025,000 | 10,025,000 | ||||||||||
0.150%, 10/01/2046 | ||||||||||||
(Callable 07/01/2021)(4) | 1,700,000 | 1,700,000 | ||||||||||
City of Newark NJ: | ||||||||||||
2.000%, 10/05/2021 | 3,000,000 | 3,011,092 | ||||||||||
1.750%, 02/22/2022 | 2,250,000 | 2,266,375 | ||||||||||
City of Philadelphia PA, | ||||||||||||
5.000%, 08/01/2021 | 1,040,000 | 1,044,044 | ||||||||||
City of Troy NY, | ||||||||||||
1.250%, 07/30/2021 | 12,902,475 | 12,913,820 | ||||||||||
City of West Carrollton OH, | ||||||||||||
0.500%, 05/02/2022 | 4,415,000 | 4,414,972 | ||||||||||
County of Burleigh ND: | ||||||||||||
0.650%, 11/01/2021 | 3,200,000 | 3,200,761 | ||||||||||
2.750%, 02/01/2022 | ||||||||||||
(Callable 07/21/2021) | 20,250,000 | 20,258,394 | ||||||||||
County of Clark Department of Aviation, | ||||||||||||
5.000%, 07/01/2021 | 9,500,000 | 9,500,000 | ||||||||||
County of Lucas OH, | ||||||||||||
0.450%, 10/15/2021 | 10,500,000 | 10,506,741 | ||||||||||
County of Meade KY, | ||||||||||||
0.070%, 07/01/2060 | ||||||||||||
(Callable 07/01/2021)(4) | 8,000,000 | 8,000,000 | ||||||||||
County of St. Lucie FL, | ||||||||||||
0.030%, 09/01/2028 | ||||||||||||
(Callable 07/01/2021)(4) | 15,000,000 | 15,000,000 | ||||||||||
County of Suffolk NY: | ||||||||||||
2.000%, 07/22/2021 | 4,800,000 | 4,804,967 | ||||||||||
2.000%, 08/19/2021 | 9,000,000 | 9,020,617 | ||||||||||
Dallas/Fort Worth International Airport, | ||||||||||||
5.000%, 11/01/2038 | ||||||||||||
(Callable 11/01/2021) | 1,120,000 | 1,137,753 | ||||||||||
Garden State Preservation Trust, | ||||||||||||
0.000%, 11/01/2021 | 1,000,000 | 998,255 | ||||||||||
Glendale-River Hills School District, | ||||||||||||
1.000%, 08/23/2021 | 2,000,000 | 2,002,369 | ||||||||||
Gulf Coast Authority, | ||||||||||||
0.020%, 06/01/2030 | ||||||||||||
(Callable 07/01/2021)(4) | 10,950,000 | 10,950,000 | ||||||||||
Illinois Development Finance Authority, | ||||||||||||
0.550%, 11/01/2044 | ||||||||||||
(Callable 08/03/2021)(4) | 6,000,000 | 6,006,958 | ||||||||||
Indiana Finance Authority, | ||||||||||||
3.875%, 08/01/2021 | 8,500,000 | 8,525,007 | ||||||||||
Indianapolis Local Public | ||||||||||||
Improvement Bond Bank, | ||||||||||||
5.000%, 06/01/2022 | 1,300,000 | 1,356,218 | ||||||||||
Joplin Industrial Development Authority, | ||||||||||||
2.154%, 02/15/2022 | 1,400,000 | 1,410,674 | ||||||||||
Memphis-Shelby County Airport Authority, | ||||||||||||
5.000%, 07/01/2021 | 1,000,000 | 1,000,000 | ||||||||||
Metropolitan Transportation Authority, | ||||||||||||
5.000%, 09/01/2021 | 16,960,000 | 17,092,295 | ||||||||||
Miami-Dade County Industrial | ||||||||||||
Development Authority, | ||||||||||||
0.550%, 11/01/2041(4) | 2,750,000 | 2,753,189 | ||||||||||
Minneapolis-Saint Paul | ||||||||||||
Metropolitan Airports Commission, | ||||||||||||
5.000%, 01/01/2022 | 1,000,000 | 1,023,188 | ||||||||||
Mississippi Business Finance Corp., | ||||||||||||
2.500%, 04/01/2022 | ||||||||||||
(Callable 08/02/2021) | 1,500,000 | 1,509,016 | ||||||||||
Mizuho Floater/Residual Trust: | ||||||||||||
0.270%, 11/15/2021 | ||||||||||||
(Callable 07/01/2021)(2)(4) | 15,200,000 | 15,200,000 | ||||||||||
0.410%, 06/15/2056 | ||||||||||||
(Callable 06/15/2031)(2)(4) | 5,500,000 | 5,500,000 | ||||||||||
0.410%, 11/01/2056 | ||||||||||||
(Callable 03/01/2022)(2)(4) | 11,305,000 | 11,305,000 | ||||||||||
0.410%, 12/01/2059 | ||||||||||||
(Callable 12/01/2036)(2)(4) | 2,945,000 | 2,945,000 | ||||||||||
Monroe County Development Authority, | ||||||||||||
0.030%, 09/01/2037 | ||||||||||||
(Callable 07/01/2021)(4) | 10,000,000 | 10,000,000 | ||||||||||
Montachusett Regional Transit Authority, | ||||||||||||
1.500%, 07/30/2021 | 19,000,000 | 19,016,215 | ||||||||||
Municipal Electric Authority of Georgia, | ||||||||||||
4.430%, 01/01/2022 | 5,195,000 | 5,298,271 | ||||||||||
New Jersey Economic | ||||||||||||
Development Authority, | ||||||||||||
0.000%, 02/15/2022 | 6,178,000 | 6,167,828 | ||||||||||
New Jersey Educational Facilities Authority, | ||||||||||||
5.000%, 09/01/2021 | 1,610,000 | 1,622,440 | ||||||||||
New Jersey Sports & Exposition Authority, | ||||||||||||
5.000%, 09/01/2021 | 1,300,000 | 1,309,434 | ||||||||||
New York State Dormitory Authority, | ||||||||||||
5.000%, 07/01/2021 | 1,545,000 | 1,545,000 | ||||||||||
Penns Grove-Carneys Point | ||||||||||||
Regional School District, | ||||||||||||
2.000%, 07/09/2021 | 6,858,000 | 6,860,214 | ||||||||||
Pennsylvania Economic Development | ||||||||||||
Financing Authority, | ||||||||||||
0.700%, 08/01/2037(4) | 7,500,000 | 7,503,130 | ||||||||||
Philadelphia Parking Authority, | ||||||||||||
5.000%, 09/01/2021 | ||||||||||||
(Callable 08/02/2021) | 8,450,000 | 8,480,766 | ||||||||||
Port of Port Arthur Navigation District: | ||||||||||||
0.020%, 04/01/2040 | ||||||||||||
(Callable 07/01/2021)(4) | 8,505,000 | 8,505,000 | ||||||||||
0.100%, 11/01/2040 | ||||||||||||
(Callable 07/01/2021)(4) | 10,000,000 | 10,000,000 |
The accompanying notes are an integral part of these financial statements.
Page 7
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Public Finance Authority, | ||||||||||||
5.000%, 07/01/2022 | $ | 2,790,000 | $ | 2,844,421 | ||||||||
Regional Transit Authority, | ||||||||||||
0.000%, 12/01/2021 | 1,425,000 | 1,423,527 | ||||||||||
Sacramento City Unified School District, | ||||||||||||
0.320%, 09/01/2021(8) | 1,250,000 | 1,249,975 | ||||||||||
San Antonio Housing Trust Finance Corp., | ||||||||||||
1.400%, 07/01/2022(4) | 10,000,000 | 10,047,684 | ||||||||||
School District of Philadelphia, | ||||||||||||
5.000%, 09/01/2021 | 5,000,000 | 5,038,800 | ||||||||||
South Carolina Transportation | ||||||||||||
Infrastructure Bank, | ||||||||||||
0.517%, 10/01/2031 (1 Month LIBOR | ||||||||||||
USD + 0.450%) (Callable 10/01/2021)(3) | 20,500,000 | 20,508,339 | ||||||||||
Southwestern Illinois Community | ||||||||||||
College District No. 522, | ||||||||||||
0.747%, 12/01/2021 | 4,255,000 | 4,256,156 | ||||||||||
State of Connecticut, | ||||||||||||
3.000%, 07/01/2021 | 3,250,000 | 3,250,000 | ||||||||||
State of Illinois: | ||||||||||||
5.000%, 08/01/2021 | 1,035,000 | 1,039,034 | ||||||||||
1.900%, 10/01/2021 | 19,200,000 | 19,224,601 | ||||||||||
State of Ohio, | ||||||||||||
5.000%, 01/15/2042(4) | 1,310,000 | 1,322,034 | ||||||||||
Tender Option Bond Trust: | ||||||||||||
0.420%, 05/15/2023(2)(4) | 10,400,000 | 10,400,000 | ||||||||||
0.210%, 07/01/2025(2)(4) | 2,000,000 | 2,000,000 | ||||||||||
0.200%, 08/01/2055 | ||||||||||||
(Callable 02/01/2031)(2)(4) | 5,955,000 | 5,955,000 | ||||||||||
Township of Weehawken NJ, | ||||||||||||
1.500%, 08/17/2021 | 1,057,000 | 1,057,714 | ||||||||||
University of Alaska, | ||||||||||||
1.602%, 10/01/2021 | 250,000 | 250,739 | ||||||||||
University of Louisville, | ||||||||||||
5.000%, 09/01/2027 | ||||||||||||
(Callable 09/01/2021) | 1,200,000 | 1,209,330 | ||||||||||
West Mifflin Sanitary Sewer | ||||||||||||
Municipal Authority, | ||||||||||||
0.795%, 08/01/2021 | 250,000 | 250,054 | ||||||||||
Westfield-Washington Schools, | ||||||||||||
2.000%, 07/15/2021 | 1,120,000 | 1,120,661 | ||||||||||
Wheaton College, | ||||||||||||
0.160%, 10/01/2035 | ||||||||||||
(Callable 07/01/2021)(4) | 5,000,000 | 5,000,000 | ||||||||||
Winooski School District, | ||||||||||||
1.250%, 10/15/2021 | 4,700,000 | 4,706,214 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $437,731,348) | 438,198,540 | 7.0 | % | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
Non-U.S. Government Agency Issues | ||||||||||||
Aegis Asset Backed Securities Trust, | ||||||||||||
Series 2005-4, Class M1, | ||||||||||||
0.767%, 10/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.675%)(3) | 1,069,649 | 1,068,917 | ||||||||||
Arroyo Mortgage Trust: | ||||||||||||
Series 2019-3, Class A1, | ||||||||||||
2.962%, 10/25/2048(2)(4) | 33,946,454 | 34,421,888 | ||||||||||
Series 2019-1, Class A1, | ||||||||||||
3.805%, 01/25/2049(2)(4) | 9,606,594 | 9,779,486 | ||||||||||
Series 2019-2, Class A1, | ||||||||||||
3.347%, 04/25/2049(2)(4) | 19,137,665 | 19,463,268 | ||||||||||
Home Equity Asset Trust, | ||||||||||||
Series 2006-2, Class 2A4, | ||||||||||||
0.712%, 05/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.620%)(2)(3) | 876,687 | 875,708 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2016-3, Class A1, | ||||||||||||
2.250%, 08/25/2055(2)(4) | 144,880 | 145,408 | ||||||||||
Series 2016-2, Class A1A, | ||||||||||||
2.750%, 08/25/2055(2)(4) | 2,211,677 | 2,231,111 | ||||||||||
Series 2016-2, Class A1, | ||||||||||||
3.000%, 08/25/2055(2)(4) | 440,913 | 445,228 | ||||||||||
Series 2016-4, Class A1, | ||||||||||||
2.250%, 07/25/2056(2)(4) | 7,208,480 | 7,262,523 | ||||||||||
Series 2017-1, Class A1, | ||||||||||||
2.750%, 10/25/2056(2)(4) | 9,540,975 | 9,686,982 | ||||||||||
Series 2017-5, Class A1, | ||||||||||||
0.692%, 02/26/2057 | ||||||||||||
(1 Month LIBOR USD + 0.600%)(2)(3) | 13,724,070 | 13,724,745 | ||||||||||
Series 2017-3, Class A1, | ||||||||||||
2.750%, 06/25/2057(2)(4) | 7,368,217 | 7,510,554 | ||||||||||
Series 2017-6, Class A1, | ||||||||||||
2.750%, 10/25/2057(2)(4) | 20,203,849 | 20,692,289 | ||||||||||
Total Residential | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $127,683,831) | 127,308,107 | 2.0 | % | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
Non-U.S. Government Agency Issues | ||||||||||||
COMM Mortgage Trust, | ||||||||||||
Series 2013-LC6, Class ASB, | ||||||||||||
2.478%, 01/12/2046 | 346,238 | 350,570 | ||||||||||
Morgan Stanley Bank of America | ||||||||||||
Merrill Lynch Trust, | ||||||||||||
Series 2012-C5, Class A4, | ||||||||||||
3.176%, 08/17/2045 | 14,000,000 | 14,236,408 | ||||||||||
WFRBS Commercial Mortgage Trust: | ||||||||||||
Series 2012-C8, Class ASB, | ||||||||||||
2.559%, 08/17/2045 | 1,332,180 | 1,336,922 | ||||||||||
Series 2013-C14, Class ASB, | ||||||||||||
2.977%, 06/15/2046 | 188,202 | 192,392 | ||||||||||
Total Commercial | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $16,315,712) | 16,116,292 | 0.3 | % | |||||||||
Asset Backed Securities | ||||||||||||
Ally Auto Receivables: | ||||||||||||
Series 2017-5, Class A4, | ||||||||||||
2.220%, 10/17/2022 | 1,440,597 | 1,441,860 | ||||||||||
Series 2019-3, Class A3, | ||||||||||||
1.930%, 05/15/2024 | 14,919,112 | 15,077,791 | ||||||||||
Ally Master Owner Trust, | ||||||||||||
Series 2018-4, Class A, | ||||||||||||
3.300%, 07/15/2023 | 38,760,000 | 38,803,605 | ||||||||||
American Express Credit | ||||||||||||
Account Master Trust: | ||||||||||||
Series 2018-6, Class A, | ||||||||||||
3.060%, 02/15/2024 | 152,050 | 152,234 | ||||||||||
Series 2018-8, Class A, | ||||||||||||
3.180%, 04/15/2024 | 4,000,000 | 4,025,091 | ||||||||||
Series 2019-2, Class A, | ||||||||||||
2.670%, 11/15/2024 | 1,211,000 | 1,235,052 | ||||||||||
ARI Fleet Lease Trust: | ||||||||||||
Series 2018-B, Class A3, | ||||||||||||
3.430%, 08/16/2027(2) | 6,580,000 | 6,693,317 | ||||||||||
Series 2019-A, Class A2A, | ||||||||||||
2.410%, 11/15/2027(2) | 9,643,977 | 9,727,187 |
The accompanying notes are an integral part of these financial statements.
Page 8
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Bank of The West Auto Trust: | ||||||||||||
Series 2018-1, Class A3, | ||||||||||||
3.430%, 12/15/2022(2) | $ | 496,280 | $ | 497,435 | ||||||||
Series 2017-1, Class A3, | ||||||||||||
2.110%, 01/15/2023(2) | 91,365 | 91,444 | ||||||||||
Barclays Dryrock Issuance Trust, | ||||||||||||
Series 2018-1, Class A, | ||||||||||||
0.403%, 07/15/2024 | ||||||||||||
(1 Month LIBOR USD + 0.330%)(3) | 7,000,000 | 7,004,837 | ||||||||||
Capital One Multi-Asset Execution Trust: | ||||||||||||
Series 2016-A5, Class A5, | ||||||||||||
1.660%, 06/17/2024 | 5,516,000 | 5,526,008 | ||||||||||
Series 2017-A2, Class A2, | ||||||||||||
0.483%, 01/15/2025 | ||||||||||||
(1 Month LIBOR USD + 0.410%)(3) | 13,500,000 | 13,538,441 | ||||||||||
CarMax Auto Owner Trust: | ||||||||||||
Series 2020-3, Class A2A, | ||||||||||||
0.490%, 06/15/2023 | 5,879,204 | 5,884,333 | ||||||||||
Series 2018-4, Class A3, | ||||||||||||
3.360%, 09/15/2023 | 12,328,116 | 12,495,191 | ||||||||||
Series 2021-2, Class A2A, | ||||||||||||
0.270%, 06/17/2024 | 11,425,000 | 11,428,763 | ||||||||||
CCG Receivables Trust, | ||||||||||||
Series 2021-1, Class A1, | ||||||||||||
0.166%, 02/14/2022(2) | 3,760,032 | 3,760,020 | ||||||||||
Chase Auto Credit Linked Notes, | ||||||||||||
Series 2021-1, Class B, | ||||||||||||
0.875%, 09/25/2028(2) | 17,460,000 | 17,472,777 | ||||||||||
Chesapeake Funding II LLC: | ||||||||||||
Series 2018-1A, Class A1, | ||||||||||||
3.040%, 04/15/2030(2) | 1,801,123 | 1,803,481 | ||||||||||
Series 2019-1A, Class A1, | ||||||||||||
2.940%, 04/15/2031(2) | 19,818,180 | 19,990,471 | ||||||||||
CNH Equipment Trust, | ||||||||||||
Series 2020-A, Class A2, | ||||||||||||
1.080%, 07/15/2023 | 400,450 | 401,130 | ||||||||||
Conseco Financial Corp., | ||||||||||||
Series 1998-4, Class A6, | ||||||||||||
6.530%, 04/01/2030(4) | 51,991 | 52,463 | ||||||||||
Daimler Trucks Retail Trust, | ||||||||||||
Series 2019-1, Class A3, | ||||||||||||
2.770%, 08/15/2022(2) | 5,240,804 | 5,273,227 | ||||||||||
Dell Equipment Finance Trust: | ||||||||||||
Series 2020-1, Class A2, | ||||||||||||
2.260%, 06/22/2022(2) | 5,799,991 | 5,836,557 | ||||||||||
Series 2020-2, Class A2, | ||||||||||||
0.470%, 10/24/2022(2) | 5,721,258 | 5,728,464 | ||||||||||
Discover Card Execution Note Trust: | ||||||||||||
Series 2018-A5, Class A5, | ||||||||||||
3.320%, 03/15/2024 | 8,010,000 | 8,060,405 | ||||||||||
Series 2019-A1, Class A1, | ||||||||||||
3.040%, 07/15/2024 | 33,333,542 | 33,852,985 | ||||||||||
Ford Credit Auto Lease Trust, | ||||||||||||
Series 2020-B, Class A2A, | ||||||||||||
0.500%, 12/15/2022 | 4,326,253 | 4,329,253 | ||||||||||
Ford Credit Auto Owner Trust: | ||||||||||||
Series 2020-A, Class A2, | ||||||||||||
1.030%, 10/15/2022 | 752,846 | 753,570 | ||||||||||
Series 2019-A, Class A3, | ||||||||||||
2.780%, 09/15/2023 | 3,910,625 | 3,955,569 | ||||||||||
Series 2017-1, Class A, | ||||||||||||
2.620%, 08/15/2028(2) | 24,017,000 | 24,377,262 | ||||||||||
Ford Credit Floorplan Master Owner Trust, | ||||||||||||
Series 2018-3, Class A1, | ||||||||||||
3.520%, 10/15/2023 | 50,664,000 | 51,156,150 | ||||||||||
GM Financial Consumer | ||||||||||||
Automobile Receivables Trust: | ||||||||||||
Series 2018-2, Class A3, | ||||||||||||
2.810%, 12/16/2022 | 240,277 | 241,498 | ||||||||||
Series 2020-2, Class A2A, | ||||||||||||
1.500%, 03/16/2023 | 1,727,572 | 1,730,577 | ||||||||||
Series 2020-3, Class A2, | ||||||||||||
0.350%, 07/16/2023 | 5,106,723 | 5,109,824 | ||||||||||
GMF Floorplan Owner Revolving Trust: | ||||||||||||
Series 2018-4, Class A1, | ||||||||||||
3.500%, 09/15/2023(2) | 43,399,000 | 43,693,805 | ||||||||||
Series 2019-1, Class A, | ||||||||||||
2.700%, 04/15/2024(2) | 23,400,000 | 23,855,430 | ||||||||||
HPEFS Equipment Trust: | ||||||||||||
Series 2021-2A, Class A2, | ||||||||||||
0.300%, 09/20/2028(2) | 20,000,000 | 20,002,560 | ||||||||||
Series 2020-2A, Class A2, | ||||||||||||
0.650%, 07/22/2030(2) | 20,251,370 | 20,276,425 | ||||||||||
Hyundai Auto Lease Securitization Trust: | ||||||||||||
Series 2019-B, Class A3, | ||||||||||||
2.040%, 08/15/2022(2) | 7,348,844 | 7,373,674 | ||||||||||
Series 2020-B, Class A2, | ||||||||||||
0.360%, 01/17/2023(2) | 8,043,202 | 8,049,092 | ||||||||||
Hyundai Auto Receivables Trust: | ||||||||||||
Series 2020-B, Class A2, | ||||||||||||
0.380%, 03/15/2023 | 4,211,622 | 4,213,996 | ||||||||||
Series 2020-A, Class A2, | ||||||||||||
1.510%, 04/15/2023 | 3,898,529 | 3,912,829 | ||||||||||
Hyundai Floorplan Master Owner Trust, | ||||||||||||
Series 2019-1, Class A, | ||||||||||||
2.680%, 04/15/2024(2) | 63,985,000 | 65,205,603 | ||||||||||
John Deere Owner Trust, | ||||||||||||
Series 2018-B, Class A4, | ||||||||||||
3.230%, 06/15/2025 | 28,022,000 | 28,432,155 | ||||||||||
Marlette Funding Trust: | ||||||||||||
Series 2019-1A, Class A, | ||||||||||||
3.440%, 04/16/2029(2) | 529,678 | 530,761 | ||||||||||
Series 2019-4A, Class A, | ||||||||||||
2.390%, 12/15/2029(2) | 3,845,472 | 3,864,896 | ||||||||||
Series 2020-2A, Class A, | ||||||||||||
1.020%, 09/16/2030(2) | 4,398,050 | 4,401,777 | ||||||||||
Series 2021-1A, Class A, | ||||||||||||
0.600%, 06/16/2031(2) | 16,683,125 | 16,693,115 | ||||||||||
Mercedes-Benz Auto Lease Trust, | ||||||||||||
Series 2020-A, Class A2, | ||||||||||||
1.820%, 03/15/2022 | 1,023,781 | 1,024,511 | ||||||||||
Mercedes-Benz Auto Receivables Trust, | ||||||||||||
Series 2020-1, Class A2, | ||||||||||||
0.460%, 03/15/2023 | 7,349,703 | 7,355,905 | ||||||||||
Mercedes-Benz Master Owner Trust, | ||||||||||||
Series 2019-BA, Class A, | ||||||||||||
2.610%, 05/15/2024(2) | 101,610,000 | 103,712,494 | ||||||||||
MMAF Equipment Finance LLC, | ||||||||||||
Series 2020-A, Class A2, | ||||||||||||
0.740%, 04/09/2024(2) | 9,167,172 | 9,201,234 | ||||||||||
NextGear Floorplan Master Owner Trust, | ||||||||||||
Series 2019-1A, Class A2, | ||||||||||||
3.210%, 02/15/2024(2) | 59,682,000 | 60,763,301 | ||||||||||
Nissan Auto Lease Trust, | ||||||||||||
Series 2020-B, Class A2, | ||||||||||||
0.340%, 12/15/2022 | 10,940,192 | 10,948,633 |
The accompanying notes are an integral part of these financial statements.
Page 9
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Nissan Auto Receivables Owner Trust: | ||||||||||||
Series 2020-B, Class A2A, | ||||||||||||
0.470%, 10/17/2022 | $ | 2,080,188 | $ | 2,081,230 | ||||||||
Series 2018-C, Class A3, | ||||||||||||
3.220%, 06/15/2023 | 7,801,006 | 7,886,905 | ||||||||||
Series 2019-A, Class A3, | ||||||||||||
2.900%, 10/16/2023 | 15,535,141 | 15,743,763 | ||||||||||
0.503%, 11/15/2023 | 27,125,000 | 27,164,174 | ||||||||||
PFS Financing Corp.: | ||||||||||||
Series 2019-B, Class A, | ||||||||||||
0.623%, 09/15/2023 | ||||||||||||
(1 Month LIBOR USD + 0.550%)(2)(3) | 10,050,000 | 10,058,070 | ||||||||||
Series 2018-F, Class A, | ||||||||||||
3.520%, 10/16/2023(2) | 48,294,000 | 48,754,092 | ||||||||||
Series 2019-A, Class A2, | ||||||||||||
2.860%, 04/15/2024(2) | 21,310,000 | 21,739,787 | ||||||||||
Santander Consumer Auto | ||||||||||||
Receivables Trust: | ||||||||||||
Series 2020-BA, Class A2, | ||||||||||||
0.380%, 02/15/2023(2) | 2,085,087 | 2,085,745 | ||||||||||
Series 2020-AA, Class A, | ||||||||||||
1.370%, 10/15/2024(2) | 22,219,688 | 22,361,811 | ||||||||||
SoFi Consumer Loan Program LLC: | ||||||||||||
Series 2018-1, Class B, | ||||||||||||
3.650%, 02/25/2027(2) | 8,477,448 | 8,594,677 | ||||||||||
Series 2019-2, Class A, | ||||||||||||
3.010%, 04/25/2028(2) | 360,586 | 361,561 | ||||||||||
Synchrony Card Funding LLC: | ||||||||||||
Series 2019-A1, Class A, | ||||||||||||
2.950%, 03/15/2025 | 6,350,000 | 6,473,386 | ||||||||||
Series 2019-A2, Class A, | ||||||||||||
2.340%, 06/15/2025 | 11,598,000 | 11,833,856 | ||||||||||
Synchrony Card Issuance Trust, | ||||||||||||
Series 2018-A1, Class A, | ||||||||||||
3.380%, 09/15/2024 | 37,816,000 | 38,061,849 | ||||||||||
Tesla Auto Lease Trust, | ||||||||||||
Series 2018-B, Class A, | ||||||||||||
3.710%, 08/20/2021(2) | 100,881 | 101,073 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2019-MH1, Class A1, | ||||||||||||
3.000%, 11/25/2058(2)(4) | 2,533,620 | 2,579,328 | ||||||||||
Series 2020-MH1, Class A1, | ||||||||||||
2.250%, 02/25/2060(2)(4) | 4,147,607 | 4,197,275 | ||||||||||
Toyota Auto Receivables Owner Trust, | ||||||||||||
Series 2020-A, Class A2, | ||||||||||||
1.670%, 11/15/2022 | 1,385,600 | 1,388,688 | ||||||||||
Verizon Owner Trust: | ||||||||||||
Series 2018-A, Class A1A, | ||||||||||||
3.230%, 04/20/2023 | 9,421,355 | 9,486,196 | ||||||||||
Series 2019-A, Class A1A, | ||||||||||||
2.930%, 09/20/2023 | 18,837,362 | 19,062,149 | ||||||||||
Volkswagen Auto Loan Enhanced Trust, | ||||||||||||
Series 2020-1, Class A2A, | ||||||||||||
0.930%, 12/20/2022 | 3,964,478 | 3,969,231 | ||||||||||
Wheels SPV 2 LLC, | ||||||||||||
Series 2019-1A, Class A2, | ||||||||||||
2.300%, 05/22/2028(2) | 7,157,724 | 7,204,900 | ||||||||||
World Financial Network | ||||||||||||
Credit Card Master Trust: | ||||||||||||
Series 2018-B, Class A, | ||||||||||||
3.460%, 07/15/2025 | 29,564,000 | 29,754,951 | ||||||||||
Series 2018-C, Class A, | ||||||||||||
3.550%, 08/15/2025 | 33,015,000 | 33,332,789 | ||||||||||
World Omni Auto Receivables Trust: | ||||||||||||
Series 2018-A, Class A3, | ||||||||||||
2.500%, 04/17/2023 | 6,238,379 | 6,274,261 | ||||||||||
Series 2020-C, Class A2, | ||||||||||||
0.350%, 12/15/2023 | 9,919,778 | 9,926,368 | ||||||||||
Series 2019-C, Class A3, | ||||||||||||
1.960%, 12/15/2024 | 18,811,000 | 19,033,743 | ||||||||||
World Omni Select Auto Trust, | ||||||||||||
Series 2020-A, Class A2, | ||||||||||||
0.470%, 06/17/2024 | 4,282,985 | 4,286,357 | ||||||||||
Total Asset Backed Securities | ||||||||||||
(Cost $1,146,491,727) | 1,144,818,683 | 18.3 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $5,768,171,757) | 5,767,686,932 | 92.3 | % | |||||||||
Short-Term Investments | ||||||||||||
Commercial Paper | ||||||||||||
AT&T, Inc., 0.17%(6), 11/16/2021(2) | 32,150,000 | 32,128,525 | ||||||||||
Banco Santander SA, | ||||||||||||
0.12%(6), 08/23/2021(1) | 8,400,000 | 8,398,488 | ||||||||||
Baptist Memorial Health Care Corp., | ||||||||||||
0.08%(6), 07/14/2021 | 25,726,000 | 25,725,204 | ||||||||||
Canadian Natural Resources Ltd., | ||||||||||||
0.26%(6), 07/26/2021(1) | 32,925,000 | 32,918,854 | ||||||||||
Catholic Health Initiatives, | ||||||||||||
0.12%(6), 07/07/2021 | 20,000,000 | 19,999,533 | ||||||||||
Catholic Health Initiatives, | ||||||||||||
0.14%(6), 08/25/2021 | 18,000,000 | 17,996,080 | ||||||||||
Catholic Health Initiatives, | ||||||||||||
0.15%(6), 09/28/2021 | 3,000,000 | 2,998,875 | ||||||||||
City of Denton TX, 0.500%, 08/18/2021 | 35,000,000 | 35,001,855 | ||||||||||
HSBC USA, Inc., 0.32%(6), 01/06/2022(2) | 18,500,000 | 18,468,463 | ||||||||||
HSBC USA, Inc., 0.33%(6), 04/01/2022 | 22,050,000 | 21,994,247 | ||||||||||
Jabil Inc., 0.51%(6), 07/16/2021 | 3,000,000 | 2,999,319 | ||||||||||
Nationwide Mutual Insurance Co., | ||||||||||||
0.12%(6), 07/26/2021(1) | 3,400,000 | 3,399,703 | ||||||||||
NatWest Markets PLC, | ||||||||||||
0.18%(6), 01/04/2022(1)(2) | 25,000,000 | 24,976,108 | ||||||||||
NatWest Markets PLC, | ||||||||||||
0.21%(6), 03/29/2022(1) | 10,000,000 | 9,984,133 | ||||||||||
NatWest Markets PLC, | ||||||||||||
0.21%(6), 04/22/2022(1) | 3,550,000 | 3,543,754 | ||||||||||
Shell International Finance BV, | ||||||||||||
0.05%(6), 07/12/2021(1) | 16,600,000 | 16,599,707 | ||||||||||
Smithfield Foods, Inc., | ||||||||||||
0.20%(6), 07/02/2021 | 28,775,000 | 28,774,675 | ||||||||||
Viatris Inc., 0.42%(6), 09/13/2021 | 23,500,000 | 23,479,682 | ||||||||||
Volkswagen Group of America Finance LLC, | ||||||||||||
0.47%(6), 11/10/2021(1) | 7,000,000 | 6,987,742 | ||||||||||
Walt Disney Co., 0.10%(6), 07/16/2021 | 7,675,000 | 7,674,666 | ||||||||||
Total Commercial Paper | ||||||||||||
(Cost $343,935,491) | 344,049,613 | 5.5 | % |
The accompanying notes are an integral part of these financial statements.
Page 10
Baird Ultra Short Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Short-Term Investments (cont.)
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government | ||||||||||||
Obligations Fund, Class U, 0.03%(5) | 211,167,456 | $ | 211,167,456 | |||||||||
Total Money Market Mutual Fund | ||||||||||||
(Cost $211,167,456) | 211,167,456 | 3.4 | % | |||||||||
Total Short-Term Investments | ||||||||||||
(Cost $555,102,947) | 555,217,069 | 8.9 | % | |||||||||
Total Investments | ||||||||||||
(Cost $6,323,274,704) | 6,322,904,001 | 101.2 | % | |||||||||
Liabilities in Excess of Other Assets | (74,487,851 | ) | (1.2 | )% | ||||||||
TOTAL NET ASSETS | $ | 6,248,416,150 | 100.0 | % |
Notes to Schedule of Investments
LIBOR – London Inter-bank Offered Rate
SOFR – Secured Overnight Financing Rate
(1) | Foreign security. |
(2) | Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $1,594,212,491, which represented 25.51% of total net assets. |
(3) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021. |
(4) | Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of June 30, 2021. |
(5) | Seven-day yield. |
(6) | Effective yield as of June 30, 2021. |
(7) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021. |
(8) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 1,298,799,797 | $ | — | $ | 1,298,799,797 | ||||||||
Other Government Related Security | — | 4,251,573 | — | 4,251,573 | ||||||||||||
Corporate Bonds | — | 2,738,193,940 | — | 2,738,193,940 | ||||||||||||
Municipal Bonds | — | 438,198,540 | — | 438,198,540 | ||||||||||||
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 127,308,107 | — | 127,308,107 | ||||||||||||
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 16,116,292 | — | 16,116,292 | ||||||||||||
Asset Backed Securities | — | 1,144,818,683 | — | 1,144,818,683 | ||||||||||||
Total Long-Term Investments | — | 5,767,686,932 | — | 5,767,686,932 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Commercial Paper | — | 344,049,613 | — | 344,049,613 | ||||||||||||
Money Market Mutual Fund | 211,167,456 | — | — | 211,167,456 | ||||||||||||
Total Short-Term Investments | 211,167,456 | 344,049,613 | — | 555,217,069 | ||||||||||||
Total Investments | $ | 211,167,456 | $ | 6,111,736,545 | $ | — | $ | 6,322,904,001 |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 11
Baird Short-Term Bond Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $9,599,976,779 | ||
SEC 30-Day Yield(3) | ||||
Institutional Class | 0.42% | |||
Investor Class | 0.18% | |||
Average Effective Duration | 1.94 years | |||
Average Effective Maturity | 2.01 years | |||
Annualized Expense Ratio(4) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (5) | ||
Portfolio Turnover Rate | 33% | (6) | ||
Number of Holdings | 512 | |||
Sector Weightings(1) | ||||
(1) | Percentages shown are based on the Fund’s total investments. |
(2) | The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). |
(3) | SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021. |
(4) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. |
(5) | Includes 0.25% 12b-1 fee. |
(6) | Not annualized. |
Page 12
Baird Short-Term Bond Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | ||||||
Since | Since | |||||
Six | One | Five | Ten | Inception | Inception | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | (8/31/04) | (9/19/12) |
Institutional Class Shares | 0.07% | 1.33% | 2.37% | 2.24% | 2.80% | N/A |
Investor Class Shares | 0.05% | 1.08% | 2.11% | N/A | N/A | 1.88% |
Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index(1) | 0.00% | 0.44% | 1.88% | 1.49% | 2.39% | 1.52% |
(1) | The Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities between one and three years. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund may invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 13
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
2.125%, 12/31/2022 | $ | 141,625,000 | $ | 145,740,976 | ||||||||
1.750%, 05/15/2023 | 903,400,000 | 928,808,125 | ||||||||||
2.750%, 11/15/2023 | 857,375,000 | 906,573,587 | ||||||||||
2.500%, 05/15/2024 | 1,333,575,000 | 1,412,599,734 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $3,402,980,284) | 3,393,722,422 | 35.4 | % | |||||||||
Other Government Related Securities | ||||||||||||
Harvest Operations Corp., | ||||||||||||
1.000%, 04/26/2024(1)(2) | 25,000,000 | 25,011,000 | ||||||||||
Industrial Bank of Korea, | ||||||||||||
0.776%, 08/02/2021 | ||||||||||||
(3 Month LIBOR USD + 0.600%)(1)(2)(3) | 2,150,000 | 2,150,796 | ||||||||||
Total Other Government Related Securities | ||||||||||||
(Cost $27,111,750) | 27,161,796 | 0.3 | % | |||||||||
Corporate Bonds | ||||||||||||
Industrials | ||||||||||||
7-Eleven, Inc., | ||||||||||||
0.800%, 02/10/2024(1)(2) | 20,000,000 | 19,950,480 | ||||||||||
A.P. Meoller – Maersk A/S, | ||||||||||||
3.750%, 09/22/2024(1)(2) | 9,750,000 | 10,510,012 | ||||||||||
AbbVie, Inc.: | ||||||||||||
5.000%, 12/15/2021 | 20,045,000 | 20,237,961 | ||||||||||
3.450%, 03/15/2022 | 6,975,000 | 7,092,617 | ||||||||||
3.850%, 06/15/2024 | 13,187,000 | 14,302,032 | ||||||||||
Agilent Technologies, Inc., | ||||||||||||
3.875%, 07/15/2023 | 7,500,000 | 7,960,795 | ||||||||||
Allegion US Holding Co., Inc., | ||||||||||||
3.200%, 10/01/2024 | 20,250,000 | 21,527,057 | ||||||||||
AmerisourceBergen Corp., | ||||||||||||
0.737%, 03/15/2023 | 15,250,000 | 15,277,658 | ||||||||||
Anglo American Capital PLC: | ||||||||||||
4.125%, 09/27/2022(1)(2) | 2,775,000 | 2,889,020 | ||||||||||
4.875%, 05/14/2025(1)(2) | 956,000 | 1,082,109 | ||||||||||
ANR Pipeline Co., | ||||||||||||
7.375%, 02/15/2024(1) | 13,000,000 | 15,072,405 | ||||||||||
AT&T, Inc., | ||||||||||||
0.900%, 03/25/2024 | 26,000,000 | 26,056,680 | ||||||||||
Bayer US Finance II LLC, | ||||||||||||
2.200%, 07/15/2022(1)(2) | 2,250,000 | 2,282,401 | ||||||||||
Beam Suntory, Inc., | ||||||||||||
3.250%, 05/15/2022(1) | 10,875,000 | 11,070,393 | ||||||||||
Becton Dickinson and Co.: | ||||||||||||
2.894%, 06/06/2022 | 19,186,000 | 19,608,011 | ||||||||||
3.363%, 06/06/2024 | 6,882,000 | 7,373,304 | ||||||||||
Bell Canada, Inc., | ||||||||||||
0.750%, 03/17/2024(1) | 40,325,000 | 40,416,012 | ||||||||||
Bemis Co., Inc., | ||||||||||||
4.500%, 10/15/2021 | 5,375,000 | 5,377,475 | ||||||||||
Berry Global, Inc., | ||||||||||||
0.950%, 02/15/2024(2) | 20,000,000 | 20,017,400 | ||||||||||
BMW US Capital LLC, | ||||||||||||
0.800%, 04/01/2024(1)(2) | 18,100,000 | 18,180,809 | ||||||||||
Boardwalk Pipelines LP, | ||||||||||||
4.950%, 12/15/2024 | 8,140,000 | 9,098,502 | ||||||||||
Boeing Co.: | ||||||||||||
1.950%, 02/01/2024 | 10,000,000 | 10,239,640 | ||||||||||
1.433%, 02/04/2024 | 35,325,000 | 35,418,484 | ||||||||||
BorgWarner, Inc., | ||||||||||||
5.000%, 10/01/2025(2) | 9,946,000 | 11,413,287 | ||||||||||
Broadcom, Inc.: | ||||||||||||
3.625%, 01/15/2024 | 11,225,000 | 11,985,352 | ||||||||||
4.700%, 04/15/2025 | 29,575,000 | 33,318,169 | ||||||||||
3.150%, 11/15/2025 | 5,000,000 | 5,358,902 | ||||||||||
Bunge Limited Finance Corp., | ||||||||||||
1.630%, 08/17/2025 | 5,006,000 | 5,064,960 | ||||||||||
Canadian Natural Resources Ltd., | ||||||||||||
2.950%, 01/15/2023(1) | 6,500,000 | 6,732,885 | ||||||||||
Carlisle Companies, Inc., | ||||||||||||
3.750%, 11/15/2022 | 2,230,000 | 2,309,881 | ||||||||||
Celanese US Holdings LLC: | ||||||||||||
4.625%, 11/15/2022 | 3,395,000 | 3,575,970 | ||||||||||
3.500%, 05/08/2024 | 4,450,000 | 4,754,730 | ||||||||||
Charter Communications Operating LLC, | ||||||||||||
4.464%, 07/23/2022 | 22,835,000 | 23,640,819 | ||||||||||
Cheniere Corpus Christi Holdings LLC, | ||||||||||||
7.000%, 06/30/2024 | 18,650,000 | 21,364,173 | ||||||||||
Chevron Phillips Chemical Co. LLC / | ||||||||||||
Chevron Phillips Chemical Co. LP, | ||||||||||||
3.300%, 05/01/2023(2) | 1,930,000 | 2,026,496 | ||||||||||
Choice Hotels International, Inc., | ||||||||||||
5.750%, 07/01/2022 | 4,495,000 | 4,684,559 | ||||||||||
Cigna Corp., | ||||||||||||
3.750%, 07/15/2023 | 1,414,000 | 1,505,796 | ||||||||||
CNH Industrial Capital LLC: | ||||||||||||
3.875%, 10/15/2021(1) | 13,460,000 | 13,585,857 | ||||||||||
4.375%, 04/05/2022(1) | 4,102,000 | 4,219,700 | ||||||||||
4.200%, 01/15/2024(1) | 13,300,000 | 14,391,702 | ||||||||||
CNH Industrial NV, | ||||||||||||
4.500%, 08/15/2023(1) | 15,515,000 | 16,726,510 | ||||||||||
Coca-Cola Europacific Partners PLC, | ||||||||||||
0.800%, 05/03/2024(1)(2) | 5,050,000 | 5,034,712 | ||||||||||
CommonSpirit Health: | ||||||||||||
2.950%, 11/01/2022 | 6,349,000 | 6,553,940 | ||||||||||
4.200%, 08/01/2023 | 4,210,000 | 4,508,025 | ||||||||||
Constellation Brands, Inc., | ||||||||||||
3.200%, 02/15/2023 | 9,650,000 | 10,057,191 | ||||||||||
Daimler Finance North America LLC: | ||||||||||||
3.400%, 02/22/2022(1)(2) | 13,000,000 | 13,260,140 | ||||||||||
3.350%, 02/22/2023(1)(2) | 1,619,000 | 1,692,750 | ||||||||||
1.750%, 03/10/2023(1)(2) | 7,000,000 | 7,144,145 | ||||||||||
0.750%, 03/01/2024(1)(2) | 16,250,000 | 16,284,162 | ||||||||||
Dell International LLC / EMC Corp.: | ||||||||||||
5.450%, 06/15/2023 | 20,000,000 | 21,697,268 | ||||||||||
4.000%, 07/15/2024 | 11,493,000 | 12,497,259 | ||||||||||
Diamondback Energy, Inc., | ||||||||||||
0.900%, 03/24/2023 | 20,000,000 | 20,004,299 | ||||||||||
DXC Technology Co.: | ||||||||||||
4.250%, 04/15/2024 | 4,624,000 | 5,015,455 | ||||||||||
4.125%, 04/15/2025 | 38,251,000 | 42,039,564 | ||||||||||
Eastman Chemical Co., | ||||||||||||
3.500%, 12/01/2021 | 17,550,000 | 17,778,648 | ||||||||||
Edward-Elmhurst Healthcare, | ||||||||||||
3.500%, 05/04/2023 | 35,000,000 | 36,337,254 | ||||||||||
Elanco Animal Health, Inc., | ||||||||||||
4.912%, 08/27/2021 | 32,689,000 | 32,815,670 | ||||||||||
Element Fleet Management Corp., | ||||||||||||
1.600%, 04/06/2024(1)(2) | 30,000,000 | 30,488,065 | ||||||||||
Embotelladora Andina SA, | ||||||||||||
5.000%, 10/01/2023(1)(2) | 12,389,000 | 13,477,791 | ||||||||||
EMD Finance LLC, | ||||||||||||
2.950%, 03/19/2022(1)(2) | 12,400,000 | 12,580,866 | ||||||||||
Encana Corp., | ||||||||||||
3.900%, 11/15/2021 | 32,690,000 | 32,768,175 |
The accompanying notes are an integral part of these financial statements.
Page 14
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Energy Transfer LP, | ||||||||||||
4.250%, 04/01/2024 | $ | 1,276,000 | $ | 1,376,003 | ||||||||
Energy Transfer Operating LP, | ||||||||||||
4.250%, 03/15/2023 | 15,933,000 | 16,716,604 | ||||||||||
Energy Transfer Partners LP, | ||||||||||||
4.050%, 03/15/2025 | 16,781,000 | 18,195,246 | ||||||||||
Eni SpA, | ||||||||||||
4.000%, 09/12/2023(1)(2) | 3,187,000 | 3,403,818 | ||||||||||
Equifax, Inc., | ||||||||||||
3.950%, 06/15/2023 | 12,294,000 | 13,056,541 | ||||||||||
ERAC USA Finance LLC, | ||||||||||||
2.600%, 12/01/2021(2) | 1,450,000 | 1,461,017 | ||||||||||
Fiserv, Inc., | ||||||||||||
3.500%, 10/01/2022 | 6,350,000 | 6,547,728 | ||||||||||
Flex Ltd., | ||||||||||||
5.000%, 02/15/2023 | 2,350,000 | 2,504,957 | ||||||||||
Flowserve Corp., | ||||||||||||
4.000%, 11/15/2023 | 1,669,000 | 1,782,129 | ||||||||||
FMC Corp.: | ||||||||||||
3.950%, 02/01/2022 | 13,172,000 | 13,321,885 | ||||||||||
4.100%, 02/01/2024 | 2,425,000 | 2,603,203 | ||||||||||
Ford Motor Credit Co. LLC: | ||||||||||||
2.979%, 08/03/2022 | 15,000,000 | 15,206,250 | ||||||||||
3.087%, 01/09/2023 | 12,000,000 | 12,240,000 | ||||||||||
Fortune Brands Home & Security, Inc., | ||||||||||||
4.000%, 09/21/2023 | 3,805,000 | 4,072,523 | ||||||||||
Fox Corp., | ||||||||||||
3.666%, 01/25/2022 | 5,000,000 | 5,097,856 | ||||||||||
Fresenius Medical Care US Finance II, Inc.: | ||||||||||||
5.875%, 01/31/2022(1)(2) | 2,947,000 | 3,036,918 | ||||||||||
4.750%, 10/15/2024(1)(2) | 18,720,000 | 20,800,121 | ||||||||||
Fresenius US Finance II, Inc., | ||||||||||||
4.500%, 01/15/2023(1)(2) | 3,328,000 | 3,478,262 | ||||||||||
General Electric Co., | ||||||||||||
3.375%, 03/11/2024 | 9,475,000 | 10,155,047 | ||||||||||
General Motors Financial Co., Inc.: | ||||||||||||
4.200%, 11/06/2021 | 5,000,000 | 5,065,485 | ||||||||||
3.550%, 07/08/2022 | 5,000,000 | 5,160,671 | ||||||||||
1.700%, 08/18/2023 | 12,000,000 | 12,247,678 | ||||||||||
5.100%, 01/17/2024 | 2,925,000 | 3,220,142 | ||||||||||
2.750%, 06/20/2025 | 7,302,000 | 7,688,198 | ||||||||||
Genpact Luxembourg Sarl, | ||||||||||||
3.700%, 04/01/2022 | 5,511,000 | 5,616,307 | ||||||||||
Gilead Sciences, Inc., | ||||||||||||
0.750%, 09/29/2023 | 20,275,000 | 20,285,006 | ||||||||||
Glencore Finance (Canada) Ltd.: | ||||||||||||
4.950%, 11/15/2021(1)(2) | 18,000,000 | 18,294,552 | ||||||||||
4.250%, 10/25/2022(1)(2) | 7,555,000 | 7,902,303 | ||||||||||
Glencore Funding LLC: | ||||||||||||
4.125%, 05/30/2023(1)(2) | 7,121,000 | 7,574,157 | ||||||||||
4.625%, 04/29/2024(1)(2) | 7,500,000 | 8,220,749 | ||||||||||
4.000%, 04/16/2025(1)(2) | 4,043,000 | 4,413,986 | ||||||||||
Global Payments, Inc.: | ||||||||||||
3.750%, 06/01/2023 | 4,550,000 | 4,787,769 | ||||||||||
2.650%, 02/15/2025 | 40,361,000 | 42,525,623 | ||||||||||
Graphic Packaging International LLC, | ||||||||||||
0.821%, 04/15/2024(2) | 10,000,000 | 9,925,992 | ||||||||||
Gray Oak Pipeline LLC, | ||||||||||||
2.000%, 09/15/2023(2) | 7,000,000 | 7,139,612 | ||||||||||
Grupo Bimbo SAB de CV: | ||||||||||||
4.500%, 01/25/2022(1)(2) | 4,692,000 | 4,794,725 | ||||||||||
3.875%, 06/27/2024(1)(2) | 10,718,000 | 11,552,798 | ||||||||||
Gulf South Pipeline Co. LP, | ||||||||||||
4.000%, 06/15/2022 | 3,000,000 | 3,072,070 | ||||||||||
HCA, Inc.: | ||||||||||||
4.750%, 05/01/2023 | 20,093,000 | 21,529,310 | ||||||||||
5.000%, 03/15/2024 | 14,570,000 | 16,098,756 | ||||||||||
Hewlett Packard Enterprise Co.: | ||||||||||||
2.250%, 04/01/2023 | 23,000,000 | 23,681,938 | ||||||||||
4.450%, 10/02/2023 | 22,909,000 | 24,774,868 | ||||||||||
Huntington Ingalls Industries, Inc., | ||||||||||||
3.844%, 05/01/2025 | 37,176,000 | 40,511,475 | ||||||||||
Hutchison Whampoa International Ltd., | ||||||||||||
4.625%, 01/13/2022(1)(2) | 8,200,000 | 8,377,812 | ||||||||||
Hyundai Capital America: | ||||||||||||
3.750%, 07/08/2021(1)(2) | 2,650,000 | 2,651,492 | ||||||||||
3.950%, 02/01/2022(1)(2) | 5,024,000 | 5,123,288 | ||||||||||
3.000%, 06/20/2022(1)(2) | 5,000,000 | 5,114,360 | ||||||||||
2.850%, 11/01/2022(1)(2) | 6,000,000 | 6,169,316 | ||||||||||
0.800%, 04/03/2023(1)(2) | 15,000,000 | 14,997,250 | ||||||||||
1.250%, 09/18/2023(1)(2) | 15,000,000 | 15,136,944 | ||||||||||
5.875%, 04/07/2025(1)(2) | 4,815,000 | 5,559,158 | ||||||||||
IHS Markit Ltd., | ||||||||||||
5.000%, 11/01/2022(2) | 9,613,000 | 10,069,991 | ||||||||||
Illumina, Inc., | ||||||||||||
0.550%, 03/23/2023 | 12,600,000 | 12,619,875 | ||||||||||
Infor, Inc., | ||||||||||||
1.450%, 07/15/2023(2) | 28,072,000 | 28,388,736 | ||||||||||
Inversiones CMPC SA, | ||||||||||||
4.375%, 05/15/2023(1)(2) | 2,325,000 | 2,437,786 | ||||||||||
Johnson Controls International PLC, | ||||||||||||
3.625%, 07/02/2024(7) | 1,651,000 | 1,773,054 | ||||||||||
Kerry Group Financial | ||||||||||||
Services Unlimited Co., | ||||||||||||
3.200%, 04/09/2023(1)(2) | 36,325,000 | 37,630,798 | ||||||||||
Kimberly-Clark de Mexico SAB de CV, | ||||||||||||
3.250%, 03/12/2025(1)(2) | 5,000,000 | 5,297,850 | ||||||||||
Kinder Morgan Energy Partners LP, | ||||||||||||
5.000%, 10/01/2021 | 13,000,000 | 13,000,000 | ||||||||||
Kinder Morgan, Inc., | ||||||||||||
5.625%, 11/15/2023(2) | 9,060,000 | 9,980,486 | ||||||||||
Kinross Gold Corp., | ||||||||||||
5.950%, 03/15/2024(1) | 15,680,000 | 17,539,024 | ||||||||||
Leggett & Platt, Inc., | ||||||||||||
3.400%, 08/15/2022 | 10,000,000 | 10,232,675 | ||||||||||
Leidos, Inc., | ||||||||||||
2.950%, 05/15/2023 | 27,875,000 | 28,987,491 | ||||||||||
Lennar Corp.: | ||||||||||||
4.875%, 12/15/2023 | 5,000,000 | 5,442,450 | ||||||||||
4.500%, 04/30/2024 | 11,192,000 | 12,241,250 | ||||||||||
5.875%, 11/15/2024 | 11,260,000 | 12,797,103 | ||||||||||
Lennox International, Inc., | ||||||||||||
3.000%, 11/15/2023 | 16,160,000 | 16,936,514 | ||||||||||
LYB International Finance III LLC, | ||||||||||||
1.145%, 10/01/2023 | ||||||||||||
(3 Month LIBOR USD + 1.000%)(3) | 20,000,000 | 20,031,599 | ||||||||||
Marathon Petroleum Corp., | ||||||||||||
4.500%, 05/01/2023 | 10,000,000 | 10,664,541 | ||||||||||
Marriott International, Inc., | ||||||||||||
2.125%, 10/03/2022 | 10,000,000 | 10,142,206 | ||||||||||
Maxim Integrated Products, Inc., | ||||||||||||
3.375%, 03/15/2023 | 2,190,000 | 2,282,044 | ||||||||||
Microchip Technology, Inc.: | ||||||||||||
2.670%, 09/01/2023 | 3,100,000 | 3,228,710 | ||||||||||
0.972%, 02/15/2024(2) | 23,775,000 | 23,763,287 | ||||||||||
Micron Technology, Inc.: | ||||||||||||
2.497%, 04/24/2023 | 36,364,000 | 37,586,563 | ||||||||||
4.640%, 02/06/2024 | 6,700,000 | 7,344,339 |
The accompanying notes are an integral part of these financial statements.
Page 15
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Midwest Connector Capital Co. LLC, | ||||||||||||
3.625%, 04/01/2022(2) | $ | 27,750,000 | $ | 28,218,425 | ||||||||
Mosaic Co.: | ||||||||||||
3.750%, 11/15/2021 | 2,850,000 | 2,861,534 | ||||||||||
3.250%, 11/15/2022 | 6,443,000 | 6,669,660 | ||||||||||
MPLX LP, | ||||||||||||
3.500%, 12/01/2022 | 6,403,000 | 6,650,541 | ||||||||||
Mylan, Inc., | ||||||||||||
3.125%, 01/15/2023(2) | 32,660,000 | 33,837,124 | ||||||||||
Newell Brands, Inc., | ||||||||||||
3.850%, 04/01/2023 | 33,713,000 | 35,314,367 | ||||||||||
Nissan Motor Acceptance Corp., | ||||||||||||
3.450%, 03/15/2023(1)(2) | 1,585,000 | 1,649,958 | ||||||||||
Nissan Motor Co. Ltd.: | ||||||||||||
3.043%, 09/15/2023(1)(2) | 10,000,000 | 10,429,696 | ||||||||||
3.522%, 09/17/2025(1)(2) | 5,291,000 | 5,649,864 | ||||||||||
Northern Border Pipeline Co., | ||||||||||||
7.500%, 09/15/2021 | 4,500,000 | 4,566,661 | ||||||||||
Nutrien Ltd.: | ||||||||||||
3.150%, 10/01/2022(1) | 1,000,000 | 1,026,462 | ||||||||||
1.900%, 05/13/2023(1) | 19,400,000 | 19,872,735 | ||||||||||
nVent Finance Sarl, | ||||||||||||
3.950%, 04/15/2023 | 12,565,000 | 13,131,741 | ||||||||||
NXP Semiconductors NV: | ||||||||||||
3.875%, 09/01/2022(1)(2) | 10,862,000 | 11,262,642 | ||||||||||
4.625%, 06/01/2023(1)(2) | 19,023,000 | 20,444,824 | ||||||||||
Occidental Petroleum Corp.: | ||||||||||||
1.606%, 08/15/2022 | ||||||||||||
(3 Month LIBOR USD + 1.450%)(3) | 4,250,000 | 4,228,904 | ||||||||||
2.700%, 08/15/2022 | 17,650,000 | 18,003,000 | ||||||||||
2.700%, 02/15/2023 | 10,000,000 | 10,222,000 | ||||||||||
Owens Corning, | ||||||||||||
4.200%, 12/15/2022 | 924,000 | 961,018 | ||||||||||
Panasonic Corp., | ||||||||||||
2.536%, 07/19/2022(1)(2) | 15,000,000 | 15,296,586 | ||||||||||
Penske Truck Leasing Co.: | ||||||||||||
4.250%, 01/17/2023(2) | 10,000,000 | 10,547,437 | ||||||||||
2.700%, 03/14/2023(2) | 1,500,000 | 1,548,516 | ||||||||||
4.125%, 08/01/2023(2) | 1,350,000 | 1,440,009 | ||||||||||
4.000%, 07/15/2025(2) | 8,000,000 | 8,810,379 | ||||||||||
Phillips 66, | ||||||||||||
3.700%, 04/06/2023 | 9,800,000 | 10,346,577 | ||||||||||
Pioneer Natural Resources Co., | ||||||||||||
0.750%, 01/15/2024 | 13,500,000 | 13,487,595 | ||||||||||
POSCO: | ||||||||||||
2.375%, 01/17/2023(1)(2) | 35,000,000 | 35,829,150 | ||||||||||
4.000%, 08/01/2023(1)(2) | 5,000,000 | 5,324,550 | ||||||||||
Reckitt Benckiser Treasury Services PLC, | ||||||||||||
2.375%, 06/24/2022(1)(2) | 15,000,000 | 15,287,595 | ||||||||||
Regency Energy Partners LP / | ||||||||||||
Regency Energy Finance Corp.: | ||||||||||||
5.000%, 10/01/2022 | 1,430,000 | 1,490,713 | ||||||||||
4.500%, 11/01/2023 | 13,121,000 | 14,081,960 | ||||||||||
Reliance Industries Ltd., | ||||||||||||
5.400%, 02/14/2022(1)(2) | 5,000,000 | 5,137,600 | ||||||||||
Roper Technologies, Inc., | ||||||||||||
3.125%, 11/15/2022 | 10,000,000 | 10,300,340 | ||||||||||
Royalty Pharma PLC, | ||||||||||||
0.750%, 09/02/2023(2) | 15,000,000 | 15,044,050 | ||||||||||
RPM International, Inc., | ||||||||||||
3.450%, 11/15/2022 | 2,508,000 | 2,586,455 | ||||||||||
Ryder System, Inc., | ||||||||||||
2.875%, 06/01/2022 | 5,000,000 | 5,105,886 | ||||||||||
Sabine Pass Liquefaction LLC: | ||||||||||||
5.625%, 04/15/2023 | 15,800,000 | 16,973,850 | ||||||||||
5.750%, 05/15/2024 | 6,463,000 | 7,252,684 | ||||||||||
Schneider Electric SE, | ||||||||||||
2.950%, 09/27/2022(2) | 8,824,000 | 9,096,005 | ||||||||||
Seagate HDD Cayman: | ||||||||||||
4.750%, 06/01/2023(1) | 12,400,000 | 13,193,476 | ||||||||||
4.875%, 03/01/2024(1) | 2,500,000 | 2,693,650 | ||||||||||
Shire Acquisitions Investments Ireland DAC, | ||||||||||||
2.875%, 09/23/2023(1) | 2,145,000 | 2,244,697 | ||||||||||
SK Hynix, Inc., | ||||||||||||
1.000%, 01/19/2024(1)(2) | 37,010,000 | 36,801,264 | ||||||||||
Skyworks Solutions, Inc., | ||||||||||||
0.900%, 06/01/2023 | 5,000,000 | 5,014,868 | ||||||||||
Smithfield Foods, Inc.: | ||||||||||||
2.650%, 10/03/2021(1)(2) | 17,740,000 | 17,826,362 | ||||||||||
3.350%, 02/01/2022(1)(2) | 4,023,000 | 4,079,549 | ||||||||||
Smiths Group PLC, | ||||||||||||
3.625%, 10/12/2022(1)(2) | 17,604,000 | 18,293,321 | ||||||||||
Sociedad Quimica y Minera de Chile SA, | ||||||||||||
3.625%, 04/03/2023(1)(2) | 3,000,000 | 3,131,250 | ||||||||||
Sonoco Products Co., | ||||||||||||
4.375%, 11/01/2021 | 855,000 | 857,652 | ||||||||||
Spirit AeroSystems, Inc., | ||||||||||||
3.950%, 06/15/2023 | 3,515,000 | 3,534,332 | ||||||||||
SSM Health Care Corp., | ||||||||||||
3.688%, 06/01/2023 | 16,500,000 | 17,310,602 | ||||||||||
Suncor Energy, Inc., | ||||||||||||
2.800%, 05/15/2023(1) | 10,000,000 | 10,400,206 | ||||||||||
Suntory Holdings Ltd., | ||||||||||||
2.550%, 06/28/2022(1)(2) | 25,600,000 | 26,094,188 | ||||||||||
TC PipeLines LP, | ||||||||||||
4.375%, 03/13/2025(1) | 13,816,000 | 15,210,435 | ||||||||||
Teva Pharmaceutical Finance | ||||||||||||
Netherlands III BV, | ||||||||||||
2.200%, 07/21/2021(1) | 15,654,000 | 15,647,738 | ||||||||||
Time Warner Cable LLC, | ||||||||||||
4.000%, 09/01/2021 | 9,706,000 | 9,706,000 | ||||||||||
Timken Co., | ||||||||||||
3.875%, 09/01/2024 | 30,952,000 | 33,133,933 | ||||||||||
Toll Road Investors Partnership II LP, | ||||||||||||
0.000%, 02/15/2022(1)(2) | 26,200,000 | 25,761,269 | ||||||||||
Toyota Motor Credit Corp., | ||||||||||||
2.900%, 03/30/2023(1) | 8,175,000 | 8,538,764 | ||||||||||
Triton Container International Ltd., | ||||||||||||
1.150%, 06/07/2024(1)(2) | 20,000,000 | 19,960,443 | ||||||||||
Valero Energy Corp.: | ||||||||||||
2.700%, 04/15/2023 | 19,400,000 | 20,112,706 | ||||||||||
1.200%, 03/15/2024 | 20,000,000 | 20,173,032 | ||||||||||
VF Corp., | ||||||||||||
2.050%, 04/23/2022 | 32,900,000 | 33,345,883 | ||||||||||
Volkswagen Group of America Finance LLC: | ||||||||||||
4.000%, 11/12/2021(1)(2) | 24,700,000 | 25,043,993 | ||||||||||
3.125%, 05/12/2023(1)(2) | 7,000,000 | 7,309,531 | ||||||||||
0.875%, 11/22/2023(1)(2) | 10,000,000 | 10,026,551 | ||||||||||
Wabtec Corp., | ||||||||||||
4.400%, 03/15/2024 | 20,900,000 | 22,644,892 | ||||||||||
Westinghouse Air Brake Technologies Corp., | ||||||||||||
3.200%, 06/15/2025 | 25,524,000 | 27,144,768 | ||||||||||
WestRock RKT LLC, | ||||||||||||
4.900%, 03/01/2022 | 4,100,000 | 4,218,122 |
The accompanying notes are an integral part of these financial statements.
Page 16
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Williams Companies, Inc.: | ||||||||||||
7.875%, 09/01/2021 | $ | 3,065,000 | $ | 3,102,106 | ||||||||
3.600%, 03/15/2022 | 4,750,000 | 4,829,722 | ||||||||||
3.350%, 08/15/2022 | 235,000 | 240,638 | ||||||||||
3.700%, 01/15/2023 | 12,537,000 | 13,055,250 | ||||||||||
4.300%, 03/04/2024 | 19,450,000 | 21,126,822 | ||||||||||
Zimmer Biomet Holdings, Inc., | ||||||||||||
3.700%, 03/19/2023 | 6,307,000 | 6,629,601 | ||||||||||
Zimmer Holdings, Inc., | ||||||||||||
3.150%, 04/01/2022 | 2,690,000 | 2,732,885 | ||||||||||
Zoetis, Inc., | ||||||||||||
3.250%, 02/01/2023 | 13,085,000 | 13,589,387 | ||||||||||
Total Industrials | ||||||||||||
(Cost $2,670,775,928) | 2,709,173,635 | 28.2 | % | |||||||||
Utilities | ||||||||||||
Ausgrid Finance Pty Ltd., | ||||||||||||
3.850%, 05/01/2023(1)(2) | 9,979,000 | 10,420,471 | ||||||||||
Dominion Energy, Inc., | ||||||||||||
2.450%, 01/15/2023(2) | 30,000,000 | 30,888,055 | ||||||||||
EDP Finance BV, | ||||||||||||
3.625%, 07/15/2024(1)(2) | 36,756,000 | 39,515,141 | ||||||||||
Enel Finance International NV: | ||||||||||||
2.875%, 05/25/2022(1)(2) | 28,583,000 | 29,208,499 | ||||||||||
4.250%, 09/14/2023(1)(2) | 1,100,000 | 1,184,969 | ||||||||||
ITC Holdings Corp., | ||||||||||||
4.050%, 07/01/2023(1) | 8,000,000 | 8,463,465 | ||||||||||
Jersey Central Power & Light Co., | ||||||||||||
4.700%, 04/01/2024(2) | 3,000,000 | 3,263,911 | ||||||||||
NextEra Energy Capital Holdings, Inc., | ||||||||||||
0.650%, 03/01/2023 | 27,325,000 | 27,436,516 | ||||||||||
Orange Cogen Funding Corp., | ||||||||||||
8.175%, 03/15/2022(2) | 1,798,380 | 1,839,252 | ||||||||||
Transelec SA: | ||||||||||||
4.625%, 07/26/2023(1)(2) | 9,800,000 | 10,455,620 | ||||||||||
4.250%, 01/14/2025(1)(2) | 5,000,000 | 5,427,550 | ||||||||||
Total Utilities | ||||||||||||
(Cost $166,099,612) | 168,103,449 | 1.7 | % | |||||||||
Financials | ||||||||||||
AerCap Holdings NV: | ||||||||||||
4.450%, 12/16/2021(1) | 25,000,000 | 25,379,603 | ||||||||||
3.300%, 01/23/2023(1) | 8,000,000 | 8,297,229 | ||||||||||
Aetna, Inc., | ||||||||||||
2.800%, 06/15/2023 | 2,000,000 | 2,081,528 | ||||||||||
AIB Group PLC: | ||||||||||||
4.750%, 10/12/2023(1)(2) | 7,397,000 | 8,034,661 | ||||||||||
4.263%, 04/10/2025 | ||||||||||||
(3 Month LIBOR USD + 1.874%)(1)(2)(3) | 37,350,000 | 40,237,374 | ||||||||||
AIG Global Funding, | ||||||||||||
2.300%, 07/01/2022(2) | 8,775,000 | 8,942,607 | ||||||||||
Air Lease Corp.: | ||||||||||||
2.625%, 07/01/2022 | 1,609,000 | 1,639,472 | ||||||||||
2.750%, 01/15/2023 | 21,150,000 | 21,820,947 | ||||||||||
Ally Financial, Inc.: | ||||||||||||
4.625%, 05/19/2022 | 16,661,000 | 17,255,391 | ||||||||||
1.450%, 10/02/2023 | 27,100,000 | 27,503,389 | ||||||||||
Assurant, Inc., | ||||||||||||
4.200%, 09/27/2023 | 4,099,000 | 4,395,318 | ||||||||||
Banco Bilbao Vizcaya Argentaria SA, | ||||||||||||
0.875%, 09/18/2023(1) | 27,000,000 | 27,093,358 | ||||||||||
Bank of America Corp.: | ||||||||||||
2.816%, 07/21/2023 | ||||||||||||
(3 Month LIBOR USD + 0.930%)(3) | 10,000,000 | 10,248,729 | ||||||||||
3.550%, 03/05/2024 | ||||||||||||
(3 Month LIBOR USD + 0.780%)(3) | 5,000,000 | 5,253,383 | ||||||||||
3.864%, 07/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.940%)(3) | 5,275,000 | 5,624,513 | ||||||||||
0.976%, 04/22/2025 | ||||||||||||
(SOFR + 0.690%)(3) | 45,000,000 | 45,144,204 | ||||||||||
Banque Federative du Credit Mutuel SA: | ||||||||||||
2.700%, 07/20/2022(1)(2) | 3,000,000 | 3,077,182 | ||||||||||
2.125%, 11/21/2022(1)(2) | 18,000,000 | 18,433,871 | ||||||||||
Barclays PLC: | ||||||||||||
4.610%, 02/15/2023 | ||||||||||||
(3 Month LIBOR USD + 1.400%)(1)(3) | 7,000,000 | 7,179,217 | ||||||||||
3.932%, 05/07/2025 | ||||||||||||
(3 Month LIBOR USD + 1.610%)(1)(3) | 7,250,000 | 7,826,400 | ||||||||||
2.852%, 05/07/2026 | ||||||||||||
(3 Month LIBOR USD + 2.714%)(1)(3) | 19,400,000 | 20,495,571 | ||||||||||
BBVA USA, | ||||||||||||
2.875%, 06/29/2022 | 18,861,000 | 19,307,338 | ||||||||||
BNP Paribas SA: | ||||||||||||
2.950%, 05/23/2022(1)(2) | 23,125,000 | 23,674,630 | ||||||||||
3.500%, 03/01/2023(1)(2) | 10,794,000 | 11,322,562 | ||||||||||
4.705%, 01/10/2025 | ||||||||||||
(3 Month LIBOR USD + 2.235%)(1)(2)(3) | 11,390,000 | 12,426,451 | ||||||||||
BNZ International Funding Ltd., | ||||||||||||
3.375%, 03/01/2023(1)(2) | 15,305,000 | 16,060,370 | ||||||||||
BPCE SA: | ||||||||||||
5.700%, 10/22/2023(1)(2) | 17,793,000 | 19,698,023 | ||||||||||
4.625%, 07/11/2024(1)(2) | 2,794,000 | 3,070,798 | ||||||||||
5.150%, 07/21/2024(1)(2) | 17,675,000 | 19,693,328 | ||||||||||
4.500%, 03/15/2025(1)(2) | 3,970,000 | 4,374,139 | ||||||||||
Brown & Brown, Inc., | ||||||||||||
4.200%, 09/15/2024 | 1,000,000 | 1,095,833 | ||||||||||
Canadian Imperial Bank of Commerce, | ||||||||||||
2.606%, 07/22/2023 | ||||||||||||
(3 Month LIBOR USD + 0.785%)(1)(3) | 36,050,000 | 36,878,439 | ||||||||||
Cantor Fitzgerald LP: | ||||||||||||
6.500%, 06/17/2022(2) | 1,177,000 | 1,241,311 | ||||||||||
4.875%, 05/01/2024(2) | 9,600,000 | 10,518,582 | ||||||||||
Capital One NA, | ||||||||||||
3.375%, 02/15/2023 | 34,182,000 | 35,765,812 | ||||||||||
CIT Group, Inc.: | ||||||||||||
4.750%, 02/16/2024 | 9,711,000 | 10,524,296 | ||||||||||
5.250%, 03/07/2025 | 22,407,000 | 25,207,875 | ||||||||||
Citigroup, Inc.: | ||||||||||||
1.678%, 05/15/2024 | ||||||||||||
(SOFR + 1.667%)(3) | 25,000,000 | 25,528,284 | ||||||||||
0.981%, 05/01/2025 | ||||||||||||
(SOFR + 0.669%)(3) | 15,000,000 | 15,035,698 | ||||||||||
Citizens Bank NA, | ||||||||||||
3.250%, 02/14/2022 | 3,000,000 | 3,048,164 | ||||||||||
Cooperatieve Rabobank UA: | ||||||||||||
3.950%, 11/09/2022(1) | 37,273,000 | 39,019,011 | ||||||||||
4.625%, 12/01/2023(1) | 12,004,000 | 13,126,138 | ||||||||||
Credit Agricole SA: | ||||||||||||
3.375%, 01/10/2022(1)(2) | 19,895,000 | 20,214,179 | ||||||||||
3.750%, 04/24/2023(1)(2) | 3,380,000 | 3,574,337 | ||||||||||
4.375%, 03/17/2025(1)(2) | 20,341,000 | 22,368,016 | ||||||||||
Credit Suisse Group AG: | ||||||||||||
3.574%, 01/09/2023(1)(2) | 11,400,000 | 11,580,524 | ||||||||||
2.997%, 12/14/2023 | ||||||||||||
(3 Month LIBOR USD + 1.200%)(1)(2)(3) | 18,000,000 | 18,587,982 | ||||||||||
2.593%, 09/11/2025 | ||||||||||||
(SOFR + 1.560%)(1)(2)(3) | 12,000,000 | 12,484,496 |
The accompanying notes are an integral part of these financial statements.
Page 17
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Credit Suisse Group | ||||||||||||
Funding Guernsey Ltd., | ||||||||||||
3.800%, 09/15/2022(1) | $ | 4,650,000 | $ | 4,838,705 | ||||||||
CyrusOne LP / CyrusOne | ||||||||||||
Finance Corp., | ||||||||||||
2.900%, 11/15/2024 | 11,549,000 | 12,196,090 | ||||||||||
Daiwa Securities Group, Inc., | ||||||||||||
3.129%, 04/19/2022(1)(2) | 9,750,000 | 9,966,419 | ||||||||||
Danske Bank A/S: | ||||||||||||
3.875%, 09/12/2023(1)(2) | �� | 8,500,000 | 9,045,201 | |||||||||
1.171%, 12/08/2023 | ||||||||||||
(1 Year CMT Rate + 1.030%)(1)(2)(3) | 26,375,000 | 26,507,319 | ||||||||||
DBS Group Holdings Ltd., | ||||||||||||
2.850%, 04/16/2022(1)(2) | 10,000,000 | 10,187,200 | ||||||||||
Deutsche Bank AG: | ||||||||||||
4.250%, 10/14/2021(1) | 5,400,000 | 5,458,554 | ||||||||||
5.000%, 02/14/2022(1) | 10,000,000 | 10,273,547 | ||||||||||
2.222%, 09/18/2024 | ||||||||||||
(SOFR + 2.159%)(1)(3) | 17,000,000 | 17,459,353 | ||||||||||
1.447%, 04/01/2025 | ||||||||||||
(SOFR + 1.131%)(1)(3) | 10,000,000 | 10,060,113 | ||||||||||
3.961%, 11/26/2025 | ||||||||||||
(SOFR + 2.581%)(1)(3) | 12,200,000 | 13,189,325 | ||||||||||
Discover Bank: | ||||||||||||
3.350%, 02/06/2023 | 7,964,000 | 8,296,542 | ||||||||||
4.200%, 08/08/2023 | 17,405,000 | 18,740,988 | ||||||||||
Discover Financial Services, | ||||||||||||
5.200%, 04/27/2022 | 10,443,000 | 10,849,360 | ||||||||||
F.N.B. Corporation, | ||||||||||||
2.200%, 02/24/2023 | 18,075,000 | 18,357,925 | ||||||||||
Fifth Third Bancorp, | ||||||||||||
1.625%, 05/05/2023 | 15,000,000 | 15,298,835 | ||||||||||
First Horizon National Corp., | ||||||||||||
3.550%, 05/26/2023 | 30,000,000 | 31,560,227 | ||||||||||
GATX Corp., | ||||||||||||
4.350%, 02/15/2024 | 2,650,000 | 2,882,563 | ||||||||||
Goldman Sachs Group, Inc.: | ||||||||||||
2.876%, 10/31/2022 | ||||||||||||
(3 Month LIBOR USD + 0.821%)(3) | 12,000,000 | 12,094,435 | ||||||||||
2.908%, 06/05/2023 | ||||||||||||
(3 Month LIBOR USD + 1.053%)(3) | 8,280,000 | 8,463,778 | ||||||||||
2.905%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.990%)(3) | 14,200,000 | 14,556,311 | ||||||||||
0.673%, 03/08/2024 | ||||||||||||
(SOFR + 0.572%)(3) | 21,800,000 | 21,838,952 | ||||||||||
Health Care Service Corp. | ||||||||||||
A Mutual Legal Reserve Co., | ||||||||||||
1.500%, 06/01/2025(2) | 6,465,000 | 6,563,054 | ||||||||||
HSBC Holdings PLC: | ||||||||||||
3.803%, 03/11/2025 | ||||||||||||
(3 Month LIBOR USD + 1.211%)(1)(3) | 28,200,000 | 30,323,016 | ||||||||||
0.976%, 05/24/2025 | ||||||||||||
(SOFR + 0.708%)(1)(3) | 9,000,000 | 8,992,441 | ||||||||||
Invesco Finance PLC, | ||||||||||||
3.125%, 11/30/2022 | 9,377,000 | 9,723,614 | ||||||||||
Jefferies Group LLC, | ||||||||||||
5.125%, 01/20/2023 | 30,883,000 | 33,000,353 | ||||||||||
KeyBank NA, | ||||||||||||
3.180%, 05/22/2022 | 24,943,000 | 25,587,149 | ||||||||||
LeasePlan Corp. NV, | ||||||||||||
2.875%, 10/24/2024(1)(2) | 29,018,000 | 30,475,198 | ||||||||||
Lexington Realty Trust, | ||||||||||||
4.250%, 06/15/2023 | 10,962,000 | 11,591,254 | ||||||||||
Liberty Mutual Group, Inc., | ||||||||||||
4.950%, 05/01/2022(2) | 3,000,000 | 3,108,420 | ||||||||||
Lloyds Bank PLC: | ||||||||||||
3.000%, 01/11/2022(1) | 10,000,000 | 10,145,779 | ||||||||||
1.326%, 06/15/2023 | ||||||||||||
(1 Year CMT Rate + 1.100%)(1)(3) | 9,400,000 | 9,475,447 | ||||||||||
2.907%, 11/07/2023 | ||||||||||||
(3 Month LIBOR USD + 0.810%)(1)(3) | 21,704,000 | 22,379,243 | ||||||||||
0.695%, 05/11/2024 | ||||||||||||
(1 Year CMT Rate + 0.550%)(1)(3) | 9,400,000 | 9,425,266 | ||||||||||
Macquarie Bank Ltd., | ||||||||||||
2.100%, 10/17/2022(1)(2) | 17,600,000 | 18,004,398 | ||||||||||
Macquarie Group Ltd., | ||||||||||||
3.189%, 11/28/2023 | ||||||||||||
(3 Month LIBOR USD + 1.023%)(1)(2)(3) | 4,000,000 | 4,142,838 | ||||||||||
Massachusetts Mutual Life Insurance Co., | ||||||||||||
7.625%, 11/15/2023(2) | 31,945,000 | 35,332,482 | ||||||||||
Mitsubishi UFJ Financial Group, Inc.: | ||||||||||||
2.623%, 07/18/2022(1) | 10,000,000 | 10,246,303 | ||||||||||
0.848%, 09/15/2024 | ||||||||||||
(1 Year CMT Rate + 0.680%)(1)(3) | 20,000,000 | 20,105,845 | ||||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd.: | ||||||||||||
3.406%, 02/28/2022(1)(2) | 5,200,000 | 5,285,983 | ||||||||||
2.652%, 09/19/2022(1)(2) | 3,000,000 | 3,067,954 | ||||||||||
Mizuho Financial Group, Inc.: | ||||||||||||
4.600%, 03/27/2024(1)(2) | 32,170,000 | 35,079,234 | ||||||||||
1.241%, 07/10/2024 | ||||||||||||
(3 Month LIBOR USD + 1.252%)(1)(3) | 14,700,000 | 14,902,578 | ||||||||||
Morgan Stanley: | ||||||||||||
0.731%, 04/05/2024 (SOFR + 0.616%)(3) | 7,100,000 | 7,114,875 | ||||||||||
3.737%, 04/24/2024 | ||||||||||||
(3 Month LIBOR USD + 0.847%)(3) | 34,242,000 | 36,214,537 | ||||||||||
Nationwide Building Society: | ||||||||||||
2.000%, 01/27/2023(1)(2) | 4,980,000 | 5,109,470 | ||||||||||
3.622%, 04/26/2023 | ||||||||||||
(3 Month LIBOR USD + 1.181%)(1)(2)(3) | 18,635,000 | 19,108,914 | ||||||||||
3.766%, 03/08/2024 | ||||||||||||
(3 Month LIBOR USD + 1.064%)(1)(2)(3) | 9,670,000 | 10,154,847 | ||||||||||
New York Life Global Funding, | ||||||||||||
1.100%, 05/05/2023(2) | 14,425,000 | 14,613,278 | ||||||||||
Nomura Holdings, Inc., | ||||||||||||
1.851%, 07/16/2025(1) | 3,000,000 | 3,066,588 | ||||||||||
Nordea Bank AB: | ||||||||||||
4.250%, 09/21/2022(1)(2) | 14,785,000 | 15,442,405 | ||||||||||
3.750%, 08/30/2023(1)(2) | 3,725,000 | 3,976,309 | ||||||||||
Park Aerospace Holdings Ltd., | ||||||||||||
4.500%, 03/15/2023(1)(2) | 7,746,000 | 8,142,418 | ||||||||||
People’s United Bank NA, | ||||||||||||
4.000%, 07/15/2024 | 14,505,000 | 15,618,711 | ||||||||||
People’s United Financial, Inc., | ||||||||||||
3.650%, 12/06/2022 | 6,329,000 | 6,549,575 | ||||||||||
Principal Life Global Funding II, | ||||||||||||
0.750%, 04/12/2024(2) | 6,500,000 | 6,503,708 | ||||||||||
Protective Life Global Funding: | ||||||||||||
0.502%, 04/12/2023(1)(2) | 10,000,000 | 10,008,485 | ||||||||||
1.082%, 06/09/2023(1)(2) | 15,900,000 | 16,088,404 | ||||||||||
Prudential Funding LLC, | ||||||||||||
6.750%, 09/15/2023(2) | 41,192,000 | 46,705,463 | ||||||||||
Reliance Standard Life Global Funding II: | ||||||||||||
2.625%, 07/22/2022(1)(2) | 13,625,000 | 13,952,322 | ||||||||||
2.150%, 01/21/2023(1)(2) | 15,000,000 | 15,346,542 | ||||||||||
Royal Bank of Scotland Group PLC: | ||||||||||||
3.498%, 05/15/2023 | ||||||||||||
(3 Month LIBOR USD + 1.480%)(1)(3) | 13,000,000 | 13,338,514 |
The accompanying notes are an integral part of these financial statements.
Page 18
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Royal Bank of Scotland Group PLC: (cont.) | ||||||||||||
3.875%, 09/12/2023(1) | $ | 8,187,000 | $ | 8,745,726 | ||||||||
4.519%, 06/25/2024 | ||||||||||||
(3 Month LIBOR USD + 1.550%)(1)(3) | 9,734,000 | 10,450,237 | ||||||||||
4.269%, 03/22/2025 | ||||||||||||
(3 Month LIBOR USD + 1.762%)(1)(3) | 14,250,000 | 15,456,744 | ||||||||||
Santander Holdings USA, Inc.: | ||||||||||||
4.450%, 12/03/2021(1) | 7,500,000 | 7,602,094 | ||||||||||
3.400%, 01/18/2023(1) | 7,114,000 | 7,406,608 | ||||||||||
Santander UK Group Holdings PLC: | ||||||||||||
2.875%, 08/05/2021(1) | 2,970,000 | 2,976,857 | ||||||||||
3.571%, 01/10/2023(1) | 2,500,000 | 2,540,040 | ||||||||||
3.373%, 01/05/2024 | ||||||||||||
(3 Month LIBOR USD + 1.080%)(1)(3) | 10,000,000 | 10,406,309 | ||||||||||
Santander UK PLC, | ||||||||||||
5.000%, 11/07/2023(1)(2) | 2,300,000 | 2,507,414 | ||||||||||
Skandinaviska Enskilda Banken AB, | ||||||||||||
2.200%, 12/12/2022(1)(2) | 17,825,000 | 18,303,537 | ||||||||||
SMBC Aviation Capital Finance DAC: | ||||||||||||
2.650%, 07/15/2021(1)(2) | 1,950,000 | 1,951,443 | ||||||||||
4.125%, 07/15/2023(1)(2) | 1,960,000 | 2,084,302 | ||||||||||
Societe Generale SA: | ||||||||||||
5.000%, 01/17/2024(1)(2) | 14,511,000 | 15,793,049 | ||||||||||
3.875%, 03/28/2024(1)(2) | 17,000,000 | 18,271,875 | ||||||||||
2.625%, 10/16/2024(1)(2) | 14,000,000 | 14,617,794 | ||||||||||
Standard Chartered PLC: | ||||||||||||
2.744%, 09/10/2022 | ||||||||||||
(3 Month LIBOR USD + 1.200%)(1)(2)(3) | 10,000,000 | 10,041,569 | ||||||||||
1.319%, 10/14/2023 | ||||||||||||
(1 Year CMT Rate + 1.170%)(1)(2)(3) | 2,525,000 | 2,546,740 | ||||||||||
3.885%, 03/15/2024 | ||||||||||||
(3 Month LIBOR USD + 1.080%)(1)(2)(3) | 18,850,000 | 19,819,329 | ||||||||||
0.991%, 01/12/2025 | ||||||||||||
(1 Year CMT Rate + 0.780%)(1)(2)(3) | 18,000,000 | 17,943,367 | ||||||||||
Stifel Financial Corp., | ||||||||||||
4.250%, 07/18/2024 | 3,021,000 | 3,309,858 | ||||||||||
Sumitomo Mitsui Financial Group, Inc., | ||||||||||||
4.436%, 04/02/2024(1)(2) | 3,300,000 | 3,591,921 | ||||||||||
Sumitomo Mitsui Trust Bank Ltd., | ||||||||||||
0.850%, 03/25/2024(1)(2) | 37,000,000 | 37,056,531 | ||||||||||
Synchrony Financial: | ||||||||||||
2.850%, 07/25/2022 | 25,219,000 | 25,814,271 | ||||||||||
4.375%, 03/19/2024 | 12,000,000 | 13,060,838 | ||||||||||
4.250%, 08/15/2024 | 9,000,000 | 9,834,561 | ||||||||||
Synovus Bank, | ||||||||||||
2.289%, 02/10/2023 (SOFR + 0.945%)(3) | 7,000,000 | 7,054,126 | ||||||||||
Trinity Acquisition PLC, | ||||||||||||
3.500%, 09/15/2021 | 18,183,000 | 18,251,661 | ||||||||||
UBS Group AG, | ||||||||||||
1.008%, 07/30/2024 | ||||||||||||
(1 Year CMT Rate + 0.830%)(1)(2)(3) | 9,800,000 | 9,870,577 | ||||||||||
UBS Group Funding Switzerland AG, | ||||||||||||
2.859%, 08/15/2023 | ||||||||||||
(3 Month LIBOR USD + 0.954%)(1)(2)(3) | 7,200,000 | 7,388,602 | ||||||||||
USAA Capital Corp., | ||||||||||||
1.500%, 05/01/2023(2) | 6,000,000 | 6,120,631 | ||||||||||
WEA Finance LLC, | ||||||||||||
3.150%, 04/05/2022(1)(2) | 12,750,000 | 12,938,773 | ||||||||||
Wells Fargo & Co.: | ||||||||||||
3.750%, 01/24/2024 | 9,840,000 | 10,582,422 | ||||||||||
1.654%, 06/02/2024 (SOFR + 1.600%)(3) | 30,000,000 | 30,641,631 | ||||||||||
2.188%, 04/30/2026 (SOFR + 2.000%)(3) | 1,500,000 | 1,557,290 | ||||||||||
Willis North America, Inc., | ||||||||||||
3.600%, 05/15/2024 | 2,600,000 | 2,792,982 | ||||||||||
Zions Bancorp NA: | ||||||||||||
3.500%, 08/27/2021 | 11,700,000 | 11,754,958 | ||||||||||
3.350%, 03/04/2022 | 20,000,000 | 20,345,265 | ||||||||||
Total Financials | ||||||||||||
(Cost $2,056,545,327) | 2,088,957,451 | 21.8 | % | |||||||||
Total Corporate Bonds | ||||||||||||
(Cost $4,893,420,867) | 4,966,234,535 | 51.7 | % | |||||||||
Municipal Bonds | ||||||||||||
Arlington Higher Education Finance Corp., | ||||||||||||
3.000%, 08/15/2044 | ||||||||||||
(Callable 08/15/2024)(4) | 28,340,000 | 30,198,600 | ||||||||||
Bloomington Redevelopment District, | ||||||||||||
2.400%, 08/01/2024 | 690,000 | 694,302 | ||||||||||
Brazos Higher Education Authority, Inc., | ||||||||||||
2.427%, 04/01/2022 | 1,320,000 | 1,335,877 | ||||||||||
Central Texas Turnpike System, | ||||||||||||
1.980%, 08/15/2042(4) | 8,280,000 | 8,420,517 | ||||||||||
Chicago Transit Authority: | ||||||||||||
1.708%, 12/01/2022 | 1,000,000 | 1,014,723 | ||||||||||
1.838%, 12/01/2023 | 1,000,000 | 1,021,917 | ||||||||||
City of Houston TX, | ||||||||||||
1.054%, 07/01/2023 | 6,000,000 | 6,062,947 | ||||||||||
City of Johnson TN, | ||||||||||||
7.850%, 03/01/2024 | 3,865,000 | 4,207,182 | ||||||||||
City of Ontario CA: | ||||||||||||
2.071%, 06/01/2022 | 1,095,000 | 1,105,800 | ||||||||||
2.216%, 06/01/2023 | 1,300,000 | 1,324,726 | ||||||||||
City of Pittsburg CA, | ||||||||||||
5.864%, 07/01/2021 | 555,000 | 555,000 | ||||||||||
County of Burleigh ND, | ||||||||||||
2.750%, 02/01/2022 | ||||||||||||
(Callable 07/21/2021) | 7,355,000 | 7,358,049 | ||||||||||
County of Riverside CA: | ||||||||||||
2.265%, 02/15/2022 | 5,000,000 | 5,057,744 | ||||||||||
2.363%, 02/15/2023 | 5,000,000 | 5,147,738 | ||||||||||
County of Sacramento CA: | ||||||||||||
7.680%, 08/15/2021(7) | 16,535,000 | 16,671,042 | ||||||||||
7.680%, 08/15/2021(7) | 2,000,000 | 2,016,950 | ||||||||||
County of Saline AR, | ||||||||||||
3.550%, 06/01/2042 | ||||||||||||
(Callable 06/01/2024) | 1,890,000 | 1,943,099 | ||||||||||
Florida Development Finance Corp.: | ||||||||||||
1.795%, 04/01/2022 | 1,000,000 | 1,003,748 | ||||||||||
1.976%, 04/01/2023 | 1,255,000 | 1,265,424 | ||||||||||
Great Lakes Water Authority: | ||||||||||||
1.684%, 07/01/2022 | 250,000 | 253,597 | ||||||||||
1.879%, 07/01/2023 | 500,000 | 514,440 | ||||||||||
1.984%, 07/01/2024 | 500,000 | 519,805 | ||||||||||
Housing & Redevelopment | ||||||||||||
Authority of The City of St. Paul, | ||||||||||||
3.539%, 07/01/2023 | 5,000,000 | 5,290,765 | ||||||||||
Illinois Housing Development Authority, | ||||||||||||
4.000%, 02/01/2034 | ||||||||||||
(Callable 08/01/2025) | 3,395,000 | 3,550,908 | ||||||||||
Massachusetts Educational | ||||||||||||
Financing Authority: | ||||||||||||
1.073%, 07/01/2024(8) | 1,725,000 | 1,725,276 | ||||||||||
1.338%, 07/01/2025(8) | 5,000,000 | 5,001,114 | ||||||||||
2.000%, 07/01/2037 | ||||||||||||
(Callable 07/01/2031)(8) | 1,000,000 | 999,423 | ||||||||||
Metropolitan Transportation Authority: | ||||||||||||
5.000%, 11/15/2021 | 1,500,000 | 1,525,836 | ||||||||||
5.000%, 11/15/2021 | 260,000 | 264,482 | ||||||||||
5.000%, 11/15/2021 | 750,000 | 762,918 |
The accompanying notes are an integral part of these financial statements.
Page 19
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
New Hampshire Housing | ||||||||||||
Finance Authority, | ||||||||||||
4.000%, 07/01/2036 | ||||||||||||
(Callable 07/10/2024) | $ | 2,585,000 | $ | 2,660,867 | ||||||||
New Jersey Economic | ||||||||||||
Development Authority: | ||||||||||||
2.609%, 06/15/2022 | 500,000 | 508,440 | ||||||||||
2.781%, 06/15/2023 | 2,085,000 | 2,151,033 | ||||||||||
New Jersey Sports & | ||||||||||||
Exposition Authority: | ||||||||||||
6.076%, 03/01/2023 | 955,000 | 992,341 | ||||||||||
5.976%, 03/01/2024 | 995,000 | 1,038,417 | ||||||||||
New Jersey Transportation | ||||||||||||
Trust Fund Authority, | ||||||||||||
2.384%, 06/15/2022 | 4,245,000 | 4,310,057 | ||||||||||
Niagara Area Development Corp., | ||||||||||||
2.643%, 05/01/2022 | 1,000,000 | 1,015,958 | ||||||||||
Philadelphia Authority for | ||||||||||||
Industrial Development: | ||||||||||||
0.000%, 04/15/2022 | 6,022,000 | 6,010,212 | ||||||||||
0.000%, 04/15/2023 | 7,250,000 | 7,114,297 | ||||||||||
3.964%, 04/15/2026 | 4,500,000 | 4,796,547 | ||||||||||
Port of Seattle WA, | ||||||||||||
2.430%, 05/01/2022 | 1,000,000 | 1,017,566 | ||||||||||
Rhode Island Housing & | ||||||||||||
Mortgage Finance Corp., | ||||||||||||
3.000%, 10/01/2034 | ||||||||||||
(Callable 10/01/2022) | 1,135,000 | 1,149,708 | ||||||||||
South Carolina Transportation | ||||||||||||
Infrastructure Bank, | ||||||||||||
0.517%, 10/01/2031 | ||||||||||||
(1 Month LIBOR USD + 0.450%) | ||||||||||||
(Callable 10/01/2021)(3) | 11,940,000 | 11,944,857 | ||||||||||
State of Connecticut: | ||||||||||||
2.500%, 07/01/2022 | 3,000,000 | 3,067,830 | ||||||||||
2.000%, 07/01/2023 | 3,000,000 | 3,094,462 | ||||||||||
State of Illinois, | ||||||||||||
1.900%, 10/01/2021 | 5,500,000 | 5,507,047 | ||||||||||
State Public School Building Authority, | ||||||||||||
2.615%, 04/01/2023 | 2,500,000 | 2,581,160 | ||||||||||
Tennessee Housing Development Agency, | ||||||||||||
4.000%, 07/01/2040 | ||||||||||||
(Callable 07/01/2029) | 4,725,000 | 5,061,665 | ||||||||||
Tobacco Settlement Finance Authority, | ||||||||||||
0.947%, 06/01/2022 | 3,500,000 | 3,516,681 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $182,125,317) | 184,353,094 | 1.9 | % | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
Non-U.S. Government Agency Issues | ||||||||||||
Aegis Asset Backed Securities Trust, | ||||||||||||
Series 2005-4, Class M1, | ||||||||||||
0.767%, 10/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.675%)(3) | 7,230,825 | 7,225,876 | ||||||||||
Alternative Loan Trust: | ||||||||||||
Series 2004-12CB, Class 1A1, | ||||||||||||
5.000%, 08/25/2021 | 4,169 | 4,152 | ||||||||||
Series 2004-J2, Class 3A3, | ||||||||||||
5.500%, 04/25/2034 | 56,409 | 57,867 | ||||||||||
Series 2005-73CB, Class 1A7, | ||||||||||||
5.500%, 01/25/2036(6) | 43,027 | 42,980 | ||||||||||
Series 2006-28CB, Class A17, | ||||||||||||
6.000%, 10/25/2036 | 465,260 | 337,570 | ||||||||||
Argent Securities Inc. Asset-Backed | ||||||||||||
Pass-Through Certificates, | ||||||||||||
Series 2005-W3, Class A2D, | ||||||||||||
0.772%, 11/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.680%)(3) | 990,437 | 989,404 | ||||||||||
Arroyo Mortgage Trust: | ||||||||||||
Series 2019-3, Class A1, | ||||||||||||
2.962%, 10/25/2048(2)(4) | 14,100,945 | 14,298,434 | ||||||||||
Series 2019-2, Class A1, | ||||||||||||
3.347%, 04/25/2049(2)(4) | 11,352,991 | 11,546,148 | ||||||||||
Series 2020-1, Class A1A, | ||||||||||||
1.662%, 03/25/2055(2) | 9,446,458 | 9,522,373 | ||||||||||
COLT Trust, | ||||||||||||
Series 2020-RPL1, Class A1, | ||||||||||||
1.390%, 01/25/2065(2)(4) | 24,120,739 | 24,268,626 | ||||||||||
CSMC Trust, | ||||||||||||
Series 2019-RPL1, Class A1A, | ||||||||||||
3.650%, 07/25/2058(2)(4) | 30,593,286 | 31,984,005 | ||||||||||
CWABS Asset-Backed Certificates Trust, | ||||||||||||
Series 2006-9, Class 1AF3, | ||||||||||||
5.859%, 08/25/2036(4) | 285,230 | 286,717 | ||||||||||
GSAMP Trust, | ||||||||||||
Series 2006-HE7, Class A2D, | ||||||||||||
0.322%, 10/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.230%)(3) | 3,866,827 | 3,845,300 | ||||||||||
J.P. Morgan Mortgage Trust, | ||||||||||||
Series 2005-A4, Class 1A1, | ||||||||||||
2.696%, 07/25/2035(4) | 206,818 | 214,357 | ||||||||||
MASTR Alternative Loan Trust: | ||||||||||||
Series 2003-5, Class 7A1, | ||||||||||||
5.000%, 10/01/2031 | 38,159 | 22,083 | ||||||||||
Series 2003-5, Class 4A1, | ||||||||||||
5.500%, 07/25/2033 | 1,811,548 | 1,876,726 | ||||||||||
Mill City Mortgage Loan Trust, | ||||||||||||
Series 2018-2, Class A1, | ||||||||||||
3.500%, 05/25/2058(2)(4) | 1,156,558 | 1,181,892 | ||||||||||
Morgan Stanley, | ||||||||||||
Series 2005-HE5, Class M2, | ||||||||||||
0.737%, 09/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.645%)(3) | 4,166,525 | 4,160,430 | ||||||||||
Renaissance Home Equity Loan Trust, | ||||||||||||
Series 2007-2, Class AF2, | ||||||||||||
5.675%, 06/25/2037(7) | 1,914,212 | 724,307 | ||||||||||
Structured Asset Securities Corp., | ||||||||||||
Series 2004-4XS, Class 1A6, | ||||||||||||
5.050%, 02/25/2034(7) | 19,385 | 19,389 | ||||||||||
Thornburg Mortgage Securities Trust, | ||||||||||||
Series 2003-5, Class 3A, | ||||||||||||
2.231%, 10/25/2043(4) | 2,779,403 | 2,800,523 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2016-5, Class A1, | ||||||||||||
2.500%, 10/25/2056(2)(4) | 14,871,155 | 15,109,922 | ||||||||||
Series 2017-1, Class A1, | ||||||||||||
2.750%, 10/25/2056(2)(4) | 11,643,263 | 11,821,441 | ||||||||||
Series 2017-5, Class A1, | ||||||||||||
0.692%, 02/26/2057 | ||||||||||||
(1 Month LIBOR USD + 0.600%)(2)(3) | 4,431,465 | 4,431,683 | ||||||||||
Series 2017-2, Class A1, | ||||||||||||
2.750%, 04/25/2057(2)(4) | 6,078,212 | 6,162,880 | ||||||||||
Series 2017-3, Class A1, | ||||||||||||
2.750%, 06/25/2057(2)(4) | 25,061,577 | 25,545,712 | ||||||||||
Series 2017-4, Class A1, | ||||||||||||
2.750%, 06/25/2057(2)(4) | 6,433,970 | 6,615,331 |
The accompanying notes are an integral part of these financial statements.
Page 20
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Towd Point Mortgage Trust: (cont.) | ||||||||||||
Series 2017-6, Class A1, | ||||||||||||
2.750%, 10/25/2057(2)(4) | $ | 37,377,775 | $ | 38,281,405 | ||||||||
Series 2018-6, Class A1A, | ||||||||||||
3.750%, 03/25/2058(2)(4) | 7,014,090 | 7,244,664 | ||||||||||
WaMu Mortgage Pass-Through | ||||||||||||
Certificates Trust, | ||||||||||||
Series 2004-AR3, Class A1, | ||||||||||||
2.577%, 06/25/2034(4) | 1,943,583 | 2,001,653 | ||||||||||
Total Residential | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $231,752,784) | 232,623,850 | 2.4 | % | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
Non-U.S. Government Agency Issues | ||||||||||||
Citigroup Commercial Mortgage Trust: | ||||||||||||
Series 2013-GC11, Class A4, | ||||||||||||
3.093%, 04/10/2046 | 11,499,024 | 11,911,442 | ||||||||||
Series 2014-GC19, Class AAB, | ||||||||||||
3.552%, 03/12/2047 | 2,512,863 | 2,617,278 | ||||||||||
Series 2014-GC23, Class AAB, | ||||||||||||
3.337%, 07/12/2047 | 9,075,567 | 9,441,408 | ||||||||||
COMM Mortgage Trust: | ||||||||||||
Series 2012-CR1, Class ASB, | ||||||||||||
3.053%, 05/17/2045 | 3,685,848 | 3,710,428 | ||||||||||
Series 2012-CR2, Class A4, | ||||||||||||
3.147%, 08/17/2045 | 7,890,000 | 8,040,118 | ||||||||||
Series 2013-LC6, Class ASB, | ||||||||||||
2.478%, 01/12/2046 | 4,183,918 | 4,236,258 | ||||||||||
Series 2014-LC15, Class ASB, | ||||||||||||
3.528%, 04/12/2047 | 7,499,609 | 7,757,248 | ||||||||||
Series 2014-CR16, Class ASB, | ||||||||||||
3.653%, 04/12/2047 | 6,728,362 | 6,985,184 | ||||||||||
Series 2015-LC21, Class A4, | ||||||||||||
3.708%, 07/10/2048 | 12,060,955 | 13,168,655 | ||||||||||
Series 2013-CR11, Class A4, | ||||||||||||
4.258%, 08/12/2050 | 5,130,000 | 5,502,765 | ||||||||||
GS Mortgage Securities Trust, | ||||||||||||
Series 2012-GCJ9, Class A3, | ||||||||||||
2.773%, 11/10/2045 | 23,068,275 | 23,566,411 | ||||||||||
J.P. Morgan Chase Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2012-C8, Class ASB, | ||||||||||||
2.379%, 10/17/2045 | 5,356,210 | 5,413,074 | ||||||||||
Series 2012-C8, Class A3, | ||||||||||||
2.829%, 10/17/2045 | 10,018,546 | 10,226,074 | ||||||||||
Series 2013-LC11, Class A5, | ||||||||||||
2.960%, 04/15/2046 | 12,580,000 | 13,041,710 | ||||||||||
JPMBB Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-C14, Class ASB, | ||||||||||||
3.761%, 08/17/2046(4) | 8,046,156 | 8,337,646 | ||||||||||
Series 2013-C14, Class A4, | ||||||||||||
4.133%, 08/17/2046(4) | 8,211,831 | 8,602,812 | ||||||||||
Series 2014-C25, Class A5, | ||||||||||||
3.672%, 11/18/2047 | 9,543,000 | 10,315,620 | ||||||||||
Series 2015-C31, Class ASB, | ||||||||||||
3.540%, 08/17/2048 | 7,856,023 | 8,302,922 | ||||||||||
Series 2015-C33, Class ASB, | ||||||||||||
3.562%, 12/17/2048 | 3,664,225 | 3,879,484 | ||||||||||
Morgan Stanley Bank of America | ||||||||||||
Merrill Lynch Trust: | ||||||||||||
Series 2013-C9, Class AAB, | ||||||||||||
2.657%, 05/17/2046 | 9,259,135 | 9,409,451 | ||||||||||
Series 2015-C25, Class ASB, | ||||||||||||
3.383%, 10/19/2048 | 12,962,505 | 13,604,060 | ||||||||||
Series 2013-C8, Class ASB, | ||||||||||||
2.699%, 12/17/2048 | 5,953,558 | 6,012,410 | ||||||||||
Wells Fargo Commercial Mortgage Trust, | ||||||||||||
Series 2014-LC16, Class ASB, | ||||||||||||
3.477%, 08/17/2050 | 9,105,290 | 9,464,428 | ||||||||||
WFRBS Commercial Mortgage Trust: | ||||||||||||
Series 2013-C11, Class A5, | ||||||||||||
3.071%, 03/17/2045 | 4,947,330 | 5,089,935 | ||||||||||
Series 2012-C6, Class A4, | ||||||||||||
3.440%, 04/15/2045 | 3,766,941 | 3,776,304 | ||||||||||
Series 2013-C14, Class ASB, | ||||||||||||
2.977%, 06/15/2046 | 8,920,956 | 9,119,548 | ||||||||||
Series 2013-C14, Class A4, | ||||||||||||
3.073%, 06/15/2046 | 11,249,415 | 11,488,426 | ||||||||||
Series 2014-C23, Class ASB, | ||||||||||||
3.636%, 10/17/2057 | 777,142 | 814,173 | ||||||||||
Total Commercial | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $232,909,478) | 233,835,272 | 2.4 | % | |||||||||
Asset Backed Securities | ||||||||||||
Bank of The West Auto Trust: | ||||||||||||
Series 2017-1, Class A3, | ||||||||||||
2.110%, 01/15/2023(2) | 134,071 | 134,186 | ||||||||||
Series 2019-1, Class A3, | ||||||||||||
2.430%, 04/15/2024(2) | 10,310,086 | 10,434,228 | ||||||||||
CarMax Auto Owner Trust, | ||||||||||||
Series 2018-4, Class A3, | ||||||||||||
3.360%, 09/15/2023 | 5,865,588 | 5,945,080 | ||||||||||
Chase Auto Credit Linked Notes: | ||||||||||||
Series 2020-2, Class B, | ||||||||||||
0.840%, 02/25/2028(2) | 9,800,720 | 9,813,886 | ||||||||||
Series 2021-1, Class B, | ||||||||||||
0.875%, 09/25/2028(2) | 40,000,000 | 40,029,272 | ||||||||||
Chesapeake Funding II LLC: | ||||||||||||
Series 2018-1A, Class A1, | ||||||||||||
3.040%, 04/15/2030(2) | 2,361,559 | 2,364,650 | ||||||||||
Series 2020-1A, Class A1, | ||||||||||||
0.870%, 08/15/2032(2) | 15,868,537 | 15,953,789 | ||||||||||
Conseco Financial Corp., | ||||||||||||
Series 1998-3, Class A5, | ||||||||||||
6.220%, 03/01/2030 | 4,477 | 4,485 | ||||||||||
Discover Card Execution Note Trust, | ||||||||||||
Series 2019-A3, Class A, | ||||||||||||
1.890%, 10/15/2024 | 2,700,000 | 2,756,430 | ||||||||||
Donlen Fleet Lease Funding 2 LLC, | ||||||||||||
Series 2021-2, Class A2, | ||||||||||||
0.560%, 12/11/2034(2) | 29,475,000 | 29,510,069 | ||||||||||
Ford Credit Floorplan Master Owner Trust, | ||||||||||||
Series 2019-3, Class A1, | ||||||||||||
2.230%, 09/15/2024 | 46,629,000 | 47,731,725 | ||||||||||
Genesis Sales Finance Master Trust, | ||||||||||||
Series 2021-AA, Class A, | ||||||||||||
1.200%, 12/20/2026(2) | 1,080,000 | 1,077,145 | �� | |||||||||
GM Financial Automobile Leasing Trust, | ||||||||||||
Series 2020-2, Class A3, | ||||||||||||
0.800%, 07/20/2023 | 9,500,000 | 9,551,282 | ||||||||||
GMF Floorplan Owner Revolving Trust: | ||||||||||||
Series 2020-1, Class A, | ||||||||||||
0.680%, 08/15/2025(2) | 8,900,000 | 8,932,601 |
The accompanying notes are an integral part of these financial statements.
Page 21
Baird Short-Term Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
GMF Floorplan Owner | ||||||||||||
Revolving Trust: (cont.) | ||||||||||||
Series 2019-2, Class A, | ||||||||||||
2.900%, 04/15/2026(2) | $ | 26,900,000 | $ | 28,536,946 | ||||||||
Hyundai Auto Lease Securitization Trust, | ||||||||||||
Series 2020-A, Class A3, | ||||||||||||
1.950%, 07/15/2023(2) | 23,600,000 | 23,788,944 | ||||||||||
Mercedes-Benz Master Owner Trust, | ||||||||||||
Series 2019-BA, Class A, | ||||||||||||
2.610%, 05/15/2024(2) | 20,775,000 | 21,204,872 | ||||||||||
Navient Private Education Refi Loan Trust, | ||||||||||||
Series 2021-A, Class A, | ||||||||||||
0.840%, 05/15/2069(2) | 13,963,462 | 13,937,924 | ||||||||||
Nelnet Student Loan Trust, | ||||||||||||
Series 2021-A, Class APT1, | ||||||||||||
1.360%, 04/20/2062(2) | 14,000,000 | 14,002,236 | ||||||||||
PFS Financing Corp.: | ||||||||||||
Series 2019-A, Class A2, | ||||||||||||
2.860%, 04/15/2024(2) | 7,675,000 | 7,829,792 | ||||||||||
Series 2020-A, Class A, | ||||||||||||
1.270%, 06/15/2025(2) | 39,067,000 | 39,638,105 | ||||||||||
Series 2021-A, Class A, | ||||||||||||
0.710%, 04/15/2026(2) | 12,500,000 | 12,490,032 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2019-MH1, Class A1, | ||||||||||||
3.000%, 11/25/2058(2)(4) | 8,611,157 | 8,766,509 | ||||||||||
Series 2020-MH1, Class A1A, | ||||||||||||
2.184%, 02/25/2060(2)(4) | 16,582,572 | 16,759,394 | ||||||||||
Series 2020-MH1, Class A1, | ||||||||||||
2.250%, 02/25/2060(2)(4) | 21,513,433 | 21,771,058 | ||||||||||
Volkswagen Auto Lease Trust, | ||||||||||||
Series 2019-A, Class A3, | ||||||||||||
1.990%, 11/21/2022 | 8,768,508 | 8,823,024 | ||||||||||
Volkswagen Auto Loan Enhanced Trust, | ||||||||||||
Series 2020-1, Class A3, | ||||||||||||
0.980%, 11/20/2024 | 19,375,000 | 19,517,333 | ||||||||||
Total Asset Backed Securities | ||||||||||||
(Cost $420,093,535) | 421,304,997 | 4.4 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $9,390,394,015) | 9,459,235,966 | 98.5 | % | |||||||||
Short-Term Investment | ||||||||||||
Shares | ||||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government | ||||||||||||
Obligations Fund, Class U, 0.03%(5) | 345,997,227 | 345,997,227 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $345,997,227) | 345,997,227 | 3.6 | % | |||||||||
Total Investments | ||||||||||||
(Cost $9,736,391,242) | 9,805,233,193 | 102.1 | % | |||||||||
Liabilities in Excess of Other Assets | (205,256,414 | ) | (2.1 | )% | ||||||||
TOTAL NET ASSETS | $ | 9,599,976,779 | 100.0 | % |
Notes to Schedule of Investments
CMT – Constant Maturity Treasury
LIBOR – London Inter-bank Offered Rate
SOFR – Secured Overnight Financing Rate
(1) | Foreign security. |
(2) | Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $2,476,930,900, which represented 25.80% of total net assets. |
(3) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021. |
(4) | Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of June 30, 2021. |
(5) | Seven-day yield. |
(6) | Security that, on the last payment date, missed a partial principal or interest payment. |
(7) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021. |
(8) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
The accompanying notes are an integral part of these financial statements.
Page 22
Baird Short-Term Bond Fund
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 3,393,722,422 | $ | — | $ | 3,393,722,422 | ||||||||
Other Government Related Securities | — | 27,161,796 | — | 27,161,796 | ||||||||||||
Corporate Bonds | — | 4,966,234,535 | — | 4,966,234,535 | ||||||||||||
Municipal Bonds | — | 184,353,094 | — | 184,353,094 | ||||||||||||
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 232,623,850 | — | 232,623,850 | ||||||||||||
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 233,835,272 | — | 233,835,272 | ||||||||||||
Asset Backed Securities | — | 421,304,997 | — | 421,304,997 | ||||||||||||
Total Long-Term Investments | — | 9,459,235,966 | — | 9,459,235,966 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 345,997,227 | — | — | 345,997,227 | ||||||||||||
Total Short-Term Investment | 345,997,227 | — | — | 345,997,227 | ||||||||||||
Total Investments | $ | 345,997,227 | $ | 9,459,235,966 | $ | — | $ | 9,805,233,193 |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 23
Baird Intermediate Bond Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $6,261,988,513 | ||
SEC 30-Day Yield(3) | ||||
Institutional Class | 0.89% | |||
Investor Class | 0.64% | |||
Average Effective Duration | 4.18 years | |||
Average Effective Maturity | 4.50 years | |||
Annualized Expense Ratio(4) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (5) | ||
Portfolio Turnover Rate | 22% | (6) | ||
Number of Holdings | 585 | |||
Sector Weightings(1) | ||||
| ||||
(1) | Percentages shown are based on the Fund’s total investments. |
(2) | The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). |
(3) | SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021. |
(4) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. |
(5) | Includes 0.25% 12b-1 fee. |
(6) | Not annualized. |
Page 24
Baird Intermediate Bond Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -0.84% | 0.91% | 3.00% | 3.30% | 4.73% |
Investor Class Shares | -1.00% | 0.62% | 2.76% | 3.06% | 4.46% |
Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index(2) | -0.90% | 0.19% | 2.63% | 2.76% | 4.28% |
(1) | For the period from September 29, 2000 (inception date) through June 30, 2021. |
(2) | The Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities between one and ten years. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund may invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 25
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
1.750%, 03/31/2022 | $ | 111,450,000 | $ | 112,843,125 | ||||||||
1.875%, 03/31/2022 | 101,225,000 | 102,585,211 | ||||||||||
2.500%, 05/15/2024 | 704,550,000 | 746,300,090 | ||||||||||
2.250%, 11/15/2025 | 614,425,000 | 653,690,598 | ||||||||||
2.000%, 11/15/2026 | 69,825,000 | 73,687,195 | ||||||||||
2.250%, 11/15/2027 | 396,225,000 | 423,836,930 | ||||||||||
3.125%, 11/15/2028 | 167,000,000 | 188,925,273 | ||||||||||
1.625%, 08/15/2029 | 295,850,000 | 302,587,522 | ||||||||||
0.625%, 08/15/2030 | 155,725,000 | 145,079,735 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $2,768,572,661) | 2,749,535,679 | 43.9 | % | |||||||||
Other Government Related Security | ||||||||||||
NBN Co. Ltd., | ||||||||||||
2.625%, 05/05/2031(1)(2) | 7,000,000 | 7,170,310 | ||||||||||
Total Other Government Related Security | ||||||||||||
(Cost $6,996,360) | 7,170,310 | 0.1 | % | |||||||||
Corporate Bonds | ||||||||||||
Industrials | ||||||||||||
Adventist Health System, | ||||||||||||
2.952%, 03/01/2029 | 250,000 | 263,535 | ||||||||||
Agilent Technologies, Inc., | ||||||||||||
3.050%, 09/22/2026 | 1,495,000 | 1,612,190 | ||||||||||
Allegion PLC, | ||||||||||||
3.500%, 10/01/2029 | 3,160,000 | 3,434,374 | ||||||||||
Allegion US Holding Co., Inc., | ||||||||||||
3.200%, 10/01/2024 | 4,748,000 | 5,047,430 | ||||||||||
Anglo American Capital PLC, | ||||||||||||
2.250%, 03/17/2028(1)(2) | 6,500,000 | 6,571,986 | ||||||||||
Anheuser-Busch InBev Worldwide, Inc.: | ||||||||||||
3.650%, 02/01/2026(1) | 3,945,000 | 4,356,008 | ||||||||||
4.750%, 01/23/2029(1) | 910,000 | 1,084,051 | ||||||||||
AP Moller – Maersk A/S, | ||||||||||||
4.500%, 06/20/2029(1)(2) | 4,207,000 | 4,862,623 | ||||||||||
ArcelorMittal, | ||||||||||||
4.550%, 03/11/2026(1) | 4,015,000 | 4,540,933 | ||||||||||
Ashtead Capital, Inc., | ||||||||||||
4.000%, 05/01/2028(1)(2) | 4,536,000 | 4,768,470 | ||||||||||
AT&T, Inc.: | ||||||||||||
4.350%, 03/01/2029 | 2,150,000 | 2,489,393 | ||||||||||
4.300%, 02/15/2030 | 9,604,000 | 11,100,546 | ||||||||||
2.750%, 06/01/2031 | 7,900,000 | 8,211,959 | ||||||||||
2.250%, 02/01/2032 | 1,075,000 | 1,055,069 | ||||||||||
2.550%, 12/01/2033(2) | 2,874,000 | 2,847,105 | ||||||||||
Bayer US Finance II LLC, | ||||||||||||
3.375%, 07/15/2024(1)(2) | 250,000 | 266,371 | ||||||||||
Becton Dickinson and Co., | ||||||||||||
7.000%, 08/01/2027 | 9,275,000 | 11,993,451 | ||||||||||
Bemis Co., Inc., | ||||||||||||
2.630%, 06/19/2030 | 4,525,000 | 4,625,943 | ||||||||||
Boardwalk Pipelines LP: | ||||||||||||
5.950%, 06/01/2026 | 7,745,000 | 9,182,076 | ||||||||||
4.800%, 05/03/2029 | 1,750,000 | 2,013,851 | ||||||||||
3.400%, 02/15/2031 | 225,000 | 238,824 | ||||||||||
Broadcom, Inc.: | ||||||||||||
3.150%, 11/15/2025 | 10,000,000 | 10,717,804 | ||||||||||
5.000%, 04/15/2030 | 8,000,000 | 9,438,173 | ||||||||||
2.450%, 02/15/2031(2) | 10,000,000 | 9,826,946 | ||||||||||
Bunge Limited Finance Corp., | ||||||||||||
3.750%, 09/25/2027 | 5,225,000 | 5,754,740 | ||||||||||
Campbell Soup Co., | ||||||||||||
3.950%, 03/15/2025 | 8,000,000 | 8,823,813 | ||||||||||
Carrier Global Corp., | ||||||||||||
2.242%, 02/15/2025 | 13,275,000 | 13,802,941 | ||||||||||
CH Robinson Worldwide, Inc., | ||||||||||||
4.200%, 04/15/2028 | 12,300,000 | 14,045,488 | ||||||||||
Charter Communications Operating LLC: | ||||||||||||
4.464%, 07/23/2022 | 10,548,000 | 10,920,226 | ||||||||||
4.908%, 07/23/2025 | 1,502,000 | 1,701,632 | ||||||||||
3.750%, 02/15/2028 | 5,830,000 | 6,429,654 | ||||||||||
4.200%, 03/15/2028 | 2,070,000 | 2,342,574 | ||||||||||
5.050%, 03/30/2029 | 3,000,000 | 3,543,573 | ||||||||||
Cheniere Corpus Christi Holdings LLC, | ||||||||||||
5.125%, 06/30/2027 | 2,000,000 | 2,325,573 | ||||||||||
Cigna Corp., | ||||||||||||
3.000%, 07/15/2023 | 5,905,000 | 6,184,183 | ||||||||||
CK Hutchison International Ltd.: | ||||||||||||
3.250%, 04/11/2024(1)(2) | 10,000,000 | 10,641,972 | ||||||||||
2.500%, 04/15/2031(1)(2) | 5,000,000 | 5,091,900 | ||||||||||
CNH Industrial Capital LLC: | ||||||||||||
3.875%, 10/15/2021(1) | 3,000,000 | 3,028,051 | ||||||||||
4.200%, 01/15/2024(1) | 2,800,000 | 3,029,832 | ||||||||||
1.875%, 01/15/2026(1) | 250,000 | 254,239 | ||||||||||
CNH Industrial NV: | ||||||||||||
4.500%, 08/15/2023(1) | 5,000,000 | 5,390,432 | ||||||||||
3.850%, 11/15/2027(1) | 2,243,000 | 2,483,435 | ||||||||||
Coca-Cola Femsa SAB de CV, | ||||||||||||
2.750%, 01/22/2030(1) | 8,875,000 | 9,239,585 | ||||||||||
Columbia Pipeline Group, Inc., | ||||||||||||
4.500%, 06/01/2025(1) | 880,000 | 987,794 | ||||||||||
CommonSpirit Health, | ||||||||||||
2.760%, 10/01/2024 | 250,000 | 263,207 | ||||||||||
Conagra Brands, Inc.: | ||||||||||||
4.600%, 11/01/2025 | 250,000 | 284,992 | ||||||||||
8.250%, 09/15/2030 | 1,140,000 | 1,690,076 | ||||||||||
Constellation Brands, Inc.: | ||||||||||||
2.700%, 05/09/2022 | 2,975,000 | 3,029,456 | ||||||||||
3.500%, 05/09/2027 | 3,625,000 | 3,989,360 | ||||||||||
Cox Communications, Inc.: | ||||||||||||
3.850%, 02/01/2025(2) | 2,800,000 | 3,047,129 | ||||||||||
3.350%, 09/15/2026(2) | 1,927,000 | 2,092,543 | ||||||||||
CVS Health Corp.: | ||||||||||||
3.625%, 04/01/2027 | 2,500,000 | 2,770,387 | ||||||||||
4.300%, 03/25/2028 | 14,406,000 | 16,551,150 | ||||||||||
CVS Pass-Through Trust, | ||||||||||||
5.926%, 01/10/2034(2) | 1,965,186 | 2,376,029 | ||||||||||
Daimler Finance North America LLC: | ||||||||||||
3.750%, 11/05/2021(1)(2) | 6,800,000 | 6,878,372 | ||||||||||
1.750%, 03/10/2023(1)(2) | 11,000,000 | 11,226,513 | ||||||||||
Dell International LLC / EMC Corp.: | ||||||||||||
5.450%, 06/15/2023 | 12,100,000 | 13,126,847 | ||||||||||
6.020%, 06/15/2026 | 9,000,000 | 10,804,738 | ||||||||||
Dentsply Sirona, | ||||||||||||
3.250%, 06/01/2030 | 10,600,000 | 11,337,220 | ||||||||||
Diageo Capital PLC, | ||||||||||||
2.000%, 04/29/2030(1) | 3,275,000 | 3,277,294 | ||||||||||
Dollar Tree, Inc., | ||||||||||||
3.700%, 05/15/2023 | 5,050,000 | 5,336,183 | ||||||||||
Dow Chemical Co., | ||||||||||||
4.550%, 11/30/2025 | 2,515,000 | 2,863,250 | ||||||||||
DuPont de Nemours, Inc., | ||||||||||||
4.493%, 11/15/2025 | 4,450,000 | 5,060,341 | ||||||||||
DXC Technology Co.: | ||||||||||||
4.250%, 04/15/2024 | 5,700,000 | 6,182,546 | ||||||||||
4.125%, 04/15/2025 | 4,805,000 | 5,280,910 |
The accompanying notes are an integral part of these financial statements.
Page 26
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Ecolab, Inc., | ||||||||||||
4.800%, 03/24/2030 | $ | 10,000,000 | $ | 12,233,809 | ||||||||
Edward-Elmhurst Healthcare, | ||||||||||||
3.500%, 05/04/2023 | 6,575,000 | 6,826,213 | ||||||||||
EI du Pont de Nemours and Co., | ||||||||||||
1.700%, 07/15/2025 | 10,000,000 | 10,255,305 | ||||||||||
Emerson Electric Co., | ||||||||||||
1.950%, 10/15/2030 | 12,600,000 | 12,742,652 | ||||||||||
Energy Transfer Operating LP: | ||||||||||||
4.500%, 04/15/2024 | 1,000,000 | 1,088,730 | ||||||||||
5.500%, 06/01/2027 | 17,931,000 | 21,029,201 | ||||||||||
5.250%, 04/15/2029 | 1,100,000 | 1,299,287 | ||||||||||
3.750%, 05/15/2030 | 275,000 | 298,729 | ||||||||||
EnLink Midstream Partners LP, | ||||||||||||
4.400%, 04/01/2024 | 10,000,000 | 10,500,000 | ||||||||||
Enterprise Products Operating LLC, | ||||||||||||
3.900%, 02/15/2024 | 225,000 | 241,999 | ||||||||||
EQT Midstream Partners LP, | ||||||||||||
4.125%, 12/01/2026 | 5,000,000 | 5,118,750 | ||||||||||
Equifax, Inc., | ||||||||||||
2.600%, 12/01/2024 | 5,000,000 | 5,261,674 | ||||||||||
Equinix, Inc., | ||||||||||||
1.800%, 07/15/2027 | 7,000,000 | 7,084,983 | ||||||||||
ERAC USA Finance LLC, | ||||||||||||
2.600%, 12/01/2021(2) | 5,075,000 | 5,113,561 | ||||||||||
Express Scripts Holding Co., | ||||||||||||
4.500%, 02/25/2026 | 18,000,000 | 20,305,475 | ||||||||||
Exxon Mobil Corp., | ||||||||||||
2.992%, 03/19/2025 | 11,250,000 | 12,066,612 | ||||||||||
Ferguson Finance PLC, | ||||||||||||
4.500%, 10/24/2028(2) | 5,930,000 | 6,901,036 | ||||||||||
Fidelity National Information Services, Inc., | ||||||||||||
1.650%, 03/01/2028 | 5,000,000 | 4,971,661 | ||||||||||
Fiserv, Inc.: | ||||||||||||
3.500%, 10/01/2022 | 3,050,000 | 3,144,971 | ||||||||||
2.250%, 06/01/2027 | 16,000,000 | 16,597,310 | ||||||||||
4.200%, 10/01/2028 | 1,035,000 | 1,189,770 | ||||||||||
Flex Ltd.: | ||||||||||||
3.750%, 02/01/2026 | 2,165,000 | 2,367,714 | ||||||||||
4.875%, 05/12/2030 | 4,073,000 | 4,726,545 | ||||||||||
FMC Corp.: | ||||||||||||
3.950%, 02/01/2022 | 250,000 | 252,845 | ||||||||||
4.100%, 02/01/2024 | 4,685,000 | 5,029,281 | ||||||||||
Ford Motor Credit Co. LLC: | ||||||||||||
3.339%, 03/28/2022 | 2,000,000 | 2,029,400 | ||||||||||
2.979%, 08/03/2022 | 12,000,000 | 12,165,000 | ||||||||||
4.250%, 09/20/2022 | 1,545,000 | 1,595,321 | ||||||||||
Fortune Brands Home & Security, Inc.: | ||||||||||||
4.000%, 09/21/2023 | 6,025,000 | 6,448,607 | ||||||||||
3.250%, 09/15/2029 | 2,725,000 | 2,930,788 | ||||||||||
Fox Corp., | ||||||||||||
4.030%, 01/25/2024 | 5,155,000 | 5,584,474 | ||||||||||
Freeport-McMoRan, Inc., | ||||||||||||
3.875%, 03/15/2023 | 1,100,000 | 1,146,926 | ||||||||||
Fresenius Medical Care US Finance III, Inc., | ||||||||||||
1.875%, 12/01/2026(1)(2) | 20,000,000 | 20,000,573 | ||||||||||
General Motors Financial Co., Inc.: | ||||||||||||
4.375%, 09/25/2021 | 5,325,000 | 5,374,477 | ||||||||||
4.200%, 11/06/2021 | 2,000,000 | 2,026,194 | ||||||||||
3.450%, 01/14/2022 | 1,475,000 | 1,495,564 | ||||||||||
3.150%, 06/30/2022 | 1,225,000 | 1,254,350 | ||||||||||
4.150%, 06/19/2023 | 1,325,000 | 1,407,235 | ||||||||||
1.700%, 08/18/2023 | 10,000,000 | 10,206,398 | ||||||||||
2.900%, 02/26/2025 | 4,000,000 | 4,234,153 | ||||||||||
Genpact Luxembourg Sarl, | ||||||||||||
3.375%, 12/01/2024 | 7,000,000 | 7,478,141 | ||||||||||
Genpact Luxembourg SARL, | ||||||||||||
1.750%, 04/10/2026 | 21,300,000 | 21,343,467 | ||||||||||
Glencore Funding LLC: | ||||||||||||
4.125%, 05/30/2023(1)(2) | 1,750,000 | 1,861,364 | ||||||||||
4.125%, 03/12/2024(1)(2) | 5,000,000 | 5,390,237 | ||||||||||
4.625%, 04/29/2024(1)(2) | 1,000,000 | 1,096,100 | ||||||||||
4.000%, 03/27/2027(1)(2) | 4,850,000 | 5,375,512 | ||||||||||
3.875%, 10/27/2027(1)(2) | 1,150,000 | 1,264,770 | ||||||||||
2.500%, 09/01/2030(1)(2) | 6,343,000 | 6,327,502 | ||||||||||
Global Payments, Inc.: | ||||||||||||
3.750%, 06/01/2023 | 2,575,000 | 2,709,562 | ||||||||||
4.800%, 04/01/2026 | 4,535,000 | 5,184,911 | ||||||||||
Grupo Bimbo SAB de CV: | ||||||||||||
4.500%, 01/25/2022(1)(2) | 2,017,000 | 2,061,160 | ||||||||||
3.875%, 06/27/2024(1)(2) | 5,340,000 | 5,755,919 | ||||||||||
HP, Inc., | ||||||||||||
2.200%, 06/17/2025 | 18,325,000 | 19,020,086 | ||||||||||
Husky Energy, Inc., | ||||||||||||
4.400%, 04/15/2029(1) | 5,000,000 | 5,654,258 | ||||||||||
Hutchison Whampoa International Ltd., | ||||||||||||
4.625%, 01/13/2022(1)(2) | 7,000,000 | 7,151,791 | ||||||||||
Hyundai Capital America, | ||||||||||||
1.300%, 01/08/2026(1)(2) | 5,825,000 | 5,756,544 | ||||||||||
Infor, Inc., | ||||||||||||
1.450%, 07/15/2023(2) | 250,000 | 252,821 | ||||||||||
Ingersoll-Rand Co., | ||||||||||||
6.391%, 11/15/2027 | 1,195,000 | 1,462,621 | ||||||||||
International Business Machines Corp., | ||||||||||||
3.300%, 05/15/2026 | 6,150,000 | 6,765,375 | ||||||||||
International Flavors & Fragrances, Inc., | ||||||||||||
1.832%, 10/15/2027 | 10,000,000 | 9,971,590 | ||||||||||
JB Hunt Transport Services, Inc., | ||||||||||||
3.875%, 03/01/2026 | 3,000,000 | 3,336,581 | ||||||||||
Johnson Controls International PLC, | ||||||||||||
3.750%, 12/01/2021 | 6,000 | 6,031 | ||||||||||
Kerry Group Financial Services Unlimited Co., | ||||||||||||
3.200%, 04/09/2023(1)(2) | 5,000,000 | 5,179,738 | ||||||||||
Kinder Morgan, Inc.: | ||||||||||||
3.150%, 01/15/2023 | 250,000 | 260,138 | ||||||||||
5.625%, 11/15/2023(2) | 1,000,000 | 1,101,599 | ||||||||||
7.800%, 08/01/2031 | 12,425,000 | 17,780,137 | ||||||||||
Kraft Heinz Foods Co., | ||||||||||||
6.375%, 07/15/2028 | 8,129,000 | 10,124,681 | ||||||||||
Lear Corp., | ||||||||||||
3.800%, 09/15/2027 | 1,000,000 | 1,102,200 | ||||||||||
Leidos, Inc.: | ||||||||||||
4.375%, 05/15/2030 | 6,900,000 | 7,835,157 | ||||||||||
2.300%, 02/15/2031 | 250,000 | 243,905 | ||||||||||
Lennox International, Inc.: | ||||||||||||
1.350%, 08/01/2025 | 7,000,000 | 7,044,011 | ||||||||||
1.700%, 08/01/2027 | 175,000 | 174,969 | ||||||||||
Lundin Energy Finance BV, | ||||||||||||
2.000%, 07/15/2026(1)(2) | 10,000,000 | 10,016,004 | ||||||||||
LYB International Finance III LLC, | ||||||||||||
2.250%, 10/01/2030 | 5,000,000 | 4,992,619 | ||||||||||
Microchip Technology, Inc.: | ||||||||||||
2.670%, 09/01/2023 | 10,191,000 | 10,614,126 | ||||||||||
0.972%, 02/15/2024(2) | 5,000,000 | 4,997,537 | ||||||||||
Micron Technology, Inc., | ||||||||||||
4.640%, 02/06/2024 | 6,000,000 | 6,577,020 | ||||||||||
Midwest Connector Capital Co. LLC, | ||||||||||||
3.900%, 04/01/2024(2) | 7,450,000 | 7,790,088 |
The accompanying notes are an integral part of these financial statements.
Page 27
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Molex Electronic Technologies LLC, | ||||||||||||
3.900%, 04/15/2025(2) | $ | 250,000 | $ | 256,535 | ||||||||
Mosaic Co., | ||||||||||||
4.250%, 11/15/2023 | 8,606,000 | 9,243,269 | ||||||||||
MPLX LP: | ||||||||||||
4.875%, 06/01/2025 | 10,219,000 | 11,535,525 | ||||||||||
4.800%, 02/15/2029 | 3,475,000 | 4,077,766 | ||||||||||
Mylan, Inc., | ||||||||||||
4.550%, 04/15/2028 | 200,000 | 229,682 | ||||||||||
Newell Brands, Inc., | ||||||||||||
3.850%, 04/01/2023 | 3,166,000 | 3,316,385 | ||||||||||
Nissan Motor Acceptance Corp., | ||||||||||||
3.650%, 09/21/2021(1)(2) | 7,210,000 | 7,257,840 | ||||||||||
Nutrien Ltd., | ||||||||||||
3.150%, 10/01/2022(1) | 1,306,000 | 1,340,560 | ||||||||||
nVent Finance Sarl, | ||||||||||||
3.950%, 04/15/2023 | 18,275,000 | 19,099,289 | ||||||||||
NXP Semiconductors NV: | ||||||||||||
3.875%, 09/01/2022(1)(2) | 7,000,000 | 7,258,193 | ||||||||||
4.875%, 03/01/2024(1)(2) | 5,790,000 | 6,373,644 | ||||||||||
Occidental Petroleum Corp.: | ||||||||||||
2.900%, 08/15/2024 | 5,000,000 | 5,112,500 | ||||||||||
7.500%, 10/15/2026 | 1,288,000 | 1,449,000 | ||||||||||
ONEOK, Inc.: | ||||||||||||
4.250%, 02/01/2022 | 250,000 | 253,184 | ||||||||||
7.500%, 09/01/2023 | 7,470,000 | 8,413,436 | ||||||||||
2.750%, 09/01/2024 | 3,300,000 | 3,474,063 | ||||||||||
Oracle Corp.: | ||||||||||||
2.800%, 04/01/2027 | 10,500,000 | 11,134,562 | ||||||||||
2.300%, 03/25/2028 | 3,000,000 | 3,078,021 | ||||||||||
Orange SA, | ||||||||||||
9.000%, 03/01/2031(1) | 4,125,000 | 6,487,680 | ||||||||||
PeaceHealth Obligated Group, | ||||||||||||
1.375%, 11/15/2025 | 250,000 | 252,403 | ||||||||||
Penske Truck Leasing Co.: | ||||||||||||
2.700%, 11/01/2024(2) | 8,000,000 | 8,413,015 | ||||||||||
3.950%, 03/10/2025(2) | 12,000,000 | 13,121,532 | ||||||||||
4.000%, 07/15/2025(2) | 6,500,000 | 7,158,433 | ||||||||||
PerkinElmer, Inc., | ||||||||||||
3.300%, 09/15/2029 | 200,000 | 216,305 | ||||||||||
Phillips 66, | ||||||||||||
2.150%, 12/15/2030 | 10,000,000 | 9,830,652 | ||||||||||
Phillips 66 Partners LP: | ||||||||||||
3.605%, 02/15/2025 | 2,000,000 | 2,154,210 | ||||||||||
3.150%, 12/15/2029 | 225,000 | 236,320 | ||||||||||
Pioneer Natural Resources Co., | ||||||||||||
3.950%, 07/15/2022 | 175,000 | 179,380 | ||||||||||
POSCO, | ||||||||||||
4.000%, 08/01/2023(1)(2) | 5,000,000 | 5,324,550 | ||||||||||
Premier Health Partners, | ||||||||||||
2.911%, 11/15/2026 | 12,800,000 | 13,358,753 | ||||||||||
Regency Energy Partners LP / | ||||||||||||
Regency Energy Finance Corp., | ||||||||||||
4.500%, 11/01/2023 | 1,100,000 | 1,180,562 | ||||||||||
Roper Technologies, Inc.: | ||||||||||||
3.800%, 12/15/2026 | 1,450,000 | 1,620,024 | ||||||||||
2.000%, 06/30/2030 | 14,675,000 | 14,451,216 | ||||||||||
Sabine Pass Liquefaction LLC: | ||||||||||||
5.875%, 06/30/2026 | 9,955,000 | 11,784,298 | ||||||||||
4.500%, 05/15/2030 | 4,500,000 | 5,193,234 | ||||||||||
Samarco Mineracao SA, | ||||||||||||
5.375%, 09/26/2024(1)(2)(9) | 1,675,000 | 1,302,329 | ||||||||||
Schneider Electric SE, | ||||||||||||
2.950%, 09/27/2022(2) | 2,000,000 | 2,061,651 | ||||||||||
Shell International Finance BV: | ||||||||||||
2.375%, 04/06/2025(1) | 5,000,000 | 5,256,442 | ||||||||||
2.750%, 04/06/2030(1) | 5,000,000 | 5,329,682 | ||||||||||
Sherwin-Williams Co., | ||||||||||||
3.300%, 02/01/2025 | 3,851,000 | 4,103,539 | ||||||||||
Shire Acquisitions Investments Ireland DAC, | ||||||||||||
2.875%, 09/23/2023(1) | 225,000 | 235,458 | ||||||||||
Smith & Nephew PLC, | ||||||||||||
2.032%, 10/14/2030(1) | 5,250,000 | 5,134,942 | ||||||||||
Smithfield Foods, Inc., | ||||||||||||
2.650%, 10/03/2021(1)(2) | 8,000,000 | 8,038,946 | ||||||||||
Smurfit Kappa Treasury Funding DAC, | ||||||||||||
7.500%, 11/20/2025(1) | 7,800,000 | 9,691,500 | ||||||||||
Sodexo, Inc., | ||||||||||||
1.634%, 04/16/2026(1)(2) | 15,000,000 | 15,108,611 | ||||||||||
Solvay Finance America LLC, | ||||||||||||
4.450%, 12/03/2025(1)(2) | 15,995,000 | 17,941,727 | ||||||||||
Southern Natural Gas Co. LLC, | ||||||||||||
8.000%, 03/01/2032 | 2,523,000 | 3,600,556 | ||||||||||
Sysco Corp., | ||||||||||||
2.600%, 06/12/2022 | 150,000 | 153,134 | ||||||||||
TC PipeLines LP: | ||||||||||||
4.375%, 03/13/2025(1) | 5,500,000 | 6,055,109 | ||||||||||
3.900%, 05/25/2027(1) | 13,850,000 | 15,264,634 | ||||||||||
Textron, Inc., | ||||||||||||
3.650%, 03/15/2027 | 250,000 | 276,943 | ||||||||||
Timken Co., | ||||||||||||
4.500%, 12/15/2028 | 225,000 | 251,361 | ||||||||||
T-Mobile USA, Inc., | ||||||||||||
3.875%, 04/15/2030 | 5,000,000 | 5,589,100 | ||||||||||
Toyota Motor Credit Corp., | ||||||||||||
2.900%, 03/30/2023(1) | 10,000,000 | 10,444,972 | ||||||||||
TransCanada PipeLines Ltd., | ||||||||||||
5.600%, 03/31/2034(1) | 1,335,000 | 1,683,556 | ||||||||||
Transcontinental Gas Pipe Line Co. LLC, | ||||||||||||
7.250%, 12/01/2026 | 4,748,000 | 6,079,041 | ||||||||||
Triton Container International Ltd., | ||||||||||||
2.050%, 04/15/2026(1)(2) | 10,000,000 | 10,036,080 | ||||||||||
Tyson Foods, Inc., | ||||||||||||
4.000%, 03/01/2026 | 3,000,000 | 3,346,866 | ||||||||||
Vale Overseas Ltd.: | ||||||||||||
6.250%, 08/10/2026(1) | 17,637,000 | 21,217,311 | ||||||||||
3.750%, 07/08/2030(1) | 7,500,000 | 7,985,250 | ||||||||||
Valero Energy Corp., | ||||||||||||
3.400%, 09/15/2026 | 4,985,000 | 5,398,328 | ||||||||||
Verisk Analytics, Inc.: | ||||||||||||
4.125%, 09/12/2022 | 250,000 | 260,555 | ||||||||||
4.125%, 03/15/2029 | 3,000,000 | 3,402,793 | ||||||||||
Verizon Communications, Inc.: | ||||||||||||
3.376%, 02/15/2025 | 853,000 | 926,660 | ||||||||||
2.625%, 08/15/2026 | 300,000 | 318,775 | ||||||||||
4.125%, 03/16/2027 | 3,196,000 | 3,639,729 | ||||||||||
3.000%, 03/22/2027 | 13,000,000 | 13,989,689 | ||||||||||
2.100%, 03/22/2028 | 5,675,000 | 5,793,694 | ||||||||||
4.329%, 09/21/2028 | 2,051,000 | 2,386,421 | ||||||||||
4.016%, 12/03/2029 | 5,628,000 | 6,453,167 | ||||||||||
Viterra Finance BV, | ||||||||||||
2.000%, 04/21/2026(1)(2) | 25,000,000 | 25,033,917 | ||||||||||
Volkswagen Group of | ||||||||||||
America Finance LLC: | ||||||||||||
1.108%, 11/12/2021 | ||||||||||||
(3 Month LIBOR USD + 0.940%)(1)(2)(3) | 1,800,000 | 1,805,945 | ||||||||||
4.000%, 11/12/2021(1)(2) | 8,000,000 | 8,111,415 | ||||||||||
0.875%, 11/22/2023(1)(2) | 6,875,000 | 6,893,254 | ||||||||||
2.850%, 09/26/2024(1)(2) | 8,850,000 | 9,345,247 |
The accompanying notes are an integral part of these financial statements.
Page 28
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Vontier Corp., | ||||||||||||
1.800%, 04/01/2026(2) | $ | 6,300,000 | $ | 6,257,412 | ||||||||
Wabtec Corp.: | ||||||||||||
4.375%, 08/15/2023 | 12,302,000 | 13,030,281 | ||||||||||
3.450%, 11/15/2026 | 10,775,000 | 11,564,552 | ||||||||||
4.950%, 09/15/2028 | 1,500,000 | 1,739,980 | ||||||||||
Walgreens Boots Alliance, Inc., | ||||||||||||
3.200%, 04/15/2030 | 6,335,000 | 6,775,938 | ||||||||||
Western Midstream Operating LP, | ||||||||||||
4.500%, 03/01/2028 | 7,195,000 | 7,680,662 | ||||||||||
Westinghouse Air Brake Technologies Corp., | ||||||||||||
3.200%, 06/15/2025 | 5,000,000 | 5,317,499 | ||||||||||
Williams Companies, Inc.: | ||||||||||||
3.700%, 01/15/2023 | 1,775,000 | 1,848,374 | ||||||||||
4.300%, 03/04/2024 | 9,329,000 | 10,133,271 | ||||||||||
7.500%, 01/15/2031 | 3,400,000 | 4,710,253 | ||||||||||
Wipro IT Services LLC, | ||||||||||||
1.500%, 06/23/2026(1)(2) | 9,000,000 | 8,976,563 | ||||||||||
Woodside Finance Ltd., | ||||||||||||
4.500%, 03/04/2029(1)(2) | 10,000,000 | 11,203,233 | ||||||||||
WRKCo, Inc.: | ||||||||||||
4.650%, 03/15/2026 | 275,000 | 315,210 | ||||||||||
3.900%, 06/01/2028 | 8,275,000 | 9,342,475 | ||||||||||
Xylem, Inc., | ||||||||||||
2.250%, 01/30/2031 | 225,000 | 226,500 | ||||||||||
Yara International ASA, | ||||||||||||
3.800%, 06/06/2026(1)(2) | 650,000 | 716,142 | ||||||||||
Zimmer Biomet Holdings, Inc., | ||||||||||||
3.700%, 03/19/2023 | 10,000,000 | 10,511,497 | ||||||||||
Zoetis, Inc.: | ||||||||||||
3.250%, 02/01/2023 | 7,500,000 | 7,789,102 | ||||||||||
4.500%, 11/13/2025 | 2,000,000 | 2,266,419 | ||||||||||
Total Industrials | ||||||||||||
(Cost $1,351,857,846) | 1,413,866,849 | 22.6 | % | |||||||||
Utilities | ||||||||||||
Ausgrid Finance Pty Ltd., | ||||||||||||
3.850%, 05/01/2023(1)(2) | 6,200,000 | 6,474,288 | ||||||||||
Avangrid, Inc., | ||||||||||||
3.800%, 06/01/2029(1) | 10,975,000 | 12,379,217 | ||||||||||
Berkshire Hathaway Energy Co., | ||||||||||||
4.050%, 04/15/2025 | 14,925,000 | 16,571,815 | ||||||||||
Duke Energy Corp., | ||||||||||||
3.050%, 08/15/2022 | 350,000 | 357,922 | ||||||||||
Duquesne Light Holdings, Inc., | ||||||||||||
2.775%, 01/07/2032(2)(8) | 12,400,000 | 12,495,438 | ||||||||||
Edison International, | ||||||||||||
2.950%, 03/15/2023 | 448,000 | 462,471 | ||||||||||
Enel Finance International NV: | ||||||||||||
3.625%, 05/25/2027(1)(2) | 11,550,000 | 12,687,167 | ||||||||||
3.500%, 04/06/2028(1)(2) | 13,750,000 | 15,054,914 | ||||||||||
Entergy Corp., | ||||||||||||
2.800%, 06/15/2030 | 12,425,000 | 12,931,380 | ||||||||||
Exelon Generation Co. LLC, | ||||||||||||
4.250%, 06/15/2022 | 350,000 | 359,332 | ||||||||||
FirstEnergy Corp., | ||||||||||||
2.050%, 03/01/2025 | 6,450,000 | 6,498,375 | ||||||||||
ITC Holdings Corp., | ||||||||||||
2.950%, 05/14/2030(1)(2) | 15,717,000 | 16,541,598 | ||||||||||
NextEra Energy Capital Holdings, Inc., | ||||||||||||
2.403%, 09/01/2021 | 225,000 | 225,814 | ||||||||||
Oncor Electric Delivery Co. LLC, | ||||||||||||
2.750%, 05/15/2030 | 6,000,000 | 6,376,055 | ||||||||||
PPL Capital Funding, Inc., | ||||||||||||
3.400%, 06/01/2023 | 2,475,000 | 2,595,455 | ||||||||||
RGS I&M Funding Corp., | ||||||||||||
9.820%, 12/07/2022 | 59,486 | 60,349 | ||||||||||
Talent Yield Investments Ltd., | ||||||||||||
4.500%, 04/25/2022(1)(2) | 3,800,000 | 3,899,597 | ||||||||||
Total Utilities | ||||||||||||
(Cost $118,466,419) | �� | 125,971,187 | 2.0 | % | ||||||||
Financials | ||||||||||||
ABN AMRO Bank NV, | ||||||||||||
4.750%, 07/28/2025(1)(2) | 24,973,000 | 27,993,135 | ||||||||||
AerCap Holdings NV, | ||||||||||||
2.875%, 08/14/2024(1) | 5,000,000 | 5,228,797 | ||||||||||
Aetna, Inc., | ||||||||||||
2.800%, 06/15/2023 | 4,010,000 | 4,173,464 | ||||||||||
AIA Group Ltd., | ||||||||||||
3.200%, 03/11/2025(1)(2) | 3,000,000 | 3,188,490 | ||||||||||
Air Lease Corp.: | ||||||||||||
2.250%, 01/15/2023 | 3,800,000 | 3,901,000 | ||||||||||
2.750%, 01/15/2023 | 250,000 | 257,931 | ||||||||||
American International Group, Inc.: | ||||||||||||
4.875%, 06/01/2022 | 6,000,000 | 6,245,540 | ||||||||||
4.125%, 02/15/2024 | 1,000,000 | 1,088,897 | ||||||||||
3.750%, 07/10/2025 | 225,000 | 247,939 | ||||||||||
AmFam Holdings, Inc., | ||||||||||||
2.805%, 03/11/2031(2) | 7,000,000 | 7,166,355 | ||||||||||
AmSouth Bancorporation, | ||||||||||||
6.750%, 11/01/2025 | 630,000 | 762,066 | ||||||||||
Anthem, Inc.: | ||||||||||||
3.350%, 12/01/2024 | 10,225,000 | 11,030,567 | ||||||||||
2.375%, 01/15/2025 | 12,000,000 | 12,566,641 | ||||||||||
Banco Santander SA: | ||||||||||||
3.500%, 04/11/2022(1) | 4,400,000 | 4,506,798 | ||||||||||
5.179%, 11/19/2025(1) | 5,000,000 | 5,714,212 | ||||||||||
2.749%, 12/03/2030(1) | 4,000,000 | 3,962,472 | ||||||||||
Bank of America Corp.: | ||||||||||||
3.300%, 01/11/2023 | 4,710,000 | 4,916,062 | ||||||||||
2.816%, 07/21/2023 | ||||||||||||
(3 Month LIBOR USD + 0.930%)(3) | 3,500,000 | 3,587,055 | ||||||||||
4.000%, 04/01/2024 | 1,785,000 | 1,947,300 | ||||||||||
3.864%, 07/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.940%)(3) | 10,000,000 | 10,662,583 | ||||||||||
3.458%, 03/15/2025 | ||||||||||||
(3 Month LIBOR USD + 0.970%)(3) | 5,060,000 | 5,408,048 | ||||||||||
3.093%, 10/01/2025 | ||||||||||||
(3 Month LIBOR USD + 1.090%)(3) | 3,295,000 | 3,510,057 | ||||||||||
1.734%, 07/22/2027 (SOFR + 0.960%)(3) | 5,000,000 | 5,038,456 | ||||||||||
3.705%, 04/24/2028 | ||||||||||||
(3 Month LIBOR USD + 1.512%)(3) | 5,050,000 | 5,584,198 | ||||||||||
3.419%, 12/20/2028 | ||||||||||||
(3 Month LIBOR USD + 1.040%)(3) | 1,689,000 | 1,839,506 | ||||||||||
2.087%, 06/14/2029 (SOFR + 1.060%)(3) | 4,000,000 | 4,032,367 | ||||||||||
Bank of Montreal, | ||||||||||||
3.300%, 02/05/2024(1) | 10,000,000 | 10,708,496 | ||||||||||
Bank of New Zealand, | ||||||||||||
3.500%, 02/20/2024(1)(2) | 5,000,000 | 5,359,811 | ||||||||||
Bank of Nova Scotia: | ||||||||||||
1.625%, 05/01/2023(1) | 10,000,000 | 10,219,548 | ||||||||||
4.500%, 12/16/2025(1) | 7,000,000 | 7,929,095 | ||||||||||
Banque Federative du Credit Mutuel SA, | ||||||||||||
3.750%, 07/20/2023(1)(2) | 8,000,000 | 8,524,580 | ||||||||||
Barclays PLC: | ||||||||||||
3.684%, 01/10/2023(1) | 7,350,000 | 7,475,726 | ||||||||||
3.932%, 05/07/2025 | ||||||||||||
(3 Month LIBOR USD + 1.610%)(1)(3) | 4,500,000 | 4,857,765 | ||||||||||
4.337%, 01/10/2028(1) | 8,790,000 | 9,828,353 |
The accompanying notes are an integral part of these financial statements.
Page 29
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
BBVA USA: | ||||||||||||
2.875%, 06/29/2022 | $ | 3,475,000 | $ | 3,557,234 | ||||||||
3.875%, 04/10/2025 | 4,200,000 | 4,627,473 | ||||||||||
BNP Paribas SA: | ||||||||||||
3.375%, 01/09/2025(1)(2) | 250,000 | 268,141 | ||||||||||
2.819%, 11/19/2025 | ||||||||||||
(3 Month LIBOR USD + 1.111%)(1)(2)(3) | 5,000,000 | 5,260,707 | ||||||||||
4.375%, 05/12/2026(1)(2) | 8,288,000 | 9,223,002 | ||||||||||
1.323%, 01/13/2027 | ||||||||||||
(SOFR + 1.004%)(1)(2)(3) | 4,000,000 | 3,951,541 | ||||||||||
2.871%, 04/19/2032 | ||||||||||||
(SOFR + 1.387%)(1)(2)(3) | 3,000,000 | 3,080,911 | ||||||||||
BNZ International Funding Ltd., | ||||||||||||
3.375%, 03/01/2023(1)(2) | 2,000,000 | 2,098,709 | ||||||||||
Boston Properties LP, | ||||||||||||
3.200%, 01/15/2025 | 12,400,000 | 13,284,255 | ||||||||||
BPCE SA: | ||||||||||||
5.700%, 10/22/2023(1)(2) | 5,375,000 | 5,950,479 | ||||||||||
4.000%, 04/15/2024(1) | 3,500,000 | 3,819,483 | ||||||||||
4.625%, 07/11/2024(1)(2) | 10,225,000 | 11,237,979 | ||||||||||
Brown & Brown, Inc.: | ||||||||||||
4.200%, 09/15/2024 | 10,461,000 | 11,463,514 | ||||||||||
4.500%, 03/15/2029 | 8,597,000 | 9,888,723 | ||||||||||
2.375%, 03/15/2031 | 3,500,000 | 3,497,010 | ||||||||||
Capital One Financial Corp.: | ||||||||||||
3.200%, 01/30/2023 | 250,000 | 260,306 | ||||||||||
3.650%, 05/11/2027 | 3,000,000 | 3,329,926 | ||||||||||
Citigroup, Inc.: | ||||||||||||
2.750%, 04/25/2022 | 250,000 | 254,612 | ||||||||||
2.876%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.950%)(3) | 2,000,000 | 2,051,349 | ||||||||||
3.750%, 06/16/2024 | 500,000 | 543,784 | ||||||||||
3.352%, 04/24/2025 | ||||||||||||
(3 Month LIBOR USD + 0.897%)(3) | 10,040,000 | 10,698,150 | ||||||||||
3.200%, 10/21/2026 | 5,000,000 | 5,416,303 | ||||||||||
3.887%, 01/10/2028 | ||||||||||||
(3 Month LIBOR USD + 1.563%)(3) | 9,000,000 | 10,016,513 | ||||||||||
Citizens Bank NA, | ||||||||||||
2.250%, 04/28/2025 | 19,000,000 | 19,851,374 | ||||||||||
CNA Financial Corp.: | ||||||||||||
7.250%, 11/15/2023 | 1,980,000 | 2,275,290 | ||||||||||
4.500%, 03/01/2026 | 5,070,000 | 5,749,796 | ||||||||||
3.900%, 05/01/2029 | 4,000,000 | 4,489,898 | ||||||||||
Cooperatieve Rabobank UA: | ||||||||||||
3.950%, 11/09/2022(1) | 2,250,000 | 2,355,399 | ||||||||||
4.625%, 12/01/2023(1) | 5,000,000 | 5,467,402 | ||||||||||
4.375%, 08/04/2025(1) | 7,400,000 | 8,262,758 | ||||||||||
3.750%, 07/21/2026(1) | 1,276,000 | 1,405,141 | ||||||||||
Credit Agricole SA: | ||||||||||||
3.375%, 01/10/2022(1)(2) | 7,400,000 | 7,518,720 | ||||||||||
1.248%, 01/26/2027 | ||||||||||||
(SOFR + 0.892%)(1)(2)(3) | 4,000,000 | 3,938,134 | ||||||||||
Credit Suisse Group AG: | ||||||||||||
3.574%, 01/09/2023(1)(2) | 1,000,000 | 1,015,836 | ||||||||||
4.207%, 06/12/2024 | ||||||||||||
(3 Month LIBOR USD + 1.240%)(1)(2)(3) | 4,000,000 | 4,260,230 | ||||||||||
2.593%, 09/11/2025 | ||||||||||||
(SOFR + 1.560%)(1)(2)(3) | 12,395,000 | 12,895,444 | ||||||||||
3.869%, 01/12/2029 | ||||||||||||
(3 Month LIBOR USD + 1.410%)(1)(2)(3) | 250,000 | 275,293 | ||||||||||
Credit Suisse Group Funding Guernsey Ltd., | ||||||||||||
3.800%, 06/09/2023(1) | 9,000,000 | 9,537,987 | ||||||||||
Deutsche Bank AG: | ||||||||||||
4.250%, 10/14/2021(1) | 7,000,000 | 7,075,904 | ||||||||||
3.300%, 11/16/2022(1) | 5,175,000 | 5,361,145 | ||||||||||
2.222%, 09/18/2024 | ||||||||||||
(SOFR + 2.159%)(1)(3) | 5,000,000 | 5,135,104 | ||||||||||
3.035%, 05/28/2032 | ||||||||||||
(SOFR + 1.718%)(1)(3) | 5,000,000 | 5,084,239 | ||||||||||
Discover Financial Services: | ||||||||||||
3.950%, 11/06/2024 | 4,200,000 | 4,577,427 | ||||||||||
3.750%, 03/04/2025 | 250,000 | 273,262 | ||||||||||
4.100%, 02/09/2027 | 12,000,000 | 13,427,529 | ||||||||||
Equitable Financial Life Global Funding, | ||||||||||||
1.400%, 07/07/2025(2) | 225,000 | 226,891 | ||||||||||
FirstMerit Bank NA, | ||||||||||||
4.270%, 11/25/2026 | 5,450,000 | 6,129,901 | ||||||||||
GE Capital Funding LLC, | ||||||||||||
4.050%, 05/15/2027 | 5,000,000 | 5,658,933 | ||||||||||
Goldman Sachs Group, Inc.: | ||||||||||||
2.905%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.990%)(3) | 200,000 | 205,018 | ||||||||||
3.500%, 01/23/2025 | 2,000,000 | 2,162,392 | ||||||||||
3.272%, 09/29/2025 | ||||||||||||
(3 Month LIBOR USD + 1.201%)(3) | 3,500,000 | 3,744,243 | ||||||||||
1.093%, 12/09/2026 (SOFR + 0.789%)(3) | 5,000,000 | 4,922,367 | ||||||||||
3.691%, 06/05/2028 | ||||||||||||
(3 Month LIBOR USD + 1.510%)(3) | 4,000,000 | 4,416,434 | ||||||||||
4.223%, 05/01/2029 | ||||||||||||
(3 Month LIBOR USD + 1.301%)(3) | 3,100,000 | 3,535,536 | ||||||||||
Guardian Life Global Funding, | ||||||||||||
3.400%, 04/25/2023(2) | 9,000,000 | 9,479,844 | ||||||||||
Hartford Financial Services Group, Inc., | ||||||||||||
2.800%, 08/19/2029 | 3,825,000 | 4,015,623 | ||||||||||
Health Care Service Corp. | ||||||||||||
A Mutual Legal Reserve Co., | ||||||||||||
2.200%, 06/01/2030(2) | 10,000,000 | 10,030,348 | ||||||||||
High Street Funding Trust I, | ||||||||||||
4.111%, 02/15/2028(2) | 5,000,000 | 5,638,784 | ||||||||||
HSBC Holdings PLC: | ||||||||||||
3.262%, 03/13/2023 | ||||||||||||
(3 Month LIBOR USD + 1.055%)(1)(3) | 10,140,000 | 10,344,839 | ||||||||||
3.600%, 05/25/2023(1) | 2,700,000 | 2,858,857 | ||||||||||
3.803%, 03/11/2025 | ||||||||||||
(3 Month LIBOR USD + 1.211%)(1)(3) | 3,000,000 | 3,225,853 | ||||||||||
4.292%, 09/12/2026 | ||||||||||||
(3 Month LIBOR USD + 1.348%)(1)(3) | 7,485,000 | 8,329,922 | ||||||||||
3.973%, 05/22/2030 | ||||||||||||
(3 Month LIBOR USD + 1.610%)(1)(3) | 1,000,000 | 1,119,277 | ||||||||||
Humana, Inc., | ||||||||||||
2.900%, 12/15/2022 | 6,525,000 | 6,738,165 | ||||||||||
ING Groep NV, | ||||||||||||
3.550%, 04/09/2024(1) | 4,000,000 | 4,308,654 | ||||||||||
Invesco Finance PLC, | ||||||||||||
3.125%, 11/30/2022 | 5,000,000 | 5,184,821 | ||||||||||
Jackson National Life Global Funding, | ||||||||||||
3.250%, 01/30/2024(1)(2) | 10,350,000 | 11,020,438 | ||||||||||
Jefferies Group LLC: | ||||||||||||
4.850%, 01/15/2027 | 1,425,000 | 1,657,527 | ||||||||||
6.450%, 06/08/2027 | 3,075,000 | 3,829,353 | ||||||||||
John Hancock Life Insurance Co., | ||||||||||||
7.375%, 02/15/2024(1)(2) | 11,650,000 | 13,554,939 | ||||||||||
JPMorgan Chase & Co.: | ||||||||||||
1.406%, 10/24/2023 | ||||||||||||
(3 Month LIBOR USD + 1.230%)(3) | 5,035,000 | 5,107,252 | ||||||||||
4.023%, 12/05/2024 | ||||||||||||
(3 Month LIBOR USD + 1.000%)(3) | 20,000,000 | 21,586,542 | ||||||||||
2.301%, 10/15/2025 (SOFR + 1.160%)(3) | 13,000,000 | 13,539,760 |
The accompanying notes are an integral part of these financial statements.
Page 30
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
JPMorgan Chase & Co.: (cont.) | ||||||||||||
2.005%, 03/13/2026 (SOFR + 1.585%)(3) | $ | 7,625,000 | $ | 7,872,049 | ||||||||
2.083%, 04/22/2026 (SOFR + 1.850%)(3) | 3,000,000 | 3,102,132 | ||||||||||
1.045%, 11/19/2026 (SOFR + 0.800%)(3) | 5,000,000 | 4,936,714 | ||||||||||
1.578%, 04/22/2027 (SOFR + 0.885%)(3) | 7,000,000 | 7,036,267 | ||||||||||
2.522%, 04/22/2031 (SOFR + 2.040%)(3) | 1,500,000 | 1,543,490 | ||||||||||
2.580%, 04/22/2032 (SOFR + 1.250%)(3) | 5,000,000 | 5,131,699 | ||||||||||
KeyBank NA: | ||||||||||||
3.180%, 05/22/2022 | 2,750,000 | 2,821,018 | ||||||||||
3.400%, 05/20/2026 | 2,200,000 | 2,397,078 | ||||||||||
LeasePlan Corp. NV, | ||||||||||||
2.875%, 10/24/2024(1)(2) | 10,250,000 | 10,764,724 | ||||||||||
Liberty Mutual Group, Inc.: | ||||||||||||
4.250%, 06/15/2023(2) | 966,000 | 1,031,753 | ||||||||||
4.569%, 02/01/2029(2) | 1,559,000 | 1,821,142 | ||||||||||
Life Storage LP: | ||||||||||||
3.875%, 12/15/2027 | 8,000,000 | 8,922,215 | ||||||||||
4.000%, 06/15/2029 | 1,500,000 | 1,680,084 | ||||||||||
Lincoln National Corp., | ||||||||||||
4.000%, 09/01/2023 | 250,000 | 268,244 | ||||||||||
Lloyds Bank PLC: | ||||||||||||
4.050%, 08/16/2023(1) | 4,580,000 | 4,910,181 | ||||||||||
1.627%, 05/11/2027 | ||||||||||||
(1 Year CMT Rate + 0.850%)(1)(3) | 8,850,000 | 8,854,571 | ||||||||||
Macquarie Group Ltd.: | ||||||||||||
3.189%, 11/28/2023 | ||||||||||||
(3 Month LIBOR USD + 1.023%)(1)(2)(3) | 5,250,000 | 5,437,475 | ||||||||||
4.150%, 03/27/2024 | ||||||||||||
(3 Month LIBOR USD + 1.330%)(1)(2)(3) | 4,000,000 | 4,233,746 | ||||||||||
2.691%, 06/23/2032 | ||||||||||||
(SOFR + 1.440%)(1)(2)(3) | 5,000,000 | 5,013,075 | ||||||||||
Marsh & McLennan Companies, Inc., | ||||||||||||
3.875%, 03/15/2024 | 1,550,000 | 1,681,199 | ||||||||||
Massachusetts Mutual Life Insurance Co., | ||||||||||||
7.625%, 11/15/2023(2) | 12,053,000 | 13,331,113 | ||||||||||
MBIA Insurance Corp., | ||||||||||||
11.444%, 01/15/2033 | ||||||||||||
(3 Month LIBOR USD + 11.260%)(2)(3)(9) | 500,000 | 146,875 | ||||||||||
Metropolitan Life Global Funding I, | ||||||||||||
3.000%, 01/10/2023(2) | 1,300,000 | 1,351,619 | ||||||||||
Mitsubishi UFJ Financial Group, Inc.: | ||||||||||||
3.455%, 03/02/2023(1) | 2,000,000 | 2,100,631 | ||||||||||
2.193%, 02/25/2025(1) | 5,000,000 | 5,203,667 | ||||||||||
Mizuho Financial Group, Inc.: | ||||||||||||
2.601%, 09/11/2022(1) | 5,000,000 | 5,134,768 | ||||||||||
4.600%, 03/27/2024(1)(2) | 7,000,000 | 7,633,032 | ||||||||||
3.922%, 09/11/2024 | ||||||||||||
(3 Month LIBOR USD + 1.000%)(1)(3) | 3,000,000 | 3,213,869 | ||||||||||
Morgan Stanley: | ||||||||||||
1.576%, 10/24/2023 | ||||||||||||
(3 Month LIBOR USD + 1.400%)(3) | 7,000,000 | 7,113,785 | ||||||||||
2.188%, 04/28/2026 (SOFR + 1.990%)(3) | 10,000,000 | 10,383,017 | ||||||||||
3.125%, 07/27/2026 | 4,600,000 | 4,983,997 | ||||||||||
National Australia Bank Ltd., | ||||||||||||
2.332%, 08/21/2030(1)(2) | 7,575,000 | 7,351,998 | ||||||||||
Nationwide Building Society: | ||||||||||||
3.766%, 03/08/2024 | ||||||||||||
(3 Month LIBOR USD + 1.064%)(1)(2)(3) | 5,000,000 | 5,250,696 | ||||||||||
4.000%, 09/14/2026(1)(2) | 19,900,000 | 21,935,768 | ||||||||||
Nationwide Mutual Insurance Co., | ||||||||||||
8.250%, 12/01/2031(2) | 2,195,000 | 3,108,224 | ||||||||||
Nomura Holdings, Inc., | ||||||||||||
1.851%, 07/16/2025(1) | 3,175,000 | 3,245,473 | ||||||||||
Nordea Bank AB, | ||||||||||||
4.250%, 09/21/2022(1)(2) | 12,850,000 | 13,421,366 | ||||||||||
Peachtree Corners Funding Trust, | ||||||||||||
3.976%, 02/15/2025(2) | 6,556,000 | 7,176,421 | ||||||||||
People’s United Bank NA, | ||||||||||||
4.000%, 07/15/2024 | 5,000,000 | 5,383,906 | ||||||||||
Pine Street Trust I, | ||||||||||||
4.572%, 02/15/2029(2) | 5,000,000 | 5,725,907 | ||||||||||
Principal Financial Group, Inc., | ||||||||||||
3.100%, 11/15/2026 | 250,000 | 270,920 | ||||||||||
Principal Life Global Funding II, | ||||||||||||
3.000%, 04/18/2026(2) | 7,000,000 | 7,559,183 | ||||||||||
Protective Life Corp., | ||||||||||||
4.300%, 09/30/2028(1)(2) | 1,400,000 | 1,568,799 | ||||||||||
Prudential Insurance Co. of America, | ||||||||||||
8.300%, 07/01/2025(2) | 8,300,000 | 10,428,135 | ||||||||||
Reliance Standard Life Global Funding II, | ||||||||||||
2.750%, 01/21/2027(1)(2) | 11,775,000 | 12,413,038 | ||||||||||
Royal Bank of Scotland Group PLC: | ||||||||||||
4.269%, 03/22/2025 | ||||||||||||
(3 Month LIBOR USD + 1.762%)(1)(3) | 7,454,000 | 8,085,232 | ||||||||||
5.076%, 01/27/2030 | ||||||||||||
(3 Month LIBOR USD + 1.905%)(1)(3) | 4,700,000 | 5,571,701 | ||||||||||
4.445%, 05/08/2030 | ||||||||||||
(3 Month LIBOR USD + 1.871%)(1)(3) | 6,850,000 | 7,841,299 | ||||||||||
Santander UK Group Holdings PLC: | ||||||||||||
3.373%, 01/05/2024 | ||||||||||||
(3 Month LIBOR USD + 1.080%)(1)(3) | 2,500,000 | 2,601,577 | ||||||||||
4.796%, 11/15/2024 | ||||||||||||
(3 Month LIBOR USD + 1.570%)(1)(3) | 5,000,000 | 5,466,949 | ||||||||||
Santander UK PLC, | ||||||||||||
5.000%, 11/07/2023(1)(2) | 3,675,000 | 4,006,412 | ||||||||||
SMBC Aviation Capital Finance DAC: | ||||||||||||
3.000%, 07/15/2022(1)(2) | 4,000,000 | 4,091,200 | ||||||||||
3.550%, 04/15/2024(1)(2) | 6,075,000 | 6,451,747 | ||||||||||
Societe Generale SA: | ||||||||||||
5.000%, 01/17/2024(1)(2) | 3,350,000 | 3,645,973 | ||||||||||
2.625%, 01/22/2025(1)(2) | 2,855,000 | 2,978,382 | ||||||||||
4.250%, 04/14/2025(1)(2) | 9,814,000 | 10,656,978 | ||||||||||
4.250%, 08/19/2026(1)(2) | 225,000 | 246,165 | ||||||||||
1.488%, 12/14/2026 | ||||||||||||
(1 Year CMT Rate + 1.100%)(1)(2)(3) | 7,415,000 | 7,347,635 | ||||||||||
1.792%, 06/09/2027 | ||||||||||||
(1 Year CMT Rate + 1.000%)(1)(2)(3) | 10,000,000 | 9,975,691 | ||||||||||
Standard Chartered PLC: | ||||||||||||
3.785%, 05/21/2025 | ||||||||||||
(3 Month LIBOR USD + 1.560%)(1)(2)(3) | 4,125,000 | 4,434,296 | ||||||||||
2.819%, 01/30/2026 | ||||||||||||
(3 Month LIBOR USD + 1.209%)(1)(2)(3) | 15,000,000 | 15,743,047 | ||||||||||
1.456%, 01/14/2027 | ||||||||||||
(1 Year CMT Rate + 1.000%)(1)(2)(3) | 4,500,000 | 4,456,952 | ||||||||||
Stifel Financial Corp.: | ||||||||||||
4.250%, 07/18/2024 | 10,139,000 | 11,108,458 | ||||||||||
4.000%, 05/15/2030 | 11,970,000 | 13,258,208 | ||||||||||
Sumitomo Mitsui Financial Group, Inc.: | ||||||||||||
1.474%, 07/08/2025(1) | 250,000 | 252,457 | ||||||||||
3.544%, 01/17/2028(1) | 2,094,000 | 2,314,819 | ||||||||||
SunTrust Banks, Inc., | ||||||||||||
2.700%, 01/27/2022 | 250,000 | 253,085 | ||||||||||
Synchrony Financial: | ||||||||||||
4.250%, 08/15/2024 | 5,275,000 | 5,764,145 | ||||||||||
3.700%, 08/04/2026 | 3,000,000 | 3,275,633 | ||||||||||
Trinity Acquisition PLC, | ||||||||||||
4.400%, 03/15/2026 | 1,125,000 | 1,271,388 |
The accompanying notes are an integral part of these financial statements.
Page 31
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
UBS Group Funding Switzerland AG, | ||||||||||||
3.491%, 05/23/2023(1)(2) | $ | 3,050,000 | $ | 3,132,497 | ||||||||
Voya Financial, Inc.: | ||||||||||||
3.125%, 07/15/2024 | 3,350,000 | 3,564,991 | ||||||||||
3.650%, 06/15/2026 | 2,410,000 | 2,668,026 | ||||||||||
Wells Fargo & Co.: | ||||||||||||
1.416%, 10/31/2023 | ||||||||||||
(3 Month LIBOR USD + 1.230%)(3) | 5,000,000 | 5,070,500 | ||||||||||
1.654%, 06/02/2024 (SOFR + 1.600%)(3) | 5,000,000 | 5,106,939 | ||||||||||
2.164%, 02/11/2026 | ||||||||||||
(3 Month LIBOR USD + 0.750%)(3) | 5,000,000 | 5,189,573 | ||||||||||
2.188%, 04/30/2026 (SOFR + 2.000%)(3) | 16,000,000 | 16,611,092 | ||||||||||
3.196%, 06/17/2027 | ||||||||||||
(3 Month LIBOR USD + 1.170%)(3) | 275,000 | 296,787 | ||||||||||
2.393%, 06/02/2028 (SOFR + 2.100%)(3) | 10,339,000 | 10,722,530 | ||||||||||
Westpac Banking Corp., | ||||||||||||
2.894%, 02/04/2030 | ||||||||||||
(5 Year CMT Rate + 1.350%)(1)(3) | 2,000,000 | 2,074,340 | ||||||||||
Willis North America, Inc.: | ||||||||||||
3.600%, 05/15/2024 | 8,150,000 | 8,754,925 | ||||||||||
4.500%, 09/15/2028 | 8,500,000 | 9,818,317 | ||||||||||
Total Financials | ||||||||||||
(Cost $1,052,499,548) | 1,105,054,248 | 17.6 | % | |||||||||
Total Corporate Bonds | ||||||||||||
(Cost $2,522,823,813) | 2,644,892,284 | 42.2 | % | |||||||||
Municipal Bonds | ||||||||||||
Alabama Economic Settlement Authority, | ||||||||||||
3.163%, 09/15/2025 | 3,305,000 | 3,487,260 | ||||||||||
Central Valley Support Joint Powers Agency, | ||||||||||||
5.326%, 09/01/2022 | 2,000,000 | 2,109,332 | ||||||||||
City of Berwyn IL: | ||||||||||||
5.790%, 12/01/2022 | 430,000 | 439,974 | ||||||||||
5.790%, 12/01/2022 | 1,280,000 | 1,298,545 | ||||||||||
County of Cook IL, | ||||||||||||
5.240%, 11/15/2025 (Callable 11/15/2021) | 2,345,000 | 2,385,868 | ||||||||||
County of Hamilton OH, | ||||||||||||
3.374%, 06/01/2034 | 10,000,000 | 10,577,494 | ||||||||||
County of Miami-Dade FL, | ||||||||||||
2.536%, 10/01/2033 (Callable 10/01/2030) | 2,800,000 | 2,845,162 | ||||||||||
Dallas/Fort Worth International Airport, | ||||||||||||
1.329%, 11/01/2025 | 225,000 | 227,441 | ||||||||||
GBG LLC, | ||||||||||||
2.250%, 09/01/2030(2) | 1,054,000 | 1,061,208 | ||||||||||
Great Lakes Water Authority, | ||||||||||||
2.315%, 07/01/2031 | 2,000,000 | 2,079,833 | ||||||||||
Indiana Finance Authority, | ||||||||||||
2.683%, 09/15/2023 | 200,000 | 203,266 | ||||||||||
Massachusetts Educational | ||||||||||||
Financing Authority: | ||||||||||||
1.921%, 07/01/2027(8) | 10,000,000 | 10,015,929 | ||||||||||
2.161%, 07/01/2028(8) | 10,000,000 | 10,021,795 | ||||||||||
New Jersey Economic | ||||||||||||
Development Authority, | ||||||||||||
0.000%, 02/15/2022 | 2,000,000 | 1,996,707 | ||||||||||
New Jersey Higher Education | ||||||||||||
Student Assistance Authority: | ||||||||||||
5.000%, 12/01/2027 | 1,000,000 | 1,232,926 | ||||||||||
5.000%, 12/01/2027 | 1,600,000 | 1,972,681 | ||||||||||
5.000%, 12/01/2028 | 1,225,000 | 1,537,361 | ||||||||||
5.000%, 12/01/2028 | 1,205,000 | 1,512,261 | ||||||||||
New Jersey Turnpike Authority, | ||||||||||||
3.223%, 01/01/2036 | ||||||||||||
(Callable 07/01/2025)(2) | 5,000,000 | 5,204,795 | ||||||||||
New York State Dormitory Authority, | ||||||||||||
3.000%, 08/01/2036 (Callable 08/01/2031) | 1,650,000 | 1,658,182 | ||||||||||
Niagara Area Development Corp.: | ||||||||||||
3.004%, 05/01/2025 | 1,000,000 | 1,036,722 | ||||||||||
3.204%, 05/01/2026 | 1,995,000 | 2,067,105 | ||||||||||
3.272%, 05/01/2027 | 2,060,000 | 2,115,717 | ||||||||||
3.372%, 05/01/2028 | 2,130,000 | 2,180,432 | ||||||||||
3.422%, 05/01/2029 | 2,200,000 | 2,254,225 | ||||||||||
North Carolina Housing Finance Agency: | ||||||||||||
4.000%, 01/01/2030 (Callable 07/01/2021) | 120,000 | 120,000 | ||||||||||
3.000%, 01/01/2033 (Callable 01/01/2025) | 1,070,000 | 1,089,509 | ||||||||||
North East Independent School District, | ||||||||||||
5.240%, 08/01/2027 | 2,100,000 | 2,589,513 | ||||||||||
San Diego Convention Center Expansion | ||||||||||||
Financing Authority: | ||||||||||||
1.987%, 04/15/2026 | 3,440,000 | 3,524,467 | ||||||||||
2.363%, 04/15/2028 | 1,325,000 | 1,377,723 | ||||||||||
South Dakota Housing | ||||||||||||
Development Authority, | ||||||||||||
2.700%, 11/01/2036 (Callable 11/01/2025) | 840,000 | 858,813 | ||||||||||
Winnebago & Boone Counties | ||||||||||||
School District No. 205: | ||||||||||||
3.800%, 12/01/2026 (Callable 12/01/2025) | 2,200,000 | 2,396,969 | ||||||||||
3.950%, 12/01/2027 (Callable 12/01/2025) | 1,700,000 | 1,849,696 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $82,527,312) | 85,328,911 | 1.4 | % | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Fannie Mae REMIC Trust: | ||||||||||||
Series 1991-137, Class H, | ||||||||||||
7.000%, 10/25/2021 | 168 | 169 | ||||||||||
Series 1993-32, Class H, | ||||||||||||
6.000%, 03/25/2023 | 1,950 | 2,020 | ||||||||||
Federal Gold Loan | ||||||||||||
Mortgage Corp. (FGLMC), | ||||||||||||
6.000%, 07/01/2028 | 2,186 | 2,494 | ||||||||||
Federal Home Loan | ||||||||||||
Mortgage Corp. (FHLMC), | ||||||||||||
Series 1395, Class G, 6.000%, 10/15/2022 | 658 | 674 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $4,919) | 5,357 | 0.0 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
AMRESCO Residential Securities | ||||||||||||
Corp. Mortgage Loan Trust, | ||||||||||||
Series 1998-1, Class A6, | ||||||||||||
6.510%, 08/25/2027(4) | 25 | 25 | ||||||||||
Argent Securities Inc. Asset-Backed | ||||||||||||
Pass-Through Certificates, | ||||||||||||
Series 2005-W3, Class A2D, | ||||||||||||
0.772%, 11/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.680%)(3) | 190,012 | 189,814 | ||||||||||
Banc of America Alternative Loan Trust, | ||||||||||||
Series 2006-2, Class 7A1, | ||||||||||||
6.000%, 09/25/2021(6) | 20,345 | 19,392 | ||||||||||
Banc of America Funding Trust, | ||||||||||||
Series 2004-2, Class 1CB1, | ||||||||||||
5.750%, 09/20/2034 | 1,242,523 | 1,338,024 | ||||||||||
Bear Stearns ARM Trust, | ||||||||||||
Series 2004-5, Class 2A, | ||||||||||||
2.938%, 07/25/2034(4) | 569,722 | 588,048 | ||||||||||
CWABS Asset-Backed Certificates Trust: | ||||||||||||
Series 2005-1, Class AF6, | ||||||||||||
5.030%, 06/25/2035(4) | 644 | 648 | ||||||||||
Series 2006-9, Class 1AF3, | ||||||||||||
5.859%, 08/25/2036(4) | 262,412 | 263,779 |
The accompanying notes are an integral part of these financial statements.
Page 32
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Delta Funding Home Equity Loan Trust, | ||||||||||||
Series 1999-2, Class A7F, | ||||||||||||
7.030%, 08/15/2030 | $ | 83,081 | $ | 83,635 | ||||||||
IMC Home Equity Loan Trust, | ||||||||||||
Series 1998-1, Class A6, | ||||||||||||
7.020%, 06/20/2029(7) | 200 | 202 | ||||||||||
J.P. Morgan Alternative Loan Trust, | ||||||||||||
Series 2006-A1, Class 2A1, | ||||||||||||
3.172%, 03/25/2036(4)(6) | 192,972 | 185,103 | ||||||||||
Mill City Mortgage Loan Trust, | ||||||||||||
Series 2018-3, Class A1, | ||||||||||||
3.472%, 08/25/2058(2)(4) | 138,905 | 144,496 | ||||||||||
New Residential Mortgage Loan Trust, | ||||||||||||
Series 2017-2A, Class A3, | ||||||||||||
4.000%, 03/25/2057(2)(4) | 2,116,543 | 2,259,531 | ||||||||||
RALI Series Trust, | ||||||||||||
Series 2004-QS6, Class A1, | ||||||||||||
5.000%, 12/15/2021(6) | 1,186 | 1,116 | ||||||||||
RAMP Series Trust, | ||||||||||||
Series 2005-RS1, Class AI6, | ||||||||||||
4.713%, 11/25/2034 | 148 | 149 | ||||||||||
Soundview Home Loan Trust, | ||||||||||||
Series 2003-2, Class A2, | ||||||||||||
1.392%, 11/25/2033 | ||||||||||||
(1 Month LIBOR USD + 1.300%)(3) | 855,886 | 856,205 | ||||||||||
Thornburg Mortgage Securities Trust, | ||||||||||||
Series 2003-5, Class 3A, | ||||||||||||
2.231%, 10/25/2043(4) | 1,667,642 | 1,680,314 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2015-5, Class A1B, | ||||||||||||
2.750%, 05/25/2055(2)(4) | 71,259 | 71,254 | ||||||||||
Series 2016-2, Class A1, | ||||||||||||
3.000%, 08/25/2055(2)(4) | 579,587 | 585,259 | ||||||||||
Series 2017-1, Class A1, | ||||||||||||
2.750%, 10/25/2056(2)(4) | 7,348,439 | 7,460,893 | ||||||||||
Series 2017-5, Class A1, | ||||||||||||
0.692%, 02/26/2057 | ||||||||||||
(1 Month LIBOR USD + 0.600%)(2)(3) | 2,073,926 | 2,074,028 | ||||||||||
Series 2019-1, Class A1, | ||||||||||||
3.722%, 03/25/2058(2)(4) | 6,153,389 | 6,480,611 | ||||||||||
Series 2018-6, Class A1A, | ||||||||||||
3.750%, 03/25/2058(2)(4) | 61,527 | 63,550 | ||||||||||
Series 2018-4, Class A1, | ||||||||||||
3.000%, 06/25/2058(2)(4) | 109,264 | 113,584 | ||||||||||
Series 2019-4, Class A1, | ||||||||||||
2.900%, 10/25/2059(2)(4) | 10,114,597 | 10,459,939 | ||||||||||
Series 2020-4, Class A1, | ||||||||||||
1.750%, 10/25/2060(2) | 19,005,025 | 19,216,346 | ||||||||||
WaMu Mortgage Pass-Through | ||||||||||||
Certificates Trust: | ||||||||||||
Series 2004-AR3, Class A1, | ||||||||||||
2.577%, 06/25/2034(4) | 1,176,515 | 1,211,667 | ||||||||||
Series 2004-CB2, Class 3A, | ||||||||||||
6.000%, 08/25/2034 | 1,693,819 | 1,834,931 | ||||||||||
Wells Fargo Home Equity | ||||||||||||
Asset-Backed Securities Trust, | ||||||||||||
Series 2004-2, Class A33, | ||||||||||||
1.092%, 10/25/2034 | ||||||||||||
(1 Month LIBOR USD + 1.000%)(3) | 1,263,266 | 1,253,289 | ||||||||||
Total Non-U.S. Government Agency Issues | ||||||||||||
(Cost $57,437,789) | 58,435,832 | 0.9 | % | |||||||||
Total Residential | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $57,442,708) | 58,441,189 | 0.9 | % | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Freddie Mac Multifamily Structured | ||||||||||||
Pass Through Certificates: | ||||||||||||
Series K717, Class A2, | ||||||||||||
2.991%, 09/25/2021 | 320,332 | 320,892 | ||||||||||
Series K720, Class A2, | ||||||||||||
2.716%, 06/25/2022 | 17,250,000 | 17,521,129 | ||||||||||
Series K721, Class A2, | ||||||||||||
3.090%, 08/25/2022(4) | 247,344 | 252,882 | ||||||||||
Series K723, Class A2, | ||||||||||||
2.454%, 08/25/2023 | 14,500,000 | 14,994,245 | ||||||||||
Series K038, Class A2, | ||||||||||||
3.389%, 03/25/2024 | 1,775,000 | 1,898,902 | ||||||||||
Series K726, Class A2, | ||||||||||||
2.905%, 04/25/2024 | 134,825 | 141,640 | ||||||||||
Series K041, Class A2, | ||||||||||||
3.171%, 10/25/2024 | 4,895,000 | 5,267,420 | ||||||||||
Series K043, Class A2, | ||||||||||||
3.062%, 12/25/2024 | 4,250,000 | 4,567,378 | ||||||||||
Series K048, Class A2, | ||||||||||||
3.284%, 06/25/2025(4) | 8,725,000 | 9,501,273 | ||||||||||
Series K050, Class A2, | ||||||||||||
3.334%, 08/25/2025(4) | 12,375,000 | 13,508,705 | ||||||||||
Series K734, Class A2, | ||||||||||||
3.208%, 02/25/2026 | 9,475,000 | 10,348,766 | ||||||||||
Series K062, Class A2, | ||||||||||||
3.413%, 12/25/2026 | 21,774,000 | 24,277,372 | ||||||||||
Series K064, Class A2, | ||||||||||||
3.224%, 03/25/2027 | 1,325,000 | 1,466,961 | ||||||||||
Series K065, Class A2, | ||||||||||||
3.243%, 04/25/2027 | 2,075,000 | 2,301,915 | ||||||||||
Series K066, Class A2, | ||||||||||||
3.117%, 06/25/2027 | 170,000 | 187,603 | ||||||||||
Series K068, Class A2, | ||||||||||||
3.244%, 08/25/2027 | 24,446,000 | 27,211,933 | ||||||||||
Series K069, Class A2, | ||||||||||||
3.187%, 09/25/2027(4) | 175,000 | 194,448 | ||||||||||
Series K071, Class A2, | ||||||||||||
3.286%, 11/25/2027 | 7,075,000 | 7,905,584 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $135,875,965) | 141,869,048 | 2.3 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
BANK: | ||||||||||||
Series 2017-BNK9, Class A4, | ||||||||||||
3.538%, 11/17/2054 | 9,275,000 | 10,301,651 | ||||||||||
Series 2017-BNK7, Class ASB, | ||||||||||||
3.265%, 09/17/2060 | 1,300,000 | 1,391,217 | ||||||||||
Series 2018-BN10, Class A5, | ||||||||||||
3.688%, 02/17/2061 | 895,000 | 1,001,550 | ||||||||||
CD Mortgage Trust, | ||||||||||||
Series 2017-CD6, Class ASB, | ||||||||||||
3.332%, 11/15/2050 | 10,723,000 | 11,559,628 | ||||||||||
Citigroup Commercial Mortgage Trust: | ||||||||||||
Series 2013-GC11, Class A4, | ||||||||||||
3.093%, 04/10/2046 | 11,725,000 | 12,145,523 | ||||||||||
Series 2015-GC27, Class A5, | ||||||||||||
3.137%, 02/10/2048 | 13,810,576 | 14,728,543 | ||||||||||
Series 2015-GC35, Class A4, | ||||||||||||
3.818%, 11/13/2048 | 15,210,000 | 16,775,535 | ||||||||||
COMM Mortgage Trust: | ||||||||||||
Series 2012-CR2, Class A4, | ||||||||||||
3.147%, 08/17/2045 | 375,000 | 382,135 |
The accompanying notes are an integral part of these financial statements.
Page 33
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
COMM Mortgage Trust: (cont.) | ||||||||||||
Series 2014-CR19, Class A5, | ||||||||||||
3.796%, 08/12/2047 | $ | 225,000 | $ | 243,535 | ||||||||
Series 2013-CR11, Class A4, | ||||||||||||
4.258%, 08/12/2050 | 13,025,000 | 13,971,446 | ||||||||||
CSAIL Commercial Mortgage Trust, | ||||||||||||
Series 2021-C20, Class ASB, | ||||||||||||
2.436%, 03/17/2054 | 6,866,000 | 7,120,093 | ||||||||||
GS Mortgage Securities Corp. II, | ||||||||||||
Series 2018-GS10, Class A5, | ||||||||||||
4.155%, 07/12/2051(4) | 9,372,252 | 10,740,811 | ||||||||||
J.P. Morgan Chase Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-LC11, Class A5, | ||||||||||||
2.960%, 04/15/2046 | 175,000 | 181,423 | ||||||||||
Series 2013-LC11, Class A4, | ||||||||||||
2.694%, 04/17/2046 | 3,058,423 | 3,137,336 | ||||||||||
Series 2013-C10, Class ASB, | ||||||||||||
2.702%, 12/17/2047 | 66,768 | 67,856 | ||||||||||
JPMBB Commercial Mortgage | ||||||||||||
Securities Trust: | ||||||||||||
Series 2013-C12, Class A5, | ||||||||||||
3.664%, 07/17/2045 | 3,373,000 | 3,539,715 | ||||||||||
Series 2013-C17, Class A3, | ||||||||||||
3.928%, 01/17/2047 | 34,350 | 35,624 | ||||||||||
Series 2014-C26, Class A4, | ||||||||||||
3.494%, 01/17/2048 | 14,480,202 | 15,630,664 | ||||||||||
JPMCC Commercial Mortgage | ||||||||||||
Securities Trust, | ||||||||||||
Series 2017-C7, Class A5, | ||||||||||||
3.409%, 10/17/2050 | 5,125,000 | 5,650,712 | ||||||||||
Morgan Stanley Bank of | ||||||||||||
America Merrill Lynch Trust: | ||||||||||||
Series 2013-C7, Class A4, | ||||||||||||
2.918%, 02/16/2046 | 12,980,000 | 13,355,323 | ||||||||||
Series 2014-C16, Class A4, | ||||||||||||
3.600%, 06/17/2047 | 12,843,581 | 13,520,778 | ||||||||||
Series 2015-C27, Class A4, | ||||||||||||
3.753%, 12/17/2047 | 28,920,000 | 31,705,505 | ||||||||||
Series 2015-C25, Class ASB, | ||||||||||||
3.383%, 10/19/2048 | 196,653 | 206,386 | ||||||||||
Series 2016-C29, Class ASB, | ||||||||||||
3.140%, 05/17/2049 | 4,852,149 | 5,115,492 | ||||||||||
Series 2017-C34, Class A4, | ||||||||||||
3.536%, 11/18/2052 | 14,450,000 | 16,020,804 | ||||||||||
Wells Fargo Commercial Mortgage Trust: | ||||||||||||
Series 2014-LC18, Class ASB, | ||||||||||||
3.244%, 12/17/2047 | 11,412,504 | 11,904,055 | ||||||||||
Series 2015-P2, Class ASB, | ||||||||||||
3.656%, 12/17/2048 | 10,569,264 | 11,209,876 | ||||||||||
Series 2015-P2, Class A4, | ||||||||||||
3.809%, 12/17/2048 | 21,019,144 | 23,215,401 | ||||||||||
WFRBS Commercial Mortgage Trust: | ||||||||||||
Series 2012-C6, Class A4, | ||||||||||||
3.440%, 04/15/2045 | 3,835,659 | 3,845,193 | ||||||||||
Series 2014-C24, Class ASB, | ||||||||||||
3.324%, 11/18/2047 | 6,938,196 | 7,235,214 | ||||||||||
Series 2013-C12, Class ASB, | ||||||||||||
2.838%, 03/17/2048 | 2,728,572 | 2,776,379 | ||||||||||
Total Non-U.S. Government Agency Issues | ||||||||||||
(Cost $262,759,657) | 268,715,403 | 4.3 | % | |||||||||
Total Commercial | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $398,635,622) | 410,584,451 | 6.6 | % | |||||||||
Asset Backed Securities | ||||||||||||
Bank of The West Auto Trust, | ||||||||||||
Series 2019-1, Class A3, | ||||||||||||
2.430%, 04/15/2024(2) | 6,421,507 | 6,498,827 | ||||||||||
Conseco Financial Corp.: | ||||||||||||
Series 1998-7, Class A1, | ||||||||||||
6.320%, 05/01/2029 | 75,590 | 75,711 | ||||||||||
Series 1998-3, Class A5, | ||||||||||||
6.220%, 03/01/2030 | 8,178 | 8,192 | ||||||||||
Series 1998-4, Class A5, | ||||||||||||
6.180%, 04/01/2030 | 12,574 | 12,700 | ||||||||||
Discover Card Execution Note Trust, | ||||||||||||
Series 2017-A4, Class A4, | ||||||||||||
2.530%, 10/15/2026 | 4,000,000 | 4,219,517 | ||||||||||
Hyundai Auto Lease Securitization Trust, | ||||||||||||
Series 2020-A, Class A3, | ||||||||||||
1.950%, 07/15/2023(2) | 15,050,000 | 15,170,492 | ||||||||||
MMAF Equipment Finance LLC, | ||||||||||||
Series 2020-A, Class A3, | ||||||||||||
0.970%, 04/09/2027(2) | 6,550,000 | 6,605,293 | ||||||||||
Nelnet Student Loan Trust, | ||||||||||||
Series 2021-A, Class APT1, | ||||||||||||
1.360%, 04/20/2062(2) | 9,000,000 | 9,001,437 | ||||||||||
Oakwood Mortgage Investors, Inc., | ||||||||||||
Series 1999-B, Class A3, | ||||||||||||
6.450%, 12/15/2023 | 13,905 | 14,264 | ||||||||||
PFS Financing Corp.: | ||||||||||||
Series 2019-A, Class A2, | �� | |||||||||||
2.860%, 04/15/2024(2) | 12,125,000 | 12,369,541 | ||||||||||
Series 2021-A, Class A, | ||||||||||||
0.710%, 04/15/2026(2) | 14,675,000 | 14,663,298 | ||||||||||
Synchrony Card Issuance Trust, | ||||||||||||
Series 2018-A1, Class A, | ||||||||||||
3.380%, 09/15/2024 | 275,000 | 276,788 | ||||||||||
Towd Point Mortgage Trust, | ||||||||||||
Series 2020-MH1, Class A1, | ||||||||||||
2.250%, 02/25/2060(2)(4) | 10,709,950 | 10,838,203 | ||||||||||
Toyota Auto Loan Extended Note Trust: | ||||||||||||
Series 2019-1A, Class A, | ||||||||||||
2.560%, 11/25/2031(2) | 25,592,000 | 26,985,612 | ||||||||||
Series 2020-1A, Class A, | ||||||||||||
1.350%, 05/25/2033(2) | 225,000 | 228,738 | ||||||||||
Verizon Owner Trust, | ||||||||||||
Series 2019-B, Class A1A, | ||||||||||||
2.330%, 12/20/2023 | 150,000 | 151,650 | ||||||||||
Volkswagen Auto Loan Enhanced Trust, | ||||||||||||
Series 2020-1, Class A3, | ||||||||||||
0.980%, 11/20/2024 | 150,000 | 151,102 | ||||||||||
Total Asset Backed Securities | ||||||||||||
(Cost $105,776,972) | 107,271,365 | 1.7 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $5,942,775,448) | 6,063,224,189 | 96.8 | % |
The accompanying notes are an integral part of these financial statements.
Page 34
Baird Intermediate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government | ||||||||||||
Obligations Fund, Class U, 0.03%(5) | 278,260,547 | $ | 278,260,547 | |||||||||
Total Short-Term Investment | ||||||||||||
(Cost $278,260,547) | 278,260,547 | 4.5 | % | |||||||||
Total Investments | ||||||||||||
(Cost $6,221,035,995) | 6,341,484,736 | 101.3 | % | |||||||||
Liabilities in Excess of Other Assets | (79,496,223 | ) | (1.3 | )% | ||||||||
TOTAL NET ASSETS | $ | 6,261,988,513 | 100.0 | % |
Notes to Schedule of Investments
CMT – Constant Maturity Treasury
LIBOR – London Inter-bank Offered Rate
SOFR – Secured Overnight Financing Rate
(1) | Foreign security. |
(2) | Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $990,798,081, which represented 15.82% of total net assets. |
(3) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021. |
(4) | Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of June 30, 2021. |
(5) | Seven-day yield. |
(6) | Security that, on the last payment date, missed a partial principal or interest payment. |
(7) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021. |
(8) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
(9) | Security in default. |
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 2,749,535,679 | $ | — | $ | 2,749,535,679 | ||||||||
Other Government Related Security | — | 7,170,310 | — | 7,170,310 | ||||||||||||
Corporate Bonds | — | 2,644,892,284 | — | 2,644,892,284 | ||||||||||||
Municipal Bonds | — | 85,328,911 | — | 85,328,911 | ||||||||||||
Residential Mortgage-Backed Securities – U.S. Government Agency Issues | — | 5,357 | — | 5,357 | ||||||||||||
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 58,435,832 | — | 58,435,832 | ||||||||||||
Commercial Mortgage-Backed Securities – U.S. Government Agency Issues | — | 141,869,048 | — | 141,869,048 | ||||||||||||
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 268,715,403 | — | 268,715,403 | ||||||||||||
Asset Backed Securities | — | 107,271,365 | — | 107,271,365 | ||||||||||||
Total Long-Term Investments | — | 6,063,224,189 | — | 6,063,224,189 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 278,260,547 | — | — | 278,260,547 | ||||||||||||
Total Short-Term Investment | 278,260,547 | — | — | 278,260,547 | ||||||||||||
Total Investments | $ | 278,260,547 | $ | 6,063,224,189 | $ | — | $ | 6,341,484,736 |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 35
Baird Aggregate Bond Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $35,748,240,231 | ||
SEC 30-Day Yield(3) | ||||
Institutional Class | 1.36% | |||
Investor Class | 1.12% | |||
Average Effective Duration | 6.58 years | |||
Average Effective Maturity | 8.29 years | |||
Annualized Expense Ratio(4) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (5) | ||
Portfolio Turnover Rate | 17% | (6) | ||
Number of Holdings | 1,487 | |||
Sector Weightings(1) | ||||
(1) | Percentages shown are based on the Fund’s total investments. |
(2) | The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). |
(3) | SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021. |
(4) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. |
(5) | Includes 0.25% 12b-1 fee. |
(6) | Not annualized. |
Page 36
Baird Aggregate Bond Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -1.47% | 0.64% | 3.59% | 4.18% | 5.29% |
Investor Class Shares | -1.62% | 0.37% | 3.31% | 3.92% | 5.04% |
Bloomberg Barclays U.S. Aggregate Bond Index(2) | -1.60% | -0.33% | 3.03% | 3.39% | 4.78% |
(1) | For the period from September 29, 2000 (inception date) through June 30, 2021. |
(2) | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government, corporate, asset-backed, mortgage-backed and commercial mortgage-backed securities, with maturities of at least one year. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund maintains securities with longer maturities in order to provide a greater potential for return. Generally, the longer a bond’s maturity, the greater the interest rate risk. The Fund may also invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 37
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
1.875%, 03/31/2022 | $ | 223,150,000 | $ | 226,148,578 | ||||||||
2.125%, 12/31/2022 | 438,400,000 | 451,141,000 | ||||||||||
2.500%, 05/15/2024 | 1,504,785,000 | 1,593,955,264 | ||||||||||
2.250%, 11/15/2025 | 649,600,000 | 691,113,500 | ||||||||||
2.000%, 11/15/2026 | 999,675,000 | 1,054,969,523 | ||||||||||
2.250%, 11/15/2027 | 1,186,325,000 | 1,268,997,023 | ||||||||||
1.625%, 08/15/2029 | 143,150,000 | 146,410,018 | ||||||||||
0.625%, 08/15/2030 | 1,010,975,000 | 941,865,376 | ||||||||||
1.375%, 11/15/2040 | 383,750,000 | 344,715,430 | ||||||||||
2.875%, 05/15/2043 | 1,307,995,000 | 1,504,296,431 | ||||||||||
2.500%, 02/15/2045 | 1,329,450,000 | 1,438,402,575 | ||||||||||
2.875%, 05/15/2049 | 318,675,000 | 373,160,955 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $10,101,612,108) | 10,035,175,673 | 28.1 | % | |||||||||
Other Government Related Securities | ||||||||||||
Comision Federal de Electricidad, | ||||||||||||
4.875%, 01/15/2024(1)(2) | 3,423,000 | 3,722,547 | ||||||||||
Corp Andina de Fomento, | ||||||||||||
4.375%, 06/15/2022(1) | 6,107,000 | 6,326,363 | ||||||||||
NBN Co. Ltd., | ||||||||||||
2.625%, 05/05/2031(1)(2) | 13,625,000 | 13,956,496 | ||||||||||
Petroleos Mexicanos: | ||||||||||||
4.500%, 01/23/2026(1) | 1,953,000 | 1,977,217 | ||||||||||
5.950%, 01/28/2031(1) | 558,000 | 542,097 | ||||||||||
6.350%, 02/12/2048(1) | 8,500,000 | 7,243,700 | ||||||||||
Sinopec Group Overseas | ||||||||||||
Development [2014] Ltd., | ||||||||||||
4.375%, 04/10/2024(1)(2) | 1,500,000 | 1,637,839 | ||||||||||
Sinopec Group Overseas | ||||||||||||
Development [2015] Ltd., | ||||||||||||
3.250%, 04/28/2025(1)(2) | 7,500,000 | 8,016,600 | ||||||||||
Sinopec Group Overseas | ||||||||||||
Development [2017] Ltd., | ||||||||||||
3.000%, 04/12/2022(1)(2) | 15,000,000 | 15,265,801 | ||||||||||
Total Other Government | ||||||||||||
Related Securities | ||||||||||||
(Cost $57,997,888) | 58,688,660 | 0.2 | % | |||||||||
Corporate Bonds | ||||||||||||
Industrials | ||||||||||||
A.P. Meoller – Maersk A/S, | ||||||||||||
3.750%, 09/22/2024(1)(2) | 22,000,000 | 23,714,900 | ||||||||||
Abbott Laboratories, | ||||||||||||
4.900%, 11/30/2046 | 4,700,000 | 6,432,261 | ||||||||||
AbbVie, Inc.: | ||||||||||||
5.000%, 12/15/2021 | 24,000,000 | 24,231,033 | ||||||||||
3.250%, 10/01/2022 | 17,863,000 | 18,365,953 | ||||||||||
3.850%, 06/15/2024 | 12,067,000 | 13,087,330 | ||||||||||
3.800%, 03/15/2025 | 16,425,000 | 17,966,424 | ||||||||||
2.950%, 11/21/2026 | 9,625,000 | 10,346,359 | ||||||||||
4.550%, 03/15/2035 | 12,000,000 | 14,564,521 | ||||||||||
4.500%, 05/14/2035 | 17,395,000 | 20,952,220 | ||||||||||
4.300%, 05/14/2036 | 6,000,000 | 7,118,531 | ||||||||||
4.050%, 11/21/2039 | 12,700,000 | 14,750,106 | ||||||||||
Adventist Health System: | ||||||||||||
2.952%, 03/01/2029 | 19,250,000 | 20,292,204 | ||||||||||
3.630%, 03/01/2049 | 9,000,000 | 9,882,588 | ||||||||||
Agilent Technologies, Inc., | ||||||||||||
2.100%, 06/04/2030 | 14,000,000 | 13,851,199 | ||||||||||
Air Products and Chemicals, Inc., | ||||||||||||
2.700%, 05/15/2040 | 10,425,000 | 10,572,731 | ||||||||||
Alcon Finance Corp.: | ||||||||||||
2.750%, 09/23/2026(1)(2) | 14,770,000 | 15,630,676 | ||||||||||
3.800%, 09/23/2049(1)(2) | 7,000,000 | 7,778,772 | ||||||||||
Allegion PLC, | ||||||||||||
3.500%, 10/01/2029 | 21,494,000 | 23,360,263 | ||||||||||
Allegion US Holding Co., Inc.: | ||||||||||||
3.200%, 10/01/2024 | 7,000,000 | 7,441,452 | ||||||||||
3.550%, 10/01/2027 | 11,975,000 | 13,014,015 | ||||||||||
Amgen, Inc.: | ||||||||||||
3.150%, 02/21/2040 | 13,350,000 | 13,910,723 | ||||||||||
4.400%, 05/01/2045 | 12,300,000 | 14,934,002 | ||||||||||
Analog Devices, Inc., | ||||||||||||
3.125%, 12/05/2023 | 10,000,000 | 10,577,707 | ||||||||||
Anglo American Capital PLC: | ||||||||||||
4.875%, 05/14/2025(1)(2) | 3,376,000 | 3,821,339 | ||||||||||
4.750%, 04/10/2027(1)(2) | 10,000,000 | 11,494,337 | ||||||||||
4.000%, 09/11/2027(1)(2) | 2,570,000 | 2,849,294 | ||||||||||
2.625%, 09/10/2030(1)(2) | 25,000,000 | 25,094,559 | ||||||||||
Anheuser-Busch InBev Worldwide, Inc.: | ||||||||||||
4.750%, 01/23/2029(1) | 4,075,000 | 4,854,404 | ||||||||||
4.375%, 04/15/2038(1) | 7,000,000 | 8,368,993 | ||||||||||
5.450%, 01/23/2039(1) | 20,000,000 | 26,377,407 | ||||||||||
4.900%, 02/01/2046(1) | 67,184,000 | 85,038,150 | ||||||||||
AP Moller – Maersk A/S: | ||||||||||||
3.875%, 09/28/2025(1)(2) | 8,900,000 | 9,772,295 | ||||||||||
4.500%, 06/20/2029(1)(2) | 8,000,000 | 9,246,728 | ||||||||||
Apple, Inc., | ||||||||||||
2.650%, 05/11/2050 | 10,000,000 | 9,818,362 | ||||||||||
ArcelorMittal: | ||||||||||||
4.550%, 03/11/2026(1) | 13,000,000 | 14,702,898 | ||||||||||
4.250%, 07/16/2029(1) | 20,000,000 | 22,122,166 | ||||||||||
AT&T, Inc.: | ||||||||||||
2.550%, 12/01/2033(2) | 22,965,000 | 22,750,088 | ||||||||||
5.250%, 03/01/2037 | 10,000,000 | 12,597,799 | ||||||||||
4.900%, 08/15/2037 | 10,000,000 | 12,321,852 | ||||||||||
6.375%, 03/01/2041 | 11,764,000 | 16,887,314 | ||||||||||
3.100%, 02/01/2043 | 5,825,000 | 5,707,629 | ||||||||||
5.150%, 02/15/2050 | 6,905,000 | 8,866,540 | ||||||||||
3.550%, 09/15/2055(2) | 55,110,000 | 55,294,775 | ||||||||||
3.800%, 12/01/2057(2) | 19,423,000 | 20,236,483 | ||||||||||
3.650%, 09/15/2059(2) | 49,359,000 | 50,054,892 | ||||||||||
BAE Systems PLC, | ||||||||||||
1.900%, 02/15/2031(1)(2) | 18,500,000 | 17,829,099 | ||||||||||
Bayer US Finance II LLC: | ||||||||||||
5.500%, 08/15/2025(1)(2) | 14,400,000 | 16,489,761 | ||||||||||
4.250%, 12/15/2025(1)(2) | 14,440,000 | 16,091,164 | ||||||||||
Becton Dickinson and Co.: | ||||||||||||
3.363%, 06/06/2024 | 6,300,000 | 6,749,756 | ||||||||||
3.734%, 12/15/2024 | 4,000,000 | 4,355,794 | ||||||||||
2.823%, 05/20/2030 | 15,000,000 | 15,710,622 | ||||||||||
4.875%, 05/15/2044 | 10,815,000 | 12,810,712 | ||||||||||
Bell Canada, Inc.: | ||||||||||||
4.464%, 04/01/2048(1) | 1,225,000 | 1,521,505 | ||||||||||
4.300%, 07/29/2049(1) | 4,123,000 | 4,973,103 | ||||||||||
Bimbo Bakeries USA, Inc., | ||||||||||||
4.000%, 05/17/2051(1)(2) | 11,700,000 | 12,563,490 | ||||||||||
Boardwalk Pipelines LP: | ||||||||||||
4.950%, 12/15/2024 | 27,631,000 | 30,884,607 | ||||||||||
5.950%, 06/01/2026 | 28,506,000 | 33,795,257 | ||||||||||
4.450%, 07/15/2027 | 13,777,000 | 15,543,303 | ||||||||||
4.800%, 05/03/2029 | 16,918,000 | 19,468,761 | ||||||||||
3.400%, 02/15/2031 | 5,825,000 | 6,182,887 |
The accompanying notes are an integral part of these financial statements.
Page 38
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Boeing Co.: | ||||||||||||
2.196%, 02/04/2026 | $ | 47,500,000 | $ | 47,954,016 | ||||||||
5.040%, 05/01/2027 | 5,140,000 | 5,930,676 | ||||||||||
5.150%, 05/01/2030 | 24,000,000 | 28,419,719 | ||||||||||
Bon Secours Mercy Health, Inc.: | ||||||||||||
3.464%, 06/01/2030 | 8,000,000 | 8,774,380 | ||||||||||
3.205%, 06/01/2050 | 10,800,000 | 11,184,141 | ||||||||||
BorgWarner, Inc., | ||||||||||||
5.000%, 10/01/2025(2) | 27,301,000 | 31,328,590 | ||||||||||
Bristol-Myers Squibb Co., | ||||||||||||
3.250%, 02/20/2023 | 5,941,000 | 6,206,315 | ||||||||||
Broadcom, Inc.: | ||||||||||||
3.625%, 10/15/2024 | 13,075,000 | 14,160,813 | ||||||||||
3.125%, 01/15/2025 | 12,000,000 | 12,809,204 | ||||||||||
3.150%, 11/15/2025 | 23,600,000 | 25,294,017 | ||||||||||
4.250%, 04/15/2026 | 58,100,000 | 65,132,176 | ||||||||||
4.750%, 04/15/2029 | 29,000,000 | 33,734,451 | ||||||||||
5.000%, 04/15/2030 | 11,000,000 | 12,977,488 | ||||||||||
3.500%, 02/15/2041(2) | 16,000,000 | 16,368,461 | ||||||||||
Broadridge Financial Solutions, Inc., | ||||||||||||
2.900%, 12/01/2029 | 11,300,000 | 11,948,143 | ||||||||||
Bunge Limited Finance Corp.: | ||||||||||||
3.000%, 09/25/2022 | 15,000,000 | 15,406,669 | ||||||||||
1.630%, 08/17/2025 | 10,000,000 | 10,117,778 | ||||||||||
3.250%, 08/15/2026 | 11,550,000 | 12,475,442 | ||||||||||
Burlington Northern Santa Fe LLC, | ||||||||||||
4.150%, 04/01/2045 | 3,000,000 | 3,637,909 | ||||||||||
Cameron LNG LLC, | ||||||||||||
3.302%, 01/15/2035(2) | 20,000,000 | 21,475,726 | ||||||||||
Campbell Soup Co., | ||||||||||||
3.950%, 03/15/2025 | 10,325,000 | 11,388,234 | ||||||||||
Canadian Natural Resources Ltd., | ||||||||||||
6.500%, 02/15/2037(1) | 982,000 | 1,319,139 | ||||||||||
Carlisle Companies, Inc.: | ||||||||||||
3.500%, 12/01/2024 | 5,000,000 | 5,395,874 | ||||||||||
2.750%, 03/01/2030 | 16,000,000 | 16,644,606 | ||||||||||
Carrier Global Corp.: | ||||||||||||
2.242%, 02/15/2025 | 8,125,000 | 8,448,128 | ||||||||||
2.493%, 02/15/2027 | 25,975,000 | 27,186,509 | ||||||||||
2.722%, 02/15/2030 | 6,861,000 | 7,112,911 | ||||||||||
2.700%, 02/15/2031 | 18,500,000 | 19,047,888 | ||||||||||
CCL Industries, Inc., | ||||||||||||
3.050%, 06/01/2030(1)(2) | 20,000,000 | 20,985,415 | ||||||||||
Celanese US Holdings LLC, | ||||||||||||
3.500%, 05/08/2024 | 10,640,000 | 11,368,614 | ||||||||||
Celulosa Arauco y Constitucion SA, | ||||||||||||
3.875%, 11/02/2027(1) | 12,000,000 | 12,900,000 | ||||||||||
CF Industries, Inc.: | ||||||||||||
3.450%, 06/01/2023 | 21,000,000 | 21,918,750 | ||||||||||
5.150%, 03/15/2034 | 3,000,000 | 3,629,805 | ||||||||||
Charter Communications Operating LLC: | ||||||||||||
4.464%, 07/23/2022 | 13,773,000 | 14,259,032 | ||||||||||
4.908%, 07/23/2025 | 54,750,000 | 62,026,875 | ||||||||||
3.750%, 02/15/2028 | 5,000,000 | 5,514,283 | ||||||||||
5.050%, 03/30/2029 | 33,420,000 | 39,475,407 | ||||||||||
2.300%, 02/01/2032 | 10,525,000 | 10,118,965 | ||||||||||
6.384%, 10/23/2035 | 37,906,000 | 50,667,701 | ||||||||||
3.500%, 06/01/2041 | 12,225,000 | 12,307,760 | ||||||||||
4.400%, 12/01/2061 | 24,375,000 | 26,190,580 | ||||||||||
Cheniere Corpus Christi Holdings LLC: | ||||||||||||
7.000%, 06/30/2024 | 4,000,000 | 4,582,128 | ||||||||||
5.875%, 03/31/2025 | 5,646,000 | 6,470,706 | ||||||||||
5.125%, 06/30/2027 | 30,119,000 | 35,021,971 | ||||||||||
3.700%, 11/15/2029 | 13,723,000 | 14,989,387 | ||||||||||
Cigna Corp.: | ||||||||||||
3.050%, 11/30/2022 | 10,000,000 | 10,350,288 | ||||||||||
3.000%, 07/15/2023 | 5,512,000 | 5,772,602 | ||||||||||
3.500%, 06/15/2024 | 9,000,000 | 9,648,299 | ||||||||||
4.125%, 11/15/2025 | 3,190,000 | 3,574,840 | ||||||||||
4.500%, 02/25/2026 | 9,810,000 | 11,164,787 | ||||||||||
2.400%, 03/15/2030 | 15,000,000 | 15,302,590 | ||||||||||
4.800%, 08/15/2038 | 5,000,000 | 6,227,143 | ||||||||||
CK Hutchison International Ltd.: | ||||||||||||
2.875%, 04/05/2022(1)(2) | 8,000,000 | 8,138,480 | ||||||||||
2.500%, 04/15/2031(1)(2) | 13,525,000 | 13,773,589 | ||||||||||
CNH Industrial Capital LLC: | ||||||||||||
1.950%, 07/02/2023(1) | 22,275,000 | 22,834,347 | ||||||||||
4.200%, 01/15/2024(1) | 2,450,000 | 2,651,103 | ||||||||||
1.875%, 01/15/2026(1) | 20,000,000 | 20,339,086 | ||||||||||
CNH Industrial NV, | ||||||||||||
3.850%, 11/15/2027(1) | �� | 23,656,000 | 26,191,768 | |||||||||
Columbia Pipeline Group, Inc.: | ||||||||||||
4.500%, 06/01/2025(1) | 6,199,000 | 6,958,339 | ||||||||||
5.800%, 06/01/2045(1) | 10,776,000 | 14,545,424 | ||||||||||
Comcast Corp.: | ||||||||||||
3.300%, 04/01/2027 | 9,125,000 | 10,056,847 | ||||||||||
3.200%, 07/15/2036 | 6,000,000 | 6,437,284 | ||||||||||
3.969%, 11/01/2047 | 8,622,000 | 10,038,033 | ||||||||||
4.950%, 10/15/2058 | 10,000,000 | 13,828,133 | ||||||||||
CommonSpirit Health, | ||||||||||||
3.347%, 10/01/2029 | 17,635,000 | 19,099,175 | ||||||||||
Conagra Brands, Inc.: | ||||||||||||
7.125%, 10/01/2026 | 6,441,000 | 8,064,488 | ||||||||||
7.000%, 10/01/2028 | 4,300,000 | 5,728,911 | ||||||||||
5.300%, 11/01/2038 | 5,000,000 | 6,354,480 | ||||||||||
Corning, Inc., | ||||||||||||
4.375%, 11/15/2057 | 9,000,000 | 10,723,522 | ||||||||||
Costco Wholesale Corp., | ||||||||||||
1.600%, 04/20/2030 | 15,000,000 | 14,804,170 | ||||||||||
Cox Communications, Inc.: | ||||||||||||
3.850%, 02/01/2025(2) | 4,725,000 | 5,142,031 | ||||||||||
3.350%, 09/15/2026(2) | 4,450,000 | 4,832,286 | ||||||||||
4.800%, 02/01/2035(2) | 14,000,000 | 16,967,064 | ||||||||||
3.600%, 06/15/2051(2) | 21,000,000 | 22,113,585 | ||||||||||
CSX Corp., | ||||||||||||
4.650%, 03/01/2068 | 9,000,000 | 11,780,354 | ||||||||||
CVS Health Corp.: | ||||||||||||
3.625%, 04/01/2027 | 3,000,000 | 3,324,465 | ||||||||||
3.250%, 08/15/2029 | 8,000,000 | 8,680,329 | ||||||||||
4.780%, 03/25/2038 | 40,059,000 | 49,282,434 | ||||||||||
2.700%, 08/21/2040 | 5,000,000 | 4,846,584 | ||||||||||
5.125%, 07/20/2045 | 29,155,000 | 37,920,451 | ||||||||||
5.050%, 03/25/2048 | 30,300,000 | 39,355,933 | ||||||||||
Daimler Finance North America LLC: | ||||||||||||
3.400%, 02/22/2022(1)(2) | 6,550,000 | 6,681,071 | ||||||||||
2.550%, 08/15/2022(1)(2) | 30,000,000 | 30,702,838 | ||||||||||
1.750%, 03/10/2023(1)(2) | 20,000,000 | 20,411,843 | ||||||||||
Danone SA, | ||||||||||||
2.589%, 11/02/2023(1)(2) | 19,600,000 | 20,432,470 | ||||||||||
Dell International LLC / EMC Corp.: | ||||||||||||
5.450%, 06/15/2023 | 15,043,000 | 16,319,600 | ||||||||||
6.020%, 06/15/2026 | 80,596,000 | 96,757,624 | ||||||||||
6.100%, 07/15/2027 | 5,580,000 | 6,836,468 | ||||||||||
Dentsply Sirona, | ||||||||||||
3.250%, 06/01/2030 | 25,000,000 | 26,738,727 | ||||||||||
Deutsche Telekom International | ||||||||||||
Finance BV, | ||||||||||||
8.750%, 06/15/2030(1) | 8,661,000 | 12,977,969 |
The accompanying notes are an integral part of these financial statements.
Page 39
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Dignity Health, | ||||||||||||
5.267%, 11/01/2064 | $ | 2,921,000 | $ | 4,037,560 | ||||||||
Dollar General Corp., | ||||||||||||
3.500%, 04/03/2030 | 7,000,000 | 7,690,017 | ||||||||||
DuPont de Nemours, Inc.: | ||||||||||||
4.493%, 11/15/2025 | 10,000,000 | 11,371,552 | ||||||||||
5.319%, 11/15/2038 | 29,000,000 | 38,352,738 | ||||||||||
DXC Technology Co.: | ||||||||||||
4.250%, 04/15/2024 | 54,525,000 | 59,140,934 | ||||||||||
4.125%, 04/15/2025 | 12,041,000 | 13,233,599 | ||||||||||
4.750%, 04/15/2027 | 36,917,000 | 42,505,288 | ||||||||||
Eagle Materials, Inc., | ||||||||||||
2.500%, 07/01/2031(8) | 8,700,000 | 8,619,014 | ||||||||||
Eastern Gas Transmission and Storage, Inc.: | ||||||||||||
4.800%, 11/01/2043 | 4,017,000 | 4,766,447 | ||||||||||
4.600%, 12/15/2044 | 3,674,000 | 4,271,720 | ||||||||||
Edward-Elmhurst Healthcare, | ||||||||||||
3.500%, 05/04/2023 | 4,000,000 | 4,152,829 | ||||||||||
EI du Pont de Nemours and Co., | ||||||||||||
2.300%, 07/15/2030 | 7,450,000 | 7,650,451 | ||||||||||
Elanco Animal Health, Inc., | ||||||||||||
5.272%, 08/28/2023 | 10,000,000 | 10,755,900 | ||||||||||
Element Fleet Management Corp., | ||||||||||||
3.850%, 06/15/2025(1)(2) | 18,492,000 | 19,892,385 | ||||||||||
Enable Midstream Partners LP, | ||||||||||||
3.900%, 05/15/2024 | 5,000,000 | 5,314,274 | ||||||||||
Enbridge Energy Partners LP: | ||||||||||||
7.500%, 04/15/2038(1) | 4,500,000 | 6,674,397 | ||||||||||
7.375%, 10/15/2045(1) | 20,000,000 | 31,380,521 | ||||||||||
Encana Corp., | ||||||||||||
3.900%, 11/15/2021 | 20,000,000 | 20,047,828 | ||||||||||
Energy Transfer LP: | ||||||||||||
3.900%, 07/15/2026 | 10,000,000 | 10,919,059 | ||||||||||
4.000%, 10/01/2027 | 2,000,000 | 2,200,346 | ||||||||||
5.400%, 10/01/2047 | 7,425,000 | 8,796,749 | ||||||||||
Energy Transfer Operating LP: | ||||||||||||
5.500%, 06/01/2027 | 5,468,000 | 6,412,786 | ||||||||||
5.250%, 04/15/2029 | 22,666,000 | 26,772,392 | ||||||||||
4.900%, 03/15/2035 | 4,550,000 | 5,256,016 | ||||||||||
5.800%, 06/15/2038 | 7,797,000 | 9,693,052 | ||||||||||
6.050%, 06/01/2041 | 1,968,000 | 2,495,502 | ||||||||||
5.950%, 10/01/2043 | 3,550,000 | 4,428,878 | ||||||||||
6.125%, 12/15/2045 | 5,797,000 | 7,388,967 | ||||||||||
6.000%, 06/15/2048 | 10,000,000 | 12,640,077 | ||||||||||
6.250%, 04/15/2049 | 3,850,000 | 5,052,148 | ||||||||||
Energy Transfer Partners LP: | ||||||||||||
4.050%, 03/15/2025 | 21,190,000 | 22,975,822 | ||||||||||
6.500%, 02/01/2042 | 5,621,000 | 7,297,888 | ||||||||||
Eni SpA, | ||||||||||||
4.250%, 05/09/2029(1)(2) | 18,250,000 | 20,760,962 | ||||||||||
Enterprise Products Operating LLC: | ||||||||||||
3.700%, 02/15/2026 | 8,350,000 | 9,236,974 | ||||||||||
5.750%, 03/01/2035 | 4,930,000 | 6,365,247 | ||||||||||
3.200%, 02/15/2052 | 30,725,000 | 30,480,430 | ||||||||||
EQT Midstream Partners LP: | ||||||||||||
4.750%, 07/15/2023 | 3,504,000 | 3,657,300 | ||||||||||
4.000%, 08/01/2024 | 3,000,000 | 3,082,500 | ||||||||||
4.125%, 12/01/2026 | 10,000,000 | 10,237,500 | ||||||||||
Equinix, Inc.: | ||||||||||||
3.200%, 11/18/2029 | 2,000,000 | 2,145,209 | ||||||||||
2.150%, 07/15/2030 | 7,675,000 | 7,626,005 | ||||||||||
ERAC USA Finance LLC, | ||||||||||||
3.300%, 12/01/2026(2) | 20,225,000 | 22,043,832 | ||||||||||
Exxon Mobil Corp., | ||||||||||||
2.992%, 03/19/2025 | 33,700,000 | 36,146,206 | ||||||||||
FedEx Corp., | ||||||||||||
4.950%, 10/17/2048 | 15,000,000 | 19,346,798 | ||||||||||
Ferguson Finance PLC: | ||||||||||||
4.500%, 10/24/2028(2) | 34,125,000 | 39,712,961 | ||||||||||
3.250%, 06/02/2030(2) | 28,100,000 | 30,327,065 | ||||||||||
Fidelity National Information | ||||||||||||
Services, Inc.: | ||||||||||||
3.100%, 03/01/2041 | 7,100,000 | 7,273,003 | ||||||||||
4.500%, 08/15/2046 | 17,040,000 | 20,863,162 | ||||||||||
Fiserv, Inc.: | ||||||||||||
3.500%, 10/01/2022 | 5,410,000 | 5,578,458 | ||||||||||
3.200%, 07/01/2026 | 11,650,000 | 12,607,370 | ||||||||||
4.200%, 10/01/2028 | 5,000,000 | 5,747,681 | ||||||||||
2.650%, 06/01/2030 | 28,900,000 | 29,922,387 | ||||||||||
4.400%, 07/01/2049 | 3,500,000 | 4,221,569 | ||||||||||
Flex Ltd.: | ||||||||||||
3.750%, 02/01/2026 | 15,000,000 | 16,404,484 | ||||||||||
4.875%, 06/15/2029 | 14,600,000 | 16,839,670 | ||||||||||
FLIR Systems, Inc., | ||||||||||||
2.500%, 08/01/2030 | 7,000,000 | 7,052,951 | ||||||||||
Florida Gas Transmission Co. LLC, | ||||||||||||
2.550%, 07/01/2030(2) | 18,500,000 | 18,689,281 | ||||||||||
FMC Corp.: | ||||||||||||
4.100%, 02/01/2024 | 46,920,000 | 50,367,951 | ||||||||||
3.200%, 10/01/2026 | 5,000,000 | 5,399,154 | ||||||||||
Fomento Economico | ||||||||||||
Mexicano SAB de CV: | ||||||||||||
2.875%, 05/10/2023(1) | 5,000,000 | 5,161,800 | ||||||||||
4.375%, 05/10/2043(1) | 1,874,000 | 2,227,361 | ||||||||||
3.500%, 01/16/2050(1) | 42,509,000 | 44,709,266 | ||||||||||
Ford Motor Credit Co. LLC: | ||||||||||||
3.339%, 03/28/2022 | 5,000,000 | 5,073,500 | ||||||||||
2.979%, 08/03/2022 | 34,690,000 | 35,166,988 | ||||||||||
3.087%, 01/09/2023 | 5,900,000 | 6,018,000 | ||||||||||
4.140%, 02/15/2023 | 10,000,000 | 10,362,500 | ||||||||||
5.584%, 03/18/2024 | 9,350,000 | 10,240,120 | ||||||||||
3.664%, 09/08/2024 | 5,565,000 | 5,832,899 | ||||||||||
Fortune Brands Home & Security, Inc., | ||||||||||||
3.250%, 09/15/2029 | 15,000,000 | 16,132,777 | ||||||||||
Fresenius Medical Care | ||||||||||||
US Finance II, Inc., | ||||||||||||
4.750%, 10/15/2024(1)(2) | 14,530,000 | 16,144,538 | ||||||||||
Fresenius Medical Care | ||||||||||||
US Finance III, Inc.: | ||||||||||||
1.875%, 12/01/2026(1)(2) | 4,200,000 | 4,200,121 | ||||||||||
3.750%, 06/15/2029(1)(2) | 24,200,000 | 26,325,592 | ||||||||||
2.375%, 02/16/2031(1)(2) | 25,000,000 | 24,390,375 | ||||||||||
General Electric Co.: | ||||||||||||
3.450%, 05/01/2027 | 4,000,000 | 4,397,076 | ||||||||||
3.625%, 05/01/2030 | 10,000,000 | 11,150,793 | ||||||||||
6.875%, 01/10/2039 | 651,000 | 973,933 | ||||||||||
General Motors Co., | ||||||||||||
6.125%, 10/01/2025 | 21,479,000 | 25,426,886 | ||||||||||
General Motors Financial Co., Inc.: | ||||||||||||
4.375%, 09/25/2021 | 2,675,000 | 2,699,855 | ||||||||||
3.450%, 01/14/2022 | 5,000,000 | 5,069,707 | ||||||||||
3.150%, 06/30/2022 | 6,000,000 | 6,143,755 | ||||||||||
1.700%, 08/18/2023 | 25,000,000 | 25,515,995 | ||||||||||
5.100%, 01/17/2024 | 33,000,000 | 36,329,805 | ||||||||||
2.900%, 02/26/2025 | 13,000,000 | 13,760,998 | ||||||||||
1.250%, 01/08/2026 | 19,000,000 | 18,873,381 |
The accompanying notes are an integral part of these financial statements.
Page 40
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Genpact Luxembourg Sarl, | ||||||||||||
3.375%, 12/01/2024 | $ | 49,575,000 | $ | 52,961,264 | ||||||||
Genpact Luxembourg SARL, | ||||||||||||
1.750%, 04/10/2026 | 25,000,000 | 25,051,018 | ||||||||||
Gilead Sciences, Inc., | ||||||||||||
4.600%, 09/01/2035 | 4,600,000 | 5,628,397 | ||||||||||
Glencore Finance (Canada) Ltd., | ||||||||||||
5.550%, 10/25/2042(1)(2) | 5,000,000 | 6,456,950 | ||||||||||
Glencore Funding LLC: | ||||||||||||
4.125%, 05/30/2023(1)(2) | 13,691,000 | 14,562,251 | ||||||||||
4.625%, 04/29/2024(1)(2) | 35,620,000 | 39,043,077 | ||||||||||
4.000%, 04/16/2025(1)(2) | 4,450,000 | 4,858,332 | ||||||||||
4.000%, 03/27/2027(1)(2) | 25,550,000 | 28,318,420 | ||||||||||
3.875%, 10/27/2027(1)(2) | 2,000,000 | 2,199,600 | ||||||||||
4.875%, 03/12/2029(1)(2) | 11,000,000 | 12,792,256 | ||||||||||
2.500%, 09/01/2030(1)(2) | 30,000,000 | 29,926,699 | ||||||||||
3.875%, 04/27/2051(1)(2) | 6,000,000 | 6,283,214 | ||||||||||
Global Payments, Inc.: | ||||||||||||
4.000%, 06/01/2023 | 19,700,000 | 20,923,269 | ||||||||||
4.800%, 04/01/2026 | 13,830,000 | 15,811,978 | ||||||||||
2.900%, 05/15/2030 | 14,467,000 | 15,072,665 | ||||||||||
Grupo Bimbo SAB de CV: | ||||||||||||
4.500%, 01/25/2022(1)(2) | 4,367,000 | 4,462,610 | ||||||||||
3.875%, 06/27/2024(1)(2) | 18,220,000 | 19,639,110 | ||||||||||
4.875%, 06/27/2044(1)(2) | 8,250,000 | 9,853,140 | ||||||||||
4.700%, 11/10/2047(1)(2) | 25,000,000 | 29,384,618 | ||||||||||
4.000%, 09/06/2049(1)(2) | 7,300,000 | 7,773,102 | ||||||||||
Gulf South Pipeline Co. LP, | ||||||||||||
4.000%, 06/15/2022 | 3,633,000 | 3,720,276 | ||||||||||
Gulfstream Natural Gas System LLC, | ||||||||||||
4.600%, 09/15/2025(2) | 5,000,000 | 5,579,043 | ||||||||||
Halliburton Co., | ||||||||||||
3.800%, 11/15/2025 | 551,000 | 609,021 | ||||||||||
HCA, Inc.: | ||||||||||||
5.250%, 04/15/2025 | 30,686,000 | 35,106,886 | ||||||||||
4.500%, 02/15/2027 | 15,000,000 | 16,951,126 | ||||||||||
3.500%, 07/15/2051 | 20,000,000 | 19,990,887 | ||||||||||
Hewlett Packard Enterprise Co., | ||||||||||||
4.400%, 10/15/2022 | 15,150,000 | 15,808,645 | ||||||||||
HP, Inc.: | ||||||||||||
2.200%, 06/17/2025 | 15,000,000 | 15,568,965 | ||||||||||
3.000%, 06/17/2027 | 35,000,000 | 37,481,251 | ||||||||||
Hubbell, Inc., | ||||||||||||
3.150%, 08/15/2027 | 11,700,000 | 12,538,168 | ||||||||||
Husky Energy, Inc., | ||||||||||||
4.400%, 04/15/2029(1) | 20,000,000 | 22,617,034 | ||||||||||
Hutchison Whampoa International Ltd., | ||||||||||||
3.625%, 10/31/2024(1)(2) | 7,850,000 | 8,549,753 | ||||||||||
Hyundai Capital America: | ||||||||||||
3.750%, 07/08/2021(1)(2) | 12,950,000 | 12,957,294 | ||||||||||
3.950%, 02/01/2022(1)(2) | 17,222,000 | 17,562,354 | ||||||||||
3.100%, 04/05/2022(1)(2) | 21,255,000 | 21,659,618 | ||||||||||
3.000%, 06/20/2022(1)(2) | 6,222,000 | 6,364,309 | ||||||||||
0.800%, 04/03/2023(1)(2) | 33,750,000 | 33,743,813 | ||||||||||
1.250%, 09/18/2023(1)(2) | 14,000,000 | 14,127,815 | ||||||||||
3.400%, 06/20/2024(1)(2) | 19,025,000 | 20,281,424 | ||||||||||
5.875%, 04/07/2025(1)(2) | 3,000,000 | 3,463,650 | ||||||||||
1.300%, 01/08/2026(1)(2) | 10,000,000 | 9,882,478 | ||||||||||
Infor, Inc., | ||||||||||||
1.750%, 07/15/2025(2) | 17,375,000 | 17,726,848 | ||||||||||
Ingersoll-Rand Luxembourg Finance SA, | ||||||||||||
4.500%, 03/21/2049 | 10,000,000 | 12,558,148 | ||||||||||
Ingredion, Inc., | ||||||||||||
2.900%, 06/01/2030 | 26,775,000 | 28,006,212 | ||||||||||
International Business Machines Corp., | ||||||||||||
4.150%, 05/15/2039 | 11,325,000 | 13,458,150 | ||||||||||
International Flavors & Fragrances, Inc., | ||||||||||||
1.832%, 10/15/2027 | 5,000,000 | 4,985,795 | ||||||||||
JAB Holdings BV, | ||||||||||||
2.200%, 11/23/2030(1)(2) | 18,925,000 | 18,378,016 | ||||||||||
JM Smucker Co.: | ||||||||||||
3.500%, 03/15/2025 | 5,000,000 | 5,452,839 | ||||||||||
2.375%, 03/15/2030 | 9,125,000 | 9,295,517 | ||||||||||
Johnson Controls International PLC: | ||||||||||||
6.000%, 01/15/2036 | 892,000 | 1,248,789 | ||||||||||
4.500%, 02/15/2047 | 4,400,000 | 5,520,805 | ||||||||||
4.950%, 07/02/2064(7) | 1,713,000 | 2,330,771 | ||||||||||
Kansas City Southern: | ||||||||||||
4.700%, 05/01/2048 | 10,075,000 | 12,548,337 | ||||||||||
3.500%, 05/01/2050 | 12,000,000 | 12,647,666 | ||||||||||
Kellogg Co., | ||||||||||||
2.100%, 06/01/2030 | 20,000,000 | 20,098,397 | ||||||||||
Keysight Technologies, Inc., | ||||||||||||
4.600%, 04/06/2027 | 36,562,000 | 42,482,699 | ||||||||||
Kinder Morgan Energy Partners LP: | ||||||||||||
4.300%, 05/01/2024 | 10,000,000 | 10,896,366 | ||||||||||
7.300%, 08/15/2033 | 8,103,000 | 11,440,298 | ||||||||||
5.800%, 03/15/2035 | 2,150,000 | 2,761,696 | ||||||||||
6.950%, 01/15/2038 | 14,008,000 | 20,021,039 | ||||||||||
6.500%, 09/01/2039 | 5,359,000 | 7,470,837 | ||||||||||
7.500%, 11/15/2040 | 7,917,000 | 11,684,134 | ||||||||||
Kinder Morgan, Inc.: | ||||||||||||
5.625%, 11/15/2023(2) | 5,017,000 | 5,526,722 | ||||||||||
8.050%, 10/15/2030 | 3,670,000 | 5,092,175 | ||||||||||
7.800%, 08/01/2031 | 16,745,000 | 23,962,043 | ||||||||||
7.750%, 01/15/2032 | 36,569,000 | 52,460,929 | ||||||||||
Kraft Heinz Foods Co.: | ||||||||||||
3.000%, 06/01/2026 | 9,249,000 | 9,849,579 | ||||||||||
5.000%, 07/15/2035 | 14,740,000 | 18,080,379 | ||||||||||
L3Harris Technologies, Inc., | ||||||||||||
3.832%, 04/27/2025 | 5,000,000 | 5,474,948 | ||||||||||
Lafarge SA, | ||||||||||||
7.125%, 07/15/2036(1) | 893,000 | 1,322,598 | ||||||||||
Leidos, Inc.: | ||||||||||||
3.625%, 05/15/2025 | 12,925,000 | 14,045,597 | ||||||||||
4.375%, 05/15/2030 | 40,178,000 | 45,623,324 | ||||||||||
2.300%, 02/15/2031 | 8,175,000 | 7,975,694 | ||||||||||
Lennar Corp., | ||||||||||||
4.125%, 01/15/2022 | 496,000 | 500,960 | ||||||||||
Lennox International, Inc., | ||||||||||||
3.000%, 11/15/2023 | 5,930,000 | 6,214,946 | ||||||||||
Lockheed Martin Corp., | ||||||||||||
3.100%, 01/15/2023 | 5,000,000 | 5,187,759 | ||||||||||
Lundin Energy Finance BV, | ||||||||||||
2.000%, 07/15/2026(1)(2) | 10,000,000 | 10,016,004 | ||||||||||
LYB International Finance III LLC, | ||||||||||||
2.250%, 10/01/2030 | 5,925,000 | 5,916,253 | ||||||||||
Magellan Midstream Partners LP: | ||||||||||||
3.200%, 03/15/2025 | 5,000,000 | 5,287,641 | ||||||||||
3.950%, 03/01/2050 | 5,100,000 | 5,533,534 | ||||||||||
Marathon Petroleum Corp.: | ||||||||||||
3.625%, 09/15/2024 | 1,600,000 | 1,721,506 | ||||||||||
4.750%, 09/15/2044 | 1,500,000 | 1,772,305 | ||||||||||
Marshfield Clinic Health System, Inc., | ||||||||||||
2.703%, 02/15/2030 | 23,125,000 | 23,407,010 | ||||||||||
Martin Marietta Materials, Inc.: | ||||||||||||
2.500%, 03/15/2030 | 6,200,000 | 6,305,347 | ||||||||||
6.250%, 05/01/2037 | 893,000 | 1,173,800 |
The accompanying notes are an integral part of these financial statements.
Page 41
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
McDonald’s Corp.: | ||||||||||||
3.300%, 07/01/2025 | $ | 3,000,000 | $ | 3,259,411 | ||||||||
3.500%, 07/01/2027 | 6,000,000 | 6,648,793 | ||||||||||
Microchip Technology, Inc.: | ||||||||||||
4.333%, 06/01/2023 | 16,455,000 | 17,547,647 | ||||||||||
0.972%, 02/15/2024(2) | 10,000,000 | 9,995,073 | ||||||||||
Microsoft Corp.: | ||||||||||||
3.950%, 08/08/2056 | 9,903,000 | 12,571,440 | ||||||||||
2.675%, 06/01/2060 | 2,097,000 | 2,076,749 | ||||||||||
Midwest Connector Capital Co. LLC, | ||||||||||||
4.625%, 04/01/2029(2) | 11,300,000 | 12,010,591 | ||||||||||
Molex Electronic Technologies LLC, | ||||||||||||
3.900%, 04/15/2025(2) | 9,365,000 | 9,609,789 | ||||||||||
Molson Coors Beverage Co., | ||||||||||||
3.000%, 07/15/2026 | 9,889,000 | 10,590,047 | ||||||||||
Mosaic Co.: | ||||||||||||
4.250%, 11/15/2023 | 36,878,000 | 39,608,795 | ||||||||||
5.450%, 11/15/2033 | 2,000,000 | 2,504,116 | ||||||||||
4.875%, 11/15/2041 | 5,000,000 | 5,841,659 | ||||||||||
MPLX LP: | ||||||||||||
4.500%, 07/15/2023 | 18,255,000 | 19,524,375 | ||||||||||
4.000%, 02/15/2025 | 6,000,000 | 6,549,884 | ||||||||||
4.875%, 06/01/2025 | 18,665,000 | 21,069,632 | ||||||||||
1.750%, 03/01/2026 | 17,125,000 | 17,309,626 | ||||||||||
4.125%, 03/01/2027 | 11,700,000 | 13,073,540 | ||||||||||
2.650%, 08/15/2030 | 22,125,000 | 22,330,617 | ||||||||||
4.500%, 04/15/2038 | 5,725,000 | 6,569,182 | ||||||||||
Mylan NV, | ||||||||||||
3.950%, 06/15/2026 | 32,400,000 | 35,689,773 | ||||||||||
Mylan, Inc.: | ||||||||||||
3.125%, 01/15/2023(2) | 5,000,000 | 5,180,209 | ||||||||||
4.550%, 04/15/2028 | 16,705,000 | 19,184,170 | ||||||||||
5.200%, 04/15/2048 | 9,000,000 | 11,074,994 | ||||||||||
Newell Brands, Inc., | ||||||||||||
3.850%, 04/01/2023 | 15,000,000 | 15,712,500 | ||||||||||
Norfolk Southern Corp., | ||||||||||||
3.050%, 05/15/2050 | 15,000,000 | 14,993,561 | ||||||||||
Nutrien Ltd.: | ||||||||||||
3.375%, 03/15/2025(1) | 5,125,000 | 5,520,671 | ||||||||||
4.200%, 04/01/2029(1) | 7,000,000 | 8,050,946 | ||||||||||
nVent Finance Sarl, | ||||||||||||
4.550%, 04/15/2028 | 26,190,000 | 28,765,879 | ||||||||||
Occidental Petroleum Corp.: | ||||||||||||
3.200%, 08/15/2026 | 11,000,000 | 11,082,500 | ||||||||||
7.500%, 05/01/2031 | 7,170,000 | 9,034,200 | ||||||||||
7.875%, 09/15/2031 | 6,320,000 | 8,121,200 | ||||||||||
ONEOK, Inc.: | ||||||||||||
7.500%, 09/01/2023 | 5,000,000 | 5,631,483 | ||||||||||
2.750%, 09/01/2024 | 1,200,000 | 1,263,296 | ||||||||||
Oracle Corp.: | ||||||||||||
2.800%, 04/01/2027 | 26,225,000 | 27,809,894 | ||||||||||
3.850%, 07/15/2036 | 7,500,000 | 8,245,071 | ||||||||||
4.500%, 07/08/2044 | 3,000,000 | 3,499,387 | ||||||||||
3.950%, 03/25/2051 | 3,300,000 | 3,601,913 | ||||||||||
Orange SA, | ||||||||||||
9.000%, 03/01/2031(1) | 29,044,000 | 45,679,557 | ||||||||||
Otis Worldwide Corp., | ||||||||||||
3.362%, 02/15/2050 | 3,025,000 | 3,183,866 | ||||||||||
Pactiv LLC, | ||||||||||||
7.950%, 12/15/2025 | 286,000 | 321,750 | ||||||||||
PeaceHealth Obligated Group, | ||||||||||||
3.218%, 11/15/2050 | 7,200,000 | 7,564,416 | ||||||||||
Penske Truck Leasing Co.: | ||||||||||||
2.700%, 11/01/2024(2) | 5,275,000 | 5,547,332 | ||||||||||
4.000%, 07/15/2025(2) | 31,150,000 | 34,305,411 | ||||||||||
PepsiCo, Inc., | ||||||||||||
2.750%, 03/19/2030 | 10,675,000 | 11,495,933 | ||||||||||
PerkinElmer, Inc.: | ||||||||||||
3.300%, 09/15/2029 | 24,200,000 | 26,172,919 | ||||||||||
3.625%, 03/15/2051 | 12,000,000 | 13,071,432 | ||||||||||
Pernod Ricard SA, | ||||||||||||
4.250%, 07/15/2022(1)(2) | 20,527,000 | 21,309,307 | ||||||||||
Perrigo Finance Unlimited Co., | ||||||||||||
4.375%, 03/15/2026 | 4,875,000 | 5,364,789 | ||||||||||
Phillips 66: | ||||||||||||
2.150%, 12/15/2030 | 12,000,000 | 11,796,782 | ||||||||||
5.875%, 05/01/2042 | 6,000,000 | 8,192,623 | ||||||||||
4.875%, 11/15/2044 | 21,130,000 | 26,270,351 | ||||||||||
Phillips 66 Partners LP: | ||||||||||||
3.605%, 02/15/2025 | 3,000,000 | 3,231,315 | ||||||||||
3.550%, 10/01/2026 | 7,000,000 | 7,605,767 | ||||||||||
3.150%, 12/15/2029 | 12,000,000 | 12,603,742 | ||||||||||
Plains All American Pipeline LP / | ||||||||||||
PAA Finance Corp., | ||||||||||||
3.550%, 12/15/2029 | 10,000,000 | 10,530,231 | ||||||||||
Premier Health Partners, | ||||||||||||
2.911%, 11/15/2026 | 29,767,000 | 31,066,407 | ||||||||||
Quanta Services, Inc., | ||||||||||||
2.900%, 10/01/2030 | 8,275,000 | 8,579,716 | ||||||||||
Raytheon Technologies Corp.: | ||||||||||||
3.500%, 03/15/2027 | 9,578,000 | 10,564,534 | ||||||||||
7.500%, 09/15/2029 | 8,000,000 | 11,172,688 | ||||||||||
2.250%, 07/01/2030 | 12,375,000 | 12,575,601 | ||||||||||
4.350%, 04/15/2047 | 9,175,000 | 11,277,132 | ||||||||||
3.125%, 07/01/2050 | 6,000,000 | 6,160,083 | ||||||||||
Regency Energy Partners LP / | ||||||||||||
Regency Energy Finance Corp., | ||||||||||||
5.875%, 03/01/2022 | 8,955,000 | 9,146,572 | ||||||||||
Reliance Steel & Aluminum Co., | ||||||||||||
2.150%, 08/15/2030 | 10,000,000 | 9,851,980 | ||||||||||
Rio Tinto Alcan, Inc., | ||||||||||||
5.750%, 06/01/2035(1) | 446,000 | 612,812 | ||||||||||
Rogers Communications, Inc., | ||||||||||||
5.450%, 10/01/2043(1) | 16,560,000 | 21,807,578 | ||||||||||
Sabine Pass Liquefaction LLC: | ||||||||||||
5.625%, 03/01/2025 | 17,500,000 | 20,001,403 | ||||||||||
5.875%, 06/30/2026 | 60,000,000 | 71,025,401 | ||||||||||
Samarco Mineracao SA, | ||||||||||||
5.750%, 10/24/2023(1)(2)(9) | 4,463,000 | 3,458,825 | ||||||||||
Seagate HDD Cayman, | ||||||||||||
4.750%, 06/01/2023(1) | 7,500,000 | 7,979,925 | ||||||||||
Shell International Finance BV: | ||||||||||||
2.375%, 04/06/2025(1) | 8,875,000 | 9,330,184 | ||||||||||
3.250%, 05/11/2025(1) | 5,725,000 | 6,213,021 | ||||||||||
2.750%, 04/06/2030(1) | 8,750,000 | 9,326,944 | ||||||||||
4.125%, 05/11/2035(1) | 10,000,000 | 11,893,570 | ||||||||||
Sherwin-Williams Co., | ||||||||||||
4.500%, 06/01/2047 | 4,000,000 | 5,003,233 | ||||||||||
Shire Acquisitions Investments | ||||||||||||
Ireland DAC, | ||||||||||||
2.875%, 09/23/2023(1) | 26,223,000 | 27,441,817 | ||||||||||
SK Hynix, Inc., | ||||||||||||
1.500%, 01/19/2026(1)(2) | 21,852,000 | 21,555,250 | ||||||||||
SK Telecom Co. Ltd., | ||||||||||||
6.625%, 07/20/2027(1)(2) | 1,339,000 | 1,711,617 | ||||||||||
Smith & Nephew PLC, | ||||||||||||
2.032%, 10/14/2030(1) | 14,575,000 | 14,255,577 | ||||||||||
Smithfield Foods, Inc.: | ||||||||||||
2.650%, 10/03/2021(1)(2) | 6,000,000 | 6,029,209 | ||||||||||
3.350%, 02/01/2022(1)(2) | 30,802,000 | 31,234,969 |
The accompanying notes are an integral part of these financial statements.
Page 42
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Sociedad Quimica y Minera de Chile SA, | ||||||||||||
3.625%, 04/03/2023(1)(2) | $ | 10,000,000 | $ | 10,437,500 | ||||||||
Sodexo, Inc., | ||||||||||||
1.634%, 04/16/2026(1)(2) | 7,000,000 | 7,050,685 | ||||||||||
Solvay Finance America LLC, | ||||||||||||
4.450%, 12/03/2025(1)(2) | 61,307,000 | 68,768,580 | ||||||||||
Southern Copper Corp., | ||||||||||||
7.500%, 07/27/2035(1) | 5,000,000 | 7,225,000 | ||||||||||
Spectra Energy Partners LP, | ||||||||||||
4.500%, 03/15/2045(1) | 7,000,000 | 8,199,700 | ||||||||||
Steel Dynamics, Inc.: | ||||||||||||
2.400%, 06/15/2025 | 5,000,000 | 5,228,490 | ||||||||||
3.250%, 01/15/2031 | 7,000,000 | 7,510,728 | ||||||||||
STERIS Irish FinCo Unlimited Co., | ||||||||||||
3.750%, 03/15/2051 | 7,500,000 | 7,961,941 | ||||||||||
Suntory Holdings Ltd.: | ||||||||||||
2.550%, 06/28/2022(1)(2) | 16,500,000 | 16,818,520 | ||||||||||
2.250%, 10/16/2024(1)(2) | 8,500,000 | 8,808,669 | ||||||||||
Sysco Corp.: | ||||||||||||
5.650%, 04/01/2025 | 10,165,000 | 11,775,736 | ||||||||||
3.300%, 07/15/2026 | 11,550,000 | 12,553,264 | ||||||||||
Takeda Pharmaceutical Co. Ltd., | ||||||||||||
3.175%, 07/09/2050(1) | 15,000,000 | 15,159,635 | ||||||||||
TC PipeLines LP: | ||||||||||||
4.375%, 03/13/2025(1) | 31,115,000 | 34,255,405 | ||||||||||
3.900%, 05/25/2027(1) | 30,327,000 | 33,424,589 | ||||||||||
Telecom Italia Capital SA, | ||||||||||||
7.200%, 07/18/2036(1) | 5,475,000 | 7,062,750 | ||||||||||
Telefonica Emisiones SA: | ||||||||||||
4.665%, 03/06/2038(1) | 4,000,000 | 4,703,855 | ||||||||||
5.213%, 03/08/2047(1) | 12,225,000 | 15,260,157 | ||||||||||
4.895%, 03/06/2048(1) | 29,050,000 | 34,785,398 | ||||||||||
5.520%, 03/01/2049(1) | 18,775,000 | 24,430,265 | ||||||||||
Teva Pharmaceutical Finance | ||||||||||||
Netherlands III BV: | ||||||||||||
2.800%, 07/21/2023(1) | 25,000,000 | 24,912,250 | ||||||||||
3.150%, 10/01/2026(1) | 15,000,000 | 14,268,750 | ||||||||||
Textron, Inc., | ||||||||||||
3.000%, 06/01/2030 | 19,675,000 | 20,694,934 | ||||||||||
Time Warner Cable LLC: | ||||||||||||
6.550%, 05/01/2037 | 893,000 | 1,216,472 | ||||||||||
6.750%, 06/15/2039 | 2,767,000 | 3,851,985 | ||||||||||
Timken Co.: | ||||||||||||
3.875%, 09/01/2024 | 11,255,000 | 12,048,411 | ||||||||||
4.500%, 12/15/2028 | 6,550,000 | 7,317,398 | ||||||||||
T-Mobile USA, Inc.: | ||||||||||||
3.875%, 04/15/2030 | 60,382,000 | 67,496,207 | ||||||||||
2.550%, 02/15/2031 | 20,000,000 | 20,224,000 | ||||||||||
4.375%, 04/15/2040 | 24,900,000 | 29,190,270 | ||||||||||
TransCanada PipeLines Ltd., | ||||||||||||
7.625%, 01/15/2039(1) | 21,077,000 | 32,641,223 | ||||||||||
Transcontinental Gas Pipe Line Co. LLC: | ||||||||||||
7.250%, 12/01/2026 | 3,500,000 | 4,481,180 | ||||||||||
4.600%, 03/15/2048 | 5,150,000 | 6,275,066 | ||||||||||
Triton Container International Ltd., | ||||||||||||
2.050%, 04/15/2026(1)(2) | 20,000,000 | 20,072,160 | ||||||||||
TTX Co.: | ||||||||||||
3.600%, 01/15/2025(2) | 5,000,000 | 5,459,265 | ||||||||||
3.900%, 02/01/2045(2) | 10,250,000 | 11,499,845 | ||||||||||
4.600%, 02/01/2049(2) | 8,325,000 | 10,651,868 | ||||||||||
Tyson Foods, Inc., | ||||||||||||
5.100%, 09/23/2048 | 10,000,000 | 13,162,092 | ||||||||||
Universal Health Services, Inc., | ||||||||||||
2.650%, 10/15/2030(2) | 10,000,000 | 10,055,300 | ||||||||||
Upjohn, Inc.: | ||||||||||||
3.850%, 06/22/2040(2) | 13,083,000 | 13,913,529 | ||||||||||
4.000%, 06/22/2050(2) | 40,600,000 | 42,935,680 | ||||||||||
UPMC, | ||||||||||||
3.600%, 04/03/2025 | 45,000,000 | 48,911,145 | ||||||||||
Vale Overseas Ltd.: | ||||||||||||
6.250%, 08/10/2026(1) | 32,481,000 | 39,074,643 | ||||||||||
3.750%, 07/08/2030(1) | 13,926,000 | 14,827,012 | ||||||||||
8.250%, 01/17/2034(1) | 8,526,000 | 12,447,960 | ||||||||||
6.875%, 11/21/2036(1) | 18,483,000 | 25,334,833 | ||||||||||
6.875%, 11/10/2039(1) | 16,643,000 | 23,279,729 | ||||||||||
Valero Energy Corp.: | ||||||||||||
2.850%, 04/15/2025 | 15,000,000 | 15,904,861 | ||||||||||
2.150%, 09/15/2027 | 14,150,000 | 14,373,968 | ||||||||||
4.000%, 04/01/2029 | 15,475,000 | 17,280,988 | ||||||||||
6.625%, 06/15/2037 | 2,100,000 | 2,878,856 | ||||||||||
Valero Energy Partners LP, | ||||||||||||
4.375%, 12/15/2026 | 10,000,000 | 11,324,551 | ||||||||||
Verizon Communications, Inc.: | ||||||||||||
3.000%, 03/22/2027 | 5,000,000 | 5,380,650 | ||||||||||
4.329%, 09/21/2028 | 3,077,000 | 3,580,214 | ||||||||||
2.550%, 03/21/2031 | 6,600,000 | 6,746,025 | ||||||||||
4.500%, 08/10/2033 | 16,325,000 | 19,507,853 | ||||||||||
4.272%, 01/15/2036 | 8,148,000 | 9,694,695 | ||||||||||
5.250%, 03/16/2037 | 28,793,000 | 37,770,008 | ||||||||||
4.812%, 03/15/2039 | 36,839,000 | 46,663,143 | ||||||||||
2.650%, 11/20/2040 | 10,000,000 | 9,623,172 | ||||||||||
3.400%, 03/22/2041 | 3,850,000 | 4,072,694 | ||||||||||
4.862%, 08/21/2046 | 2,500,000 | 3,234,472 | ||||||||||
5.500%, 03/16/2047 | 4,150,000 | 5,805,578 | ||||||||||
3.700%, 03/22/2061 | 26,725,000 | 28,624,039 | ||||||||||
Viterra Finance BV: | ||||||||||||
2.000%, 04/21/2026(1)(2) | 23,641,000 | 23,673,074 | ||||||||||
3.200%, 04/21/2031(1)(2) | 30,450,000 | 30,687,672 | ||||||||||
Vodafone Group PLC: | ||||||||||||
7.875%, 02/15/2030(1) | 3,100,000 | 4,427,043 | ||||||||||
5.000%, 05/30/2038(1) | 6,800,000 | 8,558,862 | ||||||||||
4.375%, 02/19/2043(1) | 15,554,000 | 18,137,674 | ||||||||||
5.250%, 05/30/2048(1) | 24,200,000 | 31,887,507 | ||||||||||
Volkswagen Group of America | ||||||||||||
Finance LLC: | ||||||||||||
4.000%, 11/12/2021(1)(2) | 8,845,000 | 8,968,183 | ||||||||||
4.250%, 11/13/2023(1)(2) | 17,350,000 | 18,751,169 | ||||||||||
2.850%, 09/26/2024(1)(2) | 14,000,000 | 14,783,441 | ||||||||||
3.350%, 05/13/2025(1)(2) | 10,000,000 | 10,791,074 | ||||||||||
1.250%, 11/24/2025(1)(2) | 30,000,000 | 29,822,947 | ||||||||||
Vontier Corp., | ||||||||||||
2.400%, 04/01/2028(2) | 4,921,000 | 4,888,029 | ||||||||||
Vulcan Materials Co., | ||||||||||||
4.700%, 03/01/2048 | 3,446,000 | 4,342,795 | ||||||||||
Wabtec Corp.: | ||||||||||||
4.375%, 08/15/2023 | 2,678,000 | 2,836,538 | ||||||||||
4.400%, 03/15/2024 | 24,825,000 | 26,897,581 | ||||||||||
3.450%, 11/15/2026 | 28,315,000 | 30,389,817 | ||||||||||
4.950%, 09/15/2028 | 4,739,000 | 5,497,177 | ||||||||||
Walgreens Boots Alliance, Inc.: | ||||||||||||
3.300%, 11/18/2021 | 6,383,000 | 6,422,384 | ||||||||||
3.450%, 06/01/2026 | 2,080,000 | 2,263,606 | ||||||||||
3.200%, 04/15/2030 | 13,575,000 | 14,519,867 | ||||||||||
4.800%, 11/18/2044 | 4,520,000 | 5,399,738 | ||||||||||
4.650%, 06/01/2046 | 4,000,000 | 4,657,823 | ||||||||||
Waste Connections, Inc., | ||||||||||||
2.600%, 02/01/2030 | 7,525,000 | 7,775,049 |
The accompanying notes are an integral part of these financial statements.
Page 43
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Western Digital Corp., | ||||||||||||
4.750%, 02/15/2026 | $ | 4,000,000 | $ | 4,445,000 | ||||||||
Western Gas Partners LP: | ||||||||||||
4.000%, 07/01/2022 | 10,463,000 | 10,633,024 | ||||||||||
3.950%, 06/01/2025 | 8,000,000 | 8,312,400 | ||||||||||
Western Midstream Operating LP, | ||||||||||||
4.350%, 02/01/2025 | 20,000,000 | 21,131,800 | ||||||||||
Westinghouse Air Brake | ||||||||||||
Technologies Corp., | ||||||||||||
3.200%, 06/15/2025 | 10,295,000 | 10,948,730 | ||||||||||
WestRock MWV LLC, | ||||||||||||
8.200%, 01/15/2030 | 7,963,000 | 11,265,492 | ||||||||||
Williams Companies, Inc.: | ||||||||||||
3.600%, 03/15/2022 | 10,176,000 | 10,346,790 | ||||||||||
3.700%, 01/15/2023 | 1,690,000 | 1,759,861 | ||||||||||
4.300%, 03/04/2024 | 7,310,000 | 7,940,209 | ||||||||||
4.550%, 06/24/2024 | 7,000,000 | 7,711,975 | ||||||||||
3.900%, 01/15/2025 | 3,160,000 | 3,455,479 | ||||||||||
8.750%, 03/15/2032 | 5,750,000 | 8,835,455 | ||||||||||
6.300%, 04/15/2040 | 8,142,000 | 11,160,242 | ||||||||||
4.850%, 03/01/2048 | 7,000,000 | 8,507,359 | ||||||||||
Woodside Finance Ltd.: | ||||||||||||
3.650%, 03/05/2025(1)(2) | 12,300,000 | 13,132,193 | ||||||||||
4.500%, 03/04/2029(1)(2) | 19,400,000 | 21,734,272 | ||||||||||
WRKCo, Inc., | ||||||||||||
3.000%, 09/15/2024 | 14,895,000 | 15,769,223 | ||||||||||
Xylem, Inc., | ||||||||||||
2.250%, 01/30/2031 | 9,325,000 | 9,387,177 | ||||||||||
Yara International ASA, | ||||||||||||
3.800%, 06/06/2026(1)(2) | 23,500,000 | 25,891,288 | ||||||||||
Zimmer Biomet Holdings, Inc.: | ||||||||||||
3.550%, 04/01/2025 | 20,996,000 | 22,778,650 | ||||||||||
3.550%, 03/20/2030 | 14,977,000 | 16,392,535 | ||||||||||
5.750%, 11/30/2039 | 11,967,000 | 15,983,769 | ||||||||||
Zimmer Holdings, Inc., | ||||||||||||
3.150%, 04/01/2022 | 9,500,000 | 9,651,454 | ||||||||||
Zoetis, Inc.: | ||||||||||||
3.250%, 02/01/2023 | 34,200,000 | 35,518,306 | ||||||||||
4.700%, 02/01/2043 | 3,568,000 | 4,587,000 | ||||||||||
Total Industrials | ||||||||||||
(Cost $7,335,244,536) | 7,859,188,948 | 22.0 | % | |||||||||
Utilities | ||||||||||||
Ameren Corp., | ||||||||||||
3.500%, 01/15/2031 | 20,000,000 | 21,898,611 | ||||||||||
American Electric Power Co., Inc., | ||||||||||||
3.250%, 03/01/2050 | 10,175,000 | 10,171,421 | ||||||||||
Ausgrid Finance Pty Ltd., | ||||||||||||
3.850%, 05/01/2023(1)(2) | 5,000,000 | 5,221,200 | ||||||||||
Avangrid, Inc., | ||||||||||||
3.200%, 04/15/2025(1) | 14,000,000 | 15,035,501 | ||||||||||
Berkshire Hathaway Energy Co.: | ||||||||||||
4.050%, 04/15/2025 | 5,000,000 | 5,551,697 | ||||||||||
3.700%, 07/15/2030 | 18,425,000 | 20,884,868 | ||||||||||
2.850%, 05/15/2051 | 13,675,000 | 13,230,287 | ||||||||||
Consumers Energy Co., | ||||||||||||
3.500%, 08/01/2051 | 9,400,000 | 10,649,411 | ||||||||||
Dominion Energy, Inc.: | ||||||||||||
2.450%, 01/15/2023(2) | 15,000,000 | 15,444,028 | ||||||||||
3.375%, 04/01/2030 | 10,000,000 | 10,889,104 | ||||||||||
Duke Energy Corp., | ||||||||||||
2.650%, 09/01/2026 | 10,000,000 | 10,552,558 | ||||||||||
Edison International, | ||||||||||||
2.950%, 03/15/2023 | 5,000,000 | 5,161,507 | ||||||||||
EDP Finance BV, | ||||||||||||
3.625%, 07/15/2024(1)(2) | 19,175,000 | 20,614,398 | ||||||||||
Enel Finance International NV: | ||||||||||||
2.875%, 05/25/2022(1)(2) | 7,000,000 | 7,153,185 | ||||||||||
3.625%, 05/25/2027(1)(2) | 22,790,000 | 25,033,812 | ||||||||||
3.500%, 04/06/2028(1)(2) | 8,000,000 | 8,759,223 | ||||||||||
4.875%, 06/14/2029(1)(2) | 6,615,000 | 7,894,438 | ||||||||||
6.800%, 09/15/2037(1)(2) | 4,565,000 | 6,659,673 | ||||||||||
4.750%, 05/25/2047(1)(2) | 63,375,000 | 77,808,779 | ||||||||||
Entergy Corp., | ||||||||||||
2.950%, 09/01/2026 | 13,075,000 | 13,945,046 | ||||||||||
Essential Utilities, Inc., | ||||||||||||
2.704%, 04/15/2030 | 14,100,000 | 14,629,411 | ||||||||||
Evergy, Inc., | ||||||||||||
2.450%, 09/15/2024 | 6,675,000 | 6,990,327 | ||||||||||
Eversource Energy, | ||||||||||||
1.650%, 08/15/2030 | 9,925,000 | 9,498,753 | ||||||||||
Exelon Corp.: | ||||||||||||
4.050%, 04/15/2030 | 8,900,000 | 10,136,537 | ||||||||||
4.950%, 06/15/2035 | 3,500,000 | 4,297,787 | ||||||||||
FirstEnergy Corp.: | ||||||||||||
2.650%, 03/01/2030 | 4,300,000 | 4,282,671 | ||||||||||
3.400%, 03/01/2050 | 15,000,000 | 14,662,500 | ||||||||||
FirstEnergy Transmission LLC, | ||||||||||||
2.866%, 09/15/2028(2) | 10,000,000 | 10,351,174 | ||||||||||
Interstate Power and Light Co., | ||||||||||||
2.300%, 06/01/2030 | 9,350,000 | 9,472,224 | ||||||||||
ITC Holdings Corp.: | ||||||||||||
3.350%, 11/15/2027(1) | 25,581,000 | 27,866,137 | ||||||||||
2.950%, 05/14/2030(1)(2) | 10,000,000 | 10,524,653 | ||||||||||
Liberty Utilities Finance GP 1, | ||||||||||||
2.050%, 09/15/2030(1)(2) | 10,000,000 | 9,641,690 | ||||||||||
National Rural Utilities | ||||||||||||
Cooperative Finance Corp., | ||||||||||||
8.000%, 03/01/2032 | 4,659,000 | 7,038,872 | ||||||||||
NiSource, Inc.: | ||||||||||||
3.600%, 05/01/2030 | 4,585,000 | 5,076,543 | ||||||||||
5.250%, 02/15/2043 | 5,779,000 | 7,611,989 | ||||||||||
3.950%, 03/30/2048 | 11,750,000 | 13,392,183 | ||||||||||
Oncor Electric Delivery Co. LLC, | ||||||||||||
2.750%, 05/15/2030 | 9,500,000 | 10,095,421 | ||||||||||
RGS I&M Funding Corp., | ||||||||||||
9.820%, 12/07/2022 | 103,087 | 104,581 | ||||||||||
Southern Co., | ||||||||||||
4.250%, 07/01/2036 | 5,525,000 | 6,400,123 | ||||||||||
Talent Yield Investments Ltd., | ||||||||||||
4.500%, 04/25/2022(1)(2) | 1,785,000 | 1,831,784 | ||||||||||
Xcel Energy, Inc., | ||||||||||||
3.400%, 06/01/2030 | 15,000,000 | 16,442,033 | ||||||||||
Total Utilities | ||||||||||||
(Cost $480,210,702) | 512,906,140 | 1.4 | % | |||||||||
Financials | ||||||||||||
ABN AMRO Bank NV: | ||||||||||||
7.750%, 05/15/2023(1)(2) | 7,200,000 | 8,010,355 | ||||||||||
4.750%, 07/28/2025(1)(2) | 62,453,000 | 70,005,816 | ||||||||||
4.800%, 04/18/2026(1)(2) | 24,705,000 | 28,009,541 | ||||||||||
1.542%, 06/16/2027 | ||||||||||||
(1 Year CMT Rate + 0.800%)(1)(2)(3) | 5,000,000 | 4,966,287 | ||||||||||
AerCap Holdings NV: | ||||||||||||
4.875%, 01/16/2024(1) | 20,000,000 | 21,772,796 | ||||||||||
2.875%, 08/14/2024(1) | 20,000,000 | 20,915,189 | ||||||||||
AIA Group Ltd., | ||||||||||||
3.200%, 03/11/2025(1)(2) | 6,000,000 | 6,376,980 |
The accompanying notes are an integral part of these financial statements.
Page 44
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Air Lease Corp.: | ||||||||||||
4.250%, 02/01/2024 | $ | 8,550,000 | $ | 9,270,862 | ||||||||
2.300%, 02/01/2025 | 15,000,000 | 15,506,728 | ||||||||||
American International Group, Inc.: | ||||||||||||
4.875%, 06/01/2022 | 17,698,000 | 18,422,262 | ||||||||||
4.125%, 02/15/2024 | 893,000 | 972,385 | ||||||||||
3.750%, 07/10/2025 | 12,135,000 | 13,372,184 | ||||||||||
3.875%, 01/15/2035 | 4,875,000 | 5,513,167 | ||||||||||
6.820%, 11/15/2037 | 1,410,000 | 1,953,386 | ||||||||||
Ameriprise Financial, Inc., | ||||||||||||
3.000%, 04/02/2025 | 13,700,000 | 14,679,287 | ||||||||||
AmSouth Bancorporation, | ||||||||||||
6.750%, 11/01/2025 | 223,000 | 269,747 | ||||||||||
Anthem, Inc.: | ||||||||||||
2.375%, 01/15/2025 | 6,000,000 | 6,283,320 | ||||||||||
5.100%, 01/15/2044 | 1,584,000 | 2,083,624 | ||||||||||
4.375%, 12/01/2047 | 8,650,000 | 10,550,029 | ||||||||||
ANZ New Zealand (Int’l) Ltd., | ||||||||||||
3.400%, 03/19/2024(1)(2) | 2,000,000 | 2,145,919 | ||||||||||
Aon PLC: | ||||||||||||
4.000%, 11/27/2023 | 6,150,000 | 6,591,488 | ||||||||||
3.875%, 12/15/2025 | 9,126,000 | 10,133,293 | ||||||||||
4.450%, 05/24/2043 | 1,274,000 | 1,510,889 | ||||||||||
Arthur J. Gallagher & Co., | ||||||||||||
3.500%, 05/20/2051 | 5,625,000 | 5,891,102 | ||||||||||
ASB Bank Ltd., | ||||||||||||
3.750%, 06/14/2023(1)(2) | 10,000,000 | 10,631,561 | ||||||||||
Australia & New Zealand | ||||||||||||
Banking Group Ltd.: | ||||||||||||
4.500%, 03/19/2024(1)(2) | 44,423,000 | 48,603,481 | ||||||||||
2.950%, 07/22/2030 | ||||||||||||
(5 Year CMT Rate + 1.288%)(1)(2)(3) | 5,000,000 | 5,201,750 | ||||||||||
2.570%, 11/25/2035 | ||||||||||||
(5 Year CMT Rate + 1.700%)(1)(2)(3) | 15,000,000 | 14,570,700 | ||||||||||
Banco Bilbao Vizcaya Argentaria SA, | ||||||||||||
1.125%, 09/18/2025(1) | 10,000,000 | 9,912,366 | ||||||||||
Banco Santander SA: | ||||||||||||
3.500%, 04/11/2022(1) | 13,000,000 | 13,315,538 | ||||||||||
2.746%, 05/28/2025(1) | 7,000,000 | 7,376,588 | ||||||||||
5.179%, 11/19/2025(1) | 16,183,000 | 18,494,620 | ||||||||||
4.379%, 04/12/2028(1) | 13,400,000 | 15,313,748 | ||||||||||
3.490%, 05/28/2030(1) | 5,000,000 | 5,399,058 | ||||||||||
2.749%, 12/03/2030(1) | 19,250,000 | 19,069,396 | ||||||||||
Bank of America Corp.: | ||||||||||||
3.300%, 01/11/2023 | 7,000,000 | 7,306,250 | ||||||||||
4.125%, 01/22/2024 | 15,000,000 | 16,331,747 | ||||||||||
3.458%, 03/15/2025 | ||||||||||||
(3 Month LIBOR USD + 0.970%)(3) | 28,881,000 | 30,867,557 | ||||||||||
3.093%, 10/01/2025 | ||||||||||||
(3 Month LIBOR USD + 1.090%)(3) | 15,000,000 | 15,979,013 | ||||||||||
2.456%, 10/22/2025 | ||||||||||||
(3 Month LIBOR USD + 0.870%)(3) | 17,775,000 | 18,594,337 | ||||||||||
3.559%, 04/23/2027 | ||||||||||||
(3 Month LIBOR USD + 1.060%)(3) | 9,000,000 | 9,857,013 | ||||||||||
1.734%, 07/22/2027 | ||||||||||||
(SOFR + 0.960%)(3) | 10,000,000 | 10,076,912 | ||||||||||
3.248%, 10/21/2027 | 6,000,000 | 6,508,437 | ||||||||||
3.419%, 12/20/2028 | ||||||||||||
(3 Month LIBOR USD + 1.040%)(3) | 37,683,000 | 41,040,910 | ||||||||||
2.087%, 06/14/2029 | ||||||||||||
(SOFR + 1.060%)(3) | 15,000,000 | 15,121,376 | ||||||||||
3.194%, 07/23/2030 | ||||||||||||
(3 Month LIBOR USD + 1.180%)(3) | 5,000,000 | 5,382,811 | ||||||||||
2.496%, 02/13/2031 | ||||||||||||
(3 Month LIBOR USD + 0.990%)(3) | 13,000,000 | 13,272,919 | ||||||||||
2.592%, 04/29/2031 | ||||||||||||
(SOFR + 2.150%)(3) | 60,000,000 | 61,856,232 | ||||||||||
7.750%, 05/14/2038 | 1,138,000 | 1,796,131 | ||||||||||
Bank of New Zealand, | ||||||||||||
2.000%, 02/21/2025(1)(2) | 16,000,000 | 16,544,373 | ||||||||||
Bank of Nova Scotia, | ||||||||||||
4.500%, 12/16/2025(1) | 8,500,000 | 9,628,186 | ||||||||||
Bank of Tokyo-Mitsubishi UFJ Ltd.: | ||||||||||||
4.100%, 09/09/2023(1)(2) | 2,911,000 | 3,140,646 | ||||||||||
3.750%, 03/10/2024(1)(2) | 2,800,000 | 3,025,994 | ||||||||||
Banque Federative du Credit Mutuel SA, | ||||||||||||
3.750%, 07/20/2023(1)(2) | 34,100,000 | 36,336,022 | ||||||||||
Barclays PLC: | ||||||||||||
3.684%, 01/10/2023(1) | 25,475,000 | 25,910,764 | ||||||||||
4.610%, 02/15/2023 | ||||||||||||
(3 Month LIBOR USD + 1.400%)(1)(3) | 10,000,000 | 10,256,024 | ||||||||||
4.338%, 05/16/2024 | ||||||||||||
(3 Month LIBOR USD + 1.356%)(1)(3) | 13,000,000 | 13,860,416 | ||||||||||
3.650%, 03/16/2025(1) | 8,100,000 | 8,770,518 | ||||||||||
3.932%, 05/07/2025 | ||||||||||||
(3 Month LIBOR USD + 1.610%)(1)(3) | 34,300,000 | 37,026,967 | ||||||||||
2.852%, 05/07/2026 | ||||||||||||
(3 Month LIBOR USD + 2.714%)(1)(3) | 10,000,000 | 10,564,728 | ||||||||||
BBVA USA: | ||||||||||||
2.875%, 06/29/2022 | 8,000,000 | 8,189,317 | ||||||||||
3.875%, 04/10/2025 | 36,235,000 | 39,922,971 | ||||||||||
Belrose Funding Trust, | ||||||||||||
2.330%, 08/15/2030(2) | 13,950,000 | 13,670,518 | ||||||||||
BNP Paribas SA: | ||||||||||||
3.375%, 01/09/2025(1)(2) | 8,350,000 | 8,955,896 | ||||||||||
2.819%, 11/19/2025 (3 Month LIBOR | ||||||||||||
USD + 1.111%)(1)(2)(3) | 17,100,000 | 17,991,618 | ||||||||||
4.375%, 05/12/2026(1)(2) | 45,131,000 | 50,222,408 | ||||||||||
2.219%, 06/09/2026 | ||||||||||||
(SOFR + 2.074%)(1)(2)(3) | 15,000,000 | 15,459,102 | ||||||||||
1.323%, 01/13/2027 | ||||||||||||
(SOFR + 1.004%)(1)(2)(3) | 20,000,000 | 19,757,703 | ||||||||||
4.625%, 03/13/2027(1)(2) | 4,500,000 | 5,078,102 | ||||||||||
1.904%, 09/30/2028 | ||||||||||||
(SOFR + 1.609%)(1)(2)(3) | 27,000,000 | 26,816,107 | ||||||||||
2.871%, 04/19/2032 | ||||||||||||
(SOFR + 1.387%)(1)(2)(3) | 19,075,000 | 19,589,463 | ||||||||||
2.588%, 08/12/2035 | ||||||||||||
(5 Year CMT Rate + 2.050%)(1)(2)(3) | 14,000,000 | 13,676,781 | ||||||||||
BNZ International Funding Ltd.: | ||||||||||||
2.650%, 11/03/2022(1)(2) | 20,350,000 | 20,996,726 | ||||||||||
3.375%, 03/01/2023(1)(2) | 20,000,000 | 20,987,089 | ||||||||||
BPCE SA: | ||||||||||||
5.700%, 10/22/2023(1)(2) | 22,955,000 | 25,412,697 | ||||||||||
4.000%, 04/15/2024(1) | 2,500,000 | 2,728,203 | ||||||||||
5.150%, 07/21/2024(1)(2) | 31,285,000 | 34,857,469 | ||||||||||
2.375%, 01/14/2025(1)(2) | 12,000,000 | 12,494,847 | ||||||||||
4.500%, 03/15/2025(1)(2) | 55,492,000 | 61,140,981 | ||||||||||
1.652%, 10/06/2026 | ||||||||||||
(SOFR + 1.520%)(1)(2)(3) | 15,000,000 | 15,066,201 | ||||||||||
2.277%, 01/20/2032 | ||||||||||||
(SOFR + 1.312%)(1)(2)(3) | 12,850,000 | 12,605,187 | ||||||||||
Brown & Brown, Inc.: | ||||||||||||
4.500%, 03/15/2029 | 23,825,000 | 27,404,772 | ||||||||||
2.375%, 03/15/2031 | 27,360,000 | 27,336,624 | ||||||||||
Canadian Imperial Bank of Commerce, | ||||||||||||
3.100%, 04/02/2024(1) | 37,700,000 | 40,057,972 |
The accompanying notes are an integral part of these financial statements.
Page 45
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Capital One Financial Corp.: | ||||||||||||
3.200%, 01/30/2023 | $ | 6,550,000 | $ | 6,820,019 | ||||||||
3.900%, 01/29/2024 | 4,550,000 | 4,910,451 | ||||||||||
3.300%, 10/30/2024 | 2,998,000 | 3,228,942 | ||||||||||
3.650%, 05/11/2027 | 26,000,000 | 28,859,361 | ||||||||||
Capital One NA, | ||||||||||||
3.375%, 02/15/2023 | 45,962,000 | 48,091,635 | ||||||||||
Centene Corp., | ||||||||||||
2.500%, 03/01/2031 | 35,000,000 | 34,518,750 | ||||||||||
Citigroup, Inc.: | ||||||||||||
2.350%, 08/02/2021 | 6,100,000 | 6,110,699 | ||||||||||
2.750%, 04/25/2022 | 11,575,000 | 11,788,518 | ||||||||||
3.142%, 01/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.722%)(3) | 12,200,000 | 12,384,600 | ||||||||||
2.876%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.950%)(3) | 20,350,000 | 20,872,480 | ||||||||||
1.565%, 09/01/2023 | ||||||||||||
(3 Month LIBOR USD + 1.430%)(3) | 7,000,000 | 7,098,815 | ||||||||||
4.044%, 06/01/2024 | ||||||||||||
(3 Month LIBOR USD + 1.023%)(3) | 22,600,000 | 24,071,319 | ||||||||||
3.750%, 06/16/2024 | 1,000,000 | 1,087,568 | ||||||||||
3.352%, 04/24/2025 | ||||||||||||
(3 Month LIBOR USD + 0.897%)(3) | 5,650,000 | 6,020,373 | ||||||||||
3.700%, 01/12/2026 | 4,500,000 | 4,976,385 | ||||||||||
3.106%, 04/08/2026 | ||||||||||||
(SOFR + 2.842%)(3) | 20,000,000 | 21,403,858 | ||||||||||
3.887%, 01/10/2028 | ||||||||||||
(3 Month LIBOR USD + 1.563%)(3) | 20,600,000 | 22,926,685 | ||||||||||
3.668%, 07/24/2028 | ||||||||||||
(3 Month LIBOR USD + 1.390%)(3) | 3,142,000 | 3,465,251 | ||||||||||
3.520%, 10/27/2028 | ||||||||||||
(3 Month LIBOR USD + 1.151%)(3) | 1,500,000 | 1,642,629 | ||||||||||
2.572%, 06/03/2031 | ||||||||||||
(SOFR + 2.107%)(3) | 25,000,000 | 25,700,556 | ||||||||||
2.561%, 05/01/2032 | ||||||||||||
(SOFR + 1.167%)(3) | 6,000,000 | 6,107,711 | ||||||||||
Citizens Bank NA: | ||||||||||||
2.250%, 04/28/2025 | 20,000,000 | 20,896,183 | ||||||||||
3.750%, 02/18/2026 | 12,120,000 | 13,405,036 | ||||||||||
Citizens Financial Group, Inc.: | ||||||||||||
2.850%, 07/27/2026 | 10,000,000 | 10,657,644 | ||||||||||
3.250%, 04/30/2030 | 28,025,000 | 30,363,874 | ||||||||||
CNA Financial Corp.: | ||||||||||||
7.250%, 11/15/2023 | 4,000,000 | 4,596,546 | ||||||||||
4.500%, 03/01/2026 | 14,000,000 | 15,877,148 | ||||||||||
3.450%, 08/15/2027 | 12,000,000 | 13,151,173 | ||||||||||
3.900%, 05/01/2029 | 8,000,000 | 8,979,795 | ||||||||||
Comerica Bank, | ||||||||||||
4.000%, 07/27/2025 | 10,000,000 | 11,038,853 | ||||||||||
Commonwealth Bank of Australia: | ||||||||||||
2.688%, 03/11/2031(1)(2) | 10,000,000 | 9,997,490 | ||||||||||
3.610%, 09/12/2034 | ||||||||||||
(5 Year CMT Rate + 2.050%)(1)(2)(3) | 10,000,000 | 10,584,400 | ||||||||||
3.743%, 09/12/2039(1)(2) | 23,500,000 | 25,891,701 | ||||||||||
Cooperatieve Rabobank UA: | ||||||||||||
4.625%, 12/01/2023(1) | 14,630,000 | 15,997,618 | ||||||||||
4.375%, 08/04/2025(1) | 20,397,000 | 22,775,064 | ||||||||||
3.750%, 07/21/2026(1) | 20,829,000 | 22,937,054 | ||||||||||
Credit Agricole SA: | ||||||||||||
3.375%, 01/10/2022(1)(2) | 10,180,000 | 10,343,319 | ||||||||||
3.750%, 04/24/2023(1)(2) | 5,000,000 | 5,287,481 | ||||||||||
4.375%, 03/17/2025(1)(2) | 4,204,000 | 4,622,936 | ||||||||||
1.248%, 01/26/2027 | ||||||||||||
(SOFR + 0.892%)(1)(2)(3) | 20,000,000 | 19,690,672 | ||||||||||
3.250%, 01/14/2030(1)(2) | 6,800,000 | 7,158,735 | ||||||||||
4.000%, 01/10/2033 (5 Year Swap | ||||||||||||
Rate USD + 1.644%)(1)(2)(3) | 8,000,000 | 8,686,009 | ||||||||||
Credit Suisse AG, | ||||||||||||
3.625%, 09/09/2024(1) | 4,325,000 | 4,698,781 | ||||||||||
Credit Suisse Group AG: | ||||||||||||
3.574%, 01/09/2023(1)(2) | 17,000,000 | 17,269,203 | ||||||||||
4.207%, 06/12/2024 (3 Month | ||||||||||||
LIBOR USD + 1.240%)(1)(2)(3) | 8,325,000 | 8,866,604 | ||||||||||
2.593%, 09/11/2025 | ||||||||||||
(SOFR + 1.560%)(1)(2)(3) | 12,250,000 | 12,744,590 | ||||||||||
2.193%, 06/05/2026 | ||||||||||||
(SOFR + 2.044%)(1)(2)(3) | 15,000,000 | 15,358,656 | ||||||||||
1.305%, 02/02/2027 | ||||||||||||
(SOFR + 0.980%)(1)(2)(3) | 40,000,000 | 39,178,024 | ||||||||||
4.282%, 01/09/2028(1)(2) | 17,403,000 | 19,358,869 | ||||||||||
3.869%, 01/12/2029 (3 Month | ||||||||||||
LIBOR USD + 1.410%)(1)(2)(3) | 11,000,000 | 12,112,911 | ||||||||||
4.194%, 04/01/2031 | ||||||||||||
(SOFR + 3.730%)(1)(2)(3) | 20,000,000 | 22,476,572 | ||||||||||
3.091%, 05/14/2032 | ||||||||||||
(SOFR + 1.730%)(1)(2)(3) | 10,000,000 | 10,302,516 | ||||||||||
Credit Suisse Group Funding | ||||||||||||
Guernsey Ltd.: | ||||||||||||
3.800%, 06/09/2023(1) | 14,550,000 | 15,419,745 | ||||||||||
4.550%, 04/17/2026(1) | 2,000,000 | 2,265,224 | ||||||||||
Credit Suisse USA, Inc., | ||||||||||||
7.125%, 07/15/2032(1) | 5,063,000 | 7,325,755 | ||||||||||
CyrusOne LP / CyrusOne Finance Corp., | ||||||||||||
2.150%, 11/01/2030 | 11,000,000 | 10,435,867 | ||||||||||
Daiwa Securities Group, Inc., | ||||||||||||
3.129%, 04/19/2022(1)(2) | 12,000,000 | 12,266,362 | ||||||||||
Danske Bank A/S, | ||||||||||||
1.621%, 09/11/2026 | ||||||||||||
(1 Year CMT Rate + 1.350%)(1)(2)(3) | 10,000,000 | 10,009,361 | ||||||||||
Deutsche Bank AG: | ||||||||||||
4.250%, 10/14/2021(1) | 36,125,000 | 36,516,716 | ||||||||||
5.000%, 02/14/2022(1) | 10,000,000 | 10,273,547 | ||||||||||
3.300%, 11/16/2022(1) | 22,175,000 | 22,972,635 | ||||||||||
3.700%, 05/30/2024(1) | 10,000,000 | 10,713,424 | ||||||||||
2.222%, 09/18/2024 | ||||||||||||
(SOFR + 2.159%)(1)(3) | 52,000,000 | 53,405,081 | ||||||||||
2.129%, 11/24/2026 | ||||||||||||
(SOFR + 1.870%)(1)(3) | 17,000,000 | 17,250,021 | ||||||||||
3.035%, 05/28/2032 | ||||||||||||
(SOFR + 1.718%)(1)(3) | 14,000,000 | 14,235,870 | ||||||||||
Discover Bank: | ||||||||||||
3.350%, 02/06/2023 | 8,600,000 | 8,959,099 | ||||||||||
4.200%, 08/08/2023 | 20,000,000 | 21,535,177 | ||||||||||
3.450%, 07/27/2026 | 22,000,000 | 24,016,373 | ||||||||||
4.650%, 09/13/2028 | 13,747,000 | 16,132,762 | ||||||||||
Discover Financial Services: | ||||||||||||
3.950%, 11/06/2024 | 10,000,000 | 10,898,635 | ||||||||||
4.100%, 02/09/2027 | 15,150,000 | 16,952,256 | ||||||||||
DNB Bank ASA: | ||||||||||||
1.127%, 09/16/2026 | ||||||||||||
(5 Year CMT Rate + 0.850%)(1)(2)(3) | 10,000,000 | 9,922,579 | ||||||||||
1.535%, 05/25/2027 | ||||||||||||
(1 Year CMT Rate + 0.720%)(1)(2)(3) | 7,000,000 | 7,012,730 | ||||||||||
Extra Space Storage LP, | ||||||||||||
2.550%, 06/01/2031 | 10,000,000 | 10,069,383 |
The accompanying notes are an integral part of these financial statements.
Page 46
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Federation des Caisses | ||||||||||||
Desjardins du Quebec, | ||||||||||||
2.050%, 02/10/2025(1)(2) | $ | 12,100,000 | $ | 12,498,419 | ||||||||
FirstMerit Bank NA, | ||||||||||||
4.270%, 11/25/2026 | 4,600,000 | 5,173,861 | ||||||||||
Five Corners Funding Trust, | ||||||||||||
4.419%, 11/15/2023(2) | 11,330,000 | 12,351,849 | ||||||||||
Five Corners Funding Trust II, | ||||||||||||
2.850%, 05/15/2030(2) | 30,000,000 | 31,595,293 | ||||||||||
FMR LLC, | ||||||||||||
4.950%, 02/01/2033(2) | 1,750,000 | 2,197,236 | ||||||||||
GE Capital Funding LLC: | ||||||||||||
4.050%, 05/15/2027 | 8,975,000 | 10,157,785 | ||||||||||
4.550%, 05/15/2032 | 10,000,000 | 11,937,180 | ||||||||||
GE Capital International | ||||||||||||
Funding Co. Unlimited Co., | ||||||||||||
4.418%, 11/15/2035 | 66,698,000 | 79,936,318 | ||||||||||
Globe Life, Inc.: | ||||||||||||
3.800%, 09/15/2022 | 12,475,000 | 12,960,465 | ||||||||||
4.550%, 09/15/2028 | 5,000,000 | 5,854,146 | ||||||||||
Goldman Sachs Group, Inc.: | ||||||||||||
2.908%, 06/05/2023 | ||||||||||||
(3 Month LIBOR USD + 1.053%)(3) | 12,000,000 | 12,266,345 | ||||||||||
2.905%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.990%)(3) | 8,000,000 | 8,200,739 | ||||||||||
1.735%, 11/29/2023 | ||||||||||||
(3 Month LIBOR USD + 1.600%)(3) | 5,000,000 | 5,159,350 | ||||||||||
3.850%, 07/08/2024 | 3,000,000 | 3,244,995 | ||||||||||
3.500%, 01/23/2025 | 3,000,000 | 3,243,587 | ||||||||||
3.500%, 04/01/2025 | 5,000,000 | 5,424,487 | ||||||||||
3.750%, 05/22/2025 | 5,000,000 | 5,469,727 | ||||||||||
3.272%, 09/29/2025 | ||||||||||||
(3 Month LIBOR USD + 1.201%)(3) | 15,000,000 | 16,046,754 | ||||||||||
1.093%, 12/09/2026 | ||||||||||||
(SOFR + 0.789%)(3) | 10,000,000 | 9,844,734 | ||||||||||
1.934%, 10/28/2027 | ||||||||||||
(3 Month LIBOR USD + 1.750%)(3) | 10,000,000 | 10,593,800 | ||||||||||
3.691%, 06/05/2028 | ||||||||||||
(3 Month LIBOR USD + 1.510%)(3) | 6,775,000 | 7,480,335 | ||||||||||
4.223%, 05/01/2029 | ||||||||||||
(3 Month LIBOR USD + 1.301%)(3) | 10,000,000 | 11,404,956 | ||||||||||
3.800%, 03/15/2030 | 30,000,000 | 33,716,840 | ||||||||||
1.992%, 01/27/2032 | ||||||||||||
(SOFR + 1.090%)(3) | 10,000,000 | 9,711,944 | ||||||||||
2.615%, 04/22/2032 | ||||||||||||
(SOFR + 1.281%)(3) | 9,625,000 | 9,832,584 | ||||||||||
6.345%, 02/15/2034 | 1,053,000 | 1,475,803 | ||||||||||
Guardian Life Global Funding, | ||||||||||||
3.400%, 04/25/2023(2) | 6,950,000 | 7,320,546 | ||||||||||
Guardian Life Insurance Co. of America: | ||||||||||||
4.875%, 06/19/2064(2) | 5,000,000 | 6,385,687 | ||||||||||
3.700%, 01/22/2070(2) | 15,062,000 | 15,573,423 | ||||||||||
4.850%, 01/24/2077(2) | 22,227,000 | 28,462,270 | ||||||||||
Hanover Insurance Group, Inc., | ||||||||||||
2.500%, 09/01/2030 | 10,550,000 | 10,553,982 | ||||||||||
Hartford Financial Services Group, Inc., | ||||||||||||
3.600%, 08/19/2049 | 7,000,000 | 7,675,055 | ||||||||||
Health Care Service Corp. | ||||||||||||
A Mutual Legal Reserve Co., | ||||||||||||
2.200%, 06/01/2030(2) | 6,125,000 | 6,143,588 | ||||||||||
HSBC Bank PLC, | ||||||||||||
7.650%, 05/01/2025(1) | 2,525,000 | 3,051,091 | ||||||||||
HSBC Bank USA NA, | ||||||||||||
7.000%, 01/15/2039(1) | 4,200,000 | 6,540,314 | ||||||||||
HSBC Holdings PLC: | ||||||||||||
3.262%, 03/13/2023 (3 Month | ||||||||||||
LIBOR USD + 1.055%)(1)(3) | 17,600,000 | 17,955,540 | ||||||||||
3.600%, 05/25/2023(1) | 2,275,000 | 2,408,852 | ||||||||||
3.950%, 05/18/2024 (3 Month | ||||||||||||
LIBOR USD + 0.987%)(1)(3) | 6,000,000 | 6,373,700 | ||||||||||
3.803%, 03/11/2025 (3 Month | ||||||||||||
LIBOR USD + 1.211%)(1)(3) | 26,550,000 | 28,548,797 | ||||||||||
1.645%, 04/18/2026 | ||||||||||||
(SOFR + 1.538%)(1)(3) | 15,000,000 | 15,201,115 | ||||||||||
4.292%, 09/12/2026 (3 Month | ||||||||||||
LIBOR USD + 1.348%)(1)(3) | 7,450,000 | 8,290,971 | ||||||||||
4.375%, 11/23/2026(1) | 10,000,000 | 11,275,999 | ||||||||||
1.589%, 05/24/2027 | ||||||||||||
(SOFR + 1.290%)(1)(3) | 12,500,000 | 12,524,093 | ||||||||||
2.013%, 09/22/2028 | ||||||||||||
(SOFR + 1.732%)(1)(3) | 25,000,000 | 25,085,167 | ||||||||||
4.950%, 03/31/2030(1) | 7,000,000 | 8,447,679 | ||||||||||
3.973%, 05/22/2030 (3 Month | ||||||||||||
LIBOR USD + 1.610%)(1)(3) | 2,000,000 | 2,238,553 | ||||||||||
2.804%, 05/24/2032 | ||||||||||||
(SOFR + 1.187%)(1)(3) | 9,000,000 | 9,236,242 | ||||||||||
Invesco Finance PLC: | ||||||||||||
3.125%, 11/30/2022 | 5,902,000 | 6,120,163 | ||||||||||
3.750%, 01/15/2026 | 4,900,000 | 5,416,686 | ||||||||||
Jackson National Life Global Funding, | ||||||||||||
3.250%, 01/30/2024(1)(2) | 23,475,000 | 24,995,632 | ||||||||||
Jefferies Group LLC: | ||||||||||||
4.850%, 01/15/2027 | 4,600,000 | 5,350,613 | ||||||||||
4.150%, 01/23/2030 | 10,000,000 | 11,198,597 | ||||||||||
6.250%, 01/15/2036 | 1,390,000 | 1,857,672 | ||||||||||
John Hancock Life Insurance Co., | ||||||||||||
7.375%, 02/15/2024(1)(2) | 13,339,000 | 15,520,114 | ||||||||||
JPMorgan Chase & Co.: | ||||||||||||
1.406%, 10/24/2023 | ||||||||||||
(3 Month LIBOR USD + 1.230%)(3) | 15,000,000 | 15,215,250 | ||||||||||
3.559%, 04/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.730%)(3) | 15,000,000 | 15,816,881 | ||||||||||
3.125%, 01/23/2025 | 14,000,000 | 15,023,536 | ||||||||||
2.301%, 10/15/2025 | ||||||||||||
(SOFR + 1.160%)(3) | 10,000,000 | 10,415,200 | ||||||||||
2.005%, 03/13/2026 | ||||||||||||
(SOFR + 1.585%)(3) | 50,000,000 | 51,619,994 | ||||||||||
2.083%, 04/22/2026 | ||||||||||||
(SOFR + 1.850%)(3) | 76,000,000 | 78,587,356 | ||||||||||
1.045%, 11/19/2026 | ||||||||||||
(SOFR + 0.800%)(3) | 25,000,000 | 24,683,568 | ||||||||||
1.578%, 04/22/2027 | ||||||||||||
(SOFR + 0.885%)(3) | 25,000,000 | 25,129,526 | ||||||||||
2.522%, 04/22/2031 | ||||||||||||
(SOFR + 2.040%)(3) | 28,000,000 | 28,811,804 | ||||||||||
1.953%, 02/04/2032 | ||||||||||||
(SOFR + 1.065%)(3) | 22,000,000 | 21,366,371 | ||||||||||
2.580%, 04/22/2032 | ||||||||||||
(SOFR + 1.250%)(3) | 10,000,000 | 10,263,397 | ||||||||||
5.600%, 07/15/2041 | 4,106,000 | 5,757,567 | ||||||||||
KeyBank NA: | ||||||||||||
3.180%, 05/22/2022 | 6,500,000 | 6,667,862 | ||||||||||
3.400%, 05/20/2026 | 18,965,000 | 20,663,902 | ||||||||||
LeasePlan Corp. NV, | ||||||||||||
2.875%, 10/24/2024(1)(2) | 59,600,000 | 62,592,934 | ||||||||||
Lexington Realty Trust, | ||||||||||||
2.700%, 09/15/2030 | 7,000,000 | 7,115,506 |
The accompanying notes are an integral part of these financial statements.
Page 47
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Liberty Mutual Group, Inc.: | ||||||||||||
4.250%, 06/15/2023(2) | $ | 591,000 | $ | 631,228 | ||||||||
4.569%, 02/01/2029(2) | 2,087,000 | 2,437,924 | ||||||||||
3.951%, 10/15/2050(2) | 2,231,000 | 2,485,118 | ||||||||||
Liberty Mutual Insurance Co., | ||||||||||||
7.697%, 10/15/2097(2) | 465,000 | 722,883 | ||||||||||
Life Storage LP, | ||||||||||||
3.500%, 07/01/2026 | 6,819,000 | 7,459,354 | ||||||||||
Lincoln National Corp., | ||||||||||||
3.050%, 01/15/2030 | 24,650,000 | 26,309,566 | ||||||||||
Lloyds Bank PLC: | ||||||||||||
2.907%, 11/07/2023 (3 Month | ||||||||||||
LIBOR USD + 0.810%)(1)(3) | 18,669,000 | 19,249,819 | ||||||||||
3.870%, 07/09/2025 | ||||||||||||
(1 Year CMT Rate + 3.500%)(1)(3) | 15,000,000 | 16,250,572 | ||||||||||
2.438%, 02/05/2026 | ||||||||||||
(1 Year CMT Rate + 1.000%)(1)(3) | 15,725,000 | 16,398,421 | ||||||||||
1.627%, 05/11/2027 | ||||||||||||
(1 Year CMT Rate + 0.850%)(1)(3) | 5,000,000 | 5,002,583 | ||||||||||
3.574%, 11/07/2028 (3 Month | ||||||||||||
LIBOR USD + 1.205%)(1)(3) | 10,000,000 | 10,937,743 | ||||||||||
Macquarie Bank Ltd.: | ||||||||||||
4.875%, 06/10/2025(1)(2) | 23,717,000 | 26,524,843 | ||||||||||
3.624%, 06/03/2030(1)(2) | 12,550,000 | 13,265,589 | ||||||||||
Macquarie Group Ltd.: | ||||||||||||
3.189%, 11/28/2023 (3 Month | �� | |||||||||||
LIBOR USD + 1.023%)(1)(2)(3) | 29,067,000 | 30,104,968 | ||||||||||
4.150%, 03/27/2024 (3 Month | ||||||||||||
LIBOR USD + 1.330%)(1)(2)(3) | 24,000,000 | 25,402,476 | ||||||||||
1.340%, 01/12/2027 | ||||||||||||
(SOFR + 1.069%)(1)(2)(3) | 9,000,000 | 8,924,426 | ||||||||||
Manulife Financial Corp.: | ||||||||||||
4.150%, 03/04/2026(1) | 10,000,000 | 11,272,162 | ||||||||||
5.375%, 03/04/2046(1) | 5,150,000 | 7,223,086 | ||||||||||
Marsh & McLennan Companies, Inc.: | ||||||||||||
2.250%, 11/15/2030 | 5,000,000 | 5,064,263 | ||||||||||
5.875%, 08/01/2033 | 4,700,000 | 6,352,993 | ||||||||||
4.350%, 01/30/2047 | 3,450,000 | 4,311,333 | ||||||||||
Massachusetts Mutual Life Insurance Co.: | ||||||||||||
5.077%, 02/15/2069 | 23,170,000 | 28,602,949 | ||||||||||
3.729%, 10/15/2070(2) | 16,676,000 | 17,687,537 | ||||||||||
4.900%, 04/01/2077(2) | 11,175,000 | 14,502,533 | ||||||||||
MBIA Insurance Corp., | ||||||||||||
11.444%, 01/15/2033 (3 Month | ||||||||||||
LIBOR USD + 11.260%)(2)(3)(9) | 714,000 | 209,738 | ||||||||||
MetLife, Inc.: | ||||||||||||
6.500%, 12/15/2032 | 466,000 | 661,809 | ||||||||||
4.875%, 11/13/2043 | 3,375,000 | 4,447,255 | ||||||||||
4.050%, 03/01/2045 | 12,375,000 | 14,742,233 | ||||||||||
Metropolitan Life Global Funding I, | ||||||||||||
2.950%, 04/09/2030(2) | 10,000,000 | 10,735,741 | ||||||||||
Metropolitan Life Insurance Co., | ||||||||||||
7.800%, 11/01/2025(2) | 6,300,000 | 7,960,940 | ||||||||||
Mitsubishi UFJ Financial Group, Inc.: | ||||||||||||
2.190%, 09/13/2021(1) | 6,844,000 | 6,871,030 | ||||||||||
2.665%, 07/25/2022(1) | 9,000,000 | 9,223,229 | ||||||||||
3.455%, 03/02/2023(1) | 10,650,000 | 11,185,859 | ||||||||||
2.801%, 07/18/2024(1) | 10,000,000 | 10,588,941 | ||||||||||
2.193%, 02/25/2025(1) | 25,000,000 | 26,018,334 | ||||||||||
Mizuho Financial Group, Inc.: | ||||||||||||
2.953%, 02/28/2022(1) | 2,575,000 | 2,621,060 | ||||||||||
2.601%, 09/11/2022(1) | 13,000,000 | 13,350,396 | ||||||||||
3.922%, 09/11/2024 (3 Month | ||||||||||||
LIBOR USD + 1.000%)(1)(3) | 5,000,000 | 5,356,449 | ||||||||||
2.555%, 09/13/2025 (3 Month | ||||||||||||
LIBOR USD + 1.362%)(1)(3) | 20,000,000 | 20,938,800 | ||||||||||
1.234%, 05/22/2027 | ||||||||||||
(1 Year CMT Rate + 0.670%)(1)(3) | 8,000,000 | 7,882,552 | ||||||||||
1.979%, 09/08/2031 (3 Month | ||||||||||||
LIBOR USD + 1.532%)(1)(3) | 15,000,000 | 14,673,222 | ||||||||||
Morgan Stanley: | ||||||||||||
2.750%, 05/19/2022 | 10,000,000 | 10,223,008 | ||||||||||
1.576%, 10/24/2023 | ||||||||||||
(3 Month LIBOR USD + 1.400%)(3) | 8,000,000 | 8,130,040 | ||||||||||
3.737%, 04/24/2024 | ||||||||||||
(3 Month LIBOR USD + 0.847%)(3) | 6,455,000 | 6,826,845 | ||||||||||
3.875%, 04/29/2024 | 1,650,000 | 1,794,579 | ||||||||||
3.700%, 10/23/2024 | 4,000,000 | 4,363,999 | ||||||||||
3.591%, 07/22/2028 | ||||||||||||
(3 Month LIBOR USD + 1.340%)(3) | 12,000,000 | 13,293,017 | ||||||||||
3.772%, 01/24/2029 | ||||||||||||
(3 Month LIBOR USD + 1.140%)(3) | 1,000,000 | 1,122,328 | ||||||||||
3.622%, 04/01/2031 | ||||||||||||
(SOFR + 3.120%)(3) | 10,000,000 | 11,162,543 | ||||||||||
1.928%, 04/28/2032 | ||||||||||||
(SOFR + 1.020%)(3) | 25,000,000 | 24,300,707 | ||||||||||
National Australia Bank Ltd.: | ||||||||||||
2.332%, 08/21/2030(1)(2) | 54,282,000 | 52,683,984 | ||||||||||
2.990%, 05/21/2031(1)(2) | 9,525,000 | 9,670,676 | ||||||||||
3.933%, 08/02/2034 | ||||||||||||
(5 Year CMT Rate + 1.880%)(1)(2)(3) | 10,000,000 | 10,833,700 | ||||||||||
National Securities Clearing Corp., | ||||||||||||
1.500%, 04/23/2025(2) | 12,124,000 | 12,364,413 | ||||||||||
Nationwide Building Society: | ||||||||||||
3.766%, 03/08/2024 (3 Month | ||||||||||||
LIBOR USD + 1.064%)(1)(2)(3) | 20,000,000 | 21,002,786 | ||||||||||
4.000%, 09/14/2026(1)(2) | 58,507,000 | 64,492,260 | ||||||||||
4.302%, 03/08/2029 (3 Month | ||||||||||||
LIBOR USD + 1.452%)(1)(2)(3) | 20,000,000 | 22,575,418 | ||||||||||
3.960%, 07/18/2030 (3 Month | ||||||||||||
LIBOR USD + 1.855%)(1)(2)(3) | 10,125,000 | 11,367,411 | ||||||||||
4.125%, 10/18/2032 (5 Year Mid | ||||||||||||
Swap Rate USD + 1.849%)(1)(2)(3) | 7,000,000 | 7,638,053 | ||||||||||
Nationwide Financial Services, Inc., | ||||||||||||
3.900%, 11/30/2049(2) | 10,000,000 | 11,033,248 | ||||||||||
Nationwide Mutual Insurance Co.: | ||||||||||||
9.375%, 08/15/2039(2) | 9,000,000 | 15,676,534 | ||||||||||
4.350%, 04/30/2050(2) | 25,000,000 | 28,016,044 | ||||||||||
NatWest Group PLC, | ||||||||||||
1.642%, 06/14/2027 | ||||||||||||
(1 Year CMT Rate + 0.900%)(1)(3) | 20,000,000 | 19,997,497 | ||||||||||
New York Life Insurance Co.: | ||||||||||||
6.750%, 11/15/2039(2) | 12,026,000 | 18,238,587 | ||||||||||
3.750%, 05/15/2050(2) | 17,000,000 | 18,983,545 | ||||||||||
4.450%, 05/15/2069(2) | 10,000,000 | 12,505,637 | ||||||||||
Nomura Holdings, Inc.: | ||||||||||||
2.648%, 01/16/2025(1) | 20,000,000 | 21,011,299 | ||||||||||
1.851%, 07/16/2025(1) | 23,825,000 | 24,353,822 | ||||||||||
Nordea Bank AB, | ||||||||||||
4.250%, 09/21/2022(1)(2) | 15,793,000 | 16,495,225 | ||||||||||
Pacific Life Global Funding II, | ||||||||||||
1.200%, 06/24/2025(2) | 22,300,000 | 22,352,617 | ||||||||||
Peachtree Corners Funding Trust, | ||||||||||||
3.976%, 02/15/2025(2) | 12,295,000 | 13,458,526 | ||||||||||
Penn Mutual Life Insurance Co., | ||||||||||||
3.800%, 04/29/2061(2) | 15,000,000 | 15,520,514 |
The accompanying notes are an integral part of these financial statements.
Page 48
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
People’s United Bank NA, | ||||||||||||
4.000%, 07/15/2024 | $ | 11,400,000 | $ | 12,275,305 | ||||||||
Pine Street Trust I, | ||||||||||||
4.572%, 02/15/2029(2) | 7,825,000 | 8,961,045 | ||||||||||
Principal Financial Group, Inc.: | ||||||||||||
3.300%, 09/15/2022 | 1,860,000 | 1,923,481 | ||||||||||
3.125%, 05/15/2023 | 4,667,000 | 4,889,856 | ||||||||||
4.300%, 11/15/2046 | 2,325,000 | 2,805,464 | ||||||||||
Principal Life Global Funding II: | ||||||||||||
1.250%, 06/23/2025(2) | 16,000,000 | 16,096,596 | ||||||||||
3.000%, 04/18/2026(2) | 13,400,000 | 14,470,437 | ||||||||||
Protective Life Corp.: | ||||||||||||
4.300%, 09/30/2028(1)(2) | 10,000,000 | 11,205,710 | ||||||||||
8.450%, 10/15/2039(1) | 2,650,000 | 4,255,067 | ||||||||||
Prudential Financial, Inc.: | ||||||||||||
6.625%, 12/01/2037 | 5,000,000 | 7,407,386 | ||||||||||
3.935%, 12/07/2049 | 11,426,000 | 13,352,420 | ||||||||||
Raymond James Financial, Inc., | ||||||||||||
4.650%, 04/01/2030 | 9,700,000 | 11,601,821 | ||||||||||
Regions Financial Corp., | ||||||||||||
2.250%, 05/18/2025 | 25,000,000 | 26,032,523 | ||||||||||
Reliance Standard Life Global Funding II, | ||||||||||||
2.500%, 10/30/2024(1)(2) | 22,800,000 | 23,776,811 | ||||||||||
Royal Bank of Canada, | ||||||||||||
4.650%, 01/27/2026(1) | 7,773,000 | 8,905,505 | ||||||||||
Royal Bank of Scotland Group PLC: | ||||||||||||
3.498%, 05/15/2023 (3 Month | ||||||||||||
LIBOR USD + 1.480%)(1)(3) | 10,650,000 | 10,927,321 | ||||||||||
3.875%, 09/12/2023(1) | 10,000,000 | 10,682,454 | ||||||||||
4.269%, 03/22/2025 (3 Month | ||||||||||||
LIBOR USD + 1.762%)(1)(3) | 27,351,000 | 29,667,186 | ||||||||||
3.073%, 05/22/2028 | ||||||||||||
(1 Year CMT Rate + 2.550%)(1)(3) | 15,000,000 | 15,828,935 | ||||||||||
4.892%, 05/18/2029 (3 Month | ||||||||||||
LIBOR USD + 1.754%)(1)(3) | 10,000,000 | 11,711,092 | ||||||||||
5.076%, 01/27/2030 (3 Month | ||||||||||||
LIBOR USD + 1.905%)(1)(3) | 7,000,000 | 8,298,278 | ||||||||||
4.445%, 05/08/2030 (3 Month | ||||||||||||
LIBOR USD + 1.871%)(1)(3) | 35,000,000 | 40,065,031 | ||||||||||
Sammons Financial Group, Inc., | ||||||||||||
3.350%, 04/16/2031(2) | 14,350,000 | 14,769,358 | ||||||||||
Santander Holdings USA, Inc., | ||||||||||||
3.500%, 06/07/2024(1) | 5,695,000 | 6,092,014 | ||||||||||
Santander UK Group Holdings PLC: | ||||||||||||
3.571%, 01/10/2023(1) | 5,000,000 | 5,080,080 | ||||||||||
3.373%, 01/05/2024 (3 Month | ||||||||||||
LIBOR USD + 1.080%)(1)(3) | 5,967,000 | 6,209,444 | ||||||||||
4.796%, 11/15/2024 (3 Month | ||||||||||||
LIBOR USD + 1.570%)(1)(3) | 5,250,000 | 5,740,296 | ||||||||||
1.673%, 06/14/2027 | ||||||||||||
(SOFR + 0.989%)(1)(3) | 9,500,000 | 9,485,468 | ||||||||||
3.823%, 11/03/2028 (3 Month | ||||||||||||
LIBOR USD + 1.400%)(1)(3) | 6,000,000 | 6,597,850 | ||||||||||
Santander UK PLC, | ||||||||||||
5.000%, 11/07/2023(1)(2) | 21,921,000 | 23,897,836 | ||||||||||
SMBC Aviation Capital Finance DAC, | ||||||||||||
3.000%, 07/15/2022(1)(2) | 8,000,000 | 8,182,400 | ||||||||||
Societe Generale SA: | ||||||||||||
3.250%, 01/12/2022(1)(2) | 8,000,000 | 8,124,127 | ||||||||||
4.250%, 09/14/2023(1)(2) | 8,000,000 | 8,597,425 | ||||||||||
5.000%, 01/17/2024(1)(2) | 20,000,000 | 21,767,003 | ||||||||||
3.875%, 03/28/2024(1)(2) | 15,300,000 | 16,444,688 | ||||||||||
2.625%, 10/16/2024(1)(2) | 23,000,000 | 24,014,948 | ||||||||||
2.625%, 01/22/2025(1)(2) | 31,125,000 | 32,470,096 | ||||||||||
4.250%, 04/14/2025(1)(2) | 21,032,000 | 22,838,553 | ||||||||||
4.250%, 08/19/2026(1)(2) | 12,000,000 | 13,128,827 | ||||||||||
1.488%, 12/14/2026 | ||||||||||||
(1 Year CMT Rate + 1.100%)(1)(2)(3) | 12,000,000 | 11,890,981 | ||||||||||
2.889%, 06/09/2032 | ||||||||||||
(1 Year CMT Rate + 1.300%)(1)(2)(3) | 6,775,000 | 6,855,758 | ||||||||||
3.625%, 03/01/2041(1)(2) | 12,000,000 | 12,182,850 | ||||||||||
Standard Chartered PLC: | ||||||||||||
4.247%, 01/20/2023 (3 Month | ||||||||||||
LIBOR USD + 1.150%)(1)(2)(3) | 10,000,000 | 10,203,849 | ||||||||||
3.885%, 03/15/2024 (3 Month | ||||||||||||
LIBOR USD + 1.080%)(1)(2)(3) | 31,557,000 | 33,179,765 | ||||||||||
3.785%, 05/21/2025 (3 Month | ||||||||||||
LIBOR USD + 1.560%)(1)(2)(3) | 26,294,000 | 28,265,548 | ||||||||||
2.819%, 01/30/2026 (3 Month | ||||||||||||
LIBOR USD + 1.209%)(1)(2)(3) | 14,700,000 | 15,428,186 | ||||||||||
1.456%, 01/14/2027 | ||||||||||||
(1 Year CMT Rate + 1.000%)(1)(2)(3) | 13,800,000 | 13,667,988 | ||||||||||
4.644%, 04/01/2031 | ||||||||||||
(5 Year CMT Rate + 3.850%)(1)(2)(3) | 14,700,000 | 17,190,990 | ||||||||||
5.700%, 03/26/2044(1)(2) | 6,000,000 | 7,698,354 | ||||||||||
Stifel Financial Corp.: | ||||||||||||
4.250%, 07/18/2024 | 17,850,000 | 19,556,758 | ||||||||||
4.000%, 05/15/2030 | 44,140,000 | 48,890,334 | ||||||||||
Sumitomo Mitsui Banking Corp., | ||||||||||||
3.950%, 07/19/2023(1) | 1,850,000 | 1,982,210 | ||||||||||
Sumitomo Mitsui Financial Group, Inc.: | ||||||||||||
2.784%, 07/12/2022(1) | 10,000,000 | 10,255,533 | ||||||||||
3.102%, 01/17/2023(1) | 12,000,000 | 12,507,037 | ||||||||||
2.696%, 07/16/2024(1) | 12,000,000 | 12,685,527 | ||||||||||
2.448%, 09/27/2024(1) | 19,000,000 | 19,929,683 | ||||||||||
2.130%, 07/08/2030(1) | 7,575,000 | 7,616,011 | ||||||||||
SunTrust Banks, Inc., | ||||||||||||
3.300%, 05/15/2026 | 3,925,000 | 4,299,882 | ||||||||||
Synchrony Financial: | ||||||||||||
4.375%, 03/19/2024 | 1,538,000 | 1,673,964 | ||||||||||
4.250%, 08/15/2024 | 26,864,000 | 29,355,071 | ||||||||||
4.500%, 07/23/2025 | 23,127,000 | 25,863,178 | ||||||||||
3.700%, 08/04/2026 | 17,635,000 | 19,255,262 | ||||||||||
3.950%, 12/01/2027 | 44,825,000 | 49,966,840 | ||||||||||
TD Ameritrade Holding Corp.: | ||||||||||||
2.950%, 04/01/2022 | 4,625,000 | 4,698,926 | ||||||||||
3.625%, 04/01/2025 | 7,000,000 | 7,641,339 | ||||||||||
Trinity Acquisition PLC: | ||||||||||||
4.400%, 03/15/2026 | 27,305,000 | 30,858,004 | ||||||||||
6.125%, 08/15/2043 | 19,286,000 | 27,098,698 | ||||||||||
UBS Group AG: | ||||||||||||
1.364%, 01/30/2027 | ||||||||||||
(1 Year CMT Rate + 1.080%)(1)(2)(3) | 10,950,000 | 10,873,347 | ||||||||||
2.095%, 02/11/2032 | ||||||||||||
(1 Year CMT Rate + 1.000%)(1)(2)(3) | 35,000,000 | 34,287,114 | ||||||||||
UBS Group Funding Switzerland AG: | ||||||||||||
2.650%, 02/01/2022(1)(2) | 14,150,000 | 14,349,869 | ||||||||||
3.491%, 05/23/2023(1)(2) | 14,825,000 | 15,225,991 | ||||||||||
2.859%, 08/15/2023 (3 Month | ||||||||||||
LIBOR USD + 0.954%)(1)(2)(3) | 42,658,000 | 43,775,412 | ||||||||||
4.253%, 03/23/2028(1)(2) | 17,150,000 | 19,403,686 | ||||||||||
UnitedHealth Group, Inc., | ||||||||||||
2.750%, 05/15/2040 | 7,000,000 | 7,088,937 | ||||||||||
USAA Capital Corp., | ||||||||||||
2.125%, 05/01/2030(2) | 5,000,000 | 5,051,600 | ||||||||||
Voya Financial, Inc., | ||||||||||||
3.125%, 07/15/2024 | 21,875,000 | 23,278,858 |
The accompanying notes are an integral part of these financial statements.
Page 49
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Wells Fargo & Co.: | ||||||||||||
1.416%, 10/31/2023 (3 Month | ||||||||||||
LIBOR USD + 1.230%)(3) | $ | 5,000,000 | $ | 5,070,500 | ||||||||
3.000%, 02/19/2025 | 5,000,000 | 5,350,776 | ||||||||||
2.406%, 10/30/2025 (3 Month | ||||||||||||
LIBOR USD + 1.087%)(3) | 11,500,000 | 12,032,117 | ||||||||||
2.164%, 02/11/2026 (3 Month | ||||||||||||
LIBOR USD + 0.750%)(3) | 15,000,000 | 15,568,720 | ||||||||||
3.000%, 04/22/2026 | 8,000,000 | 8,602,060 | ||||||||||
2.393%, 06/02/2028 | ||||||||||||
(SOFR + 2.100%)(3) | 49,850,000 | 51,699,207 | ||||||||||
3.068%, 04/30/2041 | ||||||||||||
(SOFR + 2.530%)(3) | 25,000,000 | 25,642,080 | ||||||||||
3.900%, 05/01/2045 | 5,000,000 | 5,861,518 | ||||||||||
5.013%, 04/04/2051 (3 Month | ||||||||||||
LIBOR USD + 4.502%)(3) | 7,000,000 | 9,588,883 | ||||||||||
Wells Fargo Bank NA, | ||||||||||||
5.850%, 02/01/2037 | 10,000,000 | 13,728,859 | ||||||||||
Westpac Banking Corp.: | ||||||||||||
2.894%, 02/04/2030 | ||||||||||||
(5 Year CMT Rate + 1.350%)(1)(3) | 11,425,000 | 11,849,668 | ||||||||||
4.322%, 11/23/2031 (5 Year Mid | ||||||||||||
Swap Rate USD + 2.236%)(1)(3) | 8,350,000 | 9,266,115 | ||||||||||
4.110%, 07/24/2034 | ||||||||||||
(5 Year CMT Rate + 2.000%)(1)(3) | 10,000,000 | 10,988,900 | ||||||||||
2.668%, 11/15/2035 | ||||||||||||
(5 Year CMT Rate + 1.750%)(1)(3) | 13,600,000 | 13,377,232 | ||||||||||
4.421%, 07/24/2039(1) | 10,000,000 | 11,830,791 | ||||||||||
Willis North America, Inc.: | ||||||||||||
3.600%, 05/15/2024 | 9,000,000 | 9,668,015 | ||||||||||
2.950%, 09/15/2029 | 7,500,000 | 7,875,114 | ||||||||||
5.050%, 09/15/2048 | 10,200,000 | 13,366,439 | ||||||||||
Total Financials | ||||||||||||
(Cost $5,697,137,481) | 6,015,874,760 | 16.8 | % | |||||||||
Total Corporate Bonds | ||||||||||||
(Cost $13,512,592,719) | 14,387,969,848 | 40.2 | % | |||||||||
Municipal Bonds | ||||||||||||
Atlanta Independent School System, | ||||||||||||
5.557%, 03/01/2026 | 4,465,000 | 5,291,513 | ||||||||||
California Housing Finance Agency: | ||||||||||||
3.656%, 02/01/2029 | ||||||||||||
(Callable 08/01/2025) | 4,510,000 | 4,689,878 | ||||||||||
2.794%, 08/01/2036 | ||||||||||||
(Callable 08/01/2025) | 5,455,000 | 5,593,674 | ||||||||||
California Qualified School Bond | ||||||||||||
Joint Powers Authority, | ||||||||||||
7.155%, 03/01/2027 | 6,695,000 | 7,873,692 | ||||||||||
City of Berwyn IL: | ||||||||||||
5.790%, 12/01/2022 | 820,000 | 839,020 | ||||||||||
5.790%, 12/01/2022 | 2,525,000 | 2,561,582 | ||||||||||
City of Vernon CA, | ||||||||||||
4.500%, 08/01/2022 | 7,265,000 | 7,462,357 | ||||||||||
County of Cuyahoga OH, | ||||||||||||
9.125%, 10/01/2023 | 700,000 | 758,386 | ||||||||||
County of Riverside CA, | ||||||||||||
2.617%, 02/15/2024 | 20,000,000 | 20,958,818 | ||||||||||
Dallas/Fort Worth International Airport: | ||||||||||||
2.246%, 11/01/2031 | ||||||||||||
(Callable 11/01/2030) | 2,500,000 | 2,538,212 | ||||||||||
2.416%, 11/01/2032 | ||||||||||||
(Callable 11/01/2030) | 5,000,000 | 5,105,509 | ||||||||||
2.516%, 11/01/2033 | ||||||||||||
(Callable 11/01/2030) | 1,220,000 | 1,246,535 | ||||||||||
Eaton Community City School District, | ||||||||||||
5.390%, 08/25/2027 | ||||||||||||
(Callable 08/02/2021) | 2,305,000 | 2,309,380 | ||||||||||
Kentucky Housing Corp., | ||||||||||||
3.500%, 01/01/2040 | ||||||||||||
(Callable 07/01/2025) | 2,500,000 | 2,623,805 | ||||||||||
Kentucky Public Energy Authority, | ||||||||||||
1.367%, 12/01/2049 | ||||||||||||
(1 Month LIBOR USD + 1.300%) | ||||||||||||
(Callable 03/01/2025)(3) | 28,000,000 | 28,805,958 | ||||||||||
Louisiana Housing Corp., | ||||||||||||
2.100%, 12/01/2038 | ||||||||||||
(Callable 09/01/2024) | 2,052,532 | 2,092,068 | ||||||||||
Maryland Community Development | ||||||||||||
Administration Housing Revenue, | ||||||||||||
3.160%, 09/01/2041 | ||||||||||||
(Callable 09/01/2025) | 7,725,000 | 7,985,903 | ||||||||||
Massachusetts Educational | ||||||||||||
Financing Authority, | ||||||||||||
3.850%, 05/25/2033 | 20,208,007 | 21,403,216 | ||||||||||
Minnesota Housing Finance Agency: | ||||||||||||
2.730%, 08/01/2046 | ||||||||||||
(Callable 07/01/2025) | 3,200,948 | 3,274,328 | ||||||||||
3.200%, 06/01/2047 | ||||||||||||
(Callable 07/01/2026) | 7,177,060 | 7,375,422 | ||||||||||
3.000%, 10/01/2047 | ||||||||||||
(Callable 01/01/2027) | 9,288,191 | 9,635,472 | ||||||||||
New Hampshire Business | ||||||||||||
Finance Authority, | ||||||||||||
2.872%, 07/01/2035 | ||||||||||||
(Callable 01/01/2035) | 18,090,000 | 17,699,589 | ||||||||||
New Hampshire Housing | ||||||||||||
Finance Authority: | ||||||||||||
3.750%, 07/01/2034 | ||||||||||||
(Callable 07/01/2023) | 395,000 | 406,250 | ||||||||||
4.000%, 07/01/2036 | ||||||||||||
(Callable 07/01/2025) | 2,910,000 | 3,041,250 | ||||||||||
New Jersey Higher Education | ||||||||||||
Student Assistance Authority: | ||||||||||||
3.500%, 12/01/2039 | ||||||||||||
(Callable 12/01/2028) | 17,910,000 | 19,383,819 | ||||||||||
3.500%, 12/01/2039 | ||||||||||||
(Callable 12/01/2028) | 18,250,000 | 20,118,547 | ||||||||||
New Jersey Turnpike Authority, | ||||||||||||
3.223%, 01/01/2036 | ||||||||||||
(Callable 07/01/2025)(2) | 90,230,000 | 93,925,731 | ||||||||||
New York State Dormitory Authority, | ||||||||||||
2.219%, 07/01/2035 | 15,000,000 | 15,001,683 | ||||||||||
North Carolina Housing Finance Agency, | ||||||||||||
2.812%, 07/01/2035 | ||||||||||||
(Callable 01/01/2024) | 1,210,000 | 1,243,792 | ||||||||||
State Public School Building Authority, | ||||||||||||
2.966%, 04/01/2027 | 5,800,000 | 6,253,809 | ||||||||||
Texas Private Activity Bond | ||||||||||||
Surface Transportation Corp., | ||||||||||||
3.922%, 12/31/2049 | 8,800,000 | 9,803,504 | ||||||||||
Three Rivers Local School District, | ||||||||||||
5.209%, 09/15/2027 | ||||||||||||
(Callable 08/02/2021) | 2,365,000 | 2,371,336 | ||||||||||
West Contra Costa Unified | ||||||||||||
School District, | ||||||||||||
6.250%, 08/01/2030 | 1,785,000 | 2,415,233 | ||||||||||
Western Michigan University Homer | ||||||||||||
Stryker MD School of Medicine, | ||||||||||||
4.750%, 11/15/2028 | 12,905,000 | 15,265,296 |
The accompanying notes are an integral part of these financial statements.
Page 50
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Westlake City School District, | ||||||||||||
5.227%, 12/01/2026 | ||||||||||||
(Callable 08/02/2021) | $ | 3,570,000 | $ | 3,580,592 | ||||||||
Total Municipal Bonds | ||||||||||||
(Cost $348,682,770) | 360,935,159 | 1.0 | % | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Fannie Mae REMIC Trust: | ||||||||||||
Series 1991-86, Class Z, | ||||||||||||
6.500%, 07/25/2021 | 2 | 2 | ||||||||||
Series 1993-58, Class H, | ||||||||||||
5.500%, 04/25/2023 | 14,939 | 15,393 | ||||||||||
Series 1998-66, Class C, | ||||||||||||
6.000%, 12/25/2028 | 13,095 | 13,849 | ||||||||||
Federal Gold Loan Mortgage | ||||||||||||
Corp. (FGLMC): | ||||||||||||
2.500%, 04/01/2028 | 1,392,182 | 1,459,038 | ||||||||||
6.500%, 06/01/2029 | 68,858 | 78,287 | ||||||||||
3.000%, 12/01/2030 | 5,232,719 | 5,555,220 | ||||||||||
3.000%, 04/01/2031 | 4,555,763 | 4,829,772 | ||||||||||
3.000%, 02/01/2032 | 42,688,966 | 45,341,411 | ||||||||||
3.000%, 03/01/2032 | 1,627,212 | 1,726,819 | ||||||||||
3.500%, 05/01/2032 | 10,922,102 | 11,650,115 | ||||||||||
3.000%, 07/01/2032 | 10,637,488 | 11,310,718 | ||||||||||
3.500%, 07/01/2032 | 14,337,442 | 15,231,860 | ||||||||||
3.000%, 04/01/2033 | 1,422,989 | 1,510,500 | ||||||||||
5.000%, 08/01/2033 | 3,020,275 | 3,430,418 | ||||||||||
3.500%, 01/01/2034 | 10,760,095 | 11,472,733 | ||||||||||
5.000%, 09/01/2035 | 5,982,953 | 6,853,753 | ||||||||||
5.500%, 01/01/2036 | 105,806 | 122,640 | ||||||||||
5.000%, 03/01/2036 | 2,648,205 | 3,032,766 | ||||||||||
6.000%, 12/01/2036 | 96,076 | 114,062 | ||||||||||
3.500%, 03/01/2037 | 4,765,151 | 5,108,921 | ||||||||||
4.000%, 03/01/2037 | 2,521,766 | 2,739,196 | ||||||||||
3.500%, 02/01/2038 | 55,803,720 | 58,825,395 | ||||||||||
5.000%, 02/01/2038 | 1,440,572 | 1,648,486 | ||||||||||
5.500%, 05/01/2038 | 299,483 | 348,648 | ||||||||||
5.500%, 01/01/2039 | 6,556,246 | 7,565,899 | ||||||||||
4.500%, 11/01/2039 | 1,866,635 | 2,061,385 | ||||||||||
4.500%, 11/01/2039 | 2,252,579 | 2,505,308 | ||||||||||
4.500%, 12/01/2039 | 11,841,863 | 13,170,614 | ||||||||||
3.000%, 02/01/2040 | 15,662,832 | 16,579,458 | ||||||||||
5.000%, 03/01/2040 | 499,513 | 568,838 | ||||||||||
4.500%, 08/01/2040 | 375,961 | 415,690 | ||||||||||
2.000%, 09/01/2040 | 32,154,925 | 32,825,592 | ||||||||||
4.500%, 09/01/2040 | 1,628,438 | 1,811,030 | ||||||||||
4.000%, 01/01/2041 | 7,799,609 | 8,523,215 | ||||||||||
4.000%, 01/01/2041 | 15,273,585 | 16,695,679 | ||||||||||
4.500%, 03/01/2041 | 1,147,295 | 1,275,763 | ||||||||||
3.500%, 10/01/2041 | 4,547,796 | 4,900,352 | ||||||||||
4.000%, 03/01/2042 | 4,180,053 | 4,598,536 | ||||||||||
3.500%, 06/01/2042 | 2,317,060 | 2,497,909 | ||||||||||
3.500%, 07/01/2042 | 6,014,977 | 6,484,487 | ||||||||||
3.000%, 08/01/2042 | 8,709,864 | 9,232,325 | ||||||||||
3.000%, 10/01/2042 | 3,428,291 | 3,633,815 | ||||||||||
3.000%, 11/01/2042 | 28,643,904 | 30,539,545 | ||||||||||
3.500%, 12/01/2042 | 6,964,152 | 7,506,680 | ||||||||||
3.000%, 01/01/2043 | 14,392,019 | 15,254,359 | ||||||||||
3.500%, 01/01/2043 | 11,762,539 | 12,680,086 | ||||||||||
3.000%, 02/01/2043 | 1,926,972 | 2,042,200 | ||||||||||
3.000%, 04/01/2043 | 10,582,989 | 11,262,784 | ||||||||||
3.000%, 04/01/2043 | 4,899,654 | 5,192,249 | ||||||||||
3.000%, 04/01/2043 | 3,952,125 | 4,213,759 | ||||||||||
3.500%, 04/01/2043 | 32,877,070 | 35,433,739 | ||||||||||
4.000%, 04/01/2043 | 14,748,003 | 16,449,092 | ||||||||||
3.500%, 05/01/2043 | 7,624,150 | 8,264,870 | ||||||||||
3.000%, 06/01/2043 | 10,251,190 | 10,904,529 | ||||||||||
3.000%, 08/01/2043 | 3,257,391 | 3,464,664 | ||||||||||
3.500%, 11/01/2043 | 4,972,483 | 5,359,572 | ||||||||||
3.500%, 01/01/2044 | 6,231,708 | 6,735,422 | ||||||||||
3.500%, 02/01/2044 | 21,426,517 | 23,153,902 | ||||||||||
4.000%, 03/01/2044 | 2,670,818 | 2,910,219 | ||||||||||
3.500%, 05/01/2044 | 27,142,401 | 29,471,307 | ||||||||||
4.000%, 05/01/2044 | 11,304,587 | 12,356,023 | ||||||||||
4.000%, 07/01/2044 | 2,185,738 | 2,380,290 | ||||||||||
3.500%, 10/01/2044 | 35,817,131 | 38,399,908 | ||||||||||
4.000%, 10/01/2044 | 6,010,562 | 6,568,684 | ||||||||||
3.000%, 01/01/2045 | 12,080,048 | 12,728,219 | ||||||||||
3.500%, 01/01/2045 | 17,819,483 | 19,311,194 | ||||||||||
4.500%, 01/01/2045 | 18,929,775 | 21,031,704 | ||||||||||
3.500%, 06/01/2045 | 12,124,339 | 13,165,355 | ||||||||||
3.500%, 07/01/2045 | 44,230,552 | 47,766,626 | ||||||||||
3.000%, 10/01/2045 | 22,860,200 | 24,310,009 | ||||||||||
4.000%, 10/01/2045 | 3,385,101 | 3,670,115 | ||||||||||
4.000%, 11/01/2045 | 7,179,442 | 7,784,907 | ||||||||||
3.000%, 01/01/2046 | 76,595,065 | 82,285,931 | ||||||||||
3.000%, 01/01/2046 | 60,076,756 | 64,567,226 | ||||||||||
3.500%, 01/01/2046 | 19,991,901 | 21,573,962 | ||||||||||
4.000%, 02/01/2046 | 43,165,803 | 47,118,622 | ||||||||||
4.000%, 02/01/2046 | 9,848,443 | 10,657,140 | ||||||||||
4.000%, 04/01/2046 | 6,305,381 | 6,897,152 | ||||||||||
3.500%, 05/01/2046 | 4,233,125 | 4,552,985 | ||||||||||
3.500%, 08/01/2046 | 20,976,576 | 22,777,841 | ||||||||||
3.000%, 10/01/2046 | 41,698,860 | 44,630,744 | ||||||||||
3.000%, 10/01/2046 | 46,220,896 | 49,086,465 | ||||||||||
3.000%, 12/01/2046 | 42,449,513 | 44,663,580 | ||||||||||
4.000%, 01/01/2047 | 37,654,612 | 41,307,135 | ||||||||||
3.000%, 02/01/2047 | 26,954,465 | 28,309,860 | ||||||||||
4.500%, 04/01/2047 | 22,828,870 | 24,842,186 | ||||||||||
3.000%, 05/01/2047 | 41,663,487 | 44,283,227 | ||||||||||
4.500%, 06/01/2047 | 138,560,185 | 150,378,468 | ||||||||||
4.500%, 08/01/2047 | 36,794,058 | 39,972,250 | ||||||||||
4.000%, 09/01/2047 | 12,133,441 | 12,984,606 | ||||||||||
4.000%, 08/01/2048 | 18,964,351 | 20,495,385 | ||||||||||
3.000%, 11/01/2049 | 66,428,166 | 70,576,271 | ||||||||||
4.000%, 05/01/2050 | 126,849,678 | 138,784,085 | ||||||||||
2.500%, 11/01/2050(8) | 28,472,920 | 29,674,601 | ||||||||||
2.500%, 02/01/2051 | 52,782,378 | 54,903,278 | ||||||||||
2.500%, 02/01/2051 | 25,466,164 | 26,637,449 | ||||||||||
2.500%, 02/01/2051 | 73,088,322 | 76,179,159 | ||||||||||
2.500%, 07/01/2051(8) | 36,909,226 | 38,426,314 | ||||||||||
Federal National Mortgage | ||||||||||||
Association (FNMA): | ||||||||||||
5.000%, 11/01/2021 | 54 | 57 | ||||||||||
2.500%, 12/01/2027 | 4,515,759 | 4,731,396 | ||||||||||
2.500%, 05/01/2028 | 6,986,162 | 7,343,364 | ||||||||||
5.000%, 05/01/2028 | 99,288 | 108,745 | ||||||||||
4.500%, 08/01/2029 | 754,620 | 811,601 | ||||||||||
4.500%, 09/01/2029 | 867,573 | 935,473 | ||||||||||
2.500%, 04/01/2030 | 2,464,594 | 2,590,537 | ||||||||||
2.500%, 05/01/2030 | 8,096,526 | 8,513,603 | ||||||||||
3.500%, 11/01/2030 | 21,091,300 | 22,801,230 | ||||||||||
3.000%, 12/01/2030 | 13,518,202 | 14,310,324 | ||||||||||
3.000%, 12/01/2030 | 8,876,025 | 9,396,384 | ||||||||||
2.500%, 09/01/2031 | 29,875,066 | 31,444,595 |
The accompanying notes are an integral part of these financial statements.
Page 51
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Federal National Mortgage | ||||||||||||
Association (FNMA): (cont.) | ||||||||||||
3.500%, 01/01/2032 | $ | 26,212,193 | $ | 27,949,740 | ||||||||
2.500%, 02/01/2032 | 4,885,962 | 5,135,463 | ||||||||||
3.000%, 09/01/2032 | 1,968,203 | 2,078,473 | ||||||||||
3.000%, 10/01/2032 | 1,327,129 | 1,395,981 | ||||||||||
3.000%, 11/01/2032 | 3,754,458 | 3,963,883 | ||||||||||
3.500%, 11/01/2032 | 3,065,588 | 3,301,512 | ||||||||||
2.500%, 12/01/2032 | 31,394,236 | 32,865,085 | ||||||||||
3.000%, 12/01/2032 | 2,632,803 | 2,772,621 | ||||||||||
6.000%, 03/01/2033 | 26,315 | 30,435 | ||||||||||
3.500%, 10/01/2033 | 13,457,867 | 14,498,805 | ||||||||||
4.500%, 10/01/2033 | 9,704,612 | 10,677,713 | ||||||||||
5.000%, 10/01/2033 | 10,631,762 | 12,124,621 | ||||||||||
3.000%, 11/01/2033 | 62,235,086 | 66,433,035 | ||||||||||
5.000%, 11/01/2033 | 29,938 | 34,145 | ||||||||||
4.000%, 01/01/2034 | 4,206,588 | 4,583,391 | ||||||||||
5.500%, 04/01/2034 | 3,684,960 | 4,256,241 | ||||||||||
3.000%, 06/01/2034 | 20,334,891 | 21,514,958 | ||||||||||
4.000%, 06/01/2034 | 5,586,366 | 6,085,863 | ||||||||||
4.000%, 09/01/2034 | 6,316,465 | 6,880,674 | ||||||||||
5.500%, 09/01/2034 | 97,327 | 112,654 | ||||||||||
6.000%, 11/01/2034 | 27,234 | 32,272 | ||||||||||
3.500%, 01/01/2035 | 35,724,632 | 38,992,512 | ||||||||||
5.500%, 02/01/2035 | 327,206 | 378,990 | ||||||||||
4.000%, 03/01/2035 | 29,309,306 | 31,549,298 | ||||||||||
3.000%, 06/01/2035 | 8,041,021 | 8,522,425 | ||||||||||
5.000%, 07/01/2035 | 2,770,551 | 3,167,274 | ||||||||||
5.000%, 10/01/2035 | 1,329,871 | 1,522,547 | ||||||||||
2.000%, 01/01/2036 | 49,533,589 | 51,356,711 | ||||||||||
2.000%, 02/01/2036 | 48,973,878 | 50,693,021 | ||||||||||
5.000%, 02/01/2036 | 1,943,636 | 2,225,854 | ||||||||||
2.000%, 03/01/2036 | 19,537,071 | 20,204,231 | ||||||||||
2.000%, 03/01/2036 | 13,709,906 | 14,183,779 | ||||||||||
3.000%, 11/01/2036 | 24,935,417 | 26,241,336 | ||||||||||
5.500%, 11/01/2036 | 127,096 | 147,201 | ||||||||||
2.500%, 12/01/2036 | 13,921,486 | 14,450,072 | ||||||||||
3.500%, 02/01/2037 | 9,023,769 | 9,677,087 | ||||||||||
5.500%, 04/01/2037 | 823,205 | 948,753 | ||||||||||
4.000%, 05/01/2037 | 24,034,889 | 26,029,469 | ||||||||||
4.000%, 02/01/2038 | 21,468,040 | 23,128,630 | ||||||||||
2.500%, 04/01/2038 | 35,539,450 | 37,034,479 | ||||||||||
3.000%, 05/01/2038 | 19,885,948 | 20,786,398 | ||||||||||
4.000%, 05/01/2038 | 14,916,144 | 16,399,407 | ||||||||||
4.000%, 04/01/2039 | 6,963,073 | 7,656,188 | ||||||||||
4.500%, 04/01/2039 | 10,180,333 | 11,303,527 | ||||||||||
5.000%, 06/01/2039 | 9,633,145 | 10,937,223 | ||||||||||
5.000%, 06/01/2039 | 6,534,321 | 7,469,334 | ||||||||||
4.500%, 11/01/2039 | 109,979 | 122,207 | ||||||||||
4.000%, 08/01/2040 | 797,281 | 872,547 | ||||||||||
3.500%, 10/01/2040 | 17,739,179 | 18,795,267 | ||||||||||
4.000%, 10/01/2040 | 18,351,530 | 20,180,120 | ||||||||||
3.500%, 12/01/2040 | 4,732,007 | 5,095,936 | ||||||||||
4.000%, 12/01/2040 | 4,423,791 | 4,818,946 | ||||||||||
2.500%, 01/01/2041 | 32,278,289 | 33,551,744 | ||||||||||
3.500%, 02/01/2041 | 7,413,513 | 7,982,665 | ||||||||||
4.500%, 02/01/2041 | 36,174,673 | 40,185,882 | ||||||||||
3.500%, 03/01/2041 | 10,380,693 | 11,177,104 | ||||||||||
4.500%, 05/01/2041 | 4,242,247 | 4,710,899 | ||||||||||
4.000%, 06/01/2041 | 8,648,189 | 9,463,001 | ||||||||||
4.500%, 07/01/2041 | 4,611,504 | 5,126,531 | ||||||||||
5.000%, 07/01/2041 | 7,424,383 | 8,486,622 | ||||||||||
3.500%, 09/01/2041 | 10,705,163 | 11,517,607 | ||||||||||
4.000%, 09/01/2041 | 1,137,334 | 1,242,604 | ||||||||||
4.000%, 10/01/2041 | 3,277,609 | 3,581,298 | ||||||||||
3.500%, 11/01/2041 | 4,134,269 | 4,467,895 | ||||||||||
3.500%, 12/01/2041 | 18,727,413 | 20,181,096 | ||||||||||
4.000%, 12/01/2041 | 4,740,671 | 5,179,558 | ||||||||||
4.000%, 01/01/2042 | 6,165,273 | 6,746,567 | ||||||||||
4.500%, 01/01/2042 | 6,576,209 | 7,318,077 | ||||||||||
4.000%, 02/01/2042 | 24,093,769 | 26,365,699 | ||||||||||
3.000%, 04/01/2042 | 39,655,830 | 42,354,023 | ||||||||||
3.000%, 05/01/2042 | 4,275,774 | 4,530,642 | ||||||||||
3.500%, 07/01/2042 | 62,014,323 | 67,261,870 | ||||||||||
3.500%, 08/01/2042 | 4,904,216 | 5,284,010 | ||||||||||
3.000%, 10/01/2042 | 14,400,752 | 15,471,965 | ||||||||||
3.000%, 03/01/2043 | 21,512,738 | 22,873,862 | ||||||||||
3.000%, 03/01/2043 | 4,280,710 | 4,562,328 | ||||||||||
3.000%, 05/01/2043 | 10,941,961 | 11,589,710 | ||||||||||
3.000%, 05/01/2043 | 22,630,324 | 24,080,139 | ||||||||||
3.500%, 05/01/2043 | 22,717,957 | 24,600,007 | ||||||||||
3.000%, 06/01/2043 | 4,794,331 | 5,077,946 | ||||||||||
3.000%, 07/01/2043 | 1,927,787 | 2,049,911 | ||||||||||
4.000%, 07/01/2043 | 16,808,599 | 18,336,986 | ||||||||||
3.000%, 08/01/2043 | 3,142,939 | 3,327,325 | ||||||||||
3.000%, 09/01/2043 | 55,993,088 | 59,940,195 | ||||||||||
3.500%, 09/01/2043 | 28,432,765 | 30,626,530 | ||||||||||
4.500%, 09/01/2043 | 6,877,354 | 7,634,275 | ||||||||||
3.000%, 10/01/2043 | 70,367,425 | 75,157,575 | ||||||||||
3.500%, 10/01/2043 | 33,472,548 | 36,165,552 | ||||||||||
3.000%, 11/01/2043 | 16,019,532 | 17,030,710 | ||||||||||
4.000%, 11/01/2043 | 5,906,597 | 6,494,387 | ||||||||||
4.000%, 01/01/2045 | 4,126,876 | 4,508,042 | ||||||||||
3.500%, 02/01/2045 | 22,179,311 | 23,887,076 | ||||||||||
4.000%, 02/01/2045 | 10,355,848 | 11,299,440 | ||||||||||
3.500%, 04/01/2045 | 16,565,016 | 17,896,163 | ||||||||||
4.000%, 09/01/2045 | 3,246,142 | 3,537,336 | ||||||||||
4.000%, 10/01/2045 | 4,046,116 | 4,394,161 | ||||||||||
4.000%, 11/01/2045 | 16,678,073 | 18,100,573 | ||||||||||
3.500%, 12/01/2045 | 14,414,869 | 15,407,781 | ||||||||||
4.500%, 02/01/2046 | 18,483,954 | 20,516,443 | ||||||||||
3.000%, 05/01/2046 | 9,710,004 | 10,346,757 | ||||||||||
3.500%, 05/01/2046 | 22,422,637 | 24,079,873 | ||||||||||
3.000%, 07/01/2046 | 6,994,601 | 7,453,537 | ||||||||||
4.500%, 08/01/2046 | 15,276,669 | 16,921,235 | ||||||||||
3.500%, 09/01/2046 | 6,855,498 | 7,441,057 | ||||||||||
2.500%, 10/01/2046 | 17,058,334 | 17,659,943 | ||||||||||
3.000%, 11/01/2046 | 29,510,382 | 31,284,270 | ||||||||||
3.000%, 11/01/2046 | 14,224,743 | 14,997,134 | ||||||||||
3.500%, 11/01/2046 | 25,976,927 | 27,802,551 | ||||||||||
3.000%, 12/01/2046 | 18,901,768 | 20,088,737 | ||||||||||
3.500%, 05/01/2047 | 1,726,567 | 1,835,382 | ||||||||||
3.500%, 08/01/2047 | 9,496,174 | 10,050,362 | ||||||||||
4.000%, 08/01/2047 | 34,506,359 | 37,181,507 | ||||||||||
3.500%, 10/01/2047 | 7,925,234 | 8,379,096 | ||||||||||
4.000%, 10/01/2047 | 22,527,414 | 24,184,788 | ||||||||||
4.000%, 11/01/2047 | 17,981,279 | 19,275,652 | ||||||||||
4.500%, 11/01/2047 | 8,455,313 | 9,294,393 | ||||||||||
3.500%, 12/01/2047 | 70,586,326 | 74,658,191 | ||||||||||
4.000%, 12/01/2047 | 28,145,088 | 30,153,419 | ||||||||||
4.500%, 12/01/2047 | 4,423,704 | 4,769,582 | ||||||||||
3.500%, 01/01/2048 | 21,206,603 | 22,420,784 | ||||||||||
3.500%, 02/01/2048 | 40,121,988 | 42,398,982 | ||||||||||
3.500%, 03/01/2048 | 27,854,091 | 29,450,256 | ||||||||||
4.000%, 04/01/2048 | 63,271,713 | 67,287,396 | ||||||||||
4.000%, 07/01/2048 | 19,681,521 | 21,558,468 |
The accompanying notes are an integral part of these financial statements.
Page 52
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Federal National Mortgage | ||||||||||||
Association (FNMA): (cont.) | ||||||||||||
4.000%, 09/01/2048 | $ | 6,498,948 | $ | 6,921,671 | ||||||||
4.500%, 11/01/2048 | 24,280,359 | 26,169,810 | ||||||||||
5.000%, 11/01/2048 | 30,265,881 | 33,830,132 | ||||||||||
4.000%, 01/01/2049 | 5,380,753 | 5,815,865 | ||||||||||
4.500%, 01/01/2049 | 15,460,448 | 16,946,348 | ||||||||||
3.000%, 02/01/2049 | 18,128,867 | 19,298,369 | ||||||||||
3.500%, 06/01/2049 | 36,757,564 | 38,691,590 | ||||||||||
3.500%, 01/01/2050 | 37,109,732 | 39,970,378 | ||||||||||
3.000%, 05/01/2050 | 53,184,767 | 56,676,224 | ||||||||||
2.500%, 10/01/2050(8) | 50,862,335 | 52,948,694 | ||||||||||
2.500%, 11/01/2050 | 69,190,294 | 71,961,011 | ||||||||||
3.000%, 11/01/2050 | 8,171,467 | 8,726,138 | ||||||||||
2.500%, 12/01/2050 | 68,604,971 | 71,099,842 | ||||||||||
2.500%, 12/01/2050 | 103,333,291 | 107,694,500 | ||||||||||
2.500%, 01/01/2051(8) | 44,461,747 | 46,292,261 | ||||||||||
2.500%, 04/01/2051(8) | 25,630,082 | 26,627,720 | ||||||||||
2.500%, 05/01/2051 | 45,227,226 | 47,169,770 | ||||||||||
3.500%, 05/01/2052 | 66,904,075 | 72,705,376 | ||||||||||
3.000%, 11/01/2059 | 70,644,146 | 76,449,240 | ||||||||||
Government National Mortgage | ||||||||||||
Association (GNMA): | ||||||||||||
6.000%, 11/20/2033 | 25,856 | 30,271 | ||||||||||
5.000%, 07/20/2040 | 974,020 | 1,099,384 | ||||||||||
3.500%, 10/20/2041 | 4,659,244 | 5,003,021 | ||||||||||
3.500%, 01/15/2042 | 8,083,923 | 8,677,806 | ||||||||||
4.000%, 06/20/2042 | 5,094,008 | 5,615,146 | ||||||||||
3.500%, 09/20/2042 | 1,976,966 | 2,120,274 | ||||||||||
3.500%, 01/20/2043 | 41,088,641 | 43,984,218 | ||||||||||
4.000%, 10/20/2043 | 7,282,036 | 7,864,792 | ||||||||||
4.000%, 09/20/2044 | 27,897,479 | 30,486,016 | ||||||||||
4.000%, 01/20/2045 | 6,043,422 | 6,589,773 | ||||||||||
3.500%, 03/20/2045 | 9,116,544 | 9,794,663 | ||||||||||
3.000%, 04/20/2045 | 11,985,031 | 12,719,629 | ||||||||||
3.500%, 04/20/2045 | 14,925,783 | 15,913,832 | ||||||||||
4.000%, 08/20/2045 | 5,311,557 | 5,736,389 | ||||||||||
4.500%, 01/20/2046 | 8,348,687 | 9,229,762 | ||||||||||
3.500%, 04/20/2046 | 48,022,793 | 50,985,362 | ||||||||||
4.000%, 04/20/2046 | 5,804,274 | 6,282,803 | ||||||||||
3.500%, 05/20/2046 | 30,652,929 | 32,670,536 | ||||||||||
4.000%, 05/20/2046 | 14,139,944 | 15,213,946 | ||||||||||
3.500%, 06/20/2046 | 51,766,773 | 55,083,543 | ||||||||||
3.000%, 11/20/2046 | 28,767,211 | 31,607,139 | ||||||||||
5.000%, 04/20/2047 | 1,433,728 | 1,572,739 | ||||||||||
3.000%, 06/20/2047 | 21,325,880 | 22,630,628 | ||||||||||
4.500%, 06/20/2047 | 22,574,823 | 24,407,658 | ||||||||||
4.500%, 07/20/2047 | 5,577,153 | 6,036,214 | ||||||||||
4.500%, 09/20/2047 | 7,149,569 | 7,700,221 | ||||||||||
4.000%, 01/20/2048 | 10,303,333 | 10,964,345 | ||||||||||
5.000%, 02/20/2049 | 71,188,883 | 76,827,413 | ||||||||||
3.500%, 02/20/2050 | 113,427,177 | 123,883,362 | ||||||||||
2.500%, 12/20/2050 | 106,403,211 | 110,238,510 | ||||||||||
2.500%, 03/20/2051 | 63,639,734 | 66,013,559 | ||||||||||
2.500%, 04/20/2051 | 81,538,241 | 84,731,022 | ||||||||||
Seasoned Credit Risk Transfer Trust: | ||||||||||||
Series 2019-4, Class MA, | ||||||||||||
3.000%, 02/25/2059 | 49,377,018 | 51,854,881 | ||||||||||
Series 2020-2, Class MT, | ||||||||||||
2.000%, 11/25/2059 | 72,458,099 | 73,597,009 | ||||||||||
Series 2020-3, Class MT, | ||||||||||||
2.000%, 05/25/2060 | 49,799,062 | 50,377,752 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $5,885,657,542) | 6,065,043,195 | 17.0 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
Alternative Loan Trust: | ||||||||||||
Series 2006-43CB, Class 2A1, | ||||||||||||
6.000%, 02/25/2022(6) | 13,221 | 13,245 | ||||||||||
Series 2006-28CB, Class A17, | ||||||||||||
6.000%, 10/25/2036 | 467,181 | 338,963 | ||||||||||
Argent Securities Inc. Asset-Backed | ||||||||||||
Pass-Through Certificates, | ||||||||||||
Series 2005-W3, Class A2D, | ||||||||||||
0.772%, 11/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.680%)(3) | 598,537 | 597,913 | ||||||||||
Arroyo Mortgage Trust: | ||||||||||||
Series 2018-1, Class A1, | ||||||||||||
3.763%, 04/25/2048(2)(4) | 12,665,622 | 12,660,412 | ||||||||||
Series 2019-3, Class A1, | ||||||||||||
2.962%, 10/25/2048(2)(4) | 22,940,022 | 23,261,307 | ||||||||||
Series 2020-1, Class A1A, | ||||||||||||
1.662%, 03/25/2055(2) | 22,041,735 | 22,218,871 | ||||||||||
Asset Backed Securities Corp. | ||||||||||||
Home Equity Loan Trust: | ||||||||||||
Series 2006-HE3, Class A2, | ||||||||||||
0.257%, 03/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.165%)(3) | 7,212,852 | 7,151,478 | ||||||||||
Series 2006-HE6, Class A1, | ||||||||||||
0.237%, 11/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.145%)(3) | 16,616,227 | 16,199,201 | ||||||||||
Banc of America Alternative Loan Trust: | ||||||||||||
Series 2007-1, Class 1A1, | ||||||||||||
4.415%, 04/25/2022(4)(6) | 93,364 | 91,588 | ||||||||||
Series 2005-11, Class 1CB4, | ||||||||||||
5.500%, 12/25/2035(6) | 47,072 | 46,631 | ||||||||||
Series 2006-5, Class CB7, | ||||||||||||
6.000%, 06/25/2046(6) | 214,831 | 210,629 | ||||||||||
Bayview Financial Trust, | ||||||||||||
Series 2007-B, Class 1A2, | ||||||||||||
6.831%, 08/28/2037(7) | 1,093,788 | 1,076,619 | ||||||||||
Bear Stearns ALT-A Trust: | ||||||||||||
Series 2004-4, Class A1, | ||||||||||||
0.692%, 06/25/2034 | ||||||||||||
(1 Month LIBOR USD + 0.600%)(3) | 541,375 | 548,223 | ||||||||||
Series 2005-4, Class 1A1, | ||||||||||||
0.532%, 04/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.440%)(3) | 247,501 | 247,697 | ||||||||||
Bear Stearns Asset Backed | ||||||||||||
Securities I Trust, | ||||||||||||
Series 2004-AC2, Class 2A, | ||||||||||||
5.000%, 05/25/2034 | 111,176 | 108,045 | ||||||||||
Chase Mortgage Finance Trust, | ||||||||||||
Series 2006-A1, Class 2A3, | ||||||||||||
3.056%, 09/25/2036(4) | 725,905 | 670,451 | ||||||||||
Citigroup Mortgage Loan Trust, Inc., | ||||||||||||
Series 2005-9, Class 2A2, | ||||||||||||
5.500%, 11/25/2035 | 9,513 | 8,612 | ||||||||||
Countrywide Asset-Backed Certificates: | ||||||||||||
Series 2005-13, Class AF3, | ||||||||||||
5.430%, 02/25/2033(4) | 14,743 | 14,032 | ||||||||||
Series 2004-S1, Class A3, | ||||||||||||
5.115%, 02/25/2035(7) | 93,759 | 93,655 | ||||||||||
Series 2005-10, Class AF6, | ||||||||||||
4.915%, 12/25/2035(4) | 27,390 | 28,202 | ||||||||||
Series 2006-10, Class 1AF3, | ||||||||||||
5.971%, 12/25/2035(4) | 281,094 | 271,948 | ||||||||||
Credit Suisse First Boston | ||||||||||||
Mortgage Securities Corp., | ||||||||||||
Series 2003-AR26, Class 8A1, | ||||||||||||
2.591%, 11/25/2033(4) | 3,624,611 | 3,642,684 |
The accompanying notes are an integral part of these financial statements.
Page 53
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
CWABS Asset-Backed Certificates Trust: | ||||||||||||
Series 2004-15, Class AF6, | ||||||||||||
4.613%, 04/25/2035(4) | $ | 136 | $ | 136 | ||||||||
Series 2005-1, Class AF6, | ||||||||||||
5.030%, 06/25/2035(4) | 1,385 | 1,393 | ||||||||||
Series 2005-17, Class 1AF5, | ||||||||||||
5.564%, 03/25/2036(4) | 97,131 | 99,517 | ||||||||||
Deutsche Mortgage Securities, Inc. | ||||||||||||
Mortgage Loan Trust, | ||||||||||||
Series 2004-4, Class 1A6, | ||||||||||||
6.000%, 04/25/2034(7) | 397 | 403 | ||||||||||
First Horizon Alternative | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2006-FA6, Class 3A1, | ||||||||||||
5.750%, 11/25/2021(6) | 3,239 | 2,572 | ||||||||||
Series 2006-FA8, Class 2A1, | ||||||||||||
5.750%, 01/25/2022(6) | 48,499 | 13,998 | ||||||||||
FirstKey Homes LLC, | ||||||||||||
1.538%, 08/17/2028(8) | 124,775,000 | 124,775,000 | ||||||||||
Fremont Home Loan Trust, | ||||||||||||
Series 2006-A, Class 1A1, | ||||||||||||
0.382%, 05/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.290%)(3) | 14,201,801 | 13,883,063 | ||||||||||
GE Capital Mortgage | ||||||||||||
Services, Inc. Trust, | ||||||||||||
Series 1999-HE1, Class A7, | ||||||||||||
6.265%, 04/25/2029 | 52 | 53 | ||||||||||
GSAA Home Equity Trust, | ||||||||||||
Series 2004-6, Class A1, | ||||||||||||
0.892%, 06/25/2034 | ||||||||||||
(1 Month LIBOR USD + 0.800%)(3) | 359,868 | 363,721 | ||||||||||
HomeBanc Mortgage Trust, | ||||||||||||
Series 2005-3, Class A1, | ||||||||||||
0.572%, 07/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.480%)(3) | 225,385 | 225,625 | ||||||||||
IMC Home Equity Loan Trust, | ||||||||||||
Series 1997-5, Class A10, | ||||||||||||
6.880%, 11/20/2028 | 106 | 106 | ||||||||||
Impac CMB Trust: | ||||||||||||
Series 2004-4, Class 2A2, | ||||||||||||
5.749%, 09/25/2034(7) | 60,574 | 63,018 | ||||||||||
Series 2004-5, Class 1A2, | ||||||||||||
0.792%, 10/25/2034 | ||||||||||||
(1 Month LIBOR USD + 0.700%)(3) | 1,713,129 | 1,714,388 | ||||||||||
Series 2004-6, Class 1A1, | ||||||||||||
0.892%, 10/25/2034 | ||||||||||||
(1 Month LIBOR USD + 0.800%)(3) | 1,338,720 | 1,358,053 | ||||||||||
J.P. Morgan Alternative Loan Trust, | ||||||||||||
Series 2006-A1, Class 2A1, | ||||||||||||
3.172%, 03/25/2036(4)(6) | 172,239 | 165,215 | ||||||||||
J.P. Morgan Mortgage Trust: | ||||||||||||
Series 2007-A1, Class 5A2, | ||||||||||||
2.577%, 07/25/2035(4) | 1,311,587 | 1,339,803 | ||||||||||
Series 2007-A1, Class 5A5, | ||||||||||||
2.577%, 07/25/2035(4) | 1,985,954 | 2,031,079 | ||||||||||
Series 2005-A4, Class 1A1, | ||||||||||||
2.696%, 07/25/2035(4) | 373,290 | 386,897 | ||||||||||
Series 2006-A7, Class 2A2, | ||||||||||||
3.092%, 01/25/2037(4) | 75,483 | 70,564 | ||||||||||
Series 2006-A7, Class 2A4R, | ||||||||||||
3.092%, 01/25/2037(4) | 322,498 | 301,482 | ||||||||||
Series 2007-A2, Class 2A3, | ||||||||||||
3.075%, 04/25/2037(4)(6) | 841,014 | 754,619 | ||||||||||
Merrill Lynch Mortgage Investors Trust, | ||||||||||||
Series 2004-F, Class A1A, | ||||||||||||
1.839%, 12/25/2029(4) | 3,129,135 | 3,228,158 | ||||||||||
MetLife, Inc., | ||||||||||||
Series 2019-1A, Class A1A, | ||||||||||||
3.750%, 04/25/2058(2)(4) | 11,747,578 | 12,108,883 | ||||||||||
Mill City Mortgage Loan Trust, | ||||||||||||
Series 2021-NMR1, Class A1, | ||||||||||||
1.125%, 11/25/2060(2)(4) | 27,518,602 | 27,625,925 | ||||||||||
Morgan Stanley Mortgage Loan Trust, | ||||||||||||
Series 2004-7AR, Class 2A1, | ||||||||||||
2.529%, 09/25/2034(4) | 1,377,950 | 1,415,717 | ||||||||||
MortgageIT Trust, | ||||||||||||
Series 2005-2, Class 1A1, | ||||||||||||
0.612%, 05/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.520%)(3) | 579,144 | 582,441 | ||||||||||
New Residential Mortgage Loan Trust: | ||||||||||||
Series 2017-2A, Class A3, | ||||||||||||
4.000%, 03/25/2057(2)(4) | 7,846,390 | 8,376,472 | ||||||||||
Series 2017-3A, Class A1, | ||||||||||||
4.000%, 04/25/2057(2)(4) | 11,163,428 | 11,947,853 | ||||||||||
Series 2017-4A, Class A1, | ||||||||||||
4.000%, 05/25/2057(2)(4) | 13,733,972 | 14,619,335 | ||||||||||
Series 2018-1A, Class A1A, | ||||||||||||
4.000%, 12/25/2057(2)(4) | 8,644,691 | 9,258,145 | ||||||||||
Series 2020-1A, Class A1B, | ||||||||||||
3.500%, 10/25/2059(2)(4) | 16,723,734 | 17,638,940 | ||||||||||
RALI Series Trust, | ||||||||||||
Series 2004-QS6, Class A1, | ||||||||||||
5.000%, 12/15/2021(6) | 6,165 | 5,802 | ||||||||||
RAMP Series Trust, | ||||||||||||
Series 2005-RS1, Class AI6, | ||||||||||||
4.713%, 11/25/2034 | 230 | 232 | ||||||||||
Renaissance Home Equity Loan Trust, | ||||||||||||
Series 2007-1, Class AF3, | ||||||||||||
5.612%, 04/25/2037(7) | 2,482,525 | 1,013,458 | ||||||||||
Structured Adjustable Rate | ||||||||||||
Mortgage Loan Trust, | ||||||||||||
Series 2004-12, Class 3A1, | ||||||||||||
2.485%, 09/25/2034(4) | 1,298,856 | 1,325,070 | ||||||||||
Structured Asset Securities Corp., | ||||||||||||
Series 2005-7XS, Class 1A4B, | ||||||||||||
5.940%, 04/25/2035(74) | 2,687 | 2,834 | ||||||||||
Structured Asset Securities Corp. | ||||||||||||
Mortgage Loan Trust, | ||||||||||||
Series 2006-OPT1, Class A6, | ||||||||||||
0.242%, 04/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.150%)(3) | 7,634,200 | 7,333,213 | ||||||||||
Thornburg Mortgage Securities Trust, | ||||||||||||
Series 2003-5, Class 3A, | ||||||||||||
2.231%, 10/25/2043(4) | 6,462,981 | 6,512,093 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2015-5, Class A1, | ||||||||||||
3.500%, 05/25/2055(2)(4) | 187,199 | 187,191 | ||||||||||
Series 2016-3, Class A1, | ||||||||||||
2.250%, 08/25/2055(2)(4) | 317,493 | 318,650 | ||||||||||
Series 2016-2, Class A1, | ||||||||||||
3.000%, 08/25/2055(2)(4) | 2,393,020 | 2,416,438 | ||||||||||
Series 2016-5, Class A1, | ||||||||||||
2.500%, 10/25/2056(2)(4) | 3,438,338 | 3,493,543 | ||||||||||
Series 2017-1, Class A1, | ||||||||||||
2.750%, 10/25/2056(2)(4) | 15,173,800 | 15,406,006 | ||||||||||
Series 2017-6, Class A1, | ||||||||||||
2.750%, 10/25/2057(2)(4) | 30,145,252 | 30,874,031 |
The accompanying notes are an integral part of these financial statements.
Page 54
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Towd Point Mortgage Trust: (cont.) | ||||||||||||
Series 2018-1, Class A1, | ||||||||||||
3.000%, 01/28/2058(2)(4) | $ | 3,207,757 | $ | 3,292,544 | ||||||||
Series 2019-1, Class A1, | ||||||||||||
3.722%, 03/25/2058(2)(4) | 18,222,669 | 19,191,705 | ||||||||||
Series 2018-6, Class A1A, | ||||||||||||
3.750%, 03/25/2058(2)(4) | 24,693,041 | 25,504,775 | ||||||||||
Series 2018-4, Class A1, | ||||||||||||
3.000%, 06/25/2058(2)(4) | 19,667,595 | 20,445,236 | ||||||||||
Series 2019-4, Class A1, | ||||||||||||
2.900%, 10/25/2059(2)(4) | 53,551,944 | 55,380,362 | ||||||||||
Series 2020-2, Class A1A, | ||||||||||||
1.636%, 04/25/2060(2)(4) | 14,533,962 | 14,668,862 | ||||||||||
Series 2020-4, Class A1, | ||||||||||||
1.750%, 10/25/2060(2) | 107,772,479 | 108,970,823 | ||||||||||
WaMu Mortgage Pass-Through | ||||||||||||
Certificates Trust: | ||||||||||||
Series 2004-CB2, Class 3A, | ||||||||||||
6.000%, 08/25/2034 | 4,187,923 | 4,536,816 | ||||||||||
Series 2004-CB3, Class 2A, | ||||||||||||
6.500%, 10/25/2034 | 1,912,478 | 1,991,332 | ||||||||||
Series 2004-AR14, Class A1, | ||||||||||||
2.793%, 01/25/2035(4) | 4,484,876 | 4,544,306 | ||||||||||
Total Non-U.S. Government | ||||||||||||
Agency Issues | ||||||||||||
(Cost $665,615,833) | 671,268,302 | 1.9 | % | |||||||||
Total Residential | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $6,551,273,375) | 6,736,311,497 | 18.9 | % | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Fannie Mae REMIC Trust, | ||||||||||||
Series 2014-M2, Class A2, | ||||||||||||
3.513%, 12/25/2023(4) | 7,447,922 | 7,914,847 | ||||||||||
Freddie Mac Multifamily Structured | ||||||||||||
Pass Through Certificates: | ||||||||||||
Series K721, Class A2, | ||||||||||||
3.090%, 08/25/2022(4) | 25,273,625 | 25,839,464 | ||||||||||
Series K028, Class A2, | ||||||||||||
3.111%, 02/25/2023 | 29,160,000 | 30,330,345 | ||||||||||
Series K029, Class A2, | ||||||||||||
3.320%, 02/25/2023(4) | 16,448,000 | 17,161,068 | ||||||||||
Series K723, Class A2, | ||||||||||||
2.454%, 08/25/2023 | 28,425,000 | 29,393,892 | ||||||||||
Series K037, Class A2, | ||||||||||||
3.490%, 01/25/2024 | 69,525,000 | 74,229,743 | ||||||||||
Series K048, Class A2, | ||||||||||||
3.284%, 06/25/2025(4) | 60,430,000 | 65,806,524 | ||||||||||
Series K050, Class A2, | ||||||||||||
3.334%, 08/25/2025(4) | 82,739,000 | 90,318,927 | ||||||||||
Series K734, Class A2, | ||||||||||||
3.208%, 02/25/2026 | 21,500,000 | 23,482,689 | ||||||||||
Series K057, Class A2, | ||||||||||||
2.570%, 07/25/2026 | 21,420,000 | 22,902,907 | ||||||||||
Series K058, Class A2, | ||||||||||||
2.653%, 08/25/2026 | 24,865,000 | 26,724,201 | ||||||||||
Series K063, Class A2, | ||||||||||||
3.430%, 01/25/2027(4) | 78,001,857 | 87,021,087 | ||||||||||
Series K064, Class A2, | ||||||||||||
3.224%, 03/25/2027 | 60,635,903 | 67,132,440 | ||||||||||
Series K065, Class A2, | ||||||||||||
3.243%, 04/25/2027 | 34,635,000 | 38,422,562 | ||||||||||
Series K066, Class A2, | ||||||||||||
3.117%, 06/25/2027 | 13,214,000 | 14,582,238 | ||||||||||
Series K067, Class A2, | ||||||||||||
3.194%, 07/25/2027 | 68,324,045 | 75,805,371 | ||||||||||
Series K068, Class A2, | ||||||||||||
3.244%, 08/25/2027 | 27,963,000 | 31,126,862 | ||||||||||
Series K069, Class A2, | ||||||||||||
3.187%, 09/25/2027(4) | 25,488,779 | 28,321,462 | ||||||||||
Series K071, Class A2, | ||||||||||||
3.286%, 11/25/2027 | 25,529,000 | 28,526,028 | ||||||||||
Series K072, Class A2, | ||||||||||||
3.444%, 12/25/2027 | 6,050,000 | 6,817,753 | ||||||||||
Series K073, Class A2, | ||||||||||||
3.350%, 01/25/2028 | 1,350,000 | 1,516,339 | ||||||||||
Series K074, Class A2, | ||||||||||||
3.600%, 01/25/2028 | 21,722,000 | 24,751,578 | ||||||||||
Series K076, Class A2, | ||||||||||||
3.900%, 04/25/2028 | 92,070,000 | 106,689,970 | ||||||||||
Series K077, Class A2, | ||||||||||||
3.850%, 05/25/2028(4) | 68,650,000 | 79,424,267 | ||||||||||
Series K078, Class A2, | ||||||||||||
3.854%, 06/25/2028 | 59,788,633 | 69,259,087 | ||||||||||
Series K080, Class A2, | ||||||||||||
3.926%, 07/25/2028(4) | 42,725,000 | 49,792,057 | ||||||||||
Series K082, Class A2, | ||||||||||||
3.920%, 09/25/2028(4) | 56,545,000 | 65,974,863 | ||||||||||
Series K083, Class A2, | ||||||||||||
4.050%, 09/25/2028(4) | 1,000,000 | 1,175,724 | ||||||||||
Series K156, Class A3, | ||||||||||||
3.700%, 06/25/2033(4) | 11,088,000 | 13,214,716 | ||||||||||
Series K-1510, Class A3, | ||||||||||||
3.794%, 01/25/2034 | 13,525,000 | 16,317,624 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $1,155,891,090) | 1,219,976,635 | 3.4 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
BANK: | ||||||||||||
Series 2017-BNK4, Class A4, | ||||||||||||
3.625%, 05/17/2050 | 44,535,000 | 49,438,642 | ||||||||||
Series 2017-BNK8, Class A4, | ||||||||||||
3.488%, 11/17/2050 | 66,833,000 | 74,019,205 | ||||||||||
Series 2019-BN21, Class A5, | ||||||||||||
2.851%, 10/18/2052 | 26,645,000 | 28,465,258 | ||||||||||
Series 2020-BN29, Class A4, | ||||||||||||
1.997%, 11/18/2053 | 66,985,000 | 66,840,178 | ||||||||||
Series 2017-BNK9, Class A4, | ||||||||||||
3.538%, 11/17/2054 | 98,103,000 | 108,962,031 | ||||||||||
Series 2017-BNK5, Class A5, | ||||||||||||
3.390%, 06/17/2060 | 22,501,000 | 24,737,044 | ||||||||||
Series 2017-BNK7, Class A5, | ||||||||||||
3.435%, 09/17/2060 | 350,000 | 386,475 | ||||||||||
Series 2018-BN10, Class A5, | ||||||||||||
3.688%, 02/17/2061 | 11,050,000 | 12,365,514 | ||||||||||
Series 2018-BN12, Class A4, | ||||||||||||
4.255%, 05/17/2061(4) | 10,010,000 | 11,552,860 | ||||||||||
Benchmark Mortgage Trust: | ||||||||||||
Series 2018-B6, Class A4, | ||||||||||||
4.261%, 10/10/2051 | 12,920,000 | 14,956,838 | ||||||||||
Series 2020-B19, Class A5, | ||||||||||||
1.850%, 09/17/2053 | 56,766,000 | 56,071,309 | ||||||||||
Series 2020-B20, Class A5, | ||||||||||||
2.034%, 10/20/2053 | 24,946,000 | 24,957,904 | ||||||||||
Series 2020-B21, Class A5, | ||||||||||||
1.978%, 12/17/2053 | 9,000,000 | 8,953,588 | ||||||||||
Series 2021-B24, Class A5, | ||||||||||||
2.584%, 03/17/2054 | 40,000,000 | 41,826,504 |
The accompanying notes are an integral part of these financial statements.
Page 55
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
CD Mortgage Trust: | ||||||||||||
Series 2016-CD1, Class A4, | ||||||||||||
2.724%, 08/12/2049 | $ | 46,415,000 | $ | 49,240,690 | ||||||||
Series 2017-CD3, Class A4, | ||||||||||||
3.631%, 02/11/2050 | 7,200,000 | 7,957,543 | ||||||||||
CFCRE Commercial Mortgage Trust, | ||||||||||||
Series 2016-C4, Class A4, | ||||||||||||
3.283%, 05/10/2058 | 29,732,980 | 32,032,362 | ||||||||||
Citigroup Commercial Mortgage Trust: | ||||||||||||
Series 2013-GC11, Class A4, | ||||||||||||
3.093%, 04/10/2046 | 34,503,388 | 35,740,869 | ||||||||||
Series 2014-GC19, Class A3, | ||||||||||||
3.753%, 03/12/2047 | 6,361,490 | 6,758,680 | ||||||||||
Series 2014-GC25, Class A4, | ||||||||||||
3.635%, 10/10/2047 | 16,838,590 | 18,240,746 | ||||||||||
Series 2015-GC27, Class A5, | ||||||||||||
3.137%, 02/10/2048 | 59,202,541 | 63,137,639 | ||||||||||
Series 2015-GC35, Class A4, | ||||||||||||
3.818%, 11/13/2048 | 68,175,000 | 75,192,116 | ||||||||||
Series 2017-P8, Class A4, | ||||||||||||
3.465%, 09/16/2050 | 22,000,000 | 24,298,127 | ||||||||||
COMM Mortgage Trust: | ||||||||||||
Series 2012-CR1, Class A3, | ||||||||||||
3.391%, 05/17/2045 | 6,500,943 | 6,593,364 | ||||||||||
Series 2013-CR9, Class A3, | ||||||||||||
4.022%, 07/12/2045 | 5,546,808 | 5,744,394 | ||||||||||
Series 2012-CR2, Class A4, | ||||||||||||
3.147%, 08/17/2045 | 20,250,536 | 20,635,831 | ||||||||||
Series 2013-CR10, Class A3, | ||||||||||||
3.923%, 08/10/2046 | 10,969,762 | 11,593,293 | ||||||||||
Series 2014-CR15, Class ASB, | ||||||||||||
3.595%, 02/12/2047 | 7,071,479 | 7,354,681 | ||||||||||
Series 2014-CR19, Class A5, | ||||||||||||
3.796%, 08/12/2047 | 15,789,828 | 17,090,608 | ||||||||||
Series 2013-CR11, Class A3, | ||||||||||||
3.983%, 08/12/2050 | 10,259,146 | 10,931,025 | ||||||||||
DBGS Mortgage Trust, | ||||||||||||
Series 2018-C1, Class A4, | ||||||||||||
4.466%, 10/17/2051 | 19,875,000 | 23,152,113 | ||||||||||
DBJPM Mortgage Trust: | ||||||||||||
Series 2016-C3, Class ASB, | ||||||||||||
2.756%, 08/12/2049 | 10,755,000 | 11,244,415 | ||||||||||
Series 2017-C6, Class A5, | ||||||||||||
3.328%, 06/10/2050 | 20,800,000 | 22,765,094 | ||||||||||
Series 2020-C9, Class A5, | ||||||||||||
1.926%, 08/15/2053 | 22,555,000 | 22,436,406 | ||||||||||
GS Mortgage Securities Trust: | ||||||||||||
Series 2012-GCJ9, Class A3, | ||||||||||||
2.773%, 11/10/2045 | 37,386,256 | 38,193,575 | ||||||||||
Series 2013-GC14, Class A5, | ||||||||||||
4.243%, 08/10/2046 | 25,500,000 | 27,185,127 | ||||||||||
J.P. Morgan Chase Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-LC11, Class A5, | ||||||||||||
2.960%, 04/15/2046 | 18,102,913 | 18,767,324 | ||||||||||
Series 2013-C10, Class ASB, | ||||||||||||
2.702%, 12/17/2047 | 3,471,925 | 3,528,498 | ||||||||||
Series 2012-LC9, Class A5, | ||||||||||||
2.840%, 12/17/2047 | 11,424,991 | 11,675,592 | ||||||||||
JPMBB Commercial Mortgage | ||||||||||||
Securities Trust: | ||||||||||||
Series 2013-C12, Class ASB, | ||||||||||||
3.157%, 07/17/2045 | 1,226,174 | 1,241,128 | ||||||||||
Series 2013-C12, Class A5, | ||||||||||||
3.664%, 07/17/2045 | 6,835,000 | 7,172,829 | ||||||||||
Series 2013-C15, Class A4, | ||||||||||||
4.096%, 11/17/2045 | 1,297,772 | 1,373,323 | ||||||||||
Series 2013-C14, Class A4, | ||||||||||||
4.133%, 08/17/2046(4) | 22,428,926 | 23,496,810 | ||||||||||
Series 2013-C17, Class A3, | ||||||||||||
3.928%, 01/17/2047 | 3,160,205 | 3,277,363 | ||||||||||
Series 2013-C17, Class A4, | ||||||||||||
4.199%, 01/17/2047 | 17,276,000 | 18,586,442 | ||||||||||
Series 2014-C24, Class ASB, | ||||||||||||
3.368%, 11/18/2047 | 6,525,578 | 6,812,388 | ||||||||||
Series 2014-C25, Class ASB, | ||||||||||||
3.407%, 11/18/2047 | 6,150,221 | 6,436,546 | ||||||||||
Series 2015-C30, Class A5, | ||||||||||||
3.822%, 07/15/2048 | 22,658,000 | 24,885,938 | ||||||||||
Series 2015-C28, Class A4, | ||||||||||||
3.227%, 10/19/2048 | 16,688,500 | 17,817,981 | ||||||||||
JPMCC Commercial Mortgage | ||||||||||||
Securities Trust: | ||||||||||||
Series 2017-JP7, Class A5, | ||||||||||||
3.454%, 09/16/2050 | 9,000,000 | 9,934,450 | ||||||||||
Series 2017-C7, Class A5, | ||||||||||||
3.409%, 10/17/2050 | 6,035,000 | 6,654,058 | ||||||||||
JPMDB Commercial Mortgage | ||||||||||||
Securities Trust, | ||||||||||||
Series 2017-C5, Class A5, | ||||||||||||
3.694%, 03/17/2050 | 19,365,000 | 21,379,930 | ||||||||||
Morgan Stanley Bank of America | ||||||||||||
Merrill Lynch Trust: | ||||||||||||
Series 2012-C5, Class A4, | ||||||||||||
3.176%, 08/17/2045 | 37,925,000 | 38,565,413 | ||||||||||
Series 2012-C6, Class A4, | ||||||||||||
2.858%, 11/15/2045 | 20,211,555 | 20,623,404 | ||||||||||
Series 2013-C10, Class A3, | ||||||||||||
4.102%, 07/17/2046(4) | 6,148,843 | 6,477,653 | ||||||||||
Series 2013-C12, Class A3, | ||||||||||||
3.973%, 10/17/2046 | 16,211,562 | 17,057,457 | ||||||||||
Series 2014-C16, Class A5, | ||||||||||||
3.892%, 06/17/2047 | 25,000,000 | 26,878,350 | ||||||||||
Series 2016-C29, Class ASB, | ||||||||||||
3.140%, 05/17/2049 | 12,130,372 | 12,788,729 | ||||||||||
Series 2016-C30, Class A5, | ||||||||||||
2.860%, 09/17/2049 | 18,082,000 | 19,199,535 | ||||||||||
Series 2017-C34, Class A4, | ||||||||||||
3.536%, 11/18/2052 | 41,287,079 | 45,775,240 | ||||||||||
Wells Fargo Commercial Mortgage Trust: | ||||||||||||
Series 2015-C27, Class ASB, | ||||||||||||
3.278%, 02/18/2048 | 13,721,644 | 14,323,257 | ||||||||||
Series 2015-SG1, Class ASB, | ||||||||||||
3.556%, 09/17/2048 | 17,496,342 | 18,380,543 | ||||||||||
Series 2015-SG1, Class A4, | ||||||||||||
3.789%, 09/17/2048 | 19,895,789 | 21,503,961 | ||||||||||
Series 2015-P2, Class A3, | ||||||||||||
3.541%, 12/15/2048 | 46,750,000 | 50,066,992 | ||||||||||
Series 2017-C42, Class A4, | ||||||||||||
3.589%, 12/16/2050 | 7,315,000 | 8,121,523 | ||||||||||
Series 2019-C50, Class ASB, | ||||||||||||
3.635%, 05/17/2052 | 20,000,000 | 22,177,122 | ||||||||||
Series 2017-RC1, Class A4, | ||||||||||||
3.631%, 01/15/2060 | 14,225,000 | 15,731,819 |
The accompanying notes are an integral part of these financial statements.
Page 56
Baird Aggregate Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
WFRBS Commercial Mortgage Trust: | ||||||||||||
Series 2012-C6, Class A4, | ||||||||||||
3.440%, 04/15/2045 | $ | 11,554,612 | $ | 11,583,332 | ||||||||
Series 2013-C13, Class ASB, | ||||||||||||
2.654%, 05/17/2045 | 2,723,711 | 2,771,521 | ||||||||||
Series 2013-C18, Class A4, | ||||||||||||
3.896%, 12/17/2046 | 11,680,780 | 12,426,157 | ||||||||||
Series 2014-C21, Class A5, | ||||||||||||
3.678%, 08/16/2047 | 34,719,000 | 37,434,838 | ||||||||||
Series 2014-C24, Class A4, | ||||||||||||
3.343%, 11/18/2047 | 36,730,000 | 38,929,914 | ||||||||||
Series 2014-C23, Class ASB, | ||||||||||||
3.636%, 10/17/2057 | 4,596,427 | 4,815,449 | ||||||||||
Total Non-U.S. Government | ||||||||||||
Agency Issues | ||||||||||||
(Cost $1,660,360,152) | 1,689,724,857 | 4.7 | % | |||||||||
Total Commercial | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $2,816,251,242) | 2,909,701,492 | 8.1 | % | |||||||||
Asset Backed Securities | ||||||||||||
Capital One Multi-Asset Execution Trust, | ||||||||||||
Series 2019-A3, Class A3, | ||||||||||||
2.060%, 08/15/2028 | 3,227,000 | 3,383,958 | ||||||||||
Citibank Credit Card Issuance Trust, | ||||||||||||
Series 2007-A3, Class A3, | ||||||||||||
6.150%, 06/15/2039 | 8,691,000 | 12,225,372 | ||||||||||
Conseco Financial Corp.: | ||||||||||||
Series 1998-7, Class A1, | ||||||||||||
6.320%, 05/01/2029 | 578,497 | 579,425 | ||||||||||
Series 1998-3, Class A5, | ||||||||||||
6.220%, 03/01/2030 | 11,015 | 11,034 | ||||||||||
Series 1998-4, Class A5, | ||||||||||||
6.180%, 04/01/2030 | 235,069 | 237,423 | ||||||||||
Donlen Fleet Lease Funding 2 LLC, | ||||||||||||
Series 2021-2, Class A2, | ||||||||||||
0.560%, 12/11/2034(2) | 37,975,000 | 38,020,183 | ||||||||||
Ford Credit Auto Owner Trust: | ||||||||||||
Series 2019-1, Class A, | ||||||||||||
3.520%, 07/15/2030(2) | 25,192,000 | 27,061,674 | ||||||||||
Series 2018-1, Class A, | ||||||||||||
3.190%, 07/15/2031(2) | 40,550,000 | 43,745,839 | ||||||||||
Nelnet Student Loan Trust, | ||||||||||||
Series 2021-A, Class APT1, | ||||||||||||
1.360%, 04/20/2062(2) | 50,900,000 | 50,908,129 | ||||||||||
Oakwood Mortgage Investors, Inc., | ||||||||||||
Series 1999-B, Class A3, | ||||||||||||
6.450%, 12/15/2023 | 6,205 | 6,366 | ||||||||||
PFS Financing Corp., | ||||||||||||
Series 2020-F, Class A, | ||||||||||||
0.930%, 08/15/2024(2) | 16,750,000 | 16,830,577 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2020-MH1, Class A1A, | ||||||||||||
2.184%, 02/25/2060(2)(4) | 44,803,290 | 45,281,032 | ||||||||||
Series 2020-MH1, Class A1, | ||||||||||||
2.250%, 02/25/2060(2)(4) | 28,559,866 | 28,901,873 | ||||||||||
Toyota Auto Loan Extended Note Trust: | ||||||||||||
Series 2019-1A, Class A, | ||||||||||||
2.560%, 11/25/2031(2) | 68,654,950 | 72,393,555 | ||||||||||
Series 2020-1A, Class A, | ||||||||||||
1.350%, 05/25/2033(2) | 104,383,000 | 106,117,188 | ||||||||||
Total Asset Backed Securities | ||||||||||||
(Cost $434,877,341) | 445,703,628 | 1.2 | % | |||||||||
Shares | ||||||||||||
Common Stock | ||||||||||||
Industrials | ||||||||||||
Valaris Ltd. | 13,917 | 401,923 | ||||||||||
Total Common Stock | ||||||||||||
(Cost $3,984,823) | 401,923 | 0.0 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $33,827,272,266) | 34,934,887,880 | 97.7 | % | |||||||||
Short-Term Investment | ||||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government | ||||||||||||
Obligations Fund, Class U, 0.03%(5) | 981,062,858 | 981,062,858 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $981,062,858) | 981,062,858 | 2.8 | % | |||||||||
Total Investments | ||||||||||||
(Cost $34,808,335,124) | 35,915,950,738 | 100.5 | % | |||||||||
Liabilities in Excess of Other Assets | (167,710,507 | ) | (0.5 | )% | ||||||||
TOTAL NET ASSETS | $ | 35,748,240,231 | 100.0 | % |
Notes to Schedule of Investments
CMT – Constant Maturity Treasury
LIBOR – London Inter-bank Offered Rate
SOFR – Secured Overnight Financing Rate
(1) | Foreign security. |
(2) | Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $5,319,966,969, which represented 14.88% of total net assets. |
(3) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021. |
(4) | Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of June 30, 2021. |
(5) | Seven-day yield. |
(6) | Security that, on the last payment date, missed a partial principal or interest payment. |
(7) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021. |
(8) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
(9) | Security in default. |
The accompanying notes are an integral part of these financial statements.
Page 57
Baird Aggregate Bond Fund
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 10,035,175,673 | $ | — | $ | 10,035,175,673 | ||||||||
Other Government Related Securities | — | 58,688,660 | — | 58,688,660 | ||||||||||||
Corporate Bonds | — | 14,387,969,848 | — | 14,387,969,848 | ||||||||||||
Municipal Bonds | — | 360,935,159 | — | 360,935,159 | ||||||||||||
Residential Mortgage-Backed Securities – U.S. Government Agency Issues | — | 6,065,043,195 | — | 6,065,043,195 | ||||||||||||
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 671,268,302 | — | 671,268,302 | ||||||||||||
Commercial Mortgage-Backed Securities – U.S. Government Agency Issues | — | 1,219,976,635 | — | 1,219,976,635 | ||||||||||||
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 1,689,724,857 | — | 1,689,724,857 | ||||||||||||
Asset Backed Securities | — | 445,703,628 | — | 445,703,628 | ||||||||||||
Common Stock | 401,923 | — | — | 401,923 | ||||||||||||
Total Long-Term Investments | 401,923 | 34,934,485,957 | — | 34,934,887,880 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 981,062,858 | — | — | 981,062,858 | ||||||||||||
Total Short-Term Investment | 981,062,858 | — | — | 981,062,858 | ||||||||||||
Total Investments | $ | 981,464,781 | $ | 34,934,485,957 | $ | — | $ | 35,915,950,738 |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 58
Baird Core Plus Bond Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $31,563,487,825 | ||
SEC 30-Day Yield(3) | ||||
Institutional Class | 1.54% | |||
Investor Class | 1.30% | |||
Average Effective Duration | 6.36 years | |||
Average Effective Maturity | 8.00 years | |||
Annualized Expense Ratio(4) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (5) | ||
Portfolio Turnover Rate | 15% | (6) | ||
Number of Holdings | 1,627 | |||
Sector Weightings(1) | ||||
(1) | Percentages shown are based on the Fund’s total investments. |
(2) | The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). |
(3) | SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021. |
(4) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. |
(5) | Includes 0.25% 12b-1 fee. |
(6) | Not annualized. |
Page 59
Baird Core Plus Bond Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | -1.03% | 1.78% | 4.03% | 4.34% | 5.75% |
Investor Class Shares | -1.19% | 1.52% | 3.76% | 4.08% | 5.49% |
Bloomberg Barclays U.S. Universal Bond Index(2) | -1.15% | 1.12% | 3.48% | 3.74% | 5.05% |
(1) | For the period from September 29, 2000 (inception date) through June 30, 2021. |
(2) | The Bloomberg Barclays 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. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund may invest up to 20% of its net assets in non-investment grade debt securities (commonly referred to as “high yield” bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund maintains securities with longer maturities in order to provide a greater potential for return. Generally, the longer a bond’s maturity, the greater the interest rate risk. The Fund may also invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 60
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
2.125%, 12/31/2022 | $ | 222,815,000 | $ | 229,290,561 | ||||||||
2.500%, 05/15/2024 | 422,925,000 | 447,986,609 | ||||||||||
2.250%, 11/15/2025 | 211,300,000 | 224,803,391 | ||||||||||
2.000%, 11/15/2026 | 927,575,000 | 978,881,492 | ||||||||||
2.250%, 11/15/2027 | 1,112,075,000 | 1,189,572,727 | ||||||||||
0.625%, 08/15/2030 | 669,350,000 | 623,593,649 | ||||||||||
1.375%, 11/15/2040 | 326,575,000 | 293,356,199 | ||||||||||
2.875%, 05/15/2043 | 1,054,150,000 | 1,212,354,850 | ||||||||||
2.500%, 02/15/2045 | 973,450,000 | 1,053,227,265 | ||||||||||
2.875%, 05/15/2049 | 191,175,000 | 223,861,444 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $6,466,162,238) | 6,476,928,187 | 20.5 | % | |||||||||
Other Government Related Securities | ||||||||||||
Comision Federal de Electricidad, | ||||||||||||
5.750%, 02/14/2042(1)(2) | 5,200,000 | 5,764,252 | ||||||||||
Corp Andina de Fomento, | ||||||||||||
4.375%, 06/15/2022(1) | 4,265,000 | 4,418,199 | ||||||||||
Electricite de France SA, | ||||||||||||
4.750%, 10/13/2035(1)(2) | 10,000,000 | 12,197,108 | ||||||||||
Korea Development Bank, | ||||||||||||
3.000%, 09/14/2022(1) | 4,400,000 | 4,529,668 | ||||||||||
Petrobras Global Finance BV, | ||||||||||||
7.375%, 01/17/2027(1) | 9,300,000 | 11,462,250 | ||||||||||
Petroleos Mexicanos: | ||||||||||||
4.500%, 01/23/2026(1) | 3,516,000 | 3,559,598 | ||||||||||
6.490%, 01/23/2027(1) | 11,743,000 | 12,403,544 | ||||||||||
6.840%, 01/23/2030(1) | 14,606,000 | 15,051,483 | ||||||||||
5.950%, 01/28/2031(1) | 1,005,000 | 976,358 | ||||||||||
Sinopec Group Overseas | ||||||||||||
Development [2014] Ltd., | ||||||||||||
4.375%, 04/10/2024(1)(2) | 1,500,000 | 1,637,838 | ||||||||||
Sinopec Group Overseas | ||||||||||||
Development [2015] Ltd., | ||||||||||||
3.250%, 04/28/2025(1)(2) | 7,500,000 | 8,016,600 | ||||||||||
Sinopec Group Overseas | ||||||||||||
Development [2017] Ltd., | ||||||||||||
3.000%, 04/12/2022(1)(2) | 6,950,000 | 7,073,154 | ||||||||||
Total Other Government | ||||||||||||
Related Securities | ||||||||||||
(Cost $80,476,314) | 87,090,052 | 0.3 | % | |||||||||
Corporate Bonds | ||||||||||||
Industrials | ||||||||||||
A.P. Meoller – Maersk A/S, | ||||||||||||
3.750%, 09/22/2024(1)(2) | 4,475,000 | 4,823,826 | ||||||||||
Abbott Laboratories, | ||||||||||||
4.750%, 11/30/2036 | 7,506,000 | 9,665,269 | ||||||||||
AbbVie, Inc.: | ||||||||||||
5.000%, 12/15/2021 | 41,397,000 | 41,795,503 | ||||||||||
3.250%, 10/01/2022 | 7,500,000 | 7,711,171 | ||||||||||
3.200%, 11/06/2022 | 3,000,000 | 3,099,089 | ||||||||||
3.850%, 06/15/2024 | 10,125,000 | 10,981,124 | ||||||||||
3.800%, 03/15/2025 | 29,200,000 | 31,940,310 | ||||||||||
3.600%, 05/14/2025 | 2,500,000 | 2,727,992 | ||||||||||
4.550%, 03/15/2035 | 14,098,000 | 17,110,884 | ||||||||||
4.300%, 05/14/2036 | 3,825,000 | 4,538,063 | ||||||||||
4.050%, 11/21/2039 | 11,250,000 | 13,066,038 | ||||||||||
4.250%, 11/21/2049 | 20,000,000 | 23,970,287 | ||||||||||
ADT Corp., | ||||||||||||
3.500%, 07/15/2022 | 6,900,000 | 7,029,375 | ||||||||||
Adventist Health System: | ||||||||||||
2.952%, 03/01/2029 | 7,250,000 | 7,642,519 | ||||||||||
3.630%, 03/01/2049 | 8,900,000 | 9,772,781 | ||||||||||
Agilent Technologies, Inc., | ||||||||||||
3.875%, 07/15/2023 | 5,325,000 | 5,652,165 | ||||||||||
Air Liquide Finance, | ||||||||||||
2.500%, 09/27/2026(1)(2) | 4,833,000 | 5,129,520 | ||||||||||
Air Products and Chemicals, Inc., | ||||||||||||
2.800%, 05/15/2050 | 5,000,000 | 4,997,566 | ||||||||||
Aker BP ASA, | ||||||||||||
2.875%, 01/15/2026(1)(2) | 25,000,000 | 26,332,025 | ||||||||||
Albertsons Companies, Inc.: | ||||||||||||
3.250%, 03/15/2026(2) | 5,000,000 | 5,071,250 | ||||||||||
3.500%, 03/15/2029(2) | 1,500,000 | 1,483,125 | ||||||||||
Alcon Finance Corp.: | ||||||||||||
3.000%, 09/23/2029(1)(2) | 6,110,000 | 6,430,555 | ||||||||||
2.600%, 05/27/2030(1)(2) | 6,475,000 | 6,612,410 | ||||||||||
Alibaba Group Holding Ltd., | ||||||||||||
3.125%, 11/28/2021(1) | 10,000,000 | 10,066,028 | ||||||||||
Alimentation Couche-Tard, Inc., | ||||||||||||
2.950%, 01/25/2030(1)(2) | 6,500,000 | 6,744,374 | ||||||||||
Allegion PLC, | ||||||||||||
3.500%, 10/01/2029 | 8,000,000 | 8,694,617 | ||||||||||
Allegion US Holding Co., Inc., | ||||||||||||
3.200%, 10/01/2024 | 22,750,000 | 24,184,718 | ||||||||||
Alpek SAB de CV: | ||||||||||||
4.250%, 09/18/2029(1)(2) | 6,000,000 | 6,510,060 | ||||||||||
3.250%, 02/25/2031(1)(2) | 10,000,000 | 10,120,100 | ||||||||||
America Movil SAB de CV, | ||||||||||||
2.875%, 05/07/2030(1) | 28,000,000 | 29,511,903 | ||||||||||
Amgen, Inc.: | ||||||||||||
2.200%, 02/21/2027 | 11,750,000 | 12,200,164 | ||||||||||
3.150%, 02/21/2040 | 5,000,000 | 5,210,009 | ||||||||||
4.400%, 05/01/2045 | 8,000,000 | 9,713,172 | ||||||||||
Anglo American Capital PLC: | ||||||||||||
4.125%, 09/27/2022(1)(2) | 5,385,000 | 5,606,260 | ||||||||||
3.625%, 09/11/2024(1)(2) | 4,325,000 | 4,660,023 | ||||||||||
2.625%, 09/10/2030(1)(2) | 16,025,000 | 16,085,612 | ||||||||||
3.950%, 09/10/2050(1)(2) | 10,000,000 | 10,829,298 | ||||||||||
Anheuser-Busch InBev Worldwide, Inc.: | ||||||||||||
4.750%, 01/23/2029(1) | 5,000,000 | 5,956,323 | ||||||||||
5.450%, 01/23/2039(1) | 9,975,000 | 13,155,732 | ||||||||||
4.900%, 02/01/2046(1) | 70,275,000 | 88,950,583 | ||||||||||
ANR Pipeline Co., | ||||||||||||
9.625%, 11/01/2021(1) | 9,150,000 | 9,426,133 | ||||||||||
Antofagasta PLC, | ||||||||||||
2.375%, 10/14/2030(1)(2) | 6,000,000 | 5,781,000 | ||||||||||
AP Moller – Maersk A/S: | ||||||||||||
3.875%, 09/28/2025(1)(2) | 18,140,000 | 19,917,912 | ||||||||||
4.500%, 06/20/2029(1)(2) | 20,575,000 | 23,781,430 | ||||||||||
Apple, Inc., | ||||||||||||
2.650%, 05/11/2050 | 15,000,000 | 14,727,543 | ||||||||||
Aramark Services, Inc., | ||||||||||||
5.000%, 02/01/2028(2) | 1,000,000 | 1,047,200 | ||||||||||
ArcelorMittal: | ||||||||||||
6.125%, 06/01/2025(1) | 6,078,000 | 7,147,103 | ||||||||||
4.550%, 03/11/2026(1) | 30,930,000 | 34,981,587 | ||||||||||
4.250%, 07/16/2029(1) | 15,000,000 | 16,591,624 | ||||||||||
Arcosa, Inc., | ||||||||||||
4.375%, 04/15/2029(2) | 3,000,000 | 3,052,500 | ||||||||||
Ardagh Metal Packaging S.A., | ||||||||||||
3.250%, 09/01/2028(1)(2) | 500,000 | 498,552 | ||||||||||
Arrow Electronics, Inc., | ||||||||||||
3.250%, 09/08/2024 | 15,000,000 | 15,964,566 |
The accompanying notes are an integral part of these financial statements.
Page 61
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Ashtead Capital, Inc., | ||||||||||||
4.000%, 05/01/2028(1)(2) | $ | 9,000,000 | $ | 9,461,250 | ||||||||
AT&T, Inc.: | ||||||||||||
4.300%, 02/15/2030 | 10,980,000 | 12,690,962 | ||||||||||
2.550%, 12/01/2033(2) | 14,329,000 | 14,194,906 | ||||||||||
5.250%, 03/01/2037 | 7,125,000 | 8,975,931 | ||||||||||
4.900%, 08/15/2037 | 10,000,000 | 12,321,852 | ||||||||||
4.650%, 06/01/2044 | 9,700,000 | 11,425,999 | ||||||||||
3.550%, 09/15/2055(2) | 45,029,000 | 45,179,975 | ||||||||||
3.800%, 12/01/2057(2) | 25,315,000 | 26,375,254 | ||||||||||
3.650%, 09/15/2059(2) | 31,734,000 | 32,181,405 | ||||||||||
Avery Dennison Corp., | ||||||||||||
2.650%, 04/30/2030 | 10,175,000 | 10,451,221 | ||||||||||
Ball Corp.: | ||||||||||||
5.250%, 07/01/2025 | 21,675,000 | 24,465,656 | ||||||||||
4.875%, 03/15/2026 | 23,125,000 | 25,755,691 | ||||||||||
2.875%, 08/15/2030 | 5,000,000 | 4,908,100 | ||||||||||
Bayer US Finance II LLC: | ||||||||||||
4.250%, 12/15/2025(1)(2) | 25,000,000 | 27,858,662 | ||||||||||
4.625%, 06/25/2038(1)(2) | 12,000,000 | 14,234,701 | ||||||||||
4.400%, 07/15/2044(1)(2) | 5,125,000 | 5,846,804 | ||||||||||
Beam Suntory, Inc.: | ||||||||||||
3.250%, 05/15/2022(1) | 10,650,000 | 10,841,351 | ||||||||||
3.250%, 06/15/2023(1) | 10,960,000 | 11,433,795 | ||||||||||
Becton Dickinson and Co.: | ||||||||||||
3.363%, 06/06/2024 | 10,000,000 | 10,713,897 | ||||||||||
3.734%, 12/15/2024 | 9,250,000 | 10,072,774 | ||||||||||
1.957%, 02/11/2031 | 32,000,000 | 31,222,191 | ||||||||||
4.875%, 05/15/2044 | 5,455,000 | 6,461,621 | ||||||||||
Bemis Co., Inc., | ||||||||||||
4.500%, 10/15/2021 | 1,000,000 | 1,000,460 | ||||||||||
Berry Global, Inc., | ||||||||||||
4.875%, 07/15/2026(2) | 28,000,000 | 29,628,480 | ||||||||||
Boardwalk Pipelines LP: | ||||||||||||
4.950%, 12/15/2024 | 17,475,000 | 19,532,717 | ||||||||||
5.950%, 06/01/2026 | 26,406,000 | 31,305,604 | ||||||||||
4.800%, 05/03/2029 | 26,341,000 | 30,312,486 | ||||||||||
Boeing Co.: | ||||||||||||
2.196%, 02/04/2026 | 25,550,000 | 25,794,213 | ||||||||||
5.150%, 05/01/2030 | 24,000,000 | 28,419,719 | ||||||||||
Bon Secours Mercy Health, Inc., | ||||||||||||
3.464%, 06/01/2030 | 16,330,000 | 17,910,704 | ||||||||||
Booz Allen Hamilton, Inc.: | ||||||||||||
3.875%, 09/01/2028(2) | 1,000,000 | 1,020,000 | ||||||||||
4.000%, 07/01/2029(2) | 500,000 | 511,250 | ||||||||||
Boral Finance Pty Ltd., | ||||||||||||
3.750%, 05/01/2028(1)(2) | 5,550,000 | 5,985,570 | ||||||||||
BorgWarner, Inc.: | ||||||||||||
5.000%, 10/01/2025(2) | 10,000,000 | 11,475,254 | ||||||||||
2.650%, 07/01/2027 | 9,000,000 | 9,545,024 | ||||||||||
Boston Scientific Corp., | ||||||||||||
1.900%, 06/01/2025 | 15,000,000 | 15,470,117 | ||||||||||
Bristol-Myers Squibb Co., | ||||||||||||
3.250%, 02/20/2023 | 9,622,000 | 10,051,703 | ||||||||||
Broadcom, Inc.: | ||||||||||||
3.625%, 10/15/2024 | 26,800,000 | 29,025,606 | ||||||||||
3.125%, 01/15/2025 | 13,250,000 | 14,143,496 | ||||||||||
4.700%, 04/15/2025 | 18,300,000 | 20,616,145 | ||||||||||
3.150%, 11/15/2025 | 7,150,000 | 7,663,230 | ||||||||||
4.250%, 04/15/2026 | 30,400,000 | 34,079,486 | ||||||||||
4.750%, 04/15/2029 | 14,900,000 | 17,332,528 | ||||||||||
5.000%, 04/15/2030 | 11,000,000 | 12,977,488 | ||||||||||
4.150%, 11/15/2030 | 10,000,000 | 11,214,150 | ||||||||||
2.450%, 02/15/2031(2) | 7,250,000 | 7,124,536 | ||||||||||
3.500%, 02/15/2041(2) | 11,000,000 | 11,253,317 | ||||||||||
Broadridge Financial Solutions, Inc., | ||||||||||||
3.400%, 06/27/2026 | 18,286,000 | 20,039,378 | ||||||||||
Bunge Limited Finance Corp.: | ||||||||||||
3.250%, 08/15/2026 | 13,188,000 | 14,244,687 | ||||||||||
3.750%, 09/25/2027 | 23,800,000 | 26,212,979 | ||||||||||
Burlington Northern Santa Fe LLC, | ||||||||||||
4.150%, 04/01/2045 | 3,100,000 | 3,759,173 | ||||||||||
Cameron LNG LLC, | ||||||||||||
3.701%, 01/15/2039(2) | 15,000,000 | 16,687,115 | ||||||||||
Campbell Soup Co., | ||||||||||||
3.950%, 03/15/2025 | 11,000,000 | 12,132,743 | ||||||||||
Cargill, Inc., | ||||||||||||
2.125%, 04/23/2030(2) | 7,000,000 | 7,088,711 | ||||||||||
Carlisle Companies, Inc.: | ||||||||||||
3.750%, 12/01/2027 | 4,600,000 | 5,117,759 | ||||||||||
2.750%, 03/01/2030 | 21,832,000 | 22,711,565 | ||||||||||
Carrier Global Corp.: | ||||||||||||
2.493%, 02/15/2027 | 12,845,000 | 13,444,108 | ||||||||||
2.700%, 02/15/2031 | 14,700,000 | 15,135,349 | ||||||||||
3.377%, 04/05/2040 | 10,000,000 | 10,489,242 | ||||||||||
3.577%, 04/05/2050 | 3,050,000 | 3,234,422 | ||||||||||
CCL Industries, Inc., | ||||||||||||
3.050%, 06/01/2030(1)(2) | 19,725,000 | 20,696,866 | ||||||||||
Cellnex Finance Co., | ||||||||||||
3.875%, 07/07/2041(1)(8) | 7,000,000 | 6,978,720 | ||||||||||
CF Industries, Inc.: | ||||||||||||
3.450%, 06/01/2023 | 24,874,000 | 25,962,238 | ||||||||||
5.375%, 03/15/2044 | 10,922,000 | 13,534,542 | ||||||||||
Charles River Laboratories | ||||||||||||
International, Inc., | ||||||||||||
4.000%, 03/15/2031(2) | 3,000,000 | 3,120,990 | ||||||||||
Charter Communications Operating LLC: | ||||||||||||
4.464%, 07/23/2022 | 33,748,000 | 34,938,925 | ||||||||||
4.908%, 07/23/2025 | 63,550,000 | 71,996,491 | ||||||||||
3.750%, 02/15/2028 | 5,000,000 | 5,514,283 | ||||||||||
5.050%, 03/30/2029 | 3,437,000 | 4,059,754 | ||||||||||
2.300%, 02/01/2032 | 5,000,000 | 4,807,109 | ||||||||||
6.384%, 10/23/2035 | 32,905,000 | 43,983,029 | ||||||||||
5.375%, 04/01/2038 | 6,000,000 | 7,372,665 | ||||||||||
3.500%, 06/01/2041 | 10,000,000 | 10,067,698 | ||||||||||
3.700%, 04/01/2051 | 6,700,000 | 6,626,746 | ||||||||||
3.850%, 04/01/2061 | 12,075,000 | 11,851,572 | ||||||||||
4.400%, 12/01/2061 | 10,000,000 | 10,744,854 | ||||||||||
Cheniere Corpus Christi Holdings LLC: | ||||||||||||
7.000%, 06/30/2024 | 4,269,000 | 4,890,276 | ||||||||||
5.875%, 03/31/2025 | 5,005,000 | 5,736,076 | ||||||||||
5.125%, 06/30/2027 | 11,397,000 | 13,252,279 | ||||||||||
Chevron Phillips Chemical Co. LLC / | ||||||||||||
Chevron Phillips Chemical Co. LP, | ||||||||||||
5.125%, 04/01/2025(2) | 15,000,000 | 17,171,103 | ||||||||||
Chevron USA, Inc., | ||||||||||||
5.050%, 11/15/2044 | 3,000,000 | 4,022,872 | ||||||||||
Cigna Corp.: | ||||||||||||
3.050%, 11/30/2022 | 15,000,000 | 15,525,431 | ||||||||||
3.000%, 07/15/2023 | 7,525,000 | 7,880,775 | ||||||||||
3.500%, 06/15/2024 | 7,800,000 | 8,361,859 | ||||||||||
4.500%, 02/25/2026 | 5,725,000 | 6,515,638 | ||||||||||
2.400%, 03/15/2030 | 9,850,000 | 10,048,701 | ||||||||||
4.800%, 08/15/2038 | 7,600,000 | 9,465,258 | ||||||||||
CK Hutchison International Ltd.: | ||||||||||||
2.875%, 04/05/2022(1)(2) | 7,475,000 | 7,604,392 | ||||||||||
3.250%, 04/11/2024(1)(2) | 7,000,000 | 7,449,381 | ||||||||||
2.500%, 04/15/2031(1)(2) | 10,000,000 | 10,183,800 |
The accompanying notes are an integral part of these financial statements.
Page 62
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Clean Harbors, Inc., | ||||||||||||
5.125%, 07/15/2029(2) | $ | 100,000 | $ | 108,750 | ||||||||
CNH Industrial Capital LLC: | ||||||||||||
4.200%, 01/15/2024(1) | 15,000,000 | 16,231,243 | ||||||||||
1.875%, 01/15/2026(1) | 14,250,000 | 14,491,599 | ||||||||||
CNH Industrial NV: | ||||||||||||
4.500%, 08/15/2023(1) | 16,168,000 | 17,430,500 | ||||||||||
3.850%, 11/15/2027(1) | 26,114,000 | 28,913,249 | ||||||||||
Columbia Pipeline Group, Inc.: | ||||||||||||
4.500%, 06/01/2025(1) | 14,135,000 | 15,866,449 | ||||||||||
5.800%, 06/01/2045(1) | 4,733,000 | 6,388,594 | ||||||||||
Comcast Cable Communications | ||||||||||||
Holdings, Inc., | ||||||||||||
9.455%, 11/15/2022 | 2,030,000 | 2,283,824 | ||||||||||
Comcast Corp.: | ||||||||||||
4.250%, 01/15/2033 | 6,500,000 | 7,746,461 | ||||||||||
4.400%, 08/15/2035 | 13,575,000 | 16,359,090 | ||||||||||
3.200%, 07/15/2036 | 15,000,000 | 16,093,209 | ||||||||||
4.600%, 10/15/2038 | 12,350,000 | 15,306,615 | ||||||||||
4.650%, 07/15/2042 | 2,000,000 | 2,510,376 | ||||||||||
4.950%, 10/15/2058 | 7,500,000 | 10,371,100 | ||||||||||
CommonSpirit Health: | ||||||||||||
2.760%, 10/01/2024 | 7,500,000 | 7,896,225 | ||||||||||
2.782%, 10/01/2030 | 20,400,000 | 21,169,133 | ||||||||||
Conagra Brands, Inc., | ||||||||||||
5.300%, 11/01/2038 | 6,625,000 | 8,419,687 | ||||||||||
ConocoPhillips, | ||||||||||||
2.400%, 02/15/2031(2) | 12,000,000 | 12,282,471 | ||||||||||
ConocoPhillips Canada Funding Co. I, | ||||||||||||
5.950%, 10/15/2036 | 845,000 | 1,164,391 | ||||||||||
Constellation Brands, Inc., | ||||||||||||
4.750%, 12/01/2025 | 1,000,000 | 1,150,782 | ||||||||||
Corning, Inc., | ||||||||||||
4.375%, 11/15/2057 | 10,000,000 | 11,915,024 | ||||||||||
Cox Communications, Inc.: | ||||||||||||
3.850%, 02/01/2025(2) | 2,875,000 | 3,128,749 | ||||||||||
3.350%, 09/15/2026(2) | 20,850,000 | 22,641,159 | ||||||||||
4.800%, 02/01/2035(2) | 4,450,000 | 5,393,103 | ||||||||||
4.700%, 12/15/2042(2) | 1,670,000 | 2,063,245 | ||||||||||
3.600%, 06/15/2051(2) | 22,900,000 | 24,114,338 | ||||||||||
CSX Corp.: | ||||||||||||
6.220%, 04/30/2040 | 475,000 | 694,411 | ||||||||||
4.650%, 03/01/2068 | 9,000,000 | 11,780,354 | ||||||||||
CVS Health Corp.: | ||||||||||||
3.875%, 07/20/2025 | 2,302,000 | 2,541,624 | ||||||||||
3.250%, 08/15/2029 | 11,800,000 | 12,803,485 | ||||||||||
4.780%, 03/25/2038 | 35,075,000 | 43,150,887 | ||||||||||
5.125%, 07/20/2045 | 15,000,000 | 19,509,750 | ||||||||||
5.050%, 03/25/2048 | 32,600,000 | 42,343,348 | ||||||||||
CVS Pass-Through Trust, | ||||||||||||
7.507%, 01/10/2032(2) | 3,545,456 | 4,491,487 | ||||||||||
Daimler Finance North America LLC: | ||||||||||||
2.550%, 08/15/2022(1)(2) | 19,750,000 | 20,212,702 | ||||||||||
1.750%, 03/10/2023(1)(2) | 29,550,000 | 30,158,497 | ||||||||||
Danone SA: | ||||||||||||
3.000%, 06/15/2022(1)(2) | 3,500,000 | 3,588,643 | ||||||||||
2.589%, 11/02/2023(1)(2) | 10,000,000 | 10,424,729 | ||||||||||
DCP Midstream LLC: | ||||||||||||
5.375%, 07/15/2025 | 3,000,000 | 3,341,100 | ||||||||||
5.625%, 07/15/2027 | 17,000,000 | 19,337,500 | ||||||||||
5.125%, 05/15/2029 | 8,000,000 | 8,840,000 | ||||||||||
Dell International LLC / EMC Corp.: | ||||||||||||
5.450%, 06/15/2023 | 42,180,000 | 45,759,539 | ||||||||||
5.850%, 07/15/2025 | 5,000,000 | 5,866,073 | ||||||||||
6.020%, 06/15/2026 | 37,004,000 | 44,424,278 | ||||||||||
4.900%, 10/01/2026 | 8,395,000 | 9,688,534 | ||||||||||
Dentsply Sirona, | ||||||||||||
3.250%, 06/01/2030 | 46,120,000 | 49,327,603 | ||||||||||
Deutsche Telekom AG, | ||||||||||||
3.625%, 01/21/2050(1)(2) | 5,925,000 | 6,254,864 | ||||||||||
Deutsche Telekom International | ||||||||||||
Finance BV, | ||||||||||||
8.750%, 06/15/2030(1) | 28,015,000 | 41,978,734 | ||||||||||
Dignity Health, | ||||||||||||
5.267%, 11/01/2064 | 7,625,000 | 10,539,676 | ||||||||||
DISH DBS Corp., | ||||||||||||
5.000%, 03/15/2023 | 2,500,000 | 2,616,575 | ||||||||||
Dominion Gas Holdings LLC, | ||||||||||||
3.600%, 12/15/2024 | 4,067,000 | 4,403,504 | ||||||||||
DuPont de Nemours, Inc.: | ||||||||||||
4.493%, 11/15/2025 | 9,275,000 | 10,547,115 | ||||||||||
5.319%, 11/15/2038 | 17,350,000 | 22,945,517 | ||||||||||
DXC Technology Co.: | ||||||||||||
4.250%, 04/15/2024 | 52,810,000 | 57,280,747 | ||||||||||
4.125%, 04/15/2025 | 30,000,000 | 32,971,345 | ||||||||||
4.750%, 04/15/2027 | 28,650,000 | 32,986,876 | ||||||||||
Eagle Materials, Inc., | ||||||||||||
2.500%, 07/01/2031(8) | 15,000,000 | 14,860,369 | ||||||||||
Eastern Gas Transmission | ||||||||||||
and Storage, Inc., | ||||||||||||
3.600%, 12/15/2024 | 2,033,000 | 2,027,389 | ||||||||||
Eaton Corp.: | ||||||||||||
2.750%, 11/02/2022 | 2,625,000 | 2,709,985 | ||||||||||
4.000%, 11/02/2032 | 3,660,000 | 4,262,585 | ||||||||||
Ecolab, Inc., | ||||||||||||
3.250%, 01/14/2023 | 6,325,000 | 6,586,299 | ||||||||||
Edward-Elmhurst Healthcare, | ||||||||||||
3.500%, 05/04/2023 | 4,000,000 | 4,152,829 | ||||||||||
Element Fleet Management Corp., | ||||||||||||
3.850%, 06/15/2025(1)(2) | 23,000,000 | 24,741,773 | ||||||||||
Enable Midstream Partners LP: | ||||||||||||
4.400%, 03/15/2027 | 15,000,000 | 16,537,136 | ||||||||||
4.150%, 09/15/2029 | 16,585,000 | 18,159,271 | ||||||||||
Enbridge Energy Partners LP: | ||||||||||||
7.500%, 04/15/2038(1) | 4,500,000 | 6,674,397 | ||||||||||
7.375%, 10/15/2045(1) | 23,298,000 | 36,555,169 | ||||||||||
Energy Transfer LP: | ||||||||||||
3.450%, 01/15/2023 | 2,000,000 | 2,068,446 | ||||||||||
6.100%, 02/15/2042 | 1,000,000 | 1,243,233 | ||||||||||
Energy Transfer Operating LP: | ||||||||||||
4.250%, 03/15/2023 | 10,000,000 | 10,491,812 | ||||||||||
5.875%, 01/15/2024 | 15,000,000 | 16,621,562 | ||||||||||
5.500%, 06/01/2027 | 6,204,000 | 7,275,956 | ||||||||||
4.950%, 06/15/2028 | 4,693,000 | 5,422,192 | ||||||||||
5.250%, 04/15/2029 | 18,925,000 | 22,353,637 | ||||||||||
3.750%, 05/15/2030 | 6,350,000 | 6,897,929 | ||||||||||
5.950%, 10/01/2043 | 2,702,000 | 3,370,937 | ||||||||||
6.000%, 06/15/2048 | 5,000,000 | 6,320,038 | ||||||||||
Energy Transfer Partners LP: | ||||||||||||
4.200%, 04/15/2027 | 8,650,000 | 9,553,179 | ||||||||||
6.500%, 02/01/2042 | 18,727,000 | 24,313,743 | ||||||||||
5.150%, 03/15/2045 | 5,000,000 | 5,782,832 | ||||||||||
Eni SpA, | ||||||||||||
4.250%, 05/09/2029(1)(2) | 18,250,000 | 20,760,962 | ||||||||||
EnLink Midstream Partners LP, | ||||||||||||
4.400%, 04/01/2024 | 23,605,000 | 24,785,250 | ||||||||||
Enterprise Products Operating LLC: | ||||||||||||
3.350%, 03/15/2023 | 10,000,000 | 10,407,050 | ||||||||||
3.950%, 01/31/2060 | 14,475,000 | 16,135,061 |
The accompanying notes are an integral part of these financial statements.
Page 63
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
EQT Corp.: | ||||||||||||
7.625%, 02/01/2025 | $ | 10,000,000 | $ | 11,664,900 | ||||||||
5.000%, 01/15/2029 | 1,000,000 | 1,114,970 | ||||||||||
3.625%, 05/15/2031(2) | 100,000 | 104,250 | ||||||||||
EQT Midstream Partners LP: | ||||||||||||
4.750%, 07/15/2023 | 7,409,000 | 7,733,144 | ||||||||||
4.125%, 12/01/2026 | 14,750,000 | 15,100,312 | ||||||||||
Equinix, Inc.: | ||||||||||||
2.625%, 11/18/2024 | 8,000,000 | 8,417,448 | ||||||||||
3.200%, 11/18/2029 | 15,000,000 | 16,089,067 | ||||||||||
ERAC USA Finance LLC, | ||||||||||||
2.600%, 12/01/2021(2) | 10,400,000 | 10,479,021 | ||||||||||
Exxon Mobil Corp., | ||||||||||||
2.992%, 03/19/2025 | 35,000,000 | 37,540,570 | ||||||||||
FedEx Corp.: | ||||||||||||
3.900%, 02/01/2035 | 7,000,000 | 8,023,131 | ||||||||||
4.950%, 10/17/2048 | 13,500,000 | 17,412,118 | ||||||||||
Ferguson Finance PLC, | ||||||||||||
4.500%, 10/24/2028(2) | 37,052,000 | 43,119,256 | ||||||||||
Fidelity National Information | ||||||||||||
Services, Inc.: | ||||||||||||
1.650%, 03/01/2028 | 10,075,000 | 10,017,896 | ||||||||||
4.500%, 08/15/2046 | 6,700,000 | 8,203,239 | ||||||||||
Fiserv, Inc.: | ||||||||||||
3.500%, 10/01/2022 | 11,625,000 | 11,986,982 | ||||||||||
3.850%, 06/01/2025 | 11,720,000 | 12,893,816 | ||||||||||
3.200%, 07/01/2026 | 6,400,000 | 6,925,938 | ||||||||||
2.250%, 06/01/2027 | 7,850,000 | 8,143,055 | ||||||||||
3.500%, 07/01/2029 | 8,810,000 | 9,694,013 | ||||||||||
4.400%, 07/01/2049 | 20,000,000 | 24,123,250 | ||||||||||
Flex Intermediate Holdco LLC, | ||||||||||||
3.363%, 06/30/2031(2) | 30,000,000 | 30,368,231 | ||||||||||
Flex Ltd., | ||||||||||||
3.750%, 02/01/2026 | 28,300,000 | 30,949,794 | ||||||||||
Florida Gas Transmission Co. LLC, | ||||||||||||
3.875%, 07/15/2022(2) | 3,000,000 | 3,073,260 | ||||||||||
Flowserve Corp., | ||||||||||||
3.500%, 10/01/2030 | 7,075,000 | 7,462,456 | ||||||||||
FMC Corp., | ||||||||||||
3.200%, 10/01/2026 | 8,100,000 | 8,746,629 | ||||||||||
FMG Resources Pty Ltd.: | ||||||||||||
5.125%, 05/15/2024(1)(2) | 2,045,000 | 2,226,494 | ||||||||||
4.375%, 04/01/2031(1)(2) | 1,000,000 | 1,069,830 | ||||||||||
Fomento Economico | ||||||||||||
Mexicano SAB de CV: | ||||||||||||
2.875%, 05/10/2023(1) | 11,700,000 | 12,078,612 | ||||||||||
4.375%, 05/10/2043(1) | 2,000,000 | 2,377,120 | ||||||||||
3.500%, 01/16/2050(1) | 11,625,000 | 12,226,710 | ||||||||||
Ford Motor Credit Co. LLC: | ||||||||||||
5.875%, 08/02/2021 | 8,975,000 | 9,020,773 | ||||||||||
2.979%, 08/03/2022 | 20,000,000 | 20,275,000 | ||||||||||
4.250%, 09/20/2022 | 4,459,000 | 4,604,230 | ||||||||||
4.140%, 02/15/2023 | 10,000,000 | 10,362,500 | ||||||||||
5.584%, 03/18/2024 | 29,367,000 | 32,162,738 | ||||||||||
3.664%, 09/08/2024 | 34,000,000 | 35,636,760 | ||||||||||
4.063%, 11/01/2024 | 7,000,000 | 7,445,550 | ||||||||||
3.375%, 11/13/2025 | 30,000,000 | 31,108,500 | ||||||||||
Fortune Brands Home & Security, Inc., | ||||||||||||
3.250%, 09/15/2029 | 14,000,000 | 15,057,259 | ||||||||||
Fox Corp., | ||||||||||||
3.050%, 04/07/2025 | 5,000,000 | 5,353,800 | ||||||||||
Freeport-McMoRan, Inc.: | ||||||||||||
3.875%, 03/15/2023 | 38,916,000 | 40,576,157 | ||||||||||
5.000%, 09/01/2027 | 12,000,000 | 12,675,000 | ||||||||||
4.125%, 03/01/2028 | 11,550,000 | 12,055,312 | ||||||||||
4.375%, 08/01/2028 | 6,545,000 | 6,913,156 | ||||||||||
5.250%, 09/01/2029 | 14,415,000 | 15,910,556 | ||||||||||
4.250%, 03/01/2030 | 29,799,000 | 31,922,179 | ||||||||||
4.625%, 08/01/2030 | 3,000,000 | 3,285,000 | ||||||||||
Fresenius Medical Care | ||||||||||||
US Finance II, Inc., | ||||||||||||
4.750%, 10/15/2024(1)(2) | 8,075,000 | 8,972,274 | ||||||||||
Fresenius Medical Care | ||||||||||||
US Finance III, Inc.: | ||||||||||||
3.750%, 06/15/2029(1)(2) | 34,130,000 | 37,127,787 | ||||||||||
2.375%, 02/16/2031(1)(2) | 32,300,000 | 31,512,365 | ||||||||||
3.000%, 12/01/2031(1)(2) | 16,500,000 | 16,831,572 | ||||||||||
Fresenius US Finance II, Inc., | ||||||||||||
4.500%, 01/15/2023(1)(2) | 33,385,000 | 34,892,357 | ||||||||||
General Electric Co.: | ||||||||||||
3.450%, 05/01/2027 | 3,925,000 | 4,314,631 | ||||||||||
3.625%, 05/01/2030 | 5,000,000 | 5,575,396 | ||||||||||
General Mills, Inc.: | ||||||||||||
3.700%, 10/17/2023 | 20,000,000 | 21,401,024 | ||||||||||
4.000%, 04/17/2025 | 3,175,000 | 3,517,986 | ||||||||||
General Motors Co., | ||||||||||||
6.125%, 10/01/2025 | 4,000,000 | 4,735,209 | ||||||||||
General Motors Financial Co., Inc.: | ||||||||||||
4.375%, 09/25/2021 | 4,875,000 | 4,920,296 | ||||||||||
3.450%, 01/14/2022 | 5,200,000 | 5,272,495 | ||||||||||
3.150%, 06/30/2022 | 13,050,000 | 13,362,667 | ||||||||||
4.150%, 06/19/2023 | 3,375,000 | 3,584,467 | ||||||||||
1.700%, 08/18/2023 | 15,500,000 | 15,819,917 | ||||||||||
5.100%, 01/17/2024 | 18,750,000 | 20,641,935 | ||||||||||
2.900%, 02/26/2025 | 17,725,000 | 18,762,591 | ||||||||||
1.250%, 01/08/2026 | 18,125,000 | 18,004,212 | ||||||||||
Genpact Luxembourg Sarl: | ||||||||||||
3.700%, 04/01/2022 | 43,005,000 | 43,826,759 | ||||||||||
3.375%, 12/01/2024 | 46,370,000 | 49,537,343 | ||||||||||
Genpact Luxembourg SARL, | ||||||||||||
1.750%, 04/10/2026 | 29,775,000 | 29,835,762 | ||||||||||
Georgia-Pacific LLC, | ||||||||||||
3.163%, 11/15/2021(2) | 20,000,000 | 20,117,457 | ||||||||||
Glencore Finance (Canada) Ltd.: | ||||||||||||
4.950%, 11/15/2021(1)(2) | 2,000,000 | 2,032,728 | ||||||||||
4.250%, 10/25/2022(1)(2) | 7,000,000 | 7,321,790 | ||||||||||
6.000%, 11/15/2041(1)(2) | 9,400,000 | 12,445,882 | ||||||||||
5.550%, 10/25/2042(1)(2) | 3,543,000 | 4,575,395 | ||||||||||
Glencore Funding LLC: | ||||||||||||
4.125%, 05/30/2023(1)(2) | 16,940,000 | 18,018,007 | ||||||||||
4.625%, 04/29/2024(1)(2) | 29,230,000 | 32,038,999 | ||||||||||
4.000%, 03/27/2027(1)(2) | 17,000,000 | 18,842,002 | ||||||||||
4.875%, 03/12/2029(1)(2) | 18,000,000 | 20,932,782 | ||||||||||
2.500%, 09/01/2030(1)(2) | 19,800,000 | 19,751,621 | ||||||||||
3.875%, 04/27/2051(1)(2) | 7,500,000 | 7,854,017 | ||||||||||
Global Payments, Inc.: | ||||||||||||
4.000%, 06/01/2023 | 10,775,000 | 11,444,072 | ||||||||||
4.800%, 04/01/2026 | 10,035,000 | 11,473,117 | ||||||||||
2.900%, 05/15/2030 | 5,000,000 | 5,209,326 | ||||||||||
Graphic Packaging International LLC: | ||||||||||||
3.500%, 03/15/2028(2) | 5,000,000 | 5,037,500 | ||||||||||
3.500%, 03/01/2029(2) | 5,000,000 | 4,953,500 | ||||||||||
Gray Oak Pipeline LLC, | ||||||||||||
2.600%, 10/15/2025(2) | 15,000,000 | 15,408,735 | ||||||||||
Grupo Bimbo SAB de CV: | ||||||||||||
4.500%, 01/25/2022(1)(2) | 971,000 | 992,259 | ||||||||||
3.875%, 06/27/2024(1)(2) | 31,501,000 | 33,954,534 |
The accompanying notes are an integral part of these financial statements.
Page 64
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Grupo Bimbo SAB de CV: (cont.) | ||||||||||||
4.875%, 06/27/2044(1)(2) | $ | 9,575,000 | $ | 11,435,614 | ||||||||
4.700%, 11/10/2047(1)(2) | 22,671,000 | 26,647,147 | ||||||||||
4.000%, 09/06/2049(1)(2) | 19,500,000 | 20,763,765 | ||||||||||
Gulf South Pipeline Co. LP, | ||||||||||||
4.000%, 06/15/2022 | 3,000,000 | 3,072,070 | ||||||||||
Gulfstream Natural Gas System LLC, | ||||||||||||
4.600%, 09/15/2025(2) | 10,000,000 | 11,158,086 | ||||||||||
GYP Holdings III Corp., | ||||||||||||
4.625%, 05/01/2029(2) | 2,500,000 | 2,509,375 | ||||||||||
HB Fuller Co., | ||||||||||||
4.000%, 02/15/2027 | 6,725,000 | 6,960,375 | ||||||||||
HCA, Inc.: | ||||||||||||
5.000%, 03/15/2024 | 10,366,000 | 11,453,652 | ||||||||||
5.375%, 02/01/2025 | 25,300,000 | 28,538,400 | ||||||||||
5.250%, 04/15/2025 | 19,200,000 | 21,966,115 | ||||||||||
5.375%, 09/01/2026 | 1,000,000 | 1,150,750 | ||||||||||
4.500%, 02/15/2027 | 16,500,000 | 18,646,238 | ||||||||||
5.875%, 02/01/2029 | 3,500,000 | 4,226,250 | ||||||||||
4.125%, 06/15/2029 | 15,000,000 | 16,891,144 | ||||||||||
3.500%, 09/01/2030 | 5,000,000 | 5,326,850 | ||||||||||
3.500%, 07/15/2051 | 12,475,000 | 12,469,316 | ||||||||||
Hewlett Packard Enterprise Co., | ||||||||||||
4.450%, 10/02/2023 | 12,575,000 | 13,599,195 | ||||||||||
Hexcel Corp.: | ||||||||||||
4.700%, 08/15/2025 | 8,303,000 | 9,142,640 | ||||||||||
3.950%, 02/15/2027 | 19,000,000 | 20,436,272 | ||||||||||
Hologic, Inc., | ||||||||||||
3.250%, 02/15/2029(2) | 21,238,000 | 21,052,167 | ||||||||||
HP, Inc.: | ||||||||||||
2.200%, 06/17/2025 | 10,000,000 | 10,379,310 | ||||||||||
3.000%, 06/17/2027 | 25,000,000 | 26,772,322 | ||||||||||
Huntington Ingalls Industries, Inc., | ||||||||||||
3.844%, 05/01/2025 | 10,000,000 | 10,897,212 | ||||||||||
Huntsman International LLC, | ||||||||||||
2.950%, 06/15/2031 | 4,900,000 | 4,969,968 | ||||||||||
Husky Energy, Inc.: | ||||||||||||
4.000%, 04/15/2024(1) | 7,380,000 | 7,898,555 | ||||||||||
4.400%, 04/15/2029(1) | 15,000,000 | 16,962,775 | ||||||||||
Hutchison Whampoa International Ltd.: | ||||||||||||
3.250%, 11/08/2022(1)(2) | 4,625,000 | 4,796,963 | ||||||||||
3.625%, 10/31/2024(1)(2) | 15,000,000 | 16,337,109 | ||||||||||
Hyundai Capital America: | ||||||||||||
3.750%, 07/08/2021(1)(2) | 10,150,000 | 10,155,717 | ||||||||||
3.100%, 04/05/2022(1)(2) | 2,000,000 | 2,038,073 | ||||||||||
2.850%, 11/01/2022(1)(2) | 5,225,000 | 5,372,445 | ||||||||||
2.375%, 02/10/2023(1)(2) | 20,000,000 | 20,529,001 | ||||||||||
1.250%, 09/18/2023(1)(2) | 14,125,000 | 14,253,956 | ||||||||||
3.400%, 06/20/2024(1)(2) | 16,850,000 | 17,962,785 | ||||||||||
1.300%, 01/08/2026(1)(2) | 10,000,000 | 9,882,478 | ||||||||||
IHS Markit Ltd., | ||||||||||||
3.625%, 05/01/2024 | 10,000,000 | 10,737,100 | ||||||||||
Infor, Inc., | ||||||||||||
1.750%, 07/15/2025(2) | 8,375,000 | 8,544,596 | ||||||||||
Ingersoll-Rand Global Holding Co. Ltd., | ||||||||||||
5.750%, 06/15/2043 | 4,126,000 | 5,916,794 | ||||||||||
Ingersoll-Rand Luxembourg Finance SA, | ||||||||||||
4.650%, 11/01/2044 | 1,300,000 | 1,632,945 | ||||||||||
Ingredion, Inc., | ||||||||||||
2.900%, 06/01/2030 | 28,000,000 | 29,287,542 | ||||||||||
International Business Machines Corp., | ||||||||||||
4.150%, 05/15/2039 | 13,000,000 | 15,448,649 | ||||||||||
International Flavors & Fragrances, Inc.: | ||||||||||||
1.832%, 10/15/2027 | 5,000,000 | 4,985,795 | ||||||||||
5.000%, 09/26/2048 | 10,000,000 | 12,932,338 | ||||||||||
3.468%, 12/01/2050 | 8,000,000 | 8,315,681 | ||||||||||
Iron Mountain, Inc.: | ||||||||||||
5.250%, 03/15/2028(2) | 20,303,000 | 21,248,105 | ||||||||||
5.000%, 07/15/2028(2) | 4,000,000 | 4,151,800 | ||||||||||
4.500%, 02/15/2031(2) | 10,000,000 | 10,125,000 | ||||||||||
JAB Holdings BV, | ||||||||||||
3.750%, 05/28/2051(1)(2) | 8,600,000 | 9,186,367 | ||||||||||
JBS Finance Luxembourg Sarl, | ||||||||||||
3.625%, 01/15/2032(2) | 7,000,000 | 6,997,830 | ||||||||||
JBS USA Lux S.A./JBS USA Food Co./ | ||||||||||||
JBS USA Finance, Inc., | ||||||||||||
3.750%, 12/01/2031(2) | 3,000,000 | 3,069,750 | ||||||||||
JM Smucker Co.: | ||||||||||||
2.375%, 03/15/2030 | 5,000,000 | 5,093,434 | ||||||||||
3.550%, 03/15/2050 | 3,350,000 | 3,617,384 | ||||||||||
Johnson Controls International PLC, | ||||||||||||
3.900%, 02/14/2026 | 3,645,000 | 4,032,214 | ||||||||||
Kansas City Southern: | ||||||||||||
4.700%, 05/01/2048 | 12,000,000 | 14,945,910 | ||||||||||
3.500%, 05/01/2050 | 13,000,000 | 13,701,638 | ||||||||||
Kennametal, Inc., | ||||||||||||
4.625%, 06/15/2028 | 7,900,000 | 8,926,167 | ||||||||||
Kerry Group Financial | ||||||||||||
Services Unlimited Co., | ||||||||||||
3.200%, 04/09/2023(1)(2) | 18,500,000 | 19,165,032 | ||||||||||
Keurig Dr Pepper, Inc., | ||||||||||||
4.417%, 05/25/2025 | 7,000,000 | 7,852,933 | ||||||||||
Keysight Technologies, Inc.: | ||||||||||||
4.550%, 10/30/2024 | 7,283,000 | 8,088,432 | ||||||||||
4.600%, 04/06/2027 | 50,189,000 | 58,316,399 | ||||||||||
Kimberly-Clark de Mexico SAB de CV, | ||||||||||||
2.431%, 07/01/2031(1)(2) | 10,000,000 | 9,900,900 | ||||||||||
Kinder Morgan Energy Partners LP: | ||||||||||||
7.300%, 08/15/2033 | 1,675,000 | 2,364,865 | ||||||||||
6.500%, 02/01/2037 | 400,000 | 548,545 | ||||||||||
6.950%, 01/15/2038 | 14,755,000 | 21,088,695 | ||||||||||
7.500%, 11/15/2040 | 27,248,000 | 40,213,373 | ||||||||||
Kinder Morgan, Inc.: | ||||||||||||
8.050%, 10/15/2030 | 15,384,000 | 21,345,508 | ||||||||||
7.800%, 08/01/2031 | 16,174,000 | 23,144,944 | ||||||||||
7.750%, 01/15/2032 | 7,466,000 | 10,710,528 | ||||||||||
Kinross Gold Corp., | ||||||||||||
6.875%, 09/01/2041(1) | 5,500,000 | 7,684,314 | ||||||||||
Kraft Heinz Foods Co.: | ||||||||||||
6.750%, 03/15/2032 | 10,000,000 | 13,542,800 | ||||||||||
5.000%, 07/15/2035 | 7,375,000 | 9,046,323 | ||||||||||
5.000%, 06/04/2042 | 5,000,000 | 6,105,492 | ||||||||||
Lafarge SA, | ||||||||||||
7.125%, 07/15/2036(1) | 1,500,000 | 2,221,609 | ||||||||||
LafargeHolcim Finance US LLC, | ||||||||||||
3.500%, 09/22/2026(1)(2) | 12,565,000 | 13,700,177 | ||||||||||
Lear Corp.: | ||||||||||||
3.800%, 09/15/2027 | 7,725,000 | 8,514,495 | ||||||||||
3.500%, 05/30/2030 | 15,000,000 | 16,115,054 | ||||||||||
Leidos, Inc.: | ||||||||||||
4.375%, 05/15/2030 | 39,222,000 | 44,537,758 | ||||||||||
2.300%, 02/15/2031 | 7,500,000 | 7,317,150 | ||||||||||
Lennar Corp., | ||||||||||||
4.125%, 01/15/2022 | 1,385,000 | 1,398,850 | ||||||||||
Lennox International, Inc., | ||||||||||||
3.000%, 11/15/2023 | 10,000,000 | 10,480,516 |
The accompanying notes are an integral part of these financial statements.
Page 65
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Louisiana-Pacific Corp., | ||||||||||||
3.625%, 03/15/2029(2) | $ | 25,000,000 | $ | 25,156,250 | ||||||||
Lundin Energy Finance BV, | ||||||||||||
3.100%, 07/15/2031(1)(2) | 20,000,000 | 20,202,719 | ||||||||||
Magellan Midstream Partners LP: | ||||||||||||
5.000%, 03/01/2026 | 10,000,000 | 11,487,651 | ||||||||||
4.200%, 03/15/2045 | 8,770,000 | 9,338,735 | ||||||||||
4.250%, 09/15/2046 | 1,230,000 | 1,388,458 | ||||||||||
3.950%, 03/01/2050 | 19,000,000 | 20,615,126 | ||||||||||
Magna International, Inc., | ||||||||||||
2.450%, 06/15/2030(1) | 10,000,000 | 10,218,616 | ||||||||||
Marathon Petroleum Corp.: | ||||||||||||
3.625%, 09/15/2024 | 2,500,000 | 2,689,854 | ||||||||||
4.700%, 05/01/2025 | 15,000,000 | 16,916,703 | ||||||||||
5.125%, 12/15/2026 | 3,000,000 | 3,527,487 | ||||||||||
4.750%, 09/15/2044 | 3,985,000 | 4,708,423 | ||||||||||
Martin Marietta Materials, Inc.: | ||||||||||||
2.500%, 03/15/2030 | 5,000,000 | 5,084,957 | ||||||||||
6.250%, 05/01/2037 | 450,000 | 591,501 | ||||||||||
Masco Corp., | ||||||||||||
6.500%, 08/15/2032 | 14,934,000 | 19,865,294 | ||||||||||
MasTec, Inc., | ||||||||||||
4.500%, 08/15/2028(2) | 5,000,000 | 5,264,150 | ||||||||||
McDonald’s Corp.: | ||||||||||||
3.700%, 01/30/2026 | 7,250,000 | 8,056,513 | ||||||||||
3.500%, 07/01/2027 | 6,000,000 | 6,648,793 | ||||||||||
Microchip Technology, Inc.: | ||||||||||||
4.333%, 06/01/2023 | 32,298,000 | 34,442,656 | ||||||||||
2.670%, 09/01/2023 | 25,000,000 | 26,037,990 | ||||||||||
4.250%, 09/01/2025 | 4,000,000 | 4,199,463 | ||||||||||
Micron Technology, Inc., | ||||||||||||
4.640%, 02/06/2024 | 8,725,000 | 9,564,083 | ||||||||||
Microsoft Corp., | ||||||||||||
4.200%, 11/03/2035 | 5,650,000 | 6,961,362 | ||||||||||
Midwest Connector Capital Co. LLC: | ||||||||||||
3.900%, 04/01/2024(2) | 13,695,000 | 14,320,168 | ||||||||||
4.625%, 04/01/2029(2) | 12,000,000 | 12,754,610 | ||||||||||
Minera Mexico SA de CV, | ||||||||||||
4.500%, 01/26/2050(1)(2) | 8,000,000 | 8,950,000 | ||||||||||
Molex Electronic Technologies LLC, | ||||||||||||
3.900%, 04/15/2025(2) | 8,250,000 | 8,465,644 | ||||||||||
Molson Coors Beverage Co., | ||||||||||||
3.000%, 07/15/2026 | 33,888,000 | 36,290,374 | ||||||||||
Mosaic Co., | ||||||||||||
5.450%, 11/15/2033 | 16,101,000 | 20,159,384 | ||||||||||
MPLX LP: | ||||||||||||
3.500%, 12/01/2022 | 8,600,000 | 8,932,477 | ||||||||||
4.000%, 02/15/2025 | 13,125,000 | 14,327,872 | ||||||||||
4.875%, 06/01/2025 | 19,150,000 | 21,617,115 | ||||||||||
1.750%, 03/01/2026 | 20,000,000 | 20,215,621 | ||||||||||
4.250%, 12/01/2027 | 6,519,000 | 7,387,201 | ||||||||||
5.500%, 02/15/2049 | 8,825,000 | 11,422,536 | ||||||||||
4.900%, 04/15/2058 | 5,000,000 | 5,982,228 | ||||||||||
MSCI, Inc.: | ||||||||||||
4.000%, 11/15/2029(2) | 7,562,000 | 7,977,910 | ||||||||||
3.625%, 11/01/2031(2) | 10,000,000 | 10,257,000 | ||||||||||
Mueller Water Products, Inc., | ||||||||||||
4.000%, 06/15/2029(2) | 500,000 | 513,810 | ||||||||||
Mylan NV, | ||||||||||||
3.950%, 06/15/2026 | 5,000,000 | 5,507,681 | ||||||||||
Mylan, Inc.: | ||||||||||||
3.125%, 01/15/2023(2) | 16,800,000 | 17,405,502 | ||||||||||
4.200%, 11/29/2023 | 4,525,000 | 4,853,180 | ||||||||||
4.550%, 04/15/2028 | 5,000,000 | 5,742,044 | ||||||||||
NCL Corp. Ltd., | ||||||||||||
3.625%, 12/15/2024(2) | 20,000,000 | 19,300,000 | ||||||||||
Newell Brands, Inc.: | ||||||||||||
3.850%, 04/01/2023 | 40,709,000 | 42,642,677 | ||||||||||
4.875%, 06/01/2025 | 1,500,000 | 1,659,375 | ||||||||||
4.700%, 04/01/2026 | 15,000,000 | 16,726,800 | ||||||||||
NGPL PipeCo LLC, | ||||||||||||
4.875%, 08/15/2027(2) | 20,000,000 | 22,906,780 | ||||||||||
Norfolk Southern Corp., | ||||||||||||
3.050%, 05/15/2050 | 20,000,000 | 19,991,415 | ||||||||||
Nutrien Ltd.: | ||||||||||||
4.000%, 12/15/2026(1) | 10,000,000 | 11,268,404 | ||||||||||
4.125%, 03/15/2035(1) | 6,550,000 | 7,478,440 | ||||||||||
nVent Finance Sarl: | ||||||||||||
3.950%, 04/15/2023 | 11,055,000 | 11,553,632 | ||||||||||
4.550%, 04/15/2028 | 32,435,000 | 35,625,097 | ||||||||||
NXP BV / NXP Funding LLC / | ||||||||||||
NXP USA, Inc., | ||||||||||||
4.300%, 06/18/2029(1)(2) | 9,625,000 | 11,035,258 | ||||||||||
NXP Semiconductors NV, | ||||||||||||
3.875%, 09/01/2022(1)(2) | 9,300,000 | 9,643,028 | ||||||||||
Occidental Petroleum Corp.: | ||||||||||||
2.900%, 08/15/2024 | 10,000,000 | 10,225,000 | ||||||||||
8.500%, 07/15/2027 | 15,000,000 | 18,888,000 | ||||||||||
7.150%, 05/15/2028 | 7,000,000 | 7,980,000 | ||||||||||
7.875%, 09/15/2031 | 12,790,000 | 16,435,150 | ||||||||||
6.450%, 09/15/2036 | 7,125,000 | 8,518,650 | ||||||||||
ONEOK Partners LP, | ||||||||||||
3.375%, 10/01/2022 | 4,007,000 | 4,116,620 | ||||||||||
ONEOK, Inc.: | ||||||||||||
4.250%, 02/01/2022 | 6,450,000 | 6,532,163 | ||||||||||
7.500%, 09/01/2023 | 22,959,000 | 25,858,644 | ||||||||||
2.750%, 09/01/2024 | 8,300,000 | 8,737,794 | ||||||||||
Oracle Corp.: | ||||||||||||
2.800%, 04/01/2027 | 46,000,000 | 48,779,987 | ||||||||||
3.900%, 05/15/2035 | 7,425,000 | 8,268,466 | ||||||||||
3.850%, 07/15/2036 | 7,500,000 | 8,245,071 | ||||||||||
3.950%, 03/25/2051 | 5,000,000 | 5,457,444 | ||||||||||
Orange SA, | ||||||||||||
9.000%, 03/01/2031(1) | 33,426,000 | 52,571,439 | ||||||||||
Oshkosh Corp., | ||||||||||||
3.100%, 03/01/2030 | 5,000,000 | 5,301,409 | ||||||||||
Owens Corning: | ||||||||||||
4.200%, 12/01/2024 | 10,000,000 | 10,955,578 | ||||||||||
3.400%, 08/15/2026 | 5,000,000 | 5,421,334 | ||||||||||
Packaging Corp. of America, | ||||||||||||
4.500%, 11/01/2023 | 4,700,000 | 5,077,797 | ||||||||||
Pactiv LLC, | ||||||||||||
7.950%, 12/15/2025 | 1,338,000 | 1,505,250 | ||||||||||
Penske Truck Leasing Co.: | ||||||||||||
4.000%, 07/15/2025(2) | 20,000,000 | 22,025,946 | ||||||||||
1.200%, 11/15/2025(2) | 22,800,000 | 22,582,653 | ||||||||||
PerkinElmer, Inc.: | ||||||||||||
3.300%, 09/15/2029 | 25,000,000 | 27,038,139 | ||||||||||
3.625%, 03/15/2051 | 11,775,000 | 12,826,343 | ||||||||||
Pernod Ricard SA, | ||||||||||||
4.250%, 07/15/2022(1)(2) | 26,700,000 | 27,717,567 | ||||||||||
Perrigo Finance Unlimited Co.: | ||||||||||||
3.900%, 12/15/2024 | 42,000,000 | 45,234,217 | ||||||||||
3.150%, 06/15/2030 | 18,250,000 | 18,647,865 | ||||||||||
Phillips 66: | ||||||||||||
3.850%, 04/09/2025 | 8,000,000 | 8,803,551 | ||||||||||
2.150%, 12/15/2030 | 6,000,000 | 5,898,391 | ||||||||||
4.650%, 11/15/2034 | 13,000,000 | 15,603,820 |
The accompanying notes are an integral part of these financial statements.
Page 66
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Phillips 66: (cont.) | ||||||||||||
5.875%, 05/01/2042 | $ | 5,000,000 | $ | 6,827,186 | ||||||||
4.875%, 11/15/2044 | 15,000,000 | 18,649,090 | ||||||||||
Phillips 66 Partners LP: | ||||||||||||
3.605%, 02/15/2025 | 2,000,000 | 2,154,211 | ||||||||||
3.150%, 12/15/2029 | 12,550,000 | 13,181,413 | ||||||||||
4.680%, 02/15/2045 | 2,000,000 | 2,285,108 | ||||||||||
Plains All American Pipeline LP / | ||||||||||||
PAA Finance Corp., | ||||||||||||
3.550%, 12/15/2029 | 20,000,000 | 21,060,462 | ||||||||||
POSCO: | ||||||||||||
2.375%, 01/17/2023(1)(2) | 5,550,000 | 5,681,479 | ||||||||||
4.000%, 08/01/2023(1)(2) | 13,000,000 | 13,843,830 | ||||||||||
Premier Health Partners, | ||||||||||||
2.911%, 11/15/2026 | 10,000,000 | 10,436,526 | ||||||||||
Quanta Services, Inc., | ||||||||||||
2.900%, 10/01/2030 | 10,000,000 | 10,368,237 | ||||||||||
Qwest Capital Funding, Inc., | ||||||||||||
7.625%, 08/03/2021 | 200,000 | 200,753 | ||||||||||
Raytheon Technologies Corp.: | ||||||||||||
7.500%, 09/15/2029 | 8,188,000 | 11,435,246 | ||||||||||
2.250%, 07/01/2030 | 12,000,000 | 12,194,522 | ||||||||||
4.800%, 12/15/2043 | 7,925,000 | 9,962,175 | ||||||||||
3.125%, 07/01/2050 | 6,000,000 | 6,160,083 | ||||||||||
Regency Energy Partners LP / | ||||||||||||
Regency Energy Finance Corp., | ||||||||||||
4.500%, 11/01/2023 | 11,850,000 | 12,717,874 | ||||||||||
Reliance Industries Ltd., | ||||||||||||
5.400%, 02/14/2022(1)(2) | 3,500,000 | 3,596,320 | ||||||||||
Reliance Steel & Aluminum Co., | ||||||||||||
1.300%, 08/15/2025 | 6,100,000 | 6,114,861 | ||||||||||
Republic Services, Inc.: | ||||||||||||
4.750%, 05/15/2023 | 7,341,000 | 7,853,646 | ||||||||||
2.900%, 07/01/2026 | 5,000,000 | 5,354,649 | ||||||||||
Rogers Communications, Inc., | ||||||||||||
4.350%, 05/01/2049(1) | 10,000,000 | 11,770,003 | ||||||||||
Sabine Pass Liquefaction LLC: | ||||||||||||
5.625%, 03/01/2025 | 14,500,000 | 16,572,591 | ||||||||||
5.875%, 06/30/2026 | 55,015,000 | 65,124,374 | ||||||||||
5.000%, 03/15/2027 | 20,300,000 | 23,441,261 | ||||||||||
Samarco Mineracao SA: | ||||||||||||
5.750%, 10/24/2023(1)(2)(9) | 5,475,000 | 4,243,125 | ||||||||||
5.375%, 09/26/2024(1)(2)(9) | 5,125,000 | 3,984,739 | ||||||||||
Santos Finance Ltd., | ||||||||||||
3.649%, 04/29/2031(1)(2) | 15,000,000 | 15,353,158 | ||||||||||
Schlumberger Holdings Corp., | ||||||||||||
3.900%, 05/17/2028(2) | 11,096,000 | 12,390,185 | ||||||||||
Schneider Electric SE, | ||||||||||||
2.950%, 09/27/2022(2) | 5,000,000 | 5,154,128 | ||||||||||
Seagate HDD Cayman, | ||||||||||||
4.875%, 03/01/2024(1) | 24,400,000 | 26,290,024 | ||||||||||
Shell International Finance BV: | ||||||||||||
2.375%, 04/06/2025(1) | 9,000,000 | 9,461,595 | ||||||||||
2.750%, 04/06/2030(1) | 8,725,000 | �� | 9,300,296 | |||||||||
Sherwin-Williams Co., | ||||||||||||
4.500%, 06/01/2047 | 10,550,000 | 13,196,027 | ||||||||||
Shire Acquisitions Investments | ||||||||||||
Ireland DAC, | ||||||||||||
2.875%, 09/23/2023(1) | 54,946,000 | 57,499,832 | ||||||||||
Silgan Holdings, Inc.: | ||||||||||||
4.750%, 03/15/2025 | 1,000,000 | 1,016,250 | ||||||||||
4.125%, 02/01/2028 | 4,000,000 | 4,150,000 | ||||||||||
SK Hynix, Inc., | ||||||||||||
1.500%, 01/19/2026(1)(2) | 13,000,000 | 12,823,460 | ||||||||||
SK Telecom Co. Ltd., | ||||||||||||
6.625%, 07/20/2027(1)(2) | 960,000 | 1,227,149 | ||||||||||
Smith & Nephew PLC, | ||||||||||||
2.032%, 10/14/2030(1) | 10,000,000 | 9,780,842 | ||||||||||
Smithfield Foods, Inc.: | ||||||||||||
2.650%, 10/03/2021(1)(2) | 10,200,000 | 10,249,656 | ||||||||||
3.350%, 02/01/2022(1)(2) | 31,389,000 | 31,830,220 | ||||||||||
5.200%, 04/01/2029(1)(2) | 16,566,000 | 19,284,326 | ||||||||||
3.000%, 10/15/2030(1)(2) | 10,000,000 | 10,082,263 | ||||||||||
Sociedad Quimica y Minera de Chile SA, | ||||||||||||
3.625%, 04/03/2023(1)(2) | 8,093,000 | 8,447,069 | ||||||||||
Sodexo, Inc., | ||||||||||||
1.634%, 04/16/2026(1)(2) | 6,725,000 | 6,773,694 | ||||||||||
Solvay Finance America LLC, | ||||||||||||
4.450%, 12/03/2025(1)(2) | 40,018,000 | 44,888,529 | ||||||||||
Sonoco Products Co., | ||||||||||||
4.375%, 11/01/2021 | 1,000,000 | 1,003,102 | ||||||||||
Southern Copper Corp., | ||||||||||||
7.500%, 07/27/2035(1) | 19,786,000 | 28,590,770 | ||||||||||
Spectra Energy Partners LP: | ||||||||||||
3.500%, 03/15/2025(1) | 15,150,000 | 16,305,325 | ||||||||||
4.500%, 03/15/2045(1) | 5,000,000 | 5,856,928 | ||||||||||
Standard Industries, Inc.: | ||||||||||||
4.750%, 01/15/2028(2) | 24,408,000 | 25,547,854 | ||||||||||
4.375%, 07/15/2030(2) | 5,000,000 | 5,156,250 | ||||||||||
3.375%, 01/15/2031(2) | 5,000,000 | 4,786,050 | ||||||||||
Stanley Black & Decker, Inc., | ||||||||||||
4.850%, 11/15/2048 | 4,175,000 | 5,611,529 | ||||||||||
Steel Dynamics, Inc., | ||||||||||||
2.800%, 12/15/2024 | 7,000,000 | 7,388,198 | ||||||||||
Stericycle, Inc., | ||||||||||||
3.875%, 01/15/2029(2) | 1,000,000 | 998,030 | ||||||||||
STERIS Irish FinCo Unlimited Co., | ||||||||||||
3.750%, 03/15/2051 | 7,500,000 | 7,961,941 | ||||||||||
Suntory Holdings Ltd., | ||||||||||||
2.550%, 06/28/2022(1)(2) | 2,000,000 | 2,038,608 | ||||||||||
Sysco Corp.: | ||||||||||||
5.650%, 04/01/2025 | 7,000,000 | 8,109,213 | ||||||||||
5.950%, 04/01/2030 | 18,220,000 | 23,368,231 | ||||||||||
Takeda Pharmaceutical Co. Ltd., | ||||||||||||
3.175%, 07/09/2050(1) | 21,825,000 | 22,057,268 | ||||||||||
Targa Resources Partners LP: | ||||||||||||
6.500%, 07/15/2027 | 1,000,000 | 1,083,720 | ||||||||||
5.000%, 01/15/2028 | 28,000,000 | 29,540,000 | ||||||||||
4.875%, 02/01/2031(2) | 500,000 | 541,250 | ||||||||||
4.000%, 01/15/2032(2) | 14,000,000 | 14,401,100 | ||||||||||
TC PipeLines LP: | ||||||||||||
4.375%, 03/13/2025(1) | 26,205,000 | 28,849,844 | ||||||||||
3.900%, 05/25/2027(1) | 25,885,000 | 28,528,884 | ||||||||||
Teck Resources Ltd., | ||||||||||||
3.900%, 07/15/2030(1) | 10,000,000 | 10,774,859 | ||||||||||
Telecom Italia Capital SA: | ||||||||||||
5.303%, 05/30/2024(1)(2) | 21,500,000 | 23,536,050 | ||||||||||
7.200%, 07/18/2036(1) | 3,175,000 | 4,095,750 | ||||||||||
Telefonica Emisiones SA: | ||||||||||||
4.570%, 04/27/2023(1) | 1,000,000 | 1,071,131 | ||||||||||
4.103%, 03/08/2027(1) | 8,125,000 | 9,145,123 | ||||||||||
7.045%, 06/20/2036(1) | 4,925,000 | 7,090,842 | ||||||||||
5.213%, 03/08/2047(1) | 24,108,000 | 30,093,405 | ||||||||||
4.895%, 03/06/2048(1) | 9,475,000 | 11,345,667 | ||||||||||
5.520%, 03/01/2049(1) | 12,000,000 | 15,614,550 | ||||||||||
TELUS Corp., | ||||||||||||
2.800%, 02/16/2027(2) | 13,100,000 | 14,004,646 |
The accompanying notes are an integral part of these financial statements.
Page 67
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Tenet Healthcare Corp., | ||||||||||||
6.750%, 06/15/2023 | $ | 1,000,000 | $ | 1,091,250 | ||||||||
Teva Pharmaceutical Finance | ||||||||||||
Netherlands III BV: | ||||||||||||
2.800%, 07/21/2023(1) | 24,275,000 | 24,189,795 | ||||||||||
3.150%, 10/01/2026(1) | 51,000,000 | 48,513,750 | ||||||||||
Textron, Inc., | ||||||||||||
3.000%, 06/01/2030 | 15,000,000 | 15,777,586 | ||||||||||
Thermo Fisher Scientific, Inc., | ||||||||||||
4.133%, 03/25/2025 | 15,000,000 | 16,630,741 | ||||||||||
Timken Co.: | ||||||||||||
3.875%, 09/01/2024 | 18,500,000 | 19,804,141 | ||||||||||
4.500%, 12/15/2028 | 6,025,000 | 6,730,889 | ||||||||||
T-Mobile USA, Inc.: | ||||||||||||
4.750%, 02/01/2028 | 17,250,000 | 18,479,063 | ||||||||||
3.375%, 04/15/2029(2) | 5,000,000 | 5,159,968 | ||||||||||
3.875%, 04/15/2030 | 38,159,000 | 42,654,893 | ||||||||||
3.500%, 04/15/2031 | 60,000,000 | 62,073,000 | ||||||||||
4.375%, 04/15/2040 | 10,000,000 | 11,723,000 | ||||||||||
Toll Road Investors Partnership II LP: | ||||||||||||
0.000%, 02/15/2022(1)(2) | 21,200,000 | 20,844,996 | ||||||||||
0.000%, 02/15/2025(1)(2) | 10,000,000 | 8,842,332 | ||||||||||
0.000%, 02/15/2027(1)(2) | 17,855,000 | 14,186,760 | ||||||||||
0.000%, 02/15/2030(1)(2) | 2,000,000 | 1,312,152 | ||||||||||
0.000%, 02/15/2030(1)(2) | 2,938,000 | 2,097,510 | ||||||||||
0.000%, 02/15/2031(1)(2) | 5,396,000 | 3,684,546 | ||||||||||
0.000%, 02/15/2036(1)(2) | 12,500,000 | 6,856,187 | ||||||||||
TopBuild Corp., | ||||||||||||
3.625%, 03/15/2029(2) | 2,500,000 | 2,475,000 | ||||||||||
TransCanada PipeLines Ltd., | ||||||||||||
4.750%, 05/15/2038(1) | 10,000,000 | 12,023,702 | ||||||||||
Transcontinental Gas Pipe Line Co. LLC, | ||||||||||||
4.450%, 08/01/2042 | 2,600,000 | 3,116,842 | ||||||||||
TreeHouse Foods, Inc., | ||||||||||||
4.000%, 09/01/2028 | 1,500,000 | 1,488,750 | ||||||||||
Triton Container International Ltd.: | ||||||||||||
2.050%, 04/15/2026(1)(2) | 7,425,000 | 7,451,789 | ||||||||||
3.150%, 06/15/2031(1)(2) | 30,475,000 | 30,653,947 | ||||||||||
TTX Co.: | ||||||||||||
4.650%, 06/15/2044(2) | 7,710,000 | 9,239,736 | ||||||||||
3.900%, 02/01/2045(2) | 25,325,000 | 28,413,030 | ||||||||||
Tyco Electronics Group SA, | ||||||||||||
7.125%, 10/01/2037 | 500,000 | 763,931 | ||||||||||
Tyson Foods, Inc., | ||||||||||||
5.100%, 09/23/2048 | 4,650,000 | 6,120,373 | ||||||||||
United Rentals North America, Inc.: | ||||||||||||
5.875%, 09/15/2026 | 13,000,000 | 13,452,270 | ||||||||||
3.875%, 11/15/2027 | 5,000,000 | 5,253,650 | ||||||||||
4.875%, 01/15/2028 | 5,000,000 | 5,302,500 | ||||||||||
5.250%, 01/15/2030 | 5,000,000 | 5,476,950 | ||||||||||
4.000%, 07/15/2030 | 10,000,000 | 10,300,000 | ||||||||||
3.875%, 02/15/2031 | 3,000,000 | 3,052,500 | ||||||||||
Universal Health Services, Inc., | ||||||||||||
2.650%, 10/15/2030(2) | 20,325,000 | 20,437,397 | ||||||||||
Upjohn, Inc.: | ||||||||||||
3.850%, 06/22/2040(2) | 10,000,000 | 10,634,815 | ||||||||||
4.000%, 06/22/2050(2) | 22,000,000 | 23,265,640 | ||||||||||
UPMC, | ||||||||||||
3.600%, 04/03/2025 | 47,575,000 | 51,709,949 | ||||||||||
Utah Acquisition Sub, Inc., | ||||||||||||
5.250%, 06/15/2046 | 4,000,000 | 4,871,550 | ||||||||||
Vale Canada Ltd., | ||||||||||||
7.200%, 09/15/2032(1) | 1,600,000 | 2,096,000 | ||||||||||
Vale Overseas Ltd.: | ||||||||||||
6.250%, 08/10/2026(1) | 22,000,000 | 26,466,000 | ||||||||||
3.750%, 07/08/2030(1) | 12,545,000 | 13,356,661 | ||||||||||
8.250%, 01/17/2034(1) | 425,000 | 620,500 | ||||||||||
6.875%, 11/21/2036(1) | 23,025,000 | 31,560,598 | ||||||||||
6.875%, 11/10/2039(1) | 18,121,000 | 25,347,111 | ||||||||||
Valero Energy Corp.: | ||||||||||||
1.200%, 03/15/2024 | 13,450,000 | 13,566,365 | ||||||||||
3.400%, 09/15/2026 | 17,500,000 | 18,951,002 | ||||||||||
6.625%, 06/15/2037 | 5,000,000 | 6,854,418 | ||||||||||
Valero Energy Partners LP, | ||||||||||||
4.500%, 03/15/2028 | 20,000,000 | 22,751,291 | ||||||||||
Verisk Analytics, Inc., | ||||||||||||
4.000%, 06/15/2025 | 10,000,000 | 11,063,077 | ||||||||||
Verizon Communications, Inc.: | ||||||||||||
3.000%, 03/22/2027 | 5,000,000 | 5,380,650 | ||||||||||
4.500%, 08/10/2033 | 15,710,000 | 18,772,948 | ||||||||||
4.400%, 11/01/2034 | 790,000 | 941,053 | ||||||||||
4.272%, 01/15/2036 | 19,793,000 | 23,550,208 | ||||||||||
5.250%, 03/16/2037 | 18,225,000 | 23,907,144 | ||||||||||
4.812%, 03/15/2039 | 38,575,000 | 48,862,096 | ||||||||||
4.862%, 08/21/2046 | 2,500,000 | 3,234,472 | ||||||||||
5.500%, 03/16/2047 | 4,000,000 | 5,595,737 | ||||||||||
3.700%, 03/22/2061 | 11,200,000 | 11,995,856 | ||||||||||
VF Corp., | ||||||||||||
2.800%, 04/23/2027 | 7,000,000 | 7,474,246 | ||||||||||
Viterra Finance BV: | ||||||||||||
2.000%, 04/21/2026(1)(2) | 15,000,000 | 15,020,351 | ||||||||||
3.200%, 04/21/2031(1)(2) | 45,069,000 | 45,420,778 | ||||||||||
Vodafone Group PLC: | ||||||||||||
7.875%, 02/15/2030(1) | 16,293,000 | 23,267,681 | ||||||||||
6.150%, 02/27/2037(1) | 13,920,000 | 19,261,906 | ||||||||||
4.375%, 02/19/2043(1) | 5,054,000 | 5,893,520 | ||||||||||
Volkswagen Group of | ||||||||||||
America Finance LLC: | ||||||||||||
4.000%, 11/12/2021(1)(2) | 9,000,000 | 9,125,342 | ||||||||||
4.250%, 11/13/2023(1)(2) | 18,000,000 | 19,453,662 | ||||||||||
2.850%, 09/26/2024(1)(2) | 5,000,000 | 5,279,800 | ||||||||||
3.350%, 05/13/2025(1)(2) | 15,000,000 | 16,186,611 | ||||||||||
1.250%, 11/24/2025(1)(2) | 11,075,000 | 11,009,638 | ||||||||||
Vontier Corp., | ||||||||||||
2.400%, 04/01/2028(2) | 15,725,000 | 15,619,642 | ||||||||||
Vulcan Materials Co.: | ||||||||||||
4.500%, 04/01/2025 | 3,000,000 | 3,338,655 | ||||||||||
3.500%, 06/01/2030 | 11,050,000 | 12,180,425 | ||||||||||
4.700%, 03/01/2048 | 500,000 | 630,121 | ||||||||||
Wabtec Corp.: | ||||||||||||
4.375%, 08/15/2023 | 9,750,000 | 10,327,202 | ||||||||||
4.400%, 03/15/2024 | 13,109,000 | 14,203,440 | ||||||||||
3.450%, 11/15/2026 | 36,775,000 | 39,469,734 | ||||||||||
4.950%, 09/15/2028 | 10,205,000 | 11,837,663 | ||||||||||
Walgreens Boots Alliance, Inc.: | ||||||||||||
3.300%, 11/18/2021 | 8,060,000 | 8,109,732 | ||||||||||
3.450%, 06/01/2026 | 5,957,000 | 6,482,837 | ||||||||||
Walmart, Inc., | ||||||||||||
4.050%, 06/29/2048 | 11,975,000 | 15,040,620 | ||||||||||
Walt Disney Co.: | ||||||||||||
3.700%, 09/15/2024 | 4,025,000 | 4,377,262 | ||||||||||
7.430%, 10/01/2026 | 3,300,000 | 4,321,036 | ||||||||||
5.400%, 10/01/2043 | 5,000,000 | 6,969,889 | ||||||||||
4.750%, 09/15/2044 | 1,950,000 | 2,534,207 | ||||||||||
Weir Group PLC, | ||||||||||||
2.200%, 05/13/2026(1)(2) | 20,625,000 | 20,709,270 |
The accompanying notes are an integral part of these financial statements.
Page 68
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Western Digital Corp., | ||||||||||||
4.750%, 02/15/2026 | $ | 57,075,000 | $ | 63,424,594 | ||||||||
Western Gas Partners LP, | ||||||||||||
4.000%, 07/01/2022 | 17,845,000 | 18,134,981 | ||||||||||
Western Midstream Operating LP, | ||||||||||||
6.500%, 02/01/2050 | 10,000,000 | 11,578,350 | ||||||||||
Westinghouse Air Brake | ||||||||||||
Technologies Corp., | ||||||||||||
3.200%, 06/15/2025 | 14,736,000 | 15,671,732 | ||||||||||
WestRock MWV LLC, | ||||||||||||
8.200%, 01/15/2030 | 5,012,000 | 7,090,625 | ||||||||||
Williams Companies, Inc.: | ||||||||||||
7.875%, 09/01/2021 | 5,065,000 | 5,126,319 | ||||||||||
3.700%, 01/15/2023 | 44,375,000 | 46,209,356 | ||||||||||
4.550%, 06/24/2024 | 7,629,000 | 8,404,951 | ||||||||||
7.500%, 01/15/2031 | 120,000 | 166,244 | ||||||||||
7.750%, 06/15/2031 | 3,500,000 | 4,861,820 | ||||||||||
8.750%, 03/15/2032 | 11,275,000 | 17,325,175 | ||||||||||
6.300%, 04/15/2040 | 1,590,000 | 2,179,414 | ||||||||||
5.750%, 06/24/2044 | 2,500,000 | 3,279,080 | ||||||||||
Wipro IT Services LLC, | ||||||||||||
1.500%, 06/23/2026(1)(2) | 17,800,000 | 17,753,647 | ||||||||||
Woodside Finance Ltd., | ||||||||||||
3.650%, 03/05/2025(1)(2) | 15,575,000 | 16,628,772 | ||||||||||
WRKCo, Inc., | ||||||||||||
3.000%, 09/15/2024 | 6,000,000 | 6,352,154 | ||||||||||
Wynn Las Vegas LLC / | ||||||||||||
Wynn Las Vegas Capital Corp., | ||||||||||||
4.250%, 05/30/2023(2) | 4,000,000 | 4,150,000 | ||||||||||
Xerox Corp., | ||||||||||||
4.375%, 03/15/2023 | 35,175,000 | 36,734,659 | ||||||||||
Xerox Holdings Corp., | ||||||||||||
5.000%, 08/15/2025(2) | 1,000,000 | 1,055,620 | ||||||||||
Yara International ASA, | ||||||||||||
3.800%, 06/06/2026(1)(2) | 20,250,000 | 22,310,578 | ||||||||||
Zimmer Biomet Holdings, Inc.: | ||||||||||||
3.550%, 04/01/2025 | 20,000,000 | 21,698,086 | ||||||||||
5.750%, 11/30/2039 | 11,375,000 | 15,193,062 | ||||||||||
Zoetis, Inc.: | ||||||||||||
3.250%, 02/01/2023 | 24,701,000 | 25,653,149 | ||||||||||
4.500%, 11/13/2025 | 16,275,000 | 18,442,983 | ||||||||||
Total Industrials | ||||||||||||
(Cost $8,740,797,047) | 9,418,729,871 | 29.8 | % | |||||||||
Utilities | ||||||||||||
American Water Capital Corp., | ||||||||||||
2.800%, 05/01/2030 | 8,500,000 | 8,996,574 | ||||||||||
Appalachian Power Co., | ||||||||||||
6.700%, 08/15/2037 | 1,400,000 | 1,983,100 | ||||||||||
Avangrid, Inc., | ||||||||||||
3.200%, 04/15/2025(1) | 14,000,000 | 15,035,501 | ||||||||||
Berkshire Hathaway Energy Co.: | ||||||||||||
3.500%, 02/01/2025 | 7,000,000 | 7,561,572 | ||||||||||
2.850%, 05/15/2051 | 10,000,000 | 9,674,798 | ||||||||||
Consolidated Edison | ||||||||||||
Co. of New York, Inc., | ||||||||||||
4.625%, 12/01/2054 | 7,600,000 | 9,568,233 | ||||||||||
Consumers Energy Co., | ||||||||||||
3.500%, 08/01/2051 | 9,425,000 | 10,677,734 | ||||||||||
Dominion Energy, Inc., | ||||||||||||
2.450%, 01/15/2023(2) | 15,000,000 | 15,444,028 | ||||||||||
Dominion Resources, Inc., | ||||||||||||
5.950%, 06/15/2035 | 1,880,000 | 2,532,085 | ||||||||||
DTE Electric Company, | ||||||||||||
2.625%, 03/01/2031 | 15,200,000 | 16,004,406 | ||||||||||
Duquesne Light Holdings, Inc., | ||||||||||||
2.532%, 10/01/2030(2) | 8,775,000 | 8,620,550 | ||||||||||
Edison International, | ||||||||||||
2.950%, 03/15/2023 | 5,000,000 | 5,161,507 | ||||||||||
EDP Finance BV, | ||||||||||||
3.625%, 07/15/2024(1)(2) | 51,299,000 | 55,149,832 | ||||||||||
Enel Finance International NV: | ||||||||||||
2.875%, 05/25/2022(1)(2) | 7,500,000 | 7,664,127 | ||||||||||
3.625%, 05/25/2027(1)(2) | 27,500,000 | 30,207,540 | ||||||||||
3.500%, 04/06/2028(1)(2) | 7,000,000 | 7,664,320 | ||||||||||
4.875%, 06/14/2029(1)(2) | 11,775,000 | 14,052,458 | ||||||||||
6.800%, 09/15/2037(1)(2) | 3,875,000 | 5,653,063 | ||||||||||
6.000%, 10/07/2039(1)(2) | 4,286,000 | 5,994,238 | ||||||||||
4.750%, 05/25/2047(1)(2) | 49,084,000 | 60,262,976 | ||||||||||
Engie Energia Chile SA, | ||||||||||||
3.400%, 01/28/2030(1)(2) | 3,000,000 | 3,075,000 | ||||||||||
Exelon Corp.: | ||||||||||||
3.950%, 06/15/2025 | 15,775,000 | 17,358,234 | ||||||||||
7.600%, 04/01/2032 | 1,650,000 | 2,385,431 | ||||||||||
5.100%, 06/15/2045 | 5,875,000 | 7,675,395 | ||||||||||
Exelon Generation Co. LLC, | ||||||||||||
5.600%, 06/15/2042 | 6,100,000 | 7,145,835 | ||||||||||
FirstEnergy Corp.: | ||||||||||||
2.650%, 03/01/2030 | 4,300,000 | 4,282,671 | ||||||||||
3.400%, 03/01/2050 | 11,325,000 | 11,070,187 | ||||||||||
FirstEnergy Transmission LLC, | ||||||||||||
2.866%, 09/15/2028(2) | 15,000,000 | 15,526,760 | ||||||||||
Fortis Inc., | ||||||||||||
3.055%, 10/04/2026(1) | 8,762,000 | 9,395,694 | ||||||||||
Infraestructura Energetica | ||||||||||||
Nova SAB de CV, | ||||||||||||
3.750%, 01/14/2028(2) | 5,000,000 | 5,375,000 | ||||||||||
KeySpan Corp., | ||||||||||||
8.000%, 11/15/2030(1) | 1,875,000 | 2,593,247 | ||||||||||
Liberty Utilities Finance GP 1, | ||||||||||||
2.050%, 09/15/2030(1)(2) | 10,600,000 | 10,220,191 | ||||||||||
NiSource, Inc.: | ||||||||||||
3.600%, 05/01/2030 | 20,800,000 | 23,029,902 | ||||||||||
3.950%, 03/30/2048 | 11,775,000 | 13,420,677 | ||||||||||
Oncor Electric Delivery Co. LLC, | ||||||||||||
2.750%, 05/15/2030 | 9,500,000 | 10,095,421 | ||||||||||
RGS I&M Funding Corp., | ||||||||||||
9.820%, 12/07/2022 | 52,488 | 53,249 | ||||||||||
Southern Co., | ||||||||||||
2.950%, 07/01/2023 | 17,400,000 | 18,153,152 | ||||||||||
Talent Yield Investments Ltd., | ||||||||||||
4.500%, 04/25/2022(1)(2) | 6,000,000 | 6,157,259 | ||||||||||
Total Utilities | ||||||||||||
(Cost $428,610,500) | 464,921,947 | 1.5 | % | |||||||||
Financials | ||||||||||||
ABN AMRO Bank NV: | ||||||||||||
7.750%, 05/15/2023(1)(2) | 8,000,000 | 8,900,394 | ||||||||||
4.750%, 07/28/2025(1)(2) | 37,818,000 | 42,391,558 | ||||||||||
4.800%, 04/18/2026(1)(2) | 47,025,000 | 53,315,064 | ||||||||||
1.542%, 06/16/2027 | ||||||||||||
(1 Year CMT Rate + 0.800%)(1)(2)(3) | 12,250,000 | 12,167,404 | ||||||||||
AerCap Holdings NV: | ||||||||||||
4.875%, 01/16/2024(1) | 6,708,000 | 7,302,596 | ||||||||||
2.875%, 08/14/2024(1) | 39,395,000 | 41,197,694 | ||||||||||
6.500%, 07/15/2025(1) | 15,000,000 | 17,593,695 | ||||||||||
AIA Group Ltd., | ||||||||||||
3.200%, 03/11/2025(1)(2) | 9,000,000 | 9,565,470 |
The accompanying notes are an integral part of these financial statements.
Page 69
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
AIG SunAmerica Global Financing X, | ||||||||||||
6.900%, 03/15/2032(2) | $ | 2,000,000 | $ | 2,853,137 | ||||||||
Air Lease Corp.: | ||||||||||||
4.250%, 02/01/2024 | 8,175,000 | 8,864,246 | ||||||||||
2.300%, 02/01/2025 | 14,150,000 | 14,628,013 | ||||||||||
Allstate Corp., | ||||||||||||
3.850%, 08/10/2049 | 10,968,000 | 13,037,044 | ||||||||||
Ally Financial, Inc.: | ||||||||||||
1.450%, 10/02/2023 | 15,000,000 | 15,223,278 | ||||||||||
5.125%, 09/30/2024 | 13,000,000 | 14,645,456 | ||||||||||
5.800%, 05/01/2025 | 10,000,000 | 11,620,817 | ||||||||||
American International Group, Inc.: | ||||||||||||
4.875%, 06/01/2022 | 25,951,000 | 27,013,003 | ||||||||||
3.750%, 07/10/2025 | 11,400,000 | 12,562,250 | ||||||||||
3.875%, 01/15/2035 | 15,000,000 | 16,963,590 | ||||||||||
6.820%, 11/15/2037 | 4,173,000 | 5,781,192 | ||||||||||
AmSouth Bancorporation, | ||||||||||||
6.750%, 11/01/2025 | 1,110,000 | 1,342,688 | ||||||||||
Anthem, Inc.: | ||||||||||||
3.350%, 12/01/2024 | 7,050,000 | 7,605,428 | ||||||||||
2.375%, 01/15/2025 | 4,075,000 | 4,267,422 | ||||||||||
ANZ New Zealand (Int’l) Ltd., | ||||||||||||
2.125%, 07/28/2021(1)(2) | 17,175,000 | 17,199,376 | ||||||||||
Aon PLC, | ||||||||||||
3.875%, 12/15/2025 | 14,490,000 | 16,089,351 | ||||||||||
Assurant, Inc.: | ||||||||||||
4.900%, 03/27/2028 | 4,250,000 | 4,947,095 | ||||||||||
3.700%, 02/22/2030 | 7,000,000 | 7,568,990 | ||||||||||
Australia & New Zealand Banking Group Ltd.: | ||||||||||||
4.500%, 03/19/2024(1)(2) | 32,000,000 | 35,011,399 | ||||||||||
2.950%, 07/22/2030 | ||||||||||||
(5 Year CMT Rate + 1.288%)(1)(2)(3) | 14,803,000 | 15,400,301 | ||||||||||
2.570%, 11/25/2035 | ||||||||||||
(5 Year CMT Rate + 1.700%)(1)(2)(3) | 13,000,000 | 12,627,940 | ||||||||||
Avolon Holdings Funding Ltd.: | ||||||||||||
5.250%, 05/15/2024(1)(2) | 5,000,000 | 5,499,142 | ||||||||||
2.875%, 02/15/2025(1)(2) | 10,000,000 | 10,296,015 | ||||||||||
Banco Bilbao Vizcaya Argentaria SA, | ||||||||||||
1.125%, 09/18/2025(1) | 15,000,000 | 14,868,549 | ||||||||||
Banco Santander Chile, | ||||||||||||
2.700%, 01/10/2025(1)(2) | 8,000,000 | 8,351,280 | ||||||||||
Banco Santander SA: | ||||||||||||
3.500%, 04/11/2022(1) | 12,000,000 | 12,291,266 | ||||||||||
3.848%, 04/12/2023(1) | 16,700,000 | 17,672,141 | ||||||||||
5.179%, 11/19/2025(1) | 11,150,000 | 12,742,694 | ||||||||||
2.749%, 12/03/2030(1) | 5,000,000 | 4,953,090 | ||||||||||
Bank of America Corp.: | ||||||||||||
3.300%, 01/11/2023 | 22,650,000 | 23,640,937 | ||||||||||
3.004%, 12/20/2023 | ||||||||||||
(3 Month LIBOR USD + 0.790%)(3) | 8,352,000 | 8,655,580 | ||||||||||
3.864%, 07/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.940%)(3) | 12,575,000 | 13,408,198 | ||||||||||
3.458%, 03/15/2025 | ||||||||||||
(3 Month LIBOR USD + 0.970%)(3) | 9,650,000 | 10,313,768 | ||||||||||
3.093%, 10/01/2025 | ||||||||||||
(3 Month LIBOR USD + 1.090%)(3) | 22,000,000 | 23,435,886 | ||||||||||
2.456%, 10/22/2025 | ||||||||||||
(3 Month LIBOR USD + 0.870%)(3) | 8,000,000 | 8,368,759 | ||||||||||
3.366%, 01/23/2026 | ||||||||||||
(3 Month LIBOR USD + 0.810%)(3) | 22,700,000 | 24,475,027 | ||||||||||
1.734%, 07/22/2027 | ||||||||||||
(SOFR + 0.960%)(3) | 10,000,000 | 10,076,912 | ||||||||||
3.248%, 10/21/2027 | 6,000,000 | 6,508,437 | ||||||||||
3.419%, 12/20/2028 | ||||||||||||
(3 Month LIBOR USD + 1.040%)(3) | 19,539,000 | 21,280,109 | ||||||||||
2.087%, 06/14/2029 | ||||||||||||
(SOFR + 1.060%)(3) | 12,000,000 | 12,097,101 | ||||||||||
2.496%, 02/13/2031 | ||||||||||||
(3 Month LIBOR USD + 0.990%)(3) | 7,000,000 | 7,146,956 | ||||||||||
2.592%, 04/29/2031 | ||||||||||||
(SOFR + 2.150%)(3) | 35,000,000 | 36,082,802 | ||||||||||
7.750%, 05/14/2038 | 725,000 | 1,144,284 | ||||||||||
Bank of Montreal: | ||||||||||||
1.900%, 08/27/2021(1) | 26,450,000 | 26,520,886 | ||||||||||
3.803%, 12/15/2032 | ||||||||||||
(5 Year Swap Rate | ||||||||||||
USD + 1.432%)(1)(3) | 5,000,000 | 5,512,447 | ||||||||||
Bank of New Zealand, | ||||||||||||
2.000%, 02/21/2025(1)(2) | 15,475,000 | 16,001,511 | ||||||||||
Bank of Nova Scotia: | ||||||||||||
1.625%, 05/01/2023(1) | 11,425,000 | 11,675,834 | ||||||||||
4.500%, 12/16/2025(1) | 8,048,000 | 9,116,193 | ||||||||||
Banque Federative du Credit Mutuel SA, | ||||||||||||
3.750%, 07/20/2023(1)(2) | 12,475,000 | 13,293,017 | ||||||||||
Barclays PLC: | ||||||||||||
3.684%, 01/10/2023(1) | 22,500,000 | 22,884,875 | ||||||||||
4.610%, 02/15/2023 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.400%)(1)(3) | 10,000,000 | 10,256,024 | ||||||||||
4.338%, 05/16/2024 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.356%)(1)(3) | 5,000,000 | 5,330,929 | ||||||||||
3.650%, 03/16/2025(1) | 17,350,000 | 18,786,233 | ||||||||||
3.932%, 05/07/2025 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.610%)(1)(3) | 23,400,000 | 25,260,380 | ||||||||||
2.852%, 05/07/2026 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 2.714%)(1)(3) | 10,000,000 | 10,564,728 | ||||||||||
4.337%, 01/10/2028(1) | 10,000,000 | 11,181,289 | ||||||||||
BBVA USA: | ||||||||||||
2.875%, 06/29/2022 | 15,700,000 | 16,071,534 | ||||||||||
3.875%, 04/10/2025 | 45,470,000 | 50,097,903 | ||||||||||
Berkshire Hathaway Finance Corp., | ||||||||||||
4.400%, 05/15/2042 | 3,500,000 | 4,394,074 | ||||||||||
BGC Partners, Inc., | ||||||||||||
4.375%, 12/15/2025 | 13,000,000 | 14,067,008 | ||||||||||
BNP Paribas SA: | ||||||||||||
3.375%, 01/09/2025(1)(2) | 8,000,000 | 8,580,499 | ||||||||||
4.375%, 09/28/2025(1)(2) | 14,700,000 | 16,266,006 | ||||||||||
2.819%, 11/19/2025 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.111%)(1)(2)(3) | 42,500,000 | 44,716,010 | ||||||||||
4.375%, 05/12/2026(1)(2) | 16,910,000 | 18,817,684 | ||||||||||
2.219%, 06/09/2026 | ||||||||||||
(SOFR + 2.074%)(1)(2)(3) | 10,000,000 | 10,306,068 | ||||||||||
1.323%, 01/13/2027 | ||||||||||||
(SOFR + 1.004%)(1)(2)(3) | 14,000,000 | 13,830,392 | ||||||||||
1.904%, 09/30/2028 | ||||||||||||
(SOFR + 1.609%)(1)(2)(3) | 16,000,000 | 15,891,026 | ||||||||||
3.052%, 01/13/2031 | ||||||||||||
(SOFR + 1.507%)(1)(2)(3) | 10,500,000 | 11,070,259 | ||||||||||
2.871%, 04/19/2032 | ||||||||||||
(SOFR + 1.387%)(1)(2)(3) | 25,000,000 | 25,674,263 | ||||||||||
2.588%, 08/12/2035 | ||||||||||||
(5 Year CMT Rate + 2.050%)(1)(2)(3) | 5,000,000 | 4,884,565 |
The accompanying notes are an integral part of these financial statements.
Page 70
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
BNZ International Funding Ltd., | ||||||||||||
3.375%, 03/01/2023(1)(2) | $ | 24,750,000 | $ | 25,971,523 | ||||||||
BPCE SA: | ||||||||||||
5.700%, 10/22/2023(1)(2) | 33,770,000 | 37,385,615 | ||||||||||
4.625%, 07/11/2024(1)(2) | 3,185,000 | 3,500,534 | ||||||||||
5.150%, 07/21/2024(1)(2) | 30,902,000 | 34,430,734 | ||||||||||
2.375%, 01/14/2025(1)(2) | 5,000,000 | 5,206,186 | ||||||||||
4.500%, 03/15/2025(1)(2) | 40,275,000 | 44,374,919 | ||||||||||
1.652%, 10/06/2026 | ||||||||||||
(SOFR + 1.520%)(1)(2)(3) | 25,000,000 | 25,110,335 | ||||||||||
Brown & Brown, Inc., | ||||||||||||
4.500%, 03/15/2029 | 11,840,000 | 13,618,992 | ||||||||||
Canadian Imperial Bank of Commerce, | ||||||||||||
2.250%, 01/28/2025(1) | 8,000,000 | 8,354,651 | ||||||||||
Cantor Fitzgerald LP, | ||||||||||||
4.875%, 05/01/2024(2) | 7,525,000 | 8,245,034 | ||||||||||
Capital One Financial Corp.: | ||||||||||||
3.200%, 01/30/2023 | 5,000,000 | 5,206,121 | ||||||||||
3.750%, 07/28/2026 | 5,000,000 | 5,515,635 | ||||||||||
3.650%, 05/11/2027 | 16,750,000 | 18,592,089 | ||||||||||
3.800%, 01/31/2028 | 6,960,000 | 7,840,266 | ||||||||||
Capital One NA, | ||||||||||||
3.375%, 02/15/2023 | 54,066,000 | 56,571,131 | ||||||||||
Centene Corp.: | ||||||||||||
3.000%, 10/15/2030 | 10,000,000 | 10,272,800 | ||||||||||
2.500%, 03/01/2031 | 64,850,000 | 63,958,312 | ||||||||||
CIT Bank NA, | ||||||||||||
2.969%, 09/27/2025 | ||||||||||||
(SOFR + 1.715%)(3) | 21,219,000 | 22,200,379 | ||||||||||
CIT Group, Inc.: | ||||||||||||
5.000%, 08/01/2023 | 5,000,000 | 5,406,250 | ||||||||||
4.750%, 02/16/2024 | 13,000,000 | 14,088,750 | ||||||||||
5.250%, 03/07/2025 | 2,100,000 | 2,362,500 | ||||||||||
Citigroup, Inc.: | ||||||||||||
2.350%, 08/02/2021 | 8,125,000 | 8,139,251 | ||||||||||
3.142%, 01/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.722%)(3) | 10,000,000 | 10,151,312 | ||||||||||
2.876%, 07/24/2023 | ||||||||||||
(3 Month LIBOR USD + 0.950%)(3) | 12,450,000 | 12,769,650 | ||||||||||
1.565%, 09/01/2023 | ||||||||||||
(3 Month LIBOR USD + 1.430%)(3) | 8,000,000 | 8,112,932 | ||||||||||
3.352%, 04/24/2025 | ||||||||||||
(3 Month LIBOR USD + 0.897%)(3) | 11,000,000 | 11,721,080 | ||||||||||
3.700%, 01/12/2026 | 4,700,000 | 5,197,558 | ||||||||||
3.106%, 04/08/2026 | ||||||||||||
(SOFR + 2.842%)(3) | 15,000,000 | 16,052,894 | ||||||||||
3.200%, 10/21/2026 | 10,931,000 | 11,841,121 | ||||||||||
3.887%, 01/10/2028 | ||||||||||||
(3 Month LIBOR USD + 1.563%)(3) | 30,000,000 | 33,388,376 | ||||||||||
2.572%, 06/03/2031 | ||||||||||||
(SOFR + 2.107%)(3) | 50,000,000 | 51,401,112 | ||||||||||
2.561%, 05/01/2032 | ||||||||||||
(SOFR + 1.167%)(3) | 5,000,000 | 5,089,759 | ||||||||||
Citizens Bank NA, | ||||||||||||
2.250%, 04/28/2025 | 9,000,000 | 9,403,282 | ||||||||||
Citizens Financial Group, Inc.: | ||||||||||||
2.850%, 07/27/2026 | 23,400,000 | 24,938,887 | ||||||||||
3.250%, 04/30/2030 | 40,000,000 | 43,338,268 | ||||||||||
CNA Financial Corp.: | ||||||||||||
7.250%, 11/15/2023 | 12,400,000 | 14,249,292 | ||||||||||
4.500%, 03/01/2026 | 21,125,000 | 23,957,483 | ||||||||||
3.450%, 08/15/2027 | 9,000,000 | 9,863,379 | ||||||||||
CNO Financial Group, Inc., | ||||||||||||
5.250%, 05/30/2025 | 18,640,000 | 21,138,517 | ||||||||||
Comerica Bank, | ||||||||||||
4.000%, 07/27/2025 | 21,425,000 | 23,650,743 | ||||||||||
Commonwealth Bank of Australia: | ||||||||||||
2.688%, 03/11/2031(1)(2) | 15,000,000 | 14,996,236 | ||||||||||
3.610%, 09/12/2034 | ||||||||||||
(5 Year CMT Rate + 2.050%)(1)(2)(3) | 35,000,000 | 37,045,400 | ||||||||||
Compeer Financial, | ||||||||||||
3.375%, 06/01/2036 | ||||||||||||
(SOFR + 1.965%)(2)(3) | 5,500,000 | 5,588,587 | ||||||||||
Cooperatieve Rabobank UA: | ||||||||||||
3.875%, 02/08/2022(1) | 4,150,000 | 4,242,071 | ||||||||||
4.625%, 12/01/2023(1) | 7,059,000 | 7,718,878 | ||||||||||
4.375%, 08/04/2025(1) | 11,975,000 | 13,371,152 | ||||||||||
3.750%, 07/21/2026(1) | 36,000,000 | 39,643,475 | ||||||||||
Credit Agricole SA: | ||||||||||||
3.375%, 01/10/2022(1)(2) | 23,225,000 | 23,597,602 | ||||||||||
3.750%, 04/24/2023(1)(2) | 8,375,000 | 8,856,531 | ||||||||||
3.250%, 10/04/2024(1)(2) | 8,575,000 | 9,187,614 | ||||||||||
4.375%, 03/17/2025(1)(2) | 37,093,000 | 40,789,383 | ||||||||||
1.907%, 06/16/2026 | ||||||||||||
(SOFRINDX + 1.676%)(1)(2)(3) | 7,000,000 | 7,136,786 | ||||||||||
1.248%, 01/26/2027 | ||||||||||||
(SOFR + 0.892%)(1)(2)(3) | 24,000,000 | 23,628,806 | ||||||||||
3.250%, 01/14/2030(1)(2) | 5,000,000 | 5,263,776 | ||||||||||
Credit Suisse Group AG: | ||||||||||||
3.574%, 01/09/2023(1)(2) | 9,000,000 | 9,142,519 | ||||||||||
4.207%, 06/12/2024 | ||||||||||||
(3 Month LIBOR USD + 1.240%)(1)(2)(3) | 6,000,000 | 6,390,346 | ||||||||||
2.593%, 09/11/2025 | ||||||||||||
(SOFR + 1.560%)(1)(2)(3) | 13,700,000 | 14,253,133 | ||||||||||
2.193%, 06/05/2026 | ||||||||||||
(SOFR + 2.044%)(1)(2)(3) | 10,000,000 | 10,239,104 | ||||||||||
1.305%, 02/02/2027 | ||||||||||||
(SOFR + 0.980%)(1)(2)(3) | 19,400,000 | 19,001,342 | ||||||||||
4.282%, 01/09/2028(1)(2) | 24,750,000 | 27,531,575 | ||||||||||
3.869%, 01/12/2029 | ||||||||||||
(3 Month LIBOR USD + 1.410%)(1)(2)(3) | 10,850,000 | 11,947,735 | ||||||||||
4.194%, 04/01/2031 | ||||||||||||
(SOFR + 3.730%)(1)(2)(3) | 20,000,000 | 22,476,572 | ||||||||||
Credit Suisse Group Funding Guernsey Ltd.: | ||||||||||||
3.800%, 06/09/2023(1) | 21,400,000 | 22,679,212 | ||||||||||
3.750%, 03/26/2025(1) | 15,000,000 | 16,270,596 | ||||||||||
4.550%, 04/17/2026(1) | 5,000,000 | 5,663,060 | ||||||||||
CyrusOne LP / CyrusOne Finance Corp.: | ||||||||||||
2.900%, 11/15/2024 | 10,000,000 | 10,560,300 | ||||||||||
3.450%, 11/15/2029 | 1,485,000 | 1,577,241 | ||||||||||
2.150%, 11/01/2030 | 11,000,000 | 10,435,867 | ||||||||||
Daiwa Securities Group, Inc., | ||||||||||||
3.129%, 04/19/2022(1)(2) | 14,175,000 | 14,489,640 | ||||||||||
Danske Bank A/S, | ||||||||||||
1.621%, 09/11/2026 | ||||||||||||
(1 Year CMT Rate + 1.350%)(1)(2)(3) | 20,450,000 | 20,469,144 | ||||||||||
Deutsche Bank AG: | ||||||||||||
4.250%, 10/14/2021(1) | 29,900,000 | 30,224,216 | ||||||||||
5.000%, 02/14/2022(1) | 10,000,000 | 10,273,547 | ||||||||||
3.300%, 11/16/2022(1) | 17,625,000 | 18,258,971 | ||||||||||
3.950%, 02/27/2023(1) | 14,875,000 | 15,619,606 | ||||||||||
5.882%, 07/08/2031 | ||||||||||||
(SOFR + 5.438%)(1)(3) | 36,170,000 | 42,305,029 | ||||||||||
3.547%, 09/18/2031 | ||||||||||||
(SOFR + 3.043%)(1)(3) | 10,000,000 | 10,644,675 | ||||||||||
3.729%, 01/14/2032 | ||||||||||||
(SOFR + 2.757%)(1)(3) | 10,000,000 | 10,176,318 |
The accompanying notes are an integral part of these financial statements.
Page 71
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Digital Realty Trust LP: | ||||||||||||
4.450%, 07/15/2028 | $ | 7,000,000 | $ | 8,105,779 | ||||||||
3.600%, 07/01/2029 | 41,950,000 | 46,602,459 | ||||||||||
Discover Bank: | ||||||||||||
3.350%, 02/06/2023 | 7,000,000 | 7,292,290 | ||||||||||
4.682%, 08/09/2028 | ||||||||||||
(5 Year Swap Rate USD + 1.730%)(3) | 6,500,000 | 6,903,975 | ||||||||||
4.650%, 09/13/2028 | 23,225,000 | 27,255,648 | ||||||||||
Discover Financial Services: | ||||||||||||
3.950%, 11/06/2024 | 25,000,000 | 27,246,588 | ||||||||||
4.100%, 02/09/2027 | 22,869,000 | 25,589,513 | ||||||||||
DNB Bank ASA: | ||||||||||||
1.127%, 09/16/2026 | ||||||||||||
(5 Year CMT Rate + 0.850%)(1)(2)(3) | 10,000,000 | 9,922,578 | ||||||||||
1.535%, 05/25/2027 | ||||||||||||
(1 Year CMT Rate + 0.720%)(1)(2)(3) | 5,800,000 | 5,810,548 | ||||||||||
Extra Space Storage LP, | ||||||||||||
2.550%, 06/01/2031 | 11,000,000 | 11,076,322 | ||||||||||
First Horizon National Corp., | ||||||||||||
4.000%, 05/26/2025 | 30,000,000 | 33,050,386 | ||||||||||
First Republic Bank, | ||||||||||||
4.625%, 02/13/2047 | 1,850,000 | 2,346,451 | ||||||||||
Five Corners Funding Trust II, | ||||||||||||
2.850%, 05/15/2030(2) | 10,000,000 | 10,531,764 | ||||||||||
FMR LLC: | ||||||||||||
4.950%, 02/01/2033(2) | 4,235,000 | 5,317,310 | ||||||||||
6.500%, 12/14/2040(2) | 1,820,000 | 2,729,834 | ||||||||||
GE Capital Funding LLC: | ||||||||||||
4.050%, 05/15/2027 | 10,000,000 | 11,317,866 | ||||||||||
4.550%, 05/15/2032 | 10,000,000 | 11,937,180 | ||||||||||
GE Capital International Funding | ||||||||||||
Co. Unlimited Co.: | ||||||||||||
3.373%, 11/15/2025 | 5,000,000 | 5,455,641 | ||||||||||
4.418%, 11/15/2035 | 80,915,000 | 96,975,129 | ||||||||||
Globe Life, Inc.: | ||||||||||||
3.800%, 09/15/2022 | 1,275,000 | 1,324,617 | ||||||||||
4.550%, 09/15/2028 | 9,350,000 | 10,947,253 | ||||||||||
Goldman Sachs Group, Inc.: | ||||||||||||
5.250%, 07/27/2021 | 1,100,000 | 1,103,827 | ||||||||||
5.750%, 01/24/2022 | 15,100,000 | 15,567,026 | ||||||||||
1.735%, 11/29/2023 | ||||||||||||
(3 Month LIBOR USD + 1.600%)(3) | 10,000,000 | 10,318,700 | ||||||||||
3.500%, 01/23/2025 | 9,400,000 | 10,163,240 | ||||||||||
3.500%, 04/01/2025 | 10,000,000 | 10,848,973 | ||||||||||
3.272%, 09/29/2025 | ||||||||||||
(3 Month LIBOR USD + 1.201%)(3) | 24,000,000 | 25,674,806 | ||||||||||
3.814%, 04/23/2029 | ||||||||||||
(3 Month LIBOR USD + 1.158%)(3) | 17,875,000 | 19,991,127 | ||||||||||
4.223%, 05/01/2029 | ||||||||||||
(3 Month LIBOR USD + 1.301%)(3) | 15,050,000 | 17,164,459 | ||||||||||
1.992%, 01/27/2032 | ||||||||||||
(SOFR + 1.090%)(3) | 30,000,000 | 29,135,833 | ||||||||||
2.615%, 04/22/2032 | ||||||||||||
(SOFR + 1.281%)(3) | 10,000,000 | 10,215,672 | ||||||||||
6.345%, 02/15/2034 | 125,000 | 175,190 | ||||||||||
6.750%, 10/01/2037 | 300,000 | 436,852 | ||||||||||
Guardian Life Insurance Co. of America: | ||||||||||||
4.875%, 06/19/2064(2) | 11,215,000 | 14,323,096 | ||||||||||
3.700%, 01/22/2070(2) | 14,000,000 | 14,475,364 | ||||||||||
4.850%, 01/24/2077(2) | 15,693,000 | 20,095,307 | ||||||||||
Hartford Financial Services Group, Inc.: | ||||||||||||
6.100%, 10/01/2041 | 2,925,000 | 4,177,187 | ||||||||||
3.600%, 08/19/2049 | 15,725,000 | 17,241,464 | ||||||||||
High Street Funding Trust I, | ||||||||||||
4.111%, 02/15/2028(2) | 9,000,000 | 10,149,811 | ||||||||||
High Street Funding Trust II, | ||||||||||||
4.682%, 02/15/2048(2) | 7,000,000 | 8,453,962 | ||||||||||
HSBC Holdings PLC: | ||||||||||||
3.262%, 03/13/2023 | ||||||||||||
(3 Month LIBOR USD + 1.055%)(1)(3) | 30,996,000 | 31,622,154 | ||||||||||
3.600%, 05/25/2023(1) | 6,000,000 | 6,353,016 | ||||||||||
3.950%, 05/18/2024 | ||||||||||||
(3 Month LIBOR USD + 0.987%)(1)(3) | 9,000,000 | 9,560,551 | ||||||||||
3.803%, 03/11/2025 | ||||||||||||
(3 Month LIBOR USD + 1.211%)(1)(3) | 5,200,000 | 5,591,478 | ||||||||||
1.645%, 04/18/2026 | ||||||||||||
(SOFR + 1.538%)(1)(3) | 8,125,000 | 8,233,937 | ||||||||||
1.589%, 05/24/2027 | ||||||||||||
(SOFR + 1.290%)(1)(3) | 10,000,000 | 10,019,274 | ||||||||||
2.013%, 09/22/2028 | ||||||||||||
(SOFR + 1.732%)(1)(3) | 25,000,000 | 25,085,167 | ||||||||||
4.583%, 06/19/2029 | ||||||||||||
(3 Month LIBOR USD + 1.535%)(1)(3) | 17,125,000 | 19,792,379 | ||||||||||
3.973%, 05/22/2030 | ||||||||||||
(3 Month LIBOR USD + 1.610%)(1)(3) | 4,775,000 | 5,344,545 | ||||||||||
2.804%, 05/24/2032 | ||||||||||||
(SOFR + 1.187%)(1)(3) | 14,550,000 | 14,931,925 | ||||||||||
Humana, Inc., | ||||||||||||
8.150%, 06/15/2038 | 8,983,000 | 14,386,820 | ||||||||||
Huntington Bancshares, Inc., | ||||||||||||
2.625%, 08/06/2024 | 1,500,000 | 1,582,994 | ||||||||||
ING Groep NV, | ||||||||||||
3.150%, 03/29/2022(1) | 4,000,000 | 4,085,926 | ||||||||||
Invesco Finance PLC, | ||||||||||||
3.125%, 11/30/2022 | 5,500,000 | 5,703,304 | ||||||||||
Jackson National Life Global Funding, | ||||||||||||
3.250%, 01/30/2024(1)(2) | 10,000,000 | 10,647,767 | ||||||||||
Jefferies Group LLC: | ||||||||||||
4.850%, 01/15/2027 | 15,750,000 | 18,320,032 | ||||||||||
6.450%, 06/08/2027 | 1,300,000 | 1,618,914 | ||||||||||
4.150%, 01/23/2030 | 30,200,000 | 33,819,763 | ||||||||||
John Hancock Life Insurance Co., | ||||||||||||
7.375%, 02/15/2024(1)(2) | 17,615,000 | 20,495,301 | ||||||||||
JPMorgan Chase & Co.: | ||||||||||||
3.200%, 01/25/2023 | 5,350,000 | 5,588,389 | ||||||||||
1.406%, 10/24/2023 | ||||||||||||
(3 Month LIBOR USD + 1.230%)(3) | 10,000,000 | 10,143,500 | ||||||||||
3.559%, 04/23/2024 | ||||||||||||
(3 Month LIBOR USD + 0.730%)(3) | 15,575,000 | 16,423,195 | ||||||||||
3.125%, 01/23/2025 | 21,850,000 | 23,447,448 | ||||||||||
2.301%, 10/15/2025 | ||||||||||||
(SOFR + 1.160%)(3) | 19,859,000 | 20,683,546 | ||||||||||
2.005%, 03/13/2026 | ||||||||||||
(SOFR + 1.585%)(3) | 17,000,000 | 17,550,798 | ||||||||||
2.083%, 04/22/2026 | ||||||||||||
(SOFR + 1.850%)(3) | 71,000,000 | 73,417,134 | ||||||||||
1.045%, 11/19/2026 | ||||||||||||
(SOFR + 0.800%)(3) | 18,500,000 | 18,265,840 | ||||||||||
1.578%, 04/22/2027 | ||||||||||||
(SOFR + 0.885%)(3) | 25,000,000 | 25,129,526 | ||||||||||
2.522%, 04/22/2031 | ||||||||||||
(SOFR + 2.040%)(3) | 30,500,000 | 31,384,287 | ||||||||||
1.953%, 02/04/2032 | ||||||||||||
(SOFR + 1.065%)(3) | 5,000,000 | 4,855,993 | ||||||||||
2.580%, 04/22/2032 | ||||||||||||
(SOFR + 1.250%)(3) | 15,000,000 | 15,395,096 |
The accompanying notes are an integral part of these financial statements.
Page 72
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
KeyBank NA, | ||||||||||||
3.400%, 05/20/2026 | $ | 21,575,000 | $ | 23,507,709 | ||||||||
LeasePlan Corp. NV, | ||||||||||||
2.875%, 10/24/2024(1)(2) | 77,403,000 | 81,289,948 | ||||||||||
Liberty Mutual Group, Inc.: | ||||||||||||
6.500%, 03/15/2035(2) | 750,000 | 1,046,884 | ||||||||||
3.951%, 10/15/2050(2) | 900,000 | 1,002,513 | ||||||||||
Liberty Mutual Insurance Co., | ||||||||||||
7.697%, 10/15/2097(2) | 375,000 | 582,970 | ||||||||||
Life Storage LP: | ||||||||||||
3.875%, 12/15/2027 | 2,575,000 | 2,871,838 | ||||||||||
2.200%, 10/15/2030 | 6,950,000 | 6,863,793 | ||||||||||
Lincoln National Corp.: | ||||||||||||
3.400%, 01/15/2031 | 15,000,000 | 16,380,022 | ||||||||||
6.300%, 10/09/2037 | 2,190,000 | 3,072,474 | ||||||||||
Lloyds Bank PLC: | ||||||||||||
4.050%, 08/16/2023(1) | 6,575,000 | 7,049,004 | ||||||||||
2.907%, 11/07/2023 | ||||||||||||
(3 Month LIBOR USD + 0.810%)(1)(3) | 21,520,000 | 22,189,518 | ||||||||||
3.870%, 07/09/2025 | ||||||||||||
(1 Year CMT Rate + 3.500%)(1)(3) | 15,000,000 | 16,250,572 | ||||||||||
3.750%, 01/11/2027(1) | 7,800,000 | 8,614,973 | ||||||||||
1.627%, 05/11/2027 | ||||||||||||
(1 Year CMT Rate + 0.850%)(1)(3) | 5,000,000 | 5,002,583 | ||||||||||
4.375%, 03/22/2028(1) | 15,000,000 | 17,226,652 | ||||||||||
3.574%, 11/07/2028 | ||||||||||||
(3 Month LIBOR USD + 1.205%)(1)(3) | 21,550,000 | 23,570,837 | ||||||||||
LPL Holdings, Inc., | ||||||||||||
4.000%, 03/15/2029(2) | 20,076,000 | 20,165,740 | ||||||||||
Macquarie Bank Ltd.: | ||||||||||||
4.875%, 06/10/2025(1)(2) | 7,800,000 | 8,723,438 | ||||||||||
3.624%, 06/03/2030(1)(2) | 28,805,000 | 30,447,433 | ||||||||||
Macquarie Group Ltd.: | ||||||||||||
3.189%, 11/28/2023 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.023%)(1)(2)(3) | 35,850,000 | 37,130,186 | ||||||||||
4.150%, 03/27/2024 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.330%)(1)(2)(3) | 21,000,000 | 22,227,166 | ||||||||||
1.340%, 01/12/2027 | ||||||||||||
(SOFR + 1.069%)(1)(2)(3) | 10,000,000 | 9,916,029 | ||||||||||
2.691%, 06/23/2032 | ||||||||||||
(SOFR + 1.440%)(1)(2)(3) | 10,000,000 | 10,026,150 | ||||||||||
Manulife Financial Corp.: | ||||||||||||
4.150%, 03/04/2026(1) | 15,000,000 | 16,908,244 | ||||||||||
2.484%, 05/19/2027(1) | 15,225,000 | 16,028,391 | ||||||||||
Marsh & McLennan Companies, Inc.: | ||||||||||||
3.750%, 03/14/2026 | 9,225,000 | 10,257,227 | ||||||||||
5.875%, 08/01/2033 | 3,729,000 | 5,040,491 | ||||||||||
Massachusetts Mutual Life Insurance Co.: | ||||||||||||
7.625%, 11/15/2023(2) | 3,184,000 | 3,521,635 | ||||||||||
5.077%, 02/15/2069 | 10,000,000 | 12,344,820 | ||||||||||
3.729%, 10/15/2070(2) | 19,253,000 | 20,420,853 | ||||||||||
4.900%, 04/01/2077(2) | 13,000,000 | 16,870,956 | ||||||||||
MBIA Insurance Corp., | ||||||||||||
11.444%, 01/15/2033 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 11.260%)(2)(3)(9) | 700,000 | 205,625 | ||||||||||
MetLife, Inc.: | ||||||||||||
4.875%, 11/13/2043 | 3,375,000 | 4,447,255 | ||||||||||
4.050%, 03/01/2045 | 9,025,000 | 10,751,406 | ||||||||||
Metropolitan Life Insurance Co., | ||||||||||||
7.800%, 11/01/2025(2) | 3,725,000 | 4,707,064 | ||||||||||
Mitsubishi UFJ Financial Group, Inc.: | ||||||||||||
2.190%, 09/13/2021(1) | 11,039,000 | 11,082,598 | ||||||||||
3.455%, 03/02/2023(1) | 15,000,000 | 15,754,731 | ||||||||||
2.801%, 07/18/2024(1) | 10,000,000 | 10,588,941 | ||||||||||
2.193%, 02/25/2025(1) | 11,500,000 | 11,968,434 | ||||||||||
Mizuho Financial Group, Inc.: | ||||||||||||
2.953%, 02/28/2022(1) | 9,750,000 | 9,924,401 | ||||||||||
2.601%, 09/11/2022(1) | 5,000,000 | 5,134,768 | ||||||||||
3.922%, 09/11/2024 | ||||||||||||
(3 Month LIBOR USD + 1.000%)(1)(3) | 9,000,000 | 9,641,608 | ||||||||||
2.555%, 09/13/2025 | ||||||||||||
(3 Month LIBOR USD + 1.362%)(1)(3) | 20,000,000 | 20,938,800 | ||||||||||
1.234%, 05/22/2027 | ||||||||||||
(1 Year CMT Rate + 0.670%)(1)(3) | 10,000,000 | 9,853,190 | ||||||||||
3.170%, 09/11/2027(1) | 24,650,000 | 26,859,874 | ||||||||||
1.979%, 09/08/2031 | ||||||||||||
(3 Month LIBOR USD + 1.532%)(1)(3) | 13,250,000 | 12,961,346 | ||||||||||
Morgan Stanley: | ||||||||||||
3.125%, 01/23/2023 | 15,000,000 | 15,639,210 | ||||||||||
3.750%, 02/25/2023 | 1,000,000 | 1,053,813 | ||||||||||
1.576%, 10/24/2023 | ||||||||||||
(3 Month LIBOR USD + 1.400%)(3) | 10,000,000 | 10,162,550 | ||||||||||
3.737%, 04/24/2024 | ||||||||||||
(3 Month LIBOR USD + 0.847%)(3) | 25,000,000 | 26,440,144 | ||||||||||
3.700%, 10/23/2024 | 5,000,000 | 5,454,998 | ||||||||||
2.720%, 07/22/2025 | ||||||||||||
(SOFR + 1.152%)(3) | 15,000,000 | 15,776,649 | ||||||||||
4.000%, 07/23/2025 | 2,500,000 | 2,780,639 | ||||||||||
3.875%, 01/27/2026 | 7,000,000 | 7,825,969 | ||||||||||
2.188%, 04/28/2026 | ||||||||||||
(SOFR + 1.990%)(3) | 40,000,000 | 41,532,067 | ||||||||||
3.125%, 07/27/2026 | 13,175,000 | 14,274,817 | ||||||||||
3.591%, 07/22/2028 | ||||||||||||
(3 Month LIBOR USD + 1.340%)(3) | 15,350,000 | 17,003,985 | ||||||||||
National Australia Bank Ltd.: | ||||||||||||
2.332%, 08/21/2030(1)(2) | 71,100,000 | 69,006,877 | ||||||||||
2.990%, 05/21/2031(1)(2) | 24,495,000 | 24,869,628 | ||||||||||
3.933%, 08/02/2034 | ||||||||||||
(5 Year CMT Rate + 1.880%)(1)(2)(3) | 5,000,000 | 5,416,850 | ||||||||||
National Securities Clearing Corp., | ||||||||||||
1.500%, 04/23/2025(2) | 13,000,000 | 13,257,783 | ||||||||||
Nationwide Building Society: | ||||||||||||
3.766%, 03/08/2024 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.064%)(1)(2)(3) | 14,500,000 | 15,227,020 | ||||||||||
3.900%, 07/21/2025(1)(2) | 8,100,000 | 8,974,181 | ||||||||||
4.000%, 09/14/2026(1)(2) | 78,394,000 | 86,413,697 | ||||||||||
4.302%, 03/08/2029 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.452%)(1)(2)(3) | 1,425,000 | 1,608,499 | ||||||||||
3.960%, 07/18/2030 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.855%)(1)(2)(3) | 10,125,000 | 11,367,411 | ||||||||||
4.125%, 10/18/2032 | ||||||||||||
(5 Year Mid Swap Rate | ||||||||||||
USD + 1.849%)(1)(2)(3) | 8,000,000 | 8,729,204 | ||||||||||
Nationwide Financial Services, Inc., | ||||||||||||
3.900%, 11/30/2049(2) | 17,500,000 | 19,308,184 | ||||||||||
Nationwide Mutual Insurance Co.: | ||||||||||||
7.875%, 04/01/2033(2) | 5,600,000 | 8,058,985 | ||||||||||
9.375%, 08/15/2039(2) | 27,409,000 | 47,742,015 | ||||||||||
NatWest Group PLC, | ||||||||||||
1.642%, 06/14/2027 | ||||||||||||
(1 Year CMT Rate + 0.900%)(1)(3) | 26,725,000 | 26,721,656 |
The accompanying notes are an integral part of these financial statements.
Page 73
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
New England Mutual Life Insurance Co., | ||||||||||||
7.875%, 02/15/2024(2) | $ | 3,200,000 | $ | 3,762,426 | ||||||||
New York Life Insurance Co.: | ||||||||||||
6.750%, 11/15/2039(2) | 25,105,000 | 38,074,149 | ||||||||||
4.450%, 05/15/2069(2) | 10,000,000 | 12,505,637 | ||||||||||
Nomura Holdings, Inc.: | ||||||||||||
2.648%, 01/16/2025(1) | 10,000,000 | 10,505,649 | ||||||||||
1.851%, 07/16/2025(1) | 15,000,000 | 15,332,942 | ||||||||||
Old Republic International Corp., | ||||||||||||
3.850%, 06/11/2051 | 12,550,000 | 13,327,468 | ||||||||||
Peachtree Corners Funding Trust, | ||||||||||||
3.976%, 02/15/2025(2) | 16,000,000 | 17,514,145 | ||||||||||
People’s United Bank NA, | ||||||||||||
4.000%, 07/15/2024 | 4,400,000 | 4,737,837 | ||||||||||
Pine Street Trust I, | ||||||||||||
4.572%, 02/15/2029(2) | 5,000,000 | 5,725,907 | ||||||||||
Principal Financial Group, Inc.: | ||||||||||||
3.300%, 09/15/2022 | 1,215,000 | 1,256,467 | ||||||||||
3.125%, 05/15/2023 | 3,675,000 | 3,850,487 | ||||||||||
Protective Life Corp., | ||||||||||||
4.300%, 09/30/2028(1)(2) | 4,105,000 | 4,599,944 | ||||||||||
Prudential Financial, Inc., | ||||||||||||
3.878%, 03/27/2028 | 11,025,000 | 12,603,092 | ||||||||||
Prudential Insurance Co. of America, | ||||||||||||
8.300%, 07/01/2025(2) | 21,011,000 | 26,398,258 | ||||||||||
Raymond James Financial, Inc., | ||||||||||||
4.950%, 07/15/2046 | 15,000,000 | 19,386,097 | ||||||||||
Realty Income Corp., | ||||||||||||
3.875%, 04/15/2025 | 10,000,000 | 11,032,764 | ||||||||||
Regions Bank, | ||||||||||||
6.450%, 06/26/2037 | 3,864,000 | 5,457,769 | ||||||||||
Regions Financial Corp., | ||||||||||||
2.250%, 05/18/2025 | 16,650,000 | 17,337,660 | ||||||||||
Reliance Standard Life Global Funding II: | ||||||||||||
2.625%, 07/22/2022(1)(2) | 9,700,000 | 9,933,029 | ||||||||||
2.500%, 10/30/2024(1)(2) | 20,000,000 | 20,856,852 | ||||||||||
Rexford Industrial Realty LP, | ||||||||||||
2.125%, 12/01/2030 | 13,000,000 | 12,494,400 | ||||||||||
Royal Bank of Canada, | ||||||||||||
4.650%, 01/27/2026(1) | 29,930,000 | 34,290,719 | ||||||||||
Royal Bank of Scotland Group PLC: | ||||||||||||
3.498%, 05/15/2023 | ||||||||||||
(3 Month LIBOR USD + 1.480%)(1)(3) | 62,335,000 | 63,958,176 | ||||||||||
4.519%, 06/25/2024 | ||||||||||||
(3 Month LIBOR USD + 1.550%)(1)(3) | 17,475,000 | 18,760,828 | ||||||||||
4.269%, 03/22/2025 | ||||||||||||
(3 Month LIBOR USD + 1.762%)(1)(3) | 8,300,000 | 9,002,875 | ||||||||||
4.892%, 05/18/2029 | ||||||||||||
(3 Month LIBOR USD + 1.754%)(1)(3) | 5,150,000 | 6,031,212 | ||||||||||
4.445%, 05/08/2030 | ||||||||||||
(3 Month LIBOR USD + 1.871%)(1)(3) | 11,000,000 | 12,591,867 | ||||||||||
Sammons Financial Group, Inc., | ||||||||||||
3.350%, 04/16/2031(2) | 25,000,000 | 25,730,589 | ||||||||||
Santander Holdings USA, Inc.: | ||||||||||||
3.400%, 01/18/2023(1) | 5,750,000 | 5,986,505 | ||||||||||
3.450%, 06/02/2025(1) | 10,000,000 | 10,746,242 | ||||||||||
Santander UK Group Holdings PLC: | ||||||||||||
2.875%, 08/05/2021(1) | 9,375,000 | 9,396,646 | ||||||||||
1.673%, 06/14/2027 | ||||||||||||
(SOFR + 0.989%)(1)(3) | 20,000,000 | 19,969,406 | ||||||||||
3.823%, 11/03/2028 | ||||||||||||
(3 Month LIBOR USD + 1.400%)(1)(3) | 6,000,000 | 6,597,850 | ||||||||||
Santander UK PLC: | ||||||||||||
5.000%, 11/07/2023(1)(2) | 36,375,000 | 39,655,298 | ||||||||||
4.000%, 03/13/2024(1) | 7,700,000 | 8,386,032 | ||||||||||
SMBC Aviation Capital Finance DAC, | ||||||||||||
3.550%, 04/15/2024(1)(2) | 15,000,000 | 15,930,239 | ||||||||||
Societe Generale SA: | ||||||||||||
5.000%, 01/17/2024(1)(2) | 18,000,000 | 19,590,303 | ||||||||||
3.875%, 03/28/2024(1)(2) | 10,000,000 | 10,748,162 | ||||||||||
2.625%, 10/16/2024(1)(2) | 14,575,000 | 15,218,168 | ||||||||||
2.625%, 01/22/2025(1)(2) | 34,600,000 | 36,095,271 | ||||||||||
4.250%, 04/14/2025(1)(2) | 30,420,000 | 33,032,940 | ||||||||||
4.250%, 08/19/2026(1)(2) | 18,572,000 | 20,319,048 | ||||||||||
1.488%, 12/14/2026 | ||||||||||||
(1 Year CMT Rate + 1.100%)(1)(2)(3) | 6,800,000 | 6,738,222 | ||||||||||
2.889%, 06/09/2032 | ||||||||||||
(1 Year CMT Rate + 1.300%)(1)(2)(3) | 7,000,000 | 7,083,440 | ||||||||||
3.625%, 03/01/2041(1)(2) | 9,200,000 | 9,340,185 | ||||||||||
Standard Chartered PLC: | ||||||||||||
3.885%, 03/15/2024 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.080%)(1)(2)(3) | 17,600,000 | 18,505,050 | ||||||||||
3.785%, 05/21/2025 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.560%)(1)(2)(3) | 40,500,000 | 43,536,728 | ||||||||||
2.819%, 01/30/2026 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 1.209%)(1)(2)(3) | 8,800,000 | 9,235,921 | ||||||||||
1.456%, 01/14/2027 | ||||||||||||
(1 Year CMT Rate + 1.000%)(1)(2)(3) | 10,000,000 | 9,904,339 | ||||||||||
4.644%, 04/01/2031 | ||||||||||||
(5 Year CMT Rate + 3.850%)(1)(2)(3) | 7,000,000 | 8,186,185 | ||||||||||
5.700%, 03/26/2044(1)(2) | 14,000,000 | 17,962,826 | ||||||||||
State Street Corp., | ||||||||||||
2.901%, 03/30/2026 | ||||||||||||
(SOFR + 2.600%)(3) | 12,975,000 | 13,853,389 | ||||||||||
Stifel Financial Corp.: | ||||||||||||
4.250%, 07/18/2024 | 19,615,000 | 21,490,522 | ||||||||||
4.000%, 05/15/2030 | 6,325,000 | 7,005,694 | ||||||||||
Sumitomo Mitsui Banking Corp., | ||||||||||||
3.000%, 01/18/2023(1) | 2,500,000 | 2,599,609 | ||||||||||
Sumitomo Mitsui Financial Group, Inc.: | ||||||||||||
2.784%, 07/12/2022(1) | 13,325,000 | 13,665,498 | ||||||||||
3.102%, 01/17/2023(1) | 16,125,000 | 16,806,331 | ||||||||||
2.696%, 07/16/2024(1) | 10,400,000 | 10,994,123 | ||||||||||
2.448%, 09/27/2024(1) | 20,000,000 | 20,978,614 | ||||||||||
SunTrust Banks, Inc.: | ||||||||||||
3.689%, 08/02/2024 | ||||||||||||
(3 Month LIBOR USD + 0.735%)(3) | 6,345,000 | 6,764,932 | ||||||||||
3.300%, 05/15/2026 | 28,734,000 | 31,478,422 | ||||||||||
Synchrony Financial: | ||||||||||||
4.250%, 08/15/2024 | 33,325,000 | 36,415,193 | ||||||||||
4.500%, 07/23/2025 | 12,795,000 | 14,308,789 | ||||||||||
3.700%, 08/04/2026 | 5,388,000 | 5,883,036 | ||||||||||
3.950%, 12/01/2027 | 43,000,000 | 47,932,496 | ||||||||||
Synovus Financial Corp., | ||||||||||||
3.125%, 11/01/2022 | 19,588,000 | 20,143,278 | ||||||||||
Trinity Acquisition PLC: | ||||||||||||
4.400%, 03/15/2026 | 15,776,000 | 17,828,818 | ||||||||||
6.125%, 08/15/2043 | 23,630,000 | 33,202,438 | ||||||||||
UBS Group AG, | ||||||||||||
2.095%, 02/11/2032 | ||||||||||||
(1 Year CMT Rate + 1.000%)(1)(2)(3) | 12,550,000 | 12,294,379 | ||||||||||
UBS Group Funding Switzerland AG: | ||||||||||||
2.650%, 02/01/2022(1)(2) | 10,000,000 | 10,141,250 | ||||||||||
3.491%, 05/23/2023(1)(2) | 34,075,000 | 34,996,671 | ||||||||||
2.859%, 08/15/2023 | ||||||||||||
(3 Month LIBOR | ||||||||||||
USD + 0.954%)(1)(2)(3) | 31,700,000 | 32,530,371 | ||||||||||
4.125%, 09/24/2025(1)(2) | 6,500,000 | 7,251,594 |
The accompanying notes are an integral part of these financial statements.
Page 74
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
UnitedHealth Group, Inc., | ||||||||||||
4.625%, 07/15/2035 | $ | 12,175,000 | $ | 15,379,039 | ||||||||
Wells Fargo & Co.: | ||||||||||||
1.416%, 10/31/2023 | ||||||||||||
(3 Month LIBOR USD + 1.230%)(3) | 10,000,000 | 10,141,000 | ||||||||||
1.654%, 06/02/2024 | ||||||||||||
(SOFR + 1.600%)(3) | 12,375,000 | 12,639,673 | ||||||||||
3.000%, 02/19/2025 | 5,225,000 | 5,591,561 | ||||||||||
2.406%, 10/30/2025 | ||||||||||||
(3 Month LIBOR USD + 1.087%)(3) | 10,000,000 | 10,462,710 | ||||||||||
2.164%, 02/11/2026 | ||||||||||||
(3 Month LIBOR USD + 0.750%)(3) | 15,000,000 | 15,568,721 | ||||||||||
3.000%, 04/22/2026 | 4,000,000 | 4,301,030 | ||||||||||
2.393%, 06/02/2028 | ||||||||||||
(SOFR + 2.100%)(3) | 9,236,000 | 9,578,613 | ||||||||||
3.068%, 04/30/2041 | ||||||||||||
(SOFR + 2.530%)(3) | 35,000,000 | 35,898,912 | ||||||||||
5.013%, 04/04/2051 | ||||||||||||
(3 Month LIBOR USD + 4.502%)(3) | 8,000,000 | 10,958,723 | ||||||||||
Westpac Banking Corp.: | ||||||||||||
2.894%, 02/04/2030 | ||||||||||||
(5 Year CMT Rate + 1.350%)(1)(3) | 18,059,000 | 18,730,253 | ||||||||||
4.322%, 11/23/2031 | ||||||||||||
(5 Year Mid Swap Rate | ||||||||||||
USD + 2.236%)(1)(3) | 10,000,000 | 11,097,144 | ||||||||||
4.110%, 07/24/2034 | ||||||||||||
(5 Year CMT Rate + 2.000%)(1)(3) | 10,000,000 | 10,988,900 | ||||||||||
2.668%, 11/15/2035 | ||||||||||||
(5 Year CMT Rate + 1.750%)(1)(3) | 10,000,000 | 9,836,200 | ||||||||||
Willis North America, Inc.: | ||||||||||||
2.950%, 09/15/2029 | 10,600,000 | 11,130,161 | ||||||||||
5.050%, 09/15/2048 | 15,000,000 | 19,656,528 | ||||||||||
Total Financials | ||||||||||||
(Cost $5,898,257,854) | 6,269,057,971 | 19.9 | % | |||||||||
Total Corporate Bonds | ||||||||||||
(Cost $15,067,665,401) | 16,152,709,789 | 51.2 | % | |||||||||
Municipal Bonds | ||||||||||||
Bellevue Union School District, | ||||||||||||
5.000%, 08/01/2028 | 625,000 | 744,664 | ||||||||||
Brazos Higher Education Authority, Inc.: | ||||||||||||
1.931%, 04/01/2024 | 1,000,000 | 1,018,268 | ||||||||||
1.981%, 04/01/2025 | 1,000,000 | 1,016,733 | ||||||||||
2.076%, 04/01/2026 | 1,000,000 | 1,013,604 | ||||||||||
2.176%, 04/01/2027 | 1,300,000 | 1,311,072 | ||||||||||
2.310%, 04/01/2028 | 1,000,000 | 1,004,793 | ||||||||||
2.410%, 04/01/2029 | 2,360,000 | 2,361,419 | ||||||||||
2.510%, 04/01/2030 | 1,175,000 | 1,173,082 | ||||||||||
2.760%, 04/01/2040 | ||||||||||||
(Callable 04/01/2030) | 1,680,000 | 1,645,273 | ||||||||||
California Housing Finance Agency, | ||||||||||||
2.794%, 08/01/2036 | ||||||||||||
(Callable 08/01/2025) | 7,490,000 | 7,680,407 | ||||||||||
California Qualified School Bond | ||||||||||||
Joint Powers Authority: | ||||||||||||
6.739%, 09/01/2026 | 2,415,000 | 2,818,475 | ||||||||||
7.155%, 03/01/2027 | 1,700,000 | 1,999,294 | ||||||||||
Central Valley Support | ||||||||||||
Joint Powers Agency, | ||||||||||||
5.676%, 09/01/2024 | 1,500,000 | 1,712,093 | ||||||||||
City of Vernon CA, | ||||||||||||
4.500%, 08/01/2022 | 7,500,000 | 7,703,740 | ||||||||||
Colton Joint Unified School District, | ||||||||||||
6.008%, 08/01/2026 | 1,250,000 | 1,543,134 | ||||||||||
County of Hamilton OH, | ||||||||||||
3.756%, 06/01/2042 | 25,725,000 | 27,270,869 | ||||||||||
County of Riverside CA, | ||||||||||||
2.667%, 02/15/2025 | 15,000,000 | 15,878,875 | ||||||||||
Great Lakes Water Authority, | ||||||||||||
2.615%, 07/01/2036 | 20,000,000 | 20,585,896 | ||||||||||
Hillsborough City School District: | ||||||||||||
0.000%, 09/01/2036 | ||||||||||||
(Callable 09/01/2021) | 10,000,000 | 5,203,895 | ||||||||||
0.000%, 09/01/2042 | ||||||||||||
(Callable 09/01/2021) | 10,000,000 | 3,886,305 | ||||||||||
Illinois International Port District, | ||||||||||||
5.000%, 01/01/2035 | ||||||||||||
(Callable 01/01/2026)(2) | 3,660,000 | 3,590,747 | ||||||||||
Iowa Student Loan Liquidity Corp., | ||||||||||||
2.989%, 12/01/2039 | ||||||||||||
(Callable 12/01/2029) | 5,600,000 | 5,625,465 | ||||||||||
Maryland Economic Development Corp., | ||||||||||||
3.997%, 04/01/2034 | ||||||||||||
(Callable 01/01/2034)(2) | 38,000,000 | 41,122,696 | ||||||||||
Massachusetts Educational | ||||||||||||
Financing Authority: | ||||||||||||
2.455%, 07/01/2030(8) | 8,375,000 | 8,407,304 | ||||||||||
2.555%, 07/01/2031(8) | 5,000,000 | 5,021,732 | ||||||||||
3.775%, 07/01/2035 | ||||||||||||
(Callable 07/01/2029) | 10,000,000 | 10,661,839 | ||||||||||
Michigan Finance Authority, | ||||||||||||
4.600%, 10/01/2022 | 8,990,000 | 9,135,428 | ||||||||||
Minnesota Housing Finance Agency: | ||||||||||||
2.680%, 10/01/2046 | ||||||||||||
(Callable 01/01/2026) | 15,433,062 | 15,780,045 | ||||||||||
2.650%, 11/01/2046 | ||||||||||||
(Callable 01/01/2026) | 15,500,317 | 15,839,587 | ||||||||||
New Hampshire Business | ||||||||||||
Finance Authority, | ||||||||||||
2.872%, 07/01/2035 | ||||||||||||
(Callable 01/01/2035) | 18,165,000 | 17,772,970 | ||||||||||
New Hampshire Housing | ||||||||||||
Finance Authority: | ||||||||||||
3.100%, 07/01/2021 | 1,300,000 | 1,300,000 | ||||||||||
3.750%, 07/01/2034 | ||||||||||||
(Callable 07/01/2023) | 1,190,000 | 1,223,894 | ||||||||||
New Jersey Turnpike Authority, | ||||||||||||
3.223%, 01/01/2036 | ||||||||||||
(Callable 07/01/2025)(2) | 40,000,000 | 41,638,360 | ||||||||||
North Carolina Housing Finance Agency: | ||||||||||||
2.870%, 07/01/2032 | ||||||||||||
(Callable 01/01/2024) | 1,780,000 | 1,842,487 | ||||||||||
2.812%, 07/01/2035 | ||||||||||||
(Callable 01/01/2024) | 2,140,000 | 2,199,765 | ||||||||||
North East Independent School District, | ||||||||||||
5.240%, 08/01/2027 | 3,000,000 | 3,699,304 | ||||||||||
Public Finance Authority, | ||||||||||||
0.000%, 12/15/2027 | ||||||||||||
(Callable 08/02/2021) | 13,665,000 | 10,626,162 | ||||||||||
Rhode Island Housing & | ||||||||||||
Mortgage Finance Corp., | ||||||||||||
2.913%, 10/01/2039 | ||||||||||||
(Callable 10/01/2023) | 965,000 | 985,284 | ||||||||||
Rhode Island Student Loan Authority: | ||||||||||||
2.100%, 12/01/2022 | 1,125,000 | 1,150,489 | ||||||||||
2.200%, 12/01/2023 | 1,400,000 | 1,449,227 | ||||||||||
2.400%, 12/01/2024 | 1,165,000 | 1,220,852 | ||||||||||
2.530%, 12/01/2025 | 2,310,000 | 2,434,673 |
The accompanying notes are an integral part of these financial statements.
Page 75
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Rhode Island Student | ||||||||||||
Loan Authority: (cont.) | ||||||||||||
2.730%, 12/01/2026 | $ | 1,490,000 | $ | 1,580,446 | ||||||||
2.875%, 12/01/2027 | 1,800,000 | 1,910,825 | ||||||||||
5.000%, 12/01/2028 | 1,265,000 | 1,586,547 | ||||||||||
5.000%, 12/01/2029 | 1,295,000 | 1,649,289 | ||||||||||
3.625%, 12/01/2037 | ||||||||||||
(Callable 12/01/2030) | 6,000,000 | 6,280,561 | ||||||||||
State of Illinois, | ||||||||||||
6.200%, 07/01/2021 | 3,977,500 | 3,977,500 | ||||||||||
Suburban Hospital | ||||||||||||
Healthcare System, Inc., | ||||||||||||
7.865%, 02/15/2027 | 8,755,000 | 10,376,409 | ||||||||||
Three Rivers Local School District, | ||||||||||||
5.209%, 09/15/2027 | ||||||||||||
(Callable 08/02/2021) | 1,350,000 | 1,353,617 | ||||||||||
West Contra Costa Unified | ||||||||||||
School District, | ||||||||||||
6.250%, 08/01/2030 | 4,320,000 | 5,845,270 | ||||||||||
Western Michigan University Homer | ||||||||||||
Stryker MD School of Medicine, | ||||||||||||
4.750%, 11/15/2028 | 12,900,000 | 15,259,382 | ||||||||||
Westlake City School District, | ||||||||||||
5.227%, 12/01/2026 | ||||||||||||
(Callable 08/02/2021) | 1,160,000 | 1,163,442 | ||||||||||
Total Municipal Bonds | ||||||||||||
(Cost $348,641,852) | 361,283,489 | 1.1 | % | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Fannie Mae REMIC Trust: | ||||||||||||
Series 1992-129, Class L, | ||||||||||||
6.000%, 07/25/2022 | 2,985 | 3,027 | ||||||||||
Series 1993-32, Class H, | ||||||||||||
6.000%, 03/25/2023 | 2,255 | 2,336 | ||||||||||
Series 1993-58, Class H, | ||||||||||||
5.500%, 04/25/2023 | 9,455 | 9,742 | ||||||||||
Federal Gold Loan Mortgage | ||||||||||||
Corp. (FGLMC): | ||||||||||||
6.500%, 12/01/2028 | 7,840 | 8,870 | ||||||||||
6.500%, 06/01/2029 | 3,405 | 3,872 | ||||||||||
3.000%, 10/01/2030 | 20,198,333 | 21,391,248 | ||||||||||
3.000%, 02/01/2032 | 31,388,392 | 33,338,685 | ||||||||||
3.500%, 05/01/2032 | 14,061,991 | 14,999,293 | ||||||||||
3.000%, 07/01/2032 | 6,495,254 | 6,894,478 | ||||||||||
3.000%, 10/01/2032 | 4,820,564 | 5,116,898 | ||||||||||
3.000%, 11/01/2032 | 7,618,873 | 8,087,251 | ||||||||||
3.000%, 12/01/2032 | 7,629,287 | 8,091,329 | ||||||||||
3.000%, 01/01/2033 | 3,602,762 | 3,824,261 | ||||||||||
3.000%, 04/01/2033 | 3,944,305 | 4,186,904 | ||||||||||
3.500%, 01/01/2034 | 13,692,094 | 14,598,917 | ||||||||||
3.000%, 05/01/2035 | 10,033,996 | 10,611,453 | ||||||||||
3.000%, 10/01/2035 | 8,802,227 | 9,264,653 | ||||||||||
5.000%, 03/01/2036 | 2,924,507 | 3,349,192 | ||||||||||
5.500%, 04/01/2037 | 64,586 | 75,106 | ||||||||||
5.500%, 04/01/2038 | 39,048 | 45,443 | ||||||||||
5.500%, 05/01/2038 | 62,264 | 72,485 | ||||||||||
5.500%, 01/01/2039 | 10,541,524 | 12,164,903 | ||||||||||
4.500%, 11/01/2039 | 1,083,167 | 1,196,176 | ||||||||||
4.500%, 11/01/2039 | 326,960 | 363,644 | ||||||||||
4.500%, 08/01/2040 | 1,475,150 | 1,631,036 | ||||||||||
4.500%, 08/01/2040 | 1,123,235 | 1,249,120 | ||||||||||
4.000%, 10/01/2040 | 11,803,817 | 12,895,386 | ||||||||||
4.000%, 01/01/2041 | 7,753,831 | 8,475,776 | ||||||||||
3.500%, 06/01/2042 | 3,015,051 | 3,250,380 | ||||||||||
3.500%, 06/01/2042 | 1,920,728 | 2,070,645 | ||||||||||
3.500%, 07/01/2042 | 11,417,877 | 12,309,122 | ||||||||||
3.500%, 07/01/2042 | 17,007,619 | 18,335,154 | ||||||||||
3.000%, 08/01/2042 | 10,387,960 | 11,011,082 | ||||||||||
3.500%, 09/01/2042 | 6,812,570 | 7,344,358 | ||||||||||
3.000%, 11/01/2042 | 32,777,560 | 34,946,764 | ||||||||||
3.500%, 12/01/2042 | 11,017,244 | 11,875,520 | ||||||||||
3.000%, 01/01/2043 | 18,766,493 | 19,890,942 | ||||||||||
3.000%, 02/01/2043 | 3,598,216 | 3,813,380 | ||||||||||
3.500%, 02/01/2043 | 10,717,732 | 11,616,673 | ||||||||||
3.000%, 03/01/2043 | 10,930,711 | 11,635,441 | ||||||||||
3.000%, 04/01/2043 | 7,585,970 | 8,038,985 | ||||||||||
3.000%, 04/01/2043 | 8,392,519 | 8,948,110 | ||||||||||
3.000%, 06/01/2043 | 6,190,291 | 6,584,817 | ||||||||||
3.000%, 08/01/2043 | 14,431,192 | 15,349,471 | ||||||||||
4.500%, 12/01/2043 | 6,298,059 | 6,999,088 | ||||||||||
3.500%, 05/01/2044 | 25,421,078 | 27,602,289 | ||||||||||
3.500%, 08/01/2044 | 16,871,068 | 18,231,169 | ||||||||||
3.500%, 08/01/2044 | 9,936,001 | 10,747,222 | ||||||||||
4.000%, 09/01/2044 | 5,841,905 | 6,361,528 | ||||||||||
4.000%, 10/01/2044 | 9,964,832 | 10,890,136 | ||||||||||
3.500%, 01/01/2045 | 14,227,529 | 15,418,550 | ||||||||||
4.000%, 02/01/2045 | 6,540,157 | 7,122,554 | ||||||||||
3.500%, 06/01/2045 | 15,161,192 | 16,462,957 | ||||||||||
3.500%, 07/01/2045 | 12,650,012 | 13,661,335 | ||||||||||
3.000%, 10/01/2045 | 19,008,235 | 20,213,749 | ||||||||||
4.000%, 10/01/2045 | 9,517,538 | 10,339,329 | ||||||||||
3.500%, 12/01/2045 | 10,682,418 | 11,426,310 | ||||||||||
4.000%, 12/01/2045 | 3,800,001 | 4,115,912 | ||||||||||
3.000%, 01/01/2046 | 62,555,302 | 67,231,032 | ||||||||||
3.500%, 01/01/2046 | 27,527,910 | 29,706,334 | ||||||||||
4.000%, 02/01/2046 | 12,928,275 | 14,112,155 | ||||||||||
4.000%, 02/01/2046 | 5,070,429 | 5,486,784 | ||||||||||
3.500%, 03/01/2046 | 3,965,151 | 4,305,580 | ||||||||||
4.000%, 05/01/2046 | 441,754 | 477,249 | ||||||||||
3.500%, 08/01/2046 | 48,430,892 | 52,589,666 | ||||||||||
4.000%, 08/01/2046 | 7,171,512 | 7,801,596 | ||||||||||
3.000%, 10/01/2046 | 60,406,055 | 64,653,258 | ||||||||||
3.000%, 10/01/2046 | 43,745,894 | 46,458,020 | ||||||||||
4.500%, 11/01/2046 | 41,821,470 | 46,450,582 | ||||||||||
4.000%, 01/01/2047 | 27,195,792 | 29,833,803 | ||||||||||
3.000%, 02/01/2047 | 25,061,723 | 26,601,104 | ||||||||||
3.000%, 05/01/2047 | 48,220,586 | 51,252,627 | ||||||||||
3.500%, 08/01/2047 | 13,325,714 | 14,374,471 | ||||||||||
3.500%, 03/01/2048 | 4,547,051 | 4,905,949 | ||||||||||
4.000%, 06/01/2048 | 43,233,591 | 47,971,669 | ||||||||||
4.000%, 08/01/2048 | 15,516,287 | 16,768,951 | ||||||||||
3.000%, 12/01/2049 | 126,046,920 | 133,752,331 | ||||||||||
4.000%, 05/01/2050 | 84,361,998 | 92,299,034 | ||||||||||
2.500%, 02/01/2051 | 73,260,630 | 76,788,570 | ||||||||||
Federal Home Loan | ||||||||||||
Mortgage Corp. (FHLMC): | ||||||||||||
Series 1122, Class G, | ||||||||||||
7.000%, 08/15/2021 | 21 | 21 | ||||||||||
Series 1186, Class I, | ||||||||||||
7.000%, 12/15/2021 | 318 | 320 | ||||||||||
Federal National Mortgage | ||||||||||||
Association (FNMA): | ||||||||||||
5.000%, 11/01/2021 | 9 | 9 | ||||||||||
2.500%, 12/01/2027 | 6,832,475 | 7,158,739 | ||||||||||
5.000%, 05/01/2028 | 20,096 | 22,010 |
The accompanying notes are an integral part of these financial statements.
Page 76
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Federal Gold Loan Mortgage | ||||||||||||
Corp. (FGLMC): (cont.) | ||||||||||||
6.500%, 09/01/2028 | $ | 5,988 | $ | 6,732 | ||||||||
6.500%, 02/01/2029 | 13,363 | 15,089 | ||||||||||
3.000%, 07/01/2029 | 9,977,712 | 10,555,377 | ||||||||||
4.500%, 07/01/2030 | 2,222,001 | 2,412,401 | ||||||||||
3.000%, 08/01/2030 | 14,692,904 | 15,546,501 | ||||||||||
3.000%, 01/01/2031 | 42,571,802 | 45,066,037 | ||||||||||
4.000%, 11/01/2031 | 10,479,989 | 11,418,402 | ||||||||||
3.500%, 01/01/2032 | 23,881,767 | 25,464,835 | ||||||||||
5.500%, 01/01/2032 | 5,365 | 6,145 | ||||||||||
2.500%, 07/01/2032 | 17,312,370 | 18,220,568 | ||||||||||
3.000%, 11/01/2032 | 4,765,524 | 5,021,533 | ||||||||||
2.500%, 12/01/2032 | 57,355,733 | 60,042,902 | ||||||||||
3.000%, 04/01/2033 | 8,335,560 | 8,845,011 | ||||||||||
3.000%, 05/01/2033 | 8,251,209 | 8,731,094 | ||||||||||
3.500%, 09/01/2033 | 40,547,094 | 44,178,600 | ||||||||||
5.000%, 09/01/2033 | 6,386,302 | 7,283,782 | ||||||||||
4.500%, 10/01/2033 | 13,491,425 | 14,844,237 | ||||||||||
3.000%, 11/01/2033 | 68,255,005 | 72,859,016 | ||||||||||
4.000%, 01/01/2034 | 7,300,308 | 7,954,229 | ||||||||||
5.500%, 04/01/2034 | 430,015 | 491,952 | ||||||||||
4.000%, 09/01/2034 | 10,210,000 | 11,121,994 | ||||||||||
5.500%, 09/01/2034 | 19,384 | 22,436 | ||||||||||
5.000%, 02/01/2035 | 10,486,617 | 11,979,716 | ||||||||||
5.000%, 02/01/2035 | 6,906,802 | 7,870,759 | ||||||||||
5.500%, 02/01/2035 | 16,886 | 19,559 | ||||||||||
5.000%, 04/01/2035 | 749,697 | 857,074 | ||||||||||
5.000%, 07/01/2035 | 2,166,571 | 2,476,809 | ||||||||||
5.000%, 02/01/2036 | 1,318,654 | 1,510,125 | ||||||||||
5.000%, 03/01/2036 | 606,154 | 693,884 | ||||||||||
5.500%, 04/01/2036 | 1,966,298 | 2,277,929 | ||||||||||
4.000%, 10/01/2036 | 7,386,473 | 8,070,103 | ||||||||||
4.000%, 05/01/2037 | 31,767,293 | 34,403,560 | ||||||||||
3.500%, 08/01/2037 | 18,831,497 | 20,087,508 | ||||||||||
2.500%, 04/01/2038 | 35,774,344 | 37,279,254 | ||||||||||
6.000%, 05/01/2038 | 3,292,666 | 3,904,201 | ||||||||||
4.500%, 04/01/2039 | 10,636,594 | 11,810,128 | ||||||||||
4.000%, 06/01/2039 | 6,653,102 | 7,295,409 | ||||||||||
5.000%, 06/01/2039 | 9,505,030 | 10,791,764 | ||||||||||
4.500%, 01/01/2040 | 4,468,618 | 4,967,470 | ||||||||||
4.500%, 01/01/2040 | 2,138,624 | 2,351,333 | ||||||||||
5.000%, 06/01/2040 | 6,940,624 | 7,884,579 | ||||||||||
4.000%, 08/01/2040 | 528,282 | 578,154 | ||||||||||
4.500%, 08/01/2040 | 6,352,037 | 7,050,068 | ||||||||||
4.500%, 08/01/2040 | 2,338,954 | 2,596,154 | ||||||||||
4.000%, 10/01/2040 | 907,304 | 991,411 | ||||||||||
4.000%, 11/01/2040 | 9,565,165 | 10,452,480 | ||||||||||
4.000%, 12/01/2040 | 2,607,047 | 2,901,693 | ||||||||||
3.500%, 01/01/2041 | 1,017,464 | 1,096,031 | ||||||||||
4.000%, 01/01/2041 | 2,063,287 | 2,254,632 | ||||||||||
3.500%, 02/01/2041 | 1,148,311 | 1,236,469 | ||||||||||
4.000%, 02/01/2041 | 199,824 | 218,228 | ||||||||||
4.500%, 02/01/2041 | 33,026,444 | 36,688,563 | ||||||||||
3.500%, 03/01/2041 | 7,574,079 | 8,155,165 | ||||||||||
4.000%, 03/01/2041 | 3,702,874 | 4,046,685 | ||||||||||
4.500%, 07/01/2041 | 2,940,624 | 3,269,041 | ||||||||||
3.500%, 09/01/2041 | 15,956,861 | 17,167,871 | ||||||||||
4.000%, 09/01/2041 | 1,486,388 | 1,623,966 | ||||||||||
3.500%, 11/01/2041 | 8,265,494 | 8,932,501 | ||||||||||
3.500%, 12/01/2041 | 1,488,443 | 1,603,977 | ||||||||||
4.000%, 12/01/2041 | 7,108,033 | 7,766,088 | ||||||||||
4.000%, 01/01/2042 | 13,917,628 | 15,229,852 | ||||||||||
4.500%, 01/01/2042 | 6,003,459 | 6,680,715 | ||||||||||
4.000%, 02/01/2042 | 12,824,193 | 14,033,455 | ||||||||||
3.000%, 04/01/2042 | 40,380,303 | 43,127,789 | ||||||||||
3.000%, 05/01/2042 | 1,825,912 | 1,934,750 | ||||||||||
3.500%, 05/01/2042 | 9,403,215 | 10,130,897 | ||||||||||
3.500%, 06/01/2042 | 3,426,044 | 3,692,022 | ||||||||||
3.500%, 07/01/2042 | 72,377,497 | 78,501,958 | ||||||||||
3.500%, 08/01/2042 | 6,179,451 | 6,658,003 | ||||||||||
3.500%, 09/01/2042 | 9,502,361 | 10,269,313 | ||||||||||
3.000%, 10/01/2042 | 13,321,560 | 14,312,496 | ||||||||||
3.000%, 03/01/2043 | 3,844,325 | 4,071,466 | ||||||||||
3.000%, 04/01/2043 | 1,370,942 | 1,457,946 | ||||||||||
3.000%, 05/01/2043 | 5,312,558 | 5,662,064 | ||||||||||
3.000%, 05/01/2043 | 14,253,922 | 15,097,736 | ||||||||||
3.500%, 05/01/2043 | 11,892,681 | 12,888,422 | ||||||||||
3.000%, 06/01/2043 | 15,966,160 | 16,910,660 | ||||||||||
3.500%, 06/01/2043 | 6,390,885 | 7,022,900 | ||||||||||
3.000%, 07/01/2043 | 12,717,985 | 13,561,694 | ||||||||||
4.000%, 07/01/2043 | 16,968,556 | 18,511,487 | ||||||||||
3.000%, 08/01/2043 | 4,714,408 | 4,990,988 | ||||||||||
3.500%, 08/01/2043 | 6,686,015 | 7,215,172 | ||||||||||
3.500%, 09/01/2043 | 20,243,447 | 21,805,355 | ||||||||||
4.500%, 09/01/2043 | 9,004,427 | 9,995,454 | ||||||||||
4.000%, 01/01/2045 | 7,041,206 | 7,691,546 | ||||||||||
3.500%, 02/01/2045 | 27,525,907 | 29,645,350 | ||||||||||
4.000%, 02/01/2045 | 1,954,028 | 2,124,769 | ||||||||||
4.000%, 02/01/2045 | 13,021,120 | 14,316,008 | ||||||||||
4.000%, 02/01/2045 | 3,798,691 | 4,144,815 | ||||||||||
4.000%, 02/01/2045 | 8,212,726 | 8,973,741 | ||||||||||
4.000%, 03/01/2045 | 5,843,338 | 6,383,797 | ||||||||||
4.000%, 11/01/2045 | 22,992,285 | 24,953,333 | ||||||||||
3.500%, 12/01/2045 | 16,475,991 | 17,610,875 | ||||||||||
4.000%, 12/01/2045 | 13,838,094 | 15,325,588 | ||||||||||
4.000%, 12/01/2045 | 28,629,290 | 31,000,074 | ||||||||||
4.500%, 02/01/2046 | 16,987,996 | 18,855,990 | ||||||||||
4.500%, 08/01/2046 | 16,786,878 | 18,594,022 | ||||||||||
3.000%, 10/01/2046 | 18,943,443 | 20,132,486 | ||||||||||
3.500%, 11/01/2046 | 15,944,350 | 17,064,897 | ||||||||||
4.000%, 02/01/2047 | 10,174,786 | 11,047,139 | ||||||||||
4.000%, 03/01/2047 | 18,307,659 | 20,075,454 | ||||||||||
4.000%, 03/01/2047 | 20,092,624 | 21,705,325 | ||||||||||
4.000%, 11/01/2047 | 6,696,495 | 7,178,539 | ||||||||||
3.500%, 12/01/2047 | 57,695,331 | 61,023,562 | ||||||||||
4.000%, 12/01/2047 | 33,643,264 | 36,043,924 | ||||||||||
3.000%, 01/01/2048 | 19,900,190 | 21,112,551 | ||||||||||
3.500%, 01/01/2048 | 9,512,953 | 10,057,615 | ||||||||||
3.500%, 03/01/2048 | 9,532,540 | 10,078,798 | ||||||||||
3.500%, 05/01/2048 | 52,230,141 | 55,807,351 | ||||||||||
5.000%, 11/01/2048 | 22,543,751 | 25,198,608 | ||||||||||
3.500%, 06/01/2049 | 40,923,076 | 43,076,273 | ||||||||||
4.000%, 09/01/2049 | 5,157,879 | 5,495,838 | ||||||||||
3.500%, 01/01/2050 | 36,184,899 | 38,974,253 | ||||||||||
3.000%, 05/01/2050 | 122,693,572 | 130,748,123 | ||||||||||
2.500%, 06/01/2050(8) | 15,538,776 | 16,183,049 | ||||||||||
2.500%, 12/01/2050 | 87,751,448 | 91,455,020 | ||||||||||
2.500%, 12/01/2050(8) | 27,633,268 | 28,638,897 | ||||||||||
2.500%, 01/01/2051(8) | 55,030,738 | 57,296,383 | ||||||||||
Government National Mortgage | ||||||||||||
Association (GNMA): | ||||||||||||
6.000%, 12/20/2028 | 10,194 | 11,537 | ||||||||||
6.500%, 01/20/2029 | 5,626 | 6,387 | ||||||||||
6.000%, 11/20/2033 | 7,725 | 9,044 | ||||||||||
5.000%, 07/20/2040 | 334,923 | 378,030 |
The accompanying notes are an integral part of these financial statements.
Page 77
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Government National Mortgage | ||||||||||||
Association (GNMA): (cont.) | ||||||||||||
4.000%, 01/20/2041 | $ | 5,171,493 | $ | 5,645,429 | ||||||||
4.000%, 08/20/2041 | 3,051,946 | 3,345,572 | ||||||||||
3.500%, 10/20/2041 | 5,796,485 | 6,224,173 | ||||||||||
4.000%, 12/20/2041 | 4,067,998 | 4,459,378 | ||||||||||
4.000%, 02/20/2042 | 7,831,093 | 8,634,846 | ||||||||||
4.000%, 06/20/2042 | 6,641,996 | 7,321,500 | ||||||||||
3.500%, 09/20/2042 | 4,426,976 | 4,747,881 | ||||||||||
4.000%, 09/20/2044 | 22,220,068 | 24,281,812 | ||||||||||
3.000%, 04/20/2045 | 7,009,879 | 7,439,535 | ||||||||||
3.500%, 04/20/2045 | 9,896,077 | 10,551,171 | ||||||||||
4.000%, 05/20/2045 | 9,096,093 | 9,862,375 | ||||||||||
3.500%, 06/20/2045 | 9,911,228 | 10,560,891 | ||||||||||
3.500%, 10/20/2045 | 32,753,551 | 34,899,175 | ||||||||||
4.500%, 01/20/2046 | 8,819,987 | 9,750,801 | ||||||||||
4.000%, 04/20/2046 | 11,765,749 | 12,735,766 | ||||||||||
3.500%, 05/20/2046 | 44,618,011 | 47,554,814 | ||||||||||
4.000%, 05/20/2046 | 4,339,387 | 4,668,986 | ||||||||||
4.500%, 06/20/2047 | 12,746,253 | 13,781,114 | ||||||||||
4.500%, 07/20/2047 | 8,779,643 | 9,502,305 | ||||||||||
4.500%, 09/20/2047 | 43,233,619 | 46,563,424 | ||||||||||
3.500%, 02/20/2048 | 27,722,810 | 29,478,919 | ||||||||||
5.000%, 02/20/2049 | 63,023,820 | 68,015,634 | ||||||||||
2.500%, 12/20/2050 | 90,337,127 | 93,593,326 | ||||||||||
Seasoned Credit Risk Transfer Trust: | ||||||||||||
Series 2019-4, Class MA, | ||||||||||||
3.000%, 02/25/2059 | 47,172,191 | 49,539,410 | ||||||||||
Series 2020-3, Class MT, | ||||||||||||
2.000%, 05/25/2060 | 36,289,391 | 36,711,092 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $3,721,438,143) | 3,886,886,448 | 12.3 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
ABFC Trust, | ||||||||||||
Series 2006-OPT1, Class A3C2, | ||||||||||||
0.392%, 09/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.300%)(3) | 4,080,576 | 4,039,450 | ||||||||||
Alternative Loan Trust: | ||||||||||||
Series 2005-3CB, Class 2A1 | ||||||||||||
5.000%, 12/15/2021(6) | 87,085 | 85,069 | ||||||||||
Series 2006-43CB, Class 2A1 | ||||||||||||
6.000%, 02/25/2022(6) | 19,295 | 19,330 | ||||||||||
Series 2005-11CB, Class 2A6 | ||||||||||||
5.500%, 06/25/2025 | 4,198,257 | 4,052,577 | ||||||||||
Series 2004-18CB, Class 1A1 | ||||||||||||
6.000%, 09/25/2034 | 2,372,994 | 2,437,531 | ||||||||||
Series 2005-6CB, Class 1A4 | ||||||||||||
5.500%, 04/25/2035(6) | 9,924,653 | 9,632,267 | ||||||||||
Series 2005-29CB, Class A1 | ||||||||||||
5.500%, 07/25/2035(6) | 1,527,903 | 1,236,431 | ||||||||||
Series 2005-49CB, Class A5 | ||||||||||||
5.500%, 11/25/2035(6) | 1,720,735 | 1,519,497 | ||||||||||
Series 2005-73CB, Class 1A7 | ||||||||||||
5.500%, 01/25/2036(6) | 259,192 | 258,913 | ||||||||||
Series 2005-85CB, Class 2A2 | ||||||||||||
5.500%, 02/25/2036 | 2,314,452 | 2,227,093 | ||||||||||
Series 2006-28CB, Class A17 | ||||||||||||
6.000%, 10/25/2036 | 398,379 | 289,044 | ||||||||||
AMRESCO Residential Securities | ||||||||||||
Corp. Mortgage Loan Trust, | ||||||||||||
Series 1998-2, Class A6 | ||||||||||||
6.405%, 12/25/2027 | 7 | 7 | ||||||||||
Arroyo Mortgage Trust: | ||||||||||||
Series 2018-1, Class A1, | ||||||||||||
3.763%, 04/25/2048(2)(4) | 2,437,773 | 2,436,770 | ||||||||||
Series 2019-3, Class A1, | ||||||||||||
2.962%, 10/25/2048(2)(4) | 23,740,056 | 24,072,544 | ||||||||||
Asset Backed Securities Corp. | ||||||||||||
Home Equity Loan Trust: | ||||||||||||
Series 2006-HE2, Class A1, | ||||||||||||
0.472%, 03/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.380%)(3) | 8,281,352 | 8,230,498 | ||||||||||
Series 2006-HE6, Class A4, | ||||||||||||
0.252%, 11/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.160%)(3) | 169,473 | 168,405 | ||||||||||
Banc of America Alternative Loan Trust: | ||||||||||||
Series 2004-6, Class 4A1 | ||||||||||||
5.000%, 12/15/2021 | 234,235 | 240,331 | ||||||||||
Series 2007-1, Class 1A1 | ||||||||||||
4.415%, 04/25/2022(4)(6) | 97,281 | 95,430 | ||||||||||
Series 2003-8, Class 1CB1 | ||||||||||||
5.500%, 10/25/2033 | 1,342,026 | 1,380,366 | ||||||||||
Series 2006-5, Class CB7 | ||||||||||||
6.000%, 06/25/2046(6) | 148,426 | 145,523 | ||||||||||
Banc of America Funding Trust: | ||||||||||||
Series 2005-C, Class A1, | ||||||||||||
0.333%, 05/20/2035 | ||||||||||||
(1 Month LIBOR USD + 0.240%)(3) | 2,568,533 | 2,600,185 | ||||||||||
Series 2007-C, Class 1A3, | ||||||||||||
3.053%, 05/20/2036(4)(6) | 1,398,705 | 1,407,493 | ||||||||||
Series 2006-G, Class 1A1, | ||||||||||||
0.473%, 07/20/2036 | ||||||||||||
(1 Month LIBOR USD + 0.380%)(3) | 21,600,655 | 21,630,356 | ||||||||||
Bayview Financial Trust, | ||||||||||||
Series 2007-B, Class 1A2 | ||||||||||||
6.831%, 08/28/2037(7) | 73,527 | 72,373 | ||||||||||
Bear Stearns ARM Trust, | ||||||||||||
Series 2005-9, Class A1, | ||||||||||||
2.410%, 10/25/2035 | ||||||||||||
(1 Year CMT Rate + 2.300%)(3) | 363,124 | 370,072 | ||||||||||
Bear Stearns Asset Backed Securities I Trust: | ||||||||||||
Series 2005-HE4, Class M2, | ||||||||||||
1.052%, 04/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.960%)(3) | 1,254,155 | 1,254,599 | ||||||||||
Series 2006-HE8, Class 21A2, | ||||||||||||
0.262%, 07/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.170%)(3) | 844,544 | 842,427 | ||||||||||
BRAVO Residential Funding Trust, | ||||||||||||
Series 2020-RPL2, Class A1, | ||||||||||||
2.000%, 05/25/2059(2)(4) | 40,897,731 | 41,613,310 | ||||||||||
Chase Mortgage Finance Trust: | ||||||||||||
Series 2005-A2, Class 1A5, | ||||||||||||
3.101%, 01/25/2036(4) | 523,141 | 502,330 | ||||||||||
Series 2006-A1, Class 2A3, | ||||||||||||
3.056%, 09/25/2036(4) | 420,225 | 388,123 | ||||||||||
Series 2007-A1, Class 2A3, | ||||||||||||
2.479%, 02/25/2037(4) | 729,144 | 729,159 | ||||||||||
Series 2007-A1, Class 3A1, | ||||||||||||
2.822%, 02/25/2037(4) | 1,842,050 | 1,914,913 | ||||||||||
CHL Mortgage Pass-Through Trust, | ||||||||||||
Series 2005-6, Class 2A1 | ||||||||||||
5.500%, 04/25/2035(6) | 290,190 | 277,863 | ||||||||||
Citicorp Mortgage Securities Trust: | ||||||||||||
Series 2006-3, Class 1A4 | ||||||||||||
6.000%, 06/25/2036 | 3,227,538 | 3,244,197 | ||||||||||
Series 2007-2, Class 1A3 | ||||||||||||
6.000%, 02/25/2037(6) | 943,197 | 940,242 |
The accompanying notes are an integral part of these financial statements.
Page 78
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Citicorp Residential Mortgage Trust, | ||||||||||||
Series 2007-1, Class A6 | ||||||||||||
6.202%, 03/25/2037(7) | $ | 4,091 | $ | 4,199 | ||||||||
Citigroup Mortgage Loan Trust, | ||||||||||||
Series 2018-RP2, Class A1, | ||||||||||||
2.987%, 02/25/2058(2)(4) | 22,309,080 | 23,119,165 | ||||||||||
Citigroup Mortgage Loan Trust, Inc.: | ||||||||||||
Series 2006-AR1, Class 1A1, | ||||||||||||
2.480%, 10/25/2035 | ||||||||||||
(1 Year CMT Rate + 2.400%)(3) | 5,326,584 | 5,548,747 | ||||||||||
Series 2005-9, Class 22A2 | ||||||||||||
6.000%, 10/25/2035 | 2,053,314 | 2,081,643 | ||||||||||
Series 2005-9, Class 2A2 | ||||||||||||
5.500%, 11/25/2035 | 30,145 | 27,289 | ||||||||||
Countrywide Asset-Backed Certificates: | ||||||||||||
Series 2005-13, Class AF3 | ||||||||||||
5.430%, 02/25/2033(4) | 9,623 | 9,159 | ||||||||||
Series 2007-11, Class 2A3, | ||||||||||||
0.282%, 04/25/2034 | ||||||||||||
(1 Month LIBOR USD + 0.190%)(3) | 2,110,854 | 2,101,245 | ||||||||||
Series 2005-10, Class AF6 | ||||||||||||
4.915%, 12/25/2035(4) | �� | 44,807 | 46,134 | |||||||||
Series 2006-10, Class 1AF3 | ||||||||||||
5.971%, 12/25/2035(4) | 272,939 | 264,060 | ||||||||||
Series 2007-9, Class 2A3, | ||||||||||||
0.272%, 06/25/2047 | ||||||||||||
(1 Month LIBOR USD + 0.180%)(3) | 5,175,633 | 5,164,317 | ||||||||||
Credit Suisse First Boston | ||||||||||||
Mortgage Securities Corp., | ||||||||||||
Series 2005-7, Class 3A1 | ||||||||||||
5.000%, 12/15/2021 | 11,890 | 10,760 | ||||||||||
Credit-Based Asset Servicing | ||||||||||||
& Securitization LLC, | ||||||||||||
Series 2007-CB4, Class A1A, | ||||||||||||
0.182%, 04/25/2037 | ||||||||||||
(1 Month LIBOR USD + 0.090%)(3) | 2,180,920 | 2,145,008 | ||||||||||
CWABS Asset-Backed Certificates Trust: | ||||||||||||
Series 2004-15, Class AF6 | ||||||||||||
4.613%, 04/25/2035(4) | 40 | 39 | ||||||||||
Series 2005-7, Class AF6 | ||||||||||||
4.693%, 08/25/2035(4) | 1,801 | 1,821 | ||||||||||
Series 2006-9, Class 1AF3 | ||||||||||||
5.859%, 08/25/2036(4) | 117,134 | 117,745 | ||||||||||
Series 2006-18, Class 2A2, | ||||||||||||
0.252%, 03/25/2037 | ||||||||||||
(1 Month LIBOR USD + 0.160%)(3) | 1,245,314 | 1,240,869 | ||||||||||
Deutsche Alt-A Securities, Inc. | ||||||||||||
Mortgage Loan Trust: | ||||||||||||
Series 2005-1, Class 1A1, | ||||||||||||
0.592%, 02/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.500%)(3) | 4,135,550 | 4,049,259 | ||||||||||
Series 2005-2, Class 1A7 | �� | |||||||||||
5.283%, 04/25/2035(4) | 6,344,050 | 6,319,506 | ||||||||||
First Franklin Mortgage Loan Trust, | ||||||||||||
Series 2006-FF6, Class A4, | ||||||||||||
0.592%, 04/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.500%)(3) | 15,793,619 | 15,627,829 | ||||||||||
First Horizon Alternative | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2006-FA6, Class 3A1 | ||||||||||||
5.750%, 11/25/2021(6) | 2,797 | 2,221 | ||||||||||
Series 2006-FA8, Class 2A1 | ||||||||||||
5.750%, 01/25/2022(6) | 34,272 | 9,892 | ||||||||||
Series 2004-AA1, Class A1, | ||||||||||||
2.179%, 06/25/2034(4) | 2,887,361 | 2,945,993 | ||||||||||
Series 2005-AA2, Class 2A1, | ||||||||||||
2.591%, 04/25/2035(4) | 1,325,162 | 1,406,029 | ||||||||||
FirstKey Homes LLC, | ||||||||||||
1.538%, 08/17/2028(8) | 98,875,000 | 98,875,000 | ||||||||||
Fremont Home Loan Trust, | ||||||||||||
Series 2005-B, Class M4, | ||||||||||||
0.797%, 04/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.705%)(3) | 155,498 | 155,460 | ||||||||||
GE Capital Mortgage Services, Inc. Trust, | ||||||||||||
Series 1999-HE1, Class A7 | ||||||||||||
6.265%, 04/25/2029 | 32 | 32 | ||||||||||
GS Mortgage Securities Trust, | ||||||||||||
Series 2018-RPL1, Class A1A, | ||||||||||||
3.750%, 10/25/2057(2) | 41,756,958 | 44,066,669 | ||||||||||
GSAA Home Equity Trust: | ||||||||||||
Series 2004-6, Class A1, | ||||||||||||
0.892%, 06/25/2034 | ||||||||||||
(1 Month LIBOR USD + 0.800%)(3) | 528,220 | 533,876 | ||||||||||
Series 2005-14, Class 1A1, | ||||||||||||
0.592%, 12/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.500%)(3) | 9,067,726 | 9,201,822 | ||||||||||
GSAMP Trust, | ||||||||||||
Series 2006-HE7, Class A2D, | ||||||||||||
0.322%, 10/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.230%)(3) | 557,339 | 554,236 | ||||||||||
GSR Mortgage Loan Trust: | ||||||||||||
Series 2004-15F, Class 5A1 | ||||||||||||
5.500%, 12/01/2021 | 21,143 | 20,912 | ||||||||||
Series 2005-3F, Class 2A4 | ||||||||||||
6.000%, 03/25/2035 | 1,703,350 | 1,744,265 | ||||||||||
Series 2005-AR2, Class 2A1, | ||||||||||||
2.635%, 04/25/2035(4) | 1,805,772 | 1,794,650 | ||||||||||
Home Equity Asset Trust, | ||||||||||||
Series 2004-7, Class A1, | ||||||||||||
0.812%, 01/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.720%)(3) | 10,084,238 | 9,871,545 | ||||||||||
J.P. Morgan Alternative Loan Trust: | ||||||||||||
Series 2006-A1, Class 2A1, | ||||||||||||
3.172%, 03/25/2036(4)(6) | 53,067 | 50,903 | ||||||||||
Series 2007-S1, Class A1, | ||||||||||||
0.372%, 06/25/2037 | ||||||||||||
(1 Month LIBOR USD + 0.280%)(3) | 3,678,504 | 3,635,799 | ||||||||||
J.P. Morgan Mortgage Trust: | ||||||||||||
Series 2005-A8, Class 2A3, | ||||||||||||
2.913%, 11/25/2035(4) | 3,509,316 | 3,376,388 | ||||||||||
Series 2006-A2, Class 3A3, | ||||||||||||
2.641%, 04/25/2036(4) | 939,369 | 864,220 | ||||||||||
Series 2006-A2, Class 2A1, | ||||||||||||
2.790%, 04/25/2036(4) | 821,591 | 809,678 | ||||||||||
Series 2006-A7, Class 2A2, | ||||||||||||
3.092%, 01/25/2037(4) | 1,288,837 | 1,204,848 | ||||||||||
Series 2006-A7, Class 2A4R, | ||||||||||||
3.092%, 01/25/2037(4) | 1,318,229 | 1,232,326 | ||||||||||
Series 2007-A2, Class 2A3, | ||||||||||||
3.075%, 04/25/2037(4)(6) | 2,632,893 | 2,362,426 | ||||||||||
Series 2007-A4, Class 2A3, | ||||||||||||
2.981%, 06/25/2037(4)(6) | 3,087,259 | 2,729,878 | ||||||||||
MASTR Alternative Loan Trust: | ||||||||||||
Series 2004-2, Class 2A1 | ||||||||||||
6.000%, 02/25/2034 | 1,515,634 | 1,567,587 |
The accompanying notes are an integral part of these financial statements.
Page 79
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
MASTR Alternative Loan Trust: (cont.) | ||||||||||||
Series 2004-8, Class 2A1 | ||||||||||||
6.000%, 09/25/2034 | $ | 1,102,343 | $ | 1,131,866 | ||||||||
Series 2005-6, Class 1A5 | ||||||||||||
5.500%, 12/25/2035(6) | 1,634,243 | 1,474,543 | ||||||||||
Merrill Lynch Mortgage Investors Trust: | ||||||||||||
Series 2004-F, Class A1B, | ||||||||||||
0.712%, 12/25/2029 | ||||||||||||
(1 Month LIBOR USD + 0.620%)(3) | 4,036,537 | 4,032,792 | ||||||||||
Series 2005-A5, Class A3, | ||||||||||||
2.974%, 06/25/2035(4) | 1,049,198 | 1,068,345 | ||||||||||
Mill City Mortgage Loan Trust: | ||||||||||||
Series 2018-2, Class A1, | ||||||||||||
3.500%, 05/25/2058(2)(4) | 17,070,395 | 17,444,322 | ||||||||||
Series 2018-3, Class A1, | ||||||||||||
3.472%, 08/25/2058(2)(4) | 11,679,138 | 12,149,253 | ||||||||||
Series 2019-1, Class A1, | ||||||||||||
3.250%, 10/25/2069(2)(4) | 26,459,243 | 27,905,030 | ||||||||||
Morgan Stanley Capital I, Inc. Trust, | ||||||||||||
Series 2006-HE2, Class A1, | ||||||||||||
0.432%, 03/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.340%)(3) | 1,958,699 | 1,951,727 | ||||||||||
MortgageIT Trust: | ||||||||||||
Series 2005-4, Class A1, | ||||||||||||
0.652%, 10/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.560%)(3) | 1,926,779 | 1,928,095 | ||||||||||
Series 2005-5, Class A1, | ||||||||||||
0.612%, 12/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.520%)(3) | 2,211,315 | 2,221,307 | ||||||||||
New Residential Mortgage Loan Trust: | ||||||||||||
Series 2016-1A, Class A1, | ||||||||||||
3.750%, 03/25/2056(2)(4) | 8,894,361 | 9,389,802 | ||||||||||
Series 2017-1A, Class A1 | ||||||||||||
4.000%, 02/25/2057(2)(4) | 17,607,337 | 18,726,526 | ||||||||||
Series 2017-3A, Class A1 | ||||||||||||
4.000%, 04/25/2057(2)(4) | 14,838,369 | 15,881,022 | ||||||||||
Series 2017-6A, Class A1 | ||||||||||||
4.000%, 08/25/2057(2)(4) | 18,391,639 | 19,673,391 | ||||||||||
Series 2018-1A, Class A1A | ||||||||||||
4.000%, 12/25/2057(2)(4) | 9,647,314 | 10,331,916 | ||||||||||
Series 2019-RPL2, Class A1, | ||||||||||||
3.250%, 02/25/2059(2)(4) | 23,039,093 | 24,248,420 | ||||||||||
RALI Series Trust: | ||||||||||||
Series 2004-QS13, Class CB | ||||||||||||
5.000%, 12/15/2021 | 3,495 | 3,610 | ||||||||||
Series 2005-QS5, Class A1, | ||||||||||||
0.492%, 04/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.400%)(3)(6) | 1,531,024 | 1,219,027 | ||||||||||
Series 2005-QS11, Class A2, | ||||||||||||
0.592%, 07/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.500%)(3)(6) | 2,950,864 | 2,229,138 | ||||||||||
Series 2005-QA7, Class A22, | ||||||||||||
3.021%, 07/25/2035(4)(6) | 1,295,731 | 1,265,922 | ||||||||||
RAMP Series Trust, | ||||||||||||
Series 2002-RS3, Class AI5 | ||||||||||||
5.572%, 06/25/2032(4) | 1,141,677 | 1,148,194 | ||||||||||
RASC Series Trust, | ||||||||||||
Series 2007-KS1, Class A3, | ||||||||||||
0.242%, 11/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.150%)(3) | 613,690 | 609,150 | ||||||||||
Renaissance Home Equity Loan Trust: | ||||||||||||
Series 2005-1, Class AF6 | ||||||||||||
4.970%, 05/25/2035(7) | 6,960 | 7,299 | ||||||||||
Series 2005-2, Class AF6 | ||||||||||||
4.781%, 08/25/2035(7) | 495,526 | 519,345 | ||||||||||
Series 2006-2, Class AF3 | ||||||||||||
5.797%, 08/25/2036(7) | 15,143,621 | 8,439,411 | ||||||||||
Series 2006-3, Class AF2 | ||||||||||||
5.580%, 11/25/2036(7) | 10,050,918 | 5,210,049 | ||||||||||
Series 2007-1, Class AF3 | ||||||||||||
5.612%, 04/25/2037(7) | 278,136 | 113,545 | ||||||||||
Series 2007-2, Class AF2 | ||||||||||||
5.675%, 06/25/2037(7) | 1,435,659 | 543,231 | ||||||||||
Soundview Home Loan Trust, | ||||||||||||
Series 2006-EQ1, Class A3, | ||||||||||||
0.252%, 10/25/2036 | ||||||||||||
(1 Month LIBOR USD + 0.160%)(3) | 3,208,876 | 3,194,943 | ||||||||||
Starwood Mortgage Residential Trust, | ||||||||||||
Series 2020-3, Class A1, | ||||||||||||
1.486%, 04/25/2065(2)(4) | 11,408,911 | 11,508,555 | ||||||||||
Structured Asset Securities Corp.: | ||||||||||||
Series 2003-31A, Class 2A7, | ||||||||||||
2.378%, 10/25/2033 (4) | 846,399 | 867,308 | ||||||||||
Series 2005-7XS, Class 1A4B | ||||||||||||
5.940%, 04/25/2035(7) | 4,719 | 4,977 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2016-3, Class A1, | ||||||||||||
2.250%, 08/25/2055(2)(4) | 19,126 | 19,196 | ||||||||||
Series 2016-2, Class A1, | ||||||||||||
3.000%, 08/25/2055(2)(4) | 3,114,838 | 3,145,318 | ||||||||||
Series 2016-4, Class A1, | ||||||||||||
2.250%, 07/25/2056(2)(4) | 4,735,456 | 4,770,959 | ||||||||||
Series 2017-1, Class A1, | ||||||||||||
2.750%, 10/25/2056(2)(4) | 1,623,860 | 1,648,710 | ||||||||||
Series 2017-6, Class A1, | ||||||||||||
2.750%, 10/25/2057(2)(4) | 19,546,361 | 20,018,906 | ||||||||||
Series 2019-1, Class A1, | ||||||||||||
3.722%, 03/25/2058(2)(4) | 9,429,028 | 9,930,440 | ||||||||||
Series 2018-6, Class A1A, | ||||||||||||
3.750%, 03/25/2058(2)(4) | 15,295,638 | 15,798,451 | ||||||||||
Series 2018-4, Class A1, | ||||||||||||
3.000%, 06/25/2058(2)(4) | 32,982,245 | 34,286,337 | ||||||||||
Series 2019-4, Class A1, | ||||||||||||
2.900%, 10/25/2059(2)(4) | 67,126,980 | 69,418,890 | ||||||||||
Series 2020-2, Class A1A, | ||||||||||||
1.636%, 04/25/2060(2)(4) | 41,073,750 | 41,454,984 | ||||||||||
Series 2020-4, Class A1, | ||||||||||||
1.750%, 10/25/2060(2) | 103,912,553 | 105,067,978 | ||||||||||
WaMu Mortgage Pass-Through | ||||||||||||
Certificates Trust: | ||||||||||||
Series 2004-CB3, Class 1A | ||||||||||||
6.000%, 10/25/2034 | 861,000 | 881,663 | ||||||||||
Series 2004-CB3, Class 2A | ||||||||||||
6.500%, 10/25/2034 | 2,204,756 | 2,295,662 | ||||||||||
Series 2005-3, Class 1CB3, | ||||||||||||
0.542%, 05/25/2035 | ||||||||||||
(1 Month LIBOR USD + 0.450%)(3)(6) | 4,015,209 | 3,373,255 | ||||||||||
Series 2005-6, Class 2A4 | ||||||||||||
5.500%, 08/25/2035(6) | 3,882,724 | 3,844,498 | ||||||||||
Series 2007-HY3, Class 4A1, | ||||||||||||
2.827%, 08/25/2036(4) | 8,281,459 | 8,111,787 | ||||||||||
Series 2006-AR10, Class 1A1, | ||||||||||||
3.029%, 09/25/2036(4) | 684,885 | 676,088 |
The accompanying notes are an integral part of these financial statements.
Page 80
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Wells Fargo Mortgage Backed | ||||||||||||
Securities Trust: | ||||||||||||
Series 2006-AR14, Class 2A3, | ||||||||||||
2.781%, 10/25/2036(4)(6) | $ | 1,177,145 | $ | 1,155,899 | ||||||||
Series 2007-7, Class A49 | ||||||||||||
6.000%, 06/25/2037(6) | 1,793,587 | 1,714,173 | ||||||||||
Total Non-U.S. Government | ||||||||||||
Agency Issues | ||||||||||||
(Cost $926,142,813) | 931,305,422 | 3.0 | % | |||||||||
Total Residential | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $4,647,580,956) | 4,818,191,870 | 15.3 | % | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
U.S. Government Agency Issues | ||||||||||||
Fannie Mae REMIC Trust, | ||||||||||||
Series 2017-M4, Class A2, | ||||||||||||
2.563%, 12/25/2026(4) | 28,407,208 | 30,455,566 | ||||||||||
Freddie Mac Multifamily Structured | ||||||||||||
Pass Through Certificates: | ||||||||||||
Series K029, Class A2, | ||||||||||||
3.320%, 02/25/2023(4) | 38,632,000 | 40,306,809 | ||||||||||
Series K725, Class A2, | ||||||||||||
3.002%, 01/25/2024 | 15,000,000 | 15,861,571 | ||||||||||
Series K037, Class A2, | ||||||||||||
3.490%, 01/25/2024 | 66,950,000 | 71,480,493 | ||||||||||
Series K038, Class A2, | ||||||||||||
3.389%, 03/25/2024 | 48,968,000 | 52,386,152 | ||||||||||
Series K048, Class A2, | ||||||||||||
3.284%, 06/25/2025(4) | 59,391,000 | 64,675,083 | ||||||||||
Series K050, Class A2, | ||||||||||||
3.334%, 08/25/2025(4) | 84,717,000 | 92,478,136 | ||||||||||
Series K734, Class A2, | ||||||||||||
3.208%, 02/25/2026 | 45,125,000 | 49,286,342 | ||||||||||
Series K061, Class A2, | ||||||||||||
3.347%, 11/25/2026(4) | 57,540,000 | 63,908,907 | ||||||||||
Series K062, Class A2, | ||||||||||||
3.413%, 12/25/2026 | 26,633,000 | 29,695,015 | ||||||||||
Series K063, Class A2, | ||||||||||||
3.430%, 01/25/2027(4) | 5,315,000 | 5,929,565 | ||||||||||
Series K064, Class A2, | ||||||||||||
3.224%, 03/25/2027 | 4,910,250 | 5,436,335 | ||||||||||
Series K065, Class A2, | ||||||||||||
3.243%, 04/25/2027 | 29,870,000 | 33,136,479 | ||||||||||
Series K066, Class A2, | ||||||||||||
3.117%, 06/25/2027 | 10,706,171 | 11,814,737 | ||||||||||
Series K067, Class A2, | ||||||||||||
3.194%, 07/25/2027 | 9,015,000 | 10,002,122 | ||||||||||
Series K068, Class A2, | ||||||||||||
3.244%, 08/25/2027 | 3,705,000 | 4,124,201 | ||||||||||
Series K072, Class A2, | ||||||||||||
3.444%, 12/25/2027 | 12,000,000 | 13,522,816 | ||||||||||
Series K074, Class A2, | ||||||||||||
3.600%, 01/25/2028 | 36,495,000 | 41,584,976 | ||||||||||
Series K077, Class A2, | ||||||||||||
3.850%, 05/25/2028(4) | 46,199,000 | 53,449,697 | ||||||||||
Series K079, Class A2, | ||||||||||||
3.926%, 06/25/2028 | 63,251,000 | 73,583,582 | ||||||||||
Series K080, Class A2, | ||||||||||||
3.926%, 07/25/2028(4) | 56,820,000 | 66,218,482 | ||||||||||
Series K158, Class A3, | ||||||||||||
3.900%, 10/25/2033(4) | 18,777,000 | 22,796,728 | ||||||||||
Total U.S. Government Agency Issues | ||||||||||||
(Cost $796,223,517) | 852,133,794 | 2.7 | % | |||||||||
Non-U.S. Government Agency Issues | ||||||||||||
BANK: | ||||||||||||
Series 2017-BNK4, Class A4, | ||||||||||||
3.625%, 05/17/2050 | 30,037,000 | 33,344,302 | ||||||||||
Series 2017-BNK8, Class A4, | ||||||||||||
3.488%, 11/17/2050 | 69,721,751 | 77,218,568 | ||||||||||
Series 2017-BNK9, Class A4, | ||||||||||||
3.538%, 11/17/2054 | 32,737,000 | 36,360,662 | ||||||||||
Series 2017-BNK5, Class A5, | ||||||||||||
3.390%, 06/17/2060 | 2,070,000 | 2,275,707 | ||||||||||
Series 2018-BN10, Class A5, | ||||||||||||
3.688%, 02/17/2061 | 6,400,000 | 7,161,926 | ||||||||||
Series 2021-BN33, Class A5, | ||||||||||||
2.556%, 05/16/2064 | 52,350,000 | 54,648,359 | ||||||||||
BBCMS Mortgage Trust, | ||||||||||||
Series 2018-C2, Class A5 | ||||||||||||
4.314%, 12/15/2051 | 13,595,000 | 15,795,159 | ||||||||||
Benchmark Mortgage Trust: | ||||||||||||
Series 2020-B19, Class A5, | ||||||||||||
1.850%, 09/17/2053 | 40,850,000 | 40,350,086 | ||||||||||
Series 2020-B21, Class A5, | ||||||||||||
1.978%, 12/17/2053 | 46,400,000 | 46,160,720 | ||||||||||
Series 2021-B24, Class A5, | ||||||||||||
2.584%, 03/17/2054 | 29,000,000 | 30,324,215 | ||||||||||
Citigroup Commercial Mortgage Trust: | ||||||||||||
Series 2014-GC19, Class A3, | ||||||||||||
3.753%, 03/12/2047 | 2,689,848 | 2,857,793 | ||||||||||
Series 2015-GC27, Class A5, | ||||||||||||
3.137%, 02/10/2048 | 50,189,111 | 53,525,101 | ||||||||||
Series 2015-GC29, Class A4, | ||||||||||||
3.192%, 04/10/2048 | 25,065,000 | 26,869,224 | ||||||||||
Series 2016-C2, Class A4, | ||||||||||||
2.832%, 08/12/2049 | 33,387,000 | 35,476,979 | ||||||||||
Series 2017-P8, Class A4, | ||||||||||||
3.465%, 09/16/2050 | 29,775,000 | 32,885,305 | ||||||||||
COMM Mortgage Trust: | ||||||||||||
Series 2012-CR1, Class A3, | ||||||||||||
3.391%, 05/17/2045 | 21,030,002 | 21,328,977 | ||||||||||
Series 2013-CR9, Class A3 | ||||||||||||
4.022%, 07/12/2045 | 7,604,895 | 7,875,792 | ||||||||||
Series 2012-CR2, Class A4, | ||||||||||||
3.147%, 08/17/2045 | 35,388,000 | 36,061,306 | ||||||||||
Series 2013-CR6, Class A4, | ||||||||||||
3.101%, 03/10/2046 | 14,680,000 | 15,062,052 | ||||||||||
Series 2013-CR10, Class A4 | ||||||||||||
4.210%, 08/10/2046(4) | 11,500,000 | 12,273,844 | ||||||||||
Series 2014-CR18, Class A4, | ||||||||||||
3.550%, 07/17/2047 | 4,840,243 | 5,100,513 | ||||||||||
Series 2014-CR19, Class A5, | ||||||||||||
3.796%, 08/12/2047 | 33,800,000 | 36,584,475 | ||||||||||
Series 2014-CR20, Class ASB, | ||||||||||||
3.305%, 11/13/2047 | 19,781,438 | 20,607,414 | ||||||||||
Series 2015-LC19, Class A4, | ||||||||||||
3.183%, 02/10/2048 | 27,105,399 | 29,016,801 | ||||||||||
Series 2015-DC1, Class A5, | ||||||||||||
3.350%, 02/12/2048 | 23,390,000 | 25,070,532 | ||||||||||
DBJPM Mortgage Trust, | ||||||||||||
Series 2020-C9, Class A5, | ||||||||||||
1.926%, 08/15/2053 | 31,100,000 | 30,936,476 | ||||||||||
GS Mortgage Securities Trust: | ||||||||||||
Series 2012-GCJ9, Class A3, | ||||||||||||
2.773%, 11/10/2045 | 40,256,858 | 41,126,165 | ||||||||||
Series 2013-GC13, Class A4, | ||||||||||||
3.871%, 07/12/2046(4) | 14,700,000 | 15,349,474 | ||||||||||
Series 2014-GC20, Class AAB, | ||||||||||||
3.655%, 04/12/2047 | 12,330,778 | 12,850,893 |
The accompanying notes are an integral part of these financial statements.
Page 81
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
GS Mortgage Securities Trust: (cont.) | ||||||||||||
Series 2014-GC20, Class A5, | ||||||||||||
3.998%, 04/12/2047 | $ | 9,959,000 | $ | 10,700,932 | ||||||||
J.P. Morgan Chase Commercial | ||||||||||||
Mortgage Securities Trust: | ||||||||||||
Series 2013-LC11, Class A5, | ||||||||||||
2.960%, 04/15/2046 | 31,025,000 | 32,163,676 | ||||||||||
Series 2013-LC11, Class A4, | ||||||||||||
2.694%, 04/17/2046 | 4,598,963 | 4,717,624 | ||||||||||
Series 2012-LC9, Class ASB, | ||||||||||||
2.437%, 12/17/2047 | 978,382 | 990,898 | ||||||||||
Series 2013-C10, Class ASB, | ||||||||||||
2.702%, 12/17/2047 | 6,843,699 | 6,955,212 | ||||||||||
JPMBB Commercial Mortgage | ||||||||||||
Securities Trust: | ||||||||||||
Series 2013-C15, Class A4 | ||||||||||||
4.096%, 11/17/2045 | 6,092,828 | 6,447,524 | ||||||||||
Series 2013-C17, Class A3, | ||||||||||||
3.928%, 01/17/2047 | 8,140,962 | 8,442,772 | ||||||||||
Series 2014-C24, Class ASB, | ||||||||||||
3.368%, 11/18/2047 | 8,108,031 | 8,464,392 | ||||||||||
Series 2014-C25, Class A5, | ||||||||||||
3.672%, 11/18/2047 | 45,697,000 | 49,396,716 | ||||||||||
Series 2015-C30, Class A5, | ||||||||||||
3.822%, 07/15/2048 | 42,110,000 | 46,250,634 | ||||||||||
Series 2016-C4, Class A3, | ||||||||||||
3.141%, 12/17/2049 | 29,133,000 | 31,539,765 | ||||||||||
JPMCC Commercial Mortgage | ||||||||||||
Securities Trust: | ||||||||||||
Series 2017-JP5, Class A5, | ||||||||||||
3.723%, 03/17/2050 | 17,310,000 | 19,218,762 | ||||||||||
Series 2017-JP7, Class A5, | ||||||||||||
3.454%, 09/16/2050 | 27,356,184 | 30,196,516 | ||||||||||
Morgan Stanley Bank of America | ||||||||||||
Merrill Lynch Trust: | ||||||||||||
Series 2012-C5, Class A4, | ||||||||||||
3.176%, 08/17/2045 | 41,590,000 | 42,292,301 | ||||||||||
Series 2012-C6, Class A4, | ||||||||||||
2.858%, 11/15/2045 | 25,991,816 | 26,521,449 | ||||||||||
Series 2013-C10, Class A3 | ||||||||||||
4.102%, 07/17/2046(4) | 39,931,311 | 42,066,638 | ||||||||||
Series 2013-C12, Class A3, | ||||||||||||
3.973%, 10/17/2046 | 13,728,391 | 14,444,717 | ||||||||||
Series 2014-C16, Class A5, | ||||||||||||
3.892%, 06/17/2047 | 35,020,000 | 37,651,193 | ||||||||||
Series 2015-C25, Class ASB, | ||||||||||||
3.383%, 10/19/2048 | 25,387,491 | 26,643,997 | ||||||||||
Series 2016-C30, Class A5, | ||||||||||||
2.860%, 09/17/2049 | 9,062,000 | 9,622,065 | ||||||||||
Series 2016-C32, Class A4, | ||||||||||||
3.720%, 12/17/2049 | 14,175,000 | 15,766,485 | ||||||||||
Wells Fargo Commercial Mortgage Trust: | ||||||||||||
Series 2015-C26, Class ASB, | ||||||||||||
2.991%, 02/15/2048 | 11,107,413 | 11,543,274 | ||||||||||
Series 2016-C35, Class ASB, | ||||||||||||
2.788%, 07/17/2048 | 11,424,989 | 11,938,255 | ||||||||||
Series 2016-BNK1, Class A3, | ||||||||||||
2.652%, 08/17/2049 | 7,952,000 | 8,415,257 | ||||||||||
Series 2017-C40, Class A4, | ||||||||||||
3.581%, 10/17/2050 | 48,894,000 | 54,085,370 | ||||||||||
Series 2017-C42, Class A4, | ||||||||||||
3.589%, 12/16/2050 | 52,370,521 | 58,144,685 | ||||||||||
Series 2017-RC1, Class A4, | ||||||||||||
3.631%, 01/15/2060 | 11,875,000 | 13,132,889 | ||||||||||
Series 2018-C47, Class A4 | ||||||||||||
4.442%, 09/16/2061 | 10,850,000 | 12,685,459 | ||||||||||
WFRBS Commercial Mortgage Trust: | ||||||||||||
Series 2013-C11, Class A5, | ||||||||||||
3.071%, 03/17/2045 | 14,173,111 | 14,581,645 | ||||||||||
Series 2012-C6, Class A4, | ||||||||||||
3.440%, 04/15/2045 | 8,337,317 | 8,358,041 | ||||||||||
Series 2013-C14, Class A4, | ||||||||||||
3.073%, 06/15/2046 | 32,085,062 | 32,766,760 | ||||||||||
Series 2013-C18, Class A4, | ||||||||||||
3.896%, 12/17/2046 | 19,965,984 | 21,240,059 | ||||||||||
Series 2014-C21, Class ASB, | ||||||||||||
3.393%, 08/16/2047 | 7,513,899 | 7,779,021 | ||||||||||
Series 2014-C24, Class A5, | ||||||||||||
3.607%, 11/18/2047 | 54,091,000 | 58,240,277 | ||||||||||
Series 2014-C23, Class ASB, | ||||||||||||
3.636%, 10/17/2057 | 6,974,347 | 7,306,678 | ||||||||||
Total Non-U.S. Government | ||||||||||||
Agency Issues | ||||||||||||
(Cost $1,556,066,026) | 1,595,210,758 | 5.1 | % | |||||||||
Total Commercial | ||||||||||||
Mortgage-Backed Securities | ||||||||||||
(Cost $2,352,289,543) | 2,447,344,552 | 7.8 | % | |||||||||
Asset Backed Securities | ||||||||||||
Citibank Credit Card Issuance Trust, | ||||||||||||
Series 2007-A3, Class A3 | ||||||||||||
6.150%, 06/15/2039 | 6,100,000 | 8,580,689 | ||||||||||
Conseco Financial Corp.: | ||||||||||||
Series 1998-3, Class A5 | ||||||||||||
6.220%, 03/01/2030 | 6,346 | 6,356 | ||||||||||
Series 1998-4, Class A5 | ||||||||||||
6.180%, 04/01/2030 | 10,845 | 10,954 | ||||||||||
Ford Credit Auto Owner Trust: | ||||||||||||
Series 2019-1, Class A, | ||||||||||||
3.520%, 07/15/2030(2) | 18,675,000 | 20,061,003 | ||||||||||
Series 2018-1, Class A, | ||||||||||||
3.190%, 07/15/2031(2) | 28,641,000 | 30,898,263 | ||||||||||
Nelnet Student Loan Trust, | ||||||||||||
Series 2021-A, Class APT1, | ||||||||||||
1.360%, 04/20/2062(2) | 45,000,000 | 45,007,187 | ||||||||||
Oakwood Mortgage Investors, Inc., | ||||||||||||
Series 1999-B, Class A3 | ||||||||||||
6.450%, 12/15/2023 | 3,973 | 4,075 | ||||||||||
PFS Financing Corp.: | ||||||||||||
Series 2020-E, Class A, | ||||||||||||
1.000%, 10/15/2025(2) | 25,251,000 | 25,497,056 | ||||||||||
Series 2021-A, Class A, | ||||||||||||
0.710%, 04/15/2026(2) | 29,800,000 | 29,776,237 | ||||||||||
Series 2021-B, Class A, | ||||||||||||
0.770%, 08/17/2026(2) | 44,400,000 | 44,160,009 | ||||||||||
SoFi Consumer Loan Program LLC, | ||||||||||||
Series 2017-5, Class A2, | ||||||||||||
2.780%, 09/25/2026(2) | 1,361,964 | 1,364,477 | ||||||||||
Towd Point Mortgage Trust: | ||||||||||||
Series 2020-MH1, Class A1A, | ||||||||||||
2.184%, 02/25/2060(2)(4) | 45,713,636 | 46,201,085 | ||||||||||
Series 2020-MH1, Class A1, | ||||||||||||
2.250%, 02/25/2060(2)(4) | 33,200,844 | 33,598,428 | ||||||||||
Toyota Auto Loan Extended Note Trust: | ||||||||||||
Series 2019-1A, Class A, | ||||||||||||
2.560%, 11/25/2031(2) | 62,085,050 | 65,465,891 | ||||||||||
Series 2020-1A, Class A, | ||||||||||||
1.350%, 05/25/2033(2) | 65,158,000 | 66,240,516 | ||||||||||
Total Asset Backed Securities | ||||||||||||
(Cost $407,118,997) | 416,872,226 | 1.3 | % |
The accompanying notes are an integral part of these financial statements.
Page 82
Baird Core Plus Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Common Stocks | ||||||||||||
Industrials | ||||||||||||
Valaris Ltd. | 20,876 | $ | 602,899 | |||||||||
Weatherford International PLC | 46,003 | 837,254 | ||||||||||
Total Common Stocks | ||||||||||||
(Cost $9,767,910) | 1,440,153 | 0.0 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $29,379,703,211) | 30,761,860,318 | 97.5 | % | |||||||||
Short-Term Investment | ||||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government | ||||||||||||
Obligations Fund, Class U, 0.03%(5) | 886,862,014 | 886,862,014 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $886,862,014) | 886,862,014 | 2.8 | % | |||||||||
Total Investments | ||||||||||||
(Cost $30,266,565,225) | 31,648,722,332 | 100.3 | % | |||||||||
Liabilities in Excess of Other Assets | (85,234,507 | ) | (0.3 | )% | ||||||||
TOTAL NET ASSETS | $ | 31,563,487,825 | 100.0 | % |
Notes to Schedule of Investments
CMT – Constant Maturity Treasury
LIBOR – London Inter-bank Offered Rate
SOFR – Secured Overnight Financing Rate
(1) | Foreign security. |
(2) | Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $6,049,158,098, which represented 19.17% of total net assets. |
(3) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021. |
(4) | Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of June 30, 2021. |
(5) | Seven-day yield. |
(6) | Security that, on the last payment date, missed a partial principal or interest payment. |
(7) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021. |
(8) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
(9) | Security in default. |
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 6,476,928,187 | $ | — | $ | 6,476,928,187 | ||||||||
Other Government Related Securities | — | 87,090,052 | — | 87,090,052 | ||||||||||||
Corporate Bonds | — | 16,152,709,789 | — | 16,152,709,789 | ||||||||||||
Municipal Bonds | — | 361,283,489 | — | 361,283,489 | ||||||||||||
Residential Mortgage-Backed Securities – U.S. Government Agency Issues | — | 3,886,886,448 | — | 3,886,886,448 | ||||||||||||
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 931,305,422 | — | 931,305,422 | ||||||||||||
Commercial Mortgage-Backed Securities – U.S. Government Agency Issues | — | 852,133,794 | — | 852,133,794 | ||||||||||||
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues | — | 1,595,210,758 | — | 1,595,210,758 | ||||||||||||
Asset Backed Securities | — | 416,872,226 | — | 416,872,226 | ||||||||||||
Common Stocks | 1,440,153 | — | — | 1,440,153 | ||||||||||||
Total Long-Term Investments | 1,440,153 | 30,760,420,165 | — | 30,761,860,318 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 886,862,014 | — | — | 886,862,014 | ||||||||||||
Total Short-Term Investment | 886,862,014 | — | — | 886,862,014 | ||||||||||||
Total Investments | $ | 888,302,167 | $ | 30,760,420,165 | $ | — | $ | 31,648,722,332 |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 83
Baird Short-Term Municipal Bond Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $1,790,886,581 | ||
SEC 30-Day Yield(4) | ||||
Institutional Class | 0.58% | |||
Investor Class | 0.33% | |||
Average Effective Duration | 2.24 years | |||
Average Effective Maturity | 2.56 years | |||
Annualized Expense Ratio(5) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (6) | ||
Portfolio Turnover Rate | 27% | (7) | ||
Number of Holdings | 1,972 | |||
Sector Weightings(1) | ||||
(1) | Percentages shown are based on the Fund’s total investments. |
(2) | The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). |
(3) | Includes pre-refunded and escrowed-to-maturity (ETM) bonds. |
(4) | SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021. |
(5) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. |
(6) | Includes 0.25% 12b-1 fee. |
(7) | Not annualized. |
Page 84
Baird Short-Term Municipal Bond Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | 0.70% | 2.33% | 3.02% | 2.28% | 2.42% |
Investor Class Shares | 0.58% | 1.98% | 2.77% | 2.01% | 2.14% |
Bloomberg Barclays Short (1-5 Year) Municipal Index(2) | 0.33% | 1.37% | 2.60% | 1.77% | 1.82% |
(1) | For the period from August 31, 2015 (inception date) through June 30, 2021. |
(2) | The Bloomberg Barclays Short (1-5 Year) Municipal Bond Index is an unmanaged, market value weighted index that measures the performance of investment-grade, tax-exempt, and fixed-rated municipal securities with time to maturity of more than one year and less than five years. Securities must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly referred to as “high yield” bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund’s share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 85
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
U.S. Treasury Securities | ||||||||||||
U.S. Treasury Bonds: | ||||||||||||
1.500%, 08/15/2026 | $ | 35,000,000 | $ | 36,039,062 | ||||||||
2.875%, 08/15/2028 | 13,700,000 | 15,236,434 | ||||||||||
Total U.S. Treasury Securities | ||||||||||||
(Cost $50,981,575) | 51,275,496 | 2.9 | % | |||||||||
Municipal Bonds | ||||||||||||
Alabama | ||||||||||||
Alabama Community College System, | ||||||||||||
3.500%, 11/01/2023 (Insured by BAM) | 1,050,000 | 1,121,831 | ||||||||||
Alabama Housing Finance Authority, | ||||||||||||
1.500%, 11/01/2022 | ||||||||||||
(Mandatory Tender Date 05/01/2022)(1) | 775,000 | 782,649 | ||||||||||
Alabama Incentives Financing Authority, | ||||||||||||
5.000%, 09/01/2023 | 650,000 | 716,208 | ||||||||||
Alabama Special Care Facilities | ||||||||||||
Financing Authority, | ||||||||||||
1.850%, 11/15/2046 | ||||||||||||
(Mandatory Tender Date 11/01/2022)(1) | 395,000 | 403,802 | ||||||||||
Birmingham Airport Authority: | ||||||||||||
5.000%, 07/01/2024 (Insured by BAM) | 190,000 | 216,517 | ||||||||||
5.000%, 07/01/2025 (Insured by BAM) | 500,000 | 590,120 | ||||||||||
5.000%, 07/01/2026 (Insured by BAM) | 450,000 | 547,596 | ||||||||||
Birmingham-Jefferson Civic Center Authority: | ||||||||||||
5.000%, 05/01/2024 | 430,000 | 485,078 | ||||||||||
5.000%, 05/01/2026 | 500,000 | 602,723 | ||||||||||
Black Belt Energy Gas District, | ||||||||||||
0.967%, 12/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.900%) (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(2) | 1,730,000 | 1,744,228 | ||||||||||
Chilton County Health Care Authority: | ||||||||||||
3.000%, 11/01/2021 | 560,000 | 564,430 | ||||||||||
5.000%, 11/01/2024 | 825,000 | 939,026 | ||||||||||
Choctaw County School, | ||||||||||||
2.000%, 03/01/2024 (Insured by BAM) | 1,230,000 | 1,277,934 | ||||||||||
City of Hartselle AL: | ||||||||||||
2.000%, 06/01/2024 (Insured by BAM) | 120,000 | 124,211 | ||||||||||
2.000%, 06/01/2025 (Insured by BAM) | 225,000 | 234,357 | ||||||||||
2.000%, 06/01/2026 (Insured by BAM) | 225,000 | 235,322 | ||||||||||
2.000%, 06/01/2027 (Insured by BAM) | 1,110,000 | 1,162,795 | ||||||||||
City of Opelika AL, | ||||||||||||
3.000%, 10/01/2022 | 445,000 | 460,233 | ||||||||||
City of Phenix AL: | ||||||||||||
3.000%, 08/15/2021 (Insured by BAM) | 385,000 | 386,096 | ||||||||||
3.000%, 08/15/2022 (Insured by BAM) | 500,000 | 513,286 | ||||||||||
3.000%, 08/15/2023 (Insured by BAM) | 100,000 | 104,892 | ||||||||||
2.000%, 04/01/2027 | 2,110,000 | 2,193,633 | ||||||||||
County of Jefferson AL, | ||||||||||||
0.000%, 10/01/2025 (Callable 10/01/2023) | ||||||||||||
(Insured by AGM) | 750,000 | 688,353 | ||||||||||
County of Morgan AL: | ||||||||||||
3.000%, 04/01/2022 | 135,000 | 137,147 | ||||||||||
4.000%, 04/01/2023 | 210,000 | 223,191 | ||||||||||
4.000%, 04/01/2024 | 220,000 | 241,724 | ||||||||||
Douglas Water Authority, | ||||||||||||
3.000%, 07/01/2024 (Insured by AGM) | 270,000 | 288,988 | ||||||||||
Eutaw Industrial Development Board, | ||||||||||||
0.020%, 06/01/2028 (Optional Put | ||||||||||||
Date 07/01/2021)(1) | 800,000 | 800,000 | ||||||||||
Greenville Public Improvement | ||||||||||||
Cooperative District: | ||||||||||||
4.000%, 03/01/2022 (Insured by BAM) | 25,000 | 25,622 | ||||||||||
4.000%, 03/01/2023 (Insured by BAM) | 100,000 | 106,126 | ||||||||||
5.000%, 03/01/2024 (Insured by BAM) | 140,000 | 157,147 | ||||||||||
Lauderdale County Agriculture | ||||||||||||
Center Authority: | ||||||||||||
2.000%, 07/01/2022 | 450,000 | 454,457 | ||||||||||
5.000%, 07/01/2024 | 495,000 | 559,161 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | 490,000 | 551,987 | ||||||||||
5.000%, 07/01/2026 (Callable 07/01/2024) | 545,000 | 611,804 | ||||||||||
5.000%, 07/01/2027 (Callable 07/01/2024) | 570,000 | 637,069 | ||||||||||
5.000%, 07/01/2028 (Callable 07/01/2024) | 600,000 | 667,438 | ||||||||||
Macon County Board of Education, | ||||||||||||
3.250%, 02/01/2026 (Callable 02/01/2023) | 375,000 | 386,986 | ||||||||||
Mobile County Board of | ||||||||||||
School Commissioners, | ||||||||||||
5.000%, 03/01/2023 | 875,000 | 940,984 | ||||||||||
Morgan County Board of Education, | ||||||||||||
2.500%, 03/01/2025 | ||||||||||||
(Pre-refunded to 03/01/2022) | 1,165,000 | 1,182,923 | ||||||||||
Pickens County Water Authority: | ||||||||||||
3.000%, 01/01/2022 (Insured by BAM) | 145,000 | 146,660 | ||||||||||
3.000%, 01/01/2023 (Insured by BAM) | 155,000 | 160,091 | ||||||||||
3.000%, 01/01/2024 (Insured by BAM) | 100,000 | 105,714 | ||||||||||
3.000%, 01/01/2025 (Insured by BAM) | 160,000 | 171,790 | ||||||||||
Selma Industrial Development Board, | ||||||||||||
2.000%, 11/01/2033 | ||||||||||||
(Mandatory Tender Date 10/01/2024)(1) | 750,000 | 787,182 | ||||||||||
Southeast Alabama Gas Supply District: | ||||||||||||
0.670%, 04/01/2049 (SIFMA Municipal Swap | ||||||||||||
Index + 0.650%) (Callable 01/01/2024) | ||||||||||||
(Mandatory Tender Date 04/01/2024)(2) | 2,000,000 | 2,010,947 | ||||||||||
0.967%, 04/01/2049 (1 Month LIBOR | ||||||||||||
USD + 0.900%) (Callable 01/01/2024) | ||||||||||||
(Mandatory Tender Date 04/01/2024)(2) | 750,000 | 757,423 | ||||||||||
Tallassee Board of Education: | ||||||||||||
4.000%, 08/01/2027 (Insured by AGM) | 360,000 | 424,378 | ||||||||||
4.000%, 08/01/2028 (Insured by AGM) | 405,000 | 485,329 | ||||||||||
Town of Berry AL, | ||||||||||||
3.250%, 09/01/2028 (Callable 09/01/2026) | ||||||||||||
(Insured by AGM) | 930,000 | 996,433 | ||||||||||
West Escambia Utilities, Inc., | ||||||||||||
2.400%, 08/15/2025 (Callable 08/15/2022) | ||||||||||||
(Insured by BAM) | 760,000 | 771,985 | ||||||||||
Wilsonville Industrial Development Board, | ||||||||||||
0.010%, 01/01/2024 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 7,000,000 | 7,000,000 | ||||||||||
Total Alabama | ||||||||||||
(Cost $37,431,137) | 37,886,006 | 2.1 | % | |||||||||
Alaska | ||||||||||||
Alaska Housing Finance Corp.: | ||||||||||||
3.750%, 12/01/2042 (Callable 06/01/2028) | 7,910,000 | 8,862,266 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2027) | 1,075,000 | 1,193,081 | ||||||||||
Alaska Industrial Development | ||||||||||||
& Export Authority: | ||||||||||||
5.000%, 10/01/2022 | 550,000 | 581,305 | ||||||||||
5.000%, 10/01/2023 | 600,000 | 660,062 | ||||||||||
Borough of Matanuska-Susitna AK, | ||||||||||||
5.250%, 09/01/2027 (Callable 09/01/2025) | 5,590,000 | 6,552,852 | ||||||||||
University of Alaska: | ||||||||||||
5.000%, 10/01/2024 | 800,000 | 903,701 | ||||||||||
4.000%, 10/01/2025 | 330,000 | 368,813 | ||||||||||
4.000%, 10/01/2026 (Callable 10/01/2023) | 1,400,000 | 1,487,658 | ||||||||||
5.000%, 10/01/2026 | 865,000 | 1,028,348 | ||||||||||
Total Alaska | ||||||||||||
(Cost $20,854,646) | 21,638,086 | 1.2 | % |
The accompanying notes are an integral part of these financial statements.
Page 86
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Arizona | ||||||||||||
Arizona Health Facilities Authority: | ||||||||||||
5.000%, 12/01/2025 | ||||||||||||
(Callable 12/01/2024) | $ | 1,450,000 | $ | 1,670,221 | ||||||||
1.870%, 02/01/2048 | ||||||||||||
(SIFMA Municipal Swap Index + 1.850%) | ||||||||||||
(Callable 08/05/2022) | ||||||||||||
(Mandatory Tender Date 02/01/2023)(2) | 200,000 | 202,446 | ||||||||||
Arizona Industrial Development Authority: | ||||||||||||
3.375%, 07/01/2021(3) | 110,000 | 110,000 | ||||||||||
4.000%, 07/01/2021 | ||||||||||||
(Insured by SD CRED PROG) | 165,000 | 165,000 | ||||||||||
2.500%, 05/01/2022 (Insured by AGM)(3) | 2,344,046 | 2,352,484 | ||||||||||
4.000%, 05/01/2022 | 300,000 | 303,150 | ||||||||||
3.000%, 07/01/2022(3) | 50,000 | 50,462 | ||||||||||
5.000%, 02/01/2023 | 1,000,000 | 1,071,416 | ||||||||||
4.000%, 08/01/2023(3) | 705,000 | 733,438 | ||||||||||
5.000%, 05/01/2025 | 405,000 | 435,976 | ||||||||||
4.625%, 08/01/2028(3) | 375,000 | 427,194 | ||||||||||
Arizona State University, | ||||||||||||
5.000%, 07/01/2032 | ||||||||||||
(Pre-refunded to 07/01/2022) | 885,000 | 926,934 | ||||||||||
Arizona Transportation Board, | ||||||||||||
5.000%, 07/01/2021 | 4,320,000 | 4,320,000 | ||||||||||
Chandler Industrial Development Authority, | ||||||||||||
2.400%, 12/01/2035 | ||||||||||||
(Mandatory Tender Date 08/14/2023)(1) | 265,000 | 276,154 | ||||||||||
City of Tucson AZ, | ||||||||||||
5.000%, 07/01/2026 (Insured by AGM) | 500,000 | 598,888 | ||||||||||
Glendale Industrial Development Authority: | ||||||||||||
5.250%, 05/15/2022 | 550,000 | 573,822 | ||||||||||
4.000%, 05/15/2025 (Callable 05/15/2024) | 320,000 | 349,084 | ||||||||||
4.000%, 05/15/2026 (Callable 05/15/2024) | 185,000 | 201,210 | ||||||||||
Industrial Development Authority | ||||||||||||
of the County of Pima: | ||||||||||||
4.000%, 07/01/2021 | 245,000 | 245,000 | ||||||||||
4.000%, 07/01/2022 | 105,000 | 107,494 | ||||||||||
4.000%, 07/01/2023 | 265,000 | 279,930 | ||||||||||
4.000%, 09/01/2029 (Callable 03/01/2023) | 700,000 | 736,988 | ||||||||||
Maricopa County Industrial | ||||||||||||
Development Authority: | ||||||||||||
2.625%, 07/01/2021 | 20,000 | 20,000 | ||||||||||
4.000%, 07/01/2024 | ||||||||||||
(Insured by SD CRED PROG) | 135,000 | 148,200 | ||||||||||
5.000%, 01/01/2048 | ||||||||||||
(Mandatory Tender Date 10/18/2024)(1) | 1,050,000 | 1,209,674 | ||||||||||
Salt Verde Financial Corp., | ||||||||||||
5.250%, 12/01/2026 | 2,500,000 | 3,045,652 | ||||||||||
Santa Cruz County Jail District, | ||||||||||||
5.000%, 07/01/2029 (Callable 07/01/2027) | ||||||||||||
(Insured by AGM) | 150,000 | 181,549 | ||||||||||
Total Arizona | ||||||||||||
(Cost $20,411,421) | 20,742,366 | 1.2 | % | |||||||||
Arkansas | ||||||||||||
Arkansas Technical University: | ||||||||||||
3.000%, 05/01/2024 | 165,000 | 175,899 | ||||||||||
3.000%, 05/01/2025 | 220,000 | 238,170 | ||||||||||
4.000%, 06/01/2026 (Callable 06/01/2023) | 200,000 | 212,407 | ||||||||||
Batesville Public Facilities Board: | ||||||||||||
5.000%, 06/01/2024 | 1,000,000 | 1,105,769 | ||||||||||
5.000%, 06/01/2025 | 1,385,000 | 1,572,210 | ||||||||||
5.000%, 06/01/2026 | 850,000 | 986,043 | ||||||||||
City of Bentonville AR, | ||||||||||||
1.050%, 11/01/2046 | ||||||||||||
(Callable 11/01/2028)(6) | 3,750,000 | 3,718,686 | ||||||||||
City of Conway AR, | ||||||||||||
4.000%, 12/01/2023 (Callable 06/01/2022) | 35,000 | 36,194 | ||||||||||
City of Elkins AR: | ||||||||||||
1.500%, 09/01/2046 (Callable 09/01/2026) | ||||||||||||
(Insured by AGM)(6) | 500,000 | 487,866 | ||||||||||
1.500%, 09/01/2046 (Callable 09/01/2026) | ||||||||||||
(Insured by AGM)(6) | 550,000 | 536,652 | ||||||||||
City of Fayetteville AR: | ||||||||||||
1.750%, 11/01/2032 (Callable 11/01/2026) | 2,500,000 | 2,524,891 | ||||||||||
3.050%, 01/01/2047 (Callable 01/01/2027) | 555,000 | 571,295 | ||||||||||
City of Forrest City AR, | ||||||||||||
1.550%, 11/01/2044 | ||||||||||||
(Callable 11/01/2029)(6) | 1,000,000 | 981,324 | ||||||||||
City of Heber Springs AR: | ||||||||||||
3.000%, 11/01/2021 (Insured by BAM) | 55,000 | 55,507 | ||||||||||
3.000%, 11/01/2022 (Insured by BAM) | 50,000 | 51,851 | ||||||||||
3.000%, 11/01/2023 (Insured by BAM) | 40,000 | 42,168 | ||||||||||
City of Hot Springs AR: | ||||||||||||
3.000%, 10/01/2023 (Insured by BAM) | 510,000 | 537,823 | ||||||||||
3.000%, 10/01/2024 (Insured by BAM) | 1,110,000 | 1,191,550 | ||||||||||
4.000%, 12/01/2027 (Callable 12/01/2023) | ||||||||||||
(Insured by BAM) | 255,000 | 276,297 | ||||||||||
City of Little Rock AR: | ||||||||||||
3.000%, 10/01/2021 | 100,000 | 100,687 | ||||||||||
5.000%, 12/01/2022 (Insured by BAM) | 150,000 | 160,125 | ||||||||||
City of Lonoke AR, | ||||||||||||
5.000%, 06/01/2023 | 160,000 | 174,000 | ||||||||||
City of Magnolia AR, | ||||||||||||
2.600%, 08/01/2036 (Callable 08/01/2024) | ||||||||||||
(Insured by BAM) | 275,000 | 275,280 | ||||||||||
City of Marion AR, | ||||||||||||
2.900%, 09/01/2047 (Callable 09/01/2027) | 165,000 | 167,045 | ||||||||||
City of Maumelle AR, | ||||||||||||
2.875%, 08/01/2038 (Callable 08/01/2025) | 485,000 | 492,642 | ||||||||||
City of Mountain View AR, | ||||||||||||
1.375%, 11/01/2050 (Callable 11/01/2027) | ||||||||||||
(Insured by BAM) | 885,000 | 888,597 | ||||||||||
City of North Little Rock AR: | ||||||||||||
5.000%, 11/01/2021 | 310,000 | 314,642 | ||||||||||
5.000%, 11/01/2024 | 305,000 | 348,673 | ||||||||||
5.000%, 11/01/2025 | 510,000 | 603,295 | ||||||||||
5.000%, 11/01/2026 | 535,000 | 653,655 | ||||||||||
City of Pine Bluff AR, | ||||||||||||
3.000%, 02/01/2047 (Callable 08/01/2027) | ||||||||||||
(Insured by BAM) | 455,000 | 482,036 | ||||||||||
City of Rogers AR, | ||||||||||||
3.250%, 11/01/2043 (Callable 11/01/2026) | 1,290,000 | 1,346,939 | ||||||||||
City of Sherwood AR, | ||||||||||||
3.050%, 12/01/2043 (Callable 12/01/2026) | 170,000 | 175,965 | ||||||||||
City of Springdale AR: | ||||||||||||
5.000%, 11/01/2025 | ||||||||||||
(Pre-refunded to 11/01/2022) | 150,000 | 159,479 | ||||||||||
3.000%, 04/01/2043 (Callable 04/01/2024) | ||||||||||||
(Insured by BAM) | 495,000 | 508,462 | ||||||||||
Conway Health Facilities Board: | ||||||||||||
5.000%, 08/01/2021 | 450,000 | 451,620 | ||||||||||
5.000%, 08/01/2023 | 500,000 | 545,339 | ||||||||||
5.000%, 08/01/2024 | 410,000 | 463,532 | ||||||||||
County of Cross AR, | ||||||||||||
2.250%, 10/01/2030 (Callable 10/01/2024) | 1,525,000 | 1,581,776 |
The accompanying notes are an integral part of these financial statements.
Page 87
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Dumas Arkansas School District No. 6: | ||||||||||||
1.400%, 02/01/2022 (Insured by ST AID) | $ | 235,000 | $ | 236,568 | ||||||||
1.450%, 02/01/2023 (Callable 08/01/2022) | ||||||||||||
(Insured by ST AID) | 245,000 | 248,005 | ||||||||||
1.500%, 02/01/2024 (Callable 08/01/2022) | ||||||||||||
(Insured by ST AID) | 245,000 | 247,566 | ||||||||||
Jackson County Special School District, | ||||||||||||
1.500%, 02/01/2022 (Insured by ST AID) | 175,000 | 176,269 | ||||||||||
Lonoke White Public Water Authority, | ||||||||||||
3.000%, 12/01/2022 (Insured by BAM) | 100,000 | 103,136 | ||||||||||
National Park College District: | ||||||||||||
3.000%, 05/01/2022 | 115,000 | 117,264 | ||||||||||
3.000%, 05/01/2023 | 65,000 | 67,869 | ||||||||||
Northwest Arkansas Conservation Authority, | ||||||||||||
4.000%, 03/01/2024 (Callable 09/01/2022) | ||||||||||||
(Insured by BAM) | 375,000 | 390,324 | ||||||||||
Southern Arkansas University: | ||||||||||||
4.000%, 03/01/2023 (Insured by AGM) | 465,000 | 491,727 | ||||||||||
4.000%, 03/01/2023 (Insured by AGM) | 235,000 | 249,438 | ||||||||||
4.000%, 03/01/2024 (Insured by AGM) | 245,000 | 268,176 | ||||||||||
4.000%, 03/01/2024 (Insured by AGM) | 175,000 | 191,555 | ||||||||||
Van Buren School District No. 42: | ||||||||||||
2.000%, 04/01/2022 (Insured by ST AID) | 250,000 | 253,435 | ||||||||||
2.000%, 04/01/2024 (Insured by ST AID) | 130,000 | 135,703 | ||||||||||
Total Arkansas | ||||||||||||
(Cost $27,801,469) | 28,373,426 | 1.6 | % | |||||||||
California | ||||||||||||
Allan Hancock Joint | ||||||||||||
Community College District, | ||||||||||||
0.000%, 08/01/2036 | ||||||||||||
(Pre-refunded to 08/01/2022) | 225,000 | 103,901 | ||||||||||
American Valley Community Services District, | ||||||||||||
1.500%, 11/01/2023 | ||||||||||||
(Callable 11/01/2022)(3) | 13,068,000 | 13,204,114 | ||||||||||
Bay Area Toll Authority, | ||||||||||||
0.920%, 04/01/2045 (SIFMA Municipal Swap | ||||||||||||
Index + 0.900%) (Callable 11/01/2022) | ||||||||||||
(Mandatory Tender Date 05/01/2023)(2) | 225,000 | 226,668 | ||||||||||
Beaumont Unified School District, | ||||||||||||
0.000%, 08/01/2041 (Pre-refunded to | ||||||||||||
08/01/2026) (Insured by AGM)(7) | 160,000 | 211,082 | ||||||||||
California Health Facilities | ||||||||||||
Financing Authority, | ||||||||||||
3.000%, 03/01/2041 (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 03/01/2024)(1) | 3,910,000 | 4,108,363 | ||||||||||
California Infrastructure & | ||||||||||||
Economic Development Bank: | ||||||||||||
0.720%, 12/01/2050 (SIFMA Municipal Swap | ||||||||||||
Index + 0.700%) (Callable 06/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2026)(2) | 5,550,000 | 5,624,490 | ||||||||||
1.750%, 08/01/2055 (Callable 02/01/2026) | ||||||||||||
(Mandatory Tender Date 08/01/2026)(1) | 1,050,000 | 1,095,162 | ||||||||||
California Municipal Finance Authority: | ||||||||||||
5.000%, 08/01/2021 | 400,000 | 401,113 | ||||||||||
5.000%, 08/01/2021 | 610,000 | 611,853 | ||||||||||
1.150%, 12/15/2021 (Callable 11/01/2021) | ||||||||||||
(Insured by ST AID)(3) | 1,000,000 | 1,000,062 | ||||||||||
5.000%, 08/01/2022 | 400,000 | 414,419 | ||||||||||
5.000%, 08/01/2022 | 640,000 | 665,320 | ||||||||||
5.000%, 08/01/2023 | 670,000 | 718,995 | ||||||||||
California Public Finance Authority: | ||||||||||||
4.000%, 10/15/2021 | 215,000 | 217,042 | ||||||||||
4.000%, 10/15/2022 | 245,000 | 255,361 | ||||||||||
2.125%, 11/15/2027 | ||||||||||||
(Callable 05/15/2023)(3) | 3,145,000 | 3,186,906 | ||||||||||
California School Finance Authority: | ||||||||||||
5.000%, 08/01/2021 (ETM)(3) | 50,000 | 50,193 | ||||||||||
5.000%, 08/01/2021(3) | 450,000 | 451,639 | ||||||||||
California State University, | ||||||||||||
4.000%, 11/01/2049 (Callable 08/02/2021) | ||||||||||||
(Mandatory Tender Date 11/01/2021)(1) | 175,000 | 175,547 | ||||||||||
California Statewide Communities | ||||||||||||
Development Authority: | ||||||||||||
3.500%, 11/01/2021 (Insured by CA MTG) | 5,000 | 5,025 | ||||||||||
3.000%, 07/01/2026 (Callable 08/02/2021) | ||||||||||||
(Insured by CA MTG) | 625,000 | 626,220 | ||||||||||
Campbell Union School District, | ||||||||||||
0.000%, 08/01/2035 | ||||||||||||
(Callable 08/01/2026)(7) | 775,000 | 949,168 | ||||||||||
Centinela Valley Union High School District, | ||||||||||||
0.000%, 08/01/2037 (Callable 08/01/2022) | ||||||||||||
(Insured by AGM) | 370,000 | 154,184 | ||||||||||
Central School District, | ||||||||||||
0.000%, 08/01/2051 (Callable 08/01/2022) | 400,000 | 68,254 | ||||||||||
City & County of San Francisco CA, | ||||||||||||
1.300%, 07/01/2023 | ||||||||||||
(Mandatory Tender Date 01/01/2023)(1) | 810,000 | 818,693 | ||||||||||
City of Redding CA, | ||||||||||||
0.220%, 07/01/2022 | ||||||||||||
(ETM) (Insured by NATL)(1)(5) | 65,000 | 65,000 | ||||||||||
Commerce Community Development | ||||||||||||
Commission Successor Agency, | ||||||||||||
0.000%, 08/01/2021 (ETM) | 50,000 | 49,988 | ||||||||||
Corona-Norco Unified School District, | ||||||||||||
0.000%, 08/01/2024(7) | 30,000 | 34,207 | ||||||||||
Department of Veterans Affairs Veteran’s | ||||||||||||
Farm & Home Purchase Program, | ||||||||||||
4.000%, 12/01/2049 (Callable 06/01/2028) | 2,205,000 | 2,437,915 | ||||||||||
Emery Unified School District, | ||||||||||||
0.000%, 08/01/2041 | ||||||||||||
(Pre-refunded to 08/01/2023) | 505,000 | 192,490 | ||||||||||
Fresno Unified School District: | ||||||||||||
0.000%, 08/01/2027 (Callable 08/02/2021) | 200,000 | 136,552 | ||||||||||
0.000%, 08/01/2028 (Callable 08/02/2021) | 225,000 | 143,187 | ||||||||||
0.000%, 08/01/2030 (Callable 08/02/2021) | 65,000 | 35,759 | ||||||||||
0.000%, 08/01/2032 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 100,000 | 56,442 | ||||||||||
0.000%, 08/01/2033 (Callable 08/02/2021) | 310,000 | 136,701 | ||||||||||
0.000%, 08/01/2033 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 645,000 | 339,647 | ||||||||||
0.000%, 08/01/2034 (Callable 08/02/2021) | 100,000 | 41,034 | ||||||||||
0.000%, 08/01/2034 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 400,000 | 196,666 | ||||||||||
0.000%, 08/01/2035 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 150,000 | 68,792 | ||||||||||
0.000%, 08/01/2036 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 1,065,000 | 455,728 | ||||||||||
0.000%, 08/01/2039 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 650,000 | 225,241 | ||||||||||
0.000%, 08/01/2040 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 805,000 | 259,926 | ||||||||||
0.000%, 08/01/2041 (Callable 08/02/2021) | 1,485,000 | 375,034 | ||||||||||
0.000%, 08/01/2041 (Callable 08/02/2021) | 1,075,000 | 271,489 | ||||||||||
0.000%, 08/01/2041 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 1,000,000 | 300,169 | ||||||||||
0.000%, 08/01/2044 (Callable 08/01/2023) | 1,140,000 | 271,988 | ||||||||||
Glendale Unified School District: | ||||||||||||
0.000%, 09/01/2030 (Callable 09/01/2021) | 350,000 | 196,895 | ||||||||||
0.000%, 09/01/2041 (Callable 09/01/2021) | 500,000 | 126,232 |
The accompanying notes are an integral part of these financial statements.
Page 88
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Healdsburg Unified School District, | ||||||||||||
0.000%, 08/01/2032 | ||||||||||||
(Callable 08/01/2022) | $ | 90,000 | $ | 54,108 | ||||||||
Indio Finance Authority, | ||||||||||||
3.550%, 09/02/2029 | ||||||||||||
(Callable 03/02/2024)(3) | 6,711,000 | 7,049,944 | ||||||||||
Kern Community College District, | ||||||||||||
0.000%, 08/01/2023 | 2,000,000 | 1,983,558 | ||||||||||
Lemoore Union High School District, | ||||||||||||
0.000%, 01/01/2022 (Insured by AMBAC) | 30,000 | 29,902 | ||||||||||
Mendocino-Lake Community | ||||||||||||
College District, | ||||||||||||
0.000%, 08/01/2035 (Pre-refunded to | ||||||||||||
08/01/2021) (Insured by AGM) | 65,000 | 23,751 | ||||||||||
Merced Union High School District, | ||||||||||||
0.000%, 08/01/2046 | ||||||||||||
(Pre-refunded to 08/01/2021) | 100,000 | 16,774 | ||||||||||
Mizuho Floater/Residual Trust: | ||||||||||||
0.270%, 03/01/2036 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 1,000,000 | 1,000,000 | ||||||||||
0.270%, 12/01/2036 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 9,000,000 | 9,000,000 | ||||||||||
0.270%, 05/01/2049 | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 12,100,000 | 12,100,000 | ||||||||||
Morongo Unified School District, | ||||||||||||
0.000%, 08/01/2039 | ||||||||||||
(Pre-refunded to 08/01/2022) | 170,000 | 60,814 | ||||||||||
Oakland California University School District, | ||||||||||||
5.000%, 08/01/2029 (Callable 08/01/2026) | 265,000 | 321,076 | ||||||||||
Oro Grande Elementary School District: | ||||||||||||
4.000%, 09/15/2021 | 1,595,000 | 1,603,533 | ||||||||||
4.000%, 09/15/2022 | 1,975,000 | 2,035,100 | ||||||||||
Piedmont Unified School District: | ||||||||||||
0.000%, 08/01/2029 (Callable 08/01/2023) | 200,000 | 141,423 | ||||||||||
0.000%, 08/01/2036 (Callable 08/01/2023) | 975,000 | 440,056 | ||||||||||
0.000%, 08/01/2037 (Callable 08/01/2023) | 400,000 | 168,991 | ||||||||||
0.000%, 08/01/2038 (Callable 08/01/2023) | 250,000 | 98,931 | ||||||||||
0.000%, 08/01/2039 (Callable 08/01/2023) | 420,000 | 155,588 | ||||||||||
Pittsburg Unified School District | ||||||||||||
Financing Authority, | ||||||||||||
0.000%, 09/01/2035 (Pre-refunded to | ||||||||||||
09/01/2021) (Insured by AGM) | 200,000 | 70,087 | ||||||||||
Ripon Unified School District: | ||||||||||||
0.000%, 08/01/2025 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 60,000 | 54,244 | ||||||||||
0.000%, 08/01/2026 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 35,000 | 30,044 | ||||||||||
0.000%, 08/01/2035 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 585,000 | 302,266 | ||||||||||
Rosemead School District: | ||||||||||||
0.000%, 08/01/2032 (Callable 08/01/2023) | ||||||||||||
(Insured by AGM) | 495,000 | 285,778 | ||||||||||
0.000%, 08/01/2033 (Callable 08/01/2023) | ||||||||||||
(Insured by AGM) | 700,000 | 376,085 | ||||||||||
0.000%, 08/01/2035 (Callable 08/01/2023) | ||||||||||||
(Insured by AGM) | 735,000 | 340,402 | ||||||||||
Roseville Natural Gas Financing Authority, | ||||||||||||
5.000%, 02/15/2023 | 330,000 | 355,070 | ||||||||||
Sacramento City Unified School District: | ||||||||||||
5.000%, 07/01/2022 | 100,000 | 104,656 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2022) | 170,000 | 177,468 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | 725,000 | 811,893 | ||||||||||
0.000%, 07/01/2026 (Insured by AGM) | 300,000 | 283,865 | ||||||||||
San Joaquin Hills Transportation | ||||||||||||
Corridor Agency, | ||||||||||||
0.000%, 01/15/2025 (Insured by NATL) | 240,000 | 231,915 | ||||||||||
San Mateo Union High School District: | ||||||||||||
0.000%, 09/01/2033 (Callable 09/01/2021) | 100,000 | 44,908 | ||||||||||
5.000%, 12/15/2043 (Pre-refunded to | ||||||||||||
12/15/2024) (Insured by AMBAC)(7) | 480,000 | 555,817 | ||||||||||
San Ysidro School District, | ||||||||||||
0.000%, 08/01/2042 (Pre-refunded to | ||||||||||||
08/01/2021) (Insured by AGM) | 300,000 | 62,981 | ||||||||||
Sutter Union High School District, | ||||||||||||
0.000%, 06/01/2050 | ||||||||||||
(Pre-refunded to 08/01/2025) | 300,000 | 48,038 | ||||||||||
Tender Option Bond Trust: | ||||||||||||
0.220%, 07/01/2022 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 1,558,000 | 1,558,000 | ||||||||||
0.220%, 12/15/2038(1)(3) | 4,815,000 | 4,815,000 | ||||||||||
Twin Rivers Unified School District: | ||||||||||||
0.000%, 08/01/2035 (Pre-refunded to | ||||||||||||
02/01/2024) (Insured by BAM) | 275,000 | 133,131 | ||||||||||
0.000%, 08/01/2036 (Pre-refunded to | ||||||||||||
02/01/2024) (Insured by BAM) | 85,000 | 38,441 | ||||||||||
University of California, | ||||||||||||
5.000%, 05/15/2025 | 1,000,000 | 1,140,329 | ||||||||||
Vallejo City Unified School District, | ||||||||||||
5.900%, 08/01/2025 (Insured by NATL) | 500,000 | 549,662 | ||||||||||
Victor Valley Union High School District, | ||||||||||||
0.000%, 08/01/2044 | ||||||||||||
(Pre-refunded to 08/01/2023) | 1,000,000 | 302,429 | ||||||||||
Western Placer Unified School District: | ||||||||||||
2.000%, 06/01/2025 (Callable 06/01/2023) | 1,625,000 | 1,673,707 | ||||||||||
2.000%, 06/01/2025 (Callable 06/01/2023) | 3,300,000 | 3,390,602 | ||||||||||
Westminster School District: | ||||||||||||
0.000%, 08/01/2036 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 315,000 | 136,847 | ||||||||||
0.000%, 08/01/2038 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 600,000 | 226,972 | ||||||||||
0.000%, 08/01/2048 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 2,275,000 | 403,411 | ||||||||||
0.000%, 08/01/2053 (Callable 08/01/2023) | ||||||||||||
(Insured by BAM) | 480,000 | 57,773 | ||||||||||
Total California | ||||||||||||
(Cost $95,796,753) | 96,606,226 | 5.4 | % | |||||||||
Colorado | ||||||||||||
Bromley Park Metropolitan District No. 2: | ||||||||||||
5.000%, 12/01/2024 (Insured by BAM) | 300,000 | 342,818 | ||||||||||
5.000%, 12/01/2025 (Insured by BAM) | 315,000 | 370,419 | ||||||||||
City & County of Denver CO, | ||||||||||||
5.000%, 11/15/2031 | ||||||||||||
(Mandatory Tender Date 11/15/2022)(1) | 3,275,000 | 3,484,998 | ||||||||||
Colorado Educational & Cultural | ||||||||||||
Facilities Authority: | ||||||||||||
4.000%, 11/01/2021 | 50,000 | 50,599 | ||||||||||
4.000%, 12/01/2021 | 100,000 | 101,500 | ||||||||||
5.000%, 12/01/2021 | 80,000 | 81,531 | ||||||||||
4.000%, 03/01/2022 | 45,000 | 46,082 | ||||||||||
5.000%, 12/01/2022 | 200,000 | 212,999 | ||||||||||
4.000%, 04/01/2023 | 65,000 | 67,935 | ||||||||||
5.000%, 10/01/2023 | 1,360,000 | 1,497,108 | ||||||||||
5.250%, 03/01/2025 (Insured by NATL) | 1,950,000 | 2,219,553 | ||||||||||
4.000%, 12/15/2025 | 790,000 | 830,286 | ||||||||||
5.000%, 06/15/2027 (Callable 06/15/2026) | 635,000 | 760,489 |
The accompanying notes are an integral part of these financial statements.
Page 89
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Colorado Health Facilities Authority: | ||||||||||||
0.000%, 07/15/2022 (ETM) | $ | 3,000,000 | $ | 2,991,625 | ||||||||
5.000%, 10/01/2023 | 300,000 | 329,818 | ||||||||||
5.000%, 12/01/2023 | ||||||||||||
(Pre-refunded to 12/01/2022) | 1,000,000 | 1,067,883 | ||||||||||
5.000%, 05/15/2025 | ||||||||||||
(Pre-refunded to 05/15/2023) | 320,000 | 347,198 | ||||||||||
5.000%, 10/01/2025 | 350,000 | 411,196 | ||||||||||
5.000%, 12/01/2025 | ||||||||||||
(Pre-refunded to 12/01/2022) | 1,600,000 | 1,708,613 | ||||||||||
5.000%, 10/01/2026 | 400,000 | 482,991 | ||||||||||
4.000%, 12/01/2026 | ||||||||||||
(Pre-refunded to 06/01/2022) | 1,535,000 | 1,589,238 | ||||||||||
5.000%, 12/01/2027 | ||||||||||||
(Pre-refunded to 12/01/2022) | 300,000 | 320,365 | ||||||||||
5.000%, 12/01/2030 (Callable 06/01/2025) | 1,000,000 | 1,134,604 | ||||||||||
5.000%, 11/15/2036 | ||||||||||||
(Mandatory Tender Date 11/15/2023)(1) | 195,000 | 217,035 | ||||||||||
2.800%, 05/15/2042 (Callable 11/15/2022) | ||||||||||||
(Mandatory Tender Date 05/15/2023)(1) | 2,165,000 | 2,234,855 | ||||||||||
5.625%, 06/01/2043 | ||||||||||||
(Pre-refunded to 06/01/2023) | 1,080,000 | 1,190,984 | ||||||||||
5.000%, 11/15/2048 | ||||||||||||
(Mandatory Tender Date 11/20/2025)(1) | 190,000 | 226,751 | ||||||||||
5.000%, 08/01/2049 (Callable 02/01/2025) | ||||||||||||
(Mandatory Tender Date 08/01/2025)(1) | 5,525,000 | 6,418,077 | ||||||||||
Colorado Housing & Finance Authority: | ||||||||||||
1.450%, 04/01/2022 | 60,000 | 60,483 | ||||||||||
4.000%, 05/01/2048 (Callable 11/01/2026) | ||||||||||||
(Insured by GNMA) | 335,000 | 364,411 | ||||||||||
4.250%, 11/01/2049 (Callable 11/01/2028) | ||||||||||||
(Insured by GNMA) | 875,000 | 979,327 | ||||||||||
1.650%, 10/01/2057 | ||||||||||||
(Mandatory Tender Date 04/01/2023)(1) | 2,415,000 | 2,463,719 | ||||||||||
County of Moffat CO, | ||||||||||||
2.000%, 03/01/2036 | ||||||||||||
(Mandatory Tender Date 10/03/2022)(1) | 555,000 | 565,947 | ||||||||||
Crystal Valley Metropolitan District No. 2, | ||||||||||||
5.000%, 12/01/2027 (Insured by AGM) | 275,000 | 343,093 | ||||||||||
Denver City & County Housing Authority: | ||||||||||||
0.650%, 02/01/2025 | 245,000 | 243,908 | ||||||||||
0.700%, 08/01/2025 | 245,000 | 243,187 | ||||||||||
0.750%, 02/01/2026 | 245,000 | 242,569 | ||||||||||
Denver Health & Hospital Authority, | ||||||||||||
4.000%, 12/01/2027 (Callable 12/01/2023) | 225,000 | 241,203 | ||||||||||
E-470 Public Highway Authority: | ||||||||||||
0.000%, 09/01/2022 (Insured by NATL) | 30,000 | 29,872 | ||||||||||
0.383%, 09/01/2039 (SOFR + 0.350%) | ||||||||||||
(Callable 06/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2024)(2) | 1,525,000 | 1,526,245 | ||||||||||
High Plains Metropolitan District: | ||||||||||||
4.000%, 12/01/2022 (Insured by NATL) | 420,000 | 440,587 | ||||||||||
4.000%, 12/01/2024 (Insured by NATL) | 225,000 | 249,948 | ||||||||||
Lincoln Park Metropolitan District, | ||||||||||||
4.000%, 12/01/2023 (Insured by AGM) | 150,000 | 162,732 | ||||||||||
Pueblo Urban Renewal Authority, | ||||||||||||
0.000%, 12/01/2025(3) | 650,000 | 564,276 | ||||||||||
Regional Transportation District, | ||||||||||||
5.000%, 06/01/2033 (Callable 06/01/2023) | 215,000 | 231,964 | ||||||||||
Southlands Metropolitan District No. 1: | ||||||||||||
3.000%, 12/01/2022 | 78,000 | 79,389 | ||||||||||
3.000%, 12/01/2022 | 95,000 | 96,686 | ||||||||||
Tallyns Reach Metropolitan District No. 3, | ||||||||||||
5.000%, 12/01/2023 (Insured by BAM) | 30,000 | 33,189 | ||||||||||
Vauxmont Metropolitan District: | ||||||||||||
5.000%, 12/15/2025 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 125,000 | 146,796 | ||||||||||
5.000%, 12/15/2026 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 135,000 | 158,465 | ||||||||||
5.000%, 12/15/2027 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 160,000 | 187,404 | ||||||||||
Vista Ridge Metropolitan District, | ||||||||||||
4.500%, 12/01/2024 (Insured by BAM) | 200,000 | 226,268 | ||||||||||
Total Colorado | ||||||||||||
(Cost $39,449,667) | 40,619,218 | 2.3 | % | |||||||||
Connecticut | ||||||||||||
City of Bridgeport CT: | ||||||||||||
5.000%, 02/01/2022 (Insured by BAM) | 250,000 | 256,737 | ||||||||||
5.000%, 02/01/2024 (Insured by BAM) | 475,000 | 530,171 | ||||||||||
City of Hartford CT, | ||||||||||||
5.000%, 04/01/2022 (Insured by AGM) | 1,000,000 | 1,036,134 | ||||||||||
City of New Haven CT, | ||||||||||||
5.000%, 08/15/2022 (ETM) | ||||||||||||
(Insured by AGM) | 520,000 | 547,955 | ||||||||||
Connecticut Housing Finance Authority: | ||||||||||||
4.000%, 11/15/2044 (Callable 11/15/2023) | 75,000 | 78,254 | ||||||||||
4.000%, 11/15/2045 (Callable 11/15/2027) | 165,000 | 181,894 | ||||||||||
4.000%, 05/15/2049 (Callable 11/15/2028) | 1,440,000 | 1,629,550 | ||||||||||
2.600%, 11/15/2058 (Callable 08/02/2021) | ||||||||||||
(Mandatory Tender Date 11/15/2021)(1) | 105,000 | 105,197 | ||||||||||
1.625%, 11/15/2059 (Callable 08/02/2021) | ||||||||||||
(Mandatory Tender Date 11/15/2022)(1) | 2,330,000 | 2,332,418 | ||||||||||
Connecticut Municipal Electric | ||||||||||||
Energy Cooperative, | ||||||||||||
5.000%, 01/01/2030 (Callable 01/01/2022) | 530,000 | 542,047 | ||||||||||
Connecticut State Health & Educational | ||||||||||||
Facilities Authority: | ||||||||||||
4.000%, 11/01/2021 | 100,000 | 101,235 | ||||||||||
5.000%, 07/01/2022 | 1,300,000 | 1,358,529 | ||||||||||
5.000%, 07/01/2023 | 805,000 | 876,918 | ||||||||||
5.000%, 07/01/2024 | 950,000 | 1,074,048 | ||||||||||
2.750%, 01/01/2026 | ||||||||||||
(Callable 07/01/2022)(3) | 450,000 | 455,592 | ||||||||||
5.000%, 11/01/2026 | ||||||||||||
(Pre-refunded to 11/01/2022) | 445,000 | 473,429 | ||||||||||
5.000%, 07/01/2028 (Callable 07/01/2024) | 630,000 | 706,856 | ||||||||||
Connecticut State Higher Education | ||||||||||||
Supplement Loan Authority: | ||||||||||||
5.000%, 11/15/2022 | 500,000 | 531,847 | ||||||||||
5.000%, 11/15/2023 | 400,000 | 442,384 | ||||||||||
5.000%, 11/15/2023 | 850,000 | 940,065 | ||||||||||
5.000%, 11/15/2024 | 450,000 | 514,289 | ||||||||||
5.000%, 11/15/2024 | 225,000 | 257,145 | ||||||||||
Southeastern Connecticut Water Authority, | ||||||||||||
4.000%, 09/01/2022 (Callable 08/02/2021) | ||||||||||||
(Insured by ST AID) | 175,000 | 175,547 | ||||||||||
State of Connecticut: | ||||||||||||
0.970%, 03/01/2024 (SIFMA Municipal | ||||||||||||
Swap Index + 0.950%)(2) | 200,000 | 202,746 | ||||||||||
5.000%, 10/01/2026 | 1,040,000 | 1,277,933 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2023) | 1,005,000 | 1,107,273 | ||||||||||
Town of Hamden CT: | ||||||||||||
4.000%, 08/15/2021 | ||||||||||||
(ETM) (Insured by BAM) | 415,000 | 416,907 | ||||||||||
5.000%, 08/01/2022 (Insured by BAM) | 285,000 | 299,399 | ||||||||||
5.000%, 08/01/2023 (Insured by BAM) | 150,000 | 164,225 | ||||||||||
Town of Plainfield CT, | ||||||||||||
3.375%, 07/15/2026 (Callable 07/15/2024) | 275,000 | 297,544 |
The accompanying notes are an integral part of these financial statements.
Page 90
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Town of Plymouth CT, | ||||||||||||
3.000%, 10/15/2027 (Callable 10/15/2024) | ||||||||||||
(Insured by BAM) | $ | 300,000 | $ | 320,361 | ||||||||
University of Connecticut, | ||||||||||||
5.000%, 11/15/2026 (Callable 11/15/2022) | 760,000 | 805,920 | ||||||||||
Total Connecticut | ||||||||||||
(Cost $19,477,184) | 20,040,549 | 1.1 | % | |||||||||
Delaware | ||||||||||||
Delaware Municipal Electric Corp.: | ||||||||||||
5.000%, 10/01/2024 (Insured by BAM) | 230,000 | 264,362 | ||||||||||
5.000%, 10/01/2025 (Insured by BAM) | 140,000 | 166,416 | ||||||||||
Delaware State Economic | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2024) | ||||||||||||
(Insured by AGM) | 1,000,000 | 1,115,505 | ||||||||||
5.000%, 10/01/2029 (Callable 10/01/2022) | 1,000,000 | 1,041,094 | ||||||||||
Delaware State Housing Authority, | ||||||||||||
2.600%, 07/01/2043 (Callable 06/01/2023) | ||||||||||||
(Insured by GNMA) | 128,013 | 133,592 | ||||||||||
Total Delaware | ||||||||||||
(Cost $2,696,170) | 2,720,969 | 0.1 | % | |||||||||
District of Columbia | ||||||||||||
District of Columbia: | ||||||||||||
5.000%, 07/01/2025 | 500,000 | 577,208 | ||||||||||
5.000%, 12/01/2026 (Callable 12/01/2022) | 310,000 | 330,788 | ||||||||||
4.000%, 12/01/2028 (Callable 12/01/2022) | 330,000 | 345,911 | ||||||||||
3.000%, 06/01/2030 | 1,205,000 | 1,246,277 | ||||||||||
District of Columbia Housing Finance Agency: | ||||||||||||
1.250%, 03/01/2023 (Mandatory Tender | ||||||||||||
Date 03/01/2022) (Insured by FNMA)(1) | 1,700,000 | 1,710,486 | ||||||||||
3.500%, 06/15/2023 | 195,000 | 201,226 | ||||||||||
2.550%, 09/01/2023 (Mandatory Tender | ||||||||||||
Date 03/01/2022) (Insured by FHA)(1) | 1,200,000 | 1,217,738 | ||||||||||
1.750%, 09/01/2025 (Mandatory Tender | ||||||||||||
Date 09/01/2023) (Insured by FHA)(1) | 2,260,000 | 2,318,479 | ||||||||||
1.450%, 02/01/2039 (Mandatory Tender | ||||||||||||
Date 08/01/2022)(1) | 180,000 | 182,207 | ||||||||||
Total District of Columbia | ||||||||||||
(Cost $8,004,386) | 8,130,320 | 0.5 | % | |||||||||
Florida | ||||||||||||
Capital Trust Agency, Inc.: | ||||||||||||
4.000%, 12/15/2024 | 250,000 | 265,010 | ||||||||||
4.000%, 11/01/2025 | ||||||||||||
(Pre-refunded to 11/01/2022) | 245,000 | 254,984 | ||||||||||
4.250%, 12/01/2042 | ||||||||||||
(Pre-refunded to 12/01/2022) | 65,000 | 71,766 | ||||||||||
City of Auburndale FL, | ||||||||||||
5.250%, 12/01/2023 | 1,010,000 | 1,128,851 | ||||||||||
City of Boynton Beach FL, | ||||||||||||
4.500%, 11/01/2022 (Callable 11/01/2021) | ||||||||||||
(Insured by AGM) | 130,000 | 131,810 | ||||||||||
City of Jacksonville FL: | ||||||||||||
5.000%, 11/01/2022 | 100,000 | 106,260 | ||||||||||
5.000%, 10/01/2029 (Callable 10/01/2026) | 1,175,000 | 1,435,644 | ||||||||||
City of Lakeland FL, | ||||||||||||
5.000%, 11/15/2028 (Callable 11/15/2026) | 100,000 | 120,591 | ||||||||||
City of Melbourne FL, | ||||||||||||
0.000%, 10/01/2023 (Insured by NATL) | 100,000 | 98,832 | ||||||||||
City of Orlando FL, | ||||||||||||
5.000%, 11/01/2025 (Insured by AGM) | 1,000,000 | 1,193,793 | ||||||||||
City of Port St. Lucie FL: | ||||||||||||
5.000%, 09/01/2021 | 55,000 | 55,426 | ||||||||||
5.250%, 09/01/2022 (Insured by NATL) | 100,000 | 105,776 | ||||||||||
City of Tallahassee FL: | ||||||||||||
5.000%, 12/01/2022 | 475,000 | 506,083 | ||||||||||
5.000%, 12/01/2024 | 200,000 | 230,228 | ||||||||||
5.000%, 12/01/2025 | 500,000 | 594,653 | ||||||||||
County of Brevard FL, | ||||||||||||
5.000%, 07/01/2031 (Callable 07/01/2027) | 540,000 | 665,664 | ||||||||||
County of Broward FL: | ||||||||||||
5.000%, 09/01/2025 (Callable 09/01/2023) | 1,540,000 | 1,695,127 | ||||||||||
5.000%, 09/01/2026 (Callable 09/01/2023) | 1,045,000 | 1,148,493 | ||||||||||
5.000%, 09/01/2027 (Callable 09/01/2023) | 1,525,000 | 1,676,173 | ||||||||||
County of Escambia FL, | ||||||||||||
0.030%, 07/01/2022 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
County of Miami-Dade FL: | ||||||||||||
0.000%, 10/01/2023 | ||||||||||||
(ETM) (Insured by NATL) | 200,000 | 198,212 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2025) | 500,000 | 592,719 | ||||||||||
0.000%, 10/01/2028 | ||||||||||||
(ETM) (Insured by NATL) | 40,000 | 36,943 | ||||||||||
County of Okeechobee FL, | ||||||||||||
1.550%, 07/01/2039 | ||||||||||||
(Mandatory Tender Date 07/01/2021)(1) | 475,000 | 475,000 | ||||||||||
County of St. Lucie FL, | ||||||||||||
0.030%, 09/01/2028 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 8,000,000 | 8,000,000 | ||||||||||
Florida Department of | ||||||||||||
Environmental Protection, | ||||||||||||
5.000%, 07/01/2025 | 525,000 | 619,626 | ||||||||||
Florida Development Finance Corp.: | ||||||||||||
5.000%, 04/01/2022 | 155,000 | 160,362 | ||||||||||
5.000%, 04/01/2023 | 275,000 | 297,058 | ||||||||||
4.000%, 06/15/2024(3) | 860,000 | 930,337 | ||||||||||
2.625%, 12/15/2024(3) | 310,000 | 317,424 | ||||||||||
5.000%, 04/01/2025 | 200,000 | 230,977 | ||||||||||
5.250%, 02/01/2026 (Callable 08/01/2023) | 100,000 | 106,395 | ||||||||||
5.000%, 06/15/2026(3) | 370,000 | 432,849 | ||||||||||
5.000%, 06/15/2027(3) | 390,000 | 465,733 | ||||||||||
Florida Gulf Coast University Financing Corp.: | ||||||||||||
5.000%, 02/01/2023 | 240,000 | 257,407 | ||||||||||
5.000%, 02/01/2024 | 250,000 | 278,353 | ||||||||||
5.000%, 02/01/2027 | 270,000 | 330,005 | ||||||||||
Florida Higher Educational Facilities | ||||||||||||
Financial Authority, | ||||||||||||
5.000%, 04/01/2028 (Callable 04/01/2026) | 485,000 | 572,413 | ||||||||||
Florida Housing Finance Corp.: | ||||||||||||
3.700%, 07/01/2021 (Insured by GNMA) | 455,000 | 455,000 | ||||||||||
1.450%, 03/01/2023 | ||||||||||||
(Mandatory Tender Date 03/01/2022)(1) | 100,000 | 100,756 | ||||||||||
4.350%, 01/01/2046 (Callable 01/01/2024) | 85,000 | 87,356 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2025) | ||||||||||||
(Insured by GNMA) | 80,000 | 85,224 | ||||||||||
4.000%, 07/01/2049 (Callable 07/01/2027) | ||||||||||||
(Insured by GNMA) | 185,000 | 201,822 | ||||||||||
Florida Municipal Loan Council: | ||||||||||||
0.000%, 04/01/2022 (Insured by NATL) | 295,000 | 292,550 | ||||||||||
4.000%, 12/01/2022 (Insured by AGM) | 155,000 | 162,891 | ||||||||||
0.000%, 04/01/2023 (Insured by NATL) | 265,000 | 259,388 | ||||||||||
5.000%, 12/01/2023 (Insured by AGM) | 160,000 | 177,253 | ||||||||||
5.000%, 12/01/2024 (Insured by AGM) | 85,000 | 97,629 | ||||||||||
Florida Municipal Power Agency, | ||||||||||||
5.000%, 10/01/2025 (Callable 10/01/2021) | 585,000 | 591,959 | ||||||||||
Herons Glen Recreation District, | ||||||||||||
2.500%, 05/01/2027 (Insured by BAM) | 250,000 | 265,550 |
The accompanying notes are an integral part of these financial statements.
Page 91
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Highlands County Health | ||||||||||||
Facilities Authority, | ||||||||||||
0.020%, 11/15/2035 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | $ | 9,800,000 | $ | 9,800,000 | ||||||||
Hillsborough County Industrial | ||||||||||||
Development Authority, | ||||||||||||
3.500%, 10/01/2028 (Callable 10/01/2023) | 355,000 | 373,113 | ||||||||||
Hollywood Beach Community | ||||||||||||
Development District I, | ||||||||||||
5.000%, 10/01/2027 | 545,000 | 676,159 | ||||||||||
Hollywood Community | ||||||||||||
Redevelopment Agency: | ||||||||||||
5.000%, 03/01/2023 | 665,000 | 714,223 | ||||||||||
5.000%, 03/01/2024 | 800,000 | 892,771 | ||||||||||
Jacksonville Electric Authority: | ||||||||||||
5.000%, 10/01/2023 | 150,000 | 165,836 | ||||||||||
5.000%, 10/01/2023 | 210,000 | 232,170 | ||||||||||
5.000%, 10/01/2026 (Callable 08/02/2021) | 245,000 | 245,950 | ||||||||||
0.040%, 10/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 2,000,000 | 2,000,000 | ||||||||||
Lee County School Board, | ||||||||||||
5.000%, 08/01/2023 | 190,000 | 208,394 | ||||||||||
Miami Beach Health Facilities Authority, | ||||||||||||
4.000%, 11/15/2025 | ||||||||||||
(Pre-refunded to 11/15/2022) | 735,000 | 773,280 | ||||||||||
Miami Health Facilities Authority, | ||||||||||||
5.000%, 07/01/2021 | 310,000 | 310,000 | ||||||||||
Miami-Dade County Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 04/01/2022 | 150,000 | 155,028 | ||||||||||
5.000%, 04/01/2023 | 150,000 | 161,620 | ||||||||||
Miami-Dade County Industrial | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 01/15/2022 | 385,000 | 391,647 | ||||||||||
0.030%, 05/01/2046(1) | 14,000,000 | 14,000,000 | ||||||||||
Orange County Convention Center, | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2025) | 50,000 | 58,702 | ||||||||||
Orange County Health Facilities Authority: | ||||||||||||
3.500%, 08/01/2021 | 575,000 | 576,372 | ||||||||||
6.250%, 10/01/2021 | ||||||||||||
(ETM) (Insured by NATL) | 40,000 | 40,601 | ||||||||||
4.000%, 08/01/2024 | 25,000 | 27,495 | ||||||||||
5.000%, 08/01/2028 (Callable 08/01/2024) | 2,000,000 | 2,227,071 | ||||||||||
Orange County Housing Finance Authority: | ||||||||||||
4.000%, 09/01/2040 (Callable 09/01/2024) | ||||||||||||
(Insured by GNMA) | 250,000 | 260,611 | ||||||||||
4.250%, 09/01/2049 (Callable 09/01/2027) | ||||||||||||
(Insured by GNMA) | 180,000 | 200,369 | ||||||||||
Osceola County Expressway Authority, | ||||||||||||
0.000%, 10/01/2024 (ETM) | 265,000 | 258,971 | ||||||||||
Palm Beach County Health Facilities Authority: | ||||||||||||
5.000%, 08/15/2021 | 400,000 | 402,282 | ||||||||||
5.000%, 11/15/2022 | 220,000 | 233,399 | ||||||||||
5.000%, 12/01/2031 | ||||||||||||
(Pre-refunded to 12/01/2024) | 1,250,000 | 1,445,228 | ||||||||||
Pasco County School Board, | ||||||||||||
0.770%, 08/01/2032 (SIFMA Municipal Swap | ||||||||||||
Index + 0.750%) (Callable 08/04/2021) | ||||||||||||
(Mandatory Tender Date 08/02/2023)(2) | 3,675,000 | 3,676,776 | ||||||||||
Pinellas County Housing Authority, | ||||||||||||
1.000%, 11/01/2027 | 3,325,000 | 3,340,079 | ||||||||||
Pinellas County Housing Finance Authority, | ||||||||||||
1.250%, 08/01/2022 | ||||||||||||
(Mandatory Tender Date 08/01/2021)(1) | 1,015,000 | 1,015,809 | ||||||||||
Reedy Creek Improvement District, | ||||||||||||
5.000%, 10/01/2024 | ||||||||||||
(Callable 10/01/2023) | 145,000 | 160,066 | ||||||||||
Sarasota County Public Hospital District, | ||||||||||||
5.250%, 07/01/2024 (Insured by NATL) | 130,000 | 145,020 | ||||||||||
School Board of Miami-Dade County, | ||||||||||||
5.000%, 05/01/2031 | ||||||||||||
(Mandatory Tender Date 05/01/2024)(1) | 805,000 | 906,896 | ||||||||||
St. Johns River Power Park, | ||||||||||||
5.000%, 10/01/2024 (Callable 08/02/2021) | 105,000 | 105,406 | ||||||||||
St. Lucie County School Board, | ||||||||||||
5.000%, 07/01/2027 (Callable 07/01/2023) | 1,150,000 | 1,252,017 | ||||||||||
UCF Convocation Corp.: | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2025) | 630,000 | 745,660 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2025) | 935,000 | 1,106,654 | ||||||||||
University of North Florida Financing Corp., | ||||||||||||
5.000%, 11/01/2023 (Insured by AGM) | 485,000 | 531,440 | ||||||||||
Volusia County Educational | ||||||||||||
Facility Authority: | ||||||||||||
5.000%, 10/15/2029 (Callable 04/15/2025) | 1,035,000 | 1,197,640 | ||||||||||
5.000%, 10/15/2033 (Callable 04/15/2025) | 450,000 | 519,948 | ||||||||||
Volusia County School Board, | ||||||||||||
5.000%, 08/01/2031 (Callable 08/01/2024) | 1,675,000 | 1,900,293 | ||||||||||
Total Florida | ||||||||||||
(Cost $82,193,764) | 82,999,351 | 4.6 | % | |||||||||
Georgia | ||||||||||||
Athens Housing Authority: | ||||||||||||
5.000%, 06/15/2022 | 280,000 | 291,935 | ||||||||||
5.000%, 06/15/2027 | 1,570,000 | 1,948,434 | ||||||||||
5.000%, 06/15/2028 (Callable 06/15/2027) | 1,755,000 | 2,163,376 | ||||||||||
Atlanta Development Authority, | ||||||||||||
5.000%, 07/01/2024 | 140,000 | 158,684 | ||||||||||
Barnesville-Lamar County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 06/01/2028 | 250,000 | 317,349 | ||||||||||
Bartow County Development Authority, | ||||||||||||
2.750%, 12/01/2032 | ||||||||||||
(Mandatory Tender Date 03/15/2023)(1) | 2,100,000 | 2,184,124 | ||||||||||
Burke County Development Authority: | ||||||||||||
2.250%, 10/01/2032 | ||||||||||||
(Mandatory Tender Date 05/25/2023)(1) | 170,000 | 175,791 | ||||||||||
1.500%, 01/01/2040 | ||||||||||||
(Mandatory Tender Date 02/03/2025)(1) | 6,500,000 | 6,654,118 | ||||||||||
1.700%, 12/01/2049 | ||||||||||||
(Mandatory Tender Date 08/22/2024)(1) | 1,680,000 | 1,737,664 | ||||||||||
0.020%, 11/01/2052 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 7,100,000 | 7,100,000 | ||||||||||
City of Atlanta GA: | ||||||||||||
5.000%, 01/01/2023 (Callable 08/02/2021) | 450,000 | 451,754 | ||||||||||
5.000%, 01/01/2024 (Callable 08/02/2021) | 515,000 | 517,015 | ||||||||||
4.000%, 07/01/2026 (Callable 07/01/2023) | 100,000 | 105,633 | ||||||||||
City of Thomson GA: | ||||||||||||
3.000%, 07/01/2022 | 535,000 | 547,426 | ||||||||||
3.000%, 07/01/2023 (Callable 07/01/2022) | 550,000 | 563,333 | ||||||||||
Clayton County Development Authority: | ||||||||||||
5.000%, 07/01/2024 | 200,000 | 227,333 | ||||||||||
5.000%, 07/01/2025 | 210,000 | 246,845 | ||||||||||
5.000%, 07/01/2027 | 200,000 | 248,496 | ||||||||||
Cobb-Marietta Coliseum & | ||||||||||||
Exhibit Hall Authority, | ||||||||||||
5.500%, 10/01/2026 (Insured by NATL) | 880,000 | 994,355 | ||||||||||
Colquitt County Development Authority, | ||||||||||||
0.000%, 12/01/2021 (ETM) | 525,000 | 524,674 |
The accompanying notes are an integral part of these financial statements.
Page 92
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Development Authority for Fulton County: | ||||||||||||
5.000%, 10/01/2025 | $ | 975,000 | $ | 1,134,375 | ||||||||
5.000%, 10/01/2026 | 1,415,000 | 1,689,355 | ||||||||||
5.000%, 10/01/2027 | 1,015,000 | 1,240,003 | ||||||||||
Development Authority of Appling County: | ||||||||||||
0.030%, 09/01/2029 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 5,600,000 | 5,600,000 | ||||||||||
1.500%, 01/01/2038 | ||||||||||||
(Mandatory Tender Date 02/03/2025)(1) | 900,000 | 921,340 | ||||||||||
Development Authority of Bulloch County: | ||||||||||||
5.000%, 07/01/2023 | 260,000 | 284,595 | ||||||||||
5.000%, 07/01/2024 | 200,000 | 227,333 | ||||||||||
5.000%, 07/01/2025 | 315,000 | 370,268 | ||||||||||
5.000%, 07/01/2026 | 330,000 | 399,757 | ||||||||||
Development Authority of Cobb County: | ||||||||||||
5.000%, 07/15/2024 (ETM) | 445,000 | 507,728 | ||||||||||
5.000%, 07/15/2024 | 1,455,000 | 1,653,813 | ||||||||||
Development Authority of Monroe County, | ||||||||||||
0.030%, 11/01/2048 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 6,450,000 | 6,450,000 | ||||||||||
Fayette County Hospital Authority, | ||||||||||||
5.000%, 07/01/2054 (Callable 01/01/2024) | ||||||||||||
(Mandatory Tender Date 07/01/2024)(1) | 1,755,000 | 1,952,685 | ||||||||||
Forsyth County Hospital Authority, | ||||||||||||
6.375%, 10/01/2028 (ETM) | 675,000 | 829,005 | ||||||||||
George L Smith II Congress Center Authority, | ||||||||||||
3.625%, 01/01/2031(3) | 1,750,000 | 1,971,565 | ||||||||||
Georgia Higher Education Facilities Authority, | ||||||||||||
5.000%, 06/15/2027 | 1,815,000 | 2,252,489 | ||||||||||
Macon-Bibb County Housing Authority: | ||||||||||||
1.625%, 10/01/2024 (Callable 04/01/2022) | ||||||||||||
(Mandatory Tender Date 10/01/2022)(1) | 2,500,000 | 2,497,392 | ||||||||||
1.400%, 11/01/2024 (Callable 07/01/2022) | ||||||||||||
(Mandatory Tender Date 11/01/2022)(1) | 1,250,000 | 1,249,953 | ||||||||||
Main Street Natural Gas, Inc.: | ||||||||||||
5.000%, 03/15/2022 | 195,000 | 201,359 | ||||||||||
5.000%, 09/01/2026 (Callable 06/01/2026) | 500,000 | 604,924 | ||||||||||
0.817%, 04/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.750%) (Callable 06/01/2023) | ||||||||||||
(Mandatory Tender Date 09/01/2023)(2) | 5,465,000 | 5,492,227 | ||||||||||
0.897%, 08/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.830%) (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(2) | 6,700,000 | 6,751,806 | ||||||||||
Monroe County Public Facilities Authority: | ||||||||||||
5.000%, 06/01/2024 | 180,000 | 203,405 | ||||||||||
5.000%, 06/01/2025 | 200,000 | 233,856 | ||||||||||
Municipal Electric Authority of Georgia, | ||||||||||||
5.000%, 01/01/2028 (Callable 07/01/2026) | 1,500,000 | 1,801,176 | ||||||||||
Pelham School District: | ||||||||||||
5.000%, 09/01/2021 (Insured by ST AID) | 100,000 | 100,757 | ||||||||||
5.000%, 09/01/2022 (Insured by ST AID) | 125,000 | 131,706 | ||||||||||
5.000%, 09/01/2023 (Insured by ST AID) | 290,000 | 318,279 | ||||||||||
5.000%, 09/01/2024 (Insured by ST AID) | 210,000 | 239,003 | ||||||||||
Private Colleges & Universities Authority: | ||||||||||||
3.750%, 10/01/2021 | 80,000 | 80,695 | ||||||||||
5.000%, 10/01/2021 | 1,325,000 | 1,340,611 | ||||||||||
5.000%, 10/01/2021 | 75,000 | 75,884 | ||||||||||
5.000%, 06/01/2024 | 275,000 | 307,949 | ||||||||||
0.440%, 10/01/2039 (SIFMA Municipal Swap | ||||||||||||
Index + 0.420%) (Callable 02/16/2022) | ||||||||||||
(Mandatory Tender Date 08/16/2022)(2) | 2,200,000 | 2,200,834 | ||||||||||
Richmond County Development Authority: | ||||||||||||
0.000%, 12/01/2021 (ETM) | 425,000 | 424,736 | ||||||||||
0.000%, 12/01/2021 (ETM) | 370,000 | 369,771 | ||||||||||
Valdosta & Lowndes County | ||||||||||||
Hospital Authority, | ||||||||||||
5.000%, 10/01/2033 | ||||||||||||
(Pre-refunded to 10/01/2021) | 300,000 | 303,632 | ||||||||||
Washington Wilkes Payroll | ||||||||||||
Development Authority, | ||||||||||||
0.000%, 12/01/2021 (ETM) | 400,000 | 399,504 | ||||||||||
Total Georgia | ||||||||||||
(Cost $78,814,382) | 79,972,109 | 4.5 | % | |||||||||
Illinois | ||||||||||||
Adams & Hancock Counties Community | ||||||||||||
Unit School District No. 4, | ||||||||||||
4.000%, 12/01/2026 (Callable 12/01/2025) | ||||||||||||
(Insured by BAM) | 275,000 | 311,202 | ||||||||||
Bureau County Township | ||||||||||||
High School District No. 502, | ||||||||||||
3.000%, 12/01/2021 (Insured by BAM) | 30,000 | 30,321 | ||||||||||
Channahon Park District: | ||||||||||||
4.000%, 12/15/2025 (Insured by BAM) | 365,000 | 412,442 | ||||||||||
4.000%, 12/15/2026 (Insured by BAM) | 380,000 | 437,466 | ||||||||||
4.000%, 12/15/2027 (Insured by BAM) | 395,000 | 461,904 | ||||||||||
Chicago Board of Education: | ||||||||||||
0.000%, 12/01/2022 | 125,000 | 124,356 | ||||||||||
5.000%, 12/01/2022 (Insured by AGM) | 145,000 | 154,318 | ||||||||||
5.000%, 12/01/2023 (Insured by AGM) | 500,000 | 552,895 | ||||||||||
5.250%, 12/01/2023 | 675,000 | 730,714 | ||||||||||
Chicago Park District, | ||||||||||||
5.000%, 01/01/2024 | 1,305,000 | 1,444,074 | ||||||||||
City of Burbank IL, | ||||||||||||
4.000%, 12/01/2021 (Insured by BAM) | 500,000 | 507,606 | ||||||||||
City of Chicago IL: | ||||||||||||
5.125%, 01/01/2022 | 400,000 | 409,155 | ||||||||||
5.000%, 01/01/2024 (Callable 01/01/2022) | 705,000 | 722,100 | ||||||||||
5.000%, 11/01/2026 | 2,900,000 | 3,522,862 | ||||||||||
0.000%, 01/01/2027 (Insured by NATL) | 3,755,000 | 3,520,375 | ||||||||||
5.000%, 01/01/2027 (Callable 01/01/2025) | 1,085,000 | 1,251,333 | ||||||||||
5.250%, 01/01/2038 | ||||||||||||
(Pre-refunded to 01/01/2022) | 400,000 | 410,217 | ||||||||||
City of Decatur IL, | ||||||||||||
4.000%, 03/01/2022 | 65,000 | 66,357 | ||||||||||
City of Oregon IL, | ||||||||||||
4.000%, 12/01/2024 | ||||||||||||
(Pre-refunded to 12/01/2022) | 105,000 | 110,569 | ||||||||||
City of Princeton IL: | ||||||||||||
4.000%, 11/01/2021 (Insured by AGM) | 45,000 | 45,556 | ||||||||||
4.000%, 11/01/2022 (Insured by AGM) | 100,000 | 104,577 | ||||||||||
4.000%, 01/01/2023 (Insured by AGM) | 50,000 | 52,469 | ||||||||||
4.000%, 01/01/2025 (Insured by AGM) | 120,000 | 133,496 | ||||||||||
City of Rock Island IL, | ||||||||||||
3.000%, 12/01/2022 | 435,000 | 446,650 | ||||||||||
City of Rockford IL, | ||||||||||||
5.000%, 12/15/2023 (Insured by BAM) | 110,000 | 121,670 | ||||||||||
City of Springfield IL: | ||||||||||||
5.000%, 12/01/2023 | 155,000 | 171,319 | ||||||||||
5.000%, 03/01/2024 | 50,000 | 55,798 | ||||||||||
City of Waukegan IL, | ||||||||||||
3.000%, 12/30/2022 | 365,000 | 378,686 | ||||||||||
Cook County Community Consolidated | ||||||||||||
School District No. 34, | ||||||||||||
5.000%, 12/01/2026 | 1,675,000 | 2,057,221 | ||||||||||
Cook County Forest Preserve District, | ||||||||||||
5.000%, 11/15/2021 | 750,000 | 763,091 |
The accompanying notes are an integral part of these financial statements.
Page 93
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Cook County High School District No. 209, | ||||||||||||
4.000%, 12/01/2030 (Callable 12/01/2024) | ||||||||||||
(Insured by AGM) | $ | 575,000 | $ | 632,555 | ||||||||
Cook County School District No. 123, | ||||||||||||
0.000%, 12/01/2021 (ETM) | 200,000 | 199,793 | ||||||||||
Cook County School District No. 130, | ||||||||||||
5.000%, 12/01/2025 (Insured by AGM) | 1,320,000 | 1,552,232 | ||||||||||
Cook County School District No. 154, | ||||||||||||
3.500%, 12/01/2024 (Insured by BAM) | 114,000 | 122,171 | ||||||||||
Cook County School District No. 159: | ||||||||||||
0.000%, 12/01/2022 | ||||||||||||
(ETM) (Insured by AGM) | 1,225,000 | 1,218,614 | ||||||||||
0.000%, 12/01/2022 (Insured by AGM) | 20,000 | 19,780 | ||||||||||
Cook County School District No. 163, | ||||||||||||
6.000%, 12/15/2024 (Insured by BAM) | 795,000 | 933,671 | ||||||||||
Cook County School District No. 84: | ||||||||||||
0.000%, 12/01/2021 | ||||||||||||
(ETM) (Insured by AGM) | 180,000 | 179,888 | ||||||||||
0.000%, 12/01/2021 | ||||||||||||
(ETM) (Insured by AGM) | 105,000 | 104,935 | ||||||||||
Cook County Township | ||||||||||||
High School District No. 201, | ||||||||||||
0.000%, 12/01/2025 (Insured by AGM) | 165,000 | 155,671 | ||||||||||
County of Cook IL: | ||||||||||||
5.000%, 11/15/2027 | 2,000,000 | 2,496,775 | ||||||||||
5.000%, 11/15/2028 (Callable 11/15/2026) | 3,000,000 | 3,659,818 | ||||||||||
5.000%, 11/15/2032 (Callable 11/15/2027) | 1,000,000 | 1,247,979 | ||||||||||
County of Washington IL, | ||||||||||||
4.000%, 12/15/2024 (Insured by AGM) | 250,000 | 278,171 | ||||||||||
DeKalb & Kane Counties Community | ||||||||||||
Unit School District No. 427, | ||||||||||||
4.000%, 02/01/2029 (Callable 02/01/2022) | ||||||||||||
(Insured by BAM) | 525,000 | 536,693 | ||||||||||
DeKalb County Community | ||||||||||||
Unit School District No. 424: | ||||||||||||
0.000%, 01/01/2022 | ||||||||||||
(ETM) (Insured by AMBAC) | 125,000 | 124,820 | ||||||||||
0.000%, 01/01/2022 (Insured by AMBAC) | 125,000 | 124,623 | ||||||||||
Exceptional Children Have Opportunities: | ||||||||||||
5.000%, 12/01/2024 | 380,000 | 431,754 | ||||||||||
5.000%, 12/01/2025 | 505,000 | 589,552 | ||||||||||
5.000%, 12/01/2025 | 245,000 | 286,021 | ||||||||||
5.000%, 12/01/2026 | 530,000 | 636,567 | ||||||||||
5.000%, 12/01/2026 | 255,000 | 306,273 | ||||||||||
Fulton, Mason, Knox, Schuyler, Etc. Counties | ||||||||||||
Community College District No. 534, | ||||||||||||
4.000%, 12/01/2027 (Pre-refunded to | ||||||||||||
12/01/2022) (Insured by BAM) | 90,000 | 94,839 | ||||||||||
Hampshire Special Service Area No. 13: | ||||||||||||
3.000%, 03/01/2022 (Insured by BAM) | 100,000 | 101,320 | ||||||||||
3.000%, 03/01/2023 (Insured by BAM) | 210,000 | 217,316 | ||||||||||
3.000%, 03/01/2026 (Insured by BAM) | 90,000 | 96,768 | ||||||||||
Hoffman Estates Park District, | ||||||||||||
5.000%, 12/01/2025 | 2,585,000 | 2,846,577 | ||||||||||
Illinois Development Finance Authority, | ||||||||||||
0.000%, 07/15/2025 (ETM) | 870,000 | 847,168 | ||||||||||
Illinois Finance Authority: | ||||||||||||
4.000%, 09/01/2021 | 75,000 | 75,433 | ||||||||||
5.000%, 11/01/2021 | 75,000 | 76,118 | ||||||||||
5.000%, 02/15/2022 | 235,000 | 241,996 | ||||||||||
5.000%, 05/15/2022 | 190,000 | 197,424 | ||||||||||
5.000%, 09/01/2022 | 200,000 | 210,937 | ||||||||||
5.000%, 05/15/2023 | 120,000 | 130,497 | ||||||||||
5.000%, 08/01/2023 | 1,455,000 | 1,567,099 | ||||||||||
5.000%, 09/01/2023 | 400,000 | 439,511 | ||||||||||
5.000%, 05/15/2024 | 350,000 | 395,723 | ||||||||||
5.000%, 11/01/2024 | 340,000 | 388,684 | ||||||||||
5.000%, 08/15/2027 (Callable 08/15/2025) | 1,000,000 | 1,170,758 | ||||||||||
5.000%, 09/01/2029 (Callable 09/01/2026) | 1,575,000 | 1,851,637 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2026) | 500,000 | 602,837 | ||||||||||
4.000%, 11/01/2030 | 2,995,000 | 3,381,343 | ||||||||||
0.720%, 05/01/2042 | ||||||||||||
(SIFMA Municipal Swap Index + 0.700%) | ||||||||||||
(Callable 05/01/2025) | ||||||||||||
(Mandatory Tender Date 05/01/2026)(2) | 2,540,000 | 2,540,004 | ||||||||||
0.020%, 08/01/2043 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 7,800,000 | 7,800,000 | ||||||||||
0.770%, 01/01/2046 | ||||||||||||
(SIFMA Municipal Swap Index + 0.750%) | ||||||||||||
(Callable 07/01/2022) | ||||||||||||
(Mandatory Tender Date 07/01/2023)(2) | 835,000 | 835,538 | ||||||||||
5.000%, 05/15/2050 (Callable 05/15/2026) | ||||||||||||
(Mandatory Tender Date 11/15/2026)(1) | 4,000,000 | 4,797,554 | ||||||||||
Illinois Housing Development Authority: | ||||||||||||
2.600%, 10/01/2025 (Insured by GNMA) | 780,000 | 834,656 | ||||||||||
2.750%, 04/01/2026 (Insured by GNMA) | 1,000,000 | 1,083,306 | ||||||||||
2.450%, 06/01/2043 (Callable 01/01/2023) | ||||||||||||
(Insured by GNMA) | 257,377 | 266,234 | ||||||||||
4.500%, 10/01/2048 (Callable 04/01/2028) | 465,000 | 520,354 | ||||||||||
4.000%, 10/01/2049 (Callable 10/01/2028) | ||||||||||||
(Insured by GNMA) | 6,465,000 | 7,180,055 | ||||||||||
4.250%, 10/01/2049 (Callable 04/01/2028) | 1,705,000 | 1,898,514 | ||||||||||
3.000%, 04/01/2051 (Callable 04/01/2030) | 2,000,000 | 2,188,225 | ||||||||||
Illinois Sports Facilities Authority, | ||||||||||||
5.000%, 06/15/2028 (Insured by BAM) | 1,000,000 | 1,243,112 | ||||||||||
Iroquois & Kankakee Counties Community | ||||||||||||
Unit School District No. 4, | ||||||||||||
0.000%, 11/01/2021 (Insured by AMBAC) | 500,000 | 498,338 | ||||||||||
Joliet Park District: | ||||||||||||
4.000%, 02/01/2023 (Insured by BAM) | 150,000 | 158,371 | ||||||||||
4.000%, 02/01/2028 (Callable 02/01/2024) | ||||||||||||
(Insured by BAM) | 715,000 | 766,214 | ||||||||||
Joliet Regional Port District, | ||||||||||||
4.000%, 06/30/2025 (Callable 06/30/2024) | ||||||||||||
(Insured by AGM) | 40,000 | 43,911 | ||||||||||
Kane & DeKalb Counties Community | ||||||||||||
Unit School District No. 302, | ||||||||||||
5.000%, 02/01/2026 | 500,000 | 590,751 | ||||||||||
Kane County School District No. 131, | ||||||||||||
3.500%, 06/01/2024 (Callable 08/02/2021) | ||||||||||||
(Insured by AGM) | 15,000 | 15,041 | ||||||||||
Kankakee, Iroquois, Ford, Etc. Counties | ||||||||||||
Community Unit School District No. 2, | ||||||||||||
4.000%, 12/01/2023 (Insured by AGM) | 445,000 | 481,650 | ||||||||||
Kendall & Kane Counties Community | ||||||||||||
Unit School District No. 115, | ||||||||||||
0.000%, 01/01/2022 (Insured by NATL) | 1,000,000 | 997,328 | ||||||||||
Kendall County Forest Preserve District, | ||||||||||||
4.000%, 01/01/2025 (Insured by BAM) | 215,000 | 236,593 | ||||||||||
Lake County Community Unit | ||||||||||||
School District No. 116, | ||||||||||||
5.000%, 01/15/2025 (Callable 01/15/2023) | 340,000 | 364,796 | ||||||||||
Lake County Elementary | ||||||||||||
School District No. 6: | ||||||||||||
0.000%, 12/01/2021 (Insured by AMBAC) | 115,000 | 114,437 | ||||||||||
0.000%, 12/01/2022 (Insured by AMBAC) | 115,000 | 112,903 | ||||||||||
0.000%, 12/01/2024 (Insured by AMBAC) | 70,000 | 66,121 |
The accompanying notes are an integral part of these financial statements.
Page 94
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Lake County School District No. 38: | ||||||||||||
0.000%, 02/01/2023 (Insured by AMBAC) | $ | 1,065,000 | $ | 1,040,755 | ||||||||
0.000%, 02/01/2025 (Insured by AMBAC) | 210,000 | 197,253 | ||||||||||
Logan Sangamon Etc Counties Community | ||||||||||||
Unit School District No. 23: | ||||||||||||
5.000%, 12/01/2021 (Insured by AGM) | 440,000 | 447,471 | ||||||||||
5.000%, 12/01/2022 (Insured by AGM) | 520,000 | 552,195 | ||||||||||
Macon & De Witt Counties Community | ||||||||||||
Unit School District No. 1, | ||||||||||||
2.250%, 12/01/2022 (Callable 08/02/2021) | 60,000 | 60,069 | ||||||||||
Macon County School District No. 61: | ||||||||||||
4.000%, 12/01/2025 (Insured by AGM) | 345,000 | 388,894 | ||||||||||
4.000%, 12/01/2026 (Insured by AGM) | 460,000 | 531,035 | ||||||||||
4.000%, 12/01/2027 (Insured by AGM) | 850,000 | 995,692 | ||||||||||
Madison-Macoupin Etc. Counties | ||||||||||||
Community College District No. 536: | ||||||||||||
4.000%, 05/01/2025 (Insured by AGM) | 400,000 | 445,207 | ||||||||||
4.000%, 05/01/2030 (Callable 05/01/2027) | ||||||||||||
(Insured by AGM) | 1,000,000 | 1,154,906 | ||||||||||
McHenry County Community | ||||||||||||
Unit School District No. 200, | ||||||||||||
5.250%, 01/15/2027 (Callable 01/15/2024) | 135,000 | 151,862 | ||||||||||
Menard Cass & Sangamon Counties | ||||||||||||
Community Unit School District No. 202, | ||||||||||||
4.000%, 12/01/2022 (Insured by AGM) | 300,000 | 313,921 | ||||||||||
Metropolitan Pier & Exposition Authority: | ||||||||||||
0.000%, 06/15/2022 | ||||||||||||
(ETM) (Insured by NATL) | 30,000 | 29,883 | ||||||||||
5.650%, 06/15/2022 (Insured by NATL)(7) | 160,000 | 167,997 | ||||||||||
5.500%, 12/15/2023 (Insured by NATL) | 135,000 | 145,550 | ||||||||||
0.000%, 06/15/2024 (Insured by NATL) | 35,000 | 33,951 | ||||||||||
0.000%, 12/15/2025 (Insured by NATL) | 65,000 | 61,281 | ||||||||||
5.000%, 12/15/2026 (Callable 06/15/2022) | ||||||||||||
(Insured by ST AID) | 290,000 | 302,872 | ||||||||||
Metropolitan Water Reclamation | ||||||||||||
District of Greater Chicago, | ||||||||||||
5.000%, 12/01/2027 (Callable 12/01/2026) | 535,000 | 662,219 | ||||||||||
Newport Township Fire Protection District: | ||||||||||||
4.000%, 01/01/2022 (Insured by BAM) | 125,000 | 126,912 | ||||||||||
4.000%, 01/01/2023 (Insured by BAM) | 135,000 | 141,109 | ||||||||||
Northern Illinois University: | ||||||||||||
5.000%, 10/01/2029 (Insured by BAM)(6) | 300,000 | 381,158 | ||||||||||
5.000%, 10/01/2030 (Insured by BAM)(6) | 325,000 | 418,206 | ||||||||||
Ogle & Winnebago Counties Community | ||||||||||||
Unit School District No. 223, | ||||||||||||
5.000%, 12/01/2021 (Insured by BAM) | 150,000 | 152,876 | ||||||||||
Pike & Adams Counties Community | ||||||||||||
Unit School District No. 4, | ||||||||||||
4.000%, 12/01/2024 (Insured by BAM) | 345,000 | 378,834 | ||||||||||
Plano Special Service Areas No. 3 & 4, | ||||||||||||
4.000%, 03/01/2030 (Callable 03/01/2025) | 260,000 | 291,987 | ||||||||||
Prospect Heights Park District, | ||||||||||||
4.000%, 12/01/2021 (Insured by BAM) | 330,000 | 335,103 | ||||||||||
Regional Transportation Authority: | ||||||||||||
6.250%, 07/01/2021 (Insured by AGM) | 675,000 | 675,000 | ||||||||||
5.750%, 06/01/2023 (Insured by AGM) | 175,000 | 186,042 | ||||||||||
Sales Tax Securitization Corp.: | ||||||||||||
5.000%, 01/01/2022 | 2,035,000 | 2,081,877 | ||||||||||
5.000%, 01/01/2024 | 200,000 | 222,369 | ||||||||||
Shelby Christian Macon Counties | ||||||||||||
Community School District No. 21: | ||||||||||||
4.000%, 12/01/2025 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 400,000 | 434,961 | ||||||||||
4.000%, 12/01/2026 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 435,000 | 472,800 | ||||||||||
Southwestern Illinois Development Authority, | ||||||||||||
7.125%, 11/01/2030 | ||||||||||||
(Pre-refunded to 11/01/2023) | 195,000 | 225,884 | ||||||||||
St. Charles Public Library District, | ||||||||||||
4.000%, 11/01/2028 (Callable 11/01/2024) | 455,000 | 509,185 | ||||||||||
St. Clair County Community | ||||||||||||
Consolidated School District: | ||||||||||||
0.000%, 12/01/2021 | 485,000 | 483,781 | ||||||||||
0.000%, 12/01/2022 | 190,000 | 188,117 | ||||||||||
St. Clair County School District No. 119: | ||||||||||||
5.000%, 04/01/2022 (Insured by AGM) | 350,000 | 362,135 | ||||||||||
5.000%, 04/01/2023 (Insured by AGM) | 300,000 | 323,679 | ||||||||||
St. Clair County Township | ||||||||||||
High School District No. 203, | ||||||||||||
4.000%, 12/01/2022 | 400,000 | 419,026 | ||||||||||
State of Illinois: | ||||||||||||
5.000%, 08/01/2021 | 190,000 | 190,740 | ||||||||||
4.000%, 03/01/2022 | 3,250,000 | 3,331,557 | ||||||||||
5.000%, 03/01/2022 | 55,000 | 56,745 | ||||||||||
5.000%, 03/01/2022 | 350,000 | 361,104 | ||||||||||
5.000%, 03/01/2022 | 500,000 | 515,862 | ||||||||||
5.125%, 05/01/2022 | 1,500,000 | 1,560,950 | ||||||||||
6.500%, 06/15/2022 | 95,000 | 100,304 | ||||||||||
5.000%, 06/15/2023 | 270,000 | 292,829 | ||||||||||
5.000%, 06/15/2023 | 670,000 | 726,650 | ||||||||||
3.750%, 06/15/2025 (Callable 08/02/2021) | 310,000 | 310,854 | ||||||||||
4.000%, 06/15/2026 (Callable 08/02/2021) | 365,000 | 366,943 | ||||||||||
6.000%, 06/15/2026 | 200,000 | 246,192 | ||||||||||
Tender Option Bond Trust: | ||||||||||||
0.140%, 12/01/2027 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 1,000,000 | 1,000,000 | ||||||||||
0.140%, 12/01/2027 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 3,450,000 | 3,450,000 | ||||||||||
United City of Yorkville IL, | ||||||||||||
4.050%, 12/01/2027 (Callable 12/01/2023) | 120,000 | 129,683 | ||||||||||
University of Illinois: | ||||||||||||
5.000%, 10/01/2021 | 330,000 | 333,938 | ||||||||||
5.000%, 03/15/2022 | 50,000 | 51,696 | ||||||||||
5.000%, 04/01/2026 | 1,905,000 | 2,290,665 | ||||||||||
5.000%, 04/01/2027 | 2,000,000 | 2,468,861 | ||||||||||
Upper Illinois River Valley | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 12/01/2022 | 680,000 | 722,200 | ||||||||||
5.000%, 12/01/2023 | 400,000 | 440,893 | ||||||||||
Village of Calumet Park IL, | ||||||||||||
5.250%, 12/01/2029 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 500,000 | 561,399 | ||||||||||
Village of Crestwood IL: | ||||||||||||
4.000%, 12/15/2021 (Insured by BAM) | 250,000 | 253,861 | ||||||||||
4.000%, 12/15/2021 (Insured by BAM) | 500,000 | 507,723 | ||||||||||
4.000%, 12/15/2023 (Insured by BAM) | 540,000 | 583,615 | ||||||||||
4.500%, 12/15/2025 (Callable 12/15/2022) | ||||||||||||
(Insured by BAM) | 60,000 | 63,364 | ||||||||||
Village of Glendale Heights IL, | ||||||||||||
4.000%, 12/15/2030 (Callable 12/15/2027) | 750,000 | 889,645 | ||||||||||
Village of Lansing IL: | ||||||||||||
5.000%, 03/01/2023 (Insured by AGM) | 275,000 | 293,928 | ||||||||||
5.000%, 03/01/2024 (Insured by BAM) | 230,000 | 254,412 | ||||||||||
Village of Lyons IL, | ||||||||||||
5.000%, 12/01/2025 (Callable 12/01/2022) | ||||||||||||
(Insured by BAM) | 25,000 | 26,680 | ||||||||||
Village of Matteson IL, | ||||||||||||
8.000%, 12/01/2029 | ||||||||||||
(Pre-refunded to 06/01/2022)(7) | 295,000 | 314,555 |
The accompanying notes are an integral part of these financial statements.
Page 95
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Village of Oak Park IL, | ||||||||||||
4.000%, 11/01/2021 | $ | 245,000 | $ | 247,943 | ||||||||
Village of Orland Hills IL: | ||||||||||||
4.000%, 12/01/2022 (Insured by BAM) | 145,000 | 151,456 | ||||||||||
4.000%, 12/01/2023 (Insured by BAM) | 130,000 | 139,957 | ||||||||||
Village of Rantoul IL, | ||||||||||||
4.300%, 01/01/2025 (Callable 01/01/2023) | 125,000 | 132,257 | ||||||||||
Village of Richton Park IL, | ||||||||||||
4.000%, 12/01/2022 (Insured by BAM) | 80,000 | 83,296 | ||||||||||
Village of River Grove IL, | ||||||||||||
3.000%, 12/15/2021 (Insured by BAM) | 120,000 | 121,251 | ||||||||||
Village of Romeoville IL, | ||||||||||||
5.000%, 10/01/2024 | 500,000 | 562,758 | ||||||||||
Village of Sauk Village IL, | ||||||||||||
4.000%, 12/01/2024 (Insured by BAM) | 1,260,000 | 1,388,923 | ||||||||||
Village of Stone Park IL: | ||||||||||||
4.000%, 02/01/2022 (Insured by BAM) | 125,000 | 127,681 | ||||||||||
4.000%, 02/01/2023 (Insured by BAM) | 130,000 | 134,720 | ||||||||||
4.000%, 02/01/2024 (Insured by BAM) | 135,000 | 144,517 | ||||||||||
4.000%, 02/01/2025 (Insured by BAM) | 140,000 | 153,045 | ||||||||||
4.000%, 02/01/2026 (Insured by BAM) | 220,000 | 244,856 | ||||||||||
4.750%, 02/01/2028 (Callable 02/01/2023) | ||||||||||||
(Insured by BAM) | 50,000 | 52,954 | ||||||||||
Village of Sugar Grove IL, | ||||||||||||
3.000%, 12/15/2025 (Callable 12/15/2021) | 225,000 | 227,389 | ||||||||||
Will County Community Consolidated | ||||||||||||
School District No. 70-C, | ||||||||||||
4.000%, 12/01/2022 (Insured by AGM) | 270,000 | 283,825 | ||||||||||
Will County Community | ||||||||||||
High School District No. 210: | ||||||||||||
0.000%, 01/01/2022 | ||||||||||||
(ETM) (Insured by AGM) | 165,000 | 164,681 | ||||||||||
4.000%, 01/01/2022 (Insured by AGM) | 650,000 | 661,320 | ||||||||||
0.000%, 01/01/2023 | ||||||||||||
(ETM) (Insured by AGM) | 365,000 | 362,443 | ||||||||||
0.000%, 01/01/2023 (Insured by AGM) | 325,000 | 320,139 | ||||||||||
0.000%, 01/01/2024 | ||||||||||||
(ETM) (Insured by AGM) | 510,000 | 502,802 | ||||||||||
0.000%, 01/01/2024 (Insured by AGM) | 275,000 | 267,182 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2023) | 35,000 | 37,064 | ||||||||||
Will County Community Unit | ||||||||||||
School District No. 201-U, | ||||||||||||
0.000%, 11/01/2021 (Insured by NATL) | 215,000 | 214,455 | ||||||||||
Will County Community Unit | ||||||||||||
School District No. 365: | ||||||||||||
0.000%, 11/01/2021 (Insured by AGM) | 200,000 | 199,875 | ||||||||||
0.000%, 11/01/2022 | ||||||||||||
(ETM) (Insured by AGM) | 45,000 | 44,869 | ||||||||||
Will County Elementary School District No. 122: | ||||||||||||
0.000%, 11/01/2021 | ||||||||||||
(ETM) (Insured by AGM) | 50,000 | 49,975 | ||||||||||
0.000%, 11/01/2023 | ||||||||||||
(ETM) (Insured by AGM) | 125,000 | 124,130 | ||||||||||
Will County School District No. 86, | ||||||||||||
3.000%, 03/01/2025 (Callable 03/01/2024) | 600,000 | 636,579 | ||||||||||
Will County School District No. 88A: | ||||||||||||
5.250%, 01/01/2022 | ||||||||||||
(ETM) (Insured by AGM) | 180,000 | 184,552 | ||||||||||
5.250%, 01/01/2022 (Insured by AGM) | 355,000 | 363,077 | ||||||||||
Will County Township | ||||||||||||
High School District No. 204, | ||||||||||||
5.000%, 01/01/2023 | 195,000 | 206,295 | ||||||||||
Winnebago & Boone Counties | ||||||||||||
School District No. 205: | ||||||||||||
0.000%, 02/01/2022 | 95,000 | 94,654 | ||||||||||
4.000%, 02/01/2028 (Callable 02/01/2023) | 965,000 | 1,018,204 | ||||||||||
Woodford, Lasalle, Livingston, Etc. Counties | ||||||||||||
Community Unit School District No. 6: | ||||||||||||
4.000%, 12/01/2024 (Insured by BAM) | 185,000 | 205,712 | ||||||||||
4.000%, 12/01/2025 (Insured by BAM) | 200,000 | 226,556 | ||||||||||
4.000%, 12/01/2026 (Insured by BAM) | 175,000 | 201,626 | ||||||||||
Total Illinois | ||||||||||||
(Cost $133,487,428) | 135,392,066 | 7.6 | % | |||||||||
Indiana | ||||||||||||
City of Hobart IN, | ||||||||||||
3.000%, 07/01/2025 (Insured by ST AID) | 395,000 | 413,272 | ||||||||||
City of Lawrence IN, | ||||||||||||
4.000%, 01/01/2022 (Insured by BAM) | 400,000 | 407,411 | ||||||||||
City of Mishawaka IN, | ||||||||||||
5.000%, 03/01/2025 (Insured by AGM) | 100,000 | 116,173 | ||||||||||
City of Muncie IN: | ||||||||||||
4.000%, 07/15/2022 (Insured by AGM) | 110,000 | 113,380 | ||||||||||
4.000%, 01/15/2024 (Insured by AGM) | 170,000 | 182,242 | ||||||||||
City of Valparaiso IN, | ||||||||||||
4.000%, 08/01/2026 (Callable 08/01/2023) | 375,000 | 402,869 | ||||||||||
Clarksville Redevelopment Authority: | ||||||||||||
4.000%, 08/01/2021 | 155,000 | 155,454 | ||||||||||
4.000%, 02/01/2022 | 230,000 | 234,865 | ||||||||||
County of Lake IN, | ||||||||||||
4.000%, 07/15/2021 (Insured by AGM) | 100,000 | 100,141 | ||||||||||
County of St. Joseph IN, | ||||||||||||
5.000%, 04/01/2024 | 1,000,000 | 1,111,485 | ||||||||||
Evansville Vanderburgh Public Library, | ||||||||||||
4.000%, 07/01/2021 (Insured by ST AID) | 70,000 | 70,000 | ||||||||||
Fishers Redevelopment Authority: | ||||||||||||
4.000%, 01/15/2023 | 270,000 | 285,296 | ||||||||||
4.000%, 07/15/2023 | 275,000 | 295,855 | ||||||||||
Hammond Multi-School Building Corp.: | ||||||||||||
4.000%, 07/15/2023 (Insured by ST AID) | 120,000 | 127,959 | ||||||||||
4.000%, 01/15/2024 (Insured by ST AID) | 370,000 | 399,740 | ||||||||||
4.000%, 07/15/2024 (Insured by ST AID) | 380,000 | 415,891 | ||||||||||
4.000%, 01/15/2025 (Insured by ST AID) | 100,000 | 110,650 | ||||||||||
5.000%, 01/15/2025 (Insured by ST AID) | 525,000 | 600,906 | ||||||||||
4.000%, 07/15/2025 (Insured by ST AID) | 125,000 | 139,849 | ||||||||||
Indiana Bond Bank, | ||||||||||||
1.093%, 10/15/2022 | ||||||||||||
(3 Month LIBOR USD + 0.970%)(2) | 1,140,000 | 1,140,459 | ||||||||||
Indiana Finance Authority: | ||||||||||||
5.000%, 09/15/2022 | 60,000 | 63,138 | ||||||||||
5.000%, 10/01/2022 | 175,000 | 184,486 | ||||||||||
5.250%, 10/01/2022 (Callable 10/01/2021) | 800,000 | 810,079 | ||||||||||
5.000%, 02/01/2023 | 25,000 | 26,875 | ||||||||||
5.000%, 09/15/2023 | 75,000 | 82,003 | ||||||||||
5.000%, 09/15/2024 | 815,000 | 911,945 | ||||||||||
5.000%, 09/15/2024 | 155,000 | 174,900 | ||||||||||
5.000%, 09/15/2025 | 325,000 | 376,198 | ||||||||||
3.000%, 10/01/2025 (Callable 10/01/2023) | 95,000 | 96,844 | ||||||||||
5.000%, 09/15/2026 (Callable 09/15/2024) | 700,000 | 778,797 | ||||||||||
3.000%, 10/01/2026 (Callable 10/01/2023) | 95,000 | 96,593 | ||||||||||
5.000%, 02/01/2033 (Callable 02/01/2028) | 775,000 | 977,946 | ||||||||||
2.250%, 12/01/2058 (Callable 01/01/2025) | ||||||||||||
(Mandatory Tender Date 07/01/2025)(1) | 2,985,000 | 3,167,238 |
The accompanying notes are an integral part of these financial statements.
Page 96
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Indiana Health & Educational Facilities | ||||||||||||
Financing Authority: | ||||||||||||
1.750%, 11/15/2031 | ||||||||||||
(Pre-refunded to 11/02/2021)(1) | $ | 5,000 | $ | 5,021 | ||||||||
1.750%, 11/15/2031 | ||||||||||||
(Mandatory Tender Date 11/02/2021)(1) | 370,000 | 371,961 | ||||||||||
Indiana Housing & Community | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 12/01/2027 (Callable 07/01/2021) | ||||||||||||
(Insured by GNMA) | 350,000 | 350,762 | ||||||||||
3.500%, 01/01/2049 (Callable 01/01/2029) | ||||||||||||
(Insured by GNMA) | 1,230,000 | 1,346,246 | ||||||||||
Indianapolis Local Public | ||||||||||||
Improvement Bond Bank: | ||||||||||||
5.000%, 06/01/2026 | 1,350,000 | 1,609,734 | ||||||||||
5.000%, 02/01/2030 (Callable 12/29/2023) | 1,000,000 | 1,113,908 | ||||||||||
Jasper Hospital Authority, | ||||||||||||
4.125%, 11/01/2025 | ||||||||||||
(Pre-refunded to 11/01/2023) | 2,025,000 | 2,207,721 | ||||||||||
Kankakee Valley Middle | ||||||||||||
School Building Corp., | ||||||||||||
5.000%, 07/15/2022 (Insured by ST AID) | 215,000 | 225,859 | ||||||||||
Lake Central Multi-District | ||||||||||||
School Building Corp., | ||||||||||||
5.000%, 07/15/2026 (Pre-refunded to | ||||||||||||
01/15/2023) (Insured by ST AID) | 585,000 | 628,422 | ||||||||||
Lake Station School Building Corp., | ||||||||||||
3.000%, 07/15/2022 (Pre-refunded to | ||||||||||||
01/15/2022) (Insured by ST AID) | 65,000 | 65,655 | ||||||||||
Logansport Renovation School Building Corp., | ||||||||||||
5.000%, 01/15/2026 (Insured by ST AID) | 750,000 | 890,895 | ||||||||||
Marion High School Building Corp.: | ||||||||||||
4.000%, 01/15/2022 (Insured by ST AID) | 170,000 | 173,377 | ||||||||||
4.000%, 07/15/2022 (Insured by ST AID) | 135,000 | 140,162 | ||||||||||
4.000%, 01/15/2023 (Insured by ST AID) | 215,000 | 227,009 | ||||||||||
4.000%, 01/15/2025 (Insured by ST AID) | 200,000 | 223,821 | ||||||||||
Michigan City School Building Corp., | ||||||||||||
5.000%, 07/15/2023 (Insured by ST AID) | 350,000 | 378,911 | ||||||||||
Munster School Building Corp.: | ||||||||||||
5.000%, 01/15/2022 (Insured by ST AID) | 205,000 | 210,248 | ||||||||||
5.000%, 07/15/2022 (Insured by ST AID) | 215,000 | 225,628 | ||||||||||
5.000%, 01/15/2023 (Insured by ST AID) | 215,000 | 230,680 | ||||||||||
4.000%, 07/15/2023 (Insured by ST AID) | 160,000 | 172,134 | ||||||||||
5.000%, 01/15/2024 (Insured by ST AID) | 225,000 | 250,833 | ||||||||||
Plainfield Redevelopment Authority: | ||||||||||||
4.000%, 02/01/2026 (Insured by ST AID) | 605,000 | 692,725 | ||||||||||
4.000%, 08/01/2026 (Insured by ST AID) | 630,000 | 729,183 | ||||||||||
4.000%, 02/01/2027 (Insured by ST AID) | 645,000 | 752,943 | ||||||||||
4.000%, 08/01/2027 (Insured by ST AID) | 665,000 | 783,489 | ||||||||||
Salem Middle School Building Corp., | ||||||||||||
4.000%, 01/15/2024 (Insured by ST AID) | 195,000 | 211,805 | ||||||||||
Shelbyville Central Renovation | ||||||||||||
School Building Corp., | ||||||||||||
5.000%, 07/15/2022 (Insured by ST AID) | 260,000 | 272,741 | ||||||||||
Starke County Building Corp., | ||||||||||||
4.000%, 08/01/2028 (Pre-refunded to | ||||||||||||
02/01/2022) (Insured by ST AID) | 700,000 | 715,176 | ||||||||||
Town of Rossville IN, | ||||||||||||
3.500%, 07/01/2023 | 115,000 | 120,474 | ||||||||||
Vinton-Tecumseh School Building Corp.: | ||||||||||||
4.000%, 07/15/2021 (Insured by ST AID) | 220,000 | 220,289 | ||||||||||
4.000%, 07/15/2022 (Insured by ST AID) | 385,000 | 399,476 | ||||||||||
5.000%, 01/15/2023 (Insured by ST AID) | 145,000 | 155,202 | ||||||||||
Wabash City Schools Building Corp.: | ||||||||||||
4.000%, 07/15/2024 (Insured by ST AID) | 110,000 | 121,121 | ||||||||||
4.000%, 01/15/2025 (Insured by ST AID) | 140,000 | 156,153 | ||||||||||
4.000%, 07/15/2025 (Insured by ST AID) | 240,000 | 270,951 | ||||||||||
Washington Indiana Elementary | ||||||||||||
School Building Corp., | ||||||||||||
3.000%, 01/15/2024 (Insured by ST AID) | 550,000 | 569,394 | ||||||||||
West Washington School Corp.: | ||||||||||||
2.000%, 01/15/2022 (Insured by ST AID) | 125,000 | 125,976 | ||||||||||
2.000%, 07/15/2022 (Insured by ST AID) | 195,000 | 198,119 | ||||||||||
Westfield High School Building Corp., | ||||||||||||
5.000%, 01/15/2024 (Insured by ST AID) | 200,000 | 221,889 | ||||||||||
Total Indiana | ||||||||||||
(Cost $31,850,958) | 32,337,032 | 1.8 | % | |||||||||
Iowa | ||||||||||||
Bondurant-Farrar Community | ||||||||||||
School District, | ||||||||||||
3.000%, 06/01/2023 (Insured by AGM) | 110,000 | 115,652 | ||||||||||
City of Coralville IA: | ||||||||||||
4.000%, 06/01/2024 | 300,000 | 317,427 | ||||||||||
4.000%, 06/01/2025 (Callable 06/01/2024) | 455,000 | 479,757 | ||||||||||
City of New Hampton IA: | ||||||||||||
3.000%, 06/01/2022 (Insured by BAM) | 130,000 | 132,948 | ||||||||||
3.000%, 06/01/2023 (Insured by BAM) | 135,000 | 141,459 | ||||||||||
City of Waverly IA, | ||||||||||||
2.500%, 12/31/2022 (Callable 07/01/2022) | 2,850,000 | 2,888,352 | ||||||||||
County of Adair IA: | ||||||||||||
2.000%, 06/01/2022 | 580,000 | 589,210 | ||||||||||
2.000%, 06/01/2023 | 730,000 | 752,452 | ||||||||||
Iowa Finance Authority: | ||||||||||||
3.500%, 07/01/2046 (Callable 01/01/2026) | ||||||||||||
(Insured by GNMA) | 130,000 | 138,487 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2027) | ||||||||||||
(Insured by GNMA) | 725,000 | 792,947 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 995,000 | 1,128,148 | ||||||||||
2.875%, 05/15/2049 (Callable 07/21/2021) | 900,000 | 909,437 | ||||||||||
Iowa Higher Education Loan Authority: | ||||||||||||
3.000%, 04/01/2024 | 500,000 | 531,473 | ||||||||||
3.000%, 04/01/2025 | 775,000 | 837,929 | ||||||||||
3.000%, 04/01/2026 | 800,000 | 875,516 | ||||||||||
3.000%, 04/01/2027 | 820,000 | 907,687 | ||||||||||
3.000%, 04/01/2028 | 845,000 | 943,679 | ||||||||||
Iowa Tobacco Settlement Authority, | ||||||||||||
0.375%, 06/01/2030 | 285,000 | 285,233 | ||||||||||
Lake Panorama Improvement Zone: | ||||||||||||
3.000%, 06/01/2022 | 395,000 | 403,081 | ||||||||||
3.000%, 06/01/2023 | 405,000 | 422,713 | ||||||||||
3.000%, 06/01/2024 | 420,000 | 446,064 | ||||||||||
3.000%, 06/01/2025 | 430,000 | 462,141 | ||||||||||
Total Iowa | ||||||||||||
(Cost $14,175,971) | 14,501,792 | 0.8 | % | |||||||||
Kansas | ||||||||||||
City of Derby KS, | ||||||||||||
3.900%, 03/01/2037 (Callable 03/01/2025) | 1,300,000 | 1,346,673 | ||||||||||
City of Lenexa KS, | ||||||||||||
1.625%, 09/01/2021 (Callable 08/02/2021) | 275,000 | 275,220 | ||||||||||
Kansas Independent | ||||||||||||
College Finance Authority: | ||||||||||||
4.125%, 05/01/2022 | 2,250,000 | 2,292,480 | ||||||||||
4.375%, 05/01/2022 | 500,000 | 509,422 | ||||||||||
Kansas Municipal Energy Agency, | ||||||||||||
5.000%, 04/01/2022 (Insured by BAM) | 515,000 | 533,173 |
The accompanying notes are an integral part of these financial statements.
Page 97
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Public Building Commission | ||||||||||||
of Johnson County, | ||||||||||||
5.000%, 09/01/2023 | $ | 50,000 | $ | 55,196 | ||||||||
Reno County Unified | ||||||||||||
School District No. 313, | ||||||||||||
4.000%, 09/01/2030 | ||||||||||||
(Pre-refunded to 09/01/2022) | 200,000 | 208,854 | ||||||||||
Wyandotte County-Kansas City | ||||||||||||
Unified Government, | ||||||||||||
5.000%, 09/01/2031 (Callable 09/01/2024) | 1,100,000 | 1,250,734 | ||||||||||
Total Kansas | ||||||||||||
(Cost $6,337,762) | 6,471,752 | 0.4 | % | |||||||||
Kentucky | ||||||||||||
City of Somerset KY, | ||||||||||||
4.000%, 11/01/2026 (Callable 11/01/2021) | 205,000 | 207,469 | ||||||||||
County of Carroll KY, | ||||||||||||
1.550%, 09/01/2042 | ||||||||||||
(Mandatory Tender Date 09/01/2026)(1) | 750,000 | 755,001 | ||||||||||
County of Kenton KY: | ||||||||||||
5.000%, 04/01/2024 | 375,000 | 420,949 | ||||||||||
5.000%, 04/01/2026 | 700,000 | 837,003 | ||||||||||
Danville Independent | ||||||||||||
School District Finance Corp., | ||||||||||||
2.000%, 03/01/2023 (Insured by ST AID) | 155,000 | 157,880 | ||||||||||
Frankfort Independent | ||||||||||||
School District Finance Corp., | ||||||||||||
2.050%, 08/01/2024 (Insured by ST AID) | 1,205,000 | 1,231,601 | ||||||||||
Harlan County School | ||||||||||||
District Finance Corp., | ||||||||||||
3.000%, 08/01/2025 (Callable 02/01/2025) | ||||||||||||
(Insured by ST AID) | 1,150,000 | 1,243,999 | ||||||||||
Kentucky Association of | ||||||||||||
Counties Finance Corp., | ||||||||||||
4.000%, 02/01/2028 | 240,000 | 287,032 | ||||||||||
Kentucky Bond Corp., | ||||||||||||
3.000%, 02/01/2025 | 765,000 | 830,607 | ||||||||||
Kentucky Bond Development Corp.: | ||||||||||||
2.000%, 03/01/2023 | 160,000 | 163,312 | ||||||||||
3.000%, 03/01/2024 | 160,000 | 168,499 | ||||||||||
4.000%, 03/01/2025 | 165,000 | 182,409 | ||||||||||
5.000%, 03/01/2026 | 150,000 | 175,989 | ||||||||||
5.000%, 03/01/2027 | 345,000 | 414,763 | ||||||||||
5.000%, 03/01/2028 | 190,000 | 233,324 | ||||||||||
Kentucky Economic Development | ||||||||||||
Finance Authority: | ||||||||||||
0.000%, 12/01/2022 | ||||||||||||
(ETM) (Insured by AGC) | 75,000 | 74,662 | ||||||||||
0.000%, 10/01/2024 (Insured by NATL) | 945,000 | 906,435 | ||||||||||
0.000%, 12/01/2024 | ||||||||||||
(ETM) (Insured by AGC) | 60,000 | 58,966 | ||||||||||
0.000%, 10/01/2025 (Insured by NATL) | 335,000 | 314,345 | ||||||||||
5.000%, 06/01/2026 | 240,000 | 280,516 | ||||||||||
0.080%, 05/01/2034 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 5,165,000 | 5,165,000 | ||||||||||
Kentucky Public Energy Authority: | ||||||||||||
4.000%, 01/01/2049 (Callable 10/01/2024) | ||||||||||||
(Mandatory Tender Date 01/01/2025)(1) | 4,740,000 | 5,264,791 | ||||||||||
1.187%, 12/01/2049 (1 Month LIBOR | ||||||||||||
USD + 1.120%) (Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(2) | 4,050,000 | 4,140,375 | ||||||||||
1.367%, 12/01/2049 (1 Month LIBOR | ||||||||||||
USD + 1.300%) (Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(2) | 2,100,000 | 2,160,447 | ||||||||||
4.000%, 12/01/2050 (Callable 03/01/2026) | ||||||||||||
(Mandatory Tender Date 06/01/2026)(1) | 1,760,000 | 2,029,128 | ||||||||||
Kentucky State Property & | ||||||||||||
Building Commission: | ||||||||||||
5.000%, 11/01/2021 (Insured by ST AID) | 250,000 | 253,997 | ||||||||||
5.000%, 05/01/2028 | 300,000 | 378,062 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2027) | 250,000 | 307,520 | ||||||||||
Kentucky Turnpike Authority, | ||||||||||||
4.000%, 07/01/2026 | 1,000,000 | 1,151,712 | ||||||||||
Louisville & Jefferson County | ||||||||||||
Metropolitan Government: | ||||||||||||
5.000%, 12/01/2022 | ||||||||||||
(Pre-refunded to 06/01/2022) | 1,020,000 | 1,064,390 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2023) | 500,000 | 549,105 | ||||||||||
Magoffin County Justice Center Corp., | ||||||||||||
3.000%, 05/01/2023 | 345,000 | 360,100 | ||||||||||
Murray State University: | ||||||||||||
5.000%, 09/01/2021 (Insured by ST AID) | 285,000 | 287,188 | ||||||||||
5.000%, 09/01/2022 (Insured by ST AID) | 410,000 | 432,292 | ||||||||||
5.000%, 09/01/2023 (Insured by ST AID) | 435,000 | 476,823 | ||||||||||
3.000%, 03/01/2028 (Callable 03/01/2025) | ||||||||||||
(Insured by ST AID) | 400,000 | 425,974 | ||||||||||
University of Louisville, | ||||||||||||
5.000%, 03/01/2022 (Insured by ST AID) | 525,000 | 541,462 | ||||||||||
Total Kentucky | ||||||||||||
(Cost $33,101,320) | 33,933,127 | 1.9 | % | |||||||||
Louisiana | ||||||||||||
Calcasieu Parish Fire Protection District No. 1: | ||||||||||||
3.500%, 03/01/2022 (Insured by BAM) | 145,000 | 147,978 | ||||||||||
4.000%, 03/01/2024 (Insured by BAM) | 155,000 | 169,014 | ||||||||||
Calcasieu Parish School Board, | ||||||||||||
5.000%, 02/01/2025 | ||||||||||||
(Pre-refunded to 02/01/2022) | 115,000 | 118,263 | ||||||||||
Calcasieu Parish School District No. 23: | ||||||||||||
5.000%, 09/01/2022 (Insured by BAM) | 85,000 | 89,519 | ||||||||||
5.000%, 09/01/2023 (Insured by BAM) | 175,000 | 192,145 | ||||||||||
5.000%, 09/01/2024 (Insured by BAM) | 250,000 | 284,443 | ||||||||||
Calcasieu Parish School District No. 30: | ||||||||||||
2.500%, 02/15/2022 | 225,000 | 227,921 | ||||||||||
4.000%, 02/15/2023 (Insured by AGM) | 125,000 | 131,893 | ||||||||||
Calcasieu Parish School District No. 34, | ||||||||||||
2.000%, 11/01/2022 | 425,000 | 434,687 | ||||||||||
City of Shreveport LA: | ||||||||||||
5.000%, 08/01/2023 (Insured by BAM) | 175,000 | 191,519 | ||||||||||
5.000%, 03/01/2024 (Insured by BAM) | 435,000 | 487,413 | ||||||||||
5.000%, 09/01/2024 | 1,000,000 | 1,131,034 | ||||||||||
East Ouachita Parish School District: | ||||||||||||
2.500%, 03/01/2022 | 435,000 | 441,491 | ||||||||||
2.500%, 03/01/2024 | 200,000 | 209,512 | ||||||||||
Ernest N Morial New Orleans | ||||||||||||
Exhibition Hall Authority, | ||||||||||||
5.000%, 07/15/2021 | 265,000 | 265,419 | ||||||||||
Greater Ouachita Water Co., | ||||||||||||
5.000%, 09/01/2022 (Insured by BAM) | 300,000 | 315,949 | ||||||||||
Jefferson Sales Tax District: | ||||||||||||
5.000%, 12/01/2023 (Insured by AGM) | 550,000 | 610,714 | ||||||||||
5.000%, 12/01/2024 (Insured by AGM) | 575,000 | 662,329 | ||||||||||
Louisiana Housing Corp., | ||||||||||||
3.000%, 12/01/2051 (Callable 12/01/2029) | ||||||||||||
(Insured by GNMA) | 2,800,000 | 3,070,340 | ||||||||||
Louisiana Local Government | ||||||||||||
Environmental Facilities & | ||||||||||||
Community Development Authority: | ||||||||||||
5.000%, 08/01/2024 (Callable 08/01/2023) | 185,000 | 201,733 | ||||||||||
3.020%, 04/01/2031 | ||||||||||||
(Callable 04/01/2025)(3) | 5,941,000 | 6,354,283 |
The accompanying notes are an integral part of these financial statements.
Page 98
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Louisiana Local Government | ||||||||||||
Environmental Facilities & | ||||||||||||
Community Development Authority: (cont.) | ||||||||||||
5.750%, 09/01/2035 | ||||||||||||
(Pre-refunded to 09/01/2023) | $ | 75,000 | $ | 83,827 | ||||||||
Louisiana Public Facilities Authority: | ||||||||||||
5.000%, 10/01/2023 | 705,000 | 776,743 | ||||||||||
5.500%, 05/15/2027 | ||||||||||||
(Pre-refunded to 05/15/2026) | 2,015,000 | 2,411,002 | ||||||||||
Louisiana Stadium & Exposition District, | ||||||||||||
4.000%, 07/03/2023 (Callable 04/01/2023) | 2,500,000 | 2,647,061 | ||||||||||
Louisiana State University & Agricultural | ||||||||||||
& Mechanical College, | ||||||||||||
5.000%, 07/01/2027 (Callable 07/01/2026) | ||||||||||||
(Insured by BAM) | 340,000 | 408,800 | ||||||||||
Morehouse Parish Hospital | ||||||||||||
Service District No. 1, | ||||||||||||
4.000%, 10/01/2027 | 635,000 | 693,815 | ||||||||||
New Orleans Aviation Board, | ||||||||||||
5.000%, 10/01/2025 (Insured by AGM) | 200,000 | 235,888 | ||||||||||
Parish of St. Charles LA, | ||||||||||||
4.000%, 12/01/2040 | ||||||||||||
(Mandatory Tender Date 06/01/2022)(1) | 3,040,000 | 3,138,896 | ||||||||||
Regional Transit Authority, | ||||||||||||
0.000%, 12/01/2021 | ||||||||||||
(ETM) (Insured by NATL) | 35,000 | 34,964 | ||||||||||
St. Landry Parish Road District No. 1, | ||||||||||||
3.250%, 03/01/2025 | ||||||||||||
(Callable 03/01/2024) (Insured by BAM) | 210,000 | 223,898 | ||||||||||
St. Tammany Parish Recreation | ||||||||||||
District No. 14, | ||||||||||||
2.250%, 04/01/2023 | 225,000 | 233,045 | ||||||||||
State of Louisiana: | ||||||||||||
5.000%, 05/01/2024 | ||||||||||||
(Pre-refunded to 05/01/2022) | 345,000 | 358,823 | ||||||||||
5.000%, 06/15/2034 | ||||||||||||
(Pre-refunded to 06/15/2024) | 60,000 | 68,246 | ||||||||||
Total Louisiana | ||||||||||||
(Cost $26,561,424) | 27,052,607 | 1.5 | % | |||||||||
Maine | ||||||||||||
Maine Health & Higher Educational | ||||||||||||
Facilities Authority, | ||||||||||||
5.000%, 07/01/2027 | 2,365,000 | 2,946,300 | ||||||||||
Maine State Housing Authority: | ||||||||||||
2.700%, 11/15/2029 (Callable 11/15/2025) | 190,000 | 199,782 | ||||||||||
3.500%, 11/15/2045 (Callable 05/15/2025) | 15,000 | 15,732 | ||||||||||
4.000%, 11/15/2045 (Callable 11/15/2025) | 215,000 | 226,980 | ||||||||||
4.000%, 11/15/2046 (Callable 05/15/2026) | 1,355,000 | 1,451,947 | ||||||||||
3.500%, 11/15/2047 (Callable 11/15/2026) | 880,000 | 942,140 | ||||||||||
4.000%, 11/15/2049 (Callable 05/15/2028) | 1,340,000 | 1,473,239 | ||||||||||
4.000%, 11/15/2050 (Callable 05/15/2029) | 1,800,000 | 2,018,855 | ||||||||||
Total Maine | ||||||||||||
(Cost $8,991,134) | 9,274,975 | 0.5 | % | |||||||||
Maryland | ||||||||||||
City of Baltimore MD, | ||||||||||||
5.000%, 07/01/2024 (ETM) | 100,000 | 108,068 | ||||||||||
County of Baltimore MD, | ||||||||||||
3.000%, 09/01/2025 (Callable 09/01/2022) | 950,000 | 978,711 | ||||||||||
County of Washington MD, | ||||||||||||
5.000%, 01/01/2022 | 415,000 | 424,452 | ||||||||||
Maryland Community Development | ||||||||||||
Administration, | ||||||||||||
3.250%, 09/01/2050 (Callable 09/01/2029) | 5,330,000 | 5,849,592 | ||||||||||
Maryland Health & Higher Educational | ||||||||||||
Facilities Authority: | ||||||||||||
4.000%, 01/01/2023 | 580,000 | 608,288 | ||||||||||
5.000%, 07/01/2023 | 850,000 | 928,974 | ||||||||||
5.000%, 07/01/2024 | 1,775,000 | 2,016,436 | ||||||||||
5.000%, 01/01/2026 | 495,000 | 559,220 | ||||||||||
5.000%, 01/01/2027 | 430,000 | 495,696 | ||||||||||
5.000%, 07/01/2027 | ||||||||||||
(ETM) (Insured by AMBAC) | 2,435,000 | 2,795,116 | ||||||||||
Montgomery County Housing | ||||||||||||
Opportunities Commission, | ||||||||||||
4.000%, 07/01/2048 (Callable 07/01/2026) | 315,000 | 342,838 | ||||||||||
Total Maryland | ||||||||||||
(Cost $14,915,000) | 15,107,391 | 0.8 | % | |||||||||
Massachusetts | ||||||||||||
Massachusetts Development Finance Agency: | ||||||||||||
5.000%, 07/01/2022 (Callable 07/01/2021) | 1,735,000 | 1,735,000 | ||||||||||
3.500%, 10/01/2022(3) | 540,000 | 561,770 | ||||||||||
5.000%, 10/01/2022 (Insured by AGM) | 200,000 | 211,643 | ||||||||||
5.000%, 12/01/2023 | 190,000 | 210,828 | ||||||||||
5.000%, 12/01/2024 | 500,000 | 574,836 | ||||||||||
5.000%, 07/01/2025 | 365,000 | 397,012 | ||||||||||
5.250%, 07/01/2033 (Pre-refunded to | ||||||||||||
07/01/2021) (Insured by AGM) | 1,025,000 | 1,025,000 | ||||||||||
5.000%, 10/01/2033 (Callable 10/01/2023) | ||||||||||||
(Mandatory Tender Date 04/01/2024)(1) | 100,000 | 110,343 | ||||||||||
Massachusetts Housing Finance Agency: | ||||||||||||
4.000%, 12/01/2044 (Callable 06/01/2025) | 175,000 | 185,664 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2027) | ||||||||||||
(Insured by GNMA) | 765,000 | 835,754 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2027) | ||||||||||||
(Insured by GNMA) | 475,000 | 515,362 | ||||||||||
4.000%, 06/01/2049 (Callable 12/01/2028) | 880,000 | 972,830 | ||||||||||
Massachusetts Transportation Trust, | ||||||||||||
5.000%, 01/01/2039 | ||||||||||||
(Mandatory Tender Date 01/01/2023)(1) | 3,865,000 | 4,140,454 | ||||||||||
Pioneer Valley Transit Authority, | ||||||||||||
2.000%, 07/16/2021 | 1,500,000 | 1,501,020 | ||||||||||
Town of Ashburnham MA, | ||||||||||||
4.250%, 07/01/2021 (Insured by AGC) | 125,000 | 125,000 | ||||||||||
Total Massachusetts | ||||||||||||
(Cost $12,861,461) | 13,102,516 | 0.7 | % | |||||||||
Michigan | ||||||||||||
Bad Axe Public Schools, | ||||||||||||
4.000%, 05/01/2027 (Callable 05/01/2024) | ||||||||||||
(Insured by Q-SBLF) | 630,000 | 687,685 | ||||||||||
Battle Creek Tax Increment Finance Authority, | ||||||||||||
4.300%, 12/01/2028 (Callable 08/02/2021) | 500,000 | 501,671 | ||||||||||
City of Allen Park Brownfield | ||||||||||||
Redevelopment Authority: | ||||||||||||
4.000%, 05/01/2022 (Insured by BAM) | 600,000 | 618,353 | ||||||||||
4.000%, 05/01/2023 (Insured by BAM) | 620,000 | 660,522 | ||||||||||
4.000%, 05/01/2024 (Insured by BAM) | 320,000 | 351,046 | ||||||||||
City of Allen Park MI: | ||||||||||||
2.000%, 05/01/2022 (Insured by BAM) | 110,000 | 111,375 | ||||||||||
4.000%, 09/01/2022 (Insured by BAM) | 250,000 | 259,974 | ||||||||||
4.000%, 05/01/2023 (Insured by BAM) | 115,000 | 122,233 | ||||||||||
4.000%, 09/01/2023 (Insured by BAM) | 300,000 | 322,262 | ||||||||||
City of Kalamazoo MI, | ||||||||||||
5.000%, 10/01/2023 | 50,000 | 54,887 | ||||||||||
Comstock Public Schools, | ||||||||||||
5.000%, 11/01/2023 (Insured by AGM) | 240,000 | 265,039 |
The accompanying notes are an integral part of these financial statements.
Page 99
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Davison Community Schools, | ||||||||||||
3.000%, 05/01/2022 | $ | 190,000 | $ | 194,334 | ||||||||
Detroit Wayne County Stadium Authority, | ||||||||||||
5.000%, 10/01/2026 (Callable 10/01/2022) | ||||||||||||
(Insured by AGM) | 25,000 | 26,459 | ||||||||||
Essexville-Hampton Public Schools, | ||||||||||||
4.000%, 05/01/2022 (Insured by Q-SBLF) | 325,000 | 335,467 | ||||||||||
Ferris State University: | ||||||||||||
5.000%, 10/01/2024 | 950,000 | 1,087,944 | ||||||||||
5.000%, 10/01/2029 | 1,500,000 | 1,951,026 | ||||||||||
Fruitport Community Schools, | ||||||||||||
4.000%, 05/01/2023 (Insured by Q-SBLF) | 135,000 | 144,106 | ||||||||||
Holly Area School District, | ||||||||||||
4.000%, 05/01/2025 (Insured by Q-SBLF) | 450,000 | 507,377 | ||||||||||
Ingham County Brownfield | ||||||||||||
Redevelopment Authority, | ||||||||||||
4.125%, 08/01/2024 (Callable 08/02/2021) | ||||||||||||
(Insured by AGM) | 215,000 | 215,693 | ||||||||||
Michigan Finance Authority: | ||||||||||||
5.000%, 11/01/2022 | 100,000 | 106,385 | ||||||||||
5.000%, 09/01/2023 | 185,000 | 201,946 | ||||||||||
5.000%, 09/01/2024 | 200,000 | 225,670 | ||||||||||
4.000%, 10/01/2024 | 1,350,000 | 1,408,565 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | ||||||||||||
(Insured by AGM) | 1,595,000 | 1,820,687 | ||||||||||
5.000%, 09/01/2025 | 200,000 | 232,594 | ||||||||||
4.000%, 05/01/2026 | 60,000 | 68,710 | ||||||||||
5.000%, 09/01/2026 | 200,000 | 238,953 | ||||||||||
5.500%, 12/01/2026 (Callable 06/01/2025) | 350,000 | 417,054 | ||||||||||
5.000%, 09/01/2027 | 280,000 | 342,572 | ||||||||||
5.000%, 07/01/2028 (Callable 07/01/2025) | 500,000 | 586,428 | ||||||||||
3.500%, 11/15/2044 | ||||||||||||
(Mandatory Tender Date 11/15/2022)(1) | 2,010,000 | 2,090,098 | ||||||||||
4.000%, 11/15/2044 | ||||||||||||
(Mandatory Tender Date 08/15/2024)(1) | 2,405,000 | 2,677,708 | ||||||||||
5.000%, 12/01/2044 | ||||||||||||
(Mandatory Tender Date 02/01/2025)(1) | 1,525,000 | 1,767,839 | ||||||||||
Michigan State Building Authority, | ||||||||||||
0.070%, 10/15/2042 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
Michigan State Hospital Finance Authority, | ||||||||||||
4.000%, 11/15/2047 | ||||||||||||
(Mandatory Tender Date 07/01/2024)(1) | 365,000 | 404,944 | ||||||||||
Michigan State Housing | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 06/01/2046 (Callable 12/01/2024) | 860,000 | 909,419 | ||||||||||
3.500%, 06/01/2047 (Callable 06/01/2026) | 3,235,000 | 3,460,024 | ||||||||||
3.500%, 12/01/2050 (Callable 06/01/2029) | 1,940,000 | 2,146,423 | ||||||||||
Michigan Strategic Fund, | ||||||||||||
0.010%, 12/01/2033 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 3,000,000 | 3,000,000 | ||||||||||
Pinckney Community Schools, | ||||||||||||
4.000%, 05/01/2028 (Callable 05/01/2026) | ||||||||||||
(Insured by Q-SBLF) | 1,000,000 | 1,157,339 | ||||||||||
Redford Union School District No. 1: | ||||||||||||
5.000%, 11/01/2025 (Insured by Q-SBLF) | 680,000 | 806,633 | ||||||||||
5.000%, 11/01/2026 (Insured by Q-SBLF) | 800,000 | 975,556 | ||||||||||
Roseville Community Schools, | ||||||||||||
5.000%, 05/01/2028 (Callable 05/01/2025) | ||||||||||||
(Insured by Q-SBLF) | 1,885,000 | 2,198,920 | ||||||||||
Saginaw City School District: | ||||||||||||
4.000%, 05/01/2024 (Insured by Q-SBLF) | 845,000 | 933,022 | ||||||||||
4.000%, 05/01/2026 (Insured by Q-SBLF) | 890,000 | 1,031,535 | ||||||||||
South Lake Schools: | ||||||||||||
4.000%, 11/01/2021 (Insured by Q-SBLF) | 425,000 | 430,263 | ||||||||||
4.000%, 05/01/2022 (Insured by Q-SBLF) | 290,000 | 299,019 | ||||||||||
4.000%, 11/01/2023 (Insured by Q-SBLF) | 500,000 | 541,202 | ||||||||||
Tri-County Area School District: | ||||||||||||
4.000%, 05/01/2022 (Insured by AGM) | 640,000 | 659,577 | ||||||||||
4.000%, 05/01/2023 (Insured by AGM) | 705,000 | 751,881 | ||||||||||
Wayne State University, | ||||||||||||
5.000%, 11/15/2031 (Callable 11/15/2024) | 1,860,000 | 2,135,802 | ||||||||||
Western Michigan University: | ||||||||||||
5.000%, 11/15/2023 (Insured by AGM) | 120,000 | 133,016 | ||||||||||
5.000%, 11/15/2024 (Insured by AGM) | 125,000 | 143,762 | ||||||||||
5.000%, 11/15/2025 | ||||||||||||
(Pre-refunded to 11/15/2021) | 25,000 | 25,448 | ||||||||||
5.000%, 11/15/2025 (Insured by AGM) | 150,000 | 177,934 | ||||||||||
5.000%, 11/15/2025 (Insured by AGM) | 675,000 | 797,154 | ||||||||||
5.000%, 11/15/2026 (Insured by AGM) | 150,000 | 183,198 | ||||||||||
5.000%, 11/15/2026 (Insured by AGM) | 425,000 | 516,914 | ||||||||||
5.000%, 11/15/2027 (Insured by AGM) | 130,000 | 162,929 | ||||||||||
5.000%, 11/15/2027 (Insured by AGM) | 300,000 | 373,508 | ||||||||||
5.000%, 11/15/2028 (Insured by AGM) | 100,000 | 128,216 | ||||||||||
5.000%, 11/15/2028 (Insured by AGM) | 250,000 | 318,385 | ||||||||||
5.000%, 11/15/2029 (Insured by AGM) | 100,000 | 130,369 | ||||||||||
5.000%, 11/15/2029 (Insured by AGM) | 280,000 | 363,823 | ||||||||||
Total Michigan | ||||||||||||
(Cost $46,088,814) | 46,898,877 | 2.6 | % | |||||||||
Minnesota | ||||||||||||
Brainerd Independent School | ||||||||||||
District No. 181, | ||||||||||||
4.000%, 02/01/2027 | ||||||||||||
(Insured by SD CRED PROG) | 685,000 | 808,222 | ||||||||||
City of Maple Grove MN, | ||||||||||||
4.000%, 05/01/2022 | 610,000 | 628,089 | ||||||||||
City of Minneapolis MN/St. Paul Housing | ||||||||||||
& Redevelopment Authority, | ||||||||||||
0.120%, 08/01/2028 | ||||||||||||
(Insured by NATL)(1)(5) | 100,000 | 99,500 | ||||||||||
City of Plato MN, | ||||||||||||
4.000%, 04/01/2022 | 265,000 | 271,566 | ||||||||||
City of St. Louis Park MN, | ||||||||||||
0.950%, 09/01/2023 (Callable 07/21/2021) | ||||||||||||
(Mandatory Tender Date 09/01/2021)(1) | 1,675,000 | 1,675,566 | ||||||||||
County of Chippewa MN, | ||||||||||||
4.000%, 03/01/2024 | 1,340,000 | 1,428,779 | ||||||||||
Duluth Independent School District No. 709, | ||||||||||||
5.000%, 02/01/2023 | ||||||||||||
(Insured by SD CRED PROG) | 815,000 | 869,419 | ||||||||||
Fergus Falls Independent | ||||||||||||
School District No. 544: | ||||||||||||
2.500%, 02/01/2022 | 145,000 | 146,765 | ||||||||||
2.500%, 02/01/2024 | 105,000 | 109,779 | ||||||||||
Housing & Redevelopment Authority | ||||||||||||
of The City of St. Paul: | ||||||||||||
5.000%, 07/01/2021 | 80,000 | 80,000 | ||||||||||
0.950%, 11/01/2022 (Callable 07/21/2021) | ||||||||||||
(Mandatory Tender Date 11/01/2021)(1) | 1,000,000 | 1,000,338 | ||||||||||
5.000%, 11/15/2025 | 465,000 | 549,830 | ||||||||||
5.000%, 12/01/2025 | 285,000 | 330,887 | ||||||||||
5.000%, 12/01/2027 | 1,065,000 | 1,284,157 | ||||||||||
Maple River Independent School | ||||||||||||
District No. 2135: | ||||||||||||
5.000%, 02/01/2022 | ||||||||||||
(Insured by SD CRED PROG) | 80,000 | 82,246 |
The accompanying notes are an integral part of these financial statements.
Page 100
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Maple River Independent School | ||||||||||||
District No. 2135: (cont.) | ||||||||||||
5.000%, 02/01/2023 | ||||||||||||
(Insured by SD CRED PROG) | $ | 515,000 | $ | 553,543 | ||||||||
5.000%, 02/01/2024 | ||||||||||||
(Insured by SD CRED PROG) | 915,000 | 1,024,543 | ||||||||||
5.000%, 02/01/2025 | ||||||||||||
(Insured by SD CRED PROG) | 395,000 | 458,817 | ||||||||||
5.000%, 02/01/2026 | ||||||||||||
(Insured by SD CRED PROG) | 1,000,000 | 1,200,411 | ||||||||||
Minneapolis-Saint Paul Metropolitan | ||||||||||||
Airports Commission, | ||||||||||||
5.000%, 01/01/2025 | 310,000 | 359,630 | ||||||||||
Minnesota Higher Education | ||||||||||||
Facilities Authority: | ||||||||||||
3.000%, 12/01/2021 | 275,000 | 277,128 | ||||||||||
5.000%, 04/01/2023 | 100,000 | 107,930 | ||||||||||
3.000%, 12/01/2023 | 150,000 | 155,603 | ||||||||||
5.000%, 03/01/2024 | 160,000 | 177,833 | ||||||||||
4.000%, 12/01/2024 | 100,000 | 107,987 | ||||||||||
5.000%, 03/01/2027 (Callable 03/01/2026) | 250,000 | 293,626 | ||||||||||
5.000%, 10/01/2027 | 750,000 | 934,093 | ||||||||||
5.000%, 10/01/2028 (Callable 10/01/2027) | 1,445,000 | 1,794,009 | ||||||||||
5.000%, 10/01/2029 (Callable 10/01/2027) | 770,000 | 952,106 | ||||||||||
Minnesota Housing Finance Agency: | ||||||||||||
2.900%, 01/01/2025 (Insured by GNMA) | 20,000 | 20,494 | ||||||||||
3.900%, 07/01/2030 (Callable 01/01/2022) | ||||||||||||
(Insured by GNMA) | 145,000 | 146,554 | ||||||||||
4.000%, 01/01/2038 (Callable 01/01/2024) | 535,000 | 571,797 | ||||||||||
0.570%, 07/01/2041 (SIFMA Municipal Swap | ||||||||||||
Index + 0.550%) (Callable 07/01/2023) | ||||||||||||
(Mandatory Tender Date 12/12/2023) | ||||||||||||
(Insured by GNMA)(2) | 370,000 | 372,122 | ||||||||||
0.450%, 01/01/2045 (SIFMA Municipal Swap | ||||||||||||
Index + 0.430%) (Callable 01/01/2023) | ||||||||||||
(Mandatory Tender Date 07/03/2023) | ||||||||||||
(Insured by GNMA)(2) | 6,595,000 | 6,611,668 | ||||||||||
3.500%, 07/01/2046 (Callable 07/01/2025) | ||||||||||||
(Insured by GNMA) | 2,940,000 | 3,140,949 | ||||||||||
4.000%, 01/01/2047 (Callable 01/01/2026) | ||||||||||||
(Insured by GNMA) | 195,000 | 209,002 | ||||||||||
4.000%, 07/01/2047 (Callable 01/01/2027) | ||||||||||||
(Insured by GNMA) | 385,000 | 416,716 | ||||||||||
Moorhead Independent | ||||||||||||
School District No. 152: | ||||||||||||
4.000%, 02/01/2022 | 230,000 | 234,866 | ||||||||||
4.000%, 02/01/2023 | 235,000 | 247,426 | ||||||||||
4.000%, 02/01/2024 | 245,000 | 266,386 | ||||||||||
4.000%, 02/01/2025 | 255,000 | 284,641 | ||||||||||
Northern Municipal Power Agency, | ||||||||||||
5.000%, 01/01/2027 (Callable 01/01/2023) | 220,000 | 234,683 | ||||||||||
Plymouth Intermediate District No. 287, | ||||||||||||
5.000%, 05/01/2022 | 105,000 | 109,127 | ||||||||||
Shakopee Independent | ||||||||||||
School District No. 720: | ||||||||||||
5.000%, 02/01/2023 | ||||||||||||
(Insured by SD CRED PROG) | 675,000 | 724,513 | ||||||||||
0.000%, 02/01/2027 | ||||||||||||
(Insured by SD CRED PROG) | 6,660,000 | 6,234,425 | ||||||||||
St. Cloud Metropolitan Transit Commission, | ||||||||||||
3.000%, 06/01/2024 (Callable 08/02/2021) | 300,000 | 300,593 | ||||||||||
University of Minnesota, | ||||||||||||
5.500%, 07/01/2021 (ETM) | 110,000 | 110,000 | ||||||||||
Zumbro Education District: | ||||||||||||
4.000%, 02/01/2023 | 340,000 | 357,591 | ||||||||||
4.000%, 02/01/2025 | 330,000 | 365,514 | ||||||||||
4.000%, 02/01/2027 | 395,000 | 453,218 | ||||||||||
Total Minnesota | ||||||||||||
(Cost $38,630,793) | 39,174,687 | 2.2 | % | |||||||||
Mississippi | ||||||||||||
Brookhaven School District, | ||||||||||||
3.000%, 08/01/2023 (Insured by AGM) | 200,000 | 210,433 | ||||||||||
City of Oxford MS, | ||||||||||||
3.000%, 09/01/2024 | 250,000 | 254,349 | ||||||||||
City of Ridgeland MS: | ||||||||||||
3.000%, 10/01/2021 | 725,000 | 727,841 | ||||||||||
3.000%, 10/01/2022 | 1,420,000 | 1,446,571 | ||||||||||
3.000%, 10/01/2023 | 1,335,000 | 1,387,393 | ||||||||||
3.000%, 10/01/2024 | 1,505,000 | 1,578,359 | ||||||||||
City of Yazoo MS: | ||||||||||||
3.000%, 03/01/2025 (Insured by AGM) | 125,000 | 135,635 | ||||||||||
3.000%, 03/01/2026 (Insured by AGM) | 130,000 | 143,246 | ||||||||||
Copiah-Lincoln Community College District: | ||||||||||||
2.000%, 09/01/2022 (Insured by AGM) | 165,000 | 168,322 | ||||||||||
2.000%, 09/01/2023 (Insured by AGM) | 95,000 | 98,031 | ||||||||||
2.000%, 09/01/2025 (Insured by AGM) | 205,000 | 215,101 | ||||||||||
2.000%, 09/01/2026 (Callable 09/01/2025) | ||||||||||||
(Insured by AGM) | 110,000 | 114,802 | ||||||||||
County of Lowndes MS, | ||||||||||||
6.800%, 04/01/2022 | 50,000 | 52,269 | ||||||||||
Marshall County School District, | ||||||||||||
3.000%, 06/01/2022 (Insured by BAM) | 275,000 | 280,499 | ||||||||||
Mississippi Business Finance Corp.: | ||||||||||||
2.500%, 04/01/2022 (Callable 08/02/2021) | 1,335,000 | 1,343,024 | ||||||||||
3.200%, 09/01/2028 (Callable 03/13/2024) | 2,460,000 | 2,586,005 | ||||||||||
Mississippi Development Bank: | ||||||||||||
3.000%, 07/01/2021 (Insured by ST AID) | 730,000 | 730,000 | ||||||||||
4.000%, 07/01/2022 | 170,000 | 176,312 | ||||||||||
5.000%, 03/01/2024 (Insured by AGM) | 50,000 | 55,996 | ||||||||||
5.000%, 11/01/2025 (Insured by BAM) | 215,000 | 254,734 | ||||||||||
Mississippi Home Corp.: | ||||||||||||
4.000%, 12/01/2048 (Callable 06/01/2028) | ||||||||||||
(Insured by GNMA) | 430,000 | 473,730 | ||||||||||
3.500%, 12/01/2049 (Callable 12/01/2028) | ||||||||||||
(Insured by GNMA) | 935,000 | 1,022,497 | ||||||||||
Natchez-Adams School District, | ||||||||||||
5.000%, 02/01/2027 | 325,000 | 394,269 | ||||||||||
State of Mississippi: | ||||||||||||
5.000%, 10/15/2022 | 700,000 | 739,294 | ||||||||||
5.000%, 10/15/2023 | 585,000 | 644,795 | ||||||||||
5.000%, 10/15/2024 | 320,000 | 365,272 | ||||||||||
5.000%, 10/15/2025 | 205,000 | 241,597 | ||||||||||
5.000%, 10/15/2028 (Callable 10/15/2025) | 1,255,000 | 1,470,483 | ||||||||||
Total Mississippi | ||||||||||||
(Cost $17,124,026) | 17,310,859 | 1.0 | % | |||||||||
Missouri | ||||||||||||
Arnold Retail Corridor Transportation | ||||||||||||
Development District, | ||||||||||||
3.000%, 11/01/2028 (Callable 11/01/2024) | 980,000 | 998,063 | ||||||||||
City of Berkeley MO, | ||||||||||||
3.000%, 05/01/2024 (Insured by BAM) | 205,000 | 218,541 | ||||||||||
City of St. Louis MO, | ||||||||||||
5.000%, 07/01/2023 (Insured by AGM) | 415,000 | 454,520 |
The accompanying notes are an integral part of these financial statements.
Page 101
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Hanley Road Corridor Transportation | ||||||||||||
Development District: | ||||||||||||
1.000%, 10/01/2027 | $ | 780,000 | $ | 766,721 | ||||||||
1.625%, 10/01/2033 (Callable 10/01/2029) | 700,000 | 684,313 | ||||||||||
2.000%, 10/01/2039 (Callable 10/01/2029) | 750,000 | 731,148 | ||||||||||
Health & Educational Facilities Authority | ||||||||||||
of the State of Missouri: | ||||||||||||
3.000%, 08/01/2021 | 140,000 | 140,314 | ||||||||||
5.000%, 09/01/2021 | 235,000 | 236,410 | ||||||||||
0.000%, 09/01/2022 | ||||||||||||
(ETM) (Insured by NATL) | 55,000 | 54,669 | ||||||||||
3.000%, 08/01/2023 | 140,000 | 147,594 | ||||||||||
5.000%, 09/01/2023 | 285,000 | 307,071 | ||||||||||
5.000%, 06/01/2024 | 235,000 | 267,170 | ||||||||||
5.000%, 09/01/2024 | 295,000 | 327,194 | ||||||||||
4.000%, 08/01/2025 | 150,000 | 169,749 | ||||||||||
Metropolitan Park and Recreation District, | ||||||||||||
5.000%, 12/30/2025 (Callable 12/30/2023) | 1,000,000 | 1,114,642 | ||||||||||
Missouri Housing Development Commission, | ||||||||||||
3.400%, 11/01/2030 (Callable 11/01/2024) | ||||||||||||
(Insured by GNMA) | 160,000 | 166,224 | ||||||||||
Missouri Southern State University: | ||||||||||||
5.000%, 10/01/2026 (Insured by AGM) | 105,000 | 123,950 | ||||||||||
5.000%, 10/01/2027 (Insured by AGM) | 100,000 | 120,568 | ||||||||||
Move Rolla Transportation | ||||||||||||
Development District, | ||||||||||||
3.750%, 06/01/2029 (Callable 06/01/2026) | 230,000 | 240,620 | ||||||||||
Neosho R-V School District: | ||||||||||||
4.000%, 03/01/2022 (Insured by ST AID) | 155,000 | 159,001 | ||||||||||
4.000%, 03/01/2023 (Insured by ST AID) | 170,000 | 180,914 | ||||||||||
�� 4.000%, 03/01/2024 (Insured by ST AID) | 275,000 | 300,861 | ||||||||||
4.000%, 03/01/2025 (Insured by ST AID) | 220,000 | 247,182 | ||||||||||
4.000%, 03/01/2026 (Insured by ST AID) | 510,000 | 585,788 | ||||||||||
Riverview Gardens School District, | ||||||||||||
4.000%, 04/01/2022 (Insured by ST AID) | 380,000 | 391,040 | ||||||||||
St. Joseph Industrial Development Authority, | ||||||||||||
3.350%, 01/01/2024 | 175,000 | 179,263 | ||||||||||
St. Louis Land Clearance for | ||||||||||||
Redevelopment Authority, | ||||||||||||
4.250%, 06/01/2026 | 2,040,000 | 2,213,369 | ||||||||||
State of Missouri Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.000%, 02/01/2022 | 265,000 | 271,966 | ||||||||||
5.000%, 06/01/2036 (Callable 12/01/2022) | ||||||||||||
(Mandatory Tender Date 06/01/2023)(1) | 195,000 | 207,675 | ||||||||||
Trenton School District No. R-IX, | ||||||||||||
4.000%, 03/01/2022 (Insured by ST AID) | 40,000 | 41,033 | ||||||||||
Total Missouri | ||||||||||||
(Cost $11,897,967) | 12,047,573 | 0.7 | % | |||||||||
Montana | ||||||||||||
City of Red Lodge MT: | ||||||||||||
2.000%, 07/01/2021 (Insured by BAM) | 210,000 | 210,000 | ||||||||||
2.000%, 07/01/2022 (Insured by BAM) | 195,000 | 198,477 | ||||||||||
2.000%, 07/01/2023 (Insured by BAM) | 270,000 | 278,919 | ||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
0.270%, 06/01/2034 | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 4,510,000 | 4,510,000 | ||||||||||
Montana Board of Housing: | ||||||||||||
4.000%, 12/01/2043 (Callable 12/01/2027) | 830,000 | 903,764 | ||||||||||
4.000%, 06/01/2049 (Callable 12/01/2027) | ||||||||||||
(Insured by FHA) | 945,000 | 1,029,455 | ||||||||||
Montana Facility Finance Authority: | ||||||||||||
5.000%, 01/01/2023 | 100,000 | 107,189 | ||||||||||
4.000%, 07/01/2025 | 155,000 | 170,008 | ||||||||||
5.000%, 07/01/2025 | 110,000 | 129,014 | ||||||||||
4.000%, 07/01/2026 | 330,000 | 367,734 | ||||||||||
Total Montana | ||||||||||||
(Cost $7,793,015) | 7,904,560 | 0.4 | % | |||||||||
Nebraska | ||||||||||||
Central Plains Energy Project, | ||||||||||||
5.000%, 09/01/2032 (Callable 09/01/2022) | 350,000 | 369,030 | ||||||||||
Public Power Generation Agency: | ||||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 360,000 | 413,244 | ||||||||||
5.000%, 01/01/2031 (Callable 01/01/2025) | 625,000 | 717,116 | ||||||||||
Scotts Bluff County School District No. 16, | ||||||||||||
5.000%, 12/01/2026 | ||||||||||||
(Pre-refunded to 05/30/2022) | 115,000 | 120,054 | ||||||||||
Total Nebraska | ||||||||||||
(Cost $1,606,576) | 1,619,444 | 0.1 | % | |||||||||
Nevada | ||||||||||||
City of Yerington NV, | ||||||||||||
1.625%, 11/01/2023 (Callable 11/01/2022) | 7,000,000 | 7,066,772 | ||||||||||
Clark County School District, | ||||||||||||
5.000%, 06/15/2023 | 585,000 | 639,009 | ||||||||||
County of Clark NV, | ||||||||||||
5.000%, 07/01/2025 | 490,000 | 578,318 | ||||||||||
Las Vegas Redevelopment Agency, | ||||||||||||
5.000%, 06/15/2023 | 250,000 | 269,962 | ||||||||||
Nevada Housing Division, | ||||||||||||
4.000%, 10/01/2049 (Callable 10/01/2028) | ||||||||||||
(Insured by GNMA) | 935,000 | 1,037,418 | ||||||||||
Total Nevada | ||||||||||||
(Cost $9,466,611) | 9,591,479 | 0.5 | % | |||||||||
New Hampshire | ||||||||||||
Hollis School District, | ||||||||||||
2.769%, 06/28/2027 | ||||||||||||
(Callable 07/21/2021)(3) | 1,770,801 | 1,829,768 | ||||||||||
New Hampshire Business Finance Authority: | ||||||||||||
4.000%, 01/01/2028 (Callable 01/01/2026) | 285,000 | 331,650 | ||||||||||
4.000%, 01/01/2029 (Callable 01/01/2026) | 300,000 | 346,928 | ||||||||||
New Hampshire Health and | ||||||||||||
Education Facilities Authority, | ||||||||||||
3.150%, 04/01/2022 | ||||||||||||
(Callable 11/01/2021)(3) | 8,900,000 | 8,923,310 | ||||||||||
Total New Hampshire | ||||||||||||
(Cost $11,415,135) | 11,431,656 | 0.6 | % | |||||||||
New Jersey | ||||||||||||
Atlantic City Board of Education: | ||||||||||||
3.400%, 08/15/2021(3) | 2,026,000 | 2,032,608 | ||||||||||
3.400%, 08/15/2022(3) | 2,087,000 | 2,150,563 | ||||||||||
3.400%, 08/15/2023(3) | 2,171,000 | 2,288,383 | ||||||||||
3.400%, 08/15/2024(3) | 793,000 | 852,005 | ||||||||||
City of Atlantic City NJ: | ||||||||||||
5.000%, 03/01/2022 (Insured by BAM) | 100,000 | 102,985 | ||||||||||
5.000%, 03/01/2024 (Insured by BAM) | 300,000 | 334,874 | ||||||||||
City of Bayonne NJ, | ||||||||||||
5.000%, 07/15/2022 (Insured by AGM) | 475,000 | 497,971 | ||||||||||
City of Newark NJ, | ||||||||||||
5.000%, 10/01/2022 (Insured by ST AID) | 700,000 | 735,334 | ||||||||||
City of Trenton NJ: | ||||||||||||
4.000%, 07/15/2022 (Insured by AGM) | 500,000 | 519,278 | ||||||||||
4.000%, 07/15/2023 (Insured by AGM) | 200,000 | 215,168 |
The accompanying notes are an integral part of these financial statements.
Page 102
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of Union City NJ: | ||||||||||||
5.000%, 11/01/2021 (Insured by ST AID) | $ | 530,000 | $ | 537,740 | ||||||||
5.000%, 11/01/2022 (Insured by ST AID) | 1,505,000 | 1,592,979 | ||||||||||
5.000%, 11/01/2023 (Insured by ST AID) | 435,000 | 478,780 | ||||||||||
County of Hudson NJ, | ||||||||||||
7.000%, 12/01/2021 (Insured by NATL) | 5,280,000 | 5,424,644 | ||||||||||
New Jersey Economic | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 07/15/2021 | 100,000 | 100,150 | ||||||||||
5.250%, 12/15/2021 (Insured by NATL) | 500,000 | 511,262 | ||||||||||
4.000%, 01/01/2022 | 660,000 | 671,291 | ||||||||||
0.000%, 07/01/2022 | ||||||||||||
(ETM) (Insured by NATL) | 25,000 | 24,896 | ||||||||||
5.000%, 07/15/2022 | 240,000 | 247,694 | ||||||||||
4.000%, 01/01/2023 | 50,000 | 52,453 | ||||||||||
5.000%, 06/15/2024 | 390,000 | 442,137 | ||||||||||
0.000%, 07/01/2024 | ||||||||||||
(ETM) (Insured by NATL) | 455,000 | 446,903 | ||||||||||
5.250%, 07/01/2025 (Insured by NATL) | 380,000 | 451,005 | ||||||||||
5.000%, 03/01/2026 (Callable 03/01/2023) | 1,310,000 | 1,410,686 | ||||||||||
5.000%, 06/15/2026 (Callable 06/15/2024) | 400,000 | 453,062 | ||||||||||
5.000%, 06/15/2027 (Callable 06/15/2024) | 1,090,000 | 1,232,509 | ||||||||||
5.000%, 03/01/2029 (Callable 03/01/2023) | 500,000 | 536,949 | ||||||||||
3.125%, 07/01/2029 (Callable 07/01/2027) | 935,000 | 943,567 | ||||||||||
5.000%, 03/01/2030 (Callable 03/01/2023) | 760,000 | 814,979 | ||||||||||
4.000%, 07/01/2030 (Callable 08/02/2021) | 500,000 | 501,472 | ||||||||||
5.000%, 03/01/2031 | ||||||||||||
(Pre-refunded to 09/01/2022) | 65,000 | 68,672 | ||||||||||
New Jersey Educational Facilities Authority: | ||||||||||||
5.000%, 07/01/2021 | 125,000 | 125,000 | ||||||||||
5.000%, 07/01/2022 (ETM) | 150,000 | 157,262 | ||||||||||
New Jersey Health Care Facilities | ||||||||||||
Financing Authority, | ||||||||||||
0.080%, 07/01/2038 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 7,190,000 | 7,190,000 | ||||||||||
New Jersey Higher Education | ||||||||||||
Student Assistance Authority, | ||||||||||||
2.375%, 12/01/2029 (Callable 06/01/2028) | 1,950,000 | 2,037,614 | ||||||||||
New Jersey Housing & | ||||||||||||
Mortgage Finance Agency: | ||||||||||||
1.500%, 09/01/2022 | ||||||||||||
(Mandatory Tender Date 09/01/2021)(1) | 4,000,000 | 4,008,257 | ||||||||||
4.500%, 10/01/2048 (Callable 10/01/2027) | 710,000 | 798,178 | ||||||||||
4.750%, 10/01/2050 (Callable 04/01/2028) | 1,265,000 | 1,432,215 | ||||||||||
New Jersey Transportation | ||||||||||||
Trust Fund Authority: | ||||||||||||
5.500%, 12/15/2021 (Insured by AGM) | 255,000 | 261,126 | ||||||||||
5.000%, 12/15/2023 | 275,000 | 306,363 | ||||||||||
5.250%, 12/15/2023 | 360,000 | 403,254 | ||||||||||
5.000%, 06/15/2024 | 800,000 | 905,547 | ||||||||||
0.000%, 12/15/2024 | 520,000 | 506,355 | ||||||||||
0.000%, 12/15/2026 (Insured by AMBAC) | 110,000 | 102,595 | ||||||||||
5.000%, 12/15/2026 | 1,390,000 | 1,698,062 | ||||||||||
North Hudson Sewerage Authority: | ||||||||||||
0.000%, 08/01/2021 | ||||||||||||
(ETM) (Insured by NATL) | 60,000 | 59,988 | ||||||||||
0.000%, 08/01/2025 | ||||||||||||
(ETM) (Insured by NATL) | 25,000 | 24,032 | ||||||||||
South Jersey Transportation Authority, | ||||||||||||
5.000%, 11/01/2029 | ||||||||||||
(Pre-refunded to 11/01/2022) | 125,000 | 132,812 | ||||||||||
State of New Jersey: | ||||||||||||
5.000%, 06/01/2025 | 6,500,000 | 7,627,900 | ||||||||||
4.000%, 06/01/2030 (Callable 06/01/2023) | 150,000 | 160,086 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.100%, 07/01/2025 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 600,000 | 600,000 | ||||||||||
Washington Township Municipal | ||||||||||||
Utilities Authority: | ||||||||||||
0.000%, 12/15/2021 (Insured by NATL) | 100,000 | 99,712 | ||||||||||
0.000%, 12/15/2023 (Insured by NATL) | 25,000 | 24,465 | ||||||||||
Total New Jersey | ||||||||||||
(Cost $54,278,508) | 55,333,822 | 3.1 | % | |||||||||
New Mexico | ||||||||||||
City of Farmington NM, | ||||||||||||
1.875%, 04/01/2033 | ||||||||||||
(Mandatory Tender Date 10/01/2021)(1) | 200,000 | 200,718 | ||||||||||
New Mexico Hospital Equipment | ||||||||||||
Loan Council, | ||||||||||||
4.750%, 07/01/2022 | 170,000 | 173,578 | ||||||||||
New Mexico Mortgage Finance Authority: | ||||||||||||
3.500%, 03/01/2045 (Callable 03/01/2026) | 30,000 | 32,407 | ||||||||||
3.750%, 03/01/2048 (Callable 03/01/2027) | ||||||||||||
(Insured by GNMA) | 240,000 | 262,321 | ||||||||||
4.250%, 07/01/2049 (Callable 01/01/2028) | 60,000 | 66,915 | ||||||||||
3.750%, 01/01/2050 (Callable 01/01/2029) | ||||||||||||
(Insured by GNMA) | 1,820,000 | 2,011,393 | ||||||||||
4.250%, 01/01/2050 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 2,565,000 | 2,863,805 | ||||||||||
Total New Mexico | ||||||||||||
(Cost $5,378,275) | 5,611,137 | 0.3 | % | |||||||||
New York | ||||||||||||
Albany Capital Resource Corp., | ||||||||||||
5.000%, 05/01/2027 (Callable 05/01/2026) | 1,000,000 | 1,206,525 | ||||||||||
Albany County Capital Resource Corp., | ||||||||||||
2.600%, 07/01/2025 | 970,000 | 955,127 | ||||||||||
BluePath TE Trust, | ||||||||||||
2.750%, 09/01/2026 (Callable 08/27/2021)(3) | 990,069 | 1,008,430 | ||||||||||
City of New York NY: | ||||||||||||
5.000%, 08/01/2022 | 185,000 | 194,720 | ||||||||||
5.000%, 10/01/2022 | ||||||||||||
(Pre-refunded to 10/01/2021) | 190,000 | 192,276 | ||||||||||
5.000%, 08/01/2038 (Callable 08/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(1) | 5,500,000 | 6,009,622 | ||||||||||
0.140%, 04/01/2042 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 12,500,000 | 12,500,000 | ||||||||||
City of Plattsburgh NY, | ||||||||||||
5.000%, 06/15/2026 (Insured by AGM) | 495,000 | 591,377 | ||||||||||
City of Poughkeepsie NY: | ||||||||||||
4.000%, 04/15/2024 | 280,000 | 298,653 | ||||||||||
4.000%, 04/15/2026 | 450,000 | 489,677 | ||||||||||
County of Nassau NY, | ||||||||||||
5.000%, 04/01/2026 | ||||||||||||
(Pre-refunded to 04/01/2024) | 13,660,000 | 15,419,170 | ||||||||||
County of Rockland NY, | ||||||||||||
5.000%, 03/01/2023 (Insured by AGM) | 415,000 | 447,741 | ||||||||||
County of Suffolk NY: | ||||||||||||
2.000%, 07/22/2021 | 9,000,000 | 9,009,312 | ||||||||||
5.000%, 05/01/2023 | 2,845,000 | 3,045,372 | ||||||||||
5.000%, 05/01/2027 (Callable 05/01/2024) | 500,000 | 555,292 | ||||||||||
Geneva Development Corp.: | ||||||||||||
5.000%, 09/01/2023 | ||||||||||||
(Pre-refunded to 09/01/2022) | 450,000 | 475,206 | ||||||||||
5.000%, 09/01/2023 (ETM) | 30,000 | 33,087 | ||||||||||
5.000%, 09/01/2024 | ||||||||||||
(Pre-refunded to 09/01/2023) | 50,000 | 55,145 |
The accompanying notes are an integral part of these financial statements.
Page 103
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Hempstead Town Local Development Corp., | ||||||||||||
5.000%, 07/01/2025 | ||||||||||||
(Callable 07/01/2023) | $ | 815,000 | $ | 890,779 | ||||||||
Housing Development Corp., | ||||||||||||
2.000%, 11/01/2057 (Callable 07/16/2021) | ||||||||||||
(Mandatory Tender Date 12/31/2021)(1) | 1,545,000 | 1,552,870 | ||||||||||
Huntington Local Development Corp., | ||||||||||||
4.000%, 07/01/2027 | 4,950,000 | 5,253,356 | ||||||||||
Long Island Power Authority: | ||||||||||||
0.820%, 05/01/2033 (1 Month LIBOR | ||||||||||||
USD + 0.750%) (Callable 10/01/2022) | ||||||||||||
(Mandatory Tender Date 10/01/2023)(2) | 5,560,000 | 5,578,435 | ||||||||||
1.650%, 09/01/2049 (Callable 03/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2024)(1) | 1,805,000 | 1,862,542 | ||||||||||
Metropolitan Transportation Authority: | ||||||||||||
5.000%, 09/01/2021 | 4,515,000 | 4,550,219 | ||||||||||
5.000%, 11/15/2021 | 1,075,000 | 1,093,516 | ||||||||||
4.000%, 02/01/2022 | 1,565,000 | 1,598,792 | ||||||||||
5.000%, 03/01/2022 | 445,000 | 459,041 | ||||||||||
5.000%, 05/15/2022 | 525,000 | 546,719 | ||||||||||
5.000%, 09/01/2022 | 3,250,000 | 3,428,082 | ||||||||||
5.000%, 11/15/2023 | 150,000 | 166,142 | ||||||||||
0.617%, 11/01/2030 | ||||||||||||
(1 Month LIBOR USD + 0.550%) | ||||||||||||
(Mandatory Tender Date 11/01/2022)(2) | 2,850,000 | 2,863,392 | ||||||||||
5.000%, 11/15/2048 | ||||||||||||
(Mandatory Tender Date 11/15/2022)(1) | 1,050,000 | 1,112,148 | ||||||||||
New York City Housing Development Corp.: | ||||||||||||
2.950%, 11/01/2045 (Callable 05/01/2025) | ||||||||||||
(Mandatory Tender Date 02/01/2026) | ||||||||||||
(Insured by FNMA)(1) | 225,000 | 242,663 | ||||||||||
2.750%, 05/01/2050 (Callable 12/01/2022) | ||||||||||||
(Mandatory Tender Date 12/29/2023)(1) | 300,000 | 310,112 | ||||||||||
2.100%, 11/01/2058 (Callable 02/01/2022) | ||||||||||||
(Mandatory Tender Date 07/03/2023)(1) | 330,000 | 333,424 | ||||||||||
0.700%, 11/01/2060 (Callable 05/01/2023) | ||||||||||||
(Mandatory Tender Date 05/01/2025)(1) | 5,090,000 | 5,096,845 | ||||||||||
New York Liberty Development Corp.: | ||||||||||||
0.270%, 10/01/2035 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 3,750,000 | 3,750,000 | ||||||||||
0.270%, 10/01/2035 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 3,464,000 | 3,464,000 | ||||||||||
New York State Dormitory Authority: | ||||||||||||
5.000%, 12/15/2021 | 55,000 | 56,215 | ||||||||||
5.000%, 07/01/2028 (Callable 07/01/2025) | 505,000 | 588,000 | ||||||||||
5.000%, 05/01/2048 (Callable 11/01/2025) | ||||||||||||
(Mandatory Tender Date 05/01/2026)(1) | 2,375,000 | 2,809,460 | ||||||||||
New York State Housing Finance Agency: | ||||||||||||
1.600%, 11/01/2024 (Callable 12/01/2021) | 5,815,000 | 5,848,490 | ||||||||||
0.750%, 11/01/2025 (Callable 01/01/2022) | 5,000,000 | 5,008,100 | ||||||||||
New York Transportation Development Corp., | ||||||||||||
5.000%, 12/01/2027 | 900,000 | 1,131,122 | ||||||||||
Oneida County Local Development Corp., | ||||||||||||
5.000%, 12/01/2029 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 715,000 | 784,241 | ||||||||||
St. Lawrence County Industrial | ||||||||||||
Development Agency: | ||||||||||||
5.000%, 07/01/2025 (Callable 01/01/2023) | 235,000 | 249,931 | ||||||||||
5.000%, 07/01/2026 | 315,000 | 379,007 | ||||||||||
5.000%, 07/01/2027 (Callable 01/01/2023) | 315,000 | 334,627 | ||||||||||
5.000%, 07/01/2027 (Callable 07/01/2026) | 175,000 | 209,464 | ||||||||||
State of New York Mortgage Agency: | ||||||||||||
3.500%, 10/01/2043 (Callable 04/01/2023) | 125,000 | 131,293 | ||||||||||
4.000%, 10/01/2046 (Callable 04/01/2025) | 240,000 | 255,783 | ||||||||||
Suffolk County Economic | ||||||||||||
Development Corp., | ||||||||||||
5.000%, 07/01/2028 | ||||||||||||
(Callable 07/01/2021) | 3,365,000 | 3,365,000 | ||||||||||
Town of Oyster Bay NY: | ||||||||||||
3.000%, 02/01/2022 | 3,285,000 | 3,331,790 | ||||||||||
4.000%, 02/15/2026 (Insured by BAM) | 95,000 | 109,614 | ||||||||||
Triborough Bridge & Tunnel Authority: | ||||||||||||
0.567%, 11/15/2027 (1 Month LIBOR | ||||||||||||
USD + 0.500%) (Callable 08/02/2021) | ||||||||||||
(Mandatory Tender Date 11/15/2021)(2) | 2,800,000 | 2,801,019 | ||||||||||
0.413%, 01/01/2032 | ||||||||||||
(SOFR + 0.380%) (Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(2) | 2,575,000 | 2,573,769 | ||||||||||
Utility Debt Securitization Authority, | ||||||||||||
5.000%, 12/15/2025 (Callable 12/15/2023) | 210,000 | 234,409 | ||||||||||
Total New York | ||||||||||||
(Cost $125,337,182) | 126,841,143 | 7.1 | % | |||||||||
North Carolina | ||||||||||||
Durham Housing Authority, | ||||||||||||
5.000%, 12/01/2035 | ||||||||||||
(Pre-refunded to 12/01/2022) | 260,000 | 276,361 | ||||||||||
North Carolina Capital Facilities | ||||||||||||
Finance Agency, | ||||||||||||
5.000%, 06/01/2022 (Insured by AGC) | 100,000 | 104,089 | ||||||||||
North Carolina Eastern Municipal | ||||||||||||
Power Agency, | ||||||||||||
6.000%, 01/01/2022 (ETM) | 155,000 | 159,521 | ||||||||||
North Carolina Housing Finance Agency: | ||||||||||||
4.000%, 07/01/2048 (Callable 07/01/2027) | ||||||||||||
(Insured by GNMA) | 310,000 | 340,530 | ||||||||||
4.000%, 01/01/2050 (Callable 07/01/2028) | 1,630,000 | 1,814,448 | ||||||||||
4.000%, 07/01/2050 (Callable 07/01/2029) | 3,180,000 | 3,573,221 | ||||||||||
North Carolina Medical Care Commission: | ||||||||||||
4.000%, 10/01/2027 | 600,000 | 714,346 | ||||||||||
4.000%, 06/01/2030 (Callable 06/01/2026) | 250,000 | 282,581 | ||||||||||
2.200%, 12/01/2048 (Callable 06/01/2022) | ||||||||||||
(Mandatory Tender Date 12/01/2022)(1) | 1,845,000 | 1,876,469 | ||||||||||
State of North Carolina, | ||||||||||||
5.000%, 05/01/2024 (Callable 05/01/2023) | 1,250,000 | 1,357,857 | ||||||||||
University of North Carolina at Chapel Hill, | ||||||||||||
0.467%, 12/01/2041 (1 Month LIBOR | ||||||||||||
USD + 0.400%) (Callable 03/09/2022) | ||||||||||||
(Mandatory Tender Date 11/09/2022)(2) | 5,000,000 | 5,011,374 | ||||||||||
Total North Carolina | ||||||||||||
(Cost $15,192,168) | 15,510,797 | 0.9 | % | |||||||||
North Dakota | ||||||||||||
Cass County Joint Water Resource District, | ||||||||||||
0.480%, 05/01/2024 (Callable 11/01/2022) | 5,200,000 | 5,189,604 | ||||||||||
City of Dickinson ND, | ||||||||||||
5.000%, 10/01/2025 (Callable 10/01/2021) | 1,150,000 | 1,163,633 | ||||||||||
City of Horace ND: | ||||||||||||
1.900%, 08/01/2022 (Callable 08/02/2021) | 1,325,000 | 1,326,390 | ||||||||||
0.650%, 08/01/2023 | ||||||||||||
(Callable 08/01/2022)(6) | 2,960,000 | 2,960,394 | ||||||||||
3.000%, 05/01/2025 | 250,000 | 267,807 | ||||||||||
3.000%, 05/01/2026 | 335,000 | 362,388 | ||||||||||
3.000%, 05/01/2027 (Callable 05/01/2026) | 265,000 | 284,020 | ||||||||||
City of Mandan ND, | ||||||||||||
2.750%, 09/01/2041 (Callable 08/02/2021) | 295,000 | 295,102 | ||||||||||
City of Watford City ND: | ||||||||||||
3.000%, 12/01/2021 (Insured by AGM) | 1,980,000 | 1,998,706 | ||||||||||
3.000%, 12/01/2023 (Insured by AGM) | 1,825,000 | 1,911,824 |
The accompanying notes are an integral part of these financial statements.
Page 104
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of West Fargo ND: | ||||||||||||
5.000%, 05/01/2022 | $ | 200,000 | $ | 207,895 | ||||||||
4.000%, 05/01/2024 | 900,000 | 989,992 | ||||||||||
City of Williston ND, | ||||||||||||
4.250%, 07/15/2025 (Callable 07/15/2022) | 775,000 | 802,776 | ||||||||||
County of Burleigh ND: | ||||||||||||
4.000%, 11/01/2021 | 1,000,000 | 1,010,402 | ||||||||||
2.750%, 02/01/2022 (Callable 07/21/2021) | 10,000,000 | 10,004,145 | ||||||||||
4.000%, 11/01/2029 (Pre-refunded to | ||||||||||||
11/01/2022) (Insured by AGM) | 400,000 | 420,242 | ||||||||||
4.500%, 07/01/2032 | ||||||||||||
(Pre-refunded to 07/01/2022) | 360,000 | 374,527 | ||||||||||
County of McKenzie ND: | ||||||||||||
5.000%, 08/01/2022 | 1,000,000 | 1,043,289 | ||||||||||
5.000%, 08/01/2023 | 2,300,000 | 2,488,095 | ||||||||||
County of Ward ND, | ||||||||||||
4.000%, 04/01/2024 (Callable 04/01/2023) | ||||||||||||
(Insured by AGM) | 400,000 | 424,806 | ||||||||||
Jamestown Park District, | ||||||||||||
2.900%, 07/01/2035 (Callable 07/16/2021) | 785,000 | 785,388 | ||||||||||
North Dakota Housing Finance Agency: | ||||||||||||
4.000%, 07/01/2048 (Callable 01/01/2027) | 545,000 | 595,139 | ||||||||||
4.000%, 01/01/2051 (Callable 07/01/2029) | 2,490,000 | 2,797,158 | ||||||||||
Williston Parks & Recreation District: | ||||||||||||
4.500%, 03/01/2025 (Callable 07/16/2021) | 300,000 | 300,044 | ||||||||||
4.625%, 03/01/2026 (Callable 07/16/2021) | 2,620,000 | 2,620,456 | ||||||||||
Williston Public School District No. 1, | ||||||||||||
3.000%, 08/01/2026 (Callable 08/01/2024) | ||||||||||||
(Insured by SD CRED PROG) | 1,015,000 | 1,076,458 | ||||||||||
Total North Dakota | ||||||||||||
(Cost $41,243,243) | 41,700,680 | 2.3 | % | |||||||||
Ohio | ||||||||||||
Akron Bath Copley Joint Township | ||||||||||||
Hospital District, | ||||||||||||
5.000%, 11/15/2028 | 460,000 | 579,373 | ||||||||||
Alliance City School District, | ||||||||||||
2.500%, 12/01/2022 | ||||||||||||
(Insured by SD CRED PROG) | 200,000 | 206,417 | ||||||||||
City of Huron OH, | ||||||||||||
3.125%, 12/01/2024 | 325,000 | 337,164 | ||||||||||
City of Lorain OH: | ||||||||||||
3.000%, 12/01/2021 (Insured by BAM) | 110,000 | 111,219 | ||||||||||
3.000%, 12/01/2022 (Insured by BAM) | 185,000 | 191,946 | ||||||||||
3.000%, 12/01/2023 (Insured by BAM) | 185,000 | 196,312 | ||||||||||
3.000%, 12/01/2024 (Insured by BAM) | 130,000 | 140,725 | ||||||||||
3.000%, 12/01/2025 (Insured by BAM) | 135,000 | 146,003 | ||||||||||
3.000%, 12/01/2026 (Insured by BAM) | 135,000 | 146,683 | ||||||||||
City of Middleburg Heights OH: | ||||||||||||
4.000%, 08/01/2025 | 165,000 | 186,474 | ||||||||||
5.000%, 08/01/2026 | 270,000 | 324,570 | ||||||||||
5.000%, 08/01/2027 | 280,000 | 344,152 | ||||||||||
5.250%, 08/01/2041 (Callable 08/01/2021) | 1,900,000 | 1,907,879 | ||||||||||
City of St. Clairsville OH, | ||||||||||||
4.000%, 12/01/2023 (Insured by BAM) | 340,000 | 369,115 | ||||||||||
City of Tiffin OH, | ||||||||||||
2.500%, 12/01/2024 (Callable 12/01/2023) | 250,000 | 262,557 | ||||||||||
Cleveland-Cuyahoga County Port Authority, | ||||||||||||
5.000%, 08/01/2026 (Callable 08/01/2024) | 525,000 | 591,121 | ||||||||||
County of Franklin OH: | ||||||||||||
5.000%, 05/15/2030 (Callable 05/15/2023) | 270,000 | 293,035 | ||||||||||
0.450%, 05/15/2050 (SIFMA Municipal Swap | ||||||||||||
Index + 0.430%) (Callable 08/02/2021) | ||||||||||||
(Mandatory Tender Date 11/15/2021)(2) | 500,000 | 500,032 | ||||||||||
County of Gallia OH, | ||||||||||||
8.000%, 07/01/2042 | ||||||||||||
(Pre-refunded to 07/01/2022) | 540,000 | 579,235 | ||||||||||
County of Holmes OH, | ||||||||||||
3.000%, 12/01/2022 (Callable 08/02/2021) | ||||||||||||
(Insured by AGM) | 130,000 | 131,507 | ||||||||||
County of Montgomery OH: | ||||||||||||
5.000%, 11/15/2024 | 1,460,000 | 1,666,483 | ||||||||||
5.000%, 11/15/2025 | 2,500,000 | 2,943,094 | ||||||||||
5.000%, 11/15/2027 | 2,000,000 | 2,477,252 | ||||||||||
Cuyahoga Metropolitan Housing Authority: | ||||||||||||
3.000%, 12/01/2022 | 245,000 | 253,316 | ||||||||||
4.000%, 12/01/2023 | 310,000 | 334,442 | ||||||||||
4.000%, 12/01/2024 | 335,000 | 370,349 | ||||||||||
4.000%, 12/01/2025 | 335,000 | 377,931 | ||||||||||
Euclid City School District: | ||||||||||||
4.000%, 12/01/2023 (Insured by BAM) | 130,000 | 141,067 | ||||||||||
4.000%, 12/01/2025 (Insured by BAM) | 65,000 | 74,084 | ||||||||||
4.000%, 12/01/2026 (Insured by BAM) | 100,000 | 116,129 | ||||||||||
Great Oaks Career Campuses | ||||||||||||
Board of Education, | ||||||||||||
4.000%, 12/01/2022 | 400,000 | 421,709 | ||||||||||
Greater Cleveland Regional Transit Authority, | ||||||||||||
5.000%, 12/01/2023 | 145,000 | 161,378 | ||||||||||
Groveport-Madison Local School District, | ||||||||||||
4.000%, 12/01/2024 (Callable 12/01/2022) | ||||||||||||
(Insured by BAM) | 50,000 | 52,457 | ||||||||||
Miami University, | ||||||||||||
4.000%, 09/01/2027 (Callable 09/01/2022) | 160,000 | 166,440 | ||||||||||
Northeast Ohio Medical University, | ||||||||||||
5.000%, 12/01/2025 | 125,000 | 145,870 | ||||||||||
Norton City School District, | ||||||||||||
4.000%, 11/01/2026 (Callable 11/01/2023) | ||||||||||||
(Insured by SD CRED PROG) | 430,000 | 465,538 | ||||||||||
Ohio Higher Educational Facility Commission: | ||||||||||||
5.000%, 11/01/2023 | 580,000 | 639,798 | ||||||||||
5.000%, 05/01/2024 | 705,000 | 792,537 | ||||||||||
5.000%, 05/01/2024 | 415,000 | 466,529 | ||||||||||
5.000%, 03/01/2025 | 655,000 | 730,343 | ||||||||||
5.000%, 05/01/2025 | 595,000 | 691,875 | ||||||||||
5.000%, 05/01/2025 | 455,000 | 529,081 | ||||||||||
5.000%, 05/01/2026 (Callable 05/01/2025) | 750,000 | 868,887 | ||||||||||
Ohio Housing Finance Agency: | ||||||||||||
4.000%, 03/01/2047 (Callable 09/01/2025) | ||||||||||||
(Insured by GNMA) | 90,000 | 96,648 | ||||||||||
3.750%, 09/01/2050 (Callable 03/01/2029) | ||||||||||||
(Insured by GNMA) | 1,945,000 | 2,176,825 | ||||||||||
Ohio Turnpike & Infrastructure Commission, | ||||||||||||
5.500%, 02/15/2024 | 1,185,000 | 1,286,251 | ||||||||||
Oregon City School District, | ||||||||||||
0.000%, 12/01/2021 | 245,000 | 244,687 | ||||||||||
Port of Greater Cincinnati | ||||||||||||
Development Authority: | ||||||||||||
3.000%, 05/01/2023 (Callable 05/01/2022) | 5,705,000 | 5,711,738 | ||||||||||
3.125%, 11/15/2023 | 305,000 | 313,641 | ||||||||||
5.000%, 04/01/2026 | 175,000 | 209,975 | ||||||||||
5.000%, 04/01/2027 | 250,000 | 306,873 | ||||||||||
4.000%, 11/15/2028 | 770,000 | 861,507 | ||||||||||
State of Ohio, | ||||||||||||
5.000%, 04/01/2029 (Callable 04/01/2023) | 25,000 | 27,010 | ||||||||||
Toledo OH, | ||||||||||||
5.000%, 12/01/2022 | 150,000 | 158,760 | ||||||||||
Troy City School District, | ||||||||||||
2.050%, 12/01/2023 (Callable 12/01/2022) | 130,000 | 133,077 |
The accompanying notes are an integral part of these financial statements.
Page 105
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Village of Cuyahoga Heights OH: | ||||||||||||
4.000%, 12/01/2023 (Insured by AGM) | $ | 95,000 | $ | 102,490 | ||||||||
4.000%, 12/01/2024 (Insured by AGM) | 100,000 | 110,659 | ||||||||||
Wauseon Exempted Village School District, | ||||||||||||
0.000%, 12/01/2021 | ||||||||||||
(Insured by SD CRED PROG) | 400,000 | 399,324 | ||||||||||
Total Ohio | ||||||||||||
(Cost $33,795,587) | 34,571,573 | 1.9 | % | |||||||||
Oklahoma | ||||||||||||
Catoosa Industrial Authority, | ||||||||||||
4.000%, 10/01/2028 (Callable 10/01/2026) | 215,000 | 222,534 | ||||||||||
City of Midwest City OK, | ||||||||||||
3.000%, 06/01/2023 | 485,000 | 509,919 | ||||||||||
Custer County Economic | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 12/01/2021 | 415,000 | 421,243 | ||||||||||
4.000%, 12/01/2023 | 450,000 | 485,480 | ||||||||||
Elk City Industrial Authority, | ||||||||||||
3.000%, 05/01/2022 | 105,000 | 107,297 | ||||||||||
Grady County School Finance Authority: | ||||||||||||
5.000%, 12/01/2026 | 1,015,000 | 1,229,773 | ||||||||||
5.000%, 12/01/2027 (Callable 12/01/2026) | 1,065,000 | 1,286,821 | ||||||||||
Kingfisher County Educational | ||||||||||||
Facilities Authority, | ||||||||||||
3.000%, 03/01/2023 | 385,000 | 401,480 | ||||||||||
Muskogee Industrial Trust, | ||||||||||||
5.000%, 09/01/2021 | 1,000,000 | 1,007,140 | ||||||||||
Oklahoma County Finance Authority, | ||||||||||||
5.000%, 09/01/2024 | 350,000 | 398,457 | ||||||||||
Oklahoma Development Finance Authority: | ||||||||||||
4.000%, 08/01/2021 | 425,000 | 426,084 | ||||||||||
4.000%, 08/01/2022 | 535,000 | 553,246 | ||||||||||
5.000%, 08/01/2023 | 485,000 | 523,618 | ||||||||||
2.600%, 03/01/2024 | 1,000,000 | 1,012,360 | ||||||||||
5.000%, 08/01/2024 | 585,000 | 651,132 | ||||||||||
0.100%, 08/15/2031 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 12,500,000 | 12,500,000 | ||||||||||
Oklahoma Municipal Power Authority, | ||||||||||||
0.410%, 01/01/2023 (SIFMA Municipal | ||||||||||||
Swap Index + 0.390%)(2) | 140,000 | 139,994 | ||||||||||
Oklahoma Water Resources Board, | ||||||||||||
5.000%, 04/01/2023 | 750,000 | 813,324 | ||||||||||
Purcell Public Works Authority: | ||||||||||||
5.000%, 03/01/2024 | 250,000 | 278,568 | ||||||||||
5.000%, 03/01/2025 | 200,000 | 230,454 | ||||||||||
5.000%, 03/01/2026 | 435,000 | 516,462 | ||||||||||
5.000%, 03/01/2027 | 880,000 | 1,072,999 | ||||||||||
5.000%, 03/01/2030 (Callable 03/01/2028) | 500,000 | 623,871 | ||||||||||
Texas County Development Authority, | ||||||||||||
4.000%, 12/01/2023 | 675,000 | 726,870 | ||||||||||
Tulsa County Industrial Authority, | ||||||||||||
5.000%, 09/01/2024 | 400,000 | 456,736 | ||||||||||
Tulsa Industrial Authority, | ||||||||||||
5.000%, 10/01/2023 | 790,000 | 849,031 | ||||||||||
University of Oklahoma, | ||||||||||||
5.000%, 07/01/2029 (Callable 07/01/2026) | 3,515,000 | 4,191,385 | ||||||||||
Total Oklahoma | ||||||||||||
(Cost $31,343,005) | 31,636,278 | 1.8 | % | |||||||||
Oregon | ||||||||||||
Columbia County School District No. 502: | ||||||||||||
0.000%, 06/15/2027 | ||||||||||||
(Insured by SCH BD GTY)(7) | 540,000 | 644,243 | ||||||||||
0.000%, 06/15/2028 | ||||||||||||
(Insured by SCH BD GTY)(7) | 740,000 | 905,158 | ||||||||||
0.000%, 06/15/2029 | ||||||||||||
(Insured by SCH BD GTY)(7) | 835,000 | 1,044,061 | ||||||||||
County of Yamhill OR: | ||||||||||||
4.000%, 10/01/2022 | 500,000 | 521,221 | ||||||||||
4.000%, 10/01/2023 | 425,000 | 456,672 | ||||||||||
4.000%, 10/01/2024 | 425,000 | 468,688 | ||||||||||
Oregon State Business | ||||||||||||
Development Commission, | ||||||||||||
2.400%, 12/01/2040 | ||||||||||||
(Mandatory Tender Date 08/14/2023)(1) | 100,000 | 104,145 | ||||||||||
State of Oregon, | ||||||||||||
4.000%, 12/01/2048 (Callable 12/01/2026) | 695,000 | 754,283 | ||||||||||
State of Oregon Housing & | ||||||||||||
Community Services Department: | ||||||||||||
3.500%, 07/01/2032 (Callable 07/01/2026) | 1,655,000 | 1,774,981 | ||||||||||
3.875%, 01/01/2033 (Callable 07/01/2024) | 285,000 | 304,155 | ||||||||||
3.500%, 07/01/2036 (Callable 01/01/2025) | 80,000 | 84,313 | ||||||||||
4.500%, 01/01/2049 (Callable 07/01/2027) | 1,380,000 | 1,514,715 | ||||||||||
4.500%, 07/01/2049 (Callable 07/01/2027) | 365,000 | 403,022 | ||||||||||
Yamhill County Hospital Authority, | ||||||||||||
1.750%, 11/15/2026 (Callable 05/15/2022) | 1,000,000 | 1,001,283 | ||||||||||
Total Oregon | ||||||||||||
(Cost $9,773,165) | 9,980,940 | 0.6 | % | |||||||||
Pennsylvania | ||||||||||||
Abington Heights School District | ||||||||||||
Lackawanna County, | ||||||||||||
2.000%, 03/15/2023 (Callable 08/02/2021) | ||||||||||||
(Insured by ST AID) | 195,000 | 195,235 | ||||||||||
Aliquippa Municipal Water Authority, | ||||||||||||
2.000%, 11/15/2023 (Callable 11/15/2022) | ||||||||||||
(Insured by BAM) | 250,000 | 255,298 | ||||||||||
Allegheny County Higher Education | ||||||||||||
Building Authority, | ||||||||||||
5.000%, 03/01/2023 (Callable 08/02/2021) | 250,000 | 250,934 | ||||||||||
Allegheny County Hospital | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 07/15/2021 | 2,525,000 | 2,529,441 | ||||||||||
4.125%, 10/15/2026 (Callable 10/15/2021) | 65,000 | 65,739 | ||||||||||
Blacklick Valley School District: | ||||||||||||
5.000%, 11/15/2021 (Insured by AGM) | 170,000 | 172,935 | ||||||||||
5.000%, 11/15/2022 (Insured by AGM) | 175,000 | 186,147 | ||||||||||
5.000%, 11/15/2023 (Insured by AGM) | 190,000 | 211,087 | ||||||||||
5.000%, 11/15/2024 (Insured by AGM) | 200,000 | 230,745 | ||||||||||
Borough of Economy PA: | ||||||||||||
2.000%, 12/15/2023(6) | 205,000 | 212,304 | ||||||||||
2.000%, 12/15/2024(6) | 215,000 | 224,712 | ||||||||||
Borough of Lewistown PA: | ||||||||||||
4.000%, 09/01/2022 (Insured by AGM) | 265,000 | 276,618 | ||||||||||
4.000%, 09/01/2023 (Insured by AGM) | 315,000 | 339,227 | ||||||||||
4.000%, 09/01/2024 (Insured by AGM) | 100,000 | 110,881 | ||||||||||
Bucks County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2025 | 350,000 | 398,881 | ||||||||||
Caernarvon Township Authority: | ||||||||||||
4.000%, 09/01/2023 (Insured by AGM) | 100,000 | 107,804 | ||||||||||
4.000%, 09/01/2024 (Insured by AGM) | 140,000 | 155,935 | ||||||||||
4.000%, 09/01/2025 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 100,000 | 110,824 | ||||||||||
4.000%, 09/01/2026 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 150,000 | 165,916 | ||||||||||
4.000%, 09/01/2027 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 130,000 | 143,725 |
The accompanying notes are an integral part of these financial statements.
Page 106
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Caernarvon Township Authority: (cont.) | ||||||||||||
4.000%, 09/01/2028 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | $ | 165,000 | $ | 182,489 | ||||||||
4.000%, 09/01/2029 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 170,000 | 188,051 | ||||||||||
4.000%, 09/01/2030 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 175,000 | 193,589 | ||||||||||
4.000%, 09/01/2032 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 375,000 | 413,946 | ||||||||||
Carmichaels Area School District: | ||||||||||||
4.000%, 09/01/2022 (Insured by BAM) | 100,000 | 103,775 | ||||||||||
4.000%, 09/01/2023 (Insured by BAM) | 155,000 | 166,921 | ||||||||||
4.000%, 09/01/2024 (Insured by BAM) | 220,000 | 243,938 | ||||||||||
Centennial School District Bucks County, | ||||||||||||
5.000%, 12/15/2022 (Insured by ST AID) | 50,000 | 53,497 | ||||||||||
Central Bradford Progress Authority, | ||||||||||||
5.000%, 12/01/2026 | ||||||||||||
(Pre-refunded to 12/01/2021) | 415,000 | 423,324 | ||||||||||
City of Altoona PA, | ||||||||||||
4.000%, 08/01/2027 (Insured by AGM) | 110,000 | 129,315 | ||||||||||
City of Bradford PA: | ||||||||||||
2.500%, 11/01/2025 (Insured by AGM) | 395,000 | 419,295 | ||||||||||
3.500%, 11/01/2028 (Callable 11/01/2025) | ||||||||||||
(Insured by AGM) | 385,000 | 424,805 | ||||||||||
City of Erie Higher Education | ||||||||||||
Building Authority: | ||||||||||||
5.000%, 05/01/2025 | 160,000 | 183,953 | ||||||||||
5.000%, 05/01/2027 | 225,000 | 269,280 | ||||||||||
City of Pittston PA: | ||||||||||||
1.000%, 11/15/2022 (Insured by BAM) | 100,000 | 101,033 | ||||||||||
4.000%, 11/15/2023 (Insured by BAM) | 175,000 | 188,219 | ||||||||||
4.000%, 11/15/2024 (Insured by BAM) | 265,000 | 291,256 | ||||||||||
4.000%, 11/15/2025 (Insured by BAM) | 275,000 | 308,325 | ||||||||||
4.000%, 11/15/2026 (Callable 11/15/2025) | ||||||||||||
(Insured by BAM) | 240,000 | 267,731 | ||||||||||
4.000%, 11/15/2027 (Callable 11/15/2025) | ||||||||||||
(Insured by BAM) | 125,000 | 139,294 | ||||||||||
City of Wilkes-Barre PA: | ||||||||||||
4.000%, 11/15/2025 (Insured by BAM) | 200,000 | 224,146 | ||||||||||
4.000%, 11/15/2026 (Insured by BAM) | 595,000 | 678,624 | ||||||||||
4.000%, 11/15/2027 (Insured by BAM) | 1,000,000 | 1,153,999 | ||||||||||
City of York PA, | ||||||||||||
5.000%, 11/15/2025 | 1,505,000 | 1,731,202 | ||||||||||
Coatesville School District, | ||||||||||||
5.000%, 08/01/2023 (Insured by AGM) | 150,000 | 164,324 | ||||||||||
Commonwealth Financing Authority: | ||||||||||||
5.000%, 06/01/2022 | 265,000 | 276,460 | ||||||||||
5.000%, 06/01/2023 | 225,000 | 245,549 | ||||||||||
Commonwealth of Pennsylvania, | ||||||||||||
3.750%, 10/01/2021 (Callable 08/02/2021) | 175,000 | 175,454 | ||||||||||
County of Allegheny PA, | ||||||||||||
0.668%, 11/01/2026 (3 Month LIBOR | ||||||||||||
USD + 0.550%) (Callable 08/02/2021) | ||||||||||||
(Insured by AGM)(2) | 830,000 | 833,077 | ||||||||||
County of McKean PA: | ||||||||||||
4.000%, 11/01/2022 (Insured by BAM) | 120,000 | 125,427 | ||||||||||
4.000%, 11/01/2023 (Insured by BAM) | 395,000 | 427,549 | ||||||||||
Crawford Central School District: | ||||||||||||
4.000%, 02/15/2022 (Insured by BAM) | 275,000 | 281,276 | ||||||||||
4.000%, 02/15/2024 (Insured by BAM) | 1,505,000 | 1,649,316 | ||||||||||
4.000%, 02/15/2025 (Insured by BAM) | 2,455,000 | 2,764,533 | ||||||||||
Cumberland County Municipal Authority: | ||||||||||||
5.000%, 01/01/2029 | ||||||||||||
(Pre-refunded to 01/01/2025) | 190,000 | 219,605 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 935,000 | 1,053,929 | ||||||||||
Delaware Valley Regional Finance Authority: | ||||||||||||
0.550%, 09/01/2048 | ||||||||||||
(SIFMA Municipal Swap Index + 0.530%) | ||||||||||||
(Callable 09/01/2022) | ||||||||||||
(Mandatory Tender Date 09/01/2023)(2) | 5,000,000 | 4,994,859 | ||||||||||
0.827%, 09/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.760%) (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 09/01/2024)(2) | 2,000,000 | 1,998,701 | ||||||||||
0.947%, 09/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.880%) (Callable 09/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2025)(2) | 2,000,000 | 2,006,725 | ||||||||||
East Allegheny School District, | ||||||||||||
0.000%, 11/15/2021 (Insured by AGM) | 480,000 | 479,099 | ||||||||||
East Hempfield Township Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2029 (Callable 07/01/2024) | 1,730,000 | 1,967,972 | ||||||||||
Easton Area School District, | ||||||||||||
4.000%, 04/01/2030 (Callable 10/01/2024) | ||||||||||||
(Insured by ST AID) | 1,150,000 | 1,283,933 | ||||||||||
Elizabeth Forward School District, | ||||||||||||
0.000%, 09/01/2022 | ||||||||||||
(ETM) (Insured by NATL) | 250,000 | 248,927 | ||||||||||
Erie City Water Authority, | ||||||||||||
4.000%, 12/01/2025 (Pre-refunded to | ||||||||||||
12/01/2022) (Insured by AGM) | 385,000 | 405,139 | ||||||||||
Greater Hazleton Joint Sewer Authority: | ||||||||||||
4.000%, 05/15/2022 (Insured by BAM) | 255,000 | 263,369 | ||||||||||
4.000%, 05/15/2023 (Insured by BAM) | 460,000 | 489,885 | ||||||||||
4.000%, 05/15/2024 (Insured by BAM) | 325,000 | 356,727 | ||||||||||
4.000%, 05/15/2025 (Insured by BAM) | 255,000 | 286,644 | ||||||||||
Hamburg Area School District, | ||||||||||||
4.000%, 04/01/2024 (Insured by ST AID) | 845,000 | 929,664 | ||||||||||
Hazleton Area School District, | ||||||||||||
4.000%, 03/01/2025 (Insured by BAM) | 430,000 | 477,007 | ||||||||||
Lackawanna County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 11/01/2021 | 450,000 | 456,815 | ||||||||||
Lancaster City Parking Authority, | ||||||||||||
3.000%, 12/01/2027 (Insured by BAM) | 645,000 | 712,094 | ||||||||||
Lancaster Higher Education Authority, | ||||||||||||
5.000%, 10/01/2022 (Insured by BAM) | 35,000 | 37,101 | ||||||||||
Lancaster Industrial Development Authority, | ||||||||||||
5.000%, 05/01/2022 (ETM) | 45,000 | 46,803 | ||||||||||
Latrobe Industrial Development Authority: | ||||||||||||
5.000%, 03/01/2027 | 295,000 | 346,887 | ||||||||||
5.000%, 03/01/2028 | 115,000 | 137,185 | ||||||||||
5.000%, 03/01/2029 | 150,000 | 180,760 | ||||||||||
5.000%, 03/01/2030 | 125,000 | 151,810 | ||||||||||
Lehigh County Industrial | ||||||||||||
Development Authority, | ||||||||||||
1.800%, 09/01/2029 | ||||||||||||
(Mandatory Tender Date 09/01/2022)(1) | 5,090,000 | 5,175,290 | ||||||||||
Lycoming County Authority: | ||||||||||||
2.000%, 11/01/2035 | ||||||||||||
(Mandatory Tender Date 11/01/2022)(1) | 1,000,000 | 1,000,000 | ||||||||||
4.000%, 11/01/2043 | ||||||||||||
(Mandatory Tender Date 05/01/2024)(1) | 1,260,000 | 1,325,070 | ||||||||||
Montgomery County Higher Education | ||||||||||||
& Health Authority, | ||||||||||||
1.125%, 05/01/2036 | ||||||||||||
(Mandatory Tender Date 05/01/2023)(7) | 1,300,000 | 1,299,122 |
The accompanying notes are an integral part of these financial statements.
Page 107
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Montgomery County Industrial | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 12/01/2021 | $ | 100,000 | $ | 101,433 | ||||||||
4.000%, 12/01/2022 | 90,000 | 94,346 | ||||||||||
4.000%, 12/01/2023 | 125,000 | 135,075 | ||||||||||
4.000%, 12/01/2024 | 200,000 | 222,104 | ||||||||||
4.000%, 12/01/2025 | 200,000 | 227,393 | ||||||||||
North East School District, | ||||||||||||
2.000%, 09/01/2021 (Callable 08/02/2021) | ||||||||||||
(Insured by BAM) | 445,000 | 445,573 | ||||||||||
North Penn Water Authority, | ||||||||||||
0.580%, 11/01/2024 | ||||||||||||
(SIFMA Municipal Swap Index + 0.560%) | ||||||||||||
(Callable 11/01/2023)(2) | 845,000 | 849,931 | ||||||||||
North Pocono School District, | ||||||||||||
4.000%, 03/15/2024 (Insured by BAM) | 230,000 | 252,701 | ||||||||||
Northampton County General | ||||||||||||
Purpose Authority: | ||||||||||||
5.000%, 10/01/2021 | 100,000 | 101,029 | ||||||||||
1.110%, 08/15/2048 (1 Month LIBOR | ||||||||||||
USD + 1.040%) (Callable 02/15/2023) | ||||||||||||
(Mandatory Tender Date 08/15/2024)(2) | 75,000 | 75,447 | ||||||||||
Octorara Area School District, | ||||||||||||
4.000%, 04/01/2025 (Insured by AGM) | 355,000 | 398,305 | ||||||||||
Palmyra Area School District, | ||||||||||||
5.000%, 06/01/2030 (Callable 06/01/2025) | ||||||||||||
(Insured by ST AID) | 400,000 | 468,560 | ||||||||||
Pennsylvania Economic Development | ||||||||||||
Financing Authority, | ||||||||||||
2.800%, 12/01/2033 | ||||||||||||
(Mandatory Tender Date 12/01/2021)(1) | 720,000 | 727,864 | ||||||||||
Pennsylvania Higher Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 08/15/2024 | ||||||||||||
(Pre-refunded to 08/15/2021) | 185,000 | 186,082 | ||||||||||
5.000%, 05/01/2025 | 575,000 | 670,758 | ||||||||||
5.000%, 05/01/2026 | 570,000 | 684,697 | �� | |||||||||
Pennsylvania Housing Finance Agency: | ||||||||||||
2.450%, 07/01/2022 | ||||||||||||
(Mandatory Tender Date 07/01/2021)(1) | 2,525,000 | 2,525,000 | ||||||||||
3.700%, 10/01/2042 (Callable 10/01/2021) | 155,000 | 155,883 | ||||||||||
4.000%, 10/01/2046 (Callable 04/01/2026) | 130,000 | 139,692 | ||||||||||
4.000%, 10/01/2049 (Callable 10/01/2028) | 5,560,000 | 6,010,497 | ||||||||||
Pennsylvania Turnpike Commission: | ||||||||||||
1.000%, 12/01/2021 | ||||||||||||
(SIFMA Municipal Swap Index + 0.980%) | ||||||||||||
(Callable 07/14/2021)(2) | 1,010,000 | 1,010,296 | ||||||||||
5.000%, 12/01/2022 | 50,000 | 53,397 | ||||||||||
0.000%, 12/01/2023 | 85,000 | 83,518 | ||||||||||
0.720%, 12/01/2023 | ||||||||||||
(SIFMA Municipal Swap Index + 0.700%) | ||||||||||||
(Callable 12/01/2022)(2) | 2,150,000 | 2,162,247 | ||||||||||
5.000%, 12/01/2028(7) | 360,000 | 436,273 | ||||||||||
Perkasie Regional Authority, | ||||||||||||
4.000%, 02/01/2023 (Insured by BAM) | 460,000 | 485,221 | ||||||||||
Philadelphia Authority for | ||||||||||||
Industrial Development, | ||||||||||||
5.000%, 10/01/2026 | 475,000 | 569,777 | ||||||||||
Pittsburgh School District, | ||||||||||||
5.000%, 09/01/2027 (Insured by ST AID) | 410,000 | 515,199 | ||||||||||
Pittsburgh Water & Sewer Authority, | ||||||||||||
0.670%, 09/01/2040 (1 Month LIBOR | ||||||||||||
USD + 0.650%) (Callable 06/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023) | ||||||||||||
(Insured by AGM)(2) | 11,000,000 | 11,100,492 | ||||||||||
Pottsville Area School District: | ||||||||||||
1.000%, 05/15/2023 (Insured by BAM) | 125,000 | 125,966 | ||||||||||
4.000%, 05/15/2024 (Insured by BAM) | 200,000 | 219,104 | ||||||||||
4.000%, 05/15/2025 (Insured by BAM) | 180,000 | 201,531 | ||||||||||
4.000%, 05/15/2026 (Insured by BAM) | 185,000 | 210,887 | ||||||||||
Public Parking Authority Of Pittsburgh, | ||||||||||||
5.000%, 12/01/2026 (Callable 06/01/2025) | 415,000 | 485,572 | ||||||||||
Reading School District: | ||||||||||||
4.000%, 04/01/2023 (Insured by BAM) | 160,000 | 169,703 | ||||||||||
4.000%, 04/01/2023 (Insured by BAM) | 565,000 | 599,264 | ||||||||||
5.000%, 04/01/2023 (Insured by BAM) | 750,000 | 807,416 | ||||||||||
4.000%, 04/01/2024 (Insured by BAM) | 615,000 | 671,302 | ||||||||||
5.000%, 04/01/2024 (Insured by BAM) | 2,250,000 | 2,520,438 | ||||||||||
Riverside School District: | ||||||||||||
1.000%, 10/15/2021 (Insured by BAM)(6) | 60,000 | 60,088 | ||||||||||
2.000%, 10/15/2022 (Insured by BAM)(6) | 415,000 | 423,293 | ||||||||||
4.000%, 10/15/2024 (Insured by BAM)(6) | 625,000 | 694,116 | ||||||||||
Sayre Area School District: | ||||||||||||
3.000%, 05/15/2022 (Insured by BAM) | 25,000 | 25,533 | ||||||||||
3.000%, 05/15/2024 (Insured by BAM) | 25,000 | 26,730 | ||||||||||
Sayre Health Care Facilities Authority, | ||||||||||||
0.870%, 12/01/2024 (3 Month LIBOR | ||||||||||||
USD + 0.780%) (Callable 08/02/2021)(2) | 200,000 | 200,299 | ||||||||||
School District of Philadelphia: | ||||||||||||
5.000%, 06/01/2024 | 535,000 | 602,222 | ||||||||||
5.000%, 09/01/2025 (Insured by ST AID) | 135,000 | 159,362 | ||||||||||
5.000%, 09/01/2025 (Insured by ST AID) | 500,000 | 590,231 | ||||||||||
5.000%, 09/01/2026 (Insured by ST AID) | 1,000,000 | 1,216,642 | ||||||||||
School District of Reading, | ||||||||||||
5.000%, 03/01/2024 (Insured by AGM) | 100,000 | 111,681 | ||||||||||
School District of the City of Erie: | ||||||||||||
5.000%, 04/01/2023 (Insured by AGM) | 265,000 | 285,287 | ||||||||||
5.000%, 04/01/2024 (Insured by AGM) | 230,000 | 256,975 | ||||||||||
5.000%, 04/01/2024 (Insured by AGM) | 250,000 | 279,321 | ||||||||||
Scranton School District, | ||||||||||||
0.918%, 04/01/2031 (1 Month LIBOR | ||||||||||||
USD + 0.850%) (Callable 12/01/2022) | ||||||||||||
(Mandatory Tender Date 06/01/2023) | ||||||||||||
(Insured by ST AID)(2) | 4,700,000 | 4,723,444 | ||||||||||
Scranton-Lackawanna Health | ||||||||||||
and Welfare Authority: | ||||||||||||
5.000%, 11/01/2023 | 35,000 | 38,608 | ||||||||||
5.000%, 11/01/2025 | 40,000 | 47,205 | ||||||||||
State Public School Building Authority: | ||||||||||||
5.000%, 12/01/2027 (Callable 12/01/2026) | ||||||||||||
(Insured by AGM) | 1,090,000 | 1,344,604 | ||||||||||
0.000%, 05/15/2028 (Insured by NATL) | 2,075,000 | 1,857,575 | ||||||||||
Steel Valley School District: | ||||||||||||
3.000%, 11/01/2021 (Insured by BAM) | 50,000 | 50,396 | ||||||||||
4.000%, 11/01/2022 (Insured by BAM) | 190,000 | 198,359 | ||||||||||
4.000%, 11/01/2024 (Insured by BAM) | 260,000 | 289,589 | ||||||||||
4.000%, 11/01/2024 (Insured by BAM) | 50,000 | 55,690 | ||||||||||
4.000%, 11/01/2025 (Insured by BAM) | 270,000 | 305,426 | ||||||||||
4.000%, 11/01/2025 (Insured by BAM) | 50,000 | 56,560 | ||||||||||
4.000%, 11/01/2026 (Insured by BAM) | 280,000 | 321,957 | ||||||||||
Township of Hampton PA, | ||||||||||||
5.900%, 02/01/2023 | 125,000 | 135,028 | ||||||||||
Township of North Fayette PA, | ||||||||||||
4.000%, 04/15/2025 (Callable 04/15/2024) | 210,000 | 231,312 | ||||||||||
University of Pittsburgh-of the Commonwealth | ||||||||||||
System of Higher Education, | ||||||||||||
0.380%, 02/15/2024 | ||||||||||||
(SIFMA Municipal Swap Index + 0.360%) | ||||||||||||
(Callable 08/15/2023)(2) | 2,500,000 | 2,511,895 |
The accompanying notes are an integral part of these financial statements.
Page 108
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Westmoreland County Industrial | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 07/01/2023 | $ | 375,000 | $ | 401,370 | ||||||||
4.000%, 07/01/2024 | 450,000 | 495,694 | ||||||||||
4.000%, 07/01/2025 | 550,000 | 621,059 | ||||||||||
4.000%, 07/01/2026 | 625,000 | 721,144 | ||||||||||
Westmoreland County Municipal Authority, | ||||||||||||
0.000%, 08/15/2023 (ETM) | 220,000 | 217,454 | ||||||||||
Wilkes-Barre Finance Authority, | ||||||||||||
5.000%, 11/01/2024 | 40,000 | 45,728 | ||||||||||
York City School District, | ||||||||||||
4.000%, 05/01/2025 (Insured by BAM) | 3,070,000 | 3,458,950 | ||||||||||
Total Pennsylvania | ||||||||||||
(Cost $108,098,119) | 110,059,282 | 6.1 | % | |||||||||
Puerto Rico | ||||||||||||
Puerto Rico Highway & | ||||||||||||
Transportation Authority, | ||||||||||||
4.600%, 07/01/2022 | ||||||||||||
(ETM) (Insured by NATL) | 25,000 | 26,072 | ||||||||||
Puerto Rico Public Finance Corp.: | ||||||||||||
5.125%, 06/01/2024 (Insured by AMBAC) | 225,000 | 242,589 | ||||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | 470,000 | 594,385 | ||||||||||
Total Puerto Rico | ||||||||||||
(Cost $816,124) | 863,046 | 0.0 | % | |||||||||
Rhode Island | ||||||||||||
Rhode Island Health and Educational | ||||||||||||
Building Corp., | ||||||||||||
0.020%, 06/01/2035 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 2,840,000 | 2,840,000 | ||||||||||
Rhode Island Housing & | ||||||||||||
Mortgage Finance Corp.: | ||||||||||||
0.450%, 10/01/2040 (Callable 04/01/2022) | ||||||||||||
(Mandatory Tender Date 10/01/2023)(1) | 3,250,000 | 3,251,364 | ||||||||||
3.500%, 10/01/2046 (Callable 04/01/2025) | 20,000 | 20,577 | ||||||||||
3.750%, 10/01/2049 (Callable 04/01/2029) | ||||||||||||
(Insured by GNMA) | 2,155,000 | 2,377,622 | ||||||||||
State of Rhode Island, | ||||||||||||
5.000%, 11/01/2031 (Callable 11/01/2028) | 1,585,000 | 2,023,615 | ||||||||||
Total Rhode Island | ||||||||||||
(Cost $10,434,521) | 10,513,178 | 0.6 | % | |||||||||
South Carolina | ||||||||||||
Barnwell Facilities Corp.: | ||||||||||||
5.000%, 09/01/2023 (Insured by BAM) | 285,000 | 313,051 | ||||||||||
5.000%, 09/01/2024 (Insured by BAM) | 280,000 | 319,240 | ||||||||||
City of Myrtle Beach SC, | ||||||||||||
5.000%, 10/01/2027 (Callable 10/01/2026) | 1,000,000 | 1,204,853 | ||||||||||
City of Walhalla SC, | ||||||||||||
5.000%, 06/01/2023 (Insured by BAM) | 320,000 | 348,323 | ||||||||||
Greenville Health System, | ||||||||||||
5.000%, 05/01/2026 (Callable 05/01/2022) | 1,120,000 | 1,164,405 | ||||||||||
Greenwood Fifty School Facilities, Inc., | ||||||||||||
5.000%, 12/01/2027 (Callable 06/01/2026) | ||||||||||||
(Insured by BAM) | 1,125,000 | 1,353,789 | ||||||||||
Patriots Energy Group Financing Agency, | ||||||||||||
0.927%, 10/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.860%) (Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(2) | 1,500,000 | 1,513,629 | ||||||||||
Piedmont Municipal Power Agency: | ||||||||||||
5.375%, 01/01/2025 | ||||||||||||
(ETM) (Insured by NATL) | 225,000 | 260,854 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 1,000,000 | 1,136,002 | ||||||||||
South Carolina Jobs-Economic | ||||||||||||
Development Authority: | ||||||||||||
5.250%, 08/01/2030 | ||||||||||||
(Pre-refunded to 08/01/2023) | 110,000 | 121,430 | ||||||||||
6.000%, 08/01/2031 (Pre-refunded to | ||||||||||||
08/01/2021) (Insured by AGM) | 125,000 | 125,586 | ||||||||||
6.500%, 08/01/2039 (Pre-refunded to | ||||||||||||
08/01/2021) (Insured by AGM) | 1,570,000 | 1,577,986 | ||||||||||
South Carolina State Housing Finance | ||||||||||||
& Development Authority: | ||||||||||||
4.000%, 07/01/2036 (Callable 07/01/2025) | ||||||||||||
(Insured by GNMA) | 135,000 | 146,772 | ||||||||||
4.000%, 07/01/2047 (Callable 01/01/2027) | 525,000 | 568,863 | ||||||||||
4.500%, 07/01/2048 (Callable 07/01/2027) | 435,000 | 482,601 | ||||||||||
4.000%, 01/01/2050 (Callable 07/01/2028) | 2,260,000 | 2,545,350 | ||||||||||
4.000%, 07/01/2050 (Callable 07/01/2029) | 1,945,000 | 2,196,963 | ||||||||||
South Carolina Transportation | ||||||||||||
Infrastructure Bank, | ||||||||||||
0.517%, 10/01/2031 (1 Month LIBOR | ||||||||||||
USD + 0.450%) (Callable 10/01/2021)(2) | 12,575,000 | 12,580,116 | ||||||||||
Spartanburg Regional Health Services District: | ||||||||||||
5.000%, 04/15/2023 (Insured by AGM) | 350,000 | 378,948 | ||||||||||
5.000%, 04/15/2024 (Callable 04/15/2022) | 845,000 | 875,410 | ||||||||||
University of South Carolina, | ||||||||||||
5.000%, 05/01/2027 | 785,000 | 968,128 | ||||||||||
Total South Carolina | ||||||||||||
(Cost $29,544,859) | 30,182,299 | 1.7 | % | |||||||||
South Dakota | ||||||||||||
Aberdeen School District No. 6-1, | ||||||||||||
2.200%, 01/01/2023 (Callable 08/02/2021) | 255,000 | 255,371 | ||||||||||
City of Rapid City SD, | ||||||||||||
5.000%, 12/01/2025 | 310,000 | 362,195 | ||||||||||
South Dakota Health & Educational | ||||||||||||
Facilities Authority: | ||||||||||||
3.000%, 09/01/2025 | 100,000 | 107,354 | ||||||||||
3.000%, 09/01/2027 | 105,000 | 114,209 | ||||||||||
3.000%, 09/01/2028 | 200,000 | 217,436 | ||||||||||
South Dakota Housing | ||||||||||||
Development Authority, | ||||||||||||
3.000%, 11/01/2051 (Callable 05/01/2030) | ||||||||||||
(Insured by GNMA) | 1,450,000 | 1,585,952 | ||||||||||
Total South Dakota | ||||||||||||
(Cost $2,646,983) | 2,642,517 | 0.1 | % | |||||||||
Tennessee | ||||||||||||
City of Cleveland TN, | ||||||||||||
5.000%, 12/01/2027 | 3,320,000 | 4,198,613 | ||||||||||
City of Jackson TN: | ||||||||||||
5.000%, 04/01/2024 | 250,000 | 279,466 | ||||||||||
5.000%, 04/01/2027 (Callable 04/01/2025) | 665,000 | 760,044 | ||||||||||
Clarksville Natural Gas Acquisition Corp., | ||||||||||||
5.000%, 12/15/2021 | 185,000 | 188,898 | ||||||||||
Hollow Rock-Bruceton Special School District, | ||||||||||||
3.000%, 04/01/2023 | 346,000 | 361,529 | ||||||||||
Knox County Health Educational & | ||||||||||||
Housing Facility Board: | ||||||||||||
5.000%, 04/01/2022 | 75,000 | 77,531 | ||||||||||
1.500%, 07/01/2022 | ||||||||||||
(Mandatory Tender Date 07/01/2021)(1) | 650,000 | 650,000 | ||||||||||
5.000%, 11/15/2022 | 400,000 | 426,049 | ||||||||||
5.000%, 04/01/2024 | 190,000 | 212,671 | ||||||||||
Tennessee Energy Acquisition Corp., | ||||||||||||
5.625%, 09/01/2026 | 6,705,000 | 8,205,526 |
The accompanying notes are an integral part of these financial statements.
Page 109
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Tennessee Housing Development Agency: | ||||||||||||
3.050%, 07/01/2029 | ||||||||||||
(Callable 07/01/2024) | $ | 120,000 | $ | 125,113 | ||||||||
3.600%, 01/01/2031 (Callable 01/01/2023) | 1,290,000 | 1,324,450 | ||||||||||
3.850%, 07/01/2032 (Callable 01/01/2025) | 1,300,000 | 1,365,745 | ||||||||||
4.000%, 07/01/2039 (Callable 01/01/2024) | 635,000 | 668,989 | ||||||||||
4.200%, 07/01/2042 (Callable 01/01/2022) | 300,000 | 303,914 | ||||||||||
4.000%, 01/01/2043 (Callable 07/01/2027) | 640,000 | 700,820 | ||||||||||
3.800%, 07/01/2043 (Callable 01/01/2022) | 200,000 | 202,720 | ||||||||||
4.000%, 01/01/2046 (Callable 01/01/2025) | 20,000 | 21,464 | ||||||||||
3.750%, 01/01/2050 (Callable 01/01/2029) | 2,100,000 | 2,343,274 | ||||||||||
3.000%, 01/01/2051 (Callable 01/01/2030) | 5,000,000 | 5,450,032 | ||||||||||
Wilson County Water & | ||||||||||||
Wastewater Authority, | ||||||||||||
0.000%, 03/01/2022 | 300,000 | 297,805 | ||||||||||
Total Tennessee | ||||||||||||
(Cost $27,474,829) | 28,164,653 | 1.6 | % | |||||||||
Texas | ||||||||||||
Alvin Independent School District, | ||||||||||||
1.250%, 02/15/2033 (Mandatory Tender | ||||||||||||
Date 08/15/2022) (PSF Guaranteed)(1) | 300,000 | 303,337 | ||||||||||
Arlington Higher Education Finance Corp.: | ||||||||||||
5.000%, 08/15/2021 (PSF Guaranteed) | 1,290,000 | 1,297,391 | ||||||||||
5.000%, 08/15/2021 (PSF Guaranteed) | 375,000 | 377,148 | ||||||||||
5.000%, 08/15/2022 (PSF Guaranteed) | 350,000 | 368,758 | ||||||||||
5.000%, 08/15/2023 (PSF Guaranteed) | 325,000 | 356,656 | ||||||||||
5.000%, 08/15/2024 | ||||||||||||
(ETM) (PSF Guaranteed) | 535,000 | 611,394 | ||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 50,000 | 58,894 | ||||||||||
4.000%, 08/15/2026 (PSF Guaranteed) | 200,000 | 228,540 | ||||||||||
Arlington Independent School District, | ||||||||||||
5.000%, 02/15/2028 (PSF Guaranteed) | 1,110,000 | 1,411,722 | ||||||||||
Bandera Independent School District, | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 460,000 | 516,228 | ||||||||||
Beaumont Independent School District, | ||||||||||||
5.000%, 02/15/2025 (PSF Guaranteed) | 170,000 | 197,860 | ||||||||||
Boerne Public Facilities Corp., | ||||||||||||
2.750%, 11/01/2022 | ||||||||||||
(Mandatory Tender Date 11/01/2021)(1) | 265,000 | 267,241 | ||||||||||
Boerne School District, | ||||||||||||
5.000%, 02/01/2028 (PSF Guaranteed) | 1,520,000 | 1,932,491 | ||||||||||
Brazoria County Municipal | ||||||||||||
Utility District No. 17, | ||||||||||||
4.000%, 09/01/2024 (Callable 09/01/2023) | ||||||||||||
(Insured by AGM) | 175,000 | 188,894 | ||||||||||
Brazosport Independent School District, | ||||||||||||
5.000%, 02/15/2028 (PSF Guaranteed) | 2,500,000 | 3,183,255 | ||||||||||
Bryson Independent School District, | ||||||||||||
4.000%, 08/15/2030 (Callable 08/15/2027) | ||||||||||||
(PSF Guaranteed) | 785,000 | 919,734 | ||||||||||
Caney Creek Municipal Utility District: | ||||||||||||
5.000%, 03/01/2022 | 345,000 | 355,042 | ||||||||||
5.000%, 03/01/2023 | 365,000 | 391,195 | ||||||||||
5.000%, 03/01/2025 | 405,000 | 462,562 | ||||||||||
Capital Area Housing Finance Corp., | ||||||||||||
2.100%, 09/01/2037 (Callable 08/01/2021) | ||||||||||||
(Mandatory Tender Date 09/01/2022)(1) | 1,640,000 | 1,642,166 | ||||||||||
Central Texas Regional Mobility Authority: | ||||||||||||
5.000%, 01/01/2022 | 460,000 | 470,807 | ||||||||||
5.000%, 01/01/2027 (Callable 01/01/2026) | 7,495,000 | 8,847,434 | ||||||||||
Central Texas Turnpike System: | ||||||||||||
5.000%, 08/15/2023 | 205,000 | 225,197 | ||||||||||
0.000%, 08/15/2024 | ||||||||||||
(ETM) (Insured by AMBAC) | 700,000 | 691,113 | ||||||||||
5.000%, 08/15/2027 (Callable 08/15/2024) | 330,000 | 374,480 | ||||||||||
Channelview Independent School District, | ||||||||||||
4.000%, 08/15/2029 (PSF Guaranteed) | 4,175,000 | 5,163,417 | ||||||||||
Cibolo Canyons Special | ||||||||||||
Improvement District: | ||||||||||||
5.000%, 08/15/2021 (Insured by AGM) | 65,000 | 65,356 | ||||||||||
5.000%, 08/15/2022 (Insured by AGM) | 365,000 | 383,673 | ||||||||||
Cimarron Municipal Utility District, | ||||||||||||
4.000%, 03/01/2025 (Insured by AGM) | 70,000 | 78,001 | ||||||||||
Cinco Municipal Utility District, | ||||||||||||
4.000%, 12/01/2023 (Insured by BAM) | 690,000 | 746,134 | ||||||||||
City of Brownsville TX, | ||||||||||||
5.000%, 09/01/2031 (Callable 09/01/2025) | 830,000 | 965,263 | ||||||||||
City of Dallas TX, | ||||||||||||
5.000%, 02/15/2027 (Callable 02/15/2024) | 535,000 | 597,262 | ||||||||||
City of Del Rio TX, | ||||||||||||
5.000%, 06/01/2027 | 520,000 | 642,674 | ||||||||||
City of Denton TX: | ||||||||||||
5.000%, 12/01/2033 (Callable 12/01/2026) | 900,000 | 1,081,027 | ||||||||||
5.000%, 12/01/2034 (Callable 12/01/2026) | 195,000 | 233,884 | ||||||||||
City of Elgin TX: | ||||||||||||
4.000%, 07/15/2023 (Insured by AGM) | 155,000 | 165,803 | ||||||||||
4.000%, 07/15/2023 (Insured by BAM) | 50,000 | 53,495 | ||||||||||
City of Hearne TX: | ||||||||||||
3.000%, 08/01/2022 (Insured by BAM) | 225,000 | 230,455 | ||||||||||
3.000%, 08/01/2023 (Insured by BAM) | 230,000 | 242,293 | ||||||||||
3.000%, 08/01/2024 (Insured by BAM) | 240,000 | 258,184 | ||||||||||
City of Houston TX: | ||||||||||||
0.000%, 12/01/2024 | ||||||||||||
(ETM) (Insured by AGM) | 90,000 | 88,599 | ||||||||||
5.500%, 12/01/2024 | ||||||||||||
(ETM) (Insured by NATL) | 925,000 | 1,041,503 | ||||||||||
0.000%, 12/01/2025 | ||||||||||||
(ETM) (Insured by AGM) | 375,000 | 364,571 | ||||||||||
0.431%, 05/15/2034 (1 Month LIBOR | ||||||||||||
USD + 0.360%) (Callable 07/21/2021) | ||||||||||||
(Mandatory Tender Date 08/01/2021)(2) | 1,525,000 | 1,525,289 | ||||||||||
City of San Antonio TX: | ||||||||||||
2.000%, 02/01/2033 (Callable 08/02/2021) | ||||||||||||
(Mandatory Tender Date 12/01/2021)(1) | 100,000 | 100,139 | ||||||||||
2.750%, 02/01/2048 | ||||||||||||
(Mandatory Tender Date 12/01/2022)(1) | 1,055,000 | 1,090,895 | ||||||||||
City of Temple TX, | ||||||||||||
5.000%, 08/01/2028 (Insured by BAM) | 150,000 | 188,552 | ||||||||||
City of Waxahachie TX, | ||||||||||||
4.000%, 08/01/2028 (Callable 08/01/2026) | 845,000 | 981,690 | ||||||||||
City of Wilmer TX: | ||||||||||||
5.000%, 09/01/2026 (Insured by BAM) | 410,000 | 490,764 | ||||||||||
5.000%, 09/01/2027 (Insured by BAM) | 380,000 | 465,679 | ||||||||||
Clear Creek Independent School District: | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 115,000 | 129,186 | ||||||||||
1.350%, 02/15/2032 (Mandatory Tender | ||||||||||||
Date 08/15/2022) (PSF Guaranteed)(1) | 2,450,000 | 2,477,782 | ||||||||||
2.150%, 02/15/2038 (Mandatory Tender | ||||||||||||
Date 08/16/2021) (PSF Guaranteed)(1) | 250,000 | 250,586 | ||||||||||
Clyde Education Facilities Corp., | ||||||||||||
4.000%, 08/15/2021 (PSF Guaranteed) | 140,000 | 140,606 | ||||||||||
Collin County Water Control & | ||||||||||||
Improvement District No. 3: | ||||||||||||
2.000%, 09/15/2022 (Insured by BAM) | 315,000 | 321,933 | ||||||||||
2.000%, 09/15/2023 (Insured by BAM) | 335,000 | 344,803 | ||||||||||
2.000%, 09/15/2024 (Insured by BAM) | 350,000 | 363,227 | ||||||||||
Corpus Christi Business & Job | ||||||||||||
Development Corp., | ||||||||||||
5.000%, 09/01/2021 | 1,000,000 | 1,006,335 |
The accompanying notes are an integral part of these financial statements.
Page 110
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Cotulla Independent School District, | ||||||||||||
5.000%, 02/15/2023 (PSF Guaranteed) | $ | 100,000 | $ | 107,750 | ||||||||
County of Archer TX, | ||||||||||||
4.000%, 02/15/2024 | 350,000 | 383,562 | ||||||||||
County of Bexar TX, | ||||||||||||
5.000%, 06/15/2029 (Callable 06/15/2026) | 855,000 | 1,037,161 | ||||||||||
County of El Paso TX, | ||||||||||||
5.000%, 02/15/2032 (Callable 08/15/2027) | 885,000 | 1,097,225 | ||||||||||
County of Fort Bend TX, | ||||||||||||
2.000%, 03/01/2027 (Insured by BAM) | 745,000 | 785,228 | ||||||||||
County of Harris TX, | ||||||||||||
5.000%, 10/01/2028 | ||||||||||||
(Pre-refunded to 10/01/2021) | 135,000 | 136,600 | ||||||||||
County of McLennan TX, | ||||||||||||
5.000%, 06/01/2025 (Insured by AGM) | 240,000 | 274,609 | ||||||||||
County of Montgomery TX, | ||||||||||||
2.000%, 09/01/2027 (Callable 09/01/2025) | ||||||||||||
(Insured by BAM) | 435,000 | 445,437 | ||||||||||
County of Winkler TX, | ||||||||||||
2.000%, 02/15/2025 | 125,000 | 121,354 | ||||||||||
Cypress-Fairbanks Independent | ||||||||||||
School District: | ||||||||||||
1.250%, 02/15/2040 (Mandatory Tender | ||||||||||||
Date 08/15/2022) (PSF Guaranteed)(1) | 575,000 | 581,655 | ||||||||||
2.125%, 02/15/2040 (Mandatory Tender | ||||||||||||
Date 08/16/2021) (PSF Guaranteed)(1) | 100,000 | 100,232 | ||||||||||
Dallas Convention Center | ||||||||||||
Hotel Development Corp., | ||||||||||||
0.000%, 01/01/2025 | 4,450,000 | 4,200,508 | ||||||||||
Dallas County Utility & Reclamation District, | ||||||||||||
5.000%, 02/15/2026 | 290,000 | 344,155 | ||||||||||
Dallas Independent School District: | ||||||||||||
4.000%, 02/15/2029 (PSF Guaranteed) | 5,550,000 | 6,816,281 | ||||||||||
5.000%, 02/15/2036 (Pre-refunded to | ||||||||||||
02/15/2022) (PSF Guaranteed)(1) | 45,000 | 46,348 | ||||||||||
5.000%, 02/15/2036 (Pre-refunded to | ||||||||||||
02/15/2022) (PSF Guaranteed) | 305,000 | 314,136 | ||||||||||
5.000%, 02/15/2036 (Pre-refunded to | ||||||||||||
02/15/2022) (PSF Guaranteed)(1) | 770,000 | 793,063 | ||||||||||
Decatur Hospital Authority, | ||||||||||||
5.750%, 09/01/2029 (ETM) | 1,385,000 | 1,688,627 | ||||||||||
Decatur Independent School District, | ||||||||||||
0.000%, 08/15/2027 (PSF Guaranteed) | 925,000 | 867,606 | ||||||||||
Denton County Fresh Water | ||||||||||||
Supply District No. 6, | ||||||||||||
4.000%, 02/15/2023 (Insured by BAM) | 275,000 | 290,118 | ||||||||||
Denton Independent School District, | ||||||||||||
2.000%, 08/01/2044 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (PSF Guaranteed)(1) | 1,705,000 | 1,789,103 | ||||||||||
El Paso Downtown Development Corp., | ||||||||||||
5.000%, 08/15/2027 (Callable 08/15/2026) | 1,000,000 | 1,155,309 | ||||||||||
Everman Independent School District, | ||||||||||||
5.000%, 02/15/2025 (PSF Guaranteed) | 125,000 | 145,289 | ||||||||||
Fort Bend County Levee Improvement | ||||||||||||
District No. 6, | ||||||||||||
3.500%, 09/01/2028 (Callable 09/01/2024) | ||||||||||||
(Insured by BAM) | 340,000 | 370,048 | ||||||||||
Fort Bend County Municipal Utility | ||||||||||||
District No. 116, | ||||||||||||
4.000%, 09/01/2025 (Callable 09/01/2024) | ||||||||||||
(Insured by BAM) | 325,000 | 359,421 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 118: | ||||||||||||
2.000%, 09/01/2023 (Insured by AGM) | 330,000 | 338,223 | ||||||||||
2.000%, 09/01/2024 (Insured by AGM) | 350,000 | 361,455 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 134B, | ||||||||||||
4.625%, 09/01/2024 (Insured by AGM) | 320,000 | 362,058 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 134E, | ||||||||||||
4.500%, 09/01/2022 (Insured by BAM) | 330,000 | 344,406 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 139: | ||||||||||||
4.000%, 09/01/2022 (Insured by BAM) | 180,000 | 187,632 | ||||||||||
4.000%, 09/01/2023 (Insured by BAM) | 190,000 | 204,613 | ||||||||||
4.000%, 09/01/2024 (Insured by BAM) | 200,000 | 221,762 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 23, | ||||||||||||
3.000%, 09/01/2021 (Callable 08/02/2021) | ||||||||||||
(Insured by BAM) | 340,000 | 340,719 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 30, | ||||||||||||
4.000%, 09/01/2024 (Insured by BAM) | 500,000 | 552,741 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 58: | ||||||||||||
2.000%, 04/01/2024 (Insured by BAM) | 380,000 | 395,924 | ||||||||||
3.000%, 04/01/2024 (Insured by BAM) | 605,000 | 646,849 | ||||||||||
3.500%, 04/01/2024 (Insured by AGM) | 125,000 | 135,279 | ||||||||||
3.000%, 04/01/2026 (Insured by BAM) | 860,000 | 945,805 | ||||||||||
3.000%, 04/01/2026 (Insured by BAM) | 635,000 | 698,356 | ||||||||||
3.000%, 04/01/2027 (Insured by BAM) | 410,000 | 456,751 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 81, | ||||||||||||
3.000%, 09/01/2023 (Callable 08/02/2021) | ||||||||||||
(Insured by AGM) | 440,000 | 440,964 | ||||||||||
Fort Bend Independent School District: | ||||||||||||
5.000%, 08/15/2027 (PSF Guaranteed) | 300,000 | 376,945 | ||||||||||
5.000%, 08/15/2028 (PSF Guaranteed) | 250,000 | 321,782 | ||||||||||
0.875%, 08/01/2050 (Mandatory Tender | ||||||||||||
Date 08/01/2025) (PSF Guaranteed)(1) | 4,125,000 | 4,163,139 | ||||||||||
Fort Bend-Waller Counties Municipal | ||||||||||||
Utility District No. 2, | ||||||||||||
4.250%, 04/01/2029 (Callable 04/01/2026) | ||||||||||||
(Insured by AGM)(6) | 675,000 | 776,467 | ||||||||||
Friendswood Independent School District, | ||||||||||||
5.000%, 02/15/2025 (PSF Guaranteed) | 160,000 | 186,409 | ||||||||||
Frisco Independent School District, | ||||||||||||
5.000%, 02/15/2028 (PSF Guaranteed) | 2,710,000 | 3,446,637 | ||||||||||
Garland Independent School District, | ||||||||||||
5.000%, 02/15/2028 (PSF Guaranteed) | 1,640,000 | 2,088,215 | ||||||||||
Harris County Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
5.000%, 07/01/2049 (Callable 09/01/2026) | ||||||||||||
(Mandatory Tender Date 12/01/2026)(1) | 655,000 | 800,703 | ||||||||||
0.900%, 05/15/2050 (Callable 08/02/2021) | ||||||||||||
(Mandatory Tender Date 05/15/2025)(1) | 4,500,000 | 4,501,739 | ||||||||||
Harris County Health Facilities | ||||||||||||
Development Corp.: | ||||||||||||
5.750%, 07/01/2027 (ETM) | 975,000 | 1,177,274 | ||||||||||
5.750%, 07/01/2027 (ETM) | 4,205,000 | 4,941,800 | ||||||||||
Harris County Municipal Utility | ||||||||||||
District No. 109, | ||||||||||||
4.000%, 10/01/2027 (Callable 10/01/2021) | ||||||||||||
(Insured by BAM) | 460,000 | 464,353 | ||||||||||
Harris County Municipal Utility | ||||||||||||
District No. 120, | ||||||||||||
3.250%, 08/01/2025 (Callable 08/02/2021) | ||||||||||||
(Insured by AGM) | 350,000 | 350,763 |
The accompanying notes are an integral part of these financial statements.
Page 111
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 153, | ||||||||||||
4.000%, 09/01/2023 (Callable 09/01/2022) | ||||||||||||
(Insured by BAM) | $ | 100,000 | $ | 104,384 | ||||||||
Harris County Municipal Utility | ||||||||||||
District No. 276, | ||||||||||||
3.000%, 09/01/2024 (Insured by BAM) | 445,000 | 479,477 | ||||||||||
Harris County Municipal Utility | ||||||||||||
District No. 284: | ||||||||||||
4.000%, 09/01/2023 (Insured by AGM) | 370,000 | 398,457 | ||||||||||
4.000%, 09/01/2024 (Insured by AGM) | 235,000 | 260,570 | ||||||||||
Harris County Municipal Utility | ||||||||||||
District No. 371, | ||||||||||||
4.000%, 09/01/2025 (Insured by AGM) | 330,000 | 373,963 | �� | |||||||||
Harris County Municipal Utility | ||||||||||||
District No. 374, | ||||||||||||
3.000%, 09/01/2024 (Insured by BAM) | 225,000 | 240,087 | ||||||||||
Harris County Municipal Utility | ||||||||||||
District No. 500, | ||||||||||||
5.000%, 12/01/2021 (Insured by AGM) | 85,000 | 86,630 | ||||||||||
Harris County Municipal Utility | ||||||||||||
District No. 63, | ||||||||||||
3.000%, 09/01/2025 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 100,000 | 107,202 | ||||||||||
Hitchcock Independent School District, | ||||||||||||
5.000%, 02/15/2023 (PSF Guaranteed) | 100,000 | 107,682 | ||||||||||
Hunt Memorial Hospital District: | ||||||||||||
5.000%, 02/15/2024 | 200,000 | 220,517 | ||||||||||
5.000%, 02/15/2027 | 1,500,000 | 1,791,541 | ||||||||||
5.000%, 02/15/2028 | 1,000,000 | 1,218,432 | ||||||||||
Ingleside Independent School District, | ||||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 120,000 | 137,327 | ||||||||||
Irving Hospital Authority, | ||||||||||||
5.000%, 10/15/2023 | 150,000 | 165,622 | ||||||||||
Katy Independent School District, | ||||||||||||
0.329%, 08/15/2036 (1 Month LIBOR | ||||||||||||
USD + 0.280%) (PSF Guaranteed)(2) | 680,000 | 680,073 | ||||||||||
La Vernia Independent School District, | ||||||||||||
4.000%, 08/15/2025 (PSF Guaranteed) | 260,000 | 297,175 | ||||||||||
Lake Travis Independent School District: | ||||||||||||
2.625%, 02/15/2048 (Pre-refunded to | ||||||||||||
02/15/2022) (PSF Guaranteed)(1) | 95,000 | 96,443 | ||||||||||
2.625%, 02/15/2048 (Pre-refunded to | ||||||||||||
02/15/2022) (PSF Guaranteed)(1) | 169,999 | 172,529 | ||||||||||
Leander Independent School District: | ||||||||||||
0.000%, 08/15/2033 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 50,000 | 32,156 | ||||||||||
0.000%, 08/15/2034 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 350,000 | 212,121 | ||||||||||
0.000%, 08/15/2036 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 15,000 | 8,402 | ||||||||||
0.000%, 08/15/2036 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 100,000 | 53,636 | ||||||||||
0.000%, 08/15/2039 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 50,000 | 22,557 | ||||||||||
0.000%, 08/15/2040 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 130,000 | 59,528 | ||||||||||
0.000%, 08/15/2041 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 1,325,000 | 577,328 | ||||||||||
0.000%, 08/15/2041 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 8,275,000 | 3,588,784 | ||||||||||
0.000%, 08/15/2041 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 435,000 | 175,331 | ||||||||||
0.000%, 08/15/2042 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 50,000 | 20,630 | ||||||||||
0.000%, 08/15/2042 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 455,000 | 188,021 | ||||||||||
0.000%, 08/15/2043 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 40,000 | 15,722 | ||||||||||
0.000%, 08/15/2045 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 1,010,000 | 323,044 | ||||||||||
0.000%, 08/15/2046 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 890,000 | 267,486 | ||||||||||
0.000%, 08/15/2047 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 75,000 | 21,164 | ||||||||||
Lewisville Independent School District, | ||||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 20,000 | 22,935 | ||||||||||
Lower Colorado River Authority: | ||||||||||||
5.000%, 05/15/2024 (Callable 05/15/2022) | 140,000 | 145,685 | ||||||||||
4.750%, 01/01/2028 | ||||||||||||
(ETM) (Insured by AGM) | 310,000 | 356,595 | ||||||||||
5.000%, 05/15/2028 (Callable 05/15/2022) | 495,000 | 514,922 | ||||||||||
Manor Independent School District, | ||||||||||||
5.000%, 08/01/2026 (PSF Guaranteed) | 100,000 | 121,710 | ||||||||||
Mansfield Independent School District, | ||||||||||||
2.500%, 08/01/2042 (Mandatory Tender | ||||||||||||
Date 08/01/2021) (PSF Guaranteed)(1) | 3,790,000 | 3,796,741 | ||||||||||
Melissa Independent School District, | ||||||||||||
5.000%, 08/01/2027 (Callable 08/01/2026) | ||||||||||||
(PSF Guaranteed) | 560,000 | 682,829 | ||||||||||
Midlothian Independent School District, | ||||||||||||
2.000%, 08/01/2051 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (PSF Guaranteed)(1) | 1,700,000 | 1,777,982 | ||||||||||
Montgomery County Health Facilities | ||||||||||||
Development Corp., | ||||||||||||
0.000%, 07/15/2023 (ETM) | 595,000 | 590,779 | ||||||||||
Montgomery County Municipal Utility | ||||||||||||
District No. 112: | ||||||||||||
3.000%, 10/01/2022 (Insured by BAM) | 200,000 | 206,541 | ||||||||||
3.000%, 10/01/2024 (Insured by BAM) | 215,000 | 232,021 | ||||||||||
Montgomery County Municipal Utility | ||||||||||||
District No. 95, | ||||||||||||
3.000%, 09/01/2023 (Insured by AGM) | 115,000 | 120,987 | ||||||||||
Montgomery Independent School District, | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 175,000 | 196,244 | ||||||||||
New Caney Independent School District: | ||||||||||||
5.000%, 02/15/2025 (PSF Guaranteed) | 100,000 | 116,467 | ||||||||||
3.000%, 02/15/2050 (Mandatory Tender | ||||||||||||
Date 08/15/2021) (PSF Guaranteed)(1) | 230,000 | 230,788 | ||||||||||
New Hope Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
3.625%, 08/15/2022 (Callable 08/15/2021)(3) | 65,000 | 65,204 | ||||||||||
4.000%, 06/15/2024 | 50,000 | 54,501 | ||||||||||
Newark Higher Education Finance Corp.: | ||||||||||||
5.000%, 08/15/2023 (PSF Guaranteed) | 260,000 | 284,628 | ||||||||||
5.000%, 08/15/2028 (Callable 08/15/2024) | ||||||||||||
(PSF Guaranteed) | 705,000 | 796,916 | ||||||||||
North Central Texas Health Facility | ||||||||||||
Development Corp., | ||||||||||||
5.750%, 06/01/2026 | ||||||||||||
ETM) (Insured by NATL) | 415,000 | 478,414 | ||||||||||
North East Independent School District, | ||||||||||||
2.200%, 08/01/2049 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (PSF Guaranteed)(1) | 1,225,000 | 1,280,227 | ||||||||||
North Mission Glen Municipal Utility District, | ||||||||||||
3.000%, 09/01/2024 (Insured by AGM) | 185,000 | 199,333 |
The accompanying notes are an integral part of these financial statements.
Page 112
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
North Texas Education Finance Corp., | ||||||||||||
5.250%, 12/01/2047 | ||||||||||||
(Pre-refunded to 06/01/2022) | $ | 1,600,000 | $ | 1,673,281 | ||||||||
North Texas Tollway Authority: | ||||||||||||
5.000%, 01/01/2022 | 25,000 | 25,599 | ||||||||||
5.250%, 09/01/2026 | ||||||||||||
(Pre-refunded to 09/01/2021) | 3,055,000 | 3,080,515 | ||||||||||
Northeast Travis County Utility District, | ||||||||||||
0.000%, 09/01/2024 (Insured by BAM) | 470,000 | 454,433 | ||||||||||
Northgate Crossing Road Utility District, | ||||||||||||
0.000%, 12/01/2022 (Callable 08/02/2021) | ||||||||||||
(Insured by AGM) | 100,000 | 95,173 | ||||||||||
Northside Independent School District: | ||||||||||||
5.000%, 08/15/2022 (PSF Guaranteed) | 110,000 | 116,023 | ||||||||||
1.750%, 06/01/2032 (Callable 07/21/2021) | ||||||||||||
(Mandatory Tender Date 06/01/2022) | ||||||||||||
(PSF Guaranteed)(1) | 1,065,000 | 1,066,892 | ||||||||||
1.600%, 08/01/2049 (Mandatory Tender | ||||||||||||
Date 08/01/2024) (PSF Guaranteed)(1) | 3,085,000 | 3,188,837 | ||||||||||
Northwest Harris County Municipal | ||||||||||||
Utility District No. 16, | ||||||||||||
5.500%, 10/01/2021 (Insured by BAM) | 25,000 | 25,314 | ||||||||||
Northwest Harris County Municipal | ||||||||||||
Utility District No. 19: | ||||||||||||
2.000%, 10/01/2021 (Insured by AGM) | 95,000 | 95,385 | ||||||||||
2.000%, 10/01/2022 (Insured by AGM) | 105,000 | 106,811 | ||||||||||
2.000%, 10/01/2023 (Insured by AGM) | 105,000 | 108,674 | ||||||||||
3.000%, 10/01/2024 (Insured by AGM) | 110,000 | 118,708 | ||||||||||
Odessa Junior College District, | ||||||||||||
4.000%, 07/01/2029 (Callable 07/01/2022) | ||||||||||||
(Insured by AGM) | 215,000 | 222,829 | ||||||||||
Olmos Park Higher Education Facilities Corp., | ||||||||||||
5.000%, 12/01/2021 | 210,000 | 213,893 | ||||||||||
Palestine Independent School District, | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 135,000 | 151,124 | ||||||||||
Paloma Lake Municipal Utility District No. 1, | ||||||||||||
2.000%, 09/01/2022 (Insured by NATL) | 150,000 | 152,756 | ||||||||||
Paseo del Este Municipal | ||||||||||||
Utility District No. 10: | ||||||||||||
4.000%, 08/15/2022 (Insured by AGM) | 160,000 | 166,493 | ||||||||||
4.000%, 08/15/2023 (Insured by AGM) | 130,000 | 139,806 | ||||||||||
4.000%, 08/15/2024 (Insured by AGM) | 180,000 | 199,343 | ||||||||||
Port of Port Arthur Navigation District, | ||||||||||||
0.020%, 04/01/2040 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 15,000,000 | 15,000,000 | ||||||||||
Poteet Independent School District, | ||||||||||||
3.000%, 08/15/2021 (PSF Guaranteed) | 235,000 | 235,797 | ||||||||||
Prosper Independent School District, | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 110,000 | 123,600 | ||||||||||
Red River Education Finance Corp.: | ||||||||||||
3.000%, 06/01/2022 | 655,000 | 670,706 | ||||||||||
5.000%, 06/01/2022 | 880,000 | 917,142 | ||||||||||
Remington Municipal Utility District No. 1: | ||||||||||||
3.000%, 09/01/2021 (Insured by AGM) | 415,000 | 416,834 | ||||||||||
3.000%, 09/01/2022 (Insured by AGM) | 100,000 | 103,080 | ||||||||||
Rockwall Independent School District: | ||||||||||||
0.000%, 02/15/2023 (PSF Guaranteed) | 1,000,000 | 993,644 | ||||||||||
0.000%, 02/15/2024 (PSF Guaranteed) | 1,270,000 | 1,251,179 | ||||||||||
SA Energy Acquisition Public Facility Corp., | ||||||||||||
5.500%, 08/01/2021 | 25,000 | 25,105 | ||||||||||
San Antonio Water System, | ||||||||||||
2.000%, 05/01/2043 | ||||||||||||
(Mandatory Tender Date 11/01/2021)(1) | 645,000 | 648,643 | ||||||||||
San Benito Consolidated Independent | ||||||||||||
School District, | ||||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 100,000 | 112,000 | ||||||||||
Sedona Lakes Municipal Utility District No. 1, | ||||||||||||
3.000%, 09/01/2024 (Insured by BAM) | 105,000 | 113,135 | ||||||||||
Sherman Independent School District, | ||||||||||||
5.000%, 02/15/2026 (Callable 02/15/2024) | ||||||||||||
(PSF Guaranteed) | 1,000,000 | 1,118,882 | ||||||||||
Sienna Plantation: | ||||||||||||
2.000%, 09/01/2027 (Callable 09/01/2025) | ||||||||||||
(Insured by AGM) | 500,000 | 512,610 | ||||||||||
2.000%, 09/01/2028 (Callable 09/01/2025) | ||||||||||||
(Insured by AGM) | 315,000 | 321,947 | ||||||||||
South Shore Harbor Municipal | ||||||||||||
Utility District No. 7, | ||||||||||||
4.000%, 09/01/2023 (Insured by BAM) | 370,000 | 398,457 | ||||||||||
Southwest Houston Redevelopment Authority, | ||||||||||||
5.000%, 09/01/2025 (Insured by AGM) | 250,000 | 289,965 | ||||||||||
Southwest Texas Junior College District, | ||||||||||||
4.000%, 10/01/2023 (Insured by BAM) | 100,000 | 107,849 | ||||||||||
Spring Creek Utility District of | ||||||||||||
Montgomery County: | ||||||||||||
2.500%, 10/01/2023 (Insured by AGM) | 150,000 | 156,924 | ||||||||||
3.000%, 10/01/2023 (Insured by AGM) | 145,000 | 153,413 | ||||||||||
State of Texas: | ||||||||||||
5.000%, 10/01/2027 (Callable 10/01/2025) | 1,210,000 | 1,442,245 | ||||||||||
1.850%, 08/01/2029 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/01/2022)(1) | 315,000 | 315,301 | ||||||||||
Tarrant County Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
5.000%, 11/15/2024 | 250,000 | 285,177 | ||||||||||
5.000%, 10/01/2025 (Callable 10/01/2023) | 2,110,000 | 2,319,220 | ||||||||||
2.250%, 11/15/2025 | 225,000 | 238,201 | ||||||||||
Taylor Independent School District, | ||||||||||||
3.000%, 02/15/2023 (PSF Guaranteed) | 815,000 | 849,384 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.120%, 01/01/2029 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 5,875,000 | 5,875,000 | ||||||||||
Texas Department of Housing | ||||||||||||
& Community Affairs, | ||||||||||||
4.750%, 03/01/2049 (Callable 09/01/2027) | ||||||||||||
(Insured by GNMA) | 650,000 | 724,079 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
& Supply Corp. I: | ||||||||||||
5.250%, 12/15/2021 | 120,000 | 122,686 | ||||||||||
1.530%, 12/15/2026 (3 Month LIBOR | ||||||||||||
USD + 1.450%) (Callable 07/01/2021)(2) | 7,800,000 | 7,801,022 | ||||||||||
6.250%, 12/15/2026 | 2,750,000 | 3,240,284 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
& Supply Corp. III: | ||||||||||||
5.000%, 12/15/2024 | 1,000,000 | 1,150,445 | ||||||||||
5.000%, 12/15/2025 | 2,000,000 | 2,375,645 | ||||||||||
Texas Public Finance Authority, | ||||||||||||
5.000%, 12/01/2027 (Callable 06/01/2025) | 950,000 | 1,097,311 | ||||||||||
Texas State Affordable Housing Corp., | ||||||||||||
4.250%, 03/01/2049 (Callable 03/01/2029) | ||||||||||||
(Insured by GNMA) | 710,000 | 787,900 | ||||||||||
Texas State Public Finance Authority | ||||||||||||
Charter School Finance Corp., | ||||||||||||
7.250%, 08/15/2041 | ||||||||||||
(Pre-refunded to 08/15/2021)(7) | 450,000 | 453,713 | ||||||||||
Texas Transportation Commission | ||||||||||||
State Highway Fund, | ||||||||||||
4.000%, 04/01/2026 | ||||||||||||
(Mandatory Tender Date 10/01/2021)(1) | 950,000 | 958,990 |
The accompanying notes are an integral part of these financial statements.
Page 113
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Tioga Independent School District | ||||||||||||
Public Facility Corp.: | ||||||||||||
4.000%, 08/15/2021 | $ | 185,000 | $ | 185,394 | ||||||||
4.000%, 08/15/2022 | 450,000 | 458,698 | ||||||||||
4.000%, 08/15/2023 | 470,000 | 486,229 | ||||||||||
4.000%, 08/15/2024 | 185,000 | 194,012 | ||||||||||
3.250%, 08/15/2026 (Callable 08/15/2024) | 195,000 | 199,300 | ||||||||||
Town of Providence Village TX, | ||||||||||||
4.000%, 03/01/2024 (Insured by BAM) | 275,000 | 300,630 | ||||||||||
Tyler Health Facilities Development Corp., | ||||||||||||
5.500%, 07/01/2027 | ||||||||||||
(Pre-refunded to 07/01/2021) | 55,000 | 55,000 | ||||||||||
Upper Trinity Regional Water District, | ||||||||||||
5.000%, 08/01/2024 (Callable 08/01/2022) | ||||||||||||
(Insured by AGM) | 195,000 | 204,721 | ||||||||||
Viridian Municipal Management District: | ||||||||||||
6.000%, 12/01/2023 (Insured by BAM) | 50,000 | 56,655 | ||||||||||
4.000%, 12/01/2024 (Insured by BAM) | 425,000 | 474,415 | ||||||||||
4.000%, 12/01/2025 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 440,000 | 489,261 | ||||||||||
4.000%, 12/01/2026 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 340,000 | 366,467 | ||||||||||
4.000%, 12/01/2026 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 460,000 | 509,360 | ||||||||||
4.000%, 12/01/2027 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 475,000 | 524,277 | ||||||||||
4.000%, 12/01/2028 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 495,000 | 543,544 | ||||||||||
4.000%, 12/01/2028 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 455,000 | 499,621 | ||||||||||
4.000%, 12/01/2029 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 685,000 | 749,278 | ||||||||||
West Harris County Municipal | ||||||||||||
Utility District No. 17: | ||||||||||||
0.000%, 09/01/2021 (Insured by AGM) | 60,000 | 59,960 | ||||||||||
3.000%, 09/01/2023 (Insured by AGM) | 360,000 | 378,742 | ||||||||||
Willow Creek Farms Municipal Utility District: | ||||||||||||
2.400%, 09/01/2023 (Insured by AGM) | 45,000 | 46,684 | ||||||||||
3.500%, 09/01/2023 (Insured by AGM) | 125,000 | 132,933 | ||||||||||
Wink-Loving Independent School District: | ||||||||||||
5.000%, 02/15/2026 | ||||||||||||
(Callable 02/15/2023) (PSF Guaranteed) | 1,995,000 | 2,149,946 | ||||||||||
5.000%, 02/15/2027 | ||||||||||||
(Callable 02/15/2023) (PSF Guaranteed) | 530,000 | 571,073 | ||||||||||
3.000%, 02/15/2028(6) | 450,000 | 466,659 | ||||||||||
3.000%, 02/15/2029(6) | 600,000 | 621,960 | ||||||||||
3.000%, 02/15/2030(6) | 715,000 | 740,711 | ||||||||||
3.000%, 02/15/2031(6) | 560,000 | 579,998 | ||||||||||
Total Texas | ||||||||||||
(Cost $201,953,543) | 204,370,589 | 11.4 | % | |||||||||
Utah | ||||||||||||
County of Utah UT: | ||||||||||||
5.000%, 05/15/2057 (Callable 02/01/2024) | ||||||||||||
(Mandatory Tender Date 08/01/2024)(1) | 410,000 | 459,085 | ||||||||||
5.000%, 05/15/2060 (Callable 02/01/2024) | ||||||||||||
(Mandatory Tender Date 08/01/2024)(1) | 100,000 | 114,100 | ||||||||||
University of Utah: | ||||||||||||
5.000%, 08/01/2025 | 450,000 | 532,793 | ||||||||||
5.000%, 08/01/2025 | 285,000 | 337,435 | ||||||||||
5.000%, 08/01/2026 | 380,000 | 464,414 | ||||||||||
5.000%, 08/01/2026 | 300,000 | 366,643 | ||||||||||
5.000%, 08/01/2027 | 500,000 | 628,623 | ||||||||||
5.000%, 08/01/2027 | 315,000 | 396,033 | ||||||||||
5.000%, 08/01/2028 | 350,000 | 450,927 | ||||||||||
5.000%, 08/01/2028 | 335,000 | 431,601 | ||||||||||
5.000%, 08/01/2029 | 350,000 | 460,720 | ||||||||||
5.000%, 08/01/2029 | 350,000 | 460,720 | ||||||||||
Utah Charter School Finance Authority: | ||||||||||||
4.000%, 04/15/2022 (Insured by UT CSCE) | 250,000 | 256,857 | ||||||||||
5.000%, 04/15/2022 (Insured by UT CSCE) | 110,000 | 113,879 | ||||||||||
5.000%, 04/15/2023 (Insured by UT CSCE) | 160,000 | 171,890 | ||||||||||
4.000%, 04/15/2024 (Insured by UT CSCE) | 100,000 | 108,546 | ||||||||||
5.000%, 04/15/2024 (Insured by UT CSCE) | 240,000 | 267,102 | ||||||||||
5.000%, 10/15/2024 (Insured by UT CSCE) | 355,000 | 401,502 | ||||||||||
5.000%, 04/15/2025 (Insured by UT CSCE) | 135,000 | 154,735 | ||||||||||
5.000%, 04/15/2026 (Insured by UT CSCE) | 150,000 | 177,849 | ||||||||||
3.625%, 06/15/2029 | ||||||||||||
(Callable 06/15/2027)(3) | 480,000 | 506,522 | ||||||||||
Utah Housing Corp., | ||||||||||||
4.000%, 01/01/2045 (Callable 01/01/2026) | ||||||||||||
(Insured by FHA) | 55,000 | 59,228 | ||||||||||
Utah Infrastructure Agency: | ||||||||||||
4.000%, 10/15/2023 | 180,000 | 193,713 | ||||||||||
4.000%, 10/15/2024 | 190,000 | 210,058 | ||||||||||
4.000%, 10/15/2025 | 100,000 | 112,965 | ||||||||||
Total Utah | ||||||||||||
(Cost $7,793,635) | 7,837,940 | 0.4 | % | |||||||||
Vermont | ||||||||||||
City of Burlington VT, | ||||||||||||
5.000%, 07/01/2023 | ||||||||||||
(Pre-refunded to 07/01/2021) | 25,000 | 25,000 | ||||||||||
Vermont Educational & Health Buildings | ||||||||||||
Financing Agency: | ||||||||||||
5.000%, 12/01/2032 (Callable 06/01/2026) | 1,120,000 | 1,338,053 | ||||||||||
5.000%, 12/01/2033 (Callable 06/01/2026) | 2,445,000 | 2,918,465 | ||||||||||
Vermont Housing Finance Agency: | ||||||||||||
4.000%, 11/01/2044 (Callable 11/01/2023) | 45,000 | 48,490 | ||||||||||
4.000%, 11/01/2048 (Callable 05/01/2027) | 1,100,000 | 1,195,471 | ||||||||||
4.000%, 11/01/2049 (Callable 05/01/2028) | ||||||||||||
(Insured by GNMA) | 2,380,000 | 2,692,953 | ||||||||||
3.750%, 11/01/2050 (Callable 05/01/2029) | ||||||||||||
(Insured by GNMA) | 1,485,000 | 1,649,440 | ||||||||||
Vermont Public Power Supply Authority: | ||||||||||||
5.000%, 07/01/2022 | 380,000 | 397,343 | ||||||||||
5.000%, 07/01/2025 | 520,000 | 606,072 | ||||||||||
5.000%, 07/01/2026 | 500,000 | 598,618 | ||||||||||
Winooski School District, | ||||||||||||
1.250%, 10/15/2021 | 6,000,000 | 6,007,932 | ||||||||||
Total Vermont | ||||||||||||
(Cost $17,255,247) | 17,477,837 | 1.0 | % | |||||||||
Virginia | ||||||||||||
City of Petersburg VA, | ||||||||||||
4.000%, 11/01/2025 (Callable 11/01/2022) | ||||||||||||
(Insured by ST AID) | 1,170,000 | 1,201,584 | ||||||||||
County of Fairfax VA, | ||||||||||||
4.000%, 10/01/2026 (Insured by ST AID) | 4,055,000 | 4,784,886 | ||||||||||
Henry County Industrial | ||||||||||||
Development Authority, | ||||||||||||
2.000%, 11/01/2023 (Callable 11/01/2021) | 3,250,000 | 3,267,348 | ||||||||||
Virginia Commonwealth University Health | ||||||||||||
System Authority, | ||||||||||||
4.750%, 07/01/2041 | ||||||||||||
(Pre-refunded to 07/01/2021) | 105,000 | 105,000 | ||||||||||
Virginia Housing Development Authority, | ||||||||||||
2.490%, 01/01/2022 | 1,000,000 | 1,010,778 |
The accompanying notes are an integral part of these financial statements.
Page 114
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Virginia Public Building Authority, | ||||||||||||
5.000%, 08/01/2028 | $ | 8,300,000 | $ | 10,726,459 | ||||||||
Wise County Industrial | ||||||||||||
Development Authority, | ||||||||||||
1.200%, 11/01/2040 | ||||||||||||
(Mandatory Tender Date 05/31/2024)(1) | 1,875,000 | 1,918,458 | ||||||||||
Total Virginia | ||||||||||||
(Cost $22,907,349) | 23,014,513 | 1.3 | % | |||||||||
Washington | ||||||||||||
Central Puget Sound Regional | ||||||||||||
Transit Authority, | ||||||||||||
0.470%, 11/01/2045 (SIFMA Municipal Swap | ||||||||||||
Index + 0.450%) (Callable 11/01/2022) | ||||||||||||
(Mandatory Tender Date 11/01/2023)(2) | 100,000 | 100,431 | ||||||||||
Central Washington University: | ||||||||||||
4.000%, 05/01/2024 (Callable 05/01/2023) | 260,000 | 276,849 | ||||||||||
4.000%, 05/01/2026 (Callable 05/01/2023) | 410,000 | 434,406 | ||||||||||
5.000%, 05/01/2026 (Insured by BAM) | 410,000 | 493,150 | ||||||||||
City of Seattle WA, | ||||||||||||
0.510%, 11/01/2046 (SIFMA Municipal Swap | ||||||||||||
Index + 0.490%) (Callable 11/01/2022) | ||||||||||||
(Mandatory Tender Date 11/01/2023)(2) | 295,000 | 295,820 | ||||||||||
King County Housing Authority: | ||||||||||||
4.000%, 01/01/2022 | 100,000 | 101,807 | ||||||||||
3.500%, 05/01/2022 | 350,000 | 359,226 | ||||||||||
5.000%, 11/01/2026 | 810,000 | 978,803 | ||||||||||
Pend Oreille County Public | ||||||||||||
Utility District No. 1: | ||||||||||||
5.000%, 01/01/2022 | 635,000 | 647,666 | ||||||||||
5.000%, 01/01/2023 | 665,000 | 704,237 | ||||||||||
5.000%, 01/01/2024 | 1,020,000 | 1,116,442 | ||||||||||
5.000%, 01/01/2024 | 700,000 | 765,641 | ||||||||||
5.000%, 01/01/2025 | 735,000 | 827,235 | ||||||||||
San Juan County School District No. 137, | ||||||||||||
4.000%, 12/01/2028 (Callable 12/01/2022) | ||||||||||||
(Insured by SCH BD GTY) | 675,000 | 710,054 | ||||||||||
Seattle Housing Authority, | ||||||||||||
1.000%, 06/01/2026 (Callable 06/01/2023) | 2,000,000 | 1,998,096 | ||||||||||
Spokane Public Facilities District, | ||||||||||||
5.000%, 12/01/2028 | ||||||||||||
(Pre-refunded to 06/01/2023) | 550,000 | 599,405 | ||||||||||
State of Washington: | ||||||||||||
5.000%, 07/01/2024 (Callable 07/01/2022) | ||||||||||||
(Insured by ST AID) | 620,000 | 649,701 | ||||||||||
5.000%, 07/01/2024 (Callable 07/01/2022) | 260,000 | 272,509 | ||||||||||
Vancouver Housing Authority, | ||||||||||||
1.530%, 12/01/2022 (Callable 12/01/2021) | 1,780,000 | 1,786,934 | ||||||||||
Washington Health Care Facilities Authority: | ||||||||||||
5.000%, 10/01/2030 (Callable 04/01/2025) | 1,335,000 | 1,536,428 | ||||||||||
1.168%, 01/01/2042 (1 Month LIBOR | ||||||||||||
USD + 1.100%) (Callable 01/01/2022) | ||||||||||||
(Mandatory Tender Date 07/01/2022)(2) | 500,000 | 501,359 | ||||||||||
5.000%, 10/01/2042 | ||||||||||||
(Mandatory Tender Date 10/01/2021)(1) | 120,000 | 121,432 | ||||||||||
Total Washington | ||||||||||||
(Cost $15,116,608) | 15,277,631 | 0.9 | % | |||||||||
West Virginia | ||||||||||||
City of Fairmont WV, | ||||||||||||
5.250%, 07/01/2022 (Insured by AMBAC) | 70,000 | 71,635 | ||||||||||
Roane County Building Commission, | ||||||||||||
2.550%, 11/01/2021 (Callable 08/02/2021) | 2,000,000 | 2,002,773 | ||||||||||
Total West Virginia | ||||||||||||
(Cost $2,070,981) | 2,074,408 | 0.1 | % | |||||||||
Wisconsin | ||||||||||||
Appleton Redevelopment Authority, | ||||||||||||
0.060%, 06/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 2,000,000 | 2,000,000 | ||||||||||
Baldwin-Woodville Area School District, | ||||||||||||
2.000%, 04/01/2023 (Callable 08/02/2021) | 110,000 | 110,143 | ||||||||||
City of Antigo WI, | ||||||||||||
2.000%, 06/01/2022 | 75,000 | 76,226 | ||||||||||
City of Kaukauna WI, | ||||||||||||
2.625%, 09/01/2024 (Callable 09/01/2022) | 300,000 | 307,256 | ||||||||||
City of Ladysmith WI, | ||||||||||||
4.000%, 06/01/2022 (Callable 08/02/2021) | 150,000 | 150,459 | ||||||||||
City of Marinette WI, | ||||||||||||
4.000%, 05/01/2027 (Callable 05/01/2023) | 150,000 | 159,804 | ||||||||||
City of Menomonie WI, | ||||||||||||
3.000%, 12/01/2024 | 415,000 | 446,750 | ||||||||||
City of Milwaukee WI, | ||||||||||||
3.000%, 06/01/2030 (Callable 06/01/2026) | 450,000 | 484,368 | ||||||||||
City of Oshkosh WI, | ||||||||||||
4.000%, 05/01/2029 (Callable 05/01/2023) | 125,000 | 132,963 | ||||||||||
City of Plymouth WI, | ||||||||||||
2.000%, 05/01/2023 (Callable 08/02/2021) | 825,000 | 826,059 | ||||||||||
City of Waupun WI, | ||||||||||||
2.700%, 12/01/2024 (Callable 12/01/2021) | 250,000 | 252,368 | ||||||||||
City of West Allis WI, | ||||||||||||
2.375%, 04/01/2023 (Callable 08/02/2021) | 100,000 | 100,164 | ||||||||||
Coleman School District, | ||||||||||||
4.000%, 03/01/2025 (Callable 03/01/2024) | 200,000 | 218,576 | ||||||||||
County of Manitowoc WI, | ||||||||||||
4.000%, 11/01/2021 | 90,000 | 91,096 | ||||||||||
Greendale School District, | ||||||||||||
2.700%, 03/01/2026 (Callable 03/01/2022) | 500,000 | 506,940 | ||||||||||
Hilbert School District, | ||||||||||||
4.000%, 04/01/2027 | ||||||||||||
(Pre-refunded to 04/01/2025) | 250,000 | 283,639 | ||||||||||
Palmyra-Eagle Area School District: | ||||||||||||
3.000%, 03/01/2024 (Callable 03/01/2023) | 700,000 | 693,702 | ||||||||||
3.000%, 03/01/2025 (Callable 03/01/2023) | 175,000 | 172,210 | ||||||||||
Public Finance Authority: | ||||||||||||
4.000%, 10/01/2021 | 200,000 | 201,390 | ||||||||||
5.000%, 10/01/2022(3) | 2,000,000 | 2,099,138 | ||||||||||
5.000%, 06/15/2023 | 395,000 | 424,382 | ||||||||||
5.000%, 10/01/2023(3) | 2,000,000 | 2,174,966 | ||||||||||
5.000%, 10/01/2024(3) | 1,605,000 | 1,804,108 | ||||||||||
3.000%, 03/01/2026 | ||||||||||||
(Callable 08/02/2021)(3) | 2,250,000 | 2,251,838 | ||||||||||
8.375%, 06/01/2037 | ||||||||||||
(Pre-refunded to 06/01/2022) | 990,000 | 1,062,135 | ||||||||||
8.625%, 06/01/2047 | ||||||||||||
(Pre-refunded to 06/01/2022) | 1,245,000 | 1,338,552 | ||||||||||
Pulaski Community School District, | ||||||||||||
2.500%, 03/01/2023 (Callable 08/02/2021) | 40,000 | 40,073 | ||||||||||
Southeast Wisconsin Professional | ||||||||||||
Baseball Park District: | ||||||||||||
0.000%, 12/15/2021 | ||||||||||||
(ETM) (Insured by NATL) | 30,000 | 29,959 | ||||||||||
0.000%, 12/15/2024 | ||||||||||||
(ETM) (Insured by NATL) | 95,000 | 93,344 | ||||||||||
State of Wisconsin: | ||||||||||||
5.000%, 05/01/2026 (Callable 05/01/2023) | 60,000 | 65,283 | ||||||||||
5.000%, 05/01/2029 | ||||||||||||
(Pre-refunded to 05/01/2022) | 145,000 | 150,872 |
The accompanying notes are an integral part of these financial statements.
Page 115
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Tender Option Bond Trust: | ||||||||||||
0.270%, 11/01/2025 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | $ | 1,300,000 | $ | 1,300,000 | ||||||||
0.270%, 11/01/2025 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 2,226,000 | 2,226,000 | ||||||||||
0.270%, 04/01/2029 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 2,184,000 | 2,184,000 | ||||||||||
0.220%, 07/01/2029 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 795,000 | 795,000 | ||||||||||
Town of Delavan WI, | ||||||||||||
4.500%, 03/01/2024 | 130,000 | 144,384 | ||||||||||
Town of St. Joseph WI: | ||||||||||||
3.000%, 12/01/2023 (Insured by AGM) | 450,000 | 477,516 | ||||||||||
3.000%, 12/01/2024 (Insured by AGM) | 370,000 | 400,526 | ||||||||||
Village of DeForest WI, | ||||||||||||
3.375%, 05/01/2023 (Callable 08/02/2021) | 100,000 | 100,252 | ||||||||||
Village of Hales Corners WI, | ||||||||||||
3.000%, 11/01/2022 | 345,000 | 357,066 | ||||||||||
Village of Waunakee WI, | ||||||||||||
3.200%, 10/01/2026 (Callable 08/02/2021) | 225,000 | 225,479 | ||||||||||
West Bend Joint School District No. 1, | ||||||||||||
2.000%, 04/01/2024 (Callable 08/02/2021) | 535,000 | 535,691 | ||||||||||
Wisconsin Center District: | ||||||||||||
5.000%, 12/15/2022 | 715,000 | 765,225 | ||||||||||
5.250%, 12/15/2023 | ||||||||||||
(ETM) (Insured by AGM) | 35,000 | 37,190 | ||||||||||
5.250%, 12/15/2023 (Insured by AGM) | 25,000 | 27,306 | ||||||||||
0.000%, 12/15/2024 (Insured by NATL) | 100,000 | 97,042 | ||||||||||
5.000%, 12/15/2025 | 120,000 | 143,179 | ||||||||||
5.250%, 12/15/2027 | ||||||||||||
(ETM) (Insured by AGM) | 50,000 | 60,914 | ||||||||||
5.250%, 12/15/2027 (Insured by AGM) | 230,000 | 278,447 | ||||||||||
Wisconsin Health & | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.000%, 11/01/2021 | 110,000 | 110,916 | ||||||||||
5.875%, 02/15/2022 (Insured by BHAC) | 45,000 | 46,560 | ||||||||||
5.000%, 03/01/2022 | 230,000 | 234,986 | ||||||||||
5.000%, 07/01/2022 | 185,000 | 193,710 | ||||||||||
4.000%, 09/15/2022 | 200,000 | 208,679 | ||||||||||
5.000%, 03/01/2023 | 300,000 | 316,037 | ||||||||||
5.000%, 06/01/2023 (Callable 06/01/2022) | 415,000 | 432,726 | ||||||||||
4.000%, 09/15/2023 (Callable 09/15/2022) | 150,000 | 156,417 | ||||||||||
5.000%, 12/01/2023 | 150,000 | 166,904 | ||||||||||
4.000%, 09/15/2024 (Callable 09/15/2023) | 360,000 | 387,484 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | 660,000 | 744,917 | ||||||||||
2.750%, 08/15/2025 (Callable 08/15/2024) | 1,440,000 | 1,535,550 | ||||||||||
4.000%, 09/15/2025 (Callable 09/15/2022) | 200,000 | 208,087 | ||||||||||
4.000%, 09/15/2025 (Callable 09/15/2023) | 375,000 | 402,685 | ||||||||||
5.000%, 11/01/2025 | 245,000 | 267,771 | ||||||||||
5.000%, 02/15/2026 (Insured by AGM) | 500,000 | 598,136 | ||||||||||
5.000%, 02/15/2026 | 1,000,000 | 1,191,245 | ||||||||||
2.250%, 11/01/2026 (Callable 11/01/2021) | 1,250,000 | 1,251,531 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2022) | 135,000 | 142,815 | ||||||||||
5.000%, 11/15/2027 (Callable 11/15/2024) | 640,000 | 737,221 | ||||||||||
5.000%, 08/15/2029 (Callable 08/15/2027) | 720,000 | 896,256 | ||||||||||
5.000%, 09/15/2029 (Callable 09/15/2023) | 1,365,000 | 1,481,456 | ||||||||||
5.000%, 11/01/2029 (Callable 11/01/2026) | 500,000 | 558,794 | ||||||||||
5.000%, 12/15/2029 (Callable 12/15/2024) | 130,000 | 148,549 | ||||||||||
5.000%, 09/15/2030 (Callable 09/15/2023) | 500,000 | 541,630 | ||||||||||
3.000%, 02/15/2035 | ||||||||||||
(Pre-refunded to 08/15/2025) | 185,000 | 203,039 | ||||||||||
5.250%, 04/15/2035 | ||||||||||||
(Pre-refunded to 04/15/2023) | 560,000 | 609,128 | ||||||||||
Wisconsin Health & | ||||||||||||
Educational Facilities Authority: (cont.) | ||||||||||||
4.000%, 02/15/2038 | ||||||||||||
(Pre-refunded to 08/15/2025) | 575,000 | 655,183 | ||||||||||
5.000%, 02/15/2051 (Callable 08/15/2026) | ||||||||||||
(Mandatory Tender Date 02/15/2027)(1) | 3,100,000 | 3,716,670 | ||||||||||
5.000%, 02/15/2052 (Callable 08/15/2024) | ||||||||||||
(Mandatory Tender Date 02/15/2025)(1) | 5,300,000 | 6,006,829 | ||||||||||
0.570%, 08/15/2054 (SIFMA Municipal Swap | ||||||||||||
Index + 0.550%) (Callable 07/26/2022) | ||||||||||||
(Mandatory Tender Date 07/26/2023)(2) | 395,000 | 396,159 | ||||||||||
Wisconsin Housing & Economic | ||||||||||||
Development Authority: | ||||||||||||
3.500%, 09/01/2046 (Callable 09/01/2025) | ||||||||||||
(Insured by FNMA) | 240,000 | 256,079 | ||||||||||
4.000%, 03/01/2048 (Callable 03/01/2027) | ||||||||||||
(Insured by FNMA) | 340,000 | 366,539 | ||||||||||
1.600%, 11/01/2048 (Callable 11/01/2021) | ||||||||||||
(Mandatory Tender Date 11/01/2022)(1) | 430,000 | 431,884 | ||||||||||
4.250%, 03/01/2049 (Callable 09/01/2028) | 840,000 | 937,855 | ||||||||||
3.000%, 03/01/2052 (Callable 09/01/2030) | 2,665,000 | 2,928,981 | ||||||||||
Total Wisconsin | ||||||||||||
(Cost $57,172,197) | 58,373,388 | 3.3 | % | |||||||||
Wyoming | ||||||||||||
Carbon County Specific Purpose Tax | ||||||||||||
Joint Powers Board: | ||||||||||||
5.000%, 06/15/2023 | 675,000 | 728,312 | ||||||||||
5.000%, 06/15/2024 | 735,000 | 820,328 | ||||||||||
5.000%, 06/15/2025 | 950,000 | 1,092,127 | ||||||||||
5.000%, 06/15/2026 | 340,000 | 399,615 | ||||||||||
County of Laramie WY, | ||||||||||||
4.000%, 05/01/2028 | 440,000 | 524,277 | ||||||||||
Wyoming Community Development Authority: | ||||||||||||
4.000%, 12/01/2043 (Callable 06/01/2027) | 960,000 | 1,017,972 | ||||||||||
3.750%, 12/01/2049 (Callable 12/01/2028) | 1,785,000 | 1,925,030 | ||||||||||
Total Wyoming | ||||||||||||
(Cost $6,397,293) | 6,507,661 | 0.4 | % | |||||||||
Total Municipal Bonds | ||||||||||||
(Cost $1,685,259,795) | 1,711,426,331 | 95.6 | % | |||||||||
Shares | ||||||||||||
Closed-End Investment Companies | ||||||||||||
Nuveen AMT-Free Municipal Credit | ||||||||||||
Income Fund, Series B Preferred Shares, | ||||||||||||
0.320%, 03/01/2029(1) | 10,000 | 10,000,000 | ||||||||||
Nuveen AMT-Free Quality Municipal | ||||||||||||
Income Fund, Series D Preferred Shares, | ||||||||||||
0.320%, 03/01/2029(1) | 12,000 | 12,000,000 | ||||||||||
Total Closed-End Investment Companies | ||||||||||||
(Cost $22,000,000) | 22,000,000 | 1.2 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $1,758,241,370) | 1,784,701,827 | 99.7 | % |
The accompanying notes are an integral part of these financial statements.
Page 116
Baird Short-Term Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
Federated Hermes Institutional Tax-Free | ||||||||||||
Cash Trust, Premier Shares, 0.01%(4) | 3,746,010 | $ | 3,746,010 | |||||||||
Total Short-Term Investment | ||||||||||||
(Cost $3,746,010) | 3,746,010 | 0.2 | % | |||||||||
Total Investments | ||||||||||||
(Cost $1,761,987,380) | 1,788,447,837 | 99.9 | % | |||||||||
Other Assets in Excess of Liabilities | 2,438,744 | 0.1 | % | |||||||||
TOTAL NET ASSETS | $ | 1,790,886,581 | 100.0 | % |
Notes to Schedule of Investments
AGC – Assured Guaranty Corp.
AGM – Assured Guaranty Municipal
AMBAC – Ambac Assurance Corp.
BAM – Build America Mutual Assurance Co.
BHAC – Berkshire Hathaway Assurance Corp.
CA MTG – CA Mortgage Insurance
FHA – Federal Housing Administration
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
NATL – National Public Finance Guarantee Corp.
Q-SBLF – Qualified School Building Loan Fund
SCH BD GTY – School Board Guaranty
SD CRED PROG – State Credit Enhancement Program
ST AID – State Aid Intercept/Withholding
UT CSCE – Utah Charter School Credit Enhancement Program
ETM – Escrowed to Maturity
LIBOR – London Inter-bank Offered Rate
PSF – Permanent School Fund
SIFMA – Securities Industry and Financial Markets Association
SOFR – Secured Overnight Financing Rate
(1) | Variable rate security. The rate reported is the rate in effect as of June 30, 2021. |
(2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021. |
(3) | Security issued under Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $126,284,108, which represented 7.05% of total net assets. |
(4) | Seven-day yield. |
(5) | Auction Rate Security. An Auction Rate Security is a debt instrument with a long nominal maturity for which the interest rate is regularly reset through a Dutch auction. The rate presented is either the rate set through the auction or the maximum interest rate provided for in the security issuance provision. |
(6) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
(7) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021. |
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 51,275,496 | $ | — | $ | 51,275,496 | ||||||||
Municipal Bonds | — | 1,711,426,331 | — | 1,711,426,331 | ||||||||||||
Closed-End Investment Companies | — | 22,000,000 | — | 22,000,000 | ||||||||||||
Total Long-Term Investments | — | 1,784,701,827 | — | 1,784,701,827 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 3,746,010 | — | — | 3,746,010 | ||||||||||||
Total Short-Term Investment | 3,746,010 | — | — | 3,746,010 | ||||||||||||
Total Investments | $ | 3,746,010 | $ | 1,784,701,827 | $ | — | $ | 1,788,447,837 |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 117
Baird Strategic Municipal Bond Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $266,337,029 | ||
SEC 30-Day Yield(4) | ||||
Institutional Class | 0.61% | |||
Investor Class | 0.36% | |||
Average Effective Duration | 2.25 years | |||
Average Effective Maturity | 2.34 years | |||
Net Derivatives Position | ||||
(Current Notional Amount as | ||||
a Percentage of Net Assets) | -6.20% | |||
Annualized Expense Ratio(5) | ||||
Institutional Class | 0.30% | |||
Sector Weightings(1) | Investor Class | 0.55% | (6) | |
Portfolio Turnover Rate | 47% | (7) | ||
Number of Holdings | 535 | |||
(1) | Percentages shown are based on the Fund’s total investments. |
(2) | The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). |
(3) | Includes pre-refunded and escrowed-to-maturity (ETM) bonds. |
(4) | SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021. |
(5) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. |
(6) | Includes 0.25% 12b-1 fee. |
(7) | Not annualized. |
Page 118
Baird Strategic Municipal Bond Fund
June 30, 2021 (Unaudited)
Total Returns
Average | |||
Annual | |||
Six | One | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Inception(1) |
Institutional Class Shares | 1.64% | 5.12% | 6.72% |
Investor Class Shares | 1.52% | 4.93% | 6.46% |
Bloomberg Barclays 1-10 Year Municipal Blend Index(2) | 0.36% | 2.43% | 3.22% |
(1) | For the period from November 15, 2019 (inception date) through June 30, 2021. |
(2) | The Bloomberg Barclays 1-10 Year Municipal Blend Index is a market value-weighted index which covers the short and intermediate components of the Barclays Municipal Bond Index—an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market. The 1-10 Year Municipal Blend index tracks tax-exempt municipal General Obligation, Revenue, Insured, and Pre-refunded bonds with a minimum $5 million par amount outstanding, issued as part of a transaction of at least $50 million, and with a remaining maturity from 1 up to (but not including) 12 years. The index includes reinvestment of income. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund may invest up to 30% of its net assets in non-investment grade debt securities (commonly referred to as “high yield” bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund’s share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates.
The Fund may invest up to 20% of its net assets in U.S. government and corporate bonds and other debt securities that are of the same quality as its investments in municipal bonds. These bonds produce income that is taxable for federal income tax purposes, unlike municipal bonds which generally provide income exempt from federal income tax.
The Fund may also invest in U.S. Treasury futures contracts. Futures contracts are subject to the risk of loss caused by unanticipated market movements, the risk that there may be an imperfect correlation between the prices of futures contracts and the value of their underlying instruments or indexes, and the risk there may not be a liquid secondary market for them. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 119
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Municipal Bonds | ||||||||||||
Alabama | ||||||||||||
City of Huntsville AL, | ||||||||||||
5.000%, 09/01/2030 | $ | 535,000 | $ | 719,434 | ||||||||
County of Shelby AL, | ||||||||||||
4.000%, 08/15/2038 (Callable 12/01/2024) | 1,000,000 | 1,097,021 | ||||||||||
Eutaw Industrial Development Board, | ||||||||||||
0.020%, 06/01/2028 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 800,000 | 800,000 | ||||||||||
Industrial Development Board | ||||||||||||
of the City of Mobile AL, | ||||||||||||
0.020%, 06/01/2034 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
0.270%, 12/01/2048 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 2,000,000 | 2,000,000 | ||||||||||
Tallassee Board of Education, | ||||||||||||
4.000%, 08/01/2034 (Callable 08/01/2030) | ||||||||||||
(Insured by AGM) | 310,000 | 372,069 | ||||||||||
Wilsonville Industrial Development Board, | ||||||||||||
0.010%, 01/01/2024 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
Total Alabama | ||||||||||||
(Cost $6,991,464) | 6,988,524 | 2.6 | % | |||||||||
Alaska | ||||||||||||
Alaska Housing Finance Corp., | ||||||||||||
4.000%, 06/01/2036 (Callable 06/01/2025) | 750,000 | 820,360 | ||||||||||
Alaska Industrial Development | ||||||||||||
& Export Authority: | ||||||||||||
4.000%, 04/01/2031 (Callable 04/01/2029) | 1,800,000 | 2,115,146 | ||||||||||
4.250%, 04/01/2031 (Callable 04/01/2023) | 185,000 | 195,224 | ||||||||||
Alaska Municipal Bond Bank Authority, | ||||||||||||
5.000%, 10/01/2026 | 175,000 | 213,718 | ||||||||||
CIVIC Ventures: | ||||||||||||
5.000%, 09/01/2022 | 260,000 | 268,569 | ||||||||||
5.000%, 09/01/2023 | 235,000 | 248,950 | ||||||||||
5.000%, 09/01/2025 | 170,000 | 187,449 | ||||||||||
5.000%, 09/01/2026 (Callable 09/01/2025) | 430,000 | 481,198 | ||||||||||
University of Alaska, | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2025) | 110,000 | 126,263 | ||||||||||
Total Alaska | ||||||||||||
(Cost $4,559,204) | 4,656,877 | 1.7 | % | |||||||||
Arizona | ||||||||||||
Arizona Industrial Development Authority: | ||||||||||||
2.470%, 07/01/2025 | ||||||||||||
(Insured by SD CRED PROG) | 190,000 | 193,088 | ||||||||||
3.169%, 10/01/2025 | 150,000 | 148,986 | ||||||||||
4.750%, 10/01/2025(3) | 165,000 | 169,648 | ||||||||||
5.000%, 10/01/2028 | 110,000 | 133,883 | ||||||||||
4.000%, 11/01/2028 | 1,000,000 | 1,197,360 | ||||||||||
5.000%, 10/01/2029 | 10,000 | 12,360 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2026)(3) | 105,000 | 112,379 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2029) | 140,000 | 172,022 | ||||||||||
4.000%, 10/01/2031 (Callable 10/01/2029) | 65,000 | 73,192 | ||||||||||
4.000%, 10/01/2033 (Callable 10/01/2029) | 100,000 | 111,904 | ||||||||||
4.000%, 10/01/2034 (Callable 10/01/2029) | 85,000 | 94,963 | ||||||||||
Cochise County Community College District, | ||||||||||||
5.000%, 07/01/2026 (Callable 07/01/2025) | ||||||||||||
(Insured by BAM) | 120,000 | 140,879 | ||||||||||
Maricopa County Industrial | ||||||||||||
Development Authority: | ||||||||||||
4.500%, 07/01/2025(3) | 125,000 | 125,563 | ||||||||||
5.000%, 07/01/2026 | ||||||||||||
(Insured by SD CRED PROG) | 430,000 | 503,342 | ||||||||||
5.000%, 07/01/2027 | ||||||||||||
(Insured by SD CRED PROG) | 710,000 | 844,616 | ||||||||||
5.000%, 01/01/2033 (Callable 01/01/2027) | 250,000 | 302,019 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.210%, 07/01/2025 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 1,500,000 | 1,500,000 | ||||||||||
Total Arizona | ||||||||||||
(Cost $5,811,304) | 5,836,204 | 2.2 | % | |||||||||
Arkansas | ||||||||||||
Batesville Public Facilities Board, | ||||||||||||
5.000%, 06/01/2027 | 500,000 | 590,439 | ||||||||||
City of Heber Springs AR, | ||||||||||||
1.625%, 06/01/2047 (Callable 06/01/2028)(6) | 1,185,000 | 1,189,364 | ||||||||||
City of Maumelle AR, | ||||||||||||
4.000%, 08/01/2030 (Callable 08/01/2025) | 75,000 | 81,431 | ||||||||||
City of Prairie Grove AR, | ||||||||||||
1.750%, 06/01/2051 (Callable 12/01/2026) | ||||||||||||
(Insured by BAM) | 850,000 | 852,305 | ||||||||||
Henderson State University, | ||||||||||||
2.625%, 07/01/2022 (Callable 08/02/2021) | 100,000 | 100,161 | ||||||||||
Little Rock Metrocentere | ||||||||||||
Improvement District No. 1, | ||||||||||||
0.020%, 12/01/2025 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,600,000 | 1,600,000 | ||||||||||
Lonoke School District No. 1, | ||||||||||||
2.250%, 02/01/2030 (Callable 08/02/2021) | ||||||||||||
(Insured by ST AID) | 255,000 | 255,157 | ||||||||||
Southern Arkansas University, | ||||||||||||
4.000%, 03/01/2028 (Callable 03/01/2025) | ||||||||||||
(Insured by AGM) | 205,000 | 227,982 | ||||||||||
Total Arkansas | ||||||||||||
(Cost $4,827,638) | 4,896,839 | 1.8 | % | |||||||||
California | ||||||||||||
ABAG Finance Authority, | ||||||||||||
5.000%, 07/01/2021 | 1,000,000 | 1,000,000 | ||||||||||
American Valley Community Services District, | ||||||||||||
1.500%, 11/01/2023 (Callable 11/01/2022)(3) | 1,000,000 | 1,010,416 | ||||||||||
Bay Area Toll Authority: | ||||||||||||
1.270%, 04/01/2036 (SIFMA Municipal | ||||||||||||
Swap Index + 1.250%) (Callable 10/01/2026) | ||||||||||||
(Mandatory Tender Date 04/01/2027)(2) | 1,175,000 | 1,219,274 | ||||||||||
0.300%, 04/01/2056 (SIFMA Municipal | ||||||||||||
Swap Index + 0.280%) (Callable 10/01/2023) | ||||||||||||
(Mandatory Tender Date 04/01/2024)(2) | 2,000,000 | 1,995,062 | ||||||||||
California Health Facilities Financing Authority, | ||||||||||||
3.000%, 03/01/2041 (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 03/01/2024)(1) | 950,000 | 998,196 | ||||||||||
California Infrastructure & Economic | ||||||||||||
Development Bank: | ||||||||||||
0.370%, 08/01/2047 (SIFMA Municipal | ||||||||||||
Swap Index + 0.350%) (Callable 08/01/2023) | ||||||||||||
(Mandatory Tender Date 08/01/2024)(2) | 2,165,000 | 2,165,020 | ||||||||||
0.720%, 12/01/2050 (SIFMA Municipal | ||||||||||||
Swap Index + 0.700%) (Callable 06/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2026)(2) | 1,000,000 | 1,013,422 | ||||||||||
California Municipal Finance Authority: | ||||||||||||
1.150%, 12/15/2021 (Callable 11/01/2021) | ||||||||||||
(Insured by ST AID)(3) | 575,000 | 575,036 | ||||||||||
5.000%, 10/01/2023 | 140,000 | 153,716 | ||||||||||
California Public Finance Authority: | ||||||||||||
2.375%, 11/15/2028 (Callable 05/15/2023)(3) | 315,000 | 319,359 | ||||||||||
3.125%, 05/15/2029 (Callable 11/15/2023)(3) | 250,000 | 253,396 |
The accompanying notes are an integral part of these financial statements.
Page 120
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Cathedral City Public Financing Authority, | ||||||||||||
0.000%, 08/01/2032 (Insured by NATL) | $ | 1,085,000 | $ | 832,687 | ||||||||
City & County of San Francisco CA, | ||||||||||||
1.300%, 07/01/2023 | ||||||||||||
(Mandatory Tender Date 01/01/2023)(1) | 200,000 | 202,146 | ||||||||||
Hanford Joint Union High School District, | ||||||||||||
4.000%, 06/01/2049 (Callable 06/01/2026) | ||||||||||||
(Insured by AGM) | 1,250,000 | 1,387,189 | ||||||||||
Jamul-Dulzura Union School District, | ||||||||||||
0.000%, 11/01/2027 | 585,000 | 541,163 | ||||||||||
Los Angeles Industrial Development Authority, | ||||||||||||
0.120%, 06/01/2025 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 1,325,000 | 1,325,000 | ||||||||||
Mayers Memorial Hospital District: | ||||||||||||
0.000%, 08/01/2026 | 230,000 | 202,939 | ||||||||||
0.000%, 08/01/2029 | 165,000 | 131,509 | ||||||||||
0.000%, 08/01/2032 | 210,000 | 150,603 | ||||||||||
0.000%, 08/01/2034 | 260,000 | 173,871 | ||||||||||
Metropolitan Water District | ||||||||||||
of Southern California, | ||||||||||||
0.160%, 07/01/2037 (SIFMA Municipal | ||||||||||||
Swap Index + 0.140%) (Callable 11/23/2023) | ||||||||||||
(Mandatory Tender Date 05/21/2024)(2) | 150,000 | 150,000 | ||||||||||
Mizuho Floater/Residual Trust: | ||||||||||||
0.270%, 06/01/2026 | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 1,205,000 | 1,205,000 | ||||||||||
0.270%, 03/01/2036 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 2,300,000 | 2,300,000 | ||||||||||
0.270%, 10/01/2036 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 2,000,000 | 2,000,000 | ||||||||||
Modesto Irrigation District, | ||||||||||||
0.670%, 09/01/2027 (3 Month LIBOR | ||||||||||||
USD + 0.580%) (Callable 08/02/2021) | ||||||||||||
(Insured by NATL)(2) | 300,000 | 300,600 | ||||||||||
Oxnard School District, | ||||||||||||
2.000%, 08/01/2045 (Callable 08/01/2026) | ||||||||||||
(Insured by BAM)(5) | 325,000 | 362,648 | ||||||||||
Riverside County Redevelopment | ||||||||||||
Successor Agency: | �� | |||||||||||
0.000%, 10/01/2025 (Insured by BAM)(5) | 200,000 | 230,413 | ||||||||||
0.000%, 10/01/2041 (Callable 10/01/2026) | ||||||||||||
(Insured by BAM)(5) | 80,000 | 90,738 | ||||||||||
Saugus Union School District Financing Authority, | ||||||||||||
4.000%, 09/01/2027 (Insured by BAM) | 650,000 | 762,686 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.220%, 12/15/2038(1)(3) | 1,000,000 | 1,000,000 | ||||||||||
University of California, | ||||||||||||
5.000%, 05/15/2026 | 1,500,000 | 1,764,436 | ||||||||||
Western Placer Unified School District, | ||||||||||||
2.000%, 06/01/2025 (Callable 06/01/2023) | 225,000 | 231,177 | ||||||||||
Total California | ||||||||||||
(Cost $25,896,564) | 26,047,702 | 9.8 | % | |||||||||
Colorado | ||||||||||||
City & County of Denver CO, | ||||||||||||
0.010%, 12/01/2029 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 400,000 | 400,000 | ||||||||||
Colorado Educational & | ||||||||||||
Cultural Facilities Authority: | ||||||||||||
5.250%, 03/01/2025 (Insured by NATL) | 200,000 | 227,647 | ||||||||||
2.000%, 09/01/2030 (Callable 09/01/2028) | 550,000 | 553,106 | ||||||||||
Colorado Health Facilities Authority, | ||||||||||||
4.000%, 12/01/2026 | ||||||||||||
(Pre-refunded to 12/01/2022) | 170,000 | 179,141 | ||||||||||
Colorado Housing & Finance Authority, | ||||||||||||
1.350%, 02/01/2022 (Callable 08/01/2021) | 345,000 | 345,272 | ||||||||||
Denver Health & Hospital Authority, | ||||||||||||
4.000%, 12/01/2028 (Callable 12/01/2023) | 100,000 | 106,911 | ||||||||||
E-470 Public Highway Authority: | ||||||||||||
0.000%, 09/01/2029 (Insured by NATL) | 50,000 | 44,127 | ||||||||||
0.383%, 09/01/2039 (SOFR + 0.350%) | ||||||||||||
(Callable 06/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2024)(2) | 1,000,000 | 1,000,816 | ||||||||||
Glen Metropolitan District No. 2, | ||||||||||||
2.000%, 12/01/2030 (Insured by BAM) | 275,000 | 275,934 | ||||||||||
Poudre Tech Metropolitan District: | ||||||||||||
3.000%, 12/01/2026 (Insured by AGM) | 115,000 | 125,581 | ||||||||||
3.000%, 12/01/2027 (Insured by AGM) | 270,000 | 296,340 | ||||||||||
Prairie Center Metropolitan District No. 7, | ||||||||||||
4.125%, 12/15/2036 (Callable 12/15/2025) | 235,000 | 255,305 | ||||||||||
Vauxmont Metropolitan District: | ||||||||||||
5.000%, 12/15/2032 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 135,000 | 156,337 | ||||||||||
3.250%, 12/15/2050 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 750,000 | 801,990 | ||||||||||
Total Colorado | ||||||||||||
(Cost $4,698,545) | 4,768,507 | 1.8 | % | |||||||||
Connecticut | ||||||||||||
Connecticut Housing Finance Authority, | ||||||||||||
3.300%, 11/15/2037 (Callable 11/15/2021) | 2,000,000 | 2,020,656 | ||||||||||
Connecticut State Health & Educational | ||||||||||||
Facilities Authority: | ||||||||||||
4.500%, 07/01/2024 (Callable 07/01/2021) | 300,000 | 300,000 | ||||||||||
2.750%, 01/01/2026 (Callable 07/01/2022)(3) | 200,000 | 202,485 | ||||||||||
3.500%, 07/01/2026 | 700,000 | 775,709 | ||||||||||
5.000%, 07/01/2027 (Callable 07/01/2026) | 60,000 | 70,422 | ||||||||||
Connecticut State Higher Education | ||||||||||||
Supplement Loan Authority, | ||||||||||||
5.000%, 11/15/2026 | 350,000 | 420,315 | ||||||||||
Town of Sprague CT: | ||||||||||||
4.000%, 09/01/2021 (Insured by BAM) | 50,000 | 50,256 | ||||||||||
4.000%, 09/01/2024 (Insured by BAM) | 40,000 | 43,757 | ||||||||||
4.000%, 09/01/2025 (Insured by BAM) | 55,000 | 61,344 | ||||||||||
Town of Stratford CT, | ||||||||||||
5.000%, 08/01/2021 | 180,000 | 180,687 | ||||||||||
Total Connecticut | ||||||||||||
(Cost $4,038,792) | 4,125,631 | 1.5 | % | |||||||||
District of Columbia | ||||||||||||
Howard University, | ||||||||||||
2.638%, 10/01/2021 | 150,000 | 150,795 | ||||||||||
Total District of Columbia | ||||||||||||
(Cost $150,000) | 150,795 | 0.1 | % | |||||||||
Florida | ||||||||||||
City of Gainesville FL, | ||||||||||||
0.010%, 10/01/2042 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
City of Jacksonville FL: | ||||||||||||
4.000%, 10/01/2033 (Callable 10/01/2026) | 100,000 | 115,131 | ||||||||||
0.020%, 08/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 200,000 | 200,000 | ||||||||||
0.020%, 08/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
City of Orlando FL, | ||||||||||||
5.000%, 11/01/2025 (Insured by AGM) | 180,000 | 214,883 | ||||||||||
County of Escambia FL, | ||||||||||||
0.030%, 07/01/2022 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 900,000 | 900,000 |
The accompanying notes are an integral part of these financial statements.
Page 121
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Florida Development Finance Corp.: | ||||||||||||
3.000%, 06/01/2023 | $ | 115,000 | $ | 118,882 | ||||||||
4.000%, 06/01/2024 | 105,000 | 112,892 | ||||||||||
4.000%, 06/15/2025(3) | 445,000 | 490,590 | ||||||||||
Florida Higher Educational Facilities | ||||||||||||
Financial Authority, | ||||||||||||
5.000%, 10/01/2021 | 225,000 | 227,457 | ||||||||||
Florida Housing Finance Corp.: | ||||||||||||
4.200%, 01/01/2045 (Callable 01/01/2028) | ||||||||||||
(Insured by GNMA) | 130,000 | 141,152 | ||||||||||
3.500%, 07/01/2046 (Callable 07/01/2024) | ||||||||||||
(Insured by GNMA) | 20,000 | 20,674 | ||||||||||
Highlands County Health Facilities Authority, | ||||||||||||
0.020%, 11/15/2037 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 1,100,000 | 1,100,000 | ||||||||||
Miami Health Facilities Authority, | ||||||||||||
5.000%, 07/01/2021 | 50,000 | 50,000 | ||||||||||
Miami-Dade County Industrial | ||||||||||||
Development Authority, | ||||||||||||
0.030%, 05/01/2046(1) | 2,000,000 | 2,000,000 | ||||||||||
Orange County Convention Center, | ||||||||||||
4.000%, 10/01/2034 (Callable 10/01/2026) | 300,000 | 346,008 | ||||||||||
Orange County Health Facilities Authority: | ||||||||||||
3.500%, 08/01/2022 | 150,000 | 154,723 | ||||||||||
5.000%, 08/01/2028 (Callable 08/01/2024) | 300,000 | 334,061 | ||||||||||
Palm Beach County Health Facilities Authority: | ||||||||||||
5.000%, 05/15/2023 | 300,000 | 324,735 | ||||||||||
5.000%, 05/15/2031 (Callable 05/15/2027) | 305,000 | 364,190 | ||||||||||
Pasco County School Board, | ||||||||||||
0.770%, 08/01/2032 (SIFMA Municipal | ||||||||||||
Swap Index + 0.750%) (Callable 08/04/2021) | ||||||||||||
(Mandatory Tender Date 08/02/2023)(2) | 510,000 | 510,246 | ||||||||||
Sarasota County Health Facilities Authority, | ||||||||||||
3.000%, 05/15/2023 | 150,000 | 154,428 | ||||||||||
Sumter County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2021 | 100,000 | 100,000 | ||||||||||
Tender Option Bond Trust: | ||||||||||||
0.220%, 01/01/2046 (Callable 01/01/2025) | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 1,000,000 | 1,000,000 | ||||||||||
0.140%, 04/01/2053 (Callable 04/01/2028) | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 2,000,000 | 2,000,000 | ||||||||||
UCF Stadium Corp.: | ||||||||||||
5.000%, 03/01/2024 | 300,000 | 330,421 | ||||||||||
5.000%, 03/01/2025 | 370,000 | 419,728 | ||||||||||
Volusia County School Board, | ||||||||||||
5.000%, 08/01/2031 (Callable 08/01/2024) | 1,400,000 | 1,588,305 | ||||||||||
Total Florida | ||||||||||||
(Cost $15,181,205) | 15,318,506 | 5.8 | % | |||||||||
Georgia | ||||||||||||
Atlanta Development Authority, | ||||||||||||
5.000%, 07/01/2024 | 200,000 | 226,691 | ||||||||||
Burke County Development Authority, | ||||||||||||
0.020%, 07/01/2049 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 2,000,000 | 2,000,000 | ||||||||||
City of Atlanta GA, | ||||||||||||
5.000%, 12/01/2021 | 875,000 | 890,484 | ||||||||||
Clayton County Development Authority, | ||||||||||||
4.000%, 07/01/2034 (Callable 07/01/2027) | 100,000 | 115,415 | ||||||||||
Development Authority of Appling County, | ||||||||||||
0.030%, 09/01/2029 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,600,000 | 1,600,000 | ||||||||||
Development Authority of Bulloch County, | ||||||||||||
5.000%, 07/01/2029 | 385,000 | 500,039 | ||||||||||
Macon-Bibb County Housing Authority, | ||||||||||||
1.625%, 10/01/2024 (Callable 04/01/2022) | ||||||||||||
(Mandatory Tender Date 10/01/2022)(1) | 1,000,000 | 998,957 | ||||||||||
Main Street Natural Gas, Inc.: | ||||||||||||
5.000%, 05/15/2024 | 65,000 | 73,332 | ||||||||||
0.817%, 04/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.750%) (Callable 06/01/2023) | ||||||||||||
(Mandatory Tender Date 09/01/2023)(2) | 460,000 | 462,292 | ||||||||||
0.897%, 08/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.830%) (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(2) | 290,000 | 292,242 | ||||||||||
Private Colleges & Universities Authority: | ||||||||||||
5.000%, 06/01/2023 | 145,000 | 157,251 | ||||||||||
5.000%, 06/01/2027 | 200,000 | 242,684 | ||||||||||
5.250%, 10/01/2027 (Callable 10/01/2021) | 525,000 | 531,548 | ||||||||||
5.000%, 06/01/2033 (Callable 06/01/2031) | 500,000 | 645,874 | ||||||||||
0.440%, 10/01/2039 (SIFMA Municipal Swap | ||||||||||||
Index + 0.420%) (Callable 02/16/2022) | ||||||||||||
(Mandatory Tender Date 08/16/2022)(2) | 300,000 | 300,113 | ||||||||||
Total Georgia | ||||||||||||
(Cost $8,944,900) | 9,036,922 | 3.4 | % | |||||||||
Illinois | ||||||||||||
Champaign & Piatt Counties Community | ||||||||||||
Unit School District No. 3, | ||||||||||||
3.500%, 09/01/2029 (Callable 09/01/2022) | 180,000 | 183,137 | ||||||||||
Chicago Park District: | ||||||||||||
5.000%, 01/01/2022 | 140,000 | 143,204 | ||||||||||
5.000%, 01/01/2024 | 225,000 | 248,978 | ||||||||||
5.000%, 01/01/2030 (Callable 01/01/2024) | 150,000 | 162,851 | ||||||||||
4.200%, 01/01/2031 (Callable 01/01/2022) | 150,000 | 151,831 | ||||||||||
City of Chicago IL: | ||||||||||||
4.000%, 11/01/2021 | 80,000 | 80,991 | ||||||||||
5.000%, 11/01/2022 | 100,000 | 106,067 | ||||||||||
0.000%, 01/01/2023 | 325,000 | 317,766 | ||||||||||
5.000%, 11/01/2023 | 125,000 | 138,072 | ||||||||||
5.000%, 11/01/2027 (Callable 11/01/2026) | ||||||||||||
(Insured by BAM) | 100,000 | 122,552 | ||||||||||
Cook County Community College | ||||||||||||
District No. 508, | ||||||||||||
5.250%, 12/01/2028 (Callable 12/01/2023) | 325,000 | 358,928 | ||||||||||
Cook County School District No. 104, | ||||||||||||
0.000%, 12/01/2022 (ETM) | 200,000 | 199,098 | ||||||||||
Crawford Hospital District, | ||||||||||||
4.000%, 01/01/2027 (Insured by AGM) | 315,000 | 365,110 | ||||||||||
Eastern Illinois University, | ||||||||||||
6.350%, 04/01/2036 (Callable 08/02/2021) | 1,390,000 | 1,390,435 | ||||||||||
Exceptional Children Have Opportunities, | ||||||||||||
4.000%, 12/01/2032 (Callable 12/01/2029) | 500,000 | 584,390 | ||||||||||
Hoffman Estates Park District, | ||||||||||||
5.000%, 12/01/2025 | 500,000 | 550,595 | ||||||||||
Illinois Finance Authority: | ||||||||||||
4.000%, 02/15/2023 | 395,000 | 414,508 | ||||||||||
5.000%, 10/01/2023 | 100,000 | 109,750 | ||||||||||
5.000%, 11/01/2024 | 50,000 | 57,159 | ||||||||||
5.000%, 10/01/2025 | 150,000 | 175,953 | ||||||||||
5.000%, 09/01/2027 (Callable 09/01/2026) | 500,000 | 594,174 | ||||||||||
4.000%, 11/01/2030 | 100,000 | 112,900 | ||||||||||
4.125%, 11/15/2037 (Callable 11/15/2025) | 300,000 | 336,192 | ||||||||||
4.250%, 05/15/2041 | ||||||||||||
(Pre-refunded to 05/15/2022) | 80,000 | 82,834 | ||||||||||
6.000%, 10/01/2048 (Callable 10/01/2022) | 610,000 | 630,317 |
The accompanying notes are an integral part of these financial statements.
Page 122
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Joliet Park District, | ||||||||||||
4.000%, 02/01/2033 (Callable 02/01/2023) | ||||||||||||
(Insured by AGM) | $ | 150,000 | $ | 157,490 | ||||||||
Metropolitan Pier & Exposition Authority, | ||||||||||||
0.000%, 12/15/2022 (Insured by NATL) | 125,000 | 123,563 | ||||||||||
Northern Illinois University: | ||||||||||||
5.000%, 10/01/2031 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM)(6) | 450,000 | 583,979 | ||||||||||
4.000%, 10/01/2032 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM)(6) | 500,000 | 599,783 | ||||||||||
Sales Tax Securitization Corp., | ||||||||||||
5.000%, 01/01/2043 (Callable 01/01/2029) | 1,000,000 | 1,237,715 | ||||||||||
State of Illinois: | ||||||||||||
5.000%, 02/01/2022 | 1,000,000 | 1,027,775 | ||||||||||
5.000%, 03/01/2022 | 2,000,000 | 2,063,449 | ||||||||||
6.000%, 06/15/2024 (Insured by NATL) | 100,000 | 115,621 | ||||||||||
5.000%, 01/01/2026 | 50,000 | 59,157 | ||||||||||
University of Illinois, | ||||||||||||
5.500%, 04/01/2031 (Callable 07/19/2021) | 30,000 | 30,076 | ||||||||||
Upper Illinois River Valley | ||||||||||||
Development Authority, | ||||||||||||
4.000%, 01/01/2031 (Callable 01/01/2027)(3) | 225,000 | 237,376 | ||||||||||
Village of Crestwood IL, | ||||||||||||
4.000%, 12/15/2027 (Callable 12/15/2025) | ||||||||||||
(Insured by BAM) | 135,000 | 150,355 | ||||||||||
Will County Community | ||||||||||||
High School District No. 210: | ||||||||||||
0.000%, 01/01/2028 (Insured by BAM) | 310,000 | 275,152 | ||||||||||
0.000%, 01/01/2032 (Insured by BAM) | 125,000 | 97,495 | ||||||||||
3.375%, 01/01/2033 (Callable 01/01/2023) | 25,000 | 25,586 | ||||||||||
4.000%, 01/01/2034 (Callable 01/01/2029) | ||||||||||||
(Insured by AGM) | 150,000 | 172,260 | ||||||||||
Total Illinois | ||||||||||||
(Cost $14,326,908) | 14,574,624 | 5.5 | % | |||||||||
Indiana | ||||||||||||
City of Muncie IN, | ||||||||||||
4.000%, 01/15/2022 (Insured by AGM) | 160,000 | 162,535 | ||||||||||
Hammond Local Public | ||||||||||||
Improvement Bond Bank, | ||||||||||||
2.000%, 12/31/2021 | 1,170,000 | 1,177,055 | ||||||||||
Indiana Finance Authority: | ||||||||||||
5.000%, 09/15/2023 | 795,000 | 862,289 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2023) | 250,000 | 263,510 | ||||||||||
3.750%, 10/01/2042 (Callable 10/01/2023) | 40,000 | 40,333 | ||||||||||
5.000%, 10/01/2042 (Callable 10/01/2023) | 50,000 | 52,311 | ||||||||||
Indiana Health & Educational Facilities | ||||||||||||
Financing Authority, | ||||||||||||
5.000%, 11/15/2046 (Callable 11/15/2026) | 150,000 | 180,482 | ||||||||||
Indianapolis Local Public | ||||||||||||
Improvement Bond Bank, | ||||||||||||
5.000%, 02/01/2031 (Callable 12/29/2023) | 675,000 | 751,740 | ||||||||||
St. Joseph County Airport Authority, | ||||||||||||
0.010%, 07/01/2027 | 410,000 | 376,319 | ||||||||||
Total Indiana | ||||||||||||
(Cost $3,779,964) | 3,866,574 | 1.5 | % | |||||||||
Iowa | ||||||||||||
City of Coralville IA: | ||||||||||||
4.000%, 06/01/2024 | 200,000 | 211,618 | ||||||||||
4.000%, 05/01/2026 (Callable 05/01/2022) | 545,000 | 546,567 | ||||||||||
Iowa Finance Authority, | ||||||||||||
4.000%, 07/01/2047 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 230,000 | 260,778 | ||||||||||
Iowa Higher Education Loan Authority: | ||||||||||||
3.000%, 04/01/2023 | 280,000 | 291,916 | ||||||||||
3.000%, 04/01/2024 | 255,000 | 271,052 | ||||||||||
Total Iowa | ||||||||||||
(Cost $1,553,547) | 1,581,931 | 0.6 | % | |||||||||
Kansas | ||||||||||||
City of Derby KS, | ||||||||||||
3.900%, 03/01/2037 (Callable 03/01/2025) | 75,000 | 77,693 | ||||||||||
City of Goddard KS, | ||||||||||||
3.000%, 12/01/2022 (Callable 12/01/2021) | 150,000 | 151,683 | ||||||||||
Kansas Independent College Finance Authority, | ||||||||||||
4.375%, 05/01/2022 | 500,000 | 509,422 | ||||||||||
Total Kansas | ||||||||||||
(Cost $730,761) | 738,798 | 0.3 | % | |||||||||
Kentucky | ||||||||||||
Kentucky Economic Development | ||||||||||||
Finance Authority, | ||||||||||||
0.000%, 10/01/2025 (Insured by NATL) | 35,000 | 32,842 | ||||||||||
Kentucky Higher Education Student Loan Corp., | ||||||||||||
5.000%, 06/01/2024 | 130,000 | 145,296 | ||||||||||
Kentucky Public Energy Authority: | ||||||||||||
4.000%, 01/01/2049 (Callable 10/01/2024) | ||||||||||||
(Mandatory Tender Date 01/01/2025)(1) | 275,000 | 305,447 | ||||||||||
1.187%, 12/01/2049 (1 Month LIBOR | ||||||||||||
USD + 1.120%) (Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(2) | 100,000 | 102,232 | ||||||||||
4.000%, 12/01/2049 (Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(1) | 240,000 | 270,247 | ||||||||||
Morehead State University, | ||||||||||||
5.000%, 04/01/2028 (Callable 04/01/2025) | ||||||||||||
(Insured by ST AID) | 230,000 | 265,097 | ||||||||||
Total Kentucky | ||||||||||||
(Cost $1,079,894) | 1,121,161 | 0.4 | % | |||||||||
Louisiana | ||||||||||||
City of Shreveport LA, | ||||||||||||
5.000%, 09/01/2024 | 440,000 | 497,655 | ||||||||||
Lafayette Public Trust Financing Authority, | ||||||||||||
3.000%, 10/01/2021 | 150,000 | 150,959 | ||||||||||
Louisiana Local Government | ||||||||||||
Environmental Facilities & Community | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 10/01/2023 | 100,000 | 106,180 | ||||||||||
4.000%, 10/01/2024 | 145,000 | 157,227 | ||||||||||
3.020%, 04/01/2031 (Callable 04/01/2025)(3) | 1,360,000 | 1,454,608 | ||||||||||
5.250%, 06/15/2033 (Callable 06/15/2031)(3) | 1,175,000 | 1,227,045 | ||||||||||
Louisiana Public Facilities Authority: | ||||||||||||
0.000%, 10/01/2024(5) | 330,000 | 324,923 | ||||||||||
0.000%, 10/01/2029(5) | 255,000 | 274,700 | ||||||||||
0.010%, 05/01/2042 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
Louisiana Stadium & Exposition District, | ||||||||||||
4.000%, 07/03/2023 (Callable 04/01/2023) | 825,000 | 873,530 | ||||||||||
Louisiana State University & Agricultural | ||||||||||||
& Mechanical College, | ||||||||||||
5.000%, 07/01/2027 (Callable 07/01/2024) | 235,000 | 263,021 | ||||||||||
Morehouse Parish Hospital | ||||||||||||
Service District No. 1, | ||||||||||||
3.000%, 10/01/2030 (Callable 10/01/2027) | 100,000 | 101,022 | ||||||||||
Total Louisiana | ||||||||||||
(Cost $6,324,763) | 6,430,870 | 2.4 | % |
The accompanying notes are an integral part of these financial statements.
Page 123
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Maine | ||||||||||||
Finance Authority of Maine: | ||||||||||||
5.000%, 12/01/2022 (Insured by AGM) | $ | 100,000 | $ | 106,426 | ||||||||
5.000%, 12/01/2023 (Insured by AGM) | 125,000 | 138,224 | ||||||||||
5.000%, 12/01/2024 (Insured by AGM) | 125,000 | 142,568 | ||||||||||
5.000%, 12/01/2025 (Insured by AGM) | 200,000 | 234,429 | ||||||||||
5.000%, 12/01/2026 (Insured by AGM) | 200,000 | 239,982 | ||||||||||
Maine Health & Higher Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 07/01/2024 | ||||||||||||
(Pre-refunded to 07/01/2023) | 630,000 | 689,049 | ||||||||||
5.000%, 07/01/2026 | 100,000 | 119,940 | ||||||||||
Total Maine | ||||||||||||
(Cost $1,646,912) | 1,670,618 | 0.6 | % | |||||||||
Maryland | ||||||||||||
Maryland Economic Development Corp., | ||||||||||||
3.997%, 04/01/2034 (Callable 01/01/2034)(3) | 2,000,000 | 2,164,352 | ||||||||||
Maryland Health & Higher Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 01/01/2024 | 540,000 | 580,996 | ||||||||||
5.000%, 01/01/2025 | 470,000 | 518,791 | ||||||||||
Total Maryland | ||||||||||||
(Cost $3,096,270) | 3,264,139 | 1.2 | % | |||||||||
Massachusetts | ||||||||||||
City of Lynn MA, | ||||||||||||
5.000%, 09/01/2026 (Insured by ST AID) | 580,000 | 710,605 | ||||||||||
Massachusetts Development Finance Agency: | ||||||||||||
5.000%, 07/15/2021(3) | 100,000 | 100,136 | ||||||||||
5.000%, 07/15/2022(3) | 115,000 | 119,460 | ||||||||||
5.000%, 07/15/2023(3) | 115,000 | 123,539 | ||||||||||
5.000%, 07/15/2024(3) | 125,000 | 138,281 | ||||||||||
5.000%, 07/15/2025(3) | 65,000 | 73,740 | ||||||||||
Massachusetts Educational Financing Authority, | ||||||||||||
2.000%, 07/01/2037 (Callable 07/01/2031)(6) | 2,600,000 | 2,598,500 | ||||||||||
Massachusetts State College Building Authority, | ||||||||||||
0.000%, 05/01/2028 | ||||||||||||
(ETM) (Insured by NATL) | 2,000,000 | 1,848,069 | ||||||||||
Total Massachusetts | ||||||||||||
(Cost $5,727,848) | 5,712,330 | 2.1 | % | |||||||||
Michigan | ||||||||||||
Charter Township of Lansing MI, | ||||||||||||
2.750%, 05/01/2028 (Callable 08/02/2021) | 265,000 | 265,318 | ||||||||||
City of Detroit MI: | ||||||||||||
5.000%, 04/01/2022 | 250,000 | 257,443 | ||||||||||
5.000%, 04/01/2023 | 275,000 | 293,907 | ||||||||||
Flint Hospital Building Authority, | ||||||||||||
5.000%, 07/01/2023 | 100,000 | 103,629 | ||||||||||
Michigan Finance Authority: | ||||||||||||
5.000%, 07/01/2024 | 260,000 | 289,916 | ||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | 25,000 | 27,745 | ||||||||||
5.000%, 07/01/2027 (Callable 07/01/2025) | 160,000 | 188,420 | ||||||||||
5.000%, 07/01/2030 (Callable 07/01/2024) | 165,000 | 179,656 | ||||||||||
5.000%, 07/01/2044 (Callable 07/01/2024) | 130,000 | 139,030 | ||||||||||
Michigan State Housing Development Authority, | ||||||||||||
3.500%, 12/01/2050 (Callable 06/01/2029) | 295,000 | 326,389 | ||||||||||
Michigan Strategic Fund: | ||||||||||||
1.450%, 09/01/2030 | ||||||||||||
(Mandatory Tender Date 09/01/2021)(1) | 500,000 | 500,983 | ||||||||||
0.010%, 12/01/2033 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
Redford Union School District No. 1, | ||||||||||||
5.000%, 11/01/2027 (Insured by Q-SBLF) | 830,000 | 1,036,958 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.120%, 05/01/2028 (Optional Put Date | ||||||||||||
07/07/2021) (Insured by Q-SBLF)(1)(3) | 2,000,000 | 2,000,000 | ||||||||||
Western Michigan University, | ||||||||||||
5.000%, 11/15/2022 | 165,000 | 175,863 | ||||||||||
Total Michigan | ||||||||||||
(Cost $6,746,796) | 6,785,257 | 2.5 | % | |||||||||
Minnesota | ||||||||||||
County of Chippewa MN, | ||||||||||||
4.000%, 03/01/2023 | 1,060,000 | 1,105,590 | ||||||||||
Minneapolis-Saint Paul Metropolitan | ||||||||||||
Airports Commission, | ||||||||||||
5.000%, 01/01/2026 (Callable 01/01/2022) | 50,000 | 51,180 | ||||||||||
Plymouth Intermediate District No. 287, | ||||||||||||
3.000%, 05/01/2032 (Callable 05/01/2025) | 650,000 | 689,061 | ||||||||||
Zumbro Education District: | ||||||||||||
4.000%, 02/01/2031 | 370,000 | 441,720 | ||||||||||
4.000%, 02/01/2033 (Callable 02/01/2031) | 300,000 | 355,418 | ||||||||||
Total Minnesota | ||||||||||||
(Cost $2,644,930) | 2,642,969 | 1.0 | % | |||||||||
Mississippi | ||||||||||||
City of Ridgeland MS, | ||||||||||||
3.000%, 10/01/2025 | 325,000 | 343,414 | ||||||||||
Mississippi Business Finance Corp.: | ||||||||||||
2.500%, 04/01/2022 (Callable 08/02/2021) | 375,000 | 377,254 | ||||||||||
3.200%, 09/01/2028 (Callable 03/13/2024) | 1,000,000 | 1,051,221 | ||||||||||
Mississippi Home Corp., | ||||||||||||
4.000%, 12/01/2043 (Callable 12/01/2026) | ||||||||||||
(Insured by GNMA) | 85,000 | 91,671 | ||||||||||
Mississippi Hospital Equipment | ||||||||||||
& Facilities Authority, | ||||||||||||
5.000%, 10/01/2040 (Callable 12/01/2026) | ||||||||||||
(Mandatory Tender Date 03/01/2027)(1) | 100,000 | 118,892 | ||||||||||
State of Mississippi, | ||||||||||||
5.000%, 10/15/2032 (Callable 10/15/2028) | 1,495,000 | 1,869,888 | ||||||||||
Vicksburg Warren School District, | ||||||||||||
5.000%, 03/01/2025 | 285,000 | 325,728 | ||||||||||
Total Mississippi | ||||||||||||
(Cost $4,125,126) | 4,178,068 | 1.6 | % | |||||||||
Missouri | ||||||||||||
County of Platte MO: | ||||||||||||
5.000%, 02/01/2025 (Callable 02/01/2023) | 125,000 | 130,452 | ||||||||||
3.000%, 03/01/2027 (Callable 03/01/2023) | 200,000 | 201,334 | ||||||||||
Health & Educational Facilities Authority | ||||||||||||
of the State of Missouri: | ||||||||||||
5.000%, 02/01/2022 | 255,000 | 261,704 | ||||||||||
5.000%, 02/01/2025 (Callable 02/01/2024) | 180,000 | 199,661 | ||||||||||
5.000%, 09/01/2027 | 150,000 | 177,550 | ||||||||||
4.000%, 08/01/2030 (Callable 08/01/2024) | 200,000 | 215,309 | ||||||||||
5.000%, 06/01/2031 (Callable 06/01/2024) | 1,000,000 | 1,126,919 | ||||||||||
4.250%, 08/01/2035 (Callable 08/01/2024) | 110,000 | 118,623 | ||||||||||
Missouri Development Finance Board, | ||||||||||||
0.080%, 08/01/2038 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 835,000 | 835,000 | ||||||||||
St. Joseph Industrial Development Authority, | ||||||||||||
3.100%, 01/01/2023 | 100,000 | 101,185 | ||||||||||
St. Louis Land Clearance for | ||||||||||||
Redevelopment Authority: | ||||||||||||
4.250%, 06/01/2026 | 250,000 | 271,246 | ||||||||||
3.875%, 10/01/2035 (Callable 10/01/2029) | 450,000 | 442,971 | ||||||||||
St. Louis Municipal Finance Corp., | ||||||||||||
5.000%, 02/15/2025 | 300,000 | 346,819 | ||||||||||
Total Missouri | ||||||||||||
(Cost $4,331,187) | 4,428,773 | 1.7 | % |
The accompanying notes are an integral part of these financial statements.
Page 124
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Montana | ||||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
0.270%, 12/01/2060 | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | $ | 1,110,000 | $ | 1,110,000 | ||||||||
Total Montana | ||||||||||||
(Cost $1,110,000) | 1,110,000 | 0.4 | % | |||||||||
Nebraska | ||||||||||||
Central Plains Energy Project, | ||||||||||||
5.000%, 09/01/2042 (Callable 09/01/2022) | 45,000 | 47,447 | ||||||||||
Madison County Hospital Authority No. 1: | ||||||||||||
5.000%, 07/01/2021 | 295,000 | 295,000 | ||||||||||
5.000%, 07/01/2022 | 520,000 | 542,878 | ||||||||||
Total Nebraska | ||||||||||||
(Cost $881,160) | 885,325 | 0.3 | % | |||||||||
Nevada | ||||||||||||
City of Sparks NV, | ||||||||||||
2.500%, 06/15/2024(3) | 125,000 | 127,264 | ||||||||||
Clark County School District, | ||||||||||||
5.000%, 06/15/2023 | 100,000 | 109,232 | ||||||||||
Henderson Public Improvement Trust: | ||||||||||||
3.000%, 01/01/2022 | 175,000 | 176,672 | ||||||||||
3.000%, 01/01/2026 | 270,000 | 283,443 | ||||||||||
State of Nevada, | ||||||||||||
4.000%, 12/15/2025(3) | 1,100,000 | 1,163,595 | ||||||||||
Total Nevada | ||||||||||||
(Cost $1,822,955) | 1,860,206 | 0.7 | % | |||||||||
New Hampshire | ||||||||||||
New Hampshire Health and Education | ||||||||||||
Facilities Authority, | ||||||||||||
3.150%, 04/01/2022 (Callable 11/01/2021)(3) | 1,500,000 | 1,503,929 | ||||||||||
Total New Hampshire | ||||||||||||
(Cost $1,503,827) | 1,503,929 | 0.6 | % | |||||||||
New Jersey | ||||||||||||
Atlantic City Board of Education, | ||||||||||||
3.400%, 08/15/2024(3) | 140,000 | 150,417 | ||||||||||
City of Newark NJ: | ||||||||||||
5.000%, 10/01/2021 (Insured by ST AID) | 95,000 | 95,987 | ||||||||||
2.000%, 10/05/2021 | 1,000,000 | 1,004,434 | ||||||||||
5.000%, 10/01/2022 | 500,000 | 525,238 | ||||||||||
5.000%, 10/01/2022 (Insured by ST AID) | 130,000 | 136,562 | ||||||||||
Essex County Improvement Authority, | ||||||||||||
5.000%, 11/01/2027 | 350,000 | 438,249 | ||||||||||
Garden State Preservation Trust, | ||||||||||||
5.000%, 11/01/2021 | 325,000 | 329,637 | ||||||||||
New Jersey Economic Development Authority: | ||||||||||||
1.270%, 09/01/2025 (SIFMA Municipal | ||||||||||||
Swap Index + 1.250%) (Callable 03/01/2025) | ||||||||||||
(Insured by ST AID)(2) | 380,000 | 385,755 | ||||||||||
5.000%, 03/01/2029 (Callable 03/01/2023) | 200,000 | 214,779 | ||||||||||
5.625%, 01/01/2052 (Callable 01/01/2024) | 1,000,000 | 1,124,631 | ||||||||||
New Jersey Educational Facilities Authority: | ||||||||||||
5.000%, 07/01/2026 | ||||||||||||
(Pre-refunded to 07/01/2025) | 55,000 | 64,759 | ||||||||||
5.000%, 07/01/2026 (Callable 07/01/2025) | 70,000 | 81,816 | ||||||||||
5.000%, 07/01/2028 (Insured by AGM) | 125,000 | 158,007 | ||||||||||
New Jersey Housing & Mortgage Finance Agency, | ||||||||||||
3.500%, 04/01/2051 (Callable 04/01/2029) | 760,000 | 844,300 | ||||||||||
South Jersey Port Corp., | ||||||||||||
3.500%, 01/01/2032 (Callable 01/01/2026) | 100,000 | 107,003 | ||||||||||
Total New Jersey | ||||||||||||
(Cost $5,599,408) | 5,661,574 | 2.1 | % | |||||||||
New Mexico | ||||||||||||
City of Farmington NM, | ||||||||||||
1.875%, 04/01/2033 | ||||||||||||
(Mandatory Tender Date 10/01/2021)(1) | 50,000 | 50,180 | ||||||||||
Town of Clayton NM, | ||||||||||||
5.000%, 11/01/2026 (Callable 11/01/2025) | ||||||||||||
(Insured by NATL) | 185,000 | 213,663 | ||||||||||
Village of Los Ranchos de Albuquerque NM, | ||||||||||||
5.000%, 09/01/2027 | 350,000 | 419,019 | ||||||||||
Total New Mexico | ||||||||||||
(Cost $667,492) | 682,862 | 0.3 | % | |||||||||
New York | ||||||||||||
Albany Capital Resource Corp., | ||||||||||||
5.000%, 05/01/2023 | 140,000 | 152,489 | ||||||||||
Albany County Capital Resource Corp., | ||||||||||||
3.100%, 07/01/2030 | 200,000 | 194,172 | ||||||||||
Amherst Development Corp., | ||||||||||||
5.000%, 10/01/2022 | 355,000 | 371,285 | ||||||||||
Build NYC Resource Corp., | ||||||||||||
4.000%, 12/01/2031 (Callable 12/01/2029)(3) | 600,000 | 670,797 | ||||||||||
City of New York NY, | ||||||||||||
0.140%, 04/01/2042 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 2,500,000 | 2,500,000 | ||||||||||
City of Poughkeepsie NY: | ||||||||||||
4.000%, 04/15/2028 | 230,000 | 253,394 | ||||||||||
4.000%, 04/15/2030 | 250,000 | 275,195 | ||||||||||
County of Nassau NY, | ||||||||||||
5.000%, 04/01/2026 | ||||||||||||
(Pre-refunded to 04/01/2024) | 2,000,000 | 2,257,565 | ||||||||||
County of Suffolk NY, | ||||||||||||
2.000%, 07/22/2021 | 1,000,000 | 1,001,035 | ||||||||||
Huntington Local Development Corp., | ||||||||||||
4.000%, 07/01/2027 | 1,000,000 | 1,061,284 | ||||||||||
JPMorgan Chase Putters/Drivers Trust, | ||||||||||||
0.190%, 12/01/2024 | ||||||||||||
(Optional Put Date 07/01/2021)(1)(3) | 600,000 | 600,000 | ||||||||||
Long Island Power Authority, | ||||||||||||
0.820%, 05/01/2033 (1 Month LIBOR | ||||||||||||
USD + 0.750%) (Callable 10/01/2022) | ||||||||||||
(Mandatory Tender Date 10/01/2023)(2) | 850,000 | 852,818 | ||||||||||
Metropolitan Transportation Authority: | ||||||||||||
5.000%, 11/15/2021 | 90,000 | 91,550 | ||||||||||
5.000%, 11/15/2021 | 100,000 | 101,722 | ||||||||||
5.000%, 05/15/2022 | 375,000 | 390,514 | ||||||||||
5.000%, 11/15/2022 | 225,000 | 239,259 | ||||||||||
0.617%, 11/01/2030 | ||||||||||||
(1 Month LIBOR USD + 0.550%) | ||||||||||||
(Mandatory Tender Date 11/01/2022)(2) | 1,700,000 | 1,707,988 | ||||||||||
New York City Housing Development Corp., | ||||||||||||
0.700%, 11/01/2060 (Callable 07/01/2023) | ||||||||||||
(Mandatory Tender Date 07/01/2025)(1) | 2,500,000 | 2,500,220 | ||||||||||
New York City Industrial Development Agency, | ||||||||||||
5.000%, 03/01/2028 (Insured by AGM) | 250,000 | 312,234 | ||||||||||
New York City Transitional Finance Authority, | ||||||||||||
0.010%, 02/01/2044 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
New York City Water & Sewer System, | ||||||||||||
0.010%, 06/15/2048 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 500,000 | 500,000 | ||||||||||
Onondaga Civic Development Corp.: | ||||||||||||
5.000%, 10/01/2023 | 165,000 | 176,648 | ||||||||||
5.000%, 10/01/2024 | 35,000 | 38,377 | ||||||||||
5.000%, 10/01/2025 | 225,000 | 252,055 | ||||||||||
4.125%, 10/01/2035 (Callable 10/01/2025) | 235,000 | 246,513 |
The accompanying notes are an integral part of these financial statements.
Page 125
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Onondaga County Trust for Cultural Resources: | ||||||||||||
5.000%, 05/01/2027 | $ | 180,000 | $ | 220,221 | ||||||||
5.000%, 05/01/2029 (Callable 05/01/2027) | 345,000 | 418,824 | ||||||||||
State of New York Mortgage Agency, | ||||||||||||
3.500%, 04/01/2049 (Callable 10/01/2028) | 230,000 | 246,739 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.240%, 11/15/2023 | ||||||||||||
(Optional Put Date 07/07/2021)(3)(5) | 1,000,000 | 1,000,000 | ||||||||||
Town of Alabama NY, | ||||||||||||
1.000%, 09/30/2021 (Callable 08/02/2021) | 600,000 | 600,234 | ||||||||||
Town of Ramapo NY: | ||||||||||||
3.250%, 05/15/2023 | 200,000 | 199,802 | ||||||||||
3.375%, 05/15/2024 (Callable 05/15/2023) | 25,000 | 24,999 | ||||||||||
3.000%, 11/01/2027 (Callable 11/01/2022) | 100,000 | 96,991 | ||||||||||
4.125%, 05/15/2028 (Callable 05/15/2023) | 115,000 | 116,103 | ||||||||||
Triborough Bridge & Tunnel Authority: | ||||||||||||
0.567%, 11/15/2027 (1 Month LIBOR | ||||||||||||
USD + 0.500%) (Callable 08/02/2021) | ||||||||||||
(Mandatory Tender Date 11/15/2021)(2) | 200,000 | 200,073 | ||||||||||
0.413%, 01/01/2032 | ||||||||||||
(SOFR + 0.380%) (Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(2) | 1,000,000 | 999,522 | ||||||||||
Total New York | ||||||||||||
(Cost $21,597,238) | 21,870,622 | 8.2 | % | |||||||||
North Carolina | ||||||||||||
Durham Housing Authority, | ||||||||||||
2.000%, 09/01/2024 (Callable 04/01/2022) | ||||||||||||
(Mandatory Tender Date 09/01/2022)(1) | 1,000,000 | 1,001,053 | ||||||||||
Nash Health Care Systems, | ||||||||||||
4.250%, 11/01/2032 (Callable 05/01/2022) | 130,000 | 132,228 | ||||||||||
North Carolina Central University, | ||||||||||||
5.000%, 04/01/2027 | 410,000 | 499,422 | ||||||||||
Winston-Salem State University, | ||||||||||||
4.250%, 06/01/2032 (Callable 06/01/2024) | 50,000 | 53,462 | ||||||||||
Total North Carolina | ||||||||||||
(Cost $1,659,088) | 1,686,165 | 0.6 | % | |||||||||
North Dakota | ||||||||||||
Cass County Joint Water Resource District, | ||||||||||||
0.480%, 05/01/2024 (Callable 11/01/2022) | 2,000,000 | 1,996,002 | ||||||||||
City of Dickinson ND, | ||||||||||||
5.000%, 10/01/2025 (Callable 10/01/2021) | 165,000 | 166,956 | ||||||||||
City of Grand Forks ND, | ||||||||||||
5.000%, 12/01/2024 | 100,000 | 113,367 | ||||||||||
City of Horace ND: | ||||||||||||
3.000%, 05/01/2022 | 215,000 | 219,287 | ||||||||||
1.900%, 08/01/2022 (Callable 08/02/2021) | 500,000 | 500,524 | ||||||||||
0.650%, 08/01/2023 (Callable 08/01/2022)(6) | 500,000 | 500,067 | ||||||||||
City of Larimore ND, | ||||||||||||
0.850%, 05/01/2024 (Callable 05/01/2022) | 1,100,000 | 1,100,532 | ||||||||||
City of Mandan ND: | ||||||||||||
4.000%, 09/01/2034 (Callable 09/01/2024) | 1,010,000 | 1,087,025 | ||||||||||
3.000%, 09/01/2036 (Callable 09/01/2024) | 255,000 | 264,593 | ||||||||||
County of Burleigh ND, | ||||||||||||
2.750%, 02/01/2022 (Callable 07/21/2021) | 1,000,000 | 1,000,414 | ||||||||||
County of McKenzie ND: | ||||||||||||
5.000%, 08/01/2023 | 300,000 | 324,534 | ||||||||||
5.000%, 08/01/2024 (Callable 08/01/2023) | 400,000 | 431,678 | ||||||||||
County of Mercer ND, | ||||||||||||
2.000%, 05/01/2022 | 125,000 | 126,615 | ||||||||||
Jamestown Park District: | ||||||||||||
4.000%, 07/01/2031 (Callable 07/01/2024) | 200,000 | 216,110 | ||||||||||
2.900%, 07/01/2035 (Callable 07/16/2021) | 155,000 | 155,076 | ||||||||||
North Dakota Housing Finance Agency, | ||||||||||||
3.350%, 07/01/2031 (Callable 01/01/2027) | 45,000 | 48,493 | ||||||||||
Williston Parks & Recreation District: | ||||||||||||
4.500%, 03/01/2025 (Callable 07/16/2021) | 425,000 | 425,062 | ||||||||||
4.000%, 03/01/2032 (Callable 07/16/2021) | 25,000 | 24,543 | ||||||||||
Total North Dakota | ||||||||||||
(Cost $8,657,838) | 8,700,878 | 3.3 | % | |||||||||
Ohio | ||||||||||||
City of Middleburg Heights OH: | ||||||||||||
5.000%, 08/01/2034 (Callable 08/01/2031) | 200,000 | 261,771 | ||||||||||
5.250%, 08/01/2041 (Callable 08/01/2021) | 725,000 | 728,006 | ||||||||||
City of West Carrollton OH, | ||||||||||||
2.500%, 10/01/2021 | 800,000 | 804,213 | ||||||||||
Cleveland-Cuyahoga County Port Authority: | ||||||||||||
5.000%, 07/01/2030 | 350,000 | 452,898 | ||||||||||
5.000%, 07/01/2032 (Callable 07/01/2031) | 495,000 | 650,473 | ||||||||||
County of Montgomery OH, | ||||||||||||
3.000%, 08/01/2034 (Callable 02/01/2031) | 200,000 | 219,004 | ||||||||||
Northeast Ohio Medical University: | ||||||||||||
5.000%, 12/01/2024 | 75,000 | 85,215 | ||||||||||
5.000%, 12/01/2026 | 100,000 | 119,700 | ||||||||||
Ohio Higher Educational Facility Commission: | ||||||||||||
5.000%, 12/01/2021 | 200,000 | 202,807 | ||||||||||
2.491%, 12/01/2023 (CPI YOY + 1.120%) | ||||||||||||
(Insured by AMBAC)(2) | 500,000 | 520,213 | ||||||||||
Ohio Housing Finance Agency, | ||||||||||||
3.750%, 09/01/2050 (Callable 03/01/2029) | ||||||||||||
(Insured by GNMA) | 155,000 | 173,474 | ||||||||||
Port of Greater Cincinnati | ||||||||||||
Development Authority, | ||||||||||||
3.000%, 05/01/2023 (Callable 05/01/2022) | 150,000 | 150,177 | ||||||||||
Township of Miami OH: | ||||||||||||
4.000%, 12/01/2030 (Callable 12/01/2029) | 300,000 | 367,851 | ||||||||||
4.000%, 12/01/2031 (Callable 12/01/2029) | 200,000 | 244,358 | ||||||||||
University of Akron, | ||||||||||||
5.000%, 01/01/2037 (Callable 07/01/2026) | 1,000,000 | 1,195,194 | ||||||||||
Total Ohio | ||||||||||||
(Cost $6,110,902) | 6,175,354 | 2.3 | % | |||||||||
Oklahoma | ||||||||||||
Oklahoma Development Finance Authority, | ||||||||||||
0.110%, 08/15/2031 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
Tulsa Industrial Authority: | ||||||||||||
5.000%, 10/01/2022 | 165,000 | 172,084 | ||||||||||
5.000%, 10/01/2023 | 185,000 | 198,824 | ||||||||||
Total Oklahoma | ||||||||||||
(Cost $1,365,443) | 1,370,908 | 0.5 | % | |||||||||
Oregon | ||||||||||||
Clackamas Community College District, | ||||||||||||
5.000%, 06/15/2038 (Callable 06/15/2027)(5) | 125,000 | 151,917 | ||||||||||
County of Yamhill OR, | ||||||||||||
4.000%, 10/01/2021 | 325,000 | 327,748 | ||||||||||
Oregon State Facilities Authority: | ||||||||||||
5.000%, 10/01/2025 | 225,000 | 263,826 | ||||||||||
5.000%, 10/01/2028 | 150,000 | 189,191 | ||||||||||
State of Oregon Housing & Community | ||||||||||||
Services Department: | ||||||||||||
3.900%, 01/01/2033 (Callable 07/01/2023) | 80,000 | 82,770 | ||||||||||
3.600%, 07/01/2034 (Callable 07/01/2024) | 835,000 | 868,770 | ||||||||||
4.000%, 01/01/2047 (Callable 07/01/2025) | 30,000 | 32,105 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2026) | 45,000 | 48,816 |
The accompanying notes are an integral part of these financial statements.
Page 126
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Yamhill County Hospital Authority, | ||||||||||||
2.125%, 11/15/2027 (Callable 11/15/2022) | $ | 1,000,000 | $ | 1,002,074 | ||||||||
Total Oregon | ||||||||||||
(Cost $2,925,048) | 2,967,217 | 1.1 | % | |||||||||
Pennsylvania | ||||||||||||
Allentown City School District, | ||||||||||||
1.000%, 03/31/2022 (Callable 12/31/2021) | ||||||||||||
(Insured by ST AID)(6) | 1,800,000 | 1,800,005 | ||||||||||
Bucks County Industrial Development Authority: | ||||||||||||
5.000%, 07/01/2028 | 470,000 | 570,437 | ||||||||||
3.750%, 09/15/2043 (Callable 09/15/2023) | 150,000 | 156,187 | ||||||||||
Chester County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 08/01/2035 (Callable 08/01/2023) | 650,000 | 686,395 | ||||||||||
City of Bradford PA: | ||||||||||||
4.000%, 11/01/2026 (Callable 11/01/2025) | ||||||||||||
(Insured by AGM) | 415,000 | 468,990 | ||||||||||
4.000%, 11/01/2027 (Callable 11/01/2025) | ||||||||||||
(Insured by AGM) | 370,000 | 418,029 | ||||||||||
City of Erie Higher Education Building Authority, | ||||||||||||
5.000%, 05/01/2029 | 370,000 | 459,794 | ||||||||||
City of Philadelphia PA, | ||||||||||||
5.000%, 06/15/2027 (Callable 08/02/2021) | 1,000,000 | 1,008,782 | ||||||||||
City of Scranton PA, | ||||||||||||
5.000%, 09/01/2021(3) | 375,000 | 377,056 | ||||||||||
City of York PA, | ||||||||||||
5.000%, 11/15/2025 | 525,000 | 603,908 | ||||||||||
Cumberland County Municipal Authority: | ||||||||||||
5.000%, 01/01/2029 | ||||||||||||
(Pre-refunded to 01/01/2025) | 30,000 | 34,674 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 145,000 | 163,444 | ||||||||||
Delaware County Industrial | ||||||||||||
Development Authority, | ||||||||||||
0.030%, 09/01/2045 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,345,000 | 1,345,000 | ||||||||||
Delaware Valley Regional Finance Authority: | ||||||||||||
0.550%, 09/01/2048 (SIFMA Municipal | ||||||||||||
Swap Index + 0.530%) (Callable 09/01/2022) | ||||||||||||
(Mandatory Tender Date 09/01/2023)(2) | 500,000 | 499,486 | ||||||||||
0.947%, 09/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.880%) (Callable 09/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2025)(2) | 1,000,000 | 1,003,362 | ||||||||||
East Hempfield Township Industrial | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 07/01/2025 (ETM) | 250,000 | 272,112 | ||||||||||
5.000%, 07/01/2030 | ||||||||||||
(Pre-refunded to 07/01/2023) | 300,000 | 328,119 | ||||||||||
Lancaster Industrial Development Authority: | ||||||||||||
0.440%, 01/15/2023 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 105,000 | 105,000 | ||||||||||
0.440%, 02/15/2024 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 225,000 | 225,000 | ||||||||||
Latrobe Industrial Development Authority: | ||||||||||||
5.000%, 03/01/2024 | 80,000 | 87,868 | ||||||||||
5.000%, 03/01/2025 | 110,000 | 124,066 | ||||||||||
5.000%, 03/01/2026 | 150,000 | 173,111 | ||||||||||
Montgomery County Higher Education | ||||||||||||
& Health Authority, | ||||||||||||
1.125%, 05/01/2036 | ||||||||||||
(Mandatory Tender Date 05/01/2023)(5) | 250,000 | 249,831 | ||||||||||
Montgomery County Industrial | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 11/15/2027 | ||||||||||||
(Pre-refunded to 05/15/2022) | 130,000 | 135,511 | ||||||||||
4.000%, 10/01/2036 (Callable 10/01/2026)(6) | 430,000 | 484,933 | ||||||||||
5.000%, 11/15/2036 (Callable 11/15/2026) | 750,000 | 882,803 | ||||||||||
4.000%, 10/01/2041 (Callable 10/01/2026)(6) | 425,000 | 475,870 | ||||||||||
Northeastern Pennsylvania Hospital | ||||||||||||
and Education Authority, | ||||||||||||
5.000%, 05/01/2033 (Callable 05/01/2029) | 260,000 | 317,455 | ||||||||||
Pennsylvania Economic Development | ||||||||||||
Financing Authority, | ||||||||||||
3.000%, 01/01/2023 | 745,000 | 768,113 | ||||||||||
Pennsylvania Higher Education | ||||||||||||
Assistance Agency, | ||||||||||||
5.000%, 06/01/2028 | 1,685,000 | 2,036,115 | ||||||||||
Pennsylvania Higher Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 05/01/2025 | 200,000 | 233,307 | ||||||||||
5.000%, 07/01/2035 (Callable 07/01/2026) | 600,000 | 675,761 | ||||||||||
5.000%, 03/01/2042 (Callable 09/01/2022) | 700,000 | 734,106 | ||||||||||
Pennsylvania Housing Finance Agency, | ||||||||||||
3.200%, 04/01/2040 (Callable 10/01/2025) | 190,000 | 196,870 | ||||||||||
Pennsylvania Turnpike Commission: | ||||||||||||
0.720%, 12/01/2023 (SIFMA Municipal Swap | ||||||||||||
Index + 0.700%) (Callable 12/01/2022)(2) | 500,000 | 502,848 | ||||||||||
0.000%, 12/01/2039 (Callable 06/01/2029)(5) | 20,000 | 22,041 | ||||||||||
0.000%, 12/01/2040 (Callable 06/01/2029)(5) | 35,000 | 38,509 | ||||||||||
Philadelphia Authority for | ||||||||||||
Industrial Development: | ||||||||||||
5.000%, 10/01/2030 | 350,000 | 444,326 | ||||||||||
5.750%, 06/15/2042 (Callable 06/15/2022) | 460,000 | 477,841 | ||||||||||
Pittsburgh Water & Sewer Authority, | ||||||||||||
0.670%, 09/01/2040 (1 Month LIBOR | ||||||||||||
USD + 0.650%) (Callable 06/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023) | ||||||||||||
(Insured by AGM)(2) | 1,100,000 | 1,110,049 | ||||||||||
Redevelopment Authority | ||||||||||||
of the City of Philadelphia, | ||||||||||||
5.000%, 04/15/2027 (Callable 04/15/2025) | 100,000 | 116,564 | ||||||||||
Scranton School District, | ||||||||||||
0.918%, 04/01/2031 (1 Month LIBOR | ||||||||||||
USD + 0.850%) (Callable 12/01/2022) | ||||||||||||
(Mandatory Tender Date 06/01/2023) | ||||||||||||
(Insured by ST AID)(2) | 945,000 | 949,714 | ||||||||||
State Public School Building Authority: | ||||||||||||
5.000%, 12/01/2028 (Pre-refunded to | ||||||||||||
12/01/2026) (Insured by AGM) | 15,000 | 18,457 | ||||||||||
5.000%, 12/01/2028 (Callable 12/01/2026) | ||||||||||||
(Insured by AGM) | 85,000 | 104,193 | ||||||||||
Westmoreland County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2028 | 575,000 | 724,625 | ||||||||||
York County Industrial Development Authority, | ||||||||||||
3.000%, 11/01/2036 (Callable 05/01/2026) | 730,000 | 754,183 | ||||||||||
Total Pennsylvania | ||||||||||||
(Cost $22,861,392) | 23,364,850 | 8.8 | % | |||||||||
Rhode Island | ||||||||||||
Rhode Island Health and | ||||||||||||
Educational Building Corp., | ||||||||||||
0.020%, 06/01/2035 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 745,000 | 745,000 | ||||||||||
Rhode Island Student Loan Authority, | ||||||||||||
2.195%, 12/01/2039 (Callable 12/01/2030) | 1,010,000 | 1,028,396 | ||||||||||
Total Rhode Island | ||||||||||||
(Cost $1,755,000) | 1,773,396 | 0.7 | % |
The accompanying notes are an integral part of these financial statements.
Page 127
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
South Carolina | ||||||||||||
Florence-Darlington Commission | ||||||||||||
for Technical Education, | ||||||||||||
5.000%, 03/01/2024 (Callable 09/01/2023) | $ | 460,000 | $ | 500,582 | ||||||||
Patriots Energy Group Financing Agency, | ||||||||||||
0.927%, 10/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.860%) (Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(2) | 850,000 | 857,723 | ||||||||||
South Carolina Jobs-Economic | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 08/15/2030 (Callable 08/15/2026) | 130,000 | 145,870 | ||||||||||
5.250%, 08/15/2033 (Callable 08/15/2026) | 350,000 | 407,766 | ||||||||||
South Carolina State Housing Finance | ||||||||||||
& Development Authority, | ||||||||||||
3.800%, 07/01/2034 (Callable 07/01/2024) | ||||||||||||
(Insured by GNMA) | 100,000 | 102,312 | ||||||||||
South Carolina Transportation | ||||||||||||
Infrastructure Bank, | ||||||||||||
0.517%, 10/01/2031 (1 Month LIBOR | ||||||||||||
USD + 0.450%) (Callable 10/01/2021)(2) | 800,000 | 800,326 | ||||||||||
Total South Carolina | ||||||||||||
(Cost $2,755,683) | 2,814,579 | 1.1 | % | |||||||||
South Dakota | ||||||||||||
City of Rapid City SD, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2029) | 250,000 | 284,769 | ||||||||||
South Dakota Health & Educational | ||||||||||||
Facilities Authority, | ||||||||||||
5.000%, 09/01/2032 (Callable 09/01/2027) | 100,000 | 120,359 | ||||||||||
Total South Dakota | ||||||||||||
(Cost $380,342) | 405,128 | 0.1 | % | |||||||||
Tennessee | ||||||||||||
City of Memphis TN, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2026) | 500,000 | 577,098 | ||||||||||
City of Sevierville TN Public Building authority, | ||||||||||||
0.030%, 06/01/2032 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 2,200,000 | 2,200,000 | ||||||||||
Greeneville Health & Educational | ||||||||||||
Facilities Board, | ||||||||||||
1.450%, 12/01/2022 | ||||||||||||
(Mandatory Tender Date 12/01/2021)(1) | 180,000 | 180,931 | ||||||||||
Tennessee Energy Acquisition Corp., | ||||||||||||
5.625%, 09/01/2026 | 1,100,000 | 1,346,171 | ||||||||||
Tennessee Housing Development Agency: | ||||||||||||
2.350%, 07/01/2022 | 25,000 | 25,480 | ||||||||||
4.000%, 07/01/2048 (Callable 01/01/2027) | 195,000 | 212,363 | ||||||||||
4.500%, 07/01/2049 (Callable 01/01/2028) | 45,000 | 50,467 | ||||||||||
Total Tennessee | ||||||||||||
(Cost $4,530,899) | 4,592,510 | 1.7 | % | |||||||||
Texas | ||||||||||||
Alvin Independent School District, | ||||||||||||
2.150%, 02/15/2039 (Mandatory Tender | ||||||||||||
Date 08/15/2021) (PSF Guaranteed)(1) | 365,000 | 365,828 | ||||||||||
Austin-Bergstrom Landhost Enterprises, Inc., | ||||||||||||
5.000%, 10/01/2035 (Callable 10/01/2027) | 1,160,000 | 1,345,949 | ||||||||||
Brazos Higher Education Authority, Inc., | ||||||||||||
2.350%, 04/01/2040 (Callable 04/01/2030) | 75,000 | 73,468 | ||||||||||
Caney Creek Municipal Utility District, | ||||||||||||
5.000%, 03/01/2024 | 390,000 | 432,266 | ||||||||||
Central Texas Regional Mobility Authority: | ||||||||||||
5.000%, 01/01/2027 (Callable 01/01/2026) | 750,000 | 885,334 | ||||||||||
5.000%, 01/01/2034 (Callable 01/01/2026) | 25,000 | 29,028 | ||||||||||
City of Austin TX, | ||||||||||||
5.250%, 05/15/2025 | 125,000 | 137,373 | ||||||||||
City of Garland TX, | ||||||||||||
5.000%, 03/01/2034 (Callable 03/01/2026) | 1,000,000 | 1,183,247 | ||||||||||
City of Magnolia TX, | ||||||||||||
5.700%, 09/01/2046(3) | 500,000 | 585,007 | ||||||||||
Clifton Higher Education Finance Corp.: | ||||||||||||
3.100%, 12/01/2022 | 30,000 | 30,337 | ||||||||||
6.000%, 03/01/2029 (Callable 03/01/2024)(5) | 1,255,000 | 1,407,515 | ||||||||||
4.000%, 08/15/2030 (Callable 08/15/2027) | ||||||||||||
(PSF Guaranteed) | 900,000 | 1,062,653 | ||||||||||
3.950%, 12/01/2032 (Callable 12/01/2022) | 265,000 | 272,928 | ||||||||||
County of Winkler TX, | ||||||||||||
2.000%, 02/15/2025 | 45,000 | 43,688 | ||||||||||
County of Wise TX: | ||||||||||||
5.000%, 08/15/2024 | 225,000 | 254,055 | ||||||||||
5.000%, 08/15/2025 | 250,000 | 290,806 | ||||||||||
5.000%, 08/15/2026 | 380,000 | 453,363 | ||||||||||
5.000%, 08/15/2027 | 505,000 | 614,231 | ||||||||||
El Paso Downtown Development Corp., | ||||||||||||
5.000%, 08/15/2027 (Callable 08/15/2026) | 230,000 | 265,721 | ||||||||||
Grand Mission Municipal Utility District No. 2, | ||||||||||||
2.250%, 09/01/2028 (Callable 09/01/2023) | ||||||||||||
(Insured by NATL) | 95,000 | 95,616 | ||||||||||
Harris County Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
4.000%, 11/15/2029 (Callable 05/15/2026) | 285,000 | 318,637 | ||||||||||
0.590%, 12/01/2049 (SIFMA Municipal | ||||||||||||
Swap Index + 0.570%) (Callable 06/01/2024) | ||||||||||||
(Mandatory Tender Date 12/04/2024)(2) | 35,000 | 34,855 | ||||||||||
Harris County Municipal Utility | ||||||||||||
District No. 406, | ||||||||||||
3.500%, 09/01/2022 | 100,000 | 103,410 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 450, | ||||||||||||
3.500%, 09/01/2039 (Callable 09/01/2024) | ||||||||||||
(Insured by AGM) | 190,000 | 203,112 | ||||||||||
Harris County-Houston Sports Authority, | ||||||||||||
5.000%, 11/15/2026 (Callable 11/15/2024) | ||||||||||||
(Insured by AGM) | 150,000 | 170,029 | ||||||||||
Hunt Memorial Hospital District, | ||||||||||||
5.000%, 02/15/2030 | 1,000,000 | 1,255,707 | ||||||||||
Matagorda County Navigation District No. 1, | ||||||||||||
5.125%, 11/01/2028 (Insured by AMBAC)(5) | 850,000 | 1,070,429 | ||||||||||
Port of Port Arthur Navigation District: | ||||||||||||
0.020%, 04/01/2040 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 2,495,000 | 2,495,000 | ||||||||||
0.070%, 11/01/2040 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 300,000 | 300,000 | ||||||||||
San Antonio Public Facilities Corp., | ||||||||||||
4.000%, 09/15/2034 (Callable 09/15/2022) | 465,000 | 482,672 | ||||||||||
State of Texas, | ||||||||||||
0.050%, 12/01/2051 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 2,500,000 | 2,500,000 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.120%, 01/01/2029 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 2,000,000 | 2,000,000 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
& Supply Corp. I, | ||||||||||||
1.530%, 12/15/2026 (3 Month LIBOR | ||||||||||||
USD + 1.450%) (Callable 07/01/2021)(2) | 500,000 | 500,066 |
The accompanying notes are an integral part of these financial statements.
Page 128
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
and Supply Corp. II, | ||||||||||||
0.950%, 09/15/2027 | ||||||||||||
(3 Month LIBOR USD + 0.870%)(2) | $ | 120,000 | $ | 121,904 | ||||||||
Total Texas | ||||||||||||
(Cost $21,122,340) | 21,384,234 | 8.0 | % | |||||||||
Utah | ||||||||||||
Utah Charter School Finance Authority: | ||||||||||||
3.000%, 04/15/2027 (Insured by UT CSCE) | 160,000 | 175,291 | ||||||||||
5.000%, 04/15/2037 (Callable 04/15/2026) | ||||||||||||
(Insured by UT CSCE) | 270,000 | 309,368 | ||||||||||
5.000%, 10/15/2043 (Callable 10/15/2023) | ||||||||||||
(Insured by UT CSCE) | 500,000 | 538,263 | ||||||||||
Utah Housing Corp., | ||||||||||||
4.000%, 01/01/2045 (Callable 01/01/2026) | ||||||||||||
(Insured by FHA) | 275,000 | 296,138 | ||||||||||
Total Utah | ||||||||||||
(Cost $1,303,901) | 1,319,060 | 0.5 | % | |||||||||
Vermont | ||||||||||||
Vermont Educational & Health Buildings | ||||||||||||
Financing Agency, | ||||||||||||
5.000%, 12/01/2034 (Callable 06/01/2026) | 1,000,000 | 1,192,063 | ||||||||||
Vermont Student Assistance Corp., | ||||||||||||
5.000%, 06/15/2026 | 1,525,000 | 1,804,073 | ||||||||||
Winooski School District, | ||||||||||||
1.250%, 10/15/2021 | 1,000,000 | 1,001,322 | ||||||||||
Total Vermont | ||||||||||||
(Cost $3,964,089) | 3,997,458 | 1.5 | % | |||||||||
Virginia | ||||||||||||
County of Fairfax VA, | ||||||||||||
5.000%, 10/01/2021 (Insured by ST AID) | 140,000 | 141,696 | ||||||||||
Toll Road Investors Partnership II LP, | ||||||||||||
0.000%, 02/15/2027(3) | 1,000,000 | 794,554 | ||||||||||
Total Virginia | ||||||||||||
(Cost $923,946) | 936,250 | 0.4 | % | |||||||||
Washington | ||||||||||||
City of Seattle WA, | ||||||||||||
0.510%, 11/01/2046 (SIFMA Municipal | ||||||||||||
Swap Index + 0.490%) (Callable 11/01/2022) | ||||||||||||
(Mandatory Tender Date 11/01/2023)(2) | 500,000 | 501,389 | ||||||||||
County of Lewis WA, | ||||||||||||
3.000%, 12/01/2026 (Callable 12/01/2022) | 100,000 | 103,463 | ||||||||||
King County Housing Authority, | ||||||||||||
5.000%, 12/01/2030 (Callable 12/01/2026) | 400,000 | 482,480 | ||||||||||
Pend Oreille County Public | ||||||||||||
Utility District No. 1: | ||||||||||||
5.000%, 01/01/2022 | 225,000 | 229,488 | ||||||||||
5.000%, 01/01/2028 | 220,000 | 264,272 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2028) | 165,000 | 197,120 | ||||||||||
5.000%, 01/01/2038 (Callable 01/01/2029) | 300,000 | 354,661 | ||||||||||
Skagit County Public Hospital District No. 1, | ||||||||||||
5.000%, 12/01/2021 | 150,000 | 152,585 | ||||||||||
Vancouver Housing Authority, | ||||||||||||
1.700%, 12/01/2024 | 140,000 | 143,724 | ||||||||||
Washington Health Care Facilities Authority, | ||||||||||||
1.420%, 01/01/2035 (SIFMA Municipal Swap | ||||||||||||
Index + 1.400%) (Callable 07/01/2024) | ||||||||||||
(Mandatory Tender Date 01/01/2025)(2) | 150,000 | 150,871 | ||||||||||
Washington State Housing Finance Commission: | ||||||||||||
3.200%, 07/01/2021(3) | 245,000 | 245,000 | ||||||||||
4.000%, 06/01/2050 (Callable 06/01/2029) | ||||||||||||
(Insured by GNMA) | 290,000 | 325,939 | ||||||||||
Total Washington | ||||||||||||
(Cost $3,041,793) | 3,150,992 | 1.2 | % | |||||||||
Wisconsin | ||||||||||||
Appleton Redevelopment Authority, | ||||||||||||
0.060%, 06/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 2,500,000 | 2,500,000 | ||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
0.270%, 07/01/2027 | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 830,000 | 830,000 | ||||||||||
Palmyra-Eagle Area School District: | ||||||||||||
3.000%, 03/01/2025 (Callable 03/01/2023) | 100,000 | 98,405 | ||||||||||
3.000%, 03/01/2027 (Callable 03/01/2023) | 500,000 | 482,337 | ||||||||||
Public Finance Authority: | ||||||||||||
4.000%, 06/01/2022 | 100,000 | 102,963 | ||||||||||
5.000%, 07/01/2022 | 55,000 | 56,073 | ||||||||||
5.000%, 10/01/2023(3) | 100,000 | 108,748 | ||||||||||
3.000%, 03/01/2026 (Callable 08/02/2021)(3) | 700,000 | 700,572 | ||||||||||
5.750%, 04/01/2042 (Callable 04/01/2022) | 500,000 | 516,518 | ||||||||||
Tender Option Bond Trust: | ||||||||||||
0.220%, 07/01/2029 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 1,000,000 | 1,000,000 | ||||||||||
0.270%, 04/01/2032 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 1,000,000 | 1,000,000 | ||||||||||
Village of Mount Pleasant WI, | ||||||||||||
5.000%, 04/01/2048 (Callable 04/01/2028) | 325,000 | 392,202 | ||||||||||
Waunakee Community School District, | ||||||||||||
2.500%, 04/01/2025 (Callable 08/02/2021) | 250,000 | 250,402 | ||||||||||
Wisconsin Center District, | ||||||||||||
0.000%, 12/15/2029 (Insured by AGM) | 1,050,000 | 922,499 | ||||||||||
Wisconsin Health & Educational | ||||||||||||
Facilities Authority: | ||||||||||||
4.000%, 08/15/2024 | 160,000 | 176,002 | ||||||||||
4.000%, 08/15/2025 | 230,000 | 259,266 | ||||||||||
4.000%, 09/15/2025 (Callable 09/15/2022) | 100,000 | 104,043 | ||||||||||
5.000%, 09/15/2028 (Callable 09/15/2023) | 45,000 | 48,922 | ||||||||||
5.000%, 11/01/2029 (Callable 11/01/2026) | 430,000 | 480,563 | ||||||||||
5.250%, 10/15/2039 (Callable 10/15/2021) | 200,000 | 202,788 | ||||||||||
5.000%, 02/15/2051 (Callable 08/15/2026) | ||||||||||||
(Mandatory Tender Date 02/15/2027)(1) | 300,000 | 359,678 | ||||||||||
5.000%, 02/15/2052 (Callable 08/15/2024) | ||||||||||||
(Mandatory Tender Date 02/15/2025)(1) | 300,000 | 340,009 | ||||||||||
0.110%, 02/15/2053 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 300,000 | 300,000 | ||||||||||
Wisconsin Housing & Economic | ||||||||||||
Development Authority: | ||||||||||||
3.000%, 07/01/2022 (Callable 08/02/2021)(3) | 150,000 | 151,504 | ||||||||||
4.000%, 07/01/2030 (Callable 07/01/2028)(3) | 135,000 | 143,452 | ||||||||||
Total Wisconsin | ||||||||||||
(Cost $11,367,457) | 11,526,946 | 4.3 | % | |||||||||
Wyoming | ||||||||||||
Carbon County Specific Purpose | ||||||||||||
Tax Joint Powers Board, | ||||||||||||
5.000%, 06/15/2022 | 435,000 | 452,432 | ||||||||||
Total Wyoming | ||||||||||||
(Cost $448,890) | 452,432 | 0.2 | % | |||||||||
Total Municipal Bonds | ||||||||||||
(Cost $265,570,653) | 269,015,494 | 101.0 | % |
The accompanying notes are an integral part of these financial statements.
Page 129
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Closed-End Investment Company | ||||||||||||
Nuveen AMT-Free Quality Municipal | ||||||||||||
Income Fund, Series D Preferred Shares, | ||||||||||||
0.320%, 03/01/2029(1) | 3,000 | $ | 3,000,000 | |||||||||
Total Closed-End Investment Company | ||||||||||||
(Cost $3,000,000) | 3,000,000 | 1.1 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $268,570,653) | 272,015,494 | 102.1 | % | |||||||||
Short-Term Investments | ||||||||||||
Principal | ||||||||||||
Amount | ||||||||||||
Commercial Paper | ||||||||||||
City of Denton TX, | ||||||||||||
0.500%, 08/18/2021 | $ | 2,000,000 | 2,000,106 | |||||||||
Total Commercial Paper | ||||||||||||
(Cost $2,000,000) | 2,000,106 | 0.8 | % | |||||||||
Shares | ||||||||||||
Money Market Mutual Fund | ||||||||||||
Federated Hermes Institutional Tax-Free | ||||||||||||
Cash Trust, Premier Shares, 0.01%(4) | 265,274 | 265,274 | ||||||||||
Total Money Market Mutual Fund | ||||||||||||
(Cost $265,274) | 265,274 | 0.1 | % | |||||||||
Total Short-Term Investments | ||||||||||||
(Cost $2,265,274) | 2,265,380 | 0.9 | % | |||||||||
Total Investments | ||||||||||||
(Cost $270,835,927) | 274,280,874 | 103.0 | % | |||||||||
Liabilities in Excess of Other Assets | (7,943,845 | ) | (3.0 | )% | ||||||||
TOTAL NET ASSETS | $ | 266,337,029 | 100.0 | % |
Notes to Schedule of Investments
AGM – Assured Guaranty Municipal
AMBAC – Ambac Assurance Corp.
BAM – Build America Mutual Assurance Co.
FHA – Federal Housing Administration
GNMA – Government National Mortgage Association
NATL – National Public Finance Guarantee Corp.
Q-SBLF – Qualified School Building Loan Fund
SD CRED PROG – State Credit Enhancement Program
ST AID – State Aid Intercept/Withholding
UT CSCE – Utah Charter School Credit Enhancement Program
CPI YOY – Consumer Price Index – Year-Over-Year
ETM – Escrowed to Maturity
LIBOR – London Inter-bank Offered Rate
PSF – Permanent School Fund
SIFMA – Securities Industry and Financial Markets Association
SOFR – Secured Overnight Financing Rate
(1) | Variable rate security. The rate reported is the rate in effect as of June 30, 2021. |
(2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021. |
(3) | Security issued under Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $38,164,304, which represented 14.33% of total net assets. |
(4) | Seven-day yield. |
(5) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021. |
(6) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
The accompanying notes are an integral part of these financial statements.
Page 130
Baird Strategic Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Value | |||||||||||||||||
Number of Contracts | Settlement | Current | Value at | Unrealized | Unrealized | ||||||||||||
Description | Purchased (Sold) | Month-Year | Notional Amount | Trade Date | Appreciation | (Depreciation) | |||||||||||
Sales Contracts: | |||||||||||||||||
U.S. 10 Yr Note | (125) | Sep-21 | $ | 16,562,500 | $ | 16,495,687 | $ | — | $ | (66,813 | ) | ||||||
Total Futures Contracts | $ | — | $ | (66,813 | ) | ||||||||||||
Net Unrealized Depreciation | $ | (66,813 | ) |
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 269,015,494 | $ | — | $ | 269,015,494 | ||||||||
Closed-End Investment Company | — | 3,000,000 | — | 3,000,000 | ||||||||||||
Total Long-Term Investments | — | 272,015,494 | — | 272,015,494 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Commercial Paper | — | 2,000,106 | — | 2,000,106 | ||||||||||||
Money Market Mutual Fund | 265,274 | — | — | 265,274 | ||||||||||||
Total Short-Term Investments | 265,274 | 2,000,106 | — | 2,265,380 | ||||||||||||
Total Investments | $ | 265,274 | $ | 274,015,600 | $ | — | $ | 274,280,874 | ||||||||
Futures Contracts* | ||||||||||||||||
Short | $ | (66,813 | ) | $ | — | $ | — | $ | (66,813 | ) | ||||||
Total Futures Contracts | $ | (66,813 | ) | $ | — | $ | — | $ | (66,813 | ) |
* The fair value of the Fund’s futures contracts represent the net unrealized depreciation at June 30, 2021.
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 131
Baird Quality Intermediate Municipal Bond Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $1,577,178,280 | ||
SEC 30-Day Yield(4) | ||||
Institutional Class | 0.68% | |||
Investor Class | 0.43% | |||
Average Effective Duration | 4.04 years | |||
Average Effective Maturity | 4.36 years | |||
Annualized Expense Ratio(5) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (6) | ||
Portfolio Turnover Rate | 10% | (7) | ||
Sector Weightings(1) | Number of Holdings | 775 | ||
(1) | Percentages shown are based on the Fund’s total investments. |
(2) | The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). |
(3) | Includes pre-refunded and escrowed-to-maturity (ETM) bonds. |
(4) | SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021. |
(5) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. |
(6) | Includes 0.25% 12b-1 fee. |
(7) | Not annualized. |
Page 132
Baird Quality Intermediate Municipal Bond Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | 0.17% | 1.81% | 2.28% | 2.72% | 3.89% |
Investor Class Shares | 0.05% | 1.59% | 2.04% | 2.46% | 3.63% |
Bloomberg Barclays Quality Intermediate Municipal Bond Index(2) | 0.16% | 2.18% | 2.51% | 3.16% | 3.96% |
(1) | For the period from March 30, 2001 (inception date) through June 30, 2021. |
(2) | The Bloomberg Barclays Quality Intermediate Municipal Bond Index is an unmanaged, market value weighted index consisting of tax-exempt, fixed-rate securities that are rated A3 or better, with maturities between 2 and 12 years. Securities must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund’s share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 133
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Municipal Bonds | ||||||||||||
Alabama | ||||||||||||
City of Huntsville AL: | ||||||||||||
5.000%, 09/01/2029 | $ | 2,190,000 | $ | 2,893,913 | ||||||||
5.000%, 09/01/2029 | 1,325,000 | 1,750,883 | ||||||||||
City of Tuscaloosa AL, | ||||||||||||
4.000%, 10/01/2028 | 1,000,000 | 1,222,374 | ||||||||||
Montgomery Water Works & | ||||||||||||
Sanitary Sewer Board: | ||||||||||||
4.000%, 09/01/2033 (Callable 09/01/2029) | 410,000 | 499,486 | ||||||||||
4.000%, 09/01/2034 (Callable 09/01/2029) | 215,000 | 261,280 | ||||||||||
4.000%, 09/01/2035 (Callable 09/01/2029) | 500,000 | 606,700 | ||||||||||
Total Alabama | ||||||||||||
(Cost $7,097,905) | 7,234,636 | 0.5 | % | |||||||||
Alaska | ||||||||||||
Alaska Housing Finance Corp.: | ||||||||||||
4.000%, 06/01/2031 (Callable 06/01/2027) | 1,700,000 | 1,982,724 | ||||||||||
4.000%, 12/01/2031 (Callable 06/01/2027) | 2,980,000 | 3,473,766 | ||||||||||
5.000%, 12/01/2031 (Callable 06/01/2028) | 1,465,000 | 1,800,704 | ||||||||||
4.000%, 12/01/2032 (Callable 06/01/2027) | 865,000 | 1,004,653 | ||||||||||
4.000%, 06/01/2036 (Callable 06/01/2025) | 1,000,000 | 1,093,814 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2027) | 925,000 | 1,026,604 | ||||||||||
City of Valdez AK, | ||||||||||||
5.000%, 06/30/2029 (Callable 06/30/2022) | 1,225,000 | 1,284,783 | ||||||||||
Total Alaska | ||||||||||||
(Cost $11,267,814) | 11,667,048 | 0.7 | % | |||||||||
Arizona | ||||||||||||
Arizona Industrial Development Authority, | ||||||||||||
2.500%, 05/01/2022 (Insured by AGM)(3) | 2,808,411 | 2,818,520 | ||||||||||
Arizona State University: | ||||||||||||
5.000%, 07/01/2032 | ||||||||||||
(Pre-refunded to 07/01/2022) | 715,000 | 748,510 | ||||||||||
5.000%, 07/01/2043 (Callable 07/01/2029) | 3,030,000 | 3,855,178 | ||||||||||
City of Tempe AZ: | ||||||||||||
5.000%, 07/01/2033 | ||||||||||||
(Pre-refunded to 07/01/2028) | 40,000 | 51,254 | ||||||||||
5.000%, 07/01/2034 | ||||||||||||
(Pre-refunded to 07/01/2027) | 165,000 | 206,048 | ||||||||||
5.000%, 07/01/2034 | ||||||||||||
(Pre-refunded to 07/01/2028) | 325,000 | 416,435 | ||||||||||
5.000%, 07/01/2035 | ||||||||||||
(Pre-refunded to 07/01/2027) | 185,000 | 231,024 | ||||||||||
5.000%, 07/01/2037 | ||||||||||||
(Pre-refunded to 07/01/2028) | 215,000 | 275,488 | ||||||||||
5.000%, 07/01/2038 | ||||||||||||
(Pre-refunded to 07/01/2028) | 350,000 | 448,468 | ||||||||||
City of Tucson AZ, | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2025) | 750,000 | 880,941 | ||||||||||
Maricopa County Unified | ||||||||||||
School District No. 48: | ||||||||||||
4.000%, 07/01/2033 (Callable 07/01/2028) | 500,000 | 592,565 | ||||||||||
3.000%, 07/01/2034 (Callable 07/01/2028) | 1,350,000 | 1,491,759 | ||||||||||
Maricopa County Unified | ||||||||||||
School District No. 69, | ||||||||||||
4.000%, 07/01/2039 (Callable 07/01/2029) | 1,045,000 | 1,257,117 | ||||||||||
Salt River Project Agricultural | ||||||||||||
Improvement & Power District, | ||||||||||||
5.000%, 01/01/2034 (Callable 01/01/2027) | 3,555,000 | 4,335,155 | ||||||||||
Total Arizona | ||||||||||||
(Cost $17,117,381) | 17,608,462 | 1.1 | % | |||||||||
Arkansas | ||||||||||||
City of Little Rock AR, | ||||||||||||
5.000%, 10/01/2034 | ||||||||||||
(Callable 04/01/2025) | 5,000,000 | 5,805,247 | ||||||||||
City of Pine Bluff AR, | ||||||||||||
3.000%, 02/01/2047 (Callable 08/01/2027) | ||||||||||||
(Insured by BAM) | 1,785,000 | 1,891,063 | ||||||||||
City of Rogers AR: | ||||||||||||
4.000%, 11/01/2025 (Callable 05/01/2024) | 570,000 | 628,657 | ||||||||||
4.000%, 11/01/2027 (Callable 05/01/2024) | 460,000 | 505,408 | ||||||||||
County of St. Francis AR, | ||||||||||||
1.250%, 08/01/2033 (Callable 08/01/2026) | ||||||||||||
(Insured by BAM) | 1,010,000 | 988,380 | ||||||||||
Jonesboro City Water & Light Plant: | ||||||||||||
4.000%, 06/01/2033 (Callable 12/01/2030) | 500,000 | 611,461 | ||||||||||
4.000%, 06/01/2035 (Callable 12/01/2030) | 1,360,000 | 1,652,719 | ||||||||||
University of Arkansas: | ||||||||||||
5.000%, 11/01/2035 (Callable 11/01/2024) | 665,000 | 756,402 | ||||||||||
4.000%, 04/01/2037 (Callable 04/01/2029) | 160,000 | 188,418 | ||||||||||
4.000%, 04/01/2039 (Callable 04/01/2029) | 245,000 | 287,339 | ||||||||||
Total Arkansas | ||||||||||||
(Cost $12,638,750) | 13,315,094 | 0.8 | % | |||||||||
California | ||||||||||||
Anaheim Housing & Public | ||||||||||||
Improvements Authority: | ||||||||||||
5.000%, 10/01/2037 (Callable 10/01/2025) | 750,000 | 879,420 | ||||||||||
5.000%, 10/01/2038 (Callable 10/01/2025) | 1,000,000 | 1,170,277 | ||||||||||
Antelope Valley Community College District, | ||||||||||||
0.000%, 08/01/2034 | ||||||||||||
(Pre-refunded to 02/01/2025) | 150,000 | 98,920 | ||||||||||
Aromas-San Juan Unified School District, | ||||||||||||
0.000%, 08/01/2050 (Pre-refunded to | ||||||||||||
08/01/2021) (Insured by AGM) | 925,000 | 82,723 | ||||||||||
Brea Redevelopment Agency: | ||||||||||||
0.000%, 08/01/2033 | ||||||||||||
(Callable 08/01/2027)(5) | 1,500,000 | 1,651,545 | ||||||||||
0.000%, 08/01/2034 | ||||||||||||
(Callable 08/01/2027)(5) | 1,750,000 | 1,922,810 | ||||||||||
California Health Facilities | ||||||||||||
Financing Authority, | ||||||||||||
4.000%, 08/15/2035 (Callable 08/15/2026) | 2,000,000 | 2,273,883 | ||||||||||
California Municipal Finance Authority, | ||||||||||||
5.000%, 01/01/2028 | ||||||||||||
(Pre-refunded to 01/01/2022) | 1,230,000 | 1,259,389 | ||||||||||
Citrus Community College District, | ||||||||||||
0.000%, 08/01/2034 | ||||||||||||
(Pre-refunded to 02/01/2024)(5) | 885,000 | 921,649 | ||||||||||
City & County of San Francisco CA: | ||||||||||||
4.000%, 06/15/2037 (Callable 06/15/2029) | 925,000 | 1,119,550 | ||||||||||
4.000%, 06/15/2038 (Callable 06/15/2029) | 3,010,000 | 3,630,579 | ||||||||||
City of Pasadena CA, | ||||||||||||
4.250%, 06/01/2034 (Callable 06/01/2023) | 500,000 | 535,418 | ||||||||||
City of Richmond CA, | ||||||||||||
0.000%, 08/01/2028 (ETM) | 100,000 | 92,202 | ||||||||||
Commerce Community Development | ||||||||||||
Commission Successor Agency, | ||||||||||||
0.000%, 08/01/2021 (ETM) | 90,000 | 89,978 | ||||||||||
Contra Costa Transportation Authority, | ||||||||||||
5.000%, 03/01/2028 (Callable 03/01/2025) | 1,570,000 | 1,824,533 | ||||||||||
Department of Veterans Affairs Veteran’s | ||||||||||||
Farm & Home Purchase Program, | ||||||||||||
4.000%, 12/01/2049 (Callable 06/01/2028) | 1,540,000 | 1,702,671 |
The accompanying notes are an integral part of these financial statements.
Page 134
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
El Rancho Unified School District, | ||||||||||||
0.000%, 08/01/2035 (Pre-refunded to | ||||||||||||
08/01/2023) (Insured by BAM) | $ | 300,000 | $ | 144,633 | ||||||||
Fontana Unified School District: | ||||||||||||
0.000%, 02/01/2033 | ||||||||||||
(ETM) (Insured by AGM) | 460,000 | 391,824 | ||||||||||
3.000%, 08/01/2041 (Callable 08/01/2028) | ||||||||||||
(Insured by BAM) | 3,000,000 | 3,225,564 | ||||||||||
Foothill-Eastern Transportation | ||||||||||||
Corridor Agency: | ||||||||||||
0.000%, 01/01/2028 (ETM) | 3,150,000 | 2,967,634 | ||||||||||
0.000%, 01/01/2030 (ETM) | 95,000 | 86,180 | ||||||||||
Gateway Unified School District, | ||||||||||||
0.000%, 03/01/2037 | ||||||||||||
(ETM) (Insured by AGM) | 45,000 | 31,891 | ||||||||||
Imperial Community College District, | ||||||||||||
7.000%, 08/01/2040 (Pre-refunded to | ||||||||||||
08/01/2030)(Insured by AGM)(5) | 180,000 | 270,743 | ||||||||||
Kern Community College District, | ||||||||||||
0.000%, 08/01/2023 | 2,200,000 | 2,181,914 | ||||||||||
La Canada Unified School District: | ||||||||||||
4.000%, 08/01/2045 (Callable 08/01/2028) | 850,000 | 986,261 | ||||||||||
4.000%, 08/01/2049 (Callable 08/01/2028) | 1,000,000 | 1,156,827 | ||||||||||
Mendocino-Lake Community | ||||||||||||
College District, | ||||||||||||
0.000%, 08/01/2051 (Pre-refunded to | ||||||||||||
08/01/2021) (Insured by AGM) | 1,285,000 | 127,520 | ||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
0.270%, 10/01/2036 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 3,800,000 | 3,800,000 | ||||||||||
Moorpark Unified School District, | ||||||||||||
0.000%, 08/01/2036 (Callable 08/01/2032) | ||||||||||||
(Insured by AGM)(5) | 460,000 | 490,998 | ||||||||||
Mount Diablo Unified School District, | ||||||||||||
0.000%, 08/01/2030 (Callable 08/01/2025) | ||||||||||||
(Insured by AGM)(5) | 150,000 | 166,326 | ||||||||||
Mount San Antonio Community | ||||||||||||
College District, | ||||||||||||
0.000%, 08/01/2028 | ||||||||||||
(Callable 02/01/2028)(5) | 550,000 | 649,206 | ||||||||||
Northern California Power Agency, | ||||||||||||
7.500%, 07/01/2023 (Pre-refunded to | ||||||||||||
07/01/2021) (Insured by AMBAC) | 265,000 | 265,000 | ||||||||||
Pacheco Union Elementary School District, | ||||||||||||
0.000%, 02/01/2037 | ||||||||||||
(ETM) (Insured by AGM) | 300,000 | 218,138 | ||||||||||
Pajaro Valley Unified School District: | ||||||||||||
5.000%, 08/01/2030 (Callable 07/21/2021) | ||||||||||||
(Insured by BAM) | 235,000 | 235,468 | ||||||||||
5.000%, 08/01/2031 (Callable 07/21/2021) | ||||||||||||
(Insured by BAM) | 275,000 | 275,531 | ||||||||||
Paramount Unified School District: | ||||||||||||
0.000%, 08/01/2043 (Pre-refunded to | ||||||||||||
08/01/2023) (Insured by BAM) | 250,000 | 64,650 | ||||||||||
0.000%, 08/01/2045 (Callable 02/01/2033) | ||||||||||||
(Insured by AGM)(5) | 325,000 | 441,072 | ||||||||||
Peralta Community College District, | ||||||||||||
3.500%, 08/01/2032 (Callable 08/01/2025) | 1,715,000 | 1,862,110 | ||||||||||
Pittsburg Unified School | ||||||||||||
District Financing Authority, | ||||||||||||
0.000%, 09/01/2040 (Pre-refunded to | ||||||||||||
09/01/2021)(Insured by AGM) | 815,000 | 193,912 | ||||||||||
Pleasanton Unified School District, | ||||||||||||
3.000%, 08/01/2033 (Callable 08/01/2025) | 2,000,000 | 2,136,026 | ||||||||||
Rio Hondo Community College District, | ||||||||||||
0.000%, 08/01/2042 | ||||||||||||
(Callable 08/01/2034)(5) | 6,760,000 | 9,194,582 | ||||||||||
Riverside County Redevelopment | ||||||||||||
Successor Agency, | ||||||||||||
0.000%, 10/01/2031 | ||||||||||||
(Pre-refunded to 10/01/2026)(5) | 650,000 | 884,234 | ||||||||||
Roseville Joint Union High School District, | ||||||||||||
0.000%, 08/01/2034 (Callable 08/01/2026) | 85,000 | 60,440 | ||||||||||
San Diego Unified School District: | ||||||||||||
6.000%, 07/01/2033 | ||||||||||||
(Pre-refunded to 07/01/2024)(5) | 350,000 | 409,941 | ||||||||||
0.000%, 07/01/2034 (Callable 07/01/2025) | 2,000,000 | 1,333,160 | ||||||||||
4.000%, 07/01/2034 (Callable 07/01/2027) | 1,000,000 | 1,170,502 | ||||||||||
0.000%, 07/01/2039 (Callable 07/01/2025) | 75,000 | 39,653 | ||||||||||
San Joaquin Hills Transportation | ||||||||||||
Corridor Agency: | ||||||||||||
0.000%, 01/01/2023 (ETM) | 14,005,000 | 13,956,883 | ||||||||||
0.000%, 01/01/2027 (ETM) | 1,380,000 | 1,311,377 | ||||||||||
0.000%, 01/01/2028 (ETM) | 1,010,000 | 945,395 | ||||||||||
San Marcos Unified School District: | ||||||||||||
0.000%, 08/01/2030 | ||||||||||||
(Pre-refunded to 02/01/2024) | 150,000 | 109,762 | ||||||||||
0.000%, 08/01/2032 | ||||||||||||
(Pre-refunded to 02/01/2024) | 400,000 | 262,267 | ||||||||||
0.000%, 08/01/2038 | ||||||||||||
(Pre-refunded to 02/01/2024) | 1,500,000 | 697,133 | ||||||||||
San Mateo Foster City School District, | ||||||||||||
0.000%, 08/01/2032 | ||||||||||||
(Callable 08/01/2028)(5) | 125,000 | 149,783 | ||||||||||
San Mateo Union High School District: | ||||||||||||
5.000%, 09/01/2041 (Callable 09/01/2023) | 2,105,000 | 2,321,825 | ||||||||||
5.000%, 12/15/2043 (Pre-refunded to | ||||||||||||
12/15/2024)(Insured by AMBAC)(5) | 1,635,000 | 1,893,250 | ||||||||||
San Ysidro School District: | ||||||||||||
0.000%, 08/01/2042 (Pre-refunded to | ||||||||||||
08/01/2021)(Insured by AGM) | 375,000 | 78,727 | ||||||||||
0.000%, 08/01/2043 (Pre-refunded to | ||||||||||||
08/01/2021)(Insured by AGM) | 290,000 | 56,348 | ||||||||||
0.000%, 08/01/2050 (Pre-refunded to | ||||||||||||
08/01/2021)(Insured by AGM) | 525,000 | 59,027 | ||||||||||
St. Helena Unified School District, | ||||||||||||
0.000%, 08/01/2028(5) | 130,000 | 144,538 | ||||||||||
State of California, | ||||||||||||
5.000%, 08/01/2031 (Callable 02/01/2025) | 1,125,000 | 1,302,839 | ||||||||||
Sutter Union High School District: | ||||||||||||
0.000%, 08/01/2030 | ||||||||||||
(Pre-refunded to 08/01/2025) | 185,000 | 128,547 | ||||||||||
0.000%, 08/01/2036 | ||||||||||||
(Pre-refunded to 08/01/2025) | 75,000 | 33,698 | ||||||||||
0.000%, 08/01/2037 | ||||||||||||
(Pre-refunded to 08/01/2025) | 50,000 | 20,917 | ||||||||||
0.000%, 08/01/2041 | ||||||||||||
(Pre-refunded to 08/01/2025) | 50,000 | 15,665 | ||||||||||
0.000%, 08/01/2043 | ||||||||||||
(Pre-refunded to 08/01/2025) | 200,000 | 54,007 | ||||||||||
0.000%, 08/01/2044 | ||||||||||||
(Pre-refunded to 08/01/2025) | 1,065,000 | 266,840 | ||||||||||
0.000%, 06/01/2050 | ||||||||||||
(Pre-refunded to 08/01/2025) | 700,000 | 112,090 | ||||||||||
Tustin Unified School District, | ||||||||||||
6.000%, 08/01/2028 | ||||||||||||
(Callable 08/02/2021)(5) | 1,310,000 | 1,316,147 |
The accompanying notes are an integral part of these financial statements.
Page 135
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Victor Valley Union High School District: | ||||||||||||
0.000%, 08/01/2036 (Pre-refunded to | ||||||||||||
08/01/2023) (Insured by AGM) | $ | 510,000 | $ | 250,981 | ||||||||
0.000%, 08/01/2038 (Pre-refunded to | ||||||||||||
08/01/2023) (Insured by AGM) | 460,000 | 199,686 | ||||||||||
0.000%, 08/01/2041 | ||||||||||||
(Pre-refunded to 08/01/2023) | 545,000 | 198,076 | ||||||||||
0.000%, 08/01/2042 | ||||||||||||
(Pre-refunded to 08/01/2023) | 2,000,000 | 683,627 | ||||||||||
0.000%, 08/01/2046 | ||||||||||||
(Pre-refunded to 08/01/2023) | 200,000 | 53,532 | ||||||||||
0.000%, 08/01/2052 | ||||||||||||
(Pre-refunded to 08/01/2023) | 790,000 | 145,228 | ||||||||||
Total California | ||||||||||||
(Cost $76,674,997) | 81,485,682 | 5.2 | % | |||||||||
Colorado | ||||||||||||
Boulder Valley School District No. Re-2, | ||||||||||||
5.000%, 12/01/2038 (Callable 06/01/2025) | ||||||||||||
(Insured by ST AID) | 1,225,000 | 1,418,961 | ||||||||||
Brush School District No. RE-2J: | ||||||||||||
5.000%, 12/01/2031 (Callable 12/01/2027) | ||||||||||||
(Insured by BAM) | 380,000 | 471,042 | ||||||||||
5.000%, 12/01/2032 (Callable 12/01/2027) | ||||||||||||
(Insured by BAM) | 395,000 | 488,582 | ||||||||||
5.000%, 12/01/2035 (Callable 12/01/2027) | ||||||||||||
(Insured by BAM) | 460,000 | 565,949 | ||||||||||
City of Aurora CO, | ||||||||||||
5.000%, 12/01/2029 | 2,400,000 | 3,154,005 | ||||||||||
City of Fort Lupton CO, | ||||||||||||
4.000%, 12/01/2042 (Callable 12/01/2027) | ||||||||||||
(Insured by AGM) | 850,000 | 973,566 | ||||||||||
Colorado Health Facilities Authority: | ||||||||||||
0.000%, 07/15/2022 (ETM) | 14,185,000 | 14,145,400 | ||||||||||
0.000%, 07/15/2024 (ETM) | 875,000 | 863,140 | ||||||||||
4.000%, 07/01/2039 | ||||||||||||
(Pre-refunded to 11/09/2022) | 100,000 | 105,005 | ||||||||||
5.250%, 01/01/2040 | ||||||||||||
(Pre-refunded to 01/01/2023) | 3,545,000 | 3,806,388 | ||||||||||
5.250%, 01/01/2045 | ||||||||||||
(Pre-refunded to 01/01/2023) | 335,000 | 359,963 | ||||||||||
5.000%, 06/01/2047 | ||||||||||||
(Pre-refunded to 06/01/2027) | 5,800,000 | 7,185,375 | ||||||||||
Dawson Ridge Metropolitan District No. 1: | ||||||||||||
0.000%, 10/01/2022 (ETM) | 13,745,000 | 13,698,822 | ||||||||||
0.000%, 10/01/2022 (ETM) | 23,840,000 | 23,759,907 | ||||||||||
Mesa County Valley School District No. 51, | ||||||||||||
5.500%, 12/01/2037 (Callable 12/01/2027) | ||||||||||||
(Insured by ST AID) | 1,000,000 | 1,288,416 | ||||||||||
Regional Transportation District, | ||||||||||||
4.375%, 06/01/2039 (Callable 06/01/2023) | 5,725,000 | 6,071,506 | ||||||||||
Total Colorado | ||||||||||||
(Cost $75,770,617) | 78,356,027 | 5.0 | % | |||||||||
Connecticut | ||||||||||||
City of Norwalk CT, | ||||||||||||
4.000%, 09/01/2031 (Callable 09/01/2029) | 1,210,000 | 1,476,983 | ||||||||||
Connecticut Housing Finance Authority: | ||||||||||||
2.875%, 11/15/2030 (Callable 05/15/2025) | 1,500,000 | 1,576,246 | ||||||||||
3.300%, 11/15/2037 (Callable 11/15/2021) | 5,100,000 | 5,152,673 | ||||||||||
4.000%, 11/15/2045 (Callable 05/15/2028) | 6,050,000 | 6,669,928 | ||||||||||
4.000%, 11/15/2047 (Callable 11/15/2026) | 1,035,000 | 1,119,649 | ||||||||||
4.000%, 05/15/2049 (Callable 11/15/2028) | 2,265,000 | 2,563,146 | ||||||||||
State of Connecticut, | ||||||||||||
5.000%, 05/01/2026 | 1,300,000 | 1,577,435 | ||||||||||
State of Connecticut Clean Water Fund, | ||||||||||||
4.000%, 02/01/2037 (Callable 02/01/2029) | 1,150,000 | 1,377,380 | ||||||||||
University of Connecticut, | ||||||||||||
5.000%, 01/15/2031 (Callable 01/15/2027) | ||||||||||||
(Insured by AGM) | 1,250,000 | 1,524,897 | ||||||||||
Total Connecticut | ||||||||||||
(Cost $22,281,050) | 23,038,337 | 1.5 | % | |||||||||
District of Columbia | ||||||||||||
District of Columbia: | ||||||||||||
5.000%, 03/01/2036 (Callable 09/01/2029) | 1,500,000 | 1,945,831 | ||||||||||
5.000%, 04/01/2042 | ||||||||||||
(Pre-refunded to 04/01/2027) | 160,000 | 197,671 | ||||||||||
5.000%, 10/15/2044 (Callable 04/15/2029) | 2,195,000 | 2,782,074 | ||||||||||
District of Columbia Housing Finance Agency, | ||||||||||||
1.450%, 02/01/2039 | ||||||||||||
(Mandatory Tender Date 08/01/2022)(1) | 1,915,000 | 1,938,476 | ||||||||||
Total District of Columbia | ||||||||||||
(Cost $6,661,679) | 6,864,052 | 0.4 | % | |||||||||
Florida | ||||||||||||
City of Fort Myers FL, | ||||||||||||
4.000%, 12/01/2037 (Callable 12/01/2025) | 480,000 | 539,430 | ||||||||||
City of Jacksonville FL: | ||||||||||||
0.020%, 08/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 28,020,000 | 28,020,000 | ||||||||||
0.020%, 08/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 10,000,000 | 10,000,000 | ||||||||||
City of Miami Beach FL, | ||||||||||||
6.250%, 10/01/2022 | ||||||||||||
(ETM) (Insured by AMBAC) | 550,000 | 573,993 | ||||||||||
City of Miramar FL: | ||||||||||||
5.000%, 10/01/2029 (Callable 10/01/2027) | 1,025,000 | 1,289,280 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2027) | 1,000,000 | 1,252,659 | ||||||||||
5.000%, 10/01/2034 (Callable 10/01/2027) | 1,000,000 | 1,243,493 | ||||||||||
5.000%, 10/01/2035 (Callable 10/01/2027) | 1,030,000 | 1,278,484 | ||||||||||
City of Orlando FL, | ||||||||||||
5.000%, 11/01/2034 (Callable 11/01/2027) | ||||||||||||
(Insured by AGM) | 1,000,000 | 1,238,910 | ||||||||||
City of Tallahassee FL: | ||||||||||||
5.000%, 10/01/2033 (Callable 10/01/2024) | 255,000 | 292,116 | ||||||||||
5.000%, 10/01/2034 (Callable 10/01/2024) | 1,010,000 | 1,155,599 | ||||||||||
5.000%, 10/01/2035 (Callable 10/01/2024) | 825,000 | 942,493 | ||||||||||
City of Tampa FL: | ||||||||||||
4.125%, 10/01/2031 | ||||||||||||
(Pre-refunded to 10/01/2021) | 1,930,000 | 1,949,195 | ||||||||||
5.250%, 05/01/2043 (Callable 05/01/2028) | 2,000,000 | 2,540,162 | ||||||||||
County of Martin FL, | ||||||||||||
0.010%, 07/15/2022 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 4,000,000 | 4,000,000 | ||||||||||
County of Miami-Dade FL: | ||||||||||||
5.250%, 10/01/2022 (Insured by AGM) | 50,000 | 53,196 | ||||||||||
0.000%, 10/01/2027 | ||||||||||||
(ETM) (Insured by NATL) | 200,000 | 187,917 | ||||||||||
5.250%, 10/01/2030 | ||||||||||||
(ETM) (Insured by NATL) | 2,705,000 | 3,627,572 | ||||||||||
County of Palm Beach FL: | ||||||||||||
4.000%, 12/01/2036 (Callable 12/01/2030) | 2,000,000 | 2,474,687 | ||||||||||
4.000%, 12/01/2037 (Callable 12/01/2030) | 2,000,000 | 2,469,589 | ||||||||||
Florida Housing Finance Corp.: | ||||||||||||
1.940%, 08/01/2036 (Insured by FNMA) | 5,000,000 | 4,989,507 | ||||||||||
4.200%, 01/01/2045 (Callable 01/01/2028) | ||||||||||||
(Insured by GNMA) | 4,820,000 | 5,233,484 |
The accompanying notes are an integral part of these financial statements.
Page 136
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Florida Housing Finance Corp.: (cont.) | ||||||||||||
3.800%, 07/01/2047 (Callable 01/01/2027) | ||||||||||||
(Insured by GNMA) | $ | 35,000 | $ | 35,839 | ||||||||
4.000%, 07/01/2050 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 4,025,000 | 4,472,016 | ||||||||||
3.500%, 07/01/2051 (Callable 07/01/2029) | ||||||||||||
(Insured by GNMA) | 650,000 | 718,938 | ||||||||||
Highlands County Health Facilities Authority: | ||||||||||||
0.020%, 11/15/2035 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 4,000,000 | 4,000,000 | ||||||||||
0.020%, 11/15/2037 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 4,900,000 | 4,900,000 | ||||||||||
Jacksonville Electric Authority: | ||||||||||||
5.000%, 10/01/2023 | ||||||||||||
(Pre-refunded to 04/01/2023) | 690,000 | 747,483 | ||||||||||
5.000%, 10/01/2028 | ||||||||||||
(Pre-refunded to 04/01/2024) | 755,000 | 850,898 | ||||||||||
Lee County School Board, | ||||||||||||
5.000%, 08/01/2032 (Callable 08/01/2026) | 1,650,000 | 1,984,392 | ||||||||||
Miami-Dade County Industrial | ||||||||||||
Development Authority, | ||||||||||||
0.030%, 05/01/2046(1) | 5,000,000 | 5,000,000 | ||||||||||
Mid-Bay Bridge Authority: | ||||||||||||
6.875%, 10/01/2022 (ETM) | 2,110,000 | 2,212,491 | ||||||||||
6.875%, 10/01/2022 | ||||||||||||
(ETM) (Insured by AMBAC) | 1,450,000 | 1,521,233 | ||||||||||
Orange County School Board, | ||||||||||||
5.000%, 08/01/2034 (Callable 08/01/2026) | 320,000 | 384,323 | ||||||||||
Osceola County Expressway Authority, | ||||||||||||
0.000%, 10/01/2028 (ETM)(5) | 95,000 | 105,596 | ||||||||||
Reedy Creek Improvement District, | ||||||||||||
5.000%, 10/01/2031 (Callable 10/01/2028) | 310,000 | 391,713 | ||||||||||
School Board of Miami-Dade County, | ||||||||||||
5.000%, 03/15/2039 (Callable 03/15/2024) | 2,000,000 | 2,227,050 | ||||||||||
School District of Broward County: | ||||||||||||
5.250%, 07/01/2022 | ||||||||||||
(Pre-refunded to 07/01/2021) | 8,460,000 | 8,460,000 | ||||||||||
5.250%, 07/01/2023 | ||||||||||||
(Pre-refunded to 07/01/2021) | 4,840,000 | 4,840,000 | ||||||||||
5.000%, 07/01/2024 | ||||||||||||
(Pre-refunded to 07/01/2022) | 940,000 | 984,540 | ||||||||||
Seminole County School Board, | ||||||||||||
5.000%, 07/01/2035 (Callable 07/01/2026) | 145,000 | 173,208 | ||||||||||
Total Florida | ||||||||||||
(Cost $117,591,611) | 119,361,486 | 7.6 | % | |||||||||
Georgia | ||||||||||||
Atlanta Development Authority: | ||||||||||||
5.000%, 09/01/2023 (ETM) | 2,450,000 | 2,698,731 | ||||||||||
5.000%, 09/01/2024 | ||||||||||||
(Pre-refunded to 09/01/2023) | 910,000 | 1,002,386 | ||||||||||
5.000%, 09/01/2032 | ||||||||||||
(Pre-refunded to 09/01/2023) | 1,315,000 | 1,448,502 | ||||||||||
Development Authority of Rockdale County: | ||||||||||||
5.000%, 07/01/2022 | 415,000 | 434,752 | ||||||||||
5.000%, 07/01/2023 | 220,000 | 240,672 | ||||||||||
Forsyth County Hospital Authority, | ||||||||||||
6.375%, 10/01/2028 (ETM) | 7,335,000 | 9,008,522 | ||||||||||
Georgia Housing & Finance Authority, | ||||||||||||
3.500%, 12/01/2046 (Callable 12/01/2025) | 560,000 | 592,746 | ||||||||||
Main Street Natural Gas, Inc., | ||||||||||||
0.897%, 08/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.830%) (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(2) | 1,000,000 | 1,007,732 | ||||||||||
Pulaski County School District, | ||||||||||||
4.000%, 10/01/2038 (Callable 10/01/2030) | ||||||||||||
(Insured by ST AID) | 755,000 | 922,022 | ||||||||||
Richmond County Development Authority: | ||||||||||||
0.000%, 12/01/2021 (ETM) | 1,950,000 | 1,948,790 | ||||||||||
0.000%, 12/01/2021 (ETM) | 4,030,000 | 4,027,500 | ||||||||||
Total Georgia | ||||||||||||
(Cost $22,435,207) | 23,332,355 | 1.5 | % | |||||||||
Idaho | ||||||||||||
Ada & Boise Counties | ||||||||||||
Independent School District, | ||||||||||||
5.000%, 08/01/2032 (Callable 02/01/2027) | 500,000 | 610,019 | ||||||||||
Total Idaho | ||||||||||||
(Cost $586,978) | 610,019 | 0.0 | % | |||||||||
Illinois | ||||||||||||
Boone & Winnebago Counties Community | ||||||||||||
Unit School District No. 200, | ||||||||||||
0.000%, 01/01/2024 | ||||||||||||
(ETM) (Insured by AGM) | 720,000 | 700,196 | ||||||||||
City of Chicago IL: | ||||||||||||
5.125%, 01/01/2022 (Insured by BHAC) | 295,000 | 301,752 | ||||||||||
5.000%, 01/01/2034 | ||||||||||||
(Pre-refunded to 01/01/2025) | 2,170,000 | 2,516,318 | ||||||||||
Cook County Forest Preserve District, | ||||||||||||
5.000%, 12/15/2037 (Callable 06/15/2022) | 1,070,000 | 1,115,715 | ||||||||||
Cook County School District No. 130, | ||||||||||||
5.000%, 12/01/2026 (Callable 12/01/2025) | ||||||||||||
(Insured by AGM) | 1,140,000 | 1,365,716 | ||||||||||
Cook County School District No. 144, | ||||||||||||
4.500%, 12/01/2025 | ||||||||||||
(ETM) (Insured by AGM) | 5,000 | 5,343 | ||||||||||
Cook County School District No. 159: | ||||||||||||
0.000%, 12/01/2022 (ETM) | 2,000,000 | 1,990,979 | ||||||||||
0.000%, 12/01/2025 | ||||||||||||
(ETM) (Insured by AGM) | 220,000 | 212,943 | ||||||||||
0.000%, 12/01/2025 (ETM) | 400,000 | 388,022 | ||||||||||
0.000%, 12/01/2028 (ETM) | 295,000 | 271,757 | ||||||||||
Cook County School District No. 163: | ||||||||||||
6.000%, 12/15/2026 (Insured by BAM) | 1,165,000 | 1,466,156 | ||||||||||
5.000%, 12/15/2028 (Insured by BAM) | 1,305,000 | 1,634,734 | ||||||||||
County of Cook IL: | ||||||||||||
5.000%, 11/15/2033 (Callable 11/15/2027) | 3,000,000 | 3,741,882 | ||||||||||
5.000%, 11/15/2034 (Callable 11/15/2027) | 4,325,000 | 5,391,330 | ||||||||||
Exceptional Children Have Opportunities: | ||||||||||||
5.000%, 12/01/2027 | 340,000 | 415,904 | ||||||||||
5.000%, 12/01/2027 | 270,000 | 330,277 | ||||||||||
5.000%, 12/01/2028 | 585,000 | 726,249 | ||||||||||
5.000%, 12/01/2029 | 615,000 | 781,029 | ||||||||||
5.000%, 12/01/2030 (Callable 12/01/2029) | 645,000 | 853,329 | ||||||||||
5.000%, 12/01/2031 (Callable 12/01/2029) | 675,000 | 889,268 | ||||||||||
4.000%, 12/01/2032 (Callable 12/01/2029) | 210,000 | 245,444 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2029) | 740,000 | 861,156 | ||||||||||
Illinois Development Finance Authority: | ||||||||||||
0.000%, 07/15/2023 (ETM) | 27,625,000 | 27,401,146 | ||||||||||
0.000%, 07/15/2025 (ETM) | 51,650,000 | 50,294,498 | ||||||||||
2.450%, 11/15/2039 | ||||||||||||
(Mandatory Tender Date 03/03/2026)(1) | 2,230,000 | 2,372,689 | ||||||||||
Illinois Finance Authority: | ||||||||||||
5.000%, 02/15/2022 | 1,095,000 | 1,128,084 | ||||||||||
5.000%, 12/01/2030 | ||||||||||||
(Pre-refunded to 12/01/2021) | 6,875,000 | 7,014,359 | ||||||||||
5.000%, 07/01/2031 (Callable 01/01/2026) | 1,200,000 | 1,434,377 | ||||||||||
4.000%, 01/15/2033 (Callable 01/15/2028) | 2,205,000 | 2,602,371 | ||||||||||
5.000%, 07/01/2033 (Callable 01/01/2027) | 730,000 | 892,786 |
The accompanying notes are an integral part of these financial statements.
Page 137
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Illinois Finance Authority: (cont.) | ||||||||||||
5.000%, 08/01/2033 | ||||||||||||
(Pre-refunded to 08/01/2024) | $ | 700,000 | $ | 799,877 | ||||||||
4.000%, 01/01/2034 (Callable 01/01/2026) | 1,030,000 | 1,169,471 | ||||||||||
4.000%, 07/01/2035 (Callable 01/01/2026) | 1,000,000 | 1,132,683 | ||||||||||
5.000%, 02/15/2036 (Callable 02/15/2027) | 215,000 | 261,201 | ||||||||||
4.000%, 12/01/2036 (Callable 12/01/2028) | 1,000,000 | 1,197,138 | ||||||||||
4.000%, 12/01/2037 (Callable 12/01/2028) | 2,995,000 | 3,558,422 | ||||||||||
4.000%, 07/01/2041 (Callable 01/01/2031) | 5,000,000 | 6,057,559 | ||||||||||
0.020%, 08/01/2043 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 5,000,000 | 5,000,000 | ||||||||||
4.000%, 05/01/2044 (Callable 05/01/2025) | 135,000 | 152,904 | ||||||||||
Illinois Housing Development Authority: | ||||||||||||
2.550%, 04/01/2025 (Insured by GNMA) | 975,000 | 1,035,770 | ||||||||||
3.100%, 02/01/2035 (Callable 02/01/2026) | 2,405,000 | 2,522,451 | ||||||||||
3.500%, 08/01/2046 (Callable 02/01/2026) | 475,000 | 508,344 | ||||||||||
4.000%, 08/01/2048 (Callable 08/01/2027) | ||||||||||||
(Insured by GNMA) | 615,000 | 677,015 | ||||||||||
4.250%, 10/01/2049 (Callable 04/01/2028) | 9,325,000 | 10,383,368 | ||||||||||
Kane County Community | ||||||||||||
Unit School District No. 304: | ||||||||||||
9.000%, 01/01/2023 | ||||||||||||
(ETM) (Insured by AGM) | 805,000 | 909,022 | ||||||||||
9.000%, 01/01/2023 (Insured by AGM) | 2,720,000 | 3,078,587 | ||||||||||
Kane McHenry Cook & De Kalb Counties | ||||||||||||
Unit School District No. 300, | ||||||||||||
5.000%, 01/01/2032 (Callable 01/01/2027) | 2,085,000 | 2,537,310 | ||||||||||
Knox & Warren Counties Community | ||||||||||||
Unit School District No. 205: | ||||||||||||
4.000%, 12/01/2034 (Callable 12/01/2027) | ||||||||||||
(Insured by BAM) | 425,000 | 494,932 | ||||||||||
4.000%, 12/01/2039 (Callable 12/01/2027) | ||||||||||||
(Insured by BAM) | 1,305,000 | 1,470,789 | ||||||||||
Lake County Township | ||||||||||||
High School District No. 113, | ||||||||||||
5.000%, 01/01/2034 | ||||||||||||
(Pre-refunded to 01/01/2023) | 3,675,000 | 3,940,886 | ||||||||||
McHenry County Community | ||||||||||||
Consolidated School District No. 47, | ||||||||||||
4.000%, 02/01/2032 (Callable 02/01/2028) | 850,000 | 1,001,658 | ||||||||||
Metropolitan Pier & Exposition Authority, | ||||||||||||
5.500%, 12/15/2023 (ETM) | 1,115,000 | 1,189,850 | ||||||||||
Metropolitan Water Reclamation | ||||||||||||
District of Greater Chicago, | ||||||||||||
5.000%, 12/01/2034 (Callable 12/01/2026) | 295,000 | 360,735 | ||||||||||
Regional Transportation Authority: | ||||||||||||
6.700%, 11/01/2021 (Insured by NATL) | 210,000 | 214,516 | ||||||||||
6.000%, 07/01/2022 (Insured by NATL) | 3,705,000 | 3,919,384 | ||||||||||
6.000%, 07/01/2027 (Insured by AGM) | 1,000,000 | 1,282,626 | ||||||||||
Southwestern Illinois Development Authority, | ||||||||||||
7.625%, 11/01/2048 | ||||||||||||
(Pre-refunded to 11/01/2023) | 6,185,000 | 7,236,354 | ||||||||||
State of Illinois: | ||||||||||||
6.500%, 06/15/2022 | 40,000 | 42,233 | ||||||||||
4.000%, 06/15/2038 (Callable 06/15/2028) | ||||||||||||
(Insured by BAM) | 1,850,000 | 2,046,418 | ||||||||||
Village of Carpentersville IL, | ||||||||||||
4.000%, 12/30/2030 (Callable 12/30/2028) | ||||||||||||
(Insured by BAM) | 1,920,000 | 2,329,611 | ||||||||||
Village of Schaumburg IL, | ||||||||||||
4.000%, 12/01/2024 (Callable 12/01/2022) | 5,750,000 | 6,055,237 | ||||||||||
Will County Community | ||||||||||||
High School District No. 210: | ||||||||||||
0.000%, 01/01/2024 | ||||||||||||
(ETM) (Insured by AGM) | 1,355,000 | 1,335,877 | ||||||||||
0.000%, 01/01/2025 | ||||||||||||
(ETM) (Insured by AGM) | 175,000 | 170,775 | ||||||||||
Will County Community | ||||||||||||
Unit School District No. 201-U, | ||||||||||||
0.000%, 11/01/2024 | ||||||||||||
(ETM) (Insured by NATL) | 805,000 | 788,835 | ||||||||||
Will County Elementary | ||||||||||||
School District No. 122, | ||||||||||||
0.000%, 10/01/2027 | ||||||||||||
(ETM) (Insured by AGM) | 470,000 | 442,980 | ||||||||||
Total Illinois | ||||||||||||
(Cost $183,838,028) | 194,650,627 | 12.3 | % | |||||||||
Indiana | ||||||||||||
Carmel Redevelopment Authority, | ||||||||||||
4.000%, 08/01/2033 | ||||||||||||
(Pre-refunded to 08/01/2022) | 1,000,000 | 1,041,662 | ||||||||||
Columbus Multi-High School Building Corp.: | ||||||||||||
5.000%, 01/15/2026 (Insured by ST AID) | 1,125,000 | 1,340,777 | ||||||||||
5.000%, 01/15/2027 (Insured by ST AID) | 1,265,000 | 1,550,473 | ||||||||||
5.000%, 07/15/2028 (Insured by ST AID) | 1,000,000 | 1,271,317 | ||||||||||
Fishers Redevelopment Authority: | ||||||||||||
4.000%, 07/15/2027 | 200,000 | 238,815 | ||||||||||
4.000%, 01/15/2028 | 330,000 | 396,684 | ||||||||||
4.000%, 07/15/2028 | 335,000 | 406,225 | ||||||||||
4.000%, 07/15/2029 (Callable 01/15/2029) | 540,000 | 655,443 | ||||||||||
4.000%, 07/15/2030 (Callable 01/15/2029) | 725,000 | 873,875 | ||||||||||
Fort Wayne Redevelopment Authority, | ||||||||||||
5.000%, 02/01/2025 (Callable 02/01/2024) | ||||||||||||
(Insured by ST AID) | 335,000 | 373,635 | ||||||||||
Indiana Finance Authority, | ||||||||||||
5.000%, 10/01/2044 (Callable 10/01/2029) | 3,280,000 | 4,177,025 | ||||||||||
Indiana Health & Educational | ||||||||||||
Facilities Financing Authority, | ||||||||||||
4.000%, 11/15/2046 (Callable 11/15/2026) | 1,780,000 | 2,039,613 | ||||||||||
Indiana Health Facility Financing Authority, | ||||||||||||
2.000%, 11/15/2036 | ||||||||||||
(Pre-refunded to 02/01/2023)(1) | 110,000 | 112,647 | ||||||||||
Indianapolis Local Public | ||||||||||||
Improvement Bond Bank: | ||||||||||||
5.000%, 01/01/2033 | ||||||||||||
(Pre-refunded to 01/01/2025) | 1,780,000 | 2,067,450 | ||||||||||
5.000%, 01/01/2040 | ||||||||||||
(Pre-refunded to 01/01/2029) | 2,200,000 | 2,863,637 | ||||||||||
Kankakee Valley Middle | ||||||||||||
School Building Corp.: | ||||||||||||
5.000%, 01/15/2029 (Insured by ST AID) | 475,000 | 609,600 | ||||||||||
5.000%, 07/15/2029 (Insured by ST AID) | 1,180,000 | 1,529,561 | ||||||||||
Kokomo-Center School Building Corp., | ||||||||||||
5.000%, 01/15/2037 (Callable 07/15/2027) | ||||||||||||
(Insured by ST AID) | 500,000 | 609,425 | ||||||||||
Northern Wells Multi-School Building Corp., | ||||||||||||
4.000%, 07/15/2035 (Callable 07/15/2027) | ||||||||||||
(Insured by ST AID) | 160,000 | 182,519 | ||||||||||
Purdue University: | ||||||||||||
5.000%, 07/01/2034 (Callable 07/01/2031) | 1,900,000 | 2,585,039 | ||||||||||
5.000%, 07/01/2035 (Callable 07/01/2031) | 2,000,000 | 2,716,854 | ||||||||||
Total Indiana | ||||||||||||
(Cost $26,545,693) | 27,642,276 | 1.8 | % |
The accompanying notes are an integral part of these financial statements.
Page 138
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Iowa | ||||||||||||
County of Washington IA, | ||||||||||||
4.000%, 06/01/2030 | ||||||||||||
(Callable 06/01/2026) | $ | 1,015,000 | $ | 1,159,252 | ||||||||
Iowa Finance Authority: | ||||||||||||
5.000%, 08/01/2028 | ||||||||||||
(Pre-refunded to 08/01/2026) | 3,625,000 | 4,432,102 | ||||||||||
5.000%, 08/01/2035 (Callable 08/01/2025) | 950,000 | 1,121,191 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2027) | ||||||||||||
(Insured by GNMA) | 600,000 | 656,233 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 1,165,000 | 1,320,897 | ||||||||||
3.250%, 07/01/2050 (Callable 07/01/2029) | ||||||||||||
(Insured by GNMA) | 1,745,000 | 1,917,806 | ||||||||||
Iowa Higher Education Loan Authority: | ||||||||||||
4.500%, 10/01/2033 | ||||||||||||
(Pre-refunded to 10/01/2021) | 2,100,000 | 2,122,301 | ||||||||||
5.000%, 10/01/2038 | ||||||||||||
(Pre-refunded to 10/01/2021) | 2,090,000 | 2,114,776 | ||||||||||
University of Iowa, | ||||||||||||
4.000%, 07/01/2033 (Callable 07/01/2027) | 655,000 | 760,796 | ||||||||||
Total Iowa | ||||||||||||
(Cost $15,190,818) | 15,605,354 | 1.0 | % | |||||||||
Kansas | ||||||||||||
Crawford County Unified | ||||||||||||
School District No. 250, | ||||||||||||
5.000%, 09/01/2035 (Callable 09/01/2027) | ||||||||||||
(Insured by BAM) | 445,000 | 550,454 | ||||||||||
Johnson County Unified | ||||||||||||
School District No. 512, | ||||||||||||
4.000%, 10/01/2035 | ||||||||||||
(Pre-refunded to 10/01/2025) | 300,000 | 345,025 | ||||||||||
Kansas Development Finance Authority, | ||||||||||||
5.000%, 11/15/2032 | ||||||||||||
(Callable 05/15/2022) | 1,955,000 | 2,035,961 | ||||||||||
Shawnee County Unified | ||||||||||||
School District No. 501, | ||||||||||||
2.000%, 08/01/2044 | ||||||||||||
(Pre-refunded to 08/01/2026) | 85,000 | 90,906 | ||||||||||
Total Kansas | ||||||||||||
(Cost $2,950,179) | 3,022,346 | 0.2 | % | |||||||||
Kentucky | ||||||||||||
Kentucky Bond Development Corp., | ||||||||||||
3.000%, 05/01/2034 | 695,000 | 747,771 | ||||||||||
Louisville & Jefferson County | ||||||||||||
Metropolitan Government, | ||||||||||||
5.000%, 12/01/2035 (Callable 06/01/2022) | 1,320,000 | 1,377,446 | ||||||||||
Total Kentucky | ||||||||||||
(Cost $2,113,753) | 2,125,217 | 0.1 | % | |||||||||
Louisiana | ||||||||||||
Caddo Parish Commission, | ||||||||||||
5.000%, 02/01/2028 (Callable 02/01/2025) | 530,000 | 614,660 | ||||||||||
Jefferson Sales Tax District, | ||||||||||||
4.000%, 12/01/2032 (Callable 12/01/2029) | ||||||||||||
(Insured by AGM) | 1,300,000 | 1,574,656 | ||||||||||
Louisiana Public Facilities Authority: | ||||||||||||
5.500%, 05/15/2027 | ||||||||||||
(Pre-refunded to 05/15/2026) | 26,700,000 | 31,947,268 | ||||||||||
5.500%, 05/15/2032 | ||||||||||||
(Pre-refunded to 05/15/2026) | 22,180,000 | 27,291,820 | ||||||||||
State of Louisiana, | ||||||||||||
5.000%, 05/01/2027 | ||||||||||||
(Pre-refunded to 05/01/2022) | 1,420,000 | 1,476,897 | ||||||||||
Webster Parish School District No. 6: | ||||||||||||
5.000%, 03/01/2025 (Insured by AGM) | 425,000 | 490,549 | ||||||||||
5.000%, 03/01/2026 (Insured by AGM) | 635,000 | 753,916 | ||||||||||
5.000%, 03/01/2027 (Insured by AGM) | 620,000 | 754,832 | ||||||||||
5.000%, 03/01/2028 (Insured by AGM) | 755,000 | 939,107 | ||||||||||
4.000%, 03/01/2030 (Callable 03/01/2029) | ||||||||||||
(Insured by AGM) | 665,000 | 784,405 | ||||||||||
4.000%, 03/01/2031 (Callable 03/01/2029) | ||||||||||||
(Insured by AGM) | 840,000 | 982,598 | ||||||||||
Total Louisiana | ||||||||||||
(Cost $62,218,195) | 67,610,708 | 4.3 | % | |||||||||
Maryland | ||||||||||||
City of Baltimore MD: | ||||||||||||
5.000%, 07/01/2024 (ETM) | 1,280,000 | 1,383,263 | ||||||||||
5.000%, 07/01/2028 (ETM) | 295,000 | 341,340 | ||||||||||
Maryland Community | ||||||||||||
Development Administration, | ||||||||||||
0.625%, 07/01/2022 (Callable 01/01/2022) | 500,000 | 500,759 | ||||||||||
Maryland Health & Higher | ||||||||||||
Educational Facilities Authority: | ||||||||||||
5.250%, 07/01/2026 | ||||||||||||
(Pre-refunded to 07/01/2024) | 285,000 | 326,325 | ||||||||||
5.000%, 07/01/2027 | ||||||||||||
(ETM) (Insured by AMBAC) | 1,740,000 | 1,997,331 | ||||||||||
State of Maryland: | ||||||||||||
4.000%, 06/01/2030 (Callable 06/01/2024) | 5,790,000 | 6,360,133 | ||||||||||
4.000%, 08/01/2030 (Callable 08/01/2027) | 2,130,000 | 2,533,695 | ||||||||||
5.000%, 08/01/2031 (Callable 08/01/2028) | 9,835,000 | 12,535,857 | ||||||||||
Washington Suburban Sanitary Commission: | ||||||||||||
0.020%, 06/01/2023 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 2,200,000 | 2,200,000 | ||||||||||
0.020%, 06/01/2023 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 2,400,000 | 2,400,000 | ||||||||||
Total Maryland | ||||||||||||
(Cost $28,746,557) | 30,578,703 | 1.9 | % | |||||||||
Massachusetts | ||||||||||||
Commonwealth of Massachusetts: | ||||||||||||
4.500%, 12/01/2043 | ||||||||||||
(Pre-refunded to 12/01/2021) | 1,235,000 | 1,257,479 | ||||||||||
5.250%, 01/01/2044 (Callable 01/01/2029) | 3,910,000 | 5,026,980 | ||||||||||
Massachusetts Department of Transportation, | ||||||||||||
5.125%, 01/01/2023 (ETM) | 645,000 | 692,274 | ||||||||||
Massachusetts Development Finance Agency, | ||||||||||||
5.000%, 07/15/2033 (Callable 07/15/2026) | 1,470,000 | 1,783,702 | ||||||||||
Massachusetts Housing Finance Agency: | ||||||||||||
0.875%, 12/01/2023 (Callable 06/01/2022) | 1,000,000 | 1,004,236 | ||||||||||
4.000%, 12/01/2044 (Callable 06/01/2025) | 680,000 | 721,436 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2027) | ||||||||||||
(Insured by GNMA) | 1,215,000 | 1,327,375 | ||||||||||
4.000%, 06/01/2049 (Callable 12/01/2028) | 590,000 | 652,238 | ||||||||||
Massachusetts State College | ||||||||||||
Building Authority: | ||||||||||||
0.000%, 05/01/2027 | ||||||||||||
(ETM) (Insured by NATL) | 390,000 | 367,538 | ||||||||||
0.000%, 05/01/2028 | ||||||||||||
(ETM) (Insured by NATL) | 5,290,000 | 4,888,144 | ||||||||||
Total Massachusetts | ||||||||||||
(Cost $17,547,177) | 17,721,402 | 1.1 | % |
The accompanying notes are an integral part of these financial statements.
Page 139
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Michigan | ||||||||||||
Algonac Community Schools: | ||||||||||||
4.000%, 05/01/2028 (Callable 05/01/2027) | ||||||||||||
(Insured by Q-SBLF) | $ | 175,000 | $ | 205,061 | ||||||||
4.000%, 05/01/2029 (Callable 05/01/2027) | ||||||||||||
(Insured by Q-SBLF) | 370,000 | 431,132 | ||||||||||
4.000%, 05/01/2030 (Callable 05/01/2027) | ||||||||||||
(Insured by Q-SBLF) | 470,000 | 543,092 | ||||||||||
Chippewa Hills School District, | ||||||||||||
4.000%, 05/01/2033 (Callable 05/01/2025) | ||||||||||||
(Insured by Q-SBLF) | 300,000 | 329,887 | ||||||||||
Ecorse Public School District, | ||||||||||||
5.000%, 05/01/2027 (Insured by Q-SBLF) | 515,000 | 641,775 | ||||||||||
Fraser Public School District, | ||||||||||||
5.000%, 05/01/2024 (Insured by Q-SBLF) | 1,000,000 | 1,131,421 | ||||||||||
Michigan Finance Authority, | ||||||||||||
5.000%, 06/01/2027 | ||||||||||||
(Pre-refunded to 06/01/2022) | 1,315,000 | 1,372,849 | ||||||||||
Michigan State Housing | ||||||||||||
Development Authority: | ||||||||||||
2.700%, 12/01/2034 (Callable 12/01/2028) | 4,700,000 | 4,983,538 | ||||||||||
4.250%, 12/01/2049 (Callable 06/01/2028) | 3,845,000 | 4,291,321 | ||||||||||
3.500%, 12/01/2050 (Callable 06/01/2029) | 6,760,000 | 7,479,289 | ||||||||||
Pinckney Community Schools: | ||||||||||||
5.000%, 05/01/2022 (Insured by Q-SBLF) | 1,935,000 | 2,011,717 | ||||||||||
5.000%, 05/01/2023 (Insured by Q-SBLF) | 2,200,000 | 2,390,637 | ||||||||||
State of Michigan, | ||||||||||||
0.000%, 06/01/2022 | ||||||||||||
(ETM) (Insured by AMBAC) | 2,085,000 | 2,079,106 | ||||||||||
Swartz Creek Community Schools, | ||||||||||||
5.000%, 05/01/2038 (Callable 05/01/2029) | ||||||||||||
(Insured by Q-SBLF) | 1,000,000 | 1,270,640 | ||||||||||
Utica Community Schools, | ||||||||||||
5.000%, 05/01/2034 (Callable 05/01/2029) | ||||||||||||
(Insured by Q-SBLF) | 305,000 | 389,745 | ||||||||||
Warren Consolidated Schools: | ||||||||||||
5.000%, 05/01/2033 (Callable 05/01/2026) | ||||||||||||
(Insured by Q-SBLF) | 2,595,000 | 3,130,879 | ||||||||||
5.000%, 05/01/2033 (Callable 05/01/2026) | ||||||||||||
(Insured by Q-SBLF) | 4,660,000 | 5,622,311 | ||||||||||
5.000%, 05/01/2035 (Callable 05/01/2026) | ||||||||||||
(Insured by Q-SBLF) | 950,000 | 1,141,662 | ||||||||||
Total Michigan | ||||||||||||
(Cost $37,232,683) | 39,446,062 | 2.5 | % | |||||||||
Minnesota | ||||||||||||
Brainerd Independent | ||||||||||||
School District No. 181, | ||||||||||||
4.000%, 02/01/2026 | ||||||||||||
(Insured by SD CRED PROG) | 660,000 | 761,496 | ||||||||||
County of Hennepin MN: | ||||||||||||
4.000%, 12/01/2025 (Callable 12/01/2022) | 3,000,000 | 3,151,542 | ||||||||||
5.000%, 12/01/2041 (Callable 12/01/2026) | 1,000,000 | 1,215,132 | ||||||||||
Maple River Independent | ||||||||||||
School District No. 2135, | ||||||||||||
4.000%, 02/01/2039 (Callable 02/01/2030) | ||||||||||||
(Insured by SD CRED PROG) | 2,095,000 | 2,511,940 | ||||||||||
Minneapolis-Saint Paul Metropolitan | ||||||||||||
Airports Commission, | ||||||||||||
5.000%, 01/01/2032 (Callable 01/01/2027) | 505,000 | 612,139 | ||||||||||
Minnesota Housing Finance Agency: | ||||||||||||
4.500%, 07/01/2034 (Callable 07/01/2021) | ||||||||||||
(Insured by GNMA) | 15,000 | 15,000 | ||||||||||
4.000%, 07/01/2047 (Callable 01/01/2027) | ||||||||||||
(Insured by GNMA) | 280,000 | 303,066 | ||||||||||
4.250%, 07/01/2049 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 1,170,000 | 1,311,413 | ||||||||||
Pipestone-Jasper Independent | ||||||||||||
School District No. 2689, | ||||||||||||
4.000%, 02/01/2032 (Callable 02/01/2029) | ||||||||||||
(Insured by SD CRED PROG) | 580,000 | 693,877 | ||||||||||
State of Minnesota, | ||||||||||||
5.000%, 08/01/2037 (Callable 08/01/2029) | 3,245,000 | 4,221,733 | ||||||||||
Total Minnesota | ||||||||||||
(Cost $14,354,333) | 14,797,338 | 0.9 | % | |||||||||
Mississippi | ||||||||||||
Mississippi Development Bank: | ||||||||||||
5.000%, 03/01/2029 (Callable 03/01/2027) | 825,000 | 1,014,952 | ||||||||||
5.250%, 03/01/2035 (Callable 03/01/2028) | 495,000 | 607,328 | ||||||||||
Oxford School District, | ||||||||||||
4.000%, 05/01/2027 | 500,000 | 592,981 | ||||||||||
State of Mississippi: | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2027) | 1,130,000 | 1,422,423 | ||||||||||
5.000%, 10/15/2033 (Callable 10/15/2028) | 2,555,000 | 3,187,655 | ||||||||||
5.000%, 10/15/2035 (Callable 10/15/2028) | 1,000,000 | 1,243,257 | ||||||||||
West Rankin Utility Authority, | ||||||||||||
5.000%, 01/01/2038 (Callable 01/01/2025) | �� | |||||||||||
(Insured by AGM) | 550,000 | 631,018 | ||||||||||
Total Mississippi | ||||||||||||
(Cost $8,234,484) | 8,699,614 | 0.6 | % | |||||||||
Missouri | ||||||||||||
Independence School District, | ||||||||||||
5.500%, 03/01/2035 (Callable 03/01/2027) | ||||||||||||
(Insured by ST AID) | 990,000 | 1,241,476 | ||||||||||
Jackson County School District No. R-IV, | ||||||||||||
5.500%, 03/01/2037 (Callable 03/01/2029) | ||||||||||||
(Insured by ST AID) | 1,040,000 | 1,370,307 | ||||||||||
Jefferson County Consolidated | ||||||||||||
School District No. 6, | ||||||||||||
3.000%, 03/01/2037 (Callable 03/01/2028) | ||||||||||||
(Insured by ST AID) | 1,200,000 | 1,305,999 | ||||||||||
Metropolitan St. Louis Sewer District, | ||||||||||||
5.000%, 05/01/2036 (Callable 05/01/2025) | 1,275,000 | 1,474,429 | ||||||||||
Missouri Housing Development Commission: | ||||||||||||
1.950%, 05/01/2025 (Insured by GNMA) | 75,000 | 77,797 | ||||||||||
3.950%, 11/01/2040 | ||||||||||||
(Callable 05/01/2025)(Insured by GNMA) | 850,000 | 860,288 | ||||||||||
Moberly School District No. 81: | ||||||||||||
4.000%, 03/01/2030 (Callable 03/01/2027) | ||||||||||||
(Insured by ST AID) | 315,000 | 367,098 | ||||||||||
3.000%, 03/01/2037 (Callable 09/01/2028) | ||||||||||||
(Insured by ST AID)(6) | 1,700,000 | 1,846,889 | ||||||||||
3.000%, 03/01/2038 (Callable 09/01/2028) | ||||||||||||
(Insured by ST AID)(6) | 1,800,000 | 1,951,833 | ||||||||||
Normandy Schools Collaborative: | ||||||||||||
3.000%, 03/01/2038 (Callable 03/01/2028) | ||||||||||||
(Insured by ST AID) | 1,950,000 | 2,105,657 | ||||||||||
3.000%, 03/01/2039 (Callable 03/01/2028) | ||||||||||||
(Insured by ST AID) | 2,000,000 | 2,154,298 | ||||||||||
St. Louis County School District, | ||||||||||||
4.000%, 03/01/2031 (Callable 03/01/2025) | 1,480,000 | 1,661,842 | ||||||||||
Total Missouri | ||||||||||||
(Cost $15,988,708) | 16,417,913 | 1.0 | % |
The accompanying notes are an integral part of these financial statements.
Page 140
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Montana | ||||||||||||
Flathead County School District No. 44, | ||||||||||||
4.000%, 07/01/2036 | ||||||||||||
(Callable 07/01/2028) | $ | 210,000 | $ | 242,162 | ||||||||
Montana Facility Finance Authority: | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2027) | 430,000 | 530,083 | ||||||||||
5.000%, 07/01/2029 (Callable 07/01/2027) | 535,000 | 655,476 | ||||||||||
Total Montana | ||||||||||||
(Cost $1,324,010) | 1,427,721 | 0.1 | % | |||||||||
Nebraska | ||||||||||||
City of Lincoln NE, | ||||||||||||
5.000%, 04/01/2023 | 290,000 | 313,792 | ||||||||||
Nebraska Educational Health Cultural | ||||||||||||
& Social Services Finance Authority: | ||||||||||||
4.000%, 01/01/2033 (Callable 01/01/2026) | 400,000 | 450,249 | ||||||||||
4.000%, 01/01/2034 (Callable 01/01/2026) | 2,000,000 | 2,251,303 | ||||||||||
4.000%, 01/01/2035 (Callable 01/01/2026) | 1,000,000 | 1,125,734 | ||||||||||
Nebraska Investment Finance Authority, | ||||||||||||
3.500%, 09/01/2050 (Callable 03/01/2029) | ||||||||||||
(Insured by GNMA) | 1,905,000 | 2,104,864 | ||||||||||
Omaha School District, | ||||||||||||
4.000%, 12/15/2033 (Callable 12/15/2028) | 1,125,000 | 1,347,343 | ||||||||||
University of Nebraska: | ||||||||||||
3.000%, 07/01/2028 | ||||||||||||
(Pre-refunded to 07/01/2026) | 30,000 | 33,603 | ||||||||||
3.000%, 05/15/2035 | ||||||||||||
(Pre-refunded to 05/15/2026) | 20,000 | 22,351 | ||||||||||
3.000%, 07/01/2039 | ||||||||||||
(Pre-refunded to 07/01/2026) | 15,000 | 16,801 | ||||||||||
Village of Boys Town NE, | ||||||||||||
3.000%, 09/01/2028 | 150,000 | 168,897 | ||||||||||
Total Nebraska | ||||||||||||
(Cost $7,581,684) | 7,834,937 | 0.5 | % | |||||||||
Nevada | ||||||||||||
County of Clark NV: | ||||||||||||
5.000%, 07/01/2033 (Callable 07/01/2024) | 1,925,000 | 2,175,744 | ||||||||||
5.000%, 07/01/2035 (Callable 07/01/2025) | 430,000 | 502,100 | ||||||||||
County of Washoe NV, | ||||||||||||
5.000%, 02/01/2033 | 940,000 | 1,193,904 | ||||||||||
Total Nevada | ||||||||||||
(Cost $3,726,951) | 3,871,748 | 0.2 | % | |||||||||
New Hampshire | ||||||||||||
New Hampshire Health and Education | ||||||||||||
Facilities Authority, | ||||||||||||
0.020%, 10/01/2030 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
Total New Hampshire | ||||||||||||
(Cost $1,000,000) | 1,000,000 | 0.1 | % | |||||||||
New Jersey | ||||||||||||
New Jersey Building Authority, | ||||||||||||
5.000%, 06/15/2024 (ETM) | 1,410,000 | 1,601,538 | ||||||||||
New Jersey Economic Development Authority, | ||||||||||||
5.250%, 07/01/2025 | 1,285,000 | 1,526,840 | ||||||||||
New Jersey Educational Facilities Authority, | ||||||||||||
5.000%, 07/01/2044 (Callable 07/01/2024) | 615,000 | 694,929 | ||||||||||
New Jersey Health Care | ||||||||||||
Facilities Financing Authority: | ||||||||||||
0.000%, 07/01/2023 | ||||||||||||
(ETM) (Insured by NATL) | 10,000 | 9,930 | ||||||||||
3.750%, 07/01/2027 (ETM) | 205,000 | 229,671 | ||||||||||
New Jersey Housing & | ||||||||||||
Mortgage Finance Agency: | ||||||||||||
0.750%, 05/01/2023 | ||||||||||||
(Mandatory Tender Date 06/01/2022)(1) | 5,800,000 | 5,823,314 | ||||||||||
6.000%, 11/01/2023 | ||||||||||||
(Pre-refunded to 08/02/2021) | 30,000 | 30,583 | ||||||||||
4.500%, 10/01/2048 (Callable 10/01/2027) | 1,185,000 | 1,332,169 | ||||||||||
2.450%, 10/01/2050 (Callable 04/01/2029) | 625,000 | 636,609 | ||||||||||
New Jersey Transportation | ||||||||||||
Trust Fund Authority: | ||||||||||||
0.000%, 12/15/2026 (Insured by BHAC) | 1,410,000 | 1,338,099 | ||||||||||
0.000%, 12/15/2030 | 960,000 | 826,375 | ||||||||||
Total New Jersey | ||||||||||||
(Cost $13,658,761) | 14,050,057 | 0.9 | % | |||||||||
New Mexico | ||||||||||||
Jal Public School District No. 19, | ||||||||||||
2.750%, 10/01/2027 (Pre-refunded to | ||||||||||||
10/01/2023) (Insured by ST AID) | 600,000 | 632,897 | ||||||||||
New Mexico Finance Authority, | ||||||||||||
4.000%, 06/01/2029 (Callable 06/01/2026) | 2,615,000 | 3,017,565 | ||||||||||
New Mexico Mortgage Finance Authority: | ||||||||||||
3.500%, 07/01/2033 (Callable 01/01/2028) | ||||||||||||
(Insured by GNMA) | 1,005,000 | 1,102,168 | ||||||||||
3.950%, 09/01/2040 (Callable 09/01/2024) | ||||||||||||
(Insured by GNMA) | 950,000 | 999,950 | ||||||||||
New Mexico Mortgage Financial Authority: | ||||||||||||
4.625%, 09/01/2025 (Callable 08/02/2021) | ||||||||||||
(Insured by GNMA) | 85,000 | 85,250 | ||||||||||
3.550%, 09/01/2037 (Callable 03/01/2027) | ||||||||||||
(Insured by GNMA) | 995,000 | 1,072,352 | ||||||||||
Ruidoso Municipal School District No. 3, | ||||||||||||
4.000%, 08/01/2032 (Callable 08/01/2026) | ||||||||||||
(Insured by ST AID) | 115,000 | 130,927 | ||||||||||
Total New Mexico | ||||||||||||
(Cost $6,662,339) | 7,041,109 | 0.4 | % | |||||||||
New York | ||||||||||||
City of New York NY: | ||||||||||||
5.000%, 08/01/2022 | 5,000,000 | 5,262,693 | ||||||||||
5.000%, 12/01/2041 (Callable 12/01/2028) | 1,125,000 | 1,406,416 | ||||||||||
Metropolitan Transportation Authority, | ||||||||||||
5.000%, 11/15/2028 | ||||||||||||
(Pre-refunded to 11/15/2023) | 210,000 | 233,921 | ||||||||||
New York City Housing Development Corp., | ||||||||||||
0.700%, 11/01/2060 (Callable 07/01/2023) | ||||||||||||
(Mandatory Tender Date 07/01/2025)(1) | 2,000,000 | 2,000,176 | ||||||||||
New York City Transitional Finance Authority: | ||||||||||||
5.000%, 08/01/2029 (Callable 08/01/2026) | 1,550,000 | 1,889,973 | ||||||||||
5.000%, 08/01/2030 (Callable 08/01/2024) | 2,500,000 | 2,851,105 | ||||||||||
5.000%, 08/01/2033 (Callable 08/01/2026) | 2,835,000 | 3,444,141 | ||||||||||
5.000%, 05/01/2035 (Callable 05/01/2028) | 4,000,000 | 5,031,550 | ||||||||||
5.000%, 05/01/2042 (Callable 05/01/2027) | 500,000 | 612,820 | ||||||||||
4.000%, 05/01/2043 (Callable 05/01/2029) | 2,500,000 | 2,941,907 | ||||||||||
New York City Water & Sewer System: | ||||||||||||
5.000%, 06/15/2032 (Callable 12/15/2025) | 6,500,000 | 7,733,436 | ||||||||||
5.000%, 06/15/2035 (Callable 12/15/2025) | 500,000 | 592,703 | ||||||||||
4.000%, 06/15/2040 (Callable 12/15/2029) | 500,000 | 597,172 | ||||||||||
5.000%, 06/15/2040 (Callable 12/15/2027) | 2,000,000 | 2,490,336 | ||||||||||
5.000%, 06/15/2040 (Callable 12/15/2027) | 1,850,000 | 2,303,561 | ||||||||||
5.000%, 06/15/2040 (Callable 06/15/2028) | 4,000,000 | 5,041,682 | ||||||||||
New York Liberty Development Corp., | ||||||||||||
4.000%, 09/15/2035 (Callable 03/15/2022) | 3,000,000 | 3,071,525 |
The accompanying notes are an integral part of these financial statements.
Page 141
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
New York State Dormitory Authority: | ||||||||||||
5.000%, 03/15/2030 | ||||||||||||
(Callable 03/15/2024) | $ | 3,735,000 | $ | 4,200,826 | ||||||||
5.000%, 03/15/2033 (Callable 03/15/2025) | 5,050,000 | 5,864,241 | ||||||||||
5.000%, 03/15/2037 (Callable 09/15/2025) | 155,000 | 182,630 | ||||||||||
5.250%, 03/15/2039 (Callable 09/15/2028) | 3,750,000 | 4,810,582 | ||||||||||
5.000%, 03/15/2041 (Callable 03/15/2029) | 2,000,000 | 2,518,722 | ||||||||||
5.000%, 03/15/2048 (Callable 09/15/2028) | 4,550,000 | 5,725,808 | ||||||||||
New York State Environmental Facilities Corp., | ||||||||||||
5.500%, 10/15/2030 (ETM) | 390,000 | 537,679 | ||||||||||
New York State Housing Finance Agency, | ||||||||||||
1.600%, 11/01/2024 (Callable 12/01/2021) | 5,895,000 | 5,928,951 | ||||||||||
New York State Urban Development Corp.: | ||||||||||||
5.000%, 03/15/2022 | 2,015,000 | 2,084,066 | ||||||||||
5.000%, 03/15/2032 (Callable 03/15/2024) | 6,000,000 | 6,722,385 | ||||||||||
5.000%, 03/15/2033 (Callable 03/15/2023) | 280,000 | 301,948 | ||||||||||
State of New York Mortgage Agency, | ||||||||||||
4.000%, 10/01/2049 (Callable 04/01/2028) | 4,120,000 | 4,529,009 | ||||||||||
Triborough Bridge & Tunnel Authority, | ||||||||||||
0.567%, 11/15/2027 (1 Month LIBOR | ||||||||||||
USD + 0.500%) (Callable 08/02/2021) | ||||||||||||
(Mandatory Tender Date 11/15/2021)(2) | 3,180,000 | 3,181,157 | ||||||||||
Total New York | ||||||||||||
(Cost $90,315,261) | 94,093,121 | 6.0 | % | |||||||||
North Carolina | ||||||||||||
City of Charlotte NC, | ||||||||||||
5.000%, 07/01/2031 (Callable 07/01/2028) | 2,580,000 | 3,283,078 | ||||||||||
Inlivian, | ||||||||||||
2.550%, 05/01/2037 | 4,926,076 | 5,150,305 | ||||||||||
North Carolina Eastern | ||||||||||||
Municipal Power Agency, | ||||||||||||
4.500%, 01/01/2024 | ||||||||||||
(Pre-refunded to 01/01/2022) | 1,870,000 | 1,910,796 | ||||||||||
North Carolina Housing Finance Agency: | ||||||||||||
4.000%, 01/01/2050 (Callable 07/01/2028) | 1,090,000 | 1,213,342 | ||||||||||
4.000%, 07/01/2050 (Callable 07/01/2029) | 1,785,000 | 2,005,723 | ||||||||||
State of North Carolina, | ||||||||||||
5.000%, 05/01/2024 (Callable 05/01/2023) | 1,000,000 | 1,086,286 | ||||||||||
University of North Carolina at Chapel Hill, | ||||||||||||
0.467%, 12/01/2041 (1 Month LIBOR | ||||||||||||
USD + 0.400%) (Callable 03/09/2022) | ||||||||||||
(Mandatory Tender Date 11/09/2022)(2) | 7,000,000 | 7,015,924 | ||||||||||
Total North Carolina | ||||||||||||
(Cost $21,125,064) | 21,665,454 | 1.4 | % | |||||||||
North Dakota | ||||||||||||
County of Burleigh ND: | ||||||||||||
5.000%, 07/01/2025 | ||||||||||||
(Pre-refunded to 07/01/2021) | 1,500,000 | 1,500,000 | ||||||||||
5.000%, 07/01/2029 | ||||||||||||
(Pre-refunded to 07/01/2021) | 470,000 | 470,000 | ||||||||||
4.000%, 11/01/2029 (Pre-refunded to | ||||||||||||
11/01/2022)(Insured by AGM) | 425,000 | 446,507 | ||||||||||
North Dakota Housing Finance Agency: | ||||||||||||
3.550%, 07/01/2033 (Callable 01/01/2028) | 2,605,000 | 2,818,380 | ||||||||||
3.450%, 07/01/2037 (Callable 07/01/2026) | ||||||||||||
(Insured by FHA) | 2,155,000 | 2,293,682 | ||||||||||
3.500%, 07/01/2046 (Callable 01/01/2026) | 905,000 | 973,634 | ||||||||||
4.000%, 01/01/2050 (Callable 07/01/2028) | 1,190,000 | 1,349,486 | ||||||||||
North Dakota Public Finance Authority, | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2028) | 2,640,000 | 3,344,797 | ||||||||||
Total North Dakota | ||||||||||||
(Cost $12,823,288) | 13,196,486 | 0.8 | % | |||||||||
Ohio | ||||||||||||
Akron Bath Copley Joint | ||||||||||||
Township Hospital District, | ||||||||||||
3.800%, 01/01/2027 | ||||||||||||
(Pre-refunded to 01/01/2022) | 700,000 | 712,376 | ||||||||||
City of Cleveland OH: | ||||||||||||
5.000%, 12/01/2029 | ||||||||||||
(Pre-refunded to 12/01/2022) | 850,000 | 908,329 | ||||||||||
5.000%, 12/01/2029 (Callable 12/01/2022) | 10,000 | 10,654 | ||||||||||
City of Delaware OH, | ||||||||||||
4.000%, 12/01/2033 (Callable 12/01/2024) | 200,000 | 222,966 | ||||||||||
City of Oxford OH, | ||||||||||||
4.000%, 12/01/2033 (Callable 12/01/2026) | 40,000 | 46,271 | ||||||||||
County of Franklin OH, | ||||||||||||
5.000%, 06/01/2048 (Callable 06/01/2028) | 515,000 | 637,971 | ||||||||||
County of Lucas OH, | ||||||||||||
5.750%, 11/15/2031 | ||||||||||||
(Pre-refunded to 11/15/2021) | 1,110,000 | 1,133,158 | ||||||||||
County of Montgomery OH: | ||||||||||||
5.250%, 05/01/2029 | ||||||||||||
(Pre-refunded to 11/12/2023) | 1,060,000 | 1,181,109 | ||||||||||
5.250%, 05/01/2029 | ||||||||||||
(Pre-refunded to 11/13/2023) | 1,600,000 | 1,774,143 | ||||||||||
Greater Cleveland Regional Transit Authority, | ||||||||||||
5.000%, 12/01/2038 (Callable 06/01/2029) | 325,000 | 415,249 | ||||||||||
Lucas-Plaza Housing Development Corp., | ||||||||||||
0.000%, 06/01/2024 | ||||||||||||
(ETM) (Insured by FHA) | 1,660,000 | 1,634,119 | ||||||||||
Ohio Housing Finance Agency: | ||||||||||||
3.950%, 09/01/2043 (Callable 09/01/2027) | ||||||||||||
(Insured by GNMA) | 290,000 | 314,565 | ||||||||||
3.500%, 09/01/2046 (Callable 09/01/2025) | ||||||||||||
(Insured by GNMA) | 770,000 | 824,968 | ||||||||||
3.750%, 09/01/2050 (Callable 03/01/2029) | ||||||||||||
(Insured by GNMA) | 2,355,000 | 2,635,693 | ||||||||||
State of Ohio: | ||||||||||||
5.000%, 09/01/2033 (Callable 03/01/2024) | 575,000 | 643,630 | ||||||||||
5.000%, 04/01/2039 (Callable 04/01/2030) | 2,000,000 | 2,581,750 | ||||||||||
University of Akron, | ||||||||||||
5.000%, 01/01/2033 (Callable 07/01/2026) | 335,000 | 402,513 | ||||||||||
Total Ohio | ||||||||||||
(Cost $15,658,009) | 16,079,464 | 1.0 | % | |||||||||
Oregon | ||||||||||||
Clackamas County School District No. 12, | ||||||||||||
5.000%, 06/15/2037 (Callable 06/15/2027) | ||||||||||||
(Insured by SCH BD GTY) | 825,000 | 1,010,582 | ||||||||||
Clackamas County Service District No. 1, | ||||||||||||
2.125%, 12/01/2030 (Callable 12/01/2026) | 1,000,000 | 1,047,291 | ||||||||||
County of Multnomah OR, | ||||||||||||
4.000%, 06/01/2030 | ||||||||||||
(Pre-refunded to 06/01/2022) | 1,565,000 | 1,620,298 | ||||||||||
Salem-Keizer School District No. 24J, | ||||||||||||
5.000%, 06/15/2033 (Callable 06/15/2030) | ||||||||||||
(Insured by SCH BD GTY) (5) | 2,535,000 | 3,355,720 | ||||||||||
State of Oregon: | ||||||||||||
4.000%, 12/01/2045 (Callable 06/01/2025) | 1,925,000 | 2,062,563 | ||||||||||
4.000%, 12/01/2048 (Callable 12/01/2026) | 2,210,000 | 2,398,512 | ||||||||||
State of Oregon Housing & | ||||||||||||
Community Services Department: | ||||||||||||
4.000%, 01/01/2047 (Callable 07/01/2025) | 960,000 | 1,027,356 | ||||||||||
3.750%, 07/01/2048 (Callable 01/01/2027) | 1,380,000 | 1,471,855 | ||||||||||
3.500%, 01/01/2051 (Callable 01/01/2029) | 4,015,000 | 4,451,524 |
The accompanying notes are an integral part of these financial statements.
Page 142
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Tri-County Metropolitan | ||||||||||||
Transportation District of Oregon, | ||||||||||||
4.000%, 09/01/2039 | ||||||||||||
(Callable 09/01/2029) | $ | 2,305,000 | $ | 2,772,197 | ||||||||
Washington County School District No. 1, | ||||||||||||
5.000%, 06/15/2035 (Callable 06/15/2027) | ||||||||||||
(Insured by SCH BD GTY) | 600,000 | 738,891 | ||||||||||
Total Oregon | ||||||||||||
(Cost $21,357,810) | 21,956,789 | 1.4 | % | |||||||||
Pennsylvania | ||||||||||||
Centennial School District Bucks County, | ||||||||||||
4.000%, 12/15/2029 (Callable 12/15/2024) | ||||||||||||
(Insured by ST AID) | 265,000 | 296,734 | ||||||||||
Commonwealth Financing Authority, | ||||||||||||
4.000%, 06/01/2039 (Callable 06/01/2028) | ||||||||||||
(Insured by AGM) | 1,500,000 | 1,721,237 | ||||||||||
Delaware Valley Regional Finance Authority: | ||||||||||||
0.550%, 09/01/2048 | ||||||||||||
(SIFMA Municipal Swap Index + 0.530%) | ||||||||||||
(Callable 09/01/2022) | ||||||||||||
(Mandatory Tender Date 09/01/2023)(2) | 2,000,000 | 1,997,943 | ||||||||||
0.080%, 11/01/2055 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 4,000,000 | 4,000,000 | ||||||||||
Lancaster County Hospital Authority, | ||||||||||||
0.060%, 05/15/2030 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 1,900,000 | 1,900,000 | ||||||||||
Mckeesport Area School District, | ||||||||||||
0.000%, 10/01/2025 (ETM) | 110,000 | 106,874 | ||||||||||
Pennsylvania Higher Educational | ||||||||||||
Facilities Authority, | ||||||||||||
5.750%, 08/15/2041 | ||||||||||||
(Pre-refunded to 08/15/2021) | 535,000 | 538,609 | ||||||||||
Pennsylvania Housing Finance Agency: | ||||||||||||
2.450%, 07/01/2022 | ||||||||||||
(Mandatory Tender Date 07/01/2021)(1) | 5,325,000 | 5,325,000 | ||||||||||
3.500%, 10/01/2046 (Callable 10/01/2025) | 815,000 | 858,177 | ||||||||||
3.500%, 04/01/2051 (Callable 10/01/2029) | 4,160,000 | 4,504,113 | ||||||||||
Pittsburgh Water & Sewer Authority: | ||||||||||||
0.000%, 09/01/2026 (ETM) | 720,000 | 689,854 | ||||||||||
0.000%, 09/01/2027 (ETM) | 1,075,000 | 1,011,515 | ||||||||||
0.000%, 09/01/2028 (ETM) | 360,000 | 333,266 | ||||||||||
Total Pennsylvania | ||||||||||||
(Cost $22,855,352) | 23,283,322 | 1.5 | % | |||||||||
Puerto Rico | ||||||||||||
Puerto Rico Highways & | ||||||||||||
Transportation Authority, | ||||||||||||
5.250%, 07/01/2022 | ||||||||||||
(ETM) (Insured by AGM) | 1,150,000 | 1,206,758 | ||||||||||
Puerto Rico Public Finance Corp.: | ||||||||||||
5.125%, 06/01/2024 (Insured by AMBAC) | 3,815,000 | 4,113,239 | ||||||||||
6.000%, 08/01/2026 (ETM) | 4,340,000 | 5,439,213 | ||||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | 1,055,000 | 1,331,192 | ||||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | 1,155,000 | 1,447,532 | ||||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | 1,785,000 | 2,257,397 | ||||||||||
6.000%, 08/01/2026 | ||||||||||||
(ETM) (Insured by AGC) | 1,310,000 | 1,652,950 | ||||||||||
5.500%, 08/01/2027 | ||||||||||||
(ETM) (Insured by AMBAC) | 6,500,000 | 8,238,897 | ||||||||||
Total Puerto Rico | ||||||||||||
(Cost $24,163,089) | 25,687,178 | 1.6 | % | |||||||||
Rhode Island | ||||||||||||
Rhode Island Housing & | ||||||||||||
Mortgage Finance Corp., | ||||||||||||
3.500%, 10/01/2050 | ||||||||||||
(Callable 10/01/2029) | 1,385,000 | 1,528,700 | ||||||||||
State of Rhode Island, | ||||||||||||
5.000%, 08/01/2024 | 5,000,000 | 5,723,770 | ||||||||||
Total Rhode Island | ||||||||||||
(Cost $6,863,343) | 7,252,470 | 0.5 | % | |||||||||
South Carolina | ||||||||||||
Charleston Educational Excellence | ||||||||||||
Finance Corp., | ||||||||||||
5.000%, 12/01/2026 (Callable 12/01/2023) | 4,625,000 | 5,142,967 | ||||||||||
City of Columbia SC: | ||||||||||||
5.000%, 02/01/2029 (Callable 02/01/2028) | 25,000 | 31,680 | ||||||||||
5.000%, 02/01/2049 | ||||||||||||
(Pre-refunded to 02/01/2029) | 2,280,000 | 2,975,158 | ||||||||||
Patriots Energy Group Financing Agency, | ||||||||||||
0.927%, 10/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.860%) (Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(2) | 2,895,000 | 2,921,304 | ||||||||||
Piedmont Municipal Power Agency, | ||||||||||||
5.375%, 01/01/2025 | ||||||||||||
(ETM) (Insured by NATL) | 5,465,000 | 6,335,865 | ||||||||||
South Carolina Jobs-Economic | ||||||||||||
Development Authority, | ||||||||||||
0.100%, 05/01/2048 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 1,600,000 | 1,600,000 | ||||||||||
Tobacco Settlement Revenue | ||||||||||||
Management Authority, | ||||||||||||
6.375%, 05/15/2030 (ETM) | 250,000 | 350,480 | ||||||||||
Total South Carolina | ||||||||||||
(Cost $18,761,740) | 19,357,454 | 1.2 | % | |||||||||
South Dakota | ||||||||||||
Harrisburg School District No. 41-2, | ||||||||||||
2.375%, 08/01/2026 (Insured by ST AID) | 415,000 | 435,250 | ||||||||||
Sioux Falls School District No. 49-5, | ||||||||||||
1.375%, 08/01/2021 (Insured by ST AID) | 25,000 | 25,024 | ||||||||||
South Dakota Housing | ||||||||||||
Development Authority, | ||||||||||||
3.375%, 05/01/2033 (Callable 05/01/2022) | 330,000 | 334,250 | ||||||||||
South Dakota State Building Authority, | ||||||||||||
4.000%, 06/01/2040 (Callable 06/01/2030) | 365,000 | 436,190 | ||||||||||
Total South Dakota | ||||||||||||
(Cost $1,202,237) | 1,230,714 | 0.1 | % | |||||||||
Tennessee | ||||||||||||
City of Murfreesboro TN: | ||||||||||||
3.000%, 06/01/2030 (Callable 06/01/2023) | 3,400,000 | 3,556,591 | ||||||||||
3.000%, 06/01/2031 (Callable 06/01/2023) | 3,005,000 | 3,140,348 | ||||||||||
Memphis Health Educational & | ||||||||||||
Housing Facility Board, | ||||||||||||
0.625%, 06/01/2023 (Mandatory Tender | ||||||||||||
Date 06/01/2022)(1) | 2,500,000 | 2,508,342 | ||||||||||
Nashville & Davidson County | ||||||||||||
Metropolitan Government, | ||||||||||||
4.875%, 11/01/2028 | ||||||||||||
(ETM) (Insured by NATL) | 1,840,000 | 2,141,623 | ||||||||||
Tennessee Housing Development Agency: | ||||||||||||
3.850%, 01/01/2035 (Callable 01/01/2025) | 375,000 | 400,468 | ||||||||||
3.900%, 07/01/2042 (Callable 07/01/2027) | 635,000 | 696,257 | ||||||||||
4.000%, 01/01/2043 (Callable 07/01/2027) | 910,000 | 996,478 | ||||||||||
3.650%, 07/01/2047 (Callable 01/01/2027) | 1,050,000 | 1,112,851 |
The accompanying notes are an integral part of these financial statements.
Page 143
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Tennessee Housing | ||||||||||||
Development Agency: (cont.) | ||||||||||||
4.050%, 01/01/2049 | ||||||||||||
(Callable 01/01/2028) | $ | 2,565,000 | $ | 2,815,876 | ||||||||
4.250%, 01/01/2050 (Callable 07/01/2028) | 1,480,000 | 1,644,366 | ||||||||||
Total Tennessee | ||||||||||||
(Cost $18,407,792) | 19,013,200 | 1.2 | % | |||||||||
Texas | ||||||||||||
Amarillo Independent School District, | ||||||||||||
5.000%, 02/01/2026 | ||||||||||||
(Callable 02/01/2024) (PSF Guaranteed) | 1,370,000 | 1,533,261 | ||||||||||
Anna Independent School District, | ||||||||||||
5.000%, 08/15/2035 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 910,000 | 1,095,563 | ||||||||||
Arlington Higher Education Finance Corp.: | ||||||||||||
4.000%, 08/15/2024 (PSF Guaranteed) | 1,025,000 | 1,123,769 | ||||||||||
5.000%, 08/15/2024 | ||||||||||||
(ETM) (PSF Guaranteed) | 1,010,000 | 1,154,220 | ||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 100,000 | 113,936 | ||||||||||
5.000%, 08/15/2026 (PSF Guaranteed) | 500,000 | 605,583 | ||||||||||
4.000%, 08/15/2027 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 875,000 | 1,002,208 | ||||||||||
5.000%, 02/15/2028 | ||||||||||||
(Callable 02/15/2025) (PSF Guaranteed) | 1,905,000 | 2,191,944 | ||||||||||
4.000%, 08/15/2028 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 850,000 | 967,205 | ||||||||||
5.000%, 08/15/2028 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 555,000 | 634,250 | ||||||||||
3.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 835,000 | 960,245 | ||||||||||
3.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2031) (PSF Guaranteed) | 1,070,000 | 1,226,083 | ||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 475,000 | 523,101 | ||||||||||
5.000%, 08/15/2033 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 1,460,000 | 1,668,477 | ||||||||||
4.000%, 08/15/2034 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 195,000 | 217,805 | ||||||||||
4.000%, 08/15/2035 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 455,000 | 507,719 | ||||||||||
4.000%, 12/01/2035 | ||||||||||||
(Callable 06/01/2027) (PSF Guaranteed) | 450,000 | 517,516 | ||||||||||
Austin Community College District, | ||||||||||||
5.000%, 08/01/2035 (Callable 08/01/2025) | 1,175,000 | 1,376,083 | ||||||||||
Austin Community College | ||||||||||||
District Public Facility Corp., | ||||||||||||
5.000%, 08/01/2033 (Callable 08/01/2025) | 750,000 | 876,372 | ||||||||||
Balmorhea Independent School District, | ||||||||||||
4.000%, 02/15/2042 | ||||||||||||
(Callable 02/15/2024) (PSF Guaranteed) | 350,000 | 373,874 | ||||||||||
Barbers Hill Independent School District, | ||||||||||||
4.000%, 02/15/2037 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 860,000 | 978,125 | ||||||||||
Bexar Metropolitan Water District, | ||||||||||||
0.000%, 05/01/2027 | ||||||||||||
(ETM) (Insured by NATL) | 50,000 | 47,394 | ||||||||||
Blum Independent School District: | ||||||||||||
4.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 165,000 | 190,941 | ||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 210,000 | 242,553 | ||||||||||
Brazoria County Toll Road Authority, | ||||||||||||
0.000%, 03/01/2044 | ||||||||||||
(Callable 03/01/2030)(5) | 255,000 | 254,334 | ||||||||||
Burleson Independent School District, | ||||||||||||
5.000%, 08/01/2025 (PSF Guaranteed) | 1,260,000 | 1,490,696 | ||||||||||
City of Dallas TX, | ||||||||||||
5.000%, 02/15/2029 | 1,875,000 | 2,411,915 | ||||||||||
City of Fort Worth TX, | ||||||||||||
4.000%, 02/15/2035 (Callable 02/15/2028) | 2,530,000 | 2,968,885 | ||||||||||
City of Houston TX: | ||||||||||||
5.500%, 12/01/2024 | ||||||||||||
(ETM) (Insured by NATL) | 1,835,000 | 2,066,116 | ||||||||||
0.000%, 12/01/2026 | ||||||||||||
(ETM) (Insured by AGM) | 465,000 | 445,569 | ||||||||||
0.000%, 12/01/2027 | ||||||||||||
(ETM) (Insured by AGM) | 25,000 | 23,481 | ||||||||||
5.500%, 12/01/2029 | ||||||||||||
(ETM) (Insured by NATL) | 16,050,000 | 20,659,667 | ||||||||||
5.750%, 12/01/2032 | ||||||||||||
(ETM) (Insured by AGM) | 29,965,000 | 44,709,626 | ||||||||||
City of San Antonio TX, | ||||||||||||
5.000%, 02/01/2025 (ETM) | 175,000 | 203,521 | ||||||||||
Cleveland Independent School District, | ||||||||||||
5.000%, 02/15/2046 | ||||||||||||
(Callable 02/15/2026) (PSF Guaranteed) | 1,000,000 | 1,182,755 | ||||||||||
Clifton Higher Education Finance Corp.: | ||||||||||||
5.000%, 08/15/2029 | ||||||||||||
(Callable 08/15/2024) (PSF Guaranteed) | 215,000 | 244,461 | ||||||||||
4.000%, 08/15/2031 | ||||||||||||
(Callable 08/15/2026) (PSF Guaranteed) | 120,000 | 135,781 | ||||||||||
4.000%, 08/15/2044 | ||||||||||||
(Callable 08/15/2029) (PSF Guaranteed) | 550,000 | 650,727 | ||||||||||
County of Bexar TX: | ||||||||||||
4.000%, 06/15/2030 (Callable 06/15/2026) | 150,000 | 173,226 | ||||||||||
4.000%, 06/15/2033 (Callable 06/15/2025) | 3,795,000 | 4,275,951 | ||||||||||
5.000%, 06/15/2036 (Callable 06/15/2026) | 2,145,000 | 2,579,915 | ||||||||||
County of Harris TX: | ||||||||||||
5.000%, 10/01/2026 (Callable 10/01/2025) | 4,170,000 | 4,982,056 | ||||||||||
5.000%, 08/15/2030 (Callable 08/15/2022) | 700,000 | 737,679 | ||||||||||
County of Montgomery TX, | ||||||||||||
5.000%, 03/01/2027 | ||||||||||||
(Pre-refunded to 03/01/2022) | 665,000 | 686,528 | ||||||||||
County of Williamson TX: | ||||||||||||
4.000%, 02/15/2034 (Callable 08/15/2026) | 2,270,000 | 2,613,468 | ||||||||||
4.000%, 02/15/2039 (Callable 02/15/2029) | 1,350,000 | 1,621,455 | ||||||||||
Crowley Independent School District, | ||||||||||||
5.000%, 08/01/2036 (Pre-refunded to | ||||||||||||
08/01/2025) (PSF Guaranteed) | 2,000,000 | 2,365,742 | ||||||||||
Dallas Independent School District: | ||||||||||||
5.000%, 02/15/2036 (Pre-refunded to | ||||||||||||
02/15/2022) (PSF Guaranteed) | 390,000 | 401,681 | ||||||||||
5.000%, 02/15/2036 (Pre-refunded to | ||||||||||||
02/15/2022) (PSF Guaranteed)(1) | 700,000 | 720,967 | ||||||||||
5.000%, 02/15/2036 (Pre-refunded to | ||||||||||||
02/15/2022)(PSF Guaranteed)(1) | 705,000 | 726,341 | ||||||||||
Decatur Hospital Authority, | ||||||||||||
5.750%, 09/01/2029 (ETM) | 460,000 | 560,844 | ||||||||||
DeSoto Independent School District: | ||||||||||||
5.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2025) (Insured by BAM) | 1,080,000 | 1,263,460 | ||||||||||
5.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2024) (PSF Guaranteed) | 1,825,000 | 2,076,900 | ||||||||||
Eagle Mountain & Saginaw | ||||||||||||
Independent School District, | ||||||||||||
4.000%, 08/15/2045 | ||||||||||||
(Callable 08/15/2025) (PSF Guaranteed) | 675,000 | 755,658 |
The accompanying notes are an integral part of these financial statements.
Page 144
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Ennis Independent School District, | ||||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | $ | 1,145,000 | $ | 1,354,322 | ||||||||
Forney Independent School District, | ||||||||||||
5.000%, 08/15/2034 | ||||||||||||
(Callable 08/15/2025) (PSF Guaranteed) | 525,000 | 615,114 | ||||||||||
Fort Bend Independent School District: | ||||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 1,655,000 | 1,897,313 | ||||||||||
4.000%, 08/15/2036 | ||||||||||||
(Callable 08/15/2030) (PSF Guaranteed) | 975,000 | 1,195,836 | ||||||||||
Godley Independent School District, | ||||||||||||
5.000%, 02/15/2023 (PSF Guaranteed) | 1,445,000 | 1,556,492 | ||||||||||
Harlingen Consolidated Independent | ||||||||||||
School District: | ||||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 2,810,000 | 3,210,084 | ||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 1,445,000 | 1,708,517 | ||||||||||
Harris County Cultural Education | ||||||||||||
Facilities Finance Corp., | ||||||||||||
7.000%, 01/01/2048 | ||||||||||||
(Pre-refunded to 01/01/2023) | 3,800,000 | 4,175,820 | ||||||||||
Harris County Health Facilities | ||||||||||||
Development Corp.: | ||||||||||||
5.750%, 07/01/2027 (ETM) | 5,000,000 | 6,037,300 | ||||||||||
6.250%, 07/01/2027 (ETM) | 7,295,000 | 8,958,260 | ||||||||||
Harris County Toll Road Authority, | ||||||||||||
5.000%, 08/15/2028 (Callable 02/15/2028) | 770,000 | 975,988 | ||||||||||
Hays Consolidated Independent | ||||||||||||
School District, | ||||||||||||
4.000%, 02/15/2033 | ||||||||||||
(Callable 02/15/2027) (PSF Guaranteed) | 880,000 | 1,012,710 | ||||||||||
Honda Auto Receivables Owner Trust, | ||||||||||||
5.000%, 02/15/2026 | ||||||||||||
(Callable 02/15/2024) (PSF Guaranteed) | 1,030,000 | 1,137,353 | ||||||||||
Houston Higher Education Finance Corp., | ||||||||||||
5.000%, 02/15/2034 | ||||||||||||
(Callable 02/15/2024) (PSF Guaranteed) | 1,795,000 | 1,953,779 | ||||||||||
Humble Independent School District, | ||||||||||||
5.000%, 02/15/2036 | ||||||||||||
(Callable 02/15/2027) (PSF Guaranteed) | 1,000,000 | 1,212,456 | ||||||||||
Irving Independent School District, | ||||||||||||
5.000%, 02/15/2025 | ||||||||||||
(Callable 08/15/2024) (PSF Guaranteed) | 1,250,000 | 1,429,652 | ||||||||||
Kenedy Independent School District: | ||||||||||||
4.000%, 08/15/2031 (Pre-refunded to | ||||||||||||
08/15/2023) (PSF Guaranteed) | 100,000 | 107,944 | ||||||||||
4.000%, 08/15/2035 (Pre-refunded to | ||||||||||||
08/15/2021) (PSF Guaranteed) | 100,000 | 100,459 | ||||||||||
4.000%, 08/15/2036 (Pre-refunded to | ||||||||||||
08/15/2021) (PSF Guaranteed) | 150,000 | 150,689 | ||||||||||
4.000%, 08/15/2037 (Pre-refunded to | ||||||||||||
08/15/2021) (PSF Guaranteed) | 100,000 | 100,460 | ||||||||||
4.000%, 08/15/2038 (Pre-refunded to | ||||||||||||
08/15/2021) (PSF Guaranteed) | 100,000 | 100,460 | ||||||||||
Kirbyville Consolidated | ||||||||||||
Independent School District, | ||||||||||||
4.000%, 02/15/2029 (Pre-refunded to | ||||||||||||
02/15/2024) (PSF Guaranteed) | 160,000 | 174,774 | ||||||||||
Klein Independent School District, | ||||||||||||
4.000%, 08/01/2031 | ||||||||||||
(Callable 08/01/2025) (PSF Guaranteed) | 1,000,000 | 1,134,896 | ||||||||||
La Joya Independent School District, | ||||||||||||
4.000%, 02/15/2035 (Callable 02/15/2027) | ||||||||||||
(Insured by AGM) | 910,000 | 1,020,144 | ||||||||||
La Porte Independent School District, | ||||||||||||
5.000%, 02/15/2025 (PSF Guaranteed) | 1,080,000 | 1,255,720 | ||||||||||
Leander Independent School District: | ||||||||||||
0.000%, 08/15/2034 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 125,000 | 75,758 | ||||||||||
0.000%, 08/15/2035 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 375,000 | 213,679 | ||||||||||
0.000%, 08/15/2036 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 55,000 | 29,500 | ||||||||||
0.000%, 08/15/2037 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 700,000 | 371,770 | ||||||||||
0.000%, 08/15/2039 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 550,000 | 248,130 | ||||||||||
0.000%, 08/15/2040 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 635,000 | 290,774 | ||||||||||
0.000%, 08/15/2040 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 20,000 | 9,158 | ||||||||||
0.000%, 08/15/2041 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 8,915,000 | 3,593,283 | ||||||||||
0.000%, 08/15/2041 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 135,000 | 58,548 | ||||||||||
0.000%, 08/15/2042 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 1,500,000 | 571,546 | ||||||||||
0.000%, 08/15/2043 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 200,000 | 72,146 | ||||||||||
0.000%, 08/15/2045 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 2,000,000 | 639,692 | ||||||||||
0.000%, 08/15/2046 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 150,000 | 45,082 | ||||||||||
0.000%, 08/15/2047 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 190,000 | 53,616 | ||||||||||
0.000%, 08/15/2048 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 750,000 | 199,028 | ||||||||||
Lower Colorado River Authority: | ||||||||||||
4.750%, 01/01/2028 | ||||||||||||
(ETM) (Insured by AGM) | 1,360,000 | 1,564,418 | ||||||||||
5.000%, 05/15/2040 (Callable 05/15/2025) | 1,970,000 | 2,265,039 | ||||||||||
Lubbock Housing Finance Corp., | ||||||||||||
8.000%, 10/01/2021 (ETM) | 1,980,000 | 2,017,078 | ||||||||||
Luling Independent School District: | ||||||||||||
4.000%, 02/15/2028 (PSF Guaranteed) | 190,000 | 228,731 | ||||||||||
4.000%, 02/15/2029 | ||||||||||||
(Callable 02/15/2028) (PSF Guaranteed) | 90,000 | 107,599 | ||||||||||
McKinney Independent School District, | ||||||||||||
4.000%, 02/15/2034 | ||||||||||||
(Callable 02/15/2026) (PSF Guaranteed) | 1,325,000 | 1,502,905 | ||||||||||
Melissa Independent School District, | ||||||||||||
5.000%, 08/01/2036 | ||||||||||||
(Callable 08/01/2026) (PSF Guaranteed) | 1,020,000 | 1,224,468 | ||||||||||
Mesquite Independent School District: | ||||||||||||
5.000%, 08/15/2024 (PSF Guaranteed) | 1,425,000 | 1,631,719 | ||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 2,615,000 | 3,098,939 | ||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 1,500,000 | 1,777,594 | ||||||||||
Midlothian Independent School District, | ||||||||||||
5.000%, 02/15/2047 | ||||||||||||
(Callable 02/15/2027) (PSF Guaranteed) | 1,000,000 | 1,217,518 | ||||||||||
Millsap Independent School District, | ||||||||||||
4.000%, 02/15/2026 | ||||||||||||
(Callable 02/15/2024) (PSF Guaranteed) | 335,000 | 365,042 | ||||||||||
Montgomery County Health | ||||||||||||
Facilities Development Corp., | ||||||||||||
0.000%, 07/15/2023 (ETM) | 200,000 | 198,581 | ||||||||||
Moulton Independent School District: | ||||||||||||
4.000%, 08/15/2031 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 235,000 | 274,346 |
The accompanying notes are an integral part of these financial statements.
Page 145
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Moulton Independent School District: (cont.) | ||||||||||||
4.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | $ | 200,000 | $ | 233,012 | ||||||||
4.000%, 08/15/2034 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 225,000 | 261,044 | ||||||||||
4.000%, 08/15/2035 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 545,000 | 631,582 | ||||||||||
4.000%, 08/15/2036 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 285,000 | 329,728 | ||||||||||
Navasota Independent School District, | ||||||||||||
5.000%, 02/15/2048 | ||||||||||||
(Callable 02/15/2025) (PSF Guaranteed) | 6,785,000 | 7,718,294 | ||||||||||
New Caney Independent School District: | ||||||||||||
5.000%, 02/15/2023 (PSF Guaranteed) | 1,000,000 | 1,078,007 | ||||||||||
5.000%, 02/15/2024 (PSF Guaranteed) | 1,030,000 | 1,156,766 | ||||||||||
5.000%, 02/15/2039 | ||||||||||||
(Callable 08/15/2027)(PSF Guaranteed) | 500,000 | 612,851 | ||||||||||
New Hope Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
5.000%, 04/01/2025 (ETM) | 715,000 | 836,327 | ||||||||||
5.000%, 08/15/2047 | ||||||||||||
(Callable 08/15/2027) | 1,000,000 | 1,203,346 | ||||||||||
Newark Higher Education Finance Corp., | ||||||||||||
4.000%, 08/15/2022 (PSF Guaranteed) | 215,000 | 224,120 | ||||||||||
North East Independent School District, | ||||||||||||
5.000%, 02/01/2024 (PSF Guaranteed) | 2,930,000 | 3,291,279 | ||||||||||
North Texas Tollway Authority: | ||||||||||||
0.000%, 09/01/2037 | ||||||||||||
(Pre-refunded to 09/01/2031) | 3,555,000 | 1,997,694 | ||||||||||
0.000%, 09/01/2043 | ||||||||||||
(Pre-refunded to 09/01/2031) | 25,115,000 | 8,994,952 | ||||||||||
0.000%, 09/01/2043 | ||||||||||||
(Pre-refunded to 09/01/2031)(5) | 3,205,000 | 4,461,907 | ||||||||||
0.000%, 09/01/2045 | ||||||||||||
(Pre-refunded to 09/01/2031)(5) | 1,390,000 | 2,093,762 | ||||||||||
Northside Independent School District, | ||||||||||||
5.000%, 08/15/2025 (PSF Guaranteed) | 1,000,000 | 1,187,317 | ||||||||||
Pasadena Independent School District, | ||||||||||||
1.500%, 02/15/2044 (Mandatory Tender | ||||||||||||
Date 08/15/2024) (PSF Guaranteed)(1) | 1,360,000 | 1,402,797 | ||||||||||
Pflugerville Independent School District: | ||||||||||||
5.000%, 02/15/2025 (Pre-refunded to | ||||||||||||
02/15/2024) (PSF Guaranteed) | 1,020,000 | 1,146,416 | ||||||||||
4.000%, 02/15/2027 (Callable 02/15/2026) | 460,000 | 525,231 | ||||||||||
4.000%, 02/15/2029 (Callable 02/15/2026) | 165,000 | 187,246 | ||||||||||
4.000%, 02/15/2032 (Callable 02/15/2026) | 200,000 | 225,128 | ||||||||||
5.000%, 02/15/2037 | ||||||||||||
(Callable 02/15/2026) (PSF Guaranteed) | 100,000 | 117,977 | ||||||||||
Princeton Independent School District, | ||||||||||||
5.000%, 02/15/2032 | ||||||||||||
(Callable 02/15/2025) (PSF Guaranteed) | 560,000 | 645,653 | ||||||||||
Prosper Independent School District, | ||||||||||||
5.000%, 02/15/2031 | ||||||||||||
(Callable 02/15/2028) (PSF Guaranteed) | 1,020,000 | 1,285,019 | ||||||||||
Red River Education Finance Corp., | ||||||||||||
5.000%, 03/15/2043 | ||||||||||||
(Pre-refunded to 03/15/2023) | 4,500,000 | 4,870,201 | ||||||||||
Rockwall Independent School District, | ||||||||||||
5.000%, 02/15/2038 | ||||||||||||
(Callable 08/02/2021) (PSF Guaranteed) | 745,000 | 747,756 | ||||||||||
San Angelo Independent School District, | ||||||||||||
5.000%, 02/15/2029 (Pre-refunded to | ||||||||||||
02/15/2024) (PSF Guaranteed) | 1,500,000 | 1,685,906 | ||||||||||
San Antonio Housing Trust Finance Corp., | ||||||||||||
1.375%, 09/01/2022 (Mandatory Tender | ||||||||||||
Date 09/01/2021)(1) | 1,720,000 | 1,722,972 | ||||||||||
San Antonio Public Facilities Corp., | ||||||||||||
4.000%, 09/15/2034 (Callable 09/15/2022) | 1,750,000 | 1,816,506 | ||||||||||
Sherman Independent School District, | ||||||||||||
5.000%, 02/15/2026 | ||||||||||||
(Callable 02/15/2024) (PSF Guaranteed) | 1,775,000 | 1,986,016 | ||||||||||
Smithville Independent School District: | ||||||||||||
4.000%, 08/15/2031 | ||||||||||||
(Callable 08/15/2028) (PSF Guaranteed) | 185,000 | 220,971 | ||||||||||
4.000%, 08/15/2032 | ||||||||||||
(Callable 08/15/2028) (PSF Guaranteed) | 100,000 | 119,393 | ||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2028) (PSF Guaranteed) | 110,000 | 131,078 | ||||||||||
Socorro Independent School District, | ||||||||||||
4.000%, 08/15/2033 | ||||||||||||
(Callable 02/15/2027) (PSF Guaranteed) | 900,000 | 1,042,094 | ||||||||||
State of Texas: | ||||||||||||
5.000%, 04/01/2038 (Callable 04/01/2026) | 2,000,000 | 2,387,313 | ||||||||||
4.000%, 04/01/2046 (Callable 04/01/2026) | 4,110,000 | 4,560,922 | ||||||||||
Tarrant County Health Facilities | ||||||||||||
Development Corp., | ||||||||||||
6.000%, 09/01/2024 (ETM) | 3,850,000 | 4,217,638 | ||||||||||
Terrell Independent School District, | ||||||||||||
4.000%, 08/01/2037 | ||||||||||||
(Callable 08/01/2026) (PSF Guaranteed) | 510,000 | 576,973 | ||||||||||
Texas Department of Housing | ||||||||||||
& Community Affairs: | ||||||||||||
3.400%, 03/01/2035 (Callable 09/01/2034) | 4,725,862 | 5,253,566 | ||||||||||
2.150%, 09/01/2035 (Callable 03/01/2029) | 1,370,000 | 1,399,927 | ||||||||||
4.000%, 03/01/2050 (Callable 09/01/2028) | ||||||||||||
(Insured by GNMA) | 1,015,000 | 1,149,990 | ||||||||||
Texas State Affordable Housing Corp., | ||||||||||||
4.250%, 03/01/2049 (Callable 03/01/2029) | ||||||||||||
(Insured by GNMA) | 380,000 | 421,693 | ||||||||||
Texas Water Development Board: | ||||||||||||
4.000%, 10/15/2033 (Callable 10/15/2027) | 600,000 | 711,344 | ||||||||||
5.000%, 10/15/2033 (Callable 10/15/2025) | 1,250,000 | 1,484,794 | ||||||||||
4.000%, 10/15/2034 (Callable 04/15/2028) | 2,000,000 | 2,380,575 | ||||||||||
4.000%, 10/15/2034 (Callable 10/15/2028) | 975,000 | 1,173,670 | ||||||||||
4.000%, 04/15/2038 (Callable 10/15/2027) | 1,900,000 | 2,235,452 | ||||||||||
Town of Flower Mound TX, | ||||||||||||
5.000%, 03/01/2033 (Callable 03/01/2024) | 250,000 | 279,910 | ||||||||||
Tyler Health Facilities Development Corp., | ||||||||||||
5.500%, 07/01/2027 | ||||||||||||
(Pre-refunded to 07/01/2021) | 600,000 | 600,000 | ||||||||||
United Independent School District: | ||||||||||||
5.000%, 08/15/2033 | ||||||||||||
(Callable 08/15/2028) (PSF Guaranteed) | 835,000 | 1,060,988 | ||||||||||
5.000%, 08/15/2038 | ||||||||||||
(Callable 08/15/2027) (PSF Guaranteed) | 225,000 | 278,495 | ||||||||||
Waxahachie Independent School District, | ||||||||||||
5.000%, 02/15/2039 | ||||||||||||
(Callable 02/15/2026) (PSF Guaranteed) | 785,000 | 926,903 | ||||||||||
Webb Consolidated Independent | ||||||||||||
School District: | ||||||||||||
4.000%, 02/15/2033 (Pre-refunded to | ||||||||||||
02/15/2025) (PSF Guaranteed) | 175,000 | 197,211 | ||||||||||
4.000%, 02/15/2033 | ||||||||||||
(Callable 02/15/2025) (PSF Guaranteed) | 75,000 | 83,900 | ||||||||||
Wylie Independent School District, | ||||||||||||
6.750%, 08/15/2023 (PSF Guaranteed) | 1,010,000 | 1,148,194 |
The accompanying notes are an integral part of these financial statements.
Page 146
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Ysleta Independent School District: | ||||||||||||
5.000%, 08/15/2023 (Pre-refunded to | ||||||||||||
08/15/2021) (PSF Guaranteed) | $ | 1,020,000 | $ | 1,025,967 | ||||||||
5.000%, 08/15/2025 | ||||||||||||
(Callable 08/15/2024) (PSF Guaranteed) | 1,545,000 | 1,764,975 | ||||||||||
Total Texas | ||||||||||||
(Cost $267,106,299) | 282,150,609 | 17.9 | % | |||||||||
Utah | ||||||||||||
State of Utah: | ||||||||||||
3.000%, 07/01/2033 (Callable 01/01/2029) | 1,500,000 | 1,689,530 | ||||||||||
3.000%, 07/01/2034 (Callable 01/01/2029) | 2,000,000 | 2,239,350 | ||||||||||
Timpanogos Special Service District, | ||||||||||||
4.000%, 06/01/2028 (Callable 06/01/2024) | 425,000 | 465,861 | ||||||||||
University of Utah, | ||||||||||||
5.000%, 08/01/2044 (Callable 08/01/2028) | 2,000,000 | 2,482,667 | ||||||||||
Utah Charter School Finance Authority: | ||||||||||||
5.000%, 04/15/2024 (Insured by UT CSCE) | 235,000 | 261,537 | ||||||||||
5.000%, 04/15/2037 (Callable 04/15/2026) | ||||||||||||
(Insured by UT CSCE) | 500,000 | 572,904 | ||||||||||
Utah Housing Corp., | ||||||||||||
4.000%, 01/01/2045 (Callable 01/01/2026) | ||||||||||||
(Insured by FHA) | 3,550,000 | 3,822,878 | ||||||||||
Total Utah | ||||||||||||
(Cost $11,335,104) | 11,534,727 | 0.7 | % | |||||||||
Vermont | ||||||||||||
City of Burlington VT: | ||||||||||||
5.500%, 07/01/2029 | ||||||||||||
(Pre-refunded to 07/01/2021) | 265,000 | 265,000 | ||||||||||
5.625%, 07/01/2030 | ||||||||||||
(Pre-refunded to 07/01/2021) | 315,000 | 315,000 | ||||||||||
5.750%, 07/01/2031 | ||||||||||||
(Pre-refunded to 07/01/2021) | 460,000 | 460,000 | ||||||||||
Vermont Housing Finance Agency: | ||||||||||||
3.600%, 11/01/2036 (Callable 11/01/2025) | 1,445,000 | 1,537,233 | ||||||||||
4.000%, 05/01/2048 (Callable 11/01/2026) | ||||||||||||
(Insured by GNMA) | 770,000 | 824,425 | ||||||||||
4.000%, 11/01/2048 (Callable 05/01/2027) | 505,000 | 548,830 | ||||||||||
Total Vermont | ||||||||||||
(Cost $3,839,523) | 3,950,488 | 0.3 | % | |||||||||
Virginia | ||||||||||||
County of Fairfax VA: | ||||||||||||
5.000%, 10/01/2035 (Callable 04/01/2030) | ||||||||||||
(Insured by ST AID) | 5,550,000 | 7,298,472 | ||||||||||
5.000%, 04/01/2042 (Callable 04/01/2027) | 585,000 | 713,338 | ||||||||||
Danville Industrial Development Authority, | ||||||||||||
5.250%, 10/01/2028 | ||||||||||||
(ETM) (Insured by AMBAC) | 1,095,000 | 1,222,349 | ||||||||||
Hampton Redevelopment | ||||||||||||
& Housing Authority, | ||||||||||||
1.460%, 12/01/2022 (Mandatory Tender | ||||||||||||
Date 12/01/2021)(1) | 2,950,000 | 2,965,137 | ||||||||||
Virginia Housing Development Authority, | ||||||||||||
3.450%, 04/01/2038 (Callable 10/01/2022) | 7,350,000 | 7,607,371 | ||||||||||
Total Virginia | ||||||||||||
(Cost $19,631,735) | 19,806,667 | 1.3 | % | |||||||||
Washington | ||||||||||||
Central Puget Sound | ||||||||||||
Regional Transit Authority, | ||||||||||||
5.000%, 11/01/2032 (Callable 11/01/2025) | 2,725,000 | 3,229,894 | ||||||||||
County of King WA: | ||||||||||||
5.000%, 07/01/2034 (Callable 01/01/2025) | 705,000 | 810,166 | ||||||||||
5.000%, 01/01/2037 (Callable 01/01/2029) | 2,000,000 | 2,550,400 | ||||||||||
Energy Northwest, | ||||||||||||
5.000%, 07/01/2034 | ||||||||||||
(Callable 07/01/2027) | 1,090,000 | 1,345,444 | ||||||||||
King County Housing Authority: | ||||||||||||
3.250%, 05/01/2033 (Callable 05/01/2028) | 1,500,000 | 1,668,383 | ||||||||||
4.000%, 11/01/2034 (Callable 11/01/2029) | 1,520,000 | 1,813,288 | ||||||||||
4.000%, 11/01/2036 (Callable 11/01/2029) | 2,740,000 | 3,257,601 | ||||||||||
Pierce County School District No. 3, | ||||||||||||
5.000%, 12/01/2033 (Callable 06/01/2027) | ||||||||||||
(Insured by SCH BD GTY) | 2,600,000 | 3,204,769 | ||||||||||
Port of Seattle WA: | ||||||||||||
5.000%, 01/01/2037 (Callable 01/01/2027) | 1,665,000 | 2,019,658 | ||||||||||
5.000%, 01/01/2038 (Callable 01/01/2027) | 1,000,000 | 1,211,258 | ||||||||||
State of Washington: | ||||||||||||
5.000%, 07/01/2032 (Callable 01/01/2025) | 1,005,000 | 1,157,935 | ||||||||||
5.000%, 07/01/2032 (Callable 01/01/2025) | 6,005,000 | 6,918,805 | ||||||||||
5.000%, 08/01/2034 (Callable 08/01/2023) | 2,755,000 | 3,022,921 | ||||||||||
5.000%, 02/01/2035 (Callable 02/01/2025) | 720,000 | 831,873 | ||||||||||
5.000%, 08/01/2038 (Callable 08/01/2026) | 1,225,000 | 1,477,998 | ||||||||||
5.000%, 07/01/2040 (Callable 07/01/2028) | 660,000 | 820,872 | ||||||||||
Washington Health Care Facilities Authority: | ||||||||||||
5.000%, 09/01/2030 | 300,000 | 400,330 | ||||||||||
5.000%, 09/01/2031 (Callable 09/01/2030) | 175,000 | 232,733 | ||||||||||
5.000%, 09/01/2032 (Callable 09/01/2030) | 185,000 | 245,333 | ||||||||||
5.000%, 09/01/2033 (Callable 09/01/2030) | 190,000 | 251,182 | ||||||||||
Washington State Housing | ||||||||||||
Finance Commission: | ||||||||||||
2.550%, 07/01/2022 (Mandatory Tender | ||||||||||||
Date 07/01/2021) (1) | 6,250,000 | 6,250,000 | ||||||||||
5.000%, 01/01/2023 (ETM) | 330,000 | 345,309 | ||||||||||
0.570%, 12/01/2048 | ||||||||||||
(SIFMA Municipal Swap Index + 0.550%) | ||||||||||||
(Callable 04/01/2023) | ||||||||||||
(Mandatory Tender Date 10/01/2023)(2) | 4,465,000 | 4,494,917 | ||||||||||
4.000%, 06/01/2049 (Callable 06/01/2028) | 545,000 | 601,226 | ||||||||||
4.000%, 06/01/2050 (Callable 06/01/2029) | ||||||||||||
(Insured by GNMA) | 1,820,000 | 2,045,549 | ||||||||||
Total Washington | ||||||||||||
(Cost $48,271,031) | 50,207,844 | 3.2 | % | |||||||||
West Virginia | ||||||||||||
West Virginia Economic | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2033 (Callable 07/01/2027) | 875,000 | 1,079,929 | ||||||||||
West Virginia Parkways Authority, | ||||||||||||
5.000%, 06/01/2043 (Callable 06/01/2028) | 2,690,000 | 3,308,081 | ||||||||||
Total West Virginia | ||||||||||||
(Cost $4,348,418) | 4,388,010 | 0.3 | % | |||||||||
Wisconsin | ||||||||||||
Baraboo School District: | ||||||||||||
4.000%, 04/01/2028 (Callable 04/01/2026) | ||||||||||||
(Insured by BAM) | 550,000 | 633,670 | ||||||||||
3.000%, 04/01/2030 (Callable 04/01/2026) | ||||||||||||
(Insured by BAM) | 300,000 | 320,843 | ||||||||||
3.000%, 04/01/2033 (Callable 04/01/2026) | ||||||||||||
(Insured by BAM) | 650,000 | 690,502 | ||||||||||
City of Milwaukee WI, | ||||||||||||
3.000%, 06/01/2033 (Callable 06/01/2026) | 2,500,000 | 2,673,656 | ||||||||||
Mill City Mortgage Trust, | ||||||||||||
3.000%, 09/01/2023 | ||||||||||||
(Pre-refunded to 09/01/2021) | 310,000 | 311,411 | ||||||||||
Public Finance Authority, | ||||||||||||
5.000%, 03/01/2025 | 535,000 | 620,889 |
The accompanying notes are an integral part of these financial statements.
Page 147
Baird Quality Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Southeast Wisconsin Professional | ||||||||||||
Baseball Park District: | ||||||||||||
5.500%, 12/15/2026 | ||||||||||||
(Insured by NATL) | $ | 1,130,000 | $ | 1,358,336 | ||||||||
0.000%, 12/15/2027 | ||||||||||||
(ETM) (Insured by NATL) | 325,000 | 304,153 | ||||||||||
0.000%, 12/15/2028 | ||||||||||||
(ETM) (Insured by NATL) | 410,000 | 377,534 | ||||||||||
0.000%, 12/15/2029 | ||||||||||||
(ETM) (Insured by NATL) | 350,000 | 313,689 | ||||||||||
State of Wisconsin: | ||||||||||||
5.000%, 05/01/2024 (Callable 05/01/2023) | 2,150,000 | 2,339,298 | ||||||||||
4.000%, 05/01/2031 | ||||||||||||
(Pre-refunded to 05/01/2022) | 245,000 | 252,889 | ||||||||||
5.000%, 05/01/2033 (Callable 05/01/2025) | 500,000 | 583,061 | ||||||||||
5.000%, 05/01/2034 (Callable 05/01/2025) | 900,000 | 1,048,393 | ||||||||||
5.000%, 05/01/2037 (Callable 05/01/2028) | 2,470,000 | 3,100,839 | ||||||||||
4.000%, 05/01/2041 (Callable 05/01/2028) | 4,900,000 | 5,761,442 | ||||||||||
State of Wisconsin Clean Water Fund | ||||||||||||
Leveraged Loan Portfolio: | ||||||||||||
5.000%, 06/01/2028 | ||||||||||||
(Pre-refunded to 06/01/2024) | 5,430,000 | 6,166,446 | ||||||||||
5.000%, 06/01/2030 | ||||||||||||
(Pre-refunded to 06/01/2024) | 10,515,000 | 11,941,101 | ||||||||||
5.000%, 06/01/2031 | ||||||||||||
(Pre-refunded to 06/01/2024) | 7,975,000 | 9,056,613 | ||||||||||
University of Wisconsin Hospitals & Clinics, | ||||||||||||
5.000%, 04/01/2038 | ||||||||||||
(Pre-refunded to 04/01/2023) | 2,655,000 | 2,878,623 | ||||||||||
Village of Mount Pleasant WI: | ||||||||||||
5.000%, 04/01/2036 (Callable 04/01/2028) | 275,000 | 341,692 | ||||||||||
4.000%, 04/01/2037 (Callable 04/01/2028) | 2,400,000 | 2,745,952 | ||||||||||
5.000%, 04/01/2048 (Callable 04/01/2028) | 1,500,000 | 1,810,161 | ||||||||||
Wisconsin Center District: | ||||||||||||
4.000%, 12/15/2029 (Callable 06/15/2026) | 1,480,000 | 1,701,173 | ||||||||||
5.000%, 12/15/2030 (Callable 06/15/2026) | 775,000 | 932,555 | ||||||||||
0.000%, 12/15/2034 (Callable 12/15/2030) | ||||||||||||
(Insured by AGM) | 1,205,000 | 889,669 | ||||||||||
0.000%, 12/15/2034 (Callable 12/15/2030) | 1,810,000 | 1,335,296 | ||||||||||
4.000%, 12/15/2034 (Callable 06/15/2026) | 720,000 | 818,256 | ||||||||||
Wisconsin Health & Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 02/15/2028 | ||||||||||||
(Pre-refunded to 08/15/2025) | 20,000 | 23,602 | ||||||||||
4.000%, 02/15/2033 | ||||||||||||
(Pre-refunded to 08/15/2025) | 100,000 | 113,945 | ||||||||||
5.000%, 11/15/2036 (Callable 05/15/2026) | 205,000 | 245,766 | ||||||||||
4.000%, 02/15/2038 | ||||||||||||
(Pre-refunded to 08/15/2025) | 325,000 | 370,321 | ||||||||||
5.000%, 07/01/2042 (Callable 07/01/2027) | 2,000,000 | 2,410,803 | ||||||||||
4.000%, 11/15/2043 (Callable 11/15/2028) | 1,945,000 | 2,277,096 | ||||||||||
Wisconsin Housing & Economic | ||||||||||||
Development Authority: | ||||||||||||
3.500%, 09/01/2046 (Callable 09/01/2025) | ||||||||||||
(Insured by FNMA) | 955,000 | 1,018,982 | ||||||||||
4.000%, 03/01/2048 (Callable 03/01/2027) | ||||||||||||
(Insured by FNMA) | 1,160,000 | 1,250,543 | ||||||||||
4.250%, 03/01/2049 (Callable 09/01/2028) | 1,885,000 | 2,104,590 | ||||||||||
Total Wisconsin | ||||||||||||
(Cost $68,171,668) | 71,123,790 | 4.5 | % | |||||||||
Wyoming | ||||||||||||
Wyoming Community | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 12/01/2043 | ||||||||||||
(Callable 06/01/2027) | 455,000 | 482,476 | ||||||||||
4.000%, 12/01/2048 | ||||||||||||
(Callable 06/01/2028) | 2,615,000 | 2,880,327 | ||||||||||
Total Wyoming | ||||||||||||
(Cost $3,225,035) | 3,362,803 | 0.2 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $1,498,500,140) | 1,565,756,920 | 99.3 | % | |||||||||
Short-Term Investments | ||||||||||||
Shares | ||||||||||||
Money Market Mutual Fund | ||||||||||||
Federated Hermes Institutional Tax-Free | ||||||||||||
Cash Trust, Premier Shares, 0.01%(4) | 1,627,631 | 1,627,631 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $1,627,631) | 1,627,631 | 0.1 | % | |||||||||
Total Investments | ||||||||||||
(Cost $1,500,127,771) | 1,567,384,551 | 99.4 | % | |||||||||
Other Assets in Excess of Liabilities | 9,793,729 | 0.6 | % | |||||||||
TOTAL NET ASSETS | $ | 1,577,178,280 | 100.0 | % |
Notes to Schedule of Investments
AGC – Assured Guaranty Corp.
AGM – Assured Guaranty Municipal
AMBAC – Ambac Assurance Corp.
BAM – Build America Mutual Assurance Co.
BHAC – Berkshire Hathaway Assurance Corp.
FHA – Federal Housing Administration
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
NATL – National Public Finance Guarantee Corp.
Q-SBLF – Qualified School Building Loan Fund
SCH BD GTY – School Board Guaranty
SD CRED PROG – State Credit Enhancement Program
ST AID – State Aid Intercept/Withholding
UT CSCE – Utah Charter School Credit Enhancement Program
ETM – Escrowed to Maturity
LIBOR – London Inter-bank Offered Rate
PSF – Permanent School Fund
SIFMA – Securities Industry and Financial Markets Association
(1) | Variable rate security. The rate reported is the rate in effect as of June 30, 2021. |
(2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021. |
(3) | Security issued under Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $6,618,520, which represented 0.42% of total net assets. |
(4) | Seven-day yield. |
(5) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021. |
(6) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
The accompanying notes are an integral part of these financial statements.
Page 148
Baird Quality Intermediate Municipal Bond Fund
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 1,565,756,920 | $ | — | $ | 1,565,756,920 | ||||||||
Total Long-Term Investments | — | 1,565,756,920 | — | 1,565,756,920 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 1,627,631 | — | — | 1,627,631 | ||||||||||||
Total Short-Term Investment | 1,627,631 | — | — | 1,627,631 | ||||||||||||
Total Investments | $ | 1,627,631 | $ | 1,565,756,920 | $ | — | $ | 1,567,384,551 |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 149
Baird Core Intermediate Municipal Bond Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $1,110,929,097 | ||
SEC 30-Day Yield(4) | ||||
Institutional Class | 0.85% | |||
Investor Class | 0.60% | |||
Average Effective Duration | 4.20 years | |||
Average Effective Maturity | 4.42 years | |||
Annualized Expense Ratio(5) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (6) | ||
Portfolio Turnover Rate | 21% | (7) | ||
Number of Holdings | 1,379 | |||
Sector Weightings(1) | ||||
(1) | Percentages shown are based on the Fund’s total investments. |
(2) | The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). |
(3) | Includes pre-refunded and escrowed-to-maturity (ETM) bonds. |
(4) | SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021. |
(5) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. |
(6) | Includes 0.25% 12b-1 fee. |
(7) | Not annualized. |
Page 150
Baird Core Intermediate Municipal Bond Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | 0.98% | 3.88% | 4.82% | 3.30% | 3.87% |
Investor Class Shares | 0.96% | 3.62% | 4.57% | 3.05% | 3.62% |
Bloomberg Barclays Municipal Bond (1-15 Year) Index(2) | 0.57% | 3.08% | 4.45% | 2.82% | 3.32% |
(1) | For the period from August 31, 2015 (inception date) through June 30, 2021. |
(2) | The Bloomberg Barclays (1-15 Year) Municipal Bond Index is an unmanaged, market value weighted index of investment-grade, tax-exempt, and fixed-rate securities with maturities between 1 and 17 years. Securities must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly referred to as “high yield” bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund’s share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 151
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Municipal Bonds | ||||||||||||
Alabama | ||||||||||||
Alabama Community College System: | ||||||||||||
3.500%, 11/01/2024 (Insured by BAM) | $ | 1,010,000 | $ | 1,101,288 | ||||||||
3.500%, 11/01/2025 (Insured by BAM) | 1,100,000 | 1,223,004 | ||||||||||
5.000%, 10/01/2028 (Callable 10/01/2026) | ||||||||||||
(Insured by AGM) | 310,000 | 373,200 | ||||||||||
Birmingham Airport Authority: | ||||||||||||
5.000%, 07/01/2027 (Insured by BAM) | 500,000 | 624,225 | ||||||||||
4.000%, 07/01/2036 (Callable 07/01/2030) | ||||||||||||
(Insured by BAM) | 335,000 | 405,820 | ||||||||||
4.000%, 07/01/2037 (Callable 07/01/2030) | ||||||||||||
(Insured by BAM) | 500,000 | 604,037 | ||||||||||
City of Birmingham AL: | ||||||||||||
5.000%, 03/01/2040 | ||||||||||||
(Callable 09/01/2025)(7) | 205,000 | 240,240 | ||||||||||
5.000%, 03/01/2045 | ||||||||||||
(Callable 09/01/2025)(7) | 1,205,000 | 1,409,979 | ||||||||||
City of Pell City AL Special Care Facilities | ||||||||||||
Financing Authority, | ||||||||||||
5.000%, 12/01/2031 (Callable 12/01/2021) | 1,000,000 | 1,016,392 | ||||||||||
City of Troy AL, | ||||||||||||
5.000%, 07/01/2031 (Callable 07/01/2025) | ||||||||||||
(Insured by BAM) | 555,000 | 632,562 | ||||||||||
County of Jefferson AL: | ||||||||||||
0.000%, 10/01/2025 (Callable 10/01/2023) | ||||||||||||
(Insured by AGM) | 1,000,000 | 917,803 | ||||||||||
5.000%, 09/15/2029 (Callable 03/15/2027) | 570,000 | 698,879 | ||||||||||
0.000%, 10/01/2033 (Callable 10/01/2023) | ||||||||||||
(Insured by AGM) | 110,000 | 59,183 | ||||||||||
0.000%, 10/01/2034 (Callable 10/01/2023) | ||||||||||||
(Insured by AGM) | 480,000 | 238,887 | ||||||||||
Homewood Educational Building Authority: | ||||||||||||
4.000%, 12/01/2033 (Callable 12/01/2029) | 785,000 | 916,182 | ||||||||||
4.000%, 12/01/2034 (Callable 12/01/2029) | 255,000 | 296,969 | ||||||||||
Jefferson County Board of Education, | ||||||||||||
5.000%, 02/01/2042 (Callable 02/01/2028) | 825,000 | 1,014,253 | ||||||||||
Lauderdale County Agriculture | ||||||||||||
Center Authority, | ||||||||||||
4.000%, 07/01/2034 (Callable 07/01/2024) | 1,235,000 | 1,314,739 | ||||||||||
Leeds Public Educational Building Authority, | ||||||||||||
4.000%, 04/01/2034 (Callable 10/01/2025) | ||||||||||||
(Insured by AGM) | 450,000 | 507,819 | ||||||||||
Madison Water & Wastewater Board: | ||||||||||||
4.000%, 12/01/2037 (Callable 12/01/2029) | 530,000 | 636,349 | ||||||||||
4.000%, 12/01/2039 (Callable 12/01/2029) | 240,000 | 285,850 | ||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
0.270%, 12/01/2048 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 5,600,000 | 5,600,000 | ||||||||||
Southeast Alabama Gas Supply District, | ||||||||||||
0.917%, 06/01/2049 (1 Month LIBOR | ||||||||||||
USD + 0.850%) (Callable 03/01/2024) | ||||||||||||
(Mandatory Tender Date 06/01/2024)(2) | 750,000 | 757,045 | ||||||||||
Tallassee Board of Education: | ||||||||||||
4.000%, 08/01/2029 (Insured by AGM) | 420,000 | 506,805 | ||||||||||
4.000%, 08/01/2030 (Insured by AGM) | 435,000 | 529,043 | ||||||||||
4.000%, 08/01/2031 (Callable 08/01/2030) | ||||||||||||
(Insured by AGM) | 455,000 | 553,104 | ||||||||||
4.000%, 08/01/2032 (Callable 08/01/2030) | ||||||||||||
(Insured by AGM) | 470,000 | 569,708 | ||||||||||
UAB Medicine Finance Authority, | ||||||||||||
4.000%, 09/01/2038 (Callable 09/01/2029) | 500,000 | 594,581 | ||||||||||
Wilsonville Industrial Development Board, | ||||||||||||
0.010%, 01/01/2024 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 6,800,000 | 6,800,000 | ||||||||||
Total Alabama | ||||||||||||
(Cost $29,697,493) | 30,427,946 | 2.7 | % | |||||||||
Alaska | ||||||||||||
Alaska Housing Finance Corp.: | ||||||||||||
5.000%, 12/01/2029 (Callable 06/01/2024) | 225,000 | 255,868 | ||||||||||
5.000%, 12/01/2031 (Callable 06/01/2028) | 500,000 | 614,575 | ||||||||||
4.000%, 06/01/2036 (Callable 06/01/2025) | 1,750,000 | 1,914,174 | ||||||||||
Alaska Industrial Development | ||||||||||||
& Export Authority, | ||||||||||||
4.000%, 10/01/2034 (Callable 10/01/2029) | 1,585,000 | 1,837,543 | ||||||||||
Alaska Municipal Bond Bank Authority, | ||||||||||||
5.000%, 08/01/2027 | ||||||||||||
(Pre-refunded to 08/01/2023) | 500,000 | 549,363 | ||||||||||
University of Alaska: | ||||||||||||
4.000%, 10/01/2025 | 170,000 | 189,995 | ||||||||||
4.000%, 10/01/2026 (Callable 10/01/2023) | 650,000 | 690,698 | ||||||||||
5.000%, 10/01/2044 (Callable 10/01/2026) | ||||||||||||
(Insured by AGM) | 1,500,000 | 1,732,204 | ||||||||||
Total Alaska | ||||||||||||
(Cost $7,421,458) | 7,784,420 | 0.7 | % | |||||||||
Arizona | ||||||||||||
Arizona Industrial Development Authority: | ||||||||||||
3.375%, 07/01/2021(3) | 190,000 | 190,000 | ||||||||||
2.500%, 05/01/2022 (Insured by AGM)(3) | 1,289,712 | 1,294,355 | ||||||||||
4.000%, 07/01/2023 | ||||||||||||
(Insured by SD CRED PROG) | 115,000 | 121,761 | ||||||||||
4.000%, 07/01/2023 | ||||||||||||
(Insured by SD CRED PROG) | 100,000 | 105,940 | ||||||||||
4.000%, 07/01/2024 | ||||||||||||
(Insured by SD CRED PROG) | 200,000 | 216,698 | ||||||||||
4.000%, 07/01/2025 | ||||||||||||
(Insured by SD CRED PROG) | 100,000 | 110,667 | ||||||||||
4.000%, 07/01/2026 | ||||||||||||
(Insured by SD CRED PROG) | 100,000 | 112,458 | ||||||||||
5.000%, 02/01/2028 | 200,000 | 252,955 | ||||||||||
5.000%, 05/01/2028 | 270,000 | 298,843 | ||||||||||
4.625%, 08/01/2028(3) | 1,160,000 | 1,321,453 | ||||||||||
5.000%, 02/01/2030 | 340,000 | 447,604 | ||||||||||
Arizona State University, | ||||||||||||
5.000%, 07/01/2029 (Callable 07/01/2024) | 150,000 | 168,965 | ||||||||||
City of Mesa AZ, | ||||||||||||
5.000%, 07/01/2035 (Callable 07/01/2021) | 3,000,000 | 3,000,000 | ||||||||||
City of Phoenix Civic Improvement Corp., | ||||||||||||
5.000%, 07/01/2034 (Callable 07/01/2027) | 250,000 | 309,081 | ||||||||||
City of Tucson AZ, | ||||||||||||
5.000%, 07/01/2032 (Callable 07/01/2025) | 500,000 | 586,644 | ||||||||||
Industrial Development Authority | ||||||||||||
of the City of Phoenix, | ||||||||||||
4.000%, 10/01/2047 (Callable 10/01/2026) | 115,000 | 126,952 | ||||||||||
Kyrene Elementary School District No. 28, | ||||||||||||
4.000%, 07/01/2033 (Callable 07/01/2025) | 1,500,000 | 1,683,387 | ||||||||||
Maricopa County Industrial | ||||||||||||
Development Authority: | ||||||||||||
2.625%, 07/01/2021 | 55,000 | 55,000 | ||||||||||
5.000%, 07/01/2028 | ||||||||||||
(Insured by SD CRED PROG) | 755,000 | 908,621 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.100%, 03/01/2029 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 5,430,000 | 5,430,000 |
The accompanying notes are an integral part of these financial statements.
Page 152
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Town of Marana AZ: | ||||||||||||
4.000%, 07/01/2036 (Callable 07/01/2027) | $ | 350,000 | $ | 401,703 | ||||||||
4.000%, 07/01/2037 (Callable 07/01/2027) | 500,000 | 572,759 | ||||||||||
Total Arizona | ||||||||||||
(Cost $17,270,553) | 17,715,846 | 1.6 | % | |||||||||
Arkansas | ||||||||||||
Arkansas Development Finance Authority: | ||||||||||||
4.000%, 12/01/2031 (Callable 12/01/2027) | 380,000 | 445,532 | ||||||||||
4.000%, 12/01/2032 (Callable 12/01/2027) | 400,000 | 467,952 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2027) | 415,000 | 484,394 | ||||||||||
4.000%, 12/01/2034 (Callable 12/01/2027) | 430,000 | 501,043 | ||||||||||
4.000%, 12/01/2035 (Callable 12/01/2027) | 445,000 | 517,765 | ||||||||||
4.000%, 12/01/2038 (Callable 12/01/2027) | 250,000 | 289,463 | ||||||||||
4.000%, 06/01/2045 (Callable 12/01/2027) | 2,250,000 | 2,588,798 | ||||||||||
Arkansas Technical University, | ||||||||||||
4.000%, 06/01/2028 (Callable 06/01/2023) | 1,025,000 | 1,084,893 | ||||||||||
Carroll-Boone Water District: | ||||||||||||
3.000%, 12/01/2028 (Callable 12/01/2025) | 780,000 | 835,621 | ||||||||||
3.000%, 12/01/2029 (Callable 12/01/2025) | 505,000 | 538,054 | ||||||||||
3.000%, 12/01/2030 (Callable 12/01/2025) | 630,000 | 668,280 | ||||||||||
3.000%, 12/01/2032 (Callable 12/01/2025) | 1,035,000 | 1,093,935 | ||||||||||
City of Conway AR, | ||||||||||||
5.000%, 10/01/2035 (Callable 04/01/2024) | 185,000 | 207,167 | ||||||||||
City of Fayetteville AR: | ||||||||||||
1.750%, 11/01/2032 (Callable 11/01/2026) | 1,500,000 | 1,514,935 | ||||||||||
3.050%, 01/01/2047 (Callable 01/01/2027) | 815,000 | 838,928 | ||||||||||
City of Heber Springs AR, | ||||||||||||
3.000%, 11/01/2034 (Callable 11/01/2024) | ||||||||||||
(Insured by BAM) | 685,000 | 713,829 | ||||||||||
City of Hot Springs AR, | ||||||||||||
4.000%, 12/01/2030 (Callable 12/01/2023) | ||||||||||||
(Insured by BAM) | 540,000 | 584,480 | ||||||||||
City of Little Rock AR: | ||||||||||||
4.000%, 10/01/2031 (Callable 10/01/2025) | 105,000 | 119,463 | ||||||||||
4.000%, 10/01/2033 (Callable 10/01/2025) | 210,000 | 238,476 | ||||||||||
City of Lonoke AR: | ||||||||||||
5.000%, 06/01/2025 | 210,000 | 244,485 | ||||||||||
4.000%, 06/01/2028 (Callable 06/01/2025) | 50,000 | 56,394 | ||||||||||
City of Magnolia AR, | ||||||||||||
3.200%, 08/01/2033 (Callable 08/01/2024) | ||||||||||||
(Insured by BAM) | 1,085,000 | 1,144,099 | ||||||||||
City of Marion AR, | ||||||||||||
2.900%, 09/01/2047 (Callable 09/01/2027) | 175,000 | 177,169 | ||||||||||
City of Maumelle AR: | ||||||||||||
4.000%, 08/01/2026 (Callable 08/01/2025) | 25,000 | 27,612 | ||||||||||
4.000%, 08/01/2028 (Callable 08/01/2025) | 290,000 | 317,476 | ||||||||||
4.000%, 08/01/2029 (Callable 08/01/2025) | 700,000 | 762,988 | ||||||||||
4.000%, 08/01/2030 (Callable 08/01/2025) | 325,000 | 352,868 | ||||||||||
City of North Little Rock AR: | ||||||||||||
4.000%, 11/01/2028 (Callable 05/01/2027) | 645,000 | 762,695 | ||||||||||
4.000%, 11/01/2030 (Callable 05/01/2027) | 650,000 | 757,974 | ||||||||||
City of Pine Bluff AR, | ||||||||||||
3.000%, 02/01/2047 (Callable 08/01/2027) | ||||||||||||
(Insured by BAM) | 730,000 | 773,376 | ||||||||||
City of Rogers AR, | ||||||||||||
3.250%, 11/01/2043 (Callable 11/01/2026) | 1,295,000 | 1,352,160 | ||||||||||
City of Russellville AR, | ||||||||||||
4.000%, 07/01/2028 (Callable 07/01/2025) | ||||||||||||
(Insured by AGM) | 325,000 | 367,441 | ||||||||||
City of Sherwood AR, | ||||||||||||
3.050%, 12/01/2043 (Callable 12/01/2026) | 250,000 | 258,771 | ||||||||||
City of Springdale AR, | ||||||||||||
3.000%, 04/01/2043 (Callable 04/01/2024) | ||||||||||||
(Insured by BAM) | 745,000 | 765,262 | ||||||||||
Conway Health Facilities Board, | ||||||||||||
5.000%, 08/01/2029 (Callable 08/01/2026) | 360,000 | 424,939 | ||||||||||
Jackson County Special School District, | ||||||||||||
1.500%, 02/01/2024 (Callable 08/01/2022) | ||||||||||||
(Insured by ST AID) | 60,000 | 60,602 | ||||||||||
National Park College District, | ||||||||||||
3.000%, 05/01/2025 (Callable 11/01/2024) | 235,000 | 250,867 | ||||||||||
Southern Arkansas University: | ||||||||||||
4.000%, 03/01/2025 (Insured by AGM) | 415,000 | 466,275 | ||||||||||
4.000%, 03/01/2026 (Callable 03/01/2025) | ||||||||||||
(Insured by AGM) | 520,000 | 581,933 | ||||||||||
4.000%, 03/01/2026 (Callable 03/01/2025) | ||||||||||||
(Insured by AGM) | 270,000 | 302,158 | ||||||||||
4.000%, 03/01/2027 (Callable 03/01/2025) | ||||||||||||
(Insured by AGM) | 545,000 | 607,499 | ||||||||||
4.000%, 03/01/2027 (Callable 03/01/2025) | ||||||||||||
(Insured by AGM) | 275,000 | 306,536 | ||||||||||
4.000%, 03/01/2028 (Callable 03/01/2025) | ||||||||||||
(Insured by AGM) | 165,000 | 183,497 | ||||||||||
4.000%, 03/01/2028 (Callable 03/01/2025) | ||||||||||||
(Insured by AGM) | 100,000 | 111,211 | ||||||||||
University of Central Arkansas: | ||||||||||||
4.000%, 11/01/2027 (Callable 11/01/2025) | ||||||||||||
(Insured by BAM) | 340,000 | 385,529 | ||||||||||
4.000%, 11/01/2028 (Callable 11/01/2025) | ||||||||||||
(Insured by BAM) | 250,000 | 281,578 | ||||||||||
4.000%, 11/01/2031 (Callable 11/01/2025) | ||||||||||||
(Insured by BAM) | 885,000 | 984,681 | ||||||||||
Total Arkansas | ||||||||||||
(Cost $25,816,840) | 26,801,083 | 2.4 | % | |||||||||
California | ||||||||||||
Acalanes Union High School District: | ||||||||||||
0.000%, 08/01/2028(7) | 105,000 | 113,901 | ||||||||||
0.000%, 08/01/2032(7) | 365,000 | 450,212 | ||||||||||
0.000%, 08/01/2035 (Callable 08/01/2029)(7) | 250,000 | 291,439 | ||||||||||
0.000%, 08/01/2039 (Callable 08/01/2029)(7) | 125,000 | 144,907 | ||||||||||
Alisal Union School District: | ||||||||||||
4.000%, 05/01/2034 (Callable 05/01/2029) | ||||||||||||
(Insured by BAM) | 385,000 | 454,544 | ||||||||||
4.000%, 05/01/2036 (Callable 05/01/2029) | ||||||||||||
(Insured by BAM) | 650,000 | 762,723 | ||||||||||
American Valley Community Services District, | ||||||||||||
1.500%, 11/01/2023 | ||||||||||||
(Callable 11/01/2022)(3) | 4,000,000 | 4,041,663 | ||||||||||
Bay Area Toll Authority: | ||||||||||||
1.270%, 04/01/2036 (SIFMA Municipal | ||||||||||||
Swap Index + 1.250%) (Callable 10/01/2026) | ||||||||||||
(Mandatory Tender Date 04/01/2027)(2) | 65,000 | 67,449 | ||||||||||
1.120%, 04/01/2045 (SIFMA Municipal | ||||||||||||
Swap Index + 1.100%) (Callable 10/01/2023) | ||||||||||||
(Mandatory Tender Date 04/01/2024)(2) | 650,000 | 660,583 | ||||||||||
Beaumont Unified School District, | ||||||||||||
0.000%, 08/01/2041 (Pre-refunded to | ||||||||||||
08/01/2026) (Insured by AGM)(7) | 90,000 | 118,734 | ||||||||||
Burbank Unified School District, | ||||||||||||
0.000%, 02/01/2038 (Callable 08/01/2028)(7) | 210,000 | 228,213 | ||||||||||
California Health Facilities | ||||||||||||
Financing Authority, | ||||||||||||
4.000%, 08/15/2035 (Callable 08/15/2026) | 3,000,000 | 3,410,824 | ||||||||||
California Municipal Finance Authority: | ||||||||||||
5.000%, 08/01/2023 | 400,000 | 426,526 | ||||||||||
5.000%, 08/01/2024 | 400,000 | 437,052 | ||||||||||
5.000%, 10/01/2026 | 300,000 | 361,049 | ||||||||||
5.000%, 05/15/2031 (Insured by BAM) | 370,000 | 495,358 |
The accompanying notes are an integral part of these financial statements.
Page 153
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
California Municipal Finance Authority: (cont.) | ||||||||||||
4.000%, 05/15/2039 (Callable 05/15/2031) | ||||||||||||
(Insured by BAM) | $ | 175,000 | $ | 211,295 | ||||||||
4.000%, 05/15/2041 (Callable 05/15/2031) | ||||||||||||
(Insured by BAM) | 500,000 | 601,983 | ||||||||||
4.000%, 01/01/2048 | ||||||||||||
(Pre-refunded to 01/01/2028) | 200,000 | 241,849 | ||||||||||
California Public Finance Authority: | ||||||||||||
5.000%, 10/15/2021 | 200,000 | 202,470 | ||||||||||
2.375%, 11/15/2028 | ||||||||||||
(Callable 05/15/2023)(3) | 1,575,000 | 1,596,795 | ||||||||||
3.125%, 05/15/2029 | ||||||||||||
(Callable 11/15/2023)(3) | 750,000 | 760,186 | ||||||||||
Calipatria California Unified School District, | ||||||||||||
0.000%, 08/01/2026 | 140,000 | 130,493 | ||||||||||
Campbell Union School District, | ||||||||||||
0.000%, 08/01/2035 (Callable 08/01/2026)(7) | 785,000 | 961,415 | ||||||||||
Carlsbad Unified School District, | ||||||||||||
0.000%, 08/01/2031(7) | 125,000 | 172,474 | ||||||||||
Chawanakee Unified School District: | ||||||||||||
4.000%, 08/01/2026 (Insured by BAM)(7) | 110,000 | 127,794 | ||||||||||
4.000%, 08/01/2027 (Callable 08/01/2026) | ||||||||||||
(Insured by BAM)(7) | 100,000 | 116,091 | ||||||||||
4.000%, 08/01/2028 (Callable 08/01/2026) | ||||||||||||
(Insured by BAM)(7) | 75,000 | 86,632 | ||||||||||
4.000%, 08/01/2029 (Callable 08/01/2026) | ||||||||||||
(Insured by BAM)(7) | 80,000 | 91,913 | ||||||||||
City & County of San Francisco CA, | ||||||||||||
1.300%, 07/01/2023 | ||||||||||||
(Mandatory Tender Date 01/01/2023)(1) | 400,000 | 404,293 | ||||||||||
City of Redding CA, | ||||||||||||
0.220%, 07/01/2022 | ||||||||||||
(ETM) (Insured by NATL)(1)(5) | 55,000 | 55,000 | ||||||||||
Colton Joint Unified School District, | ||||||||||||
0.000%, 08/01/2035 (Pre-refunded to | ||||||||||||
08/01/2026) (Insured by AGM)(7) | 300,000 | 375,136 | ||||||||||
Cypress School District, | ||||||||||||
0.000%, 08/01/2050 (Callable 08/01/2036)(7) | 100,000 | 102,916 | ||||||||||
Denair Unified School District, | ||||||||||||
0.000%, 08/01/2031 (Insured by AGM)(7) | 130,000 | 179,692 | ||||||||||
Desert Hot Springs Redevelopment | ||||||||||||
Agency Successor Agency, | ||||||||||||
5.000%, 09/01/2029 (Callable 09/01/2027) | ||||||||||||
(Insured by BAM) | 300,000 | 369,008 | ||||||||||
El Rancho Unified School District, | ||||||||||||
0.000%, 08/01/2034 (Callable 08/01/2028) | ||||||||||||
(Insured by AGM)(7) | 475,000 | 575,687 | ||||||||||
Encinitas Union School District, | ||||||||||||
0.000%, 08/01/2031(7) | 285,000 | 379,869 | ||||||||||
Enterprise Elementary School District, | ||||||||||||
0.000%, 08/01/2035 (Callable 08/01/2031)(7) | 155,000 | 220,540 | ||||||||||
Escondido Union High School District: | ||||||||||||
0.000%, 08/01/2029 (Insured by AGC) | 500,000 | 447,144 | ||||||||||
6.875%, 08/01/2034 (Insured by AGC)(7) | 330,000 | 544,205 | ||||||||||
Fontana Unified School District, | ||||||||||||
3.000%, 08/01/2041 (Callable 08/01/2028) | ||||||||||||
(Insured by BAM) | 1,750,000 | 1,881,578 | ||||||||||
Fresno Joint Powers Financing Authority, | ||||||||||||
5.000%, 04/01/2027 (Insured by AGM) | 315,000 | 382,918 | ||||||||||
Grossmont Union High School District, | ||||||||||||
0.000%, 08/01/2039 (Callable 02/01/2025) | ||||||||||||
(Insured by AGM) | 500,000 | 230,747 | ||||||||||
Hueneme Elementary School District: | ||||||||||||
4.000%, 08/01/2037 (Callable 08/01/2028) | ||||||||||||
(Insured by AGM) | 500,000 | 585,602 | ||||||||||
4.000%, 08/01/2038 (Callable 08/01/2028) | ||||||||||||
(Insured by AGM) | 1,050,000 | 1,227,505 | ||||||||||
4.000%, 08/01/2039 (Callable 08/01/2028) | ||||||||||||
(Insured by AGM) | 660,000 | 770,082 | ||||||||||
Imperial Community College District, | ||||||||||||
7.000%, 08/01/2040 (Pre-refunded to | ||||||||||||
08/01/2030) (Insured by AGM)(7) | 140,000 | 210,578 | ||||||||||
Lake Elsinore Redevelopment | ||||||||||||
Agency Successor Agency, | ||||||||||||
5.000%, 09/01/2027 (Callable 09/01/2025) | ||||||||||||
(Insured by BAM) | 275,000 | 322,766 | ||||||||||
Lathrop-Manteca Fire Protection District: | ||||||||||||
4.000%, 05/01/2041 (Callable 05/01/2029) | ||||||||||||
(Insured by AGM) | 600,000 | 708,853 | ||||||||||
4.000%, 05/01/2046 (Callable 05/01/2029) | ||||||||||||
(Insured by AGM) | 730,000 | 855,014 | ||||||||||
4.000%, 05/01/2051 (Callable 05/01/2029) | ||||||||||||
(Insured by AGM) | 795,000 | 927,375 | ||||||||||
Long Beach Bond Finance Authority: | ||||||||||||
5.250%, 11/15/2023 | 90,000 | 100,406 | ||||||||||
5.000%, 11/15/2029 | 50,000 | 64,038 | ||||||||||
Los Alamitos Unified School District, | ||||||||||||
0.000%, 08/01/2041 (Callable 08/01/2031)(7) | 540,000 | 594,222 | ||||||||||
Los Angeles County Facilities, Inc., | ||||||||||||
5.000%, 12/01/2043 (Callable 12/01/2028) | 110,000 | 137,617 | ||||||||||
Los Angeles County Metropolitan | ||||||||||||
Transportation Authority, | ||||||||||||
5.000%, 07/01/2044 (Callable 07/01/2028) | 970,000 | 1,216,908 | ||||||||||
Mayers Memorial Hospital District: | ||||||||||||
0.000%, 08/01/2027 | 260,000 | 222,276 | ||||||||||
0.000%, 08/01/2028 | 290,000 | 239,636 | ||||||||||
Menifee Union School District, | ||||||||||||
3.000%, 08/01/2045 (Callable 08/01/2030) | ||||||||||||
(Insured by AGM) | 1,000,000 | 1,079,507 | ||||||||||
Mizuho Floater/Residual Trust: | ||||||||||||
0.270%, 03/01/2036 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 4,000,000 | 4,000,000 | ||||||||||
0.270%, 12/01/2036 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 5,470,000 | 5,470,000 | ||||||||||
Montebello Unified School District, | ||||||||||||
5.000%, 08/01/2033 (Callable 08/01/2026) | 590,000 | 712,352 | ||||||||||
Mount Diablo Unified School District, | ||||||||||||
0.000%, 08/01/2035 (Callable 08/01/2025) | ||||||||||||
(Insured by AGM)(7) | 175,000 | 193,512 | ||||||||||
Norwalk-La Mirada Unified School District, | ||||||||||||
0.000%, 08/01/2029 (Insured by AGC)(7) | 235,000 | 296,606 | ||||||||||
Oak Park Unified School District: | ||||||||||||
0.000%, 08/01/2031(7) | 160,000 | 223,300 | ||||||||||
0.000%, 08/01/2038 (Callable 08/01/2031) | ||||||||||||
(Insured by AGM)(7) | 110,000 | 162,688 | ||||||||||
Ontario Montclair School District, | ||||||||||||
0.000%, 08/01/2028 (Insured by NATL) | 1,450,000 | 1,315,243 | ||||||||||
Pajaro Valley Unified School District: | ||||||||||||
5.000%, 08/01/2032 (Callable 07/21/2021) | ||||||||||||
(Insured by BAM) | 120,000 | 120,229 | ||||||||||
5.000%, 08/01/2033 (Callable 07/21/2021) | ||||||||||||
(Insured by BAM) | 300,000 | 300,565 | ||||||||||
Palomar Community College District, | ||||||||||||
0.000%, 08/01/2039 (Callable 08/01/2035)(7) | 385,000 | 503,325 | ||||||||||
Peralta Community College District, | ||||||||||||
3.500%, 08/01/2033 (Callable 08/01/2025) | 1,325,000 | 1,432,579 |
The accompanying notes are an integral part of these financial statements.
Page 154
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Reef-Sunset Unified School District, | ||||||||||||
0.000%, 08/01/2033 (Callable 08/01/2026) | ||||||||||||
(Insured by BAM)(7) | $ | 200,000 | $ | 230,715 | ||||||||
Rio Hondo Community College District: | ||||||||||||
0.000%, 08/01/2042 (Callable 08/01/2034)(7) | 145,000 | 194,440 | ||||||||||
0.000%, 08/01/2042 (Callable 08/01/2034)(7) | 740,000 | 1,006,508 | ||||||||||
Riverside County Redevelopment | ||||||||||||
Successor Agency, | ||||||||||||
0.000%, 10/01/2041 (Callable 10/01/2026) | ||||||||||||
(Insured by BAM)(7) | 100,000 | 113,422 | ||||||||||
Sacramento City Unified School District, | ||||||||||||
5.000%, 07/01/2025 (Callable 07/01/2024) | 505,000 | 565,525 | ||||||||||
San Diego Unified School District: | ||||||||||||
4.000%, 07/01/2032 (Callable 07/01/2026) | 165,000 | 190,205 | ||||||||||
0.000%, 07/01/2034 (Callable 07/01/2025) | 1,650,000 | 1,099,857 | ||||||||||
San Jacinto Unified School District, | ||||||||||||
3.000%, 09/01/2028 (Insured by BAM) | 400,000 | 422,936 | ||||||||||
San Mateo Foster City School District, | ||||||||||||
0.000%, 08/01/2026(7) | 75,000 | 84,545 | ||||||||||
Santa Barbara Unified School District, | ||||||||||||
0.000%, 08/01/2036 (Callable 08/01/2033)(7) | 485,000 | 711,447 | ||||||||||
Santa Paula Union High School District, | ||||||||||||
0.000%, 08/01/2037 (Callable 08/01/2027)(7) | 160,000 | 182,021 | ||||||||||
Saugus Union School District | ||||||||||||
Financing Authority: | ||||||||||||
4.000%, 09/01/2032 (Callable 09/01/2027) | ||||||||||||
(Insured by BAM) | 600,000 | 702,594 | ||||||||||
4.000%, 09/01/2037 (Callable 09/01/2027) | ||||||||||||
(Insured by BAM) | 625,000 | 725,377 | ||||||||||
4.000%, 09/01/2049 (Callable 09/01/2027) | ||||||||||||
(Insured by BAM) | 1,000,000 | 1,137,900 | ||||||||||
Savanna School District, | ||||||||||||
0.000%, 08/01/2047 (Callable 08/01/2029) | ||||||||||||
(Insured by AGM)(7) | 1,085,000 | 1,187,822 | ||||||||||
School District of | ||||||||||||
Belmont-Redwood Shores CA, | ||||||||||||
0.000%, 08/01/2031 (Callable 08/01/2026)(7) | 100,000 | 122,811 | ||||||||||
Sebastopol Union School District, | ||||||||||||
0.000%, 08/01/2042 (Callable 08/01/2031) | ||||||||||||
(Insured by AGM)(7) | 135,000 | 135,364 | ||||||||||
Solano County Community College District: | ||||||||||||
0.000%, 08/01/2027 (Callable 08/01/2025)(7) | 245,000 | 262,104 | ||||||||||
0.000%, 08/01/2028 (Callable 08/01/2025)(7) | 80,000 | 85,184 | ||||||||||
0.000%, 08/01/2030 (Callable 08/01/2025)(7) | 285,000 | 300,238 | ||||||||||
0.000%, 08/01/2041 (Callable 08/01/2028)(7) | 505,000 | 572,780 | ||||||||||
South Placer Wastewater Authority, | ||||||||||||
5.000%, 11/01/2034 | 500,000 | 708,897 | ||||||||||
Southern Kern Unified School District, | ||||||||||||
0.000%, 11/01/2034 (Insured by AGM) | 425,000 | 318,968 | ||||||||||
Summerville Union High School District, | ||||||||||||
0.000%, 08/01/2033 (Callable 08/01/2028) | ||||||||||||
(Insured by BAM)(7) | 65,000 | 70,821 | ||||||||||
Temecula Valley Unified School District, | ||||||||||||
4.500%, 08/01/2035 (Pre-refunded to | ||||||||||||
08/01/2024) (Insured by BAM)(7) | 200,000 | 225,804 | ||||||||||
Tender Option Bond Trust: | ||||||||||||
0.220%, 07/01/2022 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 4,580,000 | 4,580,000 | ||||||||||
0.220%, 12/15/2038(1)(3) | 3,000,000 | 3,000,000 | ||||||||||
University of California, | ||||||||||||
5.000%, 05/15/2043 (Callable 05/15/2028) | 1,195,000 | 1,493,553 | ||||||||||
West Hills Community College District, | ||||||||||||
0.000%, 08/01/2035 (Callable 08/01/2027) | ||||||||||||
(Insured by AGM)(7) | 50,000 | 56,999 | ||||||||||
Westside Union School District, | ||||||||||||
0.000%, 08/01/2028 | 160,000 | 146,773 | ||||||||||
Wiseburn School District, | ||||||||||||
0.000%, 08/01/2036 (Callable 08/01/2031) | ||||||||||||
(Insured by AGM)(7) | 50,000 | 57,004 | ||||||||||
Yorba Linda Redevelopment | ||||||||||||
Agency Successor Agency, | ||||||||||||
0.000%, 09/01/2028 (Insured by NATL) | 445,000 | 394,682 | ||||||||||
Total California | ||||||||||||
(Cost $66,947,442) | 68,995,380 | 6.2 | % | |||||||||
Colorado | ||||||||||||
Board of Governors of Colorado | ||||||||||||
State University System, | ||||||||||||
5.000%, 03/01/2032 (Callable 03/01/2027) | 125,000 | 152,638 | ||||||||||
Boulder Valley School District No. Re-2, | ||||||||||||
5.000%, 12/01/2038 (Callable 06/01/2025) | ||||||||||||
(Insured by ST AID) | 2,000,000 | 2,316,671 | ||||||||||
Bromley Park Metropolitan District No. 2, | ||||||||||||
5.000%, 12/01/2023 (Insured by BAM) | 225,000 | 248,402 | ||||||||||
Canterberry Crossing Metropolitan District II: | ||||||||||||
5.000%, 12/01/2030 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 235,000 | 298,744 | ||||||||||
5.000%, 12/01/2031 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 250,000 | 316,821 | ||||||||||
5.000%, 12/01/2032 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 530,000 | 670,020 | ||||||||||
City & County of Denver CO: | ||||||||||||
0.000%, 08/01/2030 (Callable 08/01/2026) | 500,000 | 402,070 | ||||||||||
0.000%, 08/01/2031 (Callable 08/01/2026) | 150,000 | 115,037 | ||||||||||
0.000%, 08/01/2032 (Callable 08/01/2026) | 365,000 | 267,557 | ||||||||||
City of Commerce City CO: | ||||||||||||
5.000%, 12/15/2028 (Callable 12/15/2027) | ||||||||||||
(Insured by AGM) | 100,000 | 125,463 | ||||||||||
5.000%, 12/15/2029 (Callable 12/15/2027) | ||||||||||||
(Insured by AGM) | 310,000 | 386,477 | ||||||||||
5.000%, 12/15/2030 (Callable 12/15/2027) | ||||||||||||
(Insured by AGM) | 500,000 | 620,372 | ||||||||||
City of Fort Lupton CO: | ||||||||||||
5.000%, 12/01/2027 (Insured by AGM) | 75,000 | 94,367 | ||||||||||
5.000%, 12/01/2028 (Callable 12/01/2027) | ||||||||||||
(Insured by AGM) | 210,000 | 263,229 | ||||||||||
5.000%, 12/01/2029 (Callable 12/01/2027) | ||||||||||||
(Insured by AGM) | 250,000 | 312,270 | ||||||||||
5.000%, 12/01/2030 (Callable 12/01/2027) | ||||||||||||
(Insured by AGM) | 350,000 | 435,051 | ||||||||||
City of Sheridan CO, | ||||||||||||
5.000%, 12/01/2042 (Callable 12/01/2025) | 1,130,000 | 1,317,603 | ||||||||||
Colorado Educational & | ||||||||||||
Cultural Facilities Authority: | ||||||||||||
4.000%, 11/15/2021 | 225,000 | 228,089 | ||||||||||
5.000%, 10/01/2022 | 1,300,000 | 1,374,666 | ||||||||||
4.000%, 11/15/2022 | 445,000 | 465,388 | ||||||||||
5.000%, 10/01/2023 | 700,000 | 770,571 | ||||||||||
4.000%, 12/15/2025 | 1,320,000 | 1,387,314 | ||||||||||
4.000%, 04/01/2028 | 540,000 | 612,712 | ||||||||||
4.000%, 05/01/2028 | 135,000 | 154,257 | ||||||||||
5.000%, 06/01/2029 (Callable 06/01/2024) | 120,000 | 132,949 | ||||||||||
5.000%, 08/15/2030 (Callable 08/15/2024) | 500,000 | 557,791 | ||||||||||
2.000%, 09/01/2030 (Callable 09/01/2028) | 270,000 | 273,519 | ||||||||||
4.000%, 05/01/2031 (Callable 05/01/2028) | 195,000 | 222,265 | ||||||||||
5.000%, 06/01/2031 (Callable 06/01/2024) | 40,000 | 44,099 | ||||||||||
5.000%, 08/15/2034 (Callable 08/15/2024) | 1,000,000 | 1,110,120 |
The accompanying notes are an integral part of these financial statements.
Page 155
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Colorado Health Facilities Authority: | ||||||||||||
5.000%, 12/01/2023 | $ | 140,000 | $ | 154,633 | ||||||||
5.000%, 06/01/2027 (ETM) | 750,000 | 929,143 | ||||||||||
5.000%, 09/01/2027 | 205,000 | 253,695 | ||||||||||
5.000%, 12/01/2030 (Callable 06/01/2025) | 405,000 | 459,515 | ||||||||||
5.000%, 08/01/2036 (Callable 08/01/2029) | 150,000 | 189,139 | ||||||||||
4.000%, 10/01/2037 (Callable 10/01/2030) | 320,000 | 375,337 | ||||||||||
4.000%, 01/15/2045 (Callable 01/15/2026) | 60,000 | 66,314 | ||||||||||
5.000%, 08/01/2049 (Callable 02/01/2026) | ||||||||||||
(Mandatory Tender Date 08/01/2026)(1) | 3,130,000 | 3,752,187 | ||||||||||
Colorado Housing & Finance Authority: | ||||||||||||
4.000%, 05/01/2048 (Callable 11/01/2026) | ||||||||||||
(Insured by GNMA) | 285,000 | 310,021 | ||||||||||
4.250%, 11/01/2049 (Callable 11/01/2028) | ||||||||||||
(Insured by GNMA) | 2,180,000 | 2,439,922 | ||||||||||
Colorado School of Mines, | ||||||||||||
5.000%, 12/01/2029 (Callable 12/01/2027) | ||||||||||||
(Insured by ST AID) | 125,000 | 158,805 | ||||||||||
County of Moffat CO, | ||||||||||||
2.000%, 03/01/2036 | ||||||||||||
(Mandatory Tender Date 10/03/2022)(1) | 50,000 | 50,986 | ||||||||||
Crystal Valley Metropolitan District No. 2: | ||||||||||||
4.000%, 12/01/2037 (Callable 12/01/2030) | ||||||||||||
(Insured by AGM) | 800,000 | 955,044 | ||||||||||
4.000%, 12/01/2038 (Callable 12/01/2030) | ||||||||||||
(Insured by AGM) | 1,000,000 | 1,190,999 | ||||||||||
4.000%, 12/01/2039 (Callable 12/01/2030) | ||||||||||||
(Insured by AGM) | 1,785,000 | 2,120,676 | ||||||||||
Denver City & County Housing Authority, | ||||||||||||
0.600%, 08/01/2024 | 400,000 | 399,177 | ||||||||||
Denver Health & Hospital Authority: | ||||||||||||
5.000%, 12/01/2025 | 400,000 | 472,276 | ||||||||||
5.000%, 12/01/2027 | 340,000 | 422,992 | ||||||||||
E-470 Public Highway Authority, | ||||||||||||
0.000%, 09/01/2029 (Insured by NATL) | 2,550,000 | 2,250,485 | ||||||||||
Glen Metropolitan District No. 1, | ||||||||||||
2.500%, 12/01/2025 (Insured by BAM) | 90,000 | 93,007 | ||||||||||
Glen Metropolitan District No. 2, | ||||||||||||
2.000%, 12/01/2030 (Insured by BAM) | 295,000 | 296,002 | ||||||||||
Grand River Hospital District: | ||||||||||||
5.250%, 12/01/2030 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 350,000 | 430,188 | ||||||||||
5.250%, 12/01/2031 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 1,190,000 | 1,453,546 | ||||||||||
Mizuho Floater/Residual Trust, | ||||||||||||
0.270%, 07/01/2034 | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 1,540,000 | 1,540,000 | ||||||||||
Prairie Center Metropolitan District No. 7, | ||||||||||||
4.125%, 12/15/2036 (Callable 12/15/2025) | 450,000 | 488,881 | ||||||||||
Regional Transportation District, | ||||||||||||
5.000%, 11/01/2033 (Callable 11/01/2027) | 500,000 | 622,622 | ||||||||||
Southlands Metropolitan District No. 1, | ||||||||||||
3.000%, 12/01/2022 | 80,000 | 81,424 | ||||||||||
Sterling Hills West Metropolitan District, | ||||||||||||
5.000%, 12/01/2027 | 230,000 | 282,140 | ||||||||||
Stetson Ridge Metropolitan District No. 3, | ||||||||||||
2.000%, 12/01/2030 (Insured by AGM) | 950,000 | 966,607 | ||||||||||
Vauxmont Metropolitan District: | ||||||||||||
5.000%, 12/15/2028 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 125,000 | 146,091 | ||||||||||
5.000%, 12/15/2029 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 125,000 | 145,561 | ||||||||||
5.000%, 12/15/2030 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 125,000 | 145,163 | ||||||||||
5.000%, 12/15/2031 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 135,000 | 156,532 | ||||||||||
3.250%, 12/15/2050 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 2,675,000 | 2,860,430 | ||||||||||
Vista Ridge Metropolitan District: | ||||||||||||
5.000%, 12/01/2025 (Insured by BAM) | 600,000 | 709,845 | ||||||||||
5.000%, 12/01/2026 (Insured by BAM) | 460,000 | 559,776 | ||||||||||
Weld County School District No. Re-5J: | ||||||||||||
4.000%, 12/01/2039 (Callable 12/01/2030) | ||||||||||||
(Insured by ST AID) | 1,960,000 | 2,404,601 | ||||||||||
4.000%, 12/01/2040 (Callable 12/01/2030) | ||||||||||||
(Insured by ST AID) | 2,000,000 | 2,449,392 | ||||||||||
Total Colorado | ||||||||||||
(Cost $46,040,729) | 48,459,686 | 4.4 | % | |||||||||
Connecticut | ||||||||||||
City of Hartford CT, | ||||||||||||
5.000%, 04/01/2027 (Callable 04/01/2023) | ||||||||||||
(Insured by BAM) | 550,000 | 590,233 | ||||||||||
Connecticut Housing Finance Authority: | ||||||||||||
4.000%, 11/15/2047 (Callable 11/15/2026) | 125,000 | 135,223 | ||||||||||
4.000%, 05/15/2049 (Callable 11/15/2028) | 1,355,000 | 1,533,361 | ||||||||||
Connecticut State Health & Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 11/01/2026 | 500,000 | 610,015 | ||||||||||
5.000%, 11/01/2026 | ||||||||||||
(Pre-refunded to 11/01/2022) | 135,000 | 143,624 | ||||||||||
5.000%, 07/01/2030 (Callable 07/01/2021) | 150,000 | 150,000 | ||||||||||
4.250%, 07/01/2031 (Callable 07/01/2022) | 1,075,000 | 1,107,151 | ||||||||||
5.000%, 07/01/2034 (Callable 07/01/2022) | 40,000 | 41,487 | ||||||||||
Connecticut State Higher Education | ||||||||||||
Supplement Loan Authority: | ||||||||||||
5.000%, 11/15/2021 | 825,000 | 839,556 | ||||||||||
5.000%, 11/15/2027 (Callable 11/15/2026) | 125,000 | 148,962 | ||||||||||
3.000%, 11/15/2035 (Callable 11/15/2026) | 850,000 | 880,633 | ||||||||||
State of Connecticut: | ||||||||||||
5.000%, 04/15/2024 | 175,000 | 197,818 | ||||||||||
5.000%, 10/01/2027 (Callable 10/01/2023) | 685,000 | 754,708 | ||||||||||
5.000%, 07/15/2030 (Callable 07/15/2023) | 225,000 | 244,919 | ||||||||||
5.000%, 10/15/2032 (Callable 10/15/2022) | 960,000 | 1,013,370 | ||||||||||
5.000%, 09/01/2033 (Callable 09/01/2026) | 300,000 | 361,273 | ||||||||||
5.000%, 05/01/2034 (Callable 05/01/2030) | 1,500,000 | 1,965,649 | ||||||||||
University of Connecticut: | ||||||||||||
5.000%, 01/15/2031 (Callable 01/15/2027) | ||||||||||||
(Insured by AGM) | 1,000,000 | 1,219,918 | ||||||||||
4.000%, 11/01/2037 (Callable 11/01/2028) | ||||||||||||
(Insured by BAM) | 1,175,000 | 1,373,098 | ||||||||||
Total Connecticut | ||||||||||||
(Cost $12,602,627) | 13,310,998 | 1.2 | % | |||||||||
Delaware | ||||||||||||
Delaware Municipal Electric Corp.: | ||||||||||||
4.000%, 07/01/2035 (Callable 07/01/2031) | 300,000 | 366,052 | ||||||||||
4.000%, 07/01/2036 (Callable 07/01/2031) | 330,000 | 399,120 | ||||||||||
Total Delaware | ||||||||||||
(Cost $756,875) | 765,172 | 0.1 | % | |||||||||
District of Columbia | ||||||||||||
District of Columbia: | ||||||||||||
4.000%, 03/01/2037 (Callable 09/01/2029) | 795,000 | 955,475 | ||||||||||
5.000%, 10/01/2037 (Callable 04/01/2026) | 275,000 | 328,114 | ||||||||||
District of Columbia Housing Finance Agency, | ||||||||||||
3.500%, 06/15/2023 | 185,000 | 190,907 |
The accompanying notes are an integral part of these financial statements.
Page 156
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Metropolitan Washington Airports Authority: | ||||||||||||
0.000%, 10/01/2029 (Insured by AGC) | $ | 110,000 | $ | 97,682 | ||||||||
5.000%, 10/01/2033 (Callable 10/01/2025) | 250,000 | 294,859 | ||||||||||
6.500%, 10/01/2041 (Callable 10/01/2026) | ||||||||||||
(Insured by AGC)(7) | 355,000 | 455,226 | ||||||||||
6.500%, 10/01/2044 (Callable 10/01/2028)(7) | 665,000 | 892,135 | ||||||||||
6.500%, 10/01/2044 (Callable 10/01/2028) | ||||||||||||
(Insured by AGM)(7) | 960,000 | 1,291,806 | ||||||||||
5.000%, 10/01/2053 (Callable 04/01/2022) | 1,210,000 | 1,247,795 | ||||||||||
Total District of Columbia | ||||||||||||
(Cost $5,390,482) | 5,753,999 | 0.5 | % | |||||||||
Florida | ||||||||||||
Capital Trust Agency, Inc.: | ||||||||||||
5.000%, 12/15/2029 (Callable 06/15/2026) | 400,000 | 454,746 | ||||||||||
4.000%, 06/01/2041 (Callable 06/01/2028) | 330,000 | 358,180 | ||||||||||
4.000%, 06/01/2051 (Callable 06/01/2028) | 400,000 | 430,515 | ||||||||||
4.000%, 06/01/2056 (Callable 06/01/2028) | 485,000 | 517,697 | ||||||||||
City of Fort Myers FL: | ||||||||||||
5.000%, 12/01/2029 (Callable 12/01/2025) | 475,000 | 565,377 | ||||||||||
4.000%, 12/01/2037 (Callable 12/01/2025) | 1,000,000 | 1,123,813 | ||||||||||
4.000%, 12/01/2038 (Callable 12/01/2025) | 500,000 | 559,172 | ||||||||||
City of Jacksonville FL: | ||||||||||||
4.000%, 11/01/2032 (Callable 11/01/2029) | 375,000 | 443,218 | ||||||||||
4.000%, 10/01/2033 (Callable 10/01/2026) | 1,895,000 | 2,181,741 | ||||||||||
0.020%, 08/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 3,200,000 | 3,200,000 | ||||||||||
0.020%, 08/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 5,000,000 | 5,000,000 | ||||||||||
City of Orlando FL: | ||||||||||||
5.000%, 11/01/2025 (Insured by AGM) | 400,000 | 477,517 | ||||||||||
5.000%, 11/01/2034 (Callable 11/01/2027) | ||||||||||||
(Insured by AGM) | 775,000 | 960,156 | ||||||||||
City of Tallahassee FL: | ||||||||||||
5.000%, 12/01/2023 | 400,000 | 443,951 | ||||||||||
5.000%, 12/01/2024 | 300,000 | 345,342 | ||||||||||
5.000%, 12/01/2029 (Callable 12/01/2025) | 585,000 | 683,769 | ||||||||||
5.000%, 10/01/2033 (Callable 10/01/2025) | 1,250,000 | 1,478,907 | ||||||||||
5.000%, 10/01/2034 (Callable 10/01/2024) | 500,000 | 572,078 | ||||||||||
County of Jackson FL, | ||||||||||||
0.030%, 07/01/2022 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,430,000 | 1,430,000 | ||||||||||
County of Martin FL, | ||||||||||||
0.010%, 07/15/2022 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 2,000,000 | 2,000,000 | ||||||||||
County of Miami-Dade FL: | ||||||||||||
5.000%, 04/01/2027 (Callable 04/01/2026) | 120,000 | 145,044 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2026) | 135,000 | 162,614 | ||||||||||
6.875%, 10/01/2034 (Callable 10/01/2029) | ||||||||||||
(Insured by AGC)(7) | 255,000 | 370,220 | ||||||||||
7.000%, 10/01/2039 (Callable 10/01/2029) | ||||||||||||
(Insured by AGC)(7) | 390,000 | 569,111 | ||||||||||
County of Palm Beach FL: | ||||||||||||
4.000%, 12/01/2036 (Callable 12/01/2030) | 1,165,000 | 1,441,505 | ||||||||||
4.000%, 12/01/2037 (Callable 12/01/2030) | 1,295,000 | �� | 1,599,059 | |||||||||
County of St. Lucie FL, | ||||||||||||
0.030%, 09/01/2028 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 5,000,000 | 5,000,000 | ||||||||||
Florida Department of Management Services, | ||||||||||||
5.000%, 11/01/2029 | 2,000,000 | 2,624,038 | ||||||||||
Florida Development Finance Corp.: | ||||||||||||
4.000%, 06/01/2025 | 110,000 | 120,283 | ||||||||||
4.000%, 06/01/2026 | 115,000 | 127,417 | ||||||||||
5.000%, 04/01/2028 | 400,000 | 498,423 | ||||||||||
5.000%, 04/01/2029 | 250,000 | 317,754 | ||||||||||
Florida Higher Educational Facilities | ||||||||||||
Financial Authority, | ||||||||||||
5.000%, 10/01/2023 | 500,000 | 547,849 | ||||||||||
Florida Housing Finance Corp.: | ||||||||||||
4.200%, 01/01/2045 (Callable 01/01/2028) | ||||||||||||
(Insured by GNMA) | 1,310,000 | 1,422,378 | ||||||||||
4.350%, 01/01/2046 (Callable 01/01/2024) | 120,000 | 123,326 | ||||||||||
3.800%, 07/01/2047 (Callable 01/01/2027) | ||||||||||||
(Insured by GNMA) | 85,000 | 87,037 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2025) | ||||||||||||
(Insured by GNMA) | 170,000 | 181,102 | ||||||||||
4.000%, 07/01/2049 (Callable 07/01/2027) | ||||||||||||
(Insured by GNMA) | 175,000 | 190,913 | ||||||||||
Florida Municipal Loan Council, | ||||||||||||
5.000%, 10/01/2026 | 90,000 | 109,394 | ||||||||||
Florida Municipal Power Agency, | ||||||||||||
4.000%, 10/01/2030 (Callable 10/01/2027) | 500,000 | 588,628 | ||||||||||
Highlands County Health Facilities Authority: | ||||||||||||
0.020%, 11/15/2035 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 2,950,000 | 2,950,000 | ||||||||||
0.020%, 11/15/2037 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 10,500,000 | 10,500,000 | ||||||||||
Hillsborough County Aviation Authority: | ||||||||||||
5.000%, 10/01/2035 (Callable 10/01/2024) | 500,000 | 571,382 | ||||||||||
5.000%, 10/01/2044 (Callable 10/01/2024) | 1,185,000 | 1,340,644 | ||||||||||
Jacksonville Electric Authority: | ||||||||||||
5.000%, 10/01/2028 (Callable 10/01/2027) | 700,000 | 886,032 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2027) | 700,000 | 870,598 | ||||||||||
Miami Health Facilities Authority, | ||||||||||||
5.000%, 07/01/2021 | 165,000 | 165,000 | ||||||||||
Monroe County School District, | ||||||||||||
5.000%, 10/01/2025 (Insured by AGM) | 200,000 | 235,980 | ||||||||||
Orange County Convention Center: | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2026) | 1,000,000 | 1,205,681 | ||||||||||
4.000%, 10/01/2034 (Callable 10/01/2026) | 250,000 | 288,340 | ||||||||||
4.000%, 10/01/2036 (Callable 10/01/2026) | 415,000 | 478,218 | ||||||||||
Orange County Health Facilities Authority: | ||||||||||||
5.000%, 08/01/2028 (Callable 08/01/2024) | 2,500,000 | 2,783,839 | ||||||||||
5.000%, 10/01/2035 (Callable 10/01/2026) | 1,210,000 | 1,460,359 | ||||||||||
Orange County School Board: | ||||||||||||
5.000%, 08/01/2031 (Callable 08/01/2025) | 990,000 | 1,161,168 | ||||||||||
5.000%, 08/01/2033 (Callable 08/01/2026) | 150,000 | 180,482 | ||||||||||
Palm Beach County Health Facilities Authority: | ||||||||||||
5.000%, 05/15/2023 | 1,160,000 | 1,255,640 | ||||||||||
5.000%, 05/15/2024 | 300,000 | 336,581 | ||||||||||
4.000%, 05/15/2035 (Callable 05/15/2025) | 175,000 | 188,441 | ||||||||||
Pinellas County School Board, | ||||||||||||
5.000%, 07/01/2033 (Callable 07/01/2027) | 515,000 | 633,591 | ||||||||||
Reedy Creek Improvement District, | ||||||||||||
4.000%, 06/01/2035 (Callable 06/01/2027) | 1,000,000 | 1,142,452 | ||||||||||
School Board of Miami-Dade County, | ||||||||||||
5.000%, 11/01/2030 (Callable 11/01/2024) | 185,000 | 211,161 | ||||||||||
Tender Option Bond Trust: | ||||||||||||
0.220%, 01/01/2046 (Callable 01/01/2025) | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 2,230,000 | 2,230,000 | ||||||||||
0.140%, 04/01/2053 (Callable 04/01/2028) | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 6,000,000 | 6,000,000 | ||||||||||
University Park Recreation District: | ||||||||||||
2.750%, 05/01/2022 (Insured by BAM) | 265,000 | 269,469 | ||||||||||
2.750%, 05/01/2023 (Insured by BAM) | 270,000 | 279,486 | ||||||||||
Village Community Development | ||||||||||||
District No. 13, | ||||||||||||
2.625%, 05/01/2024 | 375,000 | 384,954 | ||||||||||
Total Florida | ||||||||||||
(Cost $75,166,022) | 77,461,772 | 7.0 | % |
The accompanying notes are an integral part of these financial statements.
Page 157
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Georgia | ||||||||||||
Auburn Urban Redevelopment Agency: | ||||||||||||
4.000%, 10/01/2029 (Insured by BAM) | $ | 210,000 | $ | 256,677 | ||||||||
4.000%, 10/01/2030 (Insured by BAM) | 275,000 | 340,575 | ||||||||||
Barnesville-Lamar County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 06/01/2028 | 185,000 | 234,839 | ||||||||||
Burke County Development Authority: | ||||||||||||
2.250%, 10/01/2032 | ||||||||||||
(Mandatory Tender Date 05/25/2023)(1) | 500,000 | 517,032 | ||||||||||
0.020%, 07/01/2049 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 8,885,000 | 8,885,000 | ||||||||||
0.020%, 11/01/2052 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 9,505,000 | 9,505,000 | ||||||||||
Carrollton Payroll Development Authority, | ||||||||||||
5.000%, 07/01/2029 | 1,175,000 | 1,526,094 | ||||||||||
City of Atlanta GA: | ||||||||||||
5.000%, 01/01/2025 (Callable 08/02/2021) | 225,000 | 225,875 | ||||||||||
5.500%, 11/01/2027 (Insured by AGM) | 145,000 | 175,666 | ||||||||||
5.000%, 01/01/2028 (Callable 08/02/2021) | 1,000,000 | 1,003,897 | ||||||||||
City of Dahlonega GA, | ||||||||||||
4.000%, 09/01/2021 (Insured by AGM) | 150,000 | 150,889 | ||||||||||
City of Monroe GA: | ||||||||||||
4.000%, 12/01/2036 (Callable 12/01/2030) | ||||||||||||
(Insured by AGM) | 500,000 | 608,299 | ||||||||||
4.000%, 12/01/2037 (Callable 12/01/2030) | ||||||||||||
(Insured by AGM) | 750,000 | 909,843 | ||||||||||
Clayton County Development Authority, | ||||||||||||
4.000%, 07/01/2031 (Callable 07/01/2027) | 495,000 | 573,313 | ||||||||||
Development Authority for Fulton County, | ||||||||||||
5.000%, 10/01/2029 | 1,710,000 | 2,164,239 | ||||||||||
Development Authority of Bulloch County: | ||||||||||||
5.000%, 07/01/2030 | 405,000 | 536,067 | ||||||||||
5.000%, 07/01/2031 (Callable 07/01/2030) | 420,000 | 553,495 | ||||||||||
5.000%, 07/01/2032 (Callable 07/01/2030) | 445,000 | 582,634 | ||||||||||
5.000%, 07/01/2033 (Callable 07/01/2030) | 465,000 | 604,657 | ||||||||||
4.000%, 07/01/2039 (Callable 07/01/2030) | 295,000 | 350,913 | ||||||||||
Development Authority of Cobb County: | ||||||||||||
5.000%, 07/15/2028 (Callable 07/15/2027) | 305,000 | 379,373 | ||||||||||
5.000%, 06/01/2035 (Callable 06/01/2027) | 645,000 | 792,976 | ||||||||||
Development Authority of Monroe County, | ||||||||||||
1.500%, 01/01/2039 | ||||||||||||
(Mandatory Tender Date 02/03/2025)(1) | 3,740,000 | 3,828,677 | ||||||||||
Gainesville & Hall County Hospital Authority: | ||||||||||||
5.000%, 02/15/2022 | 500,000 | 514,630 | ||||||||||
5.000%, 02/15/2029 (Callable 02/15/2027) | 485,000 | 593,260 | ||||||||||
George L Smith II Congress Center Authority, | ||||||||||||
4.000%, 01/01/2036 (Callable 01/01/2031) | 500,000 | 596,519 | ||||||||||
Georgia Housing & Finance Authority, | ||||||||||||
3.600%, 12/01/2033 (Callable 06/01/2027) | 450,000 | 482,263 | ||||||||||
Main Street Natural Gas, Inc., | ||||||||||||
0.897%, 08/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.830%) (Callable 09/01/2023) | ||||||||||||
(Mandatory Tender Date 12/01/2023)(2) | 2,000,000 | 2,015,464 | ||||||||||
Private Colleges & Universities Authority: | ||||||||||||
5.000%, 06/01/2027 | 420,000 | 509,636 | ||||||||||
5.000%, 06/01/2028 | 495,000 | 613,400 | ||||||||||
5.000%, 06/01/2029 | 400,000 | 504,817 | ||||||||||
4.000%, 06/01/2034 (Callable 06/01/2031) | 395,000 | 467,465 | ||||||||||
4.000%, 06/01/2035 (Callable 06/01/2031) | 500,000 | 590,724 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.100%, 08/15/2048 (Callable 02/15/2028) | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 3,425,000 | 3,425,000 | ||||||||||
Total Georgia | ||||||||||||
(Cost $44,271,710) | 45,019,208 | 4.1 | % | |||||||||
Illinois | ||||||||||||
Adams & Hancock Counties | ||||||||||||
Community Unit School District No. 4: | ||||||||||||
4.000%, 12/01/2027 (Callable 12/01/2025) | ||||||||||||
(Insured by BAM) | 290,000 | 326,215 | ||||||||||
4.000%, 12/01/2029 (Callable 12/01/2025) | ||||||||||||
(Insured by BAM) | 310,000 | 345,039 | ||||||||||
4.000%, 12/01/2030 (Callable 12/01/2025) | ||||||||||||
(Insured by BAM) | 325,000 | 360,460 | ||||||||||
4.000%, 12/01/2032 (Callable 12/01/2025) | ||||||||||||
(Insured by BAM) | 350,000 | 386,811 | ||||||||||
Bourbonnais Township Park District: | ||||||||||||
4.000%, 12/15/2023 (Insured by BAM) | 100,000 | 107,341 | ||||||||||
4.000%, 12/15/2024 (Insured by BAM) | 125,000 | 137,330 | ||||||||||
4.000%, 12/15/2025 (Insured by BAM) | 130,000 | 145,751 | ||||||||||
Bureau County Township | ||||||||||||
High School District No. 502, | ||||||||||||
4.000%, 12/01/2031 (Callable 12/01/2027) | ||||||||||||
(Insured by BAM) | 1,330,000 | 1,551,315 | ||||||||||
Channahon Park District: | ||||||||||||
4.000%, 12/15/2031 (Callable 12/15/2029) | ||||||||||||
(Insured by BAM) | 460,000 | 547,360 | ||||||||||
4.000%, 12/15/2034 (Callable 12/15/2029) | ||||||||||||
(Insured by BAM) | 510,000 | 600,808 | ||||||||||
4.000%, 12/15/2036 (Callable 12/15/2029) | ||||||||||||
(Insured by BAM) | 150,000 | 175,491 | ||||||||||
4.000%, 12/15/2038 (Callable 12/15/2029) | ||||||||||||
(Insured by BAM) | 595,000 | 696,879 | ||||||||||
Chicago Board of Education, | ||||||||||||
5.000%, 12/01/2023 (Insured by AGM) | 1,000,000 | 1,105,791 | ||||||||||
Chicago Park District, | ||||||||||||
5.000%, 01/01/2024 | 580,000 | 641,811 | ||||||||||
City of Chicago IL: | ||||||||||||
5.000%, 01/01/2024 | 250,000 | 276,998 | ||||||||||
5.000%, 01/01/2025 (Callable 01/01/2024) | ||||||||||||
(Insured by AGM) | 110,000 | 122,887 | ||||||||||
5.000%, 01/01/2026 (Callable 01/01/2024) | 250,000 | 266,102 | ||||||||||
0.000%, 01/01/2027 (Insured by NATL) | 195,000 | 176,446 | ||||||||||
5.000%, 11/01/2028 (Callable 11/01/2027) | ||||||||||||
(Insured by AGM) | 625,000 | 789,302 | ||||||||||
5.000%, 01/01/2030 (Callable 01/01/2024) | ||||||||||||
(Insured by AGM) | 445,000 | 493,244 | ||||||||||
4.000%, 11/01/2032 (Callable 11/01/2024) | ||||||||||||
(Insured by BAM) | 200,000 | 221,108 | ||||||||||
5.000%, 11/01/2033 (Callable 11/01/2027) | ||||||||||||
(Insured by AGM) | 375,000 | 465,147 | ||||||||||
5.000%, 01/01/2035 (Callable 01/01/2027) | ||||||||||||
(Insured by AGM) | 250,000 | 301,757 | ||||||||||
City of Decatur IL: | ||||||||||||
4.250%, 03/01/2030 (Callable 03/01/2024) | ||||||||||||
(Insured by BAM) | 250,000 | 273,869 | ||||||||||
5.000%, 03/01/2034 (Callable 03/01/2026) | ||||||||||||
(Insured by BAM) | 880,000 | 1,044,354 | ||||||||||
City of Rockford IL, | ||||||||||||
3.000%, 12/15/2022 (Insured by AGM) | 150,000 | 155,783 | ||||||||||
Cook & Will Counties | ||||||||||||
School District No. 194: | ||||||||||||
4.000%, 12/01/2025 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 160,000 | 177,993 | ||||||||||
4.000%, 12/01/2026 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 130,000 | 144,411 | ||||||||||
Cook County Community Consolidated | ||||||||||||
School District No. 65, | ||||||||||||
0.000%, 12/01/2023 | 200,000 | 195,805 |
The accompanying notes are an integral part of these financial statements.
Page 158
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Cook County School District No. 130: | ||||||||||||
5.000%, 12/01/2027 (Callable 12/01/2025) | ||||||||||||
(Insured by AGM) | $ | 1,195,000 | $ | 1,427,556 | ||||||||
5.000%, 12/01/2028 (Callable 12/01/2025) | ||||||||||||
(Insured by AGM) | 1,000,000 | 1,191,712 | ||||||||||
Cook County School District No. 163: | ||||||||||||
6.000%, 12/15/2025 (Insured by BAM) | 430,000 | 523,665 | ||||||||||
6.000%, 12/15/2027 (Insured by BAM) | 1,150,000 | 1,487,723 | ||||||||||
Cook County School District No. 83, | ||||||||||||
5.625%, 06/01/2033 | 810,000 | 1,068,662 | ||||||||||
County of Cook IL, | ||||||||||||
5.000%, 11/15/2033 (Callable 11/15/2030) | 1,500,000 | 1,976,496 | ||||||||||
DuPage County High School District No. 87, | ||||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | 315,000 | 364,002 | ||||||||||
Exceptional Children Have Opportunities: | ||||||||||||
4.000%, 12/01/2034 (Callable 12/01/2029) | 765,000 | 885,104 | ||||||||||
4.000%, 12/01/2035 (Callable 12/01/2029) | 645,000 | 742,733 | ||||||||||
Ford, Champaign Counties Community | ||||||||||||
Unit School District No. 10, | ||||||||||||
5.000%, 12/01/2027 (Callable 12/01/2026) | ||||||||||||
(Insured by AGM) | 600,000 | 742,314 | ||||||||||
Hampshire Special Service Area No. 13: | ||||||||||||
3.000%, 03/01/2027 (Insured by BAM) | 130,000 | 140,428 | ||||||||||
3.000%, 03/01/2028 (Callable 03/01/2027) | ||||||||||||
(Insured by BAM) | 140,000 | 149,837 | ||||||||||
3.000%, 03/01/2029 (Callable 03/01/2027) | ||||||||||||
(Insured by BAM) | 100,000 | 105,934 | ||||||||||
3.250%, 03/01/2032 (Callable 03/01/2027) | ||||||||||||
(Insured by BAM) | 165,000 | 174,650 | ||||||||||
3.300%, 03/01/2033 (Callable 03/01/2027) | ||||||||||||
(Insured by BAM) | 175,000 | 185,225 | ||||||||||
3.350%, 03/01/2034 (Callable 03/01/2027) | ||||||||||||
(Insured by BAM) | 185,000 | 195,804 | ||||||||||
3.400%, 03/01/2035 (Callable 03/01/2027) | ||||||||||||
(Insured by BAM) | 195,000 | 206,637 | ||||||||||
3.450%, 03/01/2036 (Callable 03/01/2027) | ||||||||||||
(Insured by BAM) | 205,000 | 217,206 | ||||||||||
3.500%, 03/01/2037 (Callable 03/01/2027) | ||||||||||||
(Insured by BAM) | 100,000 | 106,079 | ||||||||||
Henry & Whiteside Counties Community | ||||||||||||
Unit School District No. 228, | ||||||||||||
5.000%, 08/15/2031 (Callable 08/15/2025) | ||||||||||||
(Insured by AGM) | 270,000 | 317,908 | ||||||||||
Huntley Area Public Library District, | ||||||||||||
5.000%, 02/01/2037 (Callable 02/01/2029) | 500,000 | 631,193 | ||||||||||
Illinois Development Finance Authority, | ||||||||||||
2.450%, 11/15/2039 | ||||||||||||
(Mandatory Tender Date 03/03/2026)(1) | 1,125,000 | 1,196,984 | ||||||||||
Illinois Educational Facilities Authority, | ||||||||||||
4.000%, 11/01/2036 (Callable 11/01/2022) | 1,065,000 | 1,131,648 | ||||||||||
Illinois Finance Authority: | ||||||||||||
5.000%, 10/01/2021 | 170,000 | 171,707 | ||||||||||
5.000%, 10/01/2023 | 105,000 | 114,201 | ||||||||||
5.000%, 11/01/2024 | 1,100,000 | 1,257,508 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2027) | 475,000 | 577,499 | ||||||||||
5.000%, 02/15/2029 (Callable 02/15/2027) | 3,275,000 | 4,022,163 | ||||||||||
5.000%, 01/01/2030 (Callable 01/01/2027) | 205,000 | 247,875 | ||||||||||
5.000%, 10/01/2030 (Callable 10/01/2026) | 140,000 | 168,794 | ||||||||||
4.000%, 12/15/2032 (Callable 12/15/2029) | 625,000 | 763,676 | ||||||||||
4.000%, 05/15/2034 (Callable 05/15/2026) | 300,000 | 336,234 | ||||||||||
4.000%, 12/01/2040 (Callable 12/01/2027) | 270,000 | 308,302 | ||||||||||
4.000%, 12/01/2042 (Callable 12/01/2027) | 275,000 | 312,820 | ||||||||||
0.020%, 08/01/2043 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 2,000,000 | 2,000,000 | ||||||||||
6.000%, 10/01/2048 (Callable 10/01/2022) | 1,000,000 | 1,033,307 | ||||||||||
Illinois Housing Development Authority: | ||||||||||||
3.500%, 08/01/2031 (Callable 08/01/2027) | ||||||||||||
(Insured by GNMA) | 290,000 | 311,888 | ||||||||||
3.100%, 02/01/2035 (Callable 02/01/2026) | 900,000 | 943,953 | ||||||||||
2.450%, 06/01/2043 (Callable 01/01/2023) | ||||||||||||
(Insured by GNMA) | 428,962 | 443,723 | ||||||||||
4.250%, 10/01/2049 (Callable 04/01/2028) | 1,705,000 | 1,898,514 | ||||||||||
Illinois Sports Facilities Authority: | ||||||||||||
5.000%, 06/15/2029 (Insured by BAM) | 2,500,000 | 3,165,696 | ||||||||||
5.000%, 06/15/2030 (Callable 06/15/2029) | ||||||||||||
(Insured by BAM) | 1,155,000 | 1,454,905 | ||||||||||
Illinois State Toll Highway Authority, | ||||||||||||
5.000%, 01/01/2042 (Callable 01/01/2028) | 500,000 | 608,452 | ||||||||||
Illinois State University, | ||||||||||||
5.000%, 04/01/2031 (Callable 04/01/2028) | ||||||||||||
(Insured by AGM) | 500,000 | 623,924 | ||||||||||
Joliet Park District: | ||||||||||||
4.000%, 02/01/2030 (Callable 02/01/2024) | ||||||||||||
(Insured by BAM) | 250,000 | 266,409 | ||||||||||
4.000%, 02/01/2033 (Callable 02/01/2023) | ||||||||||||
(Insured by AGM) | 315,000 | 330,730 | ||||||||||
Kankakee County School District No. 111, | ||||||||||||
4.000%, 01/01/2025 (Insured by BAM) | 480,000 | 530,124 | ||||||||||
Kendall & Kane Counties Community | ||||||||||||
Unit School District No. 115, | ||||||||||||
0.000%, 01/01/2022 (Insured by NATL) | 1,090,000 | 1,087,087 | ||||||||||
Kendall Kane & Will Counties Community | ||||||||||||
Unit School District No. 308: | ||||||||||||
4.000%, 02/01/2030 (Callable 02/01/2025) | ||||||||||||
(Insured by BAM) | 2,550,000 | 2,838,312 | ||||||||||
4.750%, 10/01/2031 (Callable 10/01/2023) | 1,000,000 | 1,094,998 | ||||||||||
Knox & Warren Counties Community | ||||||||||||
Unit School District No. 205: | ||||||||||||
4.000%, 01/01/2034 (Callable 01/01/2028) | ||||||||||||
(Insured by BAM) | 855,000 | 974,382 | ||||||||||
4.000%, 01/01/2036 (Callable 01/01/2028) | ||||||||||||
(Insured by BAM) | 920,000 | 1,044,090 | ||||||||||
Lake County Community | ||||||||||||
Unit School District No. 187, | ||||||||||||
4.000%, 01/01/2035 (Callable 01/01/2027) | ||||||||||||
(Insured by BAM) | 1,190,000 | 1,316,733 | ||||||||||
Macon County School District No. 61: | ||||||||||||
4.000%, 12/01/2034 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 150,000 | 171,060 | ||||||||||
4.000%, 12/01/2037 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 200,000 | 227,326 | ||||||||||
4.000%, 01/01/2040 (Callable 01/01/2027) | ||||||||||||
(Insured by AGM) | 1,420,000 | 1,578,163 | ||||||||||
5.000%, 12/01/2040 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 580,000 | 718,751 | ||||||||||
Macoupin, Sangaman & | ||||||||||||
Montgomery Government Bonds, | ||||||||||||
4.250%, 12/01/2032 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 685,000 | 745,689 | ||||||||||
Medinah Park District, | ||||||||||||
4.250%, 01/01/2028 (Callable 01/01/2024) | 190,000 | 204,050 | ||||||||||
Metropolitan Pier & Exposition Authority: | ||||||||||||
5.500%, 12/15/2023 (Insured by NATL) | 90,000 | 97,033 | ||||||||||
0.000%, 06/15/2029 (Insured by NATL) | 1,400,000 | 1,207,020 | ||||||||||
Metropolitan Water Reclamation | ||||||||||||
District of Greater Chicago, | ||||||||||||
5.000%, 12/01/2034 (Callable 12/01/2026) | 1,500,000 | 1,834,244 |
The accompanying notes are an integral part of these financial statements.
Page 159
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Northern Illinois University: | ||||||||||||
4.000%, 10/01/2033 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM)(6) | $ | 500,000 | $ | 595,340 | ||||||||
4.000%, 10/01/2034 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM)(6) | 485,000 | 576,387 | ||||||||||
4.000%, 10/01/2035 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM)(6) | 1,000,000 | 1,187,176 | ||||||||||
4.000%, 10/01/2038 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM)(6) | 1,000,000 | 1,179,313 | ||||||||||
4.000%, 10/01/2039 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM)(6) | 425,000 | 500,347 | ||||||||||
4.000%, 10/01/2040 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM)(6) | 400,000 | 470,462 | ||||||||||
4.000%, 10/01/2041 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM)(6) | 425,000 | 499,356 | ||||||||||
4.000%, 10/01/2043 (Callable 04/01/2031) | ||||||||||||
(Insured by BAM)(6) | 625,000 | 731,426 | ||||||||||
Ogle & Winnebago Counties Community | ||||||||||||
Unit School District No. 223: | ||||||||||||
5.000%, 12/01/2023 (Insured by BAM) | 415,000 | 457,215 | ||||||||||
5.000%, 12/01/2024 (Insured by BAM) | 100,000 | 114,091 | ||||||||||
Peoria City School District No. 150, | ||||||||||||
5.000%, 01/01/2026 (Insured by BAM) | 330,000 | 390,262 | ||||||||||
Peoria County Community | ||||||||||||
Unit School District No. 323, | ||||||||||||
4.250%, 04/01/2032 (Callable 04/01/2022) | 415,000 | 426,308 | ||||||||||
Richland County Community | ||||||||||||
Unit School District No. 1: | ||||||||||||
5.000%, 12/01/2030 (Callable 12/01/2024) | ||||||||||||
(Insured by AGM) | 155,000 | 178,598 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2024) | ||||||||||||
(Insured by AGM) | 1,750,000 | 1,940,317 | ||||||||||
Sales Tax Securitization Corp., | ||||||||||||
5.000%, 01/01/2043 (Callable 01/01/2029) | 3,750,000 | 4,641,433 | ||||||||||
Shelby Christian Macon Counties | ||||||||||||
Community School District No. 21, | ||||||||||||
4.000%, 12/01/2027 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 155,000 | 168,391 | ||||||||||
St. Clair County Community | ||||||||||||
Consolidated School District, | ||||||||||||
0.000%, 12/01/2021 | 200,000 | 199,497 | ||||||||||
St. Clair County Community | ||||||||||||
Unit School District No. 187, | ||||||||||||
4.000%, 01/01/2028 (Insured by AGM) | 175,000 | 203,236 | ||||||||||
State of Illinois: | ||||||||||||
4.000%, 03/01/2022 | 5,000,000 | 5,125,472 | ||||||||||
6.000%, 06/15/2024 (Insured by NATL) | 100,000 | 115,621 | ||||||||||
5.000%, 06/15/2027 (Callable 08/02/2021) | 1,500,000 | 1,508,946 | ||||||||||
5.500%, 07/01/2033 (Callable 07/01/2023) | 410,000 | 445,013 | ||||||||||
4.000%, 06/15/2038 (Callable 06/15/2028) | ||||||||||||
(Insured by BAM) | 2,500,000 | 2,765,430 | ||||||||||
Tazewell County School District No. 51, | ||||||||||||
9.000%, 12/01/2026 (Insured by NATL) | 1,060,000 | 1,493,646 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.140%, 12/01/2027 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 3,255,000 | 3,255,000 | ||||||||||
University of Illinois, | ||||||||||||
5.000%, 10/01/2021 | 700,000 | 708,354 | ||||||||||
Upper Illinois River Valley | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 12/01/2023 | 600,000 | 661,338 | ||||||||||
5.000%, 12/01/2024 | 585,000 | 666,794 | ||||||||||
4.000%, 01/01/2031 (Callable 01/01/2027)(3) | 245,000 | 258,476 | ||||||||||
Village of Bartlett IL, | ||||||||||||
3.000%, 12/01/2033 (Callable 12/01/2028) | 450,000 | 500,992 | ||||||||||
Village of Cary IL, | ||||||||||||
4.000%, 12/15/2038 (Callable 12/15/2029) | 750,000 | 883,565 | ||||||||||
Village of Crestwood IL: | ||||||||||||
4.000%, 12/15/2021 (Insured by BAM) | 250,000 | 253,861 | ||||||||||
4.500%, 12/15/2026 (Callable 12/15/2022) | ||||||||||||
(Insured by BAM) | 200,000 | 210,989 | ||||||||||
4.000%, 12/15/2027 (Callable 12/15/2025) | ||||||||||||
(Insured by BAM) | 330,000 | 367,535 | ||||||||||
Village of Franklin Park IL, | ||||||||||||
4.000%, 07/01/2029 (Callable 07/01/2025) | ||||||||||||
(Insured by AGM) | 450,000 | 501,298 | ||||||||||
Village of River Grove IL: | ||||||||||||
4.000%, 12/15/2027 (Callable 12/15/2026) | ||||||||||||
(Insured by BAM) | 135,000 | 152,918 | ||||||||||
4.000%, 12/15/2028 (Callable 12/15/2026) | ||||||||||||
(Insured by BAM) | 205,000 | 230,870 | ||||||||||
Village of Romeoville IL, | ||||||||||||
5.000%, 10/01/2042 (Callable 04/01/2025) | 100,000 | 110,222 | ||||||||||
Village of Rosemont IL, | ||||||||||||
5.000%, 12/01/2046 (Callable 12/01/2026) | ||||||||||||
(Insured by AGM) | 130,000 | 154,784 | ||||||||||
Village of Stone Park IL: | ||||||||||||
4.750%, 02/01/2029 (Callable 02/01/2023) | ||||||||||||
(Insured by BAM) | 230,000 | 243,526 | ||||||||||
4.750%, 02/01/2031 (Callable 02/01/2023) | ||||||||||||
(Insured by BAM) | 310,000 | 327,884 | ||||||||||
4.750%, 02/01/2032 (Callable 02/01/2023) | ||||||||||||
(Insured by BAM) | 275,000 | 290,886 | ||||||||||
4.750%, 02/01/2033 (Callable 02/01/2023) | ||||||||||||
(Insured by BAM) | 190,000 | 201,010 | ||||||||||
5.000%, 02/01/2035 (Callable 02/01/2029) | ||||||||||||
(Insured by BAM) | 300,000 | 362,322 | ||||||||||
5.000%, 02/01/2036 (Callable 02/01/2029) | ||||||||||||
(Insured by BAM) | 225,000 | 271,000 | ||||||||||
4.000%, 02/01/2037 (Callable 02/01/2029) | ||||||||||||
(Insured by BAM) | 185,000 | 208,032 | ||||||||||
4.000%, 02/01/2038 (Callable 02/01/2029) | ||||||||||||
(Insured by BAM) | 150,000 | 168,348 | ||||||||||
Will County Community | ||||||||||||
High School District No. 210: | ||||||||||||
0.000%, 01/01/2023 (Insured by AGM) | 140,000 | 137,906 | ||||||||||
0.000%, 01/01/2026 (Insured by AGM) | 265,000 | 247,638 | ||||||||||
0.000%, 01/01/2027 (Insured by BAM) | 1,120,000 | 1,021,750 | ||||||||||
0.000%, 01/01/2027 (Insured by AGM) | 115,000 | 104,912 | ||||||||||
0.000%, 01/01/2028 (Insured by BAM) | 1,140,000 | 1,011,849 | ||||||||||
0.000%, 01/01/2028 (Insured by AGM) | 180,000 | 159,766 | ||||||||||
0.000%, 01/01/2028 | 60,000 | 51,769 | ||||||||||
0.000%, 01/01/2029 | 40,000 | 33,324 | ||||||||||
0.000%, 01/01/2033 (Insured by BAM) | 600,000 | 453,480 | ||||||||||
4.000%, 01/01/2034 (Callable 01/01/2029) | ||||||||||||
(Insured by AGM) | 400,000 | 459,359 | ||||||||||
Will County Community Unit | ||||||||||||
School District No. 201-U: | ||||||||||||
4.000%, 01/01/2033 (Callable 01/01/2028) | ||||||||||||
(Insured by AGM) | 245,000 | 277,748 | ||||||||||
4.000%, 01/01/2034 (Callable 01/01/2028) | ||||||||||||
(Insured by AGM) | 785,000 | 887,904 | ||||||||||
4.000%, 01/01/2035 (Callable 01/01/2028) | ||||||||||||
(Insured by AGM) | 480,000 | 542,036 | ||||||||||
Will County Township High School | ||||||||||||
District No. 204, | ||||||||||||
5.000%, 01/01/2025 | 125,000 | 142,296 |
The accompanying notes are an integral part of these financial statements.
Page 160
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Winnebago & Boone Counties Community | ||||||||||||
High School District No. 207, | ||||||||||||
4.000%, 02/01/2036 (Callable 02/01/2027) | ||||||||||||
(Insured by BAM) | $ | 1,000,000 | $ | 1,146,526 | ||||||||
Total Illinois | ||||||||||||
(Cost $102,618,098) | 108,016,000 | 9.7 | % | |||||||||
Indiana | ||||||||||||
Bloomington Redevelopment District: | ||||||||||||
5.000%, 02/01/2025 | 325,000 | 374,623 | ||||||||||
5.000%, 08/01/2025 | 335,000 | 392,330 | ||||||||||
5.250%, 08/01/2036 (Callable 08/01/2029) | 1,450,000 | 1,886,471 | ||||||||||
Carmel Redevelopment Authority, | ||||||||||||
4.000%, 08/01/2033 | ||||||||||||
(Pre-refunded to 08/01/2022) | 250,000 | 260,416 | ||||||||||
City of Jeffersonville IN, | ||||||||||||
5.000%, 01/01/2030 (Callable 01/01/2028) | ||||||||||||
(Insured by BAM) | 325,000 | 408,395 | ||||||||||
City of Lawrence IN, | ||||||||||||
5.000%, 01/01/2027 (Insured by BAM) | 385,000 | 469,542 | ||||||||||
Evansville Park District: | ||||||||||||
5.000%, 08/15/2035 (Callable 02/15/2028) | ||||||||||||
(Insured by BAM) | 150,000 | 186,690 | ||||||||||
5.000%, 08/15/2036 (Callable 02/15/2028) | ||||||||||||
(Insured by BAM) | 1,335,000 | 1,657,676 | ||||||||||
Franklin Township-Marion County | ||||||||||||
Multiple School Building Corp., | ||||||||||||
5.000%, 01/15/2035 (Callable 01/15/2023) | ||||||||||||
(Insured by ST AID) | 505,000 | 539,581 | ||||||||||
Hammond Multi-School Building Corp., | ||||||||||||
4.500%, 07/15/2026 (Callable 01/15/2024) | ||||||||||||
(Insured by ST AID) | 625,000 | 686,856 | ||||||||||
Hammond Sanitary District: | ||||||||||||
5.000%, 07/15/2026 (Insured by BAM) | 610,000 | 738,090 | ||||||||||
5.000%, 01/15/2028 (Callable 07/15/2027) | ||||||||||||
(Insured by BAM) | 315,000 | 391,787 | ||||||||||
Indiana Bond Bank: | ||||||||||||
0.680%, 10/15/2022 (SIFMA Municipal | ||||||||||||
Swap Index + 0.660%)(2) | 125,000 | 125,029 | ||||||||||
1.093%, 10/15/2022 (3 Month LIBOR | ||||||||||||
USD + 0.970%)(2) | 510,000 | 510,205 | ||||||||||
Indiana Finance Authority: | ||||||||||||
5.000%, 10/01/2023 | 180,000 | 195,522 | ||||||||||
5.000%, 10/01/2027 | 245,000 | 295,715 | ||||||||||
5.000%, 10/01/2029 | 220,000 | 273,625 | ||||||||||
5.000%, 10/01/2031 | 250,000 | 318,576 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2023) | 3,520,000 | 3,710,216 | ||||||||||
5.000%, 10/01/2033 (Callable 10/01/2031) | 170,000 | 215,594 | ||||||||||
4.000%, 05/01/2035 | ||||||||||||
(Pre-refunded to 05/01/2023) | 290,000 | 310,236 | ||||||||||
4.000%, 10/01/2035 (Callable 10/01/2031) | 820,000 | 956,713 | ||||||||||
5.000%, 07/01/2036 (Callable 07/01/2021) | 1,580,000 | 1,580,000 | ||||||||||
3.750%, 10/01/2037 (Callable 10/01/2023) | 235,000 | 237,976 | ||||||||||
3.750%, 10/01/2042 (Callable 10/01/2023) | 190,000 | 191,584 | ||||||||||
5.500%, 08/15/2045 (Callable 08/02/2021) | 225,000 | 225,821 | ||||||||||
Indiana Health & Educational | ||||||||||||
Facilities Financing Authority: | ||||||||||||
1.750%, 11/15/2031 | ||||||||||||
(Pre-refunded to 11/02/2021)(1) | 10,000 | 10,043 | ||||||||||
1.750%, 11/15/2031 | ||||||||||||
(Mandatory Tender Date 11/02/2021)(1) | 715,000 | 718,789 | ||||||||||
Indiana Municipal Power Agency, | ||||||||||||
5.000%, 01/01/2032 (Callable 01/01/2025) | 1,000,000 | 1,149,743 | ||||||||||
Indiana University, | ||||||||||||
4.000%, 08/01/2035 (Callable 08/01/2027) | 80,000 | 91,881 | ||||||||||
Indianapolis Local Public | ||||||||||||
Improvement Bond Bank: | ||||||||||||
5.000%, 01/01/2033 | ||||||||||||
(Pre-refunded to 01/01/2025) | 500,000 | 580,744 | ||||||||||
5.000%, 02/01/2035 (Callable 12/29/2023) | 200,000 | 222,368 | ||||||||||
5.000%, 02/01/2036 (Callable 12/29/2023) | 750,000 | 833,041 | ||||||||||
5.000%, 02/01/2054 (Callable 02/01/2029) | 1,710,000 | 2,111,486 | ||||||||||
IPS Multi-School Building Corp., | ||||||||||||
5.000%, 07/15/2026 (Callable 01/15/2025) | ||||||||||||
(Insured by ST AID) | 925,000 | 1,067,401 | ||||||||||
Kankakee Valley Middle School Building Corp., | ||||||||||||
5.000%, 01/15/2029 (Insured by ST AID) | 1,000,000 | 1,283,368 | ||||||||||
Loogootee School Building Corp., | ||||||||||||
4.000%, 07/15/2026 (Insured by ST AID) | 135,000 | 155,819 | ||||||||||
Munster School Building Corp.: | ||||||||||||
5.000%, 07/15/2021 (Insured by ST AID) | 130,000 | 130,224 | ||||||||||
4.000%, 07/15/2024 (Insured by ST AID) | 170,000 | 186,218 | ||||||||||
North Montgomery High | ||||||||||||
School Building Corp., | ||||||||||||
5.000%, 07/15/2033 (Callable 07/15/2026) | ||||||||||||
(Insured by ST AID) | 165,000 | 198,577 | ||||||||||
Shelbyville Central Renovation | ||||||||||||
School Building Corp., | ||||||||||||
5.000%, 01/15/2029 (Callable 07/15/2026) | ||||||||||||
(Insured by ST AID) | 220,000 | 265,093 | ||||||||||
Taylor Community School Building Corp., | ||||||||||||
0.000%, 07/15/2029 (Callable 07/15/2025) | ||||||||||||
(Insured by ST AID) | 360,000 | 293,722 | ||||||||||
Tipton County Jail Building Corp., | ||||||||||||
5.000%, 01/15/2027 (Insured by ST AID) | 245,000 | 299,843 | ||||||||||
Tri-Creek 2002 High School Building Corp., | ||||||||||||
4.000%, 07/15/2039 (Callable 07/15/2028) | ||||||||||||
(Insured by ST AID) | 345,000 | 396,240 | ||||||||||
Westfield High School Building Corp.: | ||||||||||||
5.000%, 01/15/2029 (Callable 01/15/2026) | ||||||||||||
(Insured by ST AID) | 250,000 | 296,250 | ||||||||||
5.000%, 01/15/2030 (Callable 01/15/2026) | ||||||||||||
(Insured by ST AID) | 300,000 | 355,337 | ||||||||||
5.000%, 07/15/2031 (Callable 01/15/2026) | ||||||||||||
(Insured by ST AID) | 150,000 | 177,606 | ||||||||||
Total Indiana | ||||||||||||
(Cost $26,796,590) | 27,963,062 | 2.5 | % | |||||||||
Iowa | ||||||||||||
City of Coralville IA: | ||||||||||||
4.000%, 05/01/2022 | 100,000 | 100,697 | ||||||||||
4.000%, 05/01/2030 (Callable 05/01/2029) | 1,000,000 | 1,136,685 | ||||||||||
3.000%, 05/01/2033 (Callable 05/01/2029) | 1,000,000 | 1,043,765 | ||||||||||
City of Greenfield IA, | ||||||||||||
4.000%, 09/01/2036 (Callable 09/01/2026) | ||||||||||||
(Insured by AGM) | 200,000 | 230,431 | ||||||||||
County of Carroll IA, | ||||||||||||
5.000%, 06/01/2035 (Callable 06/01/2027) | 645,000 | 791,728 | ||||||||||
Iowa Finance Authority: | ||||||||||||
0.020%, 12/01/2033 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 1,000,000 | 1,000,000 | ||||||||||
0.020%, 12/01/2033 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 1,355,000 | 1,355,000 | ||||||||||
4.000%, 07/01/2047 (Callable 07/01/2028) | ||||||||||||
(Insured by GNMA) | 1,805,000 | 2,046,540 | ||||||||||
2.875%, 05/15/2049 (Callable 07/21/2021) | 450,000 | 454,718 | ||||||||||
Iowa Higher Education Loan Authority: | ||||||||||||
3.000%, 04/01/2029 | 870,000 | 974,594 | ||||||||||
3.000%, 04/01/2030 | 650,000 | 729,140 | ||||||||||
3.000%, 04/01/2031 | 525,000 | 589,122 |
The accompanying notes are an integral part of these financial statements.
Page 161
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Southern Iowa Rural Water Association, | ||||||||||||
3.000%, 12/01/2032 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | $ | 1,030,000 | $ | 1,132,191 | ||||||||
Total Iowa | ||||||||||||
(Cost $11,341,825) | 11,584,611 | 1.0 | % | |||||||||
Kansas | ||||||||||||
City of Derby KS, | ||||||||||||
3.900%, 03/01/2037 (Callable 03/01/2025) | 525,000 | 543,848 | ||||||||||
City of Goddard KS, | ||||||||||||
3.500%, 06/01/2034 (Callable 12/01/2022) | 1,420,000 | 1,420,261 | ||||||||||
City of Hutchinson KS: | ||||||||||||
4.000%, 12/01/2021 | 360,000 | 363,591 | ||||||||||
5.000%, 12/01/2022 | 140,000 | 146,595 | ||||||||||
Kansas Power Pool: | ||||||||||||
4.000%, 12/01/2038 (Callable 12/01/2029)(6) | 700,000 | 811,266 | ||||||||||
4.000%, 12/01/2040 (Callable 12/01/2029)(6) | 1,095,000 | 1,263,317 | ||||||||||
Total Kansas | ||||||||||||
(Cost $4,455,581) | 4,548,878 | 0.4 | % | |||||||||
Kentucky | ||||||||||||
Kentucky Economic Development | ||||||||||||
Finance Authority: | ||||||||||||
0.000%, 10/01/2025 (Insured by NATL) | 420,000 | 394,104 | ||||||||||
0.000%, 10/01/2026 (Insured by NATL) | 510,000 | 467,424 | ||||||||||
0.000%, 10/01/2027 (Insured by NATL) | 480,000 | 428,252 | ||||||||||
0.000%, 10/01/2028 (Insured by NATL) | 685,000 | 592,929 | ||||||||||
0.080%, 05/01/2034 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 6,235,000 | 6,235,000 | ||||||||||
5.250%, 08/15/2046 | ||||||||||||
(Pre-refunded to 08/15/2021) | 790,000 | 794,760 | ||||||||||
Kentucky Public Energy Authority: | ||||||||||||
4.000%, 08/01/2027 | 250,000 | 296,004 | ||||||||||
4.000%, 01/01/2049 (Callable 10/01/2024) | ||||||||||||
(Mandatory Tender Date 01/01/2025)(1) | 675,000 | 749,733 | ||||||||||
1.367%, 12/01/2049 (1 Month LIBOR | ||||||||||||
USD + 1.300%) (Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(2) | 2,000,000 | 2,057,568 | ||||||||||
4.000%, 12/01/2050 (Callable 03/01/2026) | ||||||||||||
(Mandatory Tender Date 06/01/2026)(1) | 490,000 | 564,928 | ||||||||||
Paducah Electric Plant Board, | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2026) | ||||||||||||
(Insured by AGM) | 1,000,000 | 1,214,824 | ||||||||||
Total Kentucky | ||||||||||||
(Cost $13,361,771) | 13,795,526 | 1.2 | % | |||||||||
Louisiana | ||||||||||||
City of Shreveport LA, | ||||||||||||
5.000%, 08/01/2023 (Insured by BAM) | 350,000 | 383,038 | ||||||||||
Louisiana Housing Corp., | ||||||||||||
4.500%, 12/01/2047 (Callable 12/01/2027) | 160,000 | 177,991 | ||||||||||
Louisiana Local Government | ||||||||||||
Environmental Facilities & | ||||||||||||
Community Development Authority: | ||||||||||||
5.000%, 10/01/2023 (Insured by BAM) | 200,000 | 220,638 | ||||||||||
5.000%, 10/01/2024 (Insured by BAM) | 100,000 | 114,520 | ||||||||||
Louisiana Public Facilities Authority, | ||||||||||||
0.000%, 10/01/2024(7) | 125,000 | 123,077 | ||||||||||
Louisiana State University & | ||||||||||||
Agricultural & Mechanical College: | ||||||||||||
5.000%, 07/01/2030 (Callable 07/01/2026) | ||||||||||||
(Insured by BAM) | 380,000 | 452,981 | ||||||||||
4.000%, 07/01/2032 (Callable 07/01/2026) | ||||||||||||
(Insured by BAM) | 485,000 | 550,940 | ||||||||||
Morehouse Parish Hospital | ||||||||||||
Service District No. 1, | ||||||||||||
4.000%, 10/01/2028 (Callable 10/01/2027) | 660,000 | 717,641 | ||||||||||
St. Tammany Parish Wide | ||||||||||||
School District No. 12: | ||||||||||||
4.000%, 03/01/2035 (Callable 03/01/2027) | 100,000 | 114,104 | ||||||||||
4.000%, 03/01/2036 (Callable 03/01/2027) | 115,000 | 130,075 | ||||||||||
Tangipahoa Parish School Board, | ||||||||||||
4.000%, 03/01/2041 (Callable 03/01/2031) | ||||||||||||
(Insured by AGM) | 500,000 | 602,992 | ||||||||||
Terrebonne Parish Consolidated Government, | ||||||||||||
0.000%, 04/01/2034 (Insured by AGM) | 715,000 | 544,473 | ||||||||||
Total Louisiana | ||||||||||||
(Cost $3,924,473) | 4,132,470 | 0.4 | % | |||||||||
Maine | ||||||||||||
Maine Health & Higher Educational | ||||||||||||
Facilities Authority: | ||||||||||||
4.000%, 07/01/2037 (Callable 07/01/2029) | 230,000 | 267,398 | ||||||||||
5.000%, 07/01/2046 (Callable 07/01/2026) | 250,000 | 285,015 | ||||||||||
Maine State Housing Authority: | ||||||||||||
3.500%, 11/15/2045 (Callable 05/15/2025) | 100,000 | 104,879 | ||||||||||
4.000%, 11/15/2045 (Callable 11/15/2025) | 220,000 | 232,258 | ||||||||||
3.500%, 11/15/2046 (Callable 11/15/2025) | 20,000 | 20,789 | ||||||||||
3.500%, 11/15/2047 (Callable 11/15/2026) | 550,000 | 588,838 | ||||||||||
4.000%, 11/15/2049 (Callable 05/15/2028) | 395,000 | 434,275 | ||||||||||
4.000%, 11/15/2050 (Callable 05/15/2029) | 955,000 | 1,071,115 | ||||||||||
Total Maine | ||||||||||||
(Cost $2,904,057) | 3,004,567 | 0.3 | % | |||||||||
Maryland | ||||||||||||
County of Baltimore MD, | ||||||||||||
3.000%, 09/01/2027 (Callable 09/01/2022) | 1,000,000 | 1,029,037 | ||||||||||
Maryland Community | ||||||||||||
Development Administration: | ||||||||||||
3.500%, 03/01/2050 (Callable 03/01/2029) | 680,000 | 743,766 | ||||||||||
3.250%, 09/01/2050 (Callable 09/01/2029) | 6,000,000 | 6,584,907 | ||||||||||
Maryland Health & Higher Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 01/01/2028 | 300,000 | 350,882 | ||||||||||
4.000%, 01/01/2029 | 980,000 | 1,149,277 | ||||||||||
5.000%, 01/01/2029 | 290,000 | 344,003 | ||||||||||
5.000%, 01/01/2030 | 185,000 | 222,080 | ||||||||||
0.020%, 07/01/2033 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 3,535,000 | 3,535,000 | ||||||||||
Washington Suburban Sanitary Commission, | ||||||||||||
4.000%, 06/01/2039 (Callable 06/01/2026) | 1,585,000 | 1,806,928 | ||||||||||
Total Maryland | ||||||||||||
(Cost $15,721,662) | 15,765,880 | 1.4 | % | |||||||||
Massachusetts | ||||||||||||
Commonwealth of Massachusetts, | ||||||||||||
5.000%, 09/01/2038 (Callable 09/01/2028) | 1,375,000 | 1,741,633 | ||||||||||
Massachusetts Development Finance Agency: | ||||||||||||
5.000%, 07/01/2022 (Callable 07/01/2021) | 1,000,000 | 1,000,000 | ||||||||||
5.000%, 10/01/2025 (Insured by AGM) | 575,000 | 674,222 | ||||||||||
Massachusetts Housing Finance Agency: | ||||||||||||
4.000%, 12/01/2028 (Callable 06/01/2023) | 1,000,000 | 1,049,097 | ||||||||||
4.500%, 12/01/2048 (Callable 12/01/2027) | 1,645,000 | 1,829,044 | ||||||||||
4.000%, 06/01/2049 (Callable 12/01/2028) | 880,000 | 972,830 | ||||||||||
Town of Ashburnham MA, | ||||||||||||
4.250%, 07/01/2021 (Insured by AGC) | 350,000 | 350,000 | ||||||||||
University of Massachusetts, | ||||||||||||
5.000%, 11/01/2039 | ||||||||||||
(Pre-refunded to 11/01/2024) | 70,000 | 80,920 |
The accompanying notes are an integral part of these financial statements.
Page 162
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
University of Massachusetts Building Authority: | ||||||||||||
5.000%, 11/01/2039 | ||||||||||||
(Pre-refunded to 11/01/2024) | $ | 65,000 | $ | 74,906 | ||||||||
5.000%, 11/01/2039 (Callable 11/01/2024) | 135,000 | 154,330 | ||||||||||
Total Massachusetts | ||||||||||||
(Cost $7,755,736) | 7,926,982 | 0.7 | % | |||||||||
Michigan | ||||||||||||
City of Detroit MI, | ||||||||||||
5.250%, 07/01/2041 | ||||||||||||
(Pre-refunded to 07/01/2021) | 50,000 | 50,000 | ||||||||||
City of Monroe MI, | ||||||||||||
4.000%, 05/01/2031 (Callable 05/01/2024) | 150,000 | 164,331 | ||||||||||
City of Wyandotte MI, | ||||||||||||
5.000%, 10/01/2023 (Insured by BAM) | 25,000 | 27,373 | ||||||||||
Clarkston Community Schools, | ||||||||||||
5.000%, 05/01/2039 (Callable 05/01/2029) | ||||||||||||
(Insured by Q-SBLF) | 500,000 | 634,431 | ||||||||||
Detroit Michigan School District, | ||||||||||||
5.000%, 05/01/2033 (Callable 05/01/2022) | ||||||||||||
(Insured by Q-SBLF) | 1,000,000 | 1,039,304 | ||||||||||
Eastern Michigan University, | ||||||||||||
4.000%, 03/01/2034 (Callable 03/01/2027) | ||||||||||||
(Insured by BAM) | 985,000 | 1,120,758 | ||||||||||
Ferris State University, | ||||||||||||
5.000%, 10/01/2026 | 865,000 | 1,052,889 | ||||||||||
Flushing Community Schools, | ||||||||||||
4.000%, 05/01/2029 (Callable 05/01/2028) | ||||||||||||
(Insured by Q-SBLF) | 220,000 | 262,040 | ||||||||||
Great Lakes Water Authority, | ||||||||||||
5.000%, 07/01/2033 (Callable 07/01/2028) | 1,000,000 | 1,264,226 | ||||||||||
Michigan Finance Authority: | ||||||||||||
5.000%, 12/01/2021 | 265,000 | 270,238 | ||||||||||
4.000%, 10/01/2024 | 650,000 | 678,198 | ||||||||||
5.000%, 09/01/2029 | 400,000 | 506,964 | ||||||||||
5.000%, 09/01/2030 (Callable 03/01/2030) | 440,000 | 560,362 | ||||||||||
5.000%, 07/01/2034 (Callable 07/01/2025) | 250,000 | 292,242 | ||||||||||
5.000%, 07/01/2036 (Callable 07/01/2024) | ||||||||||||
(Insured by NATL) | 500,000 | 563,535 | ||||||||||
5.000%, 07/01/2044 (Callable 07/01/2024) | 125,000 | 133,683 | ||||||||||
Michigan State Building Authority, | ||||||||||||
0.070%, 10/15/2042 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 2,000,000 | 2,000,000 | ||||||||||
Michigan State Hospital Finance Authority, | ||||||||||||
4.000%, 11/15/2047 (Callable 11/15/2026) | 575,000 | 658,521 | ||||||||||
Michigan State Housing Development Authority: | ||||||||||||
4.250%, 12/01/2049 (Callable 06/01/2028) | 1,695,000 | 1,891,753 | ||||||||||
3.500%, 12/01/2050 (Callable 06/01/2029) | 1,935,000 | 2,140,891 | ||||||||||
Michigan State University, | ||||||||||||
5.000%, 02/15/2037 (Callable 08/15/2029) | 525,000 | 672,949 | ||||||||||
Pinckney Community Schools, | ||||||||||||
5.000%, 05/01/2033 (Callable 05/01/2026) | ||||||||||||
(Insured by Q-SBLF) | 750,000 | 900,917 | ||||||||||
Romeo Community School District, | ||||||||||||
5.000%, 05/01/2029 (Callable 05/01/2026) | ||||||||||||
(Insured by Q-SBLF) | 1,000,000 | 1,208,094 | ||||||||||
Roseville Community Schools, | ||||||||||||
5.000%, 05/01/2026 (Insured by Q-SBLF) | 400,000 | 484,938 | ||||||||||
Swartz Creek Community Schools, | ||||||||||||
5.000%, 05/01/2039 (Callable 05/01/2029) | ||||||||||||
(Insured by Q-SBLF) | 815,000 | 1,025,851 | ||||||||||
Trenton Public Schools School District: | ||||||||||||
5.000%, 05/01/2029 (Callable 05/01/2028) | ||||||||||||
(Insured by Q-SBLF) | 135,000 | 173,347 | ||||||||||
5.000%, 05/01/2030 (Callable 05/01/2028) | ||||||||||||
(Insured by Q-SBLF) | 300,000 | 383,642 | ||||||||||
Wayne County Airport Authority: | ||||||||||||
5.000%, 12/01/2026 | 185,000 | 227,880 | ||||||||||
5.000%, 12/01/2031 (Callable 12/01/2027) | 375,000 | 462,232 | ||||||||||
Wayne-Westland Community Schools, | ||||||||||||
4.000%, 11/01/2038 (Callable 05/01/2029) | ||||||||||||
(Insured by Q-SBLF) | 500,000 | 592,566 | ||||||||||
Western Michigan University: | ||||||||||||
5.000%, 11/15/2029 (Callable 05/15/2025) | 250,000 | 288,987 | ||||||||||
5.000%, 11/15/2030 (Insured by AGM) | 100,000 | 131,330 | ||||||||||
5.000%, 11/15/2030 (Insured by AGM) | 300,000 | 392,816 | ||||||||||
5.000%, 11/15/2038 (Callable 05/15/2031) | ||||||||||||
(Insured by AGM) | 375,000 | 476,941 | ||||||||||
5.000%, 11/15/2039 (Callable 05/15/2031) | ||||||||||||
(Insured by AGM) | 400,000 | 507,480 | ||||||||||
5.000%, 11/15/2040 (Callable 05/15/2031) | ||||||||||||
(Insured by AGM) | 420,000 | 531,929 | ||||||||||
Total Michigan | ||||||||||||
(Cost $22,860,890) | 23,773,638 | 2.1 | % | |||||||||
Minnesota | ||||||||||||
City of Maple Grove MN: | ||||||||||||
5.000%, 05/01/2027 | 200,000 | 245,763 | ||||||||||
5.000%, 05/01/2031 (Callable 05/01/2027) | 520,000 | 627,242 | ||||||||||
City of Minneapolis MN, | ||||||||||||
5.000%, 11/15/2034 (Callable 11/15/2025) | 680,000 | 793,198 | ||||||||||
Housing & Redevelopment Authority | ||||||||||||
of The City of St. Paul: | ||||||||||||
5.000%, 12/01/2029 | 1,175,000 | 1,449,783 | ||||||||||
5.000%, 12/01/2030 | 300,000 | 373,377 | ||||||||||
5.000%, 12/01/2036 (Callable 12/01/2030) | 1,600,000 | 1,936,632 | ||||||||||
Maple River Independent | ||||||||||||
School District No. 2135: | ||||||||||||
4.000%, 02/01/2037 (Callable 02/01/2030) | ||||||||||||
(Insured by SD CRED PROG) | 970,000 | 1,168,260 | ||||||||||
4.000%, 02/01/2038 (Callable 02/01/2030) | ||||||||||||
(Insured by SD CRED PROG) | 700,000 | 841,239 | ||||||||||
Minnesota Housing Finance Agency: | ||||||||||||
4.375%, 07/01/2026 (Callable 07/01/2021) | ||||||||||||
(Insured by GNMA) | 100,000 | 100,000 | ||||||||||
3.600%, 07/01/2033 (Callable 01/01/2023) | ||||||||||||
(Insured by GNMA) | 560,000 | 573,675 | ||||||||||
4.000%, 01/01/2038 (Callable 01/01/2024) | 485,000 | 518,357 | ||||||||||
3.800%, 07/01/2038 (Callable 01/01/2023) | ||||||||||||
(Insured by GNMA) | 185,000 | 189,511 | ||||||||||
0.450%, 01/01/2045 (SIFMA Municipal | ||||||||||||
Swap Index + 0.430%) (Callable 01/01/2023) | ||||||||||||
(Mandatory Tender Date 07/03/2023) | ||||||||||||
(Insured by GNMA)(2) | 3,000,000 | 3,007,582 | ||||||||||
4.000%, 01/01/2047 (Callable 01/01/2026) | ||||||||||||
(Insured by GNMA) | 435,000 | 466,236 | ||||||||||
Plymouth Intermediate District No. 287: | ||||||||||||
4.000%, 02/01/2027 | 200,000 | 232,997 | ||||||||||
4.000%, 02/01/2028 (Callable 02/01/2027) | 350,000 | 404,100 | ||||||||||
4.000%, 02/01/2037 (Callable 02/01/2027) | 250,000 | 278,974 | ||||||||||
St. Paul Port Authority, | ||||||||||||
4.000%, 10/01/2041 (Callable 10/01/2027) | 400,000 | 446,216 | ||||||||||
Zumbro Education District: | ||||||||||||
4.000%, 02/01/2029 | 350,000 | 410,549 | ||||||||||
4.000%, 02/01/2038 (Callable 02/01/2031) | 385,000 | 450,124 | ||||||||||
4.000%, 02/01/2041 (Callable 02/01/2031) | 400,000 | 463,700 | ||||||||||
Total Minnesota | ||||||||||||
(Cost $14,449,053) | 14,977,515 | 1.4 | % |
The accompanying notes are an integral part of these financial statements.
Page 163
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Mississippi | ||||||||||||
Biloxi Public School District, | ||||||||||||
5.000%, 04/01/2026 (Insured by BAM) | $ | 500,000 | $ | 599,927 | ||||||||
City of Gulfport MS: | ||||||||||||
5.000%, 07/01/2024 | 485,000 | 542,635 | ||||||||||
5.000%, 07/01/2027 (Callable 07/01/2026) | 500,000 | 588,568 | ||||||||||
City of Ridgeland MS: | ||||||||||||
3.000%, 10/01/2025 | 1,000,000 | 1,056,658 | ||||||||||
3.000%, 10/01/2026 | 1,100,000 | 1,169,300 | ||||||||||
3.000%, 10/01/2028 (Callable 10/01/2027) | 690,000 | 730,250 | ||||||||||
3.000%, 10/01/2029 (Callable 10/01/2027) | 540,000 | 567,163 | ||||||||||
Copiah-Lincoln Community College District, | ||||||||||||
2.500%, 09/01/2021 (Insured by AGM) | 175,000 | 175,642 | ||||||||||
Medical Center Educational Building Corp., | ||||||||||||
5.000%, 06/01/2042 (Callable 06/01/2027) | 500,000 | 598,816 | ||||||||||
Mississippi Business Finance Corp., | ||||||||||||
3.200%, 09/01/2028 (Callable 03/13/2024) | 2,100,000 | 2,207,565 | ||||||||||
Mississippi Development Bank: | ||||||||||||
5.000%, 03/01/2030 (Callable 03/01/2028) | 330,000 | 412,235 | ||||||||||
5.000%, 03/01/2031 (Callable 03/01/2028) | 175,000 | 217,666 | ||||||||||
4.000%, 03/01/2032 (Callable 03/01/2028) | 200,000 | 236,779 | ||||||||||
4.000%, 03/01/2033 (Callable 03/01/2028) | 300,000 | 354,336 | ||||||||||
5.250%, 03/01/2034 (Callable 03/01/2028) | 490,000 | 602,064 | ||||||||||
4.000%, 03/01/2036 (Callable 03/01/2028) | 300,000 | 352,136 | ||||||||||
5.250%, 03/01/2045 (Callable 03/01/2028) | 1,275,000 | 1,537,018 | ||||||||||
5.000%, 03/01/2048 (Callable 03/01/2029) | ||||||||||||
(Insured by BAM) | 1,000,000 | 1,247,684 | ||||||||||
State of Mississippi: | ||||||||||||
5.000%, 10/15/2028 (Callable 10/15/2025) | 1,260,000 | 1,476,341 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2027) | 215,000 | 268,729 | ||||||||||
5.000%, 10/15/2034 (Callable 10/15/2025) | 1,000,000 | 1,161,742 | ||||||||||
5.000%, 10/15/2035 (Callable 10/15/2028) | 4,000,000 | 4,973,031 | ||||||||||
University of Southern Mississippi, | ||||||||||||
5.000%, 09/01/2035 (Callable 09/01/2026) | 385,000 | 461,820 | ||||||||||
West Rankin Utility Authority: | ||||||||||||
5.000%, 01/01/2028 (Callable 01/01/2025) | ||||||||||||
(Insured by AGM) | 110,000 | 126,668 | ||||||||||
5.000%, 01/01/2029 (Callable 01/01/2025) | ||||||||||||
(Insured by AGM) | 300,000 | 345,270 | ||||||||||
5.000%, 01/01/2030 (Callable 01/01/2025) | ||||||||||||
(Insured by AGM) | 590,000 | 678,335 | ||||||||||
Total Mississippi | ||||||||||||
(Cost $21,939,567) | 22,688,378 | 2.0 | % | |||||||||
Missouri | ||||||||||||
Center School District No. 58: | ||||||||||||
4.000%, 04/15/2030 (Callable 04/15/2027) | 210,000 | 241,461 | ||||||||||
4.000%, 04/15/2031 (Callable 04/15/2027) | 220,000 | 252,059 | ||||||||||
County of Cape Girardeau MO: | ||||||||||||
5.000%, 06/01/2023 | 625,000 | 658,753 | ||||||||||
5.000%, 06/01/2024 | 825,000 | 903,087 | ||||||||||
5.000%, 06/01/2025 | 650,000 | 735,335 | ||||||||||
Health & Educational Facilities | �� | |||||||||||
Authority of the State of Missouri: | ||||||||||||
5.000%, 02/01/2025 (Callable 02/01/2024) | 45,000 | 49,915 | ||||||||||
5.000%, 09/01/2025 | 365,000 | 415,192 | ||||||||||
5.000%, 09/01/2026 | 410,000 | 475,758 | ||||||||||
5.000%, 09/01/2027 | 280,000 | 331,427 | ||||||||||
5.000%, 11/15/2027 (Callable 11/15/2025) | 525,000 | 613,375 | ||||||||||
5.000%, 06/01/2031 (Callable 06/01/2024) | 50,000 | 56,346 | ||||||||||
5.000%, 02/01/2035 (Callable 02/01/2024) | 295,000 | 320,409 | ||||||||||
5.250%, 10/01/2041 | ||||||||||||
(Pre-refunded to 10/01/2021) | 100,000 | 101,273 | ||||||||||
Jackson County Reorganized | ||||||||||||
School District No. 7, | ||||||||||||
4.000%, 03/01/2039 (Callable 03/01/2029) | 2,500,000 | 2,997,395 | ||||||||||
Jackson County School District No. R-IV, | ||||||||||||
6.000%, 03/01/2038 (Callable 03/01/2029) | ||||||||||||
(Insured by ST AID) | 1,005,000 | 1,360,997 | ||||||||||
Jefferson County Consolidated | ||||||||||||
School District No. 6: | ||||||||||||
3.000%, 03/01/2039 (Callable 03/01/2028) | ||||||||||||
(Insured by ST AID) | 1,300,000 | 1,408,812 | ||||||||||
3.000%, 03/01/2041 (Callable 03/01/2028) | ||||||||||||
(Insured by ST AID) | 1,000,000 | 1,078,843 | ||||||||||
Meramec Valley School District No. R-III: | ||||||||||||
3.000%, 03/01/2037 (Callable 03/01/2028) | 360,000 | 392,753 | ||||||||||
3.000%, 03/01/2038 (Callable 03/01/2028) | 500,000 | 544,188 | ||||||||||
Missouri Housing Development Commission: | ||||||||||||
3.700%, 11/01/2035 (Callable 05/01/2025) | ||||||||||||
(Insured by GNMA) | 25,000 | 25,881 | ||||||||||
3.950%, 11/01/2040 (Callable 05/01/2025) | ||||||||||||
(Insured by GNMA) | 325,000 | 328,934 | ||||||||||
Missouri Southern State University: | ||||||||||||
4.000%, 10/01/2033 (Callable 10/01/2029) | ||||||||||||
(Insured by AGM) | 110,000 | 125,838 | ||||||||||
4.000%, 10/01/2034 (Callable 10/01/2029) | ||||||||||||
(Insured by AGM) | 115,000 | 131,249 | ||||||||||
4.000%, 10/01/2035 (Callable 10/01/2029) | ||||||||||||
(Insured by AGM) | 125,000 | 142,430 | ||||||||||
4.000%, 10/01/2036 (Callable 10/01/2029) | ||||||||||||
(Insured by AGM) | 150,000 | 170,603 | ||||||||||
4.000%, 10/01/2038 (Callable 10/01/2029) | ||||||||||||
(Insured by AGM) | 140,000 | 158,496 | ||||||||||
4.000%, 10/01/2039 (Callable 10/01/2029) | ||||||||||||
(Insured by AGM) | 110,000 | 124,259 | ||||||||||
Moberly School District No. 81, | ||||||||||||
3.000%, 03/01/2039 (Callable 09/01/2028) | ||||||||||||
(Insured by ST AID)(6) | 1,900,000 | 2,056,167 | ||||||||||
Move Rolla Transportation | ||||||||||||
Development District, | ||||||||||||
3.750%, 06/01/2029 (Callable 06/01/2026) | 220,000 | 230,158 | ||||||||||
Normandy Schools Collaborative: | ||||||||||||
3.000%, 03/01/2036 (Callable 03/01/2028) | ||||||||||||
(Insured by ST AID) | 1,525,000 | 1,655,239 | ||||||||||
3.000%, 03/01/2037 (Callable 03/01/2028) | ||||||||||||
(Insured by ST AID) | 1,325,000 | 1,435,056 | ||||||||||
Public Water Supply District No. 1, | ||||||||||||
4.000%, 07/01/2029 (Callable 07/01/2026) | 170,000 | 193,832 | ||||||||||
St. Charles County Francis | ||||||||||||
Howell R-III School District, | ||||||||||||
4.000%, 03/01/2031 (Callable 03/01/2028) | 2,425,000 | 2,874,953 | ||||||||||
St. Louis Land Clearance for | ||||||||||||
Redevelopment Authority, | ||||||||||||
3.875%, 10/01/2035 (Callable 10/01/2029) | 370,000 | 364,220 | ||||||||||
Total Missouri | ||||||||||||
(Cost $22,573,747) | 22,954,693 | 2.1 | % | |||||||||
Montana | ||||||||||||
Montana Board of Housing: | ||||||||||||
3.600%, 12/01/2030 (Callable 06/01/2022) | 330,000 | 336,439 | ||||||||||
3.750%, 12/01/2038 (Callable 12/01/2027) | ||||||||||||
(Insured by FHA) | 415,000 | 454,148 | ||||||||||
Montana Facility Finance Authority: | ||||||||||||
4.000%, 07/01/2024 | 150,000 | 161,510 | ||||||||||
5.000%, 06/01/2033 (Callable 06/01/2028) | 310,000 | 382,670 | ||||||||||
5.000%, 06/01/2035 (Callable 06/01/2028) | 225,000 | 276,773 |
The accompanying notes are an integral part of these financial statements.
Page 164
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Yellowstone County School District No. 8, | ||||||||||||
5.000%, 07/01/2027 | $ | 225,000 | $ | 278,667 | ||||||||
Total Montana | ||||||||||||
(Cost $1,814,120) | 1,890,207 | 0.2 | % | |||||||||
Nebraska | ||||||||||||
Central Plains Energy Project: | ||||||||||||
5.000%, 09/01/2027 (Callable 09/01/2022) | 340,000 | 358,404 | ||||||||||
5.000%, 09/01/2042 (Callable 09/01/2022) | 585,000 | 616,807 | ||||||||||
5.000%, 03/01/2050 (Callable 10/01/2023) | ||||||||||||
(Mandatory Tender Date 01/01/2024)(1) | 550,000 | 608,535 | ||||||||||
Colfax County School District No. 123, | ||||||||||||
4.000%, 12/15/2030 | ||||||||||||
(Pre-refunded to 05/22/2024) | 225,000 | 248,516 | ||||||||||
County of Douglas NE, | ||||||||||||
5.000%, 07/01/2036 (Callable 07/01/2027) | 200,000 | 243,830 | ||||||||||
Douglas County Hospital Authority No. 2, | ||||||||||||
5.000%, 05/15/2030 (Callable 05/15/2026) | 90,000 | 108,711 | ||||||||||
Nebraska Investment Finance Authority: | ||||||||||||
3.500%, 09/01/2036 (Callable 03/01/2025) | 275,000 | 287,695 | ||||||||||
3.500%, 09/01/2046 (Callable 03/01/2025) | 90,000 | 95,668 | ||||||||||
Village of Boys Town NE, | ||||||||||||
3.000%, 09/01/2028 | 1,975,000 | 2,223,809 | ||||||||||
Total Nebraska | ||||||||||||
(Cost $4,490,262) | 4,791,975 | 0.4 | % | |||||||||
Nevada | ||||||||||||
City of Carson City NV, | ||||||||||||
5.000%, 09/01/2033 (Callable 09/01/2027) | 250,000 | 302,033 | ||||||||||
City of Las Vegas NV Special | ||||||||||||
Improvement District No. 815: | ||||||||||||
4.000%, 12/01/2021 | 100,000 | 101,365 | ||||||||||
3.000%, 12/01/2022 | 100,000 | 103,029 | ||||||||||
City of Reno NV, | ||||||||||||
4.000%, 06/01/2043 (Callable 06/01/2027) | ||||||||||||
(Insured by AGM) | 1,845,000 | 2,079,447 | ||||||||||
City of Yerington NV, | ||||||||||||
1.625%, 11/01/2023 (Callable 11/01/2022) | 2,000,000 | 2,019,078 | ||||||||||
Clark County School District, | ||||||||||||
5.000%, 06/15/2032 (Callable 06/15/2027) | ||||||||||||
(Insured by BAM) | 450,000 | 551,201 | ||||||||||
Nevada Housing Division: | ||||||||||||
4.000%, 04/01/2049 (Callable 10/01/2028) | ||||||||||||
(Insured by GNMA) | 1,780,000 | 1,972,126 | ||||||||||
4.000%, 10/01/2049 (Callable 10/01/2028) | ||||||||||||
(Insured by GNMA) | 370,000 | 410,529 | ||||||||||
State of Nevada, | ||||||||||||
5.000%, 06/01/2033 (Callable 12/01/2023) | 300,000 | 331,737 | ||||||||||
Washoe County School District, | ||||||||||||
5.000%, 05/01/2030 (Callable 05/01/2027) | 525,000 | 647,405 | ||||||||||
Total Nevada | ||||||||||||
(Cost $8,285,895) | 8,517,950 | 0.8 | % | |||||||||
New Hampshire | ||||||||||||
New Hampshire Health and | ||||||||||||
Education Facilities Authority: | ||||||||||||
3.150%, 04/01/2022 | ||||||||||||
(Callable 11/01/2021)(3) | 4,875,000 | 4,887,768 | ||||||||||
5.000%, 10/01/2032 (Callable 10/01/2027) | 275,000 | 338,458 | ||||||||||
Total New Hampshire | ||||||||||||
(Cost $5,222,413) | 5,226,226 | 0.5 | % | |||||||||
New Jersey | ||||||||||||
Atlantic City Board of Education, | ||||||||||||
3.400%, 08/15/2027(3) | 3,293,000 | 3,667,172 | ||||||||||
City of Newark NJ: | ||||||||||||
5.000%, 10/01/2021 (Insured by ST AID) | 100,000 | 101,039 | ||||||||||
5.000%, 10/01/2021 | 200,000 | 202,119 | ||||||||||
City of Trenton NJ, | ||||||||||||
4.000%, 07/15/2023 (Insured by AGM) | 400,000 | 430,335 | ||||||||||
City of Union City NJ, | ||||||||||||
5.000%, 11/01/2023 (Insured by ST AID) | 640,000 | 704,412 | ||||||||||
Gloucester County Improvement Authority, | ||||||||||||
4.000%, 07/01/2051 (Callable 07/01/2030) | ||||||||||||
(Insured by BAM) | 1,000,000 | 1,169,565 | ||||||||||
New Jersey Economic Development Authority: | ||||||||||||
4.000%, 06/15/2022 | 775,000 | 802,493 | ||||||||||
5.000%, 06/15/2023 (Insured by BAM) | 295,000 | 322,601 | ||||||||||
5.000%, 03/01/2024 (Callable 03/01/2023) | 150,000 | 161,661 | ||||||||||
4.000%, 11/01/2027 | 1,100,000 | 1,301,745 | ||||||||||
3.125%, 07/01/2029 (Callable 07/01/2027) | 90,000 | 90,825 | ||||||||||
New Jersey Health Care Facilities | ||||||||||||
Financing Authority: | ||||||||||||
4.000%, 07/01/2026 (Callable 07/01/2022) | 1,000,000 | 1,037,435 | ||||||||||
5.000%, 07/01/2026 (Callable 07/01/2025) | ||||||||||||
(Insured by AGM) | 150,000 | 176,552 | ||||||||||
New Jersey Higher Education | ||||||||||||
Student Assistance Authority, | ||||||||||||
2.375%, 12/01/2029 (Callable 06/01/2028) | 1,280,000 | 1,337,511 | ||||||||||
New Jersey Housing & | ||||||||||||
Mortgage Finance Agency: | ||||||||||||
1.500%, 09/01/2022 | ||||||||||||
(Mandatory Tender Date 09/01/2021)(1) | 575,000 | 576,187 | ||||||||||
4.500%, 10/01/2048 (Callable 10/01/2027) | 1,190,000 | 1,337,791 | ||||||||||
4.750%, 10/01/2050 (Callable 04/01/2028) | 420,000 | 475,518 | ||||||||||
3.500%, 04/01/2051 (Callable 04/01/2029) | 3,850,000 | 4,277,043 | ||||||||||
New Jersey Transportation | ||||||||||||
Trust Fund Authority: | ||||||||||||
0.000%, 12/15/2024 (Insured by BHAC) | 605,000 | 592,581 | ||||||||||
0.000%, 12/15/2028 (Insured by BHAC) | 240,000 | 217,977 | ||||||||||
5.000%, 06/15/2029 (Callable 06/15/2026) | 1,465,000 | 1,738,597 | ||||||||||
4.000%, 12/15/2037 (Callable 12/15/2028) | ||||||||||||
(Insured by BAM) | 500,000 | 580,695 | ||||||||||
5.000%, 06/15/2042 (Callable 06/15/2022) | 225,000 | 235,098 | ||||||||||
5.000%, 06/15/2044 (Callable 06/15/2023) | 145,000 | 156,510 | ||||||||||
New Jersey Turnpike Authority: | ||||||||||||
5.000%, 01/01/2029 (Callable 01/01/2028) | 50,000 | 62,835 | ||||||||||
0.820%, 01/01/2030 (1 Month LIBOR | ||||||||||||
USD + 0.750%) (Callable 07/01/2022) | ||||||||||||
(Mandatory Tender Date 01/01/2023)(2) | 890,000 | 893,887 | ||||||||||
Newark Housing Authority, | ||||||||||||
5.000%, 01/01/2032 (Insured by NATL) | 525,000 | 629,313 | ||||||||||
Passaic Valley Sewerage Commission, | ||||||||||||
5.750%, 12/01/2022 | 550,000 | 590,501 | ||||||||||
South Jersey Transportation Authority, | ||||||||||||
5.000%, 11/01/2041 (Callable 11/01/2030) | ||||||||||||
(Insured by BAM) | 1,350,000 | 1,724,618 | ||||||||||
State of New Jersey, | ||||||||||||
5.000%, 06/01/2025 | 4,000,000 | 4,694,092 | ||||||||||
Total New Jersey | ||||||||||||
(Cost $29,183,875) | 30,288,708 | 2.7 | % | |||||||||
New Mexico | ||||||||||||
New Mexico Hospital | ||||||||||||
Equipment Loan Council, | ||||||||||||
4.750%, 07/01/2022 | 270,000 | 275,682 | ||||||||||
New Mexico Institute of Mining & Technology: | ||||||||||||
4.000%, 12/01/2028 (Insured by AGM) | 300,000 | 357,749 | ||||||||||
4.000%, 12/01/2029 (Insured by AGM) | 335,000 | 395,274 |
The accompanying notes are an integral part of these financial statements.
Page 165
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
New Mexico Mortgage Finance Authority, | ||||||||||||
3.500%, 09/01/2041 (Callable 03/01/2026) | $ | 720,000 | $ | 755,783 | ||||||||
New Mexico State University, | ||||||||||||
4.000%, 04/01/2035 (Callable 04/01/2027) | 520,000 | 594,634 | ||||||||||
Village of Los Ranchos de Albuquerque NM: | ||||||||||||
4.000%, 09/01/2023 | 100,000 | 106,017 | ||||||||||
4.000%, 09/01/2024 | 100,000 | 108,415 | ||||||||||
4.000%, 09/01/2025 | 150,000 | 165,754 | ||||||||||
5.000%, 09/01/2026 | 150,000 | 175,920 | ||||||||||
5.000%, 09/01/2029 | 225,000 | 278,347 | ||||||||||
5.000%, 09/01/2030 | 225,000 | 282,218 | ||||||||||
Total New Mexico | ||||||||||||
(Cost $3,428,991) | 3,495,793 | 0.3 | % | |||||||||
New York | ||||||||||||
Albany County Capital Resource Corp., | ||||||||||||
3.100%, 07/01/2030 | 755,000 | 732,999 | ||||||||||
Amherst Development Corp., | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2027) | ||||||||||||
(Insured by AGM) | 240,000 | 294,894 | ||||||||||
BluePath TE Trust, | ||||||||||||
2.750%, 09/01/2026 (Callable 08/27/2021)(3) | 738,623 | 752,321 | ||||||||||
City of New York NY: | ||||||||||||
5.250%, 07/01/2029 (Callable 07/01/2023) | 250,000 | 272,004 | ||||||||||
5.000%, 04/01/2040 (Callable 04/01/2028) | 380,000 | 468,075 | ||||||||||
0.010%, 10/01/2040 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 1,500,000 | 1,500,000 | ||||||||||
0.140%, 04/01/2042 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 7,500,000 | 7,500,000 | ||||||||||
5.000%, 03/01/2044 (Callable 03/01/2028) | 350,000 | 427,977 | ||||||||||
5.000%, 12/01/2044 (Callable 12/01/2028) | 1,655,000 | 2,060,385 | ||||||||||
County of Suffolk NY, | ||||||||||||
5.000%, 05/01/2022 | 990,000 | 1,023,927 | ||||||||||
Dutchess County Local Development Corp.: | ||||||||||||
5.000%, 07/01/2027 (Callable 07/01/2026) | 100,000 | 120,616 | ||||||||||
4.125%, 01/01/2049 (Callable 01/01/2023) | 105,000 | 109,642 | ||||||||||
Geneva Development Corp., | ||||||||||||
5.000%, 09/01/2029 | ||||||||||||
(Pre-refunded to 09/01/2023) | 185,000 | 204,036 | ||||||||||
Huntington Local Development Corp., | ||||||||||||
4.000%, 07/01/2027 | 2,450,000 | 2,600,146 | ||||||||||
Metropolitan Transportation Authority: | ||||||||||||
5.000%, 09/01/2021 | 455,000 | 458,549 | ||||||||||
4.000%, 02/01/2022 | 800,000 | 817,274 | ||||||||||
5.000%, 05/15/2022 | 330,000 | 343,652 | ||||||||||
5.000%, 09/01/2022 | 1,750,000 | 1,845,890 | ||||||||||
0.617%, 11/01/2030 | ||||||||||||
(1 Month LIBOR USD + 0.550%) | ||||||||||||
(Mandatory Tender Date 11/01/2022)(2) | 2,590,000 | 2,602,170 | ||||||||||
New York City Housing Development Corp., | ||||||||||||
0.700%, 11/01/2060 (Callable 05/01/2023) | ||||||||||||
(Mandatory Tender Date 05/01/2025)(1) | 2,500,000 | 2,503,362 | ||||||||||
New York City Industrial Development Agency: | ||||||||||||
5.000%, 03/01/2029 (Insured by AGM) | 250,000 | 318,518 | ||||||||||
0.000%, 03/01/2030 (Insured by AGC) | 150,000 | 128,984 | ||||||||||
5.000%, 03/01/2030 (Insured by AGM) | 250,000 | 324,134 | ||||||||||
New York City Transitional Finance Authority: | ||||||||||||
5.000%, 08/01/2031 (Callable 08/01/2028) | 50,000 | 63,770 | ||||||||||
5.000%, 08/01/2034 (Callable 08/01/2026) | 650,000 | 788,937 | ||||||||||
5.000%, 11/01/2035 (Callable 05/01/2029) | 715,000 | 920,642 | ||||||||||
5.000%, 08/01/2038 (Callable 08/01/2028) | 1,295,000 | 1,631,426 | ||||||||||
4.000%, 11/01/2038 (Callable 05/01/2031) | 1,055,000 | 1,279,485 | ||||||||||
4.000%, 05/01/2039 (Callable 11/01/2030) | 1,000,000 | 1,203,638 | ||||||||||
5.000%, 08/01/2039 (Callable 08/01/2024) | 105,000 | 118,916 | ||||||||||
New York City Water & Sewer System: | ||||||||||||
5.000%, 06/15/2036 (Callable 06/15/2024) | 1,000,000 | 1,130,673 | ||||||||||
5.000%, 06/15/2036 (Callable 06/15/2024) | 1,000,000 | 1,130,673 | ||||||||||
4.000%, 06/15/2042 (Callable 12/15/2029) | 2,500,000 | 2,973,561 | ||||||||||
0.010%, 06/15/2049 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 600,000 | 600,000 | ||||||||||
New York Liberty Development Corp., | ||||||||||||
0.270%, 10/01/2035 | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 1,000,000 | 1,000,000 | ||||||||||
New York State Dormitory Authority: | ||||||||||||
5.000%, 10/01/2038 (Callable 04/01/2028) | 1,500,000 | 1,893,133 | ||||||||||
5.000%, 03/15/2041 (Callable 03/15/2029) | 3,000,000 | 3,778,083 | ||||||||||
5.000%, 03/15/2043 (Callable 03/15/2029) | 3,275,000 | 4,108,525 | ||||||||||
5.000%, 03/15/2044 (Callable 03/15/2024) | 2,800,000 | 3,118,669 | ||||||||||
New York State Housing Finance Agency, | ||||||||||||
1.600%, 11/01/2024 (Callable 12/01/2021) | 2,000,000 | 2,011,519 | ||||||||||
New York State Urban Development Corp., | ||||||||||||
4.000%, 03/15/2043 (Callable 09/15/2029) | 560,000 | 659,623 | ||||||||||
New York Transportation Development Corp., | ||||||||||||
5.000%, 12/01/2033 (Callable 12/01/2030) | 1,000,000 | 1,320,987 | ||||||||||
Onondaga Civic Development Corp.: | ||||||||||||
3.375%, 10/01/2026 (Callable 10/01/2025) | 50,000 | 52,452 | ||||||||||
5.000%, 10/01/2040 (Callable 10/01/2025) | 95,000 | 102,166 | ||||||||||
Port Authority of New York & New Jersey, | ||||||||||||
5.000%, 09/01/2031 (Callable 09/01/2024) | 770,000 | 881,312 | ||||||||||
St. Lawrence County Industrial | ||||||||||||
Development Agency, | ||||||||||||
5.000%, 07/01/2034 (Callable 07/01/2026) | 345,000 | 409,725 | ||||||||||
State of New York Mortgage Agency, | ||||||||||||
3.500%, 10/01/2043 (Callable 04/01/2023) | 145,000 | 152,300 | ||||||||||
Town of Oyster Bay NY, | ||||||||||||
3.000%, 02/01/2022 | 1,775,000 | 1,800,282 | ||||||||||
Triborough Bridge & Tunnel Authority, | ||||||||||||
4.000%, 05/15/2046 (Callable 05/15/2031) | 500,000 | 604,686 | ||||||||||
Utility Debt Securitization Authority, | ||||||||||||
5.000%, 12/15/2033 (Callable 12/15/2025) | 1,175,000 | 1,396,829 | ||||||||||
Total New York | ||||||||||||
(Cost $61,033,201) | 62,541,567 | 5.6 | % | |||||||||
North Carolina | ||||||||||||
City of Monroe NC, | ||||||||||||
5.000%, 03/01/2043 (Callable 03/01/2027) | 305,000 | 371,073 | ||||||||||
North Carolina Capital | ||||||||||||
Facilities Finance Agency, | ||||||||||||
5.000%, 06/01/2022 (Insured by AGC) | 150,000 | 156,134 | ||||||||||
North Carolina Housing Finance Agency, | ||||||||||||
4.000%, 07/01/2047 (Callable 01/01/2027) | 470,000 | 510,831 | ||||||||||
North Carolina Turnpike Authority: | ||||||||||||
5.000%, 01/01/2028 | 250,000 | 312,330 | ||||||||||
4.000%, 01/01/2041 (Callable 01/01/2029) | ||||||||||||
(Insured by AGM) | 1,000,000 | 1,152,018 | ||||||||||
Total North Carolina | ||||||||||||
(Cost $2,299,928) | 2,502,386 | 0.2 | % | |||||||||
North Dakota | ||||||||||||
City of Dickinson ND, | ||||||||||||
5.000%, 10/01/2025 (Callable 10/01/2021) | 825,000 | 834,780 | ||||||||||
City of Horace ND: | ||||||||||||
1.900%, 08/01/2022 (Callable 08/02/2021) | 1,000,000 | 1,001,049 | ||||||||||
0.650%, 08/01/2023 | ||||||||||||
(Callable 08/01/2022)(6) | 1,000,000 | 1,000,133 | ||||||||||
3.000%, 05/01/2037 (Callable 05/01/2026) | 2,495,000 | 2,557,430 | ||||||||||
City of Mandan ND, | ||||||||||||
2.750%, 09/01/2041 (Callable 08/02/2021) | 570,000 | 570,196 |
The accompanying notes are an integral part of these financial statements.
Page 166
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
City of Williston ND: | ||||||||||||
4.250%, 07/15/2025 (Callable 07/15/2022) | $ | 1,750,000 | $ | 1,812,721 | ||||||||
5.000%, 05/01/2028 (Callable 05/01/2023) | 480,000 | 515,898 | ||||||||||
County of Burleigh ND: | ||||||||||||
4.000%, 11/01/2021 | 525,000 | 530,461 | ||||||||||
2.750%, 02/01/2022 (Callable 07/21/2021) | 5,500,000 | 5,502,280 | ||||||||||
4.000%, 11/01/2029 (Pre-refunded to | ||||||||||||
11/01/2022) (Insured by AGM) | 850,000 | 893,013 | ||||||||||
County of McKenzie ND: | ||||||||||||
5.000%, 08/01/2022 | 645,000 | 672,921 | ||||||||||
5.000%, 08/01/2023 | 1,225,000 | 1,325,181 | ||||||||||
Jamestown Park District, | ||||||||||||
2.900%, 07/01/2035 (Callable 07/16/2021) | 1,000,000 | 1,000,495 | ||||||||||
North Dakota Housing Finance Agency: | ||||||||||||
3.350%, 07/01/2031 (Callable 01/01/2027) | 200,000 | 215,524 | ||||||||||
3.000%, 07/01/2034 (Callable 07/01/2028) | 100,000 | 107,187 | ||||||||||
3.500%, 07/01/2046 (Callable 01/01/2026) | 300,000 | 322,752 | ||||||||||
4.000%, 01/01/2050 (Callable 07/01/2028) | 950,000 | 1,077,321 | ||||||||||
State Board of Higher Education | ||||||||||||
of the State of North Dakota: | ||||||||||||
5.000%, 04/01/2027 (Insured by AGM) | 205,000 | 252,929 | ||||||||||
5.000%, 04/01/2028 (Insured by AGM) | 100,000 | 126,457 | ||||||||||
4.000%, 04/01/2037 (Callable 04/01/2029) | ||||||||||||
(Insured by AGM) | 400,000 | 467,863 | ||||||||||
Williston Parks & Recreation District, | ||||||||||||
4.500%, 03/01/2025 (Callable 07/16/2021) | 1,700,000 | 1,700,248 | ||||||||||
Total North Dakota | ||||||||||||
(Cost $22,150,575) | 22,486,839 | 2.0 | % | |||||||||
Ohio | ||||||||||||
Akron Bath Copley Joint | ||||||||||||
Township Hospital District: | ||||||||||||
5.000%, 11/15/2032 (Callable 11/15/2030) | 700,000 | 911,620 | ||||||||||
4.000%, 11/15/2033 (Callable 11/15/2030) | 400,000 | 478,803 | ||||||||||
City of Akron OH, | ||||||||||||
4.000%, 12/01/2033 (Callable 12/01/2026) | 125,000 | 144,027 | ||||||||||
City of Middleburg Heights OH, | ||||||||||||
5.000%, 08/01/2033 (Callable 08/01/2031) | 645,000 | 846,740 | ||||||||||
Cleveland-Cuyahoga County Port Authority: | ||||||||||||
5.000%, 07/01/2034 (Callable 07/01/2031) | 400,000 | 522,245 | ||||||||||
5.000%, 07/01/2036 (Callable 07/01/2031) | 600,000 | 779,948 | ||||||||||
4.000%, 07/01/2038 (Callable 07/01/2031) | 500,000 | 599,396 | ||||||||||
Columbus-Franklin County Finance Authority: | ||||||||||||
2.000%, 11/15/2031 | 750,000 | 747,416 | ||||||||||
3.820%, 11/15/2036 (Callable 11/15/2021) | 450,000 | 452,701 | ||||||||||
4.000%, 11/15/2038 (Callable 05/15/2022) | 330,000 | 336,412 | ||||||||||
County of Franklin OH, | ||||||||||||
0.450%, 05/15/2050 (SIFMA Municipal | ||||||||||||
Swap Index + 0.430%) (Callable 08/02/2021) | ||||||||||||
(Mandatory Tender Date 11/15/2021)(2) | 1,000,000 | 1,000,064 | ||||||||||
County of Licking OH, | ||||||||||||
4.000%, 12/01/2028 | ||||||||||||
(Pre-refunded to 12/01/2021) | 250,000 | 254,033 | ||||||||||
County of Lorain OH: | ||||||||||||
4.000%, 12/01/2028 (Callable 12/01/2023) | 180,000 | 195,455 | ||||||||||
5.000%, 12/01/2031 (Callable 12/01/2023) | 480,000 | 533,110 | ||||||||||
3.000%, 12/01/2036 (Callable 12/01/2025) | 400,000 | 425,149 | ||||||||||
4.000%, 12/01/2040 (Callable 12/01/2025) | 245,000 | 273,406 | ||||||||||
County of Medina OH: | ||||||||||||
4.000%, 12/01/2028 (Callable 06/01/2026) | 90,000 | 104,316 | ||||||||||
3.000%, 12/01/2033 (Callable 06/01/2026) | 590,000 | 634,780 | ||||||||||
3.000%, 12/01/2037 (Callable 06/01/2026) | 545,000 | 583,391 | ||||||||||
4.000%, 12/01/2046 (Callable 06/01/2026) | 500,000 | 567,942 | ||||||||||
County of Montgomery OH: | ||||||||||||
4.000%, 08/01/2037 (Callable 02/01/2031) | 400,000 | 481,912 | ||||||||||
5.000%, 08/01/2039 (Callable 02/01/2031) | 825,000 | 1,072,590 | ||||||||||
Cuyahoga Falls City School District, | ||||||||||||
4.000%, 12/01/2051 (Callable 06/01/2028) | ||||||||||||
(Insured by BAM) | 250,000 | 289,169 | ||||||||||
Euclid City School District, | ||||||||||||
4.000%, 12/01/2037 (Callable 06/01/2027) | ||||||||||||
(Insured by BAM) | 160,000 | 184,442 | ||||||||||
Franklin County Convention | ||||||||||||
Facilities Authority, | ||||||||||||
5.000%, 12/01/2032 (Callable 12/01/2029) | 500,000 | 635,275 | ||||||||||
Little Miami Local School District, | ||||||||||||
5.000%, 11/01/2036 (Callable 11/01/2025) | ||||||||||||
(Insured by SD CRED PROG) | 1,845,000 | 2,176,450 | ||||||||||
Northeast Ohio Medical University: | ||||||||||||
5.000%, 12/01/2028 | 100,000 | 124,541 | ||||||||||
4.000%, 12/01/2035 (Callable 12/01/2030) | 300,000 | 351,766 | ||||||||||
3.000%, 12/01/2040 (Callable 12/01/2030) | 475,000 | 498,099 | ||||||||||
Ohio Air Quality Development Authority, | ||||||||||||
2.400%, 12/01/2038 (Callable 10/01/2024) | ||||||||||||
(Mandatory Tender Date 10/01/2029)(1) | 500,000 | 529,785 | ||||||||||
Ohio Higher Educational Facility Commission: | ||||||||||||
5.000%, 03/01/2025 | 655,000 | 730,343 | ||||||||||
5.000%, 05/01/2026 | 200,000 | 239,718 | ||||||||||
5.000%, 05/01/2027 (Callable 05/01/2026) | 610,000 | 728,733 | ||||||||||
5.000%, 05/01/2028 (Callable 05/01/2026) | 475,000 | 565,535 | ||||||||||
Ohio Housing Finance Agency: | ||||||||||||
3.200%, 09/01/2036 (Callable 09/01/2025) | ||||||||||||
(Insured by GNMA) | 770,000 | 808,251 | ||||||||||
4.000%, 03/01/2047 (Callable 09/01/2025) | ||||||||||||
(Insured by GNMA) | 185,000 | 198,666 | ||||||||||
Ohio Turnpike & Infrastructure Commission: | ||||||||||||
0.000%, 02/15/2034 | ||||||||||||
(Callable 02/15/2031)(7) | 1,920,000 | 2,403,923 | ||||||||||
0.000%, 02/15/2036 | ||||||||||||
(Callable 02/15/2031)(7) | 335,000 | 419,509 | ||||||||||
Port of Greater Cincinnati | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 04/01/2028 | 230,000 | 288,287 | ||||||||||
5.000%, 04/01/2030 | 230,000 | 298,625 | ||||||||||
State of Ohio: | ||||||||||||
5.000%, 11/15/2028 (Callable 05/15/2023) | 225,000 | 244,328 | ||||||||||
5.000%, 11/15/2035 (Callable 11/15/2030) | 605,000 | 768,826 | ||||||||||
4.000%, 11/15/2036 (Callable 11/15/2030) | 635,000 | 744,095 | ||||||||||
4.000%, 01/15/2044 (Callable 01/15/2025) | 715,000 | 779,513 | ||||||||||
Streetsboro City School District, | ||||||||||||
4.500%, 12/01/2044 (Callable 12/01/2026) | 725,000 | 861,473 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.220%, 12/15/2040 (Callable 06/15/2031) | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 1,560,000 | 1,560,000 | ||||||||||
Township of Miami OH, | ||||||||||||
3.000%, 12/01/2033 (Callable 12/01/2029) | 230,000 | 257,245 | ||||||||||
Warren City School District: | ||||||||||||
4.000%, 12/01/2030 (Callable 12/01/2026) | ||||||||||||
(Insured by SD CRED PROG) | 1,215,000 | 1,417,110 | ||||||||||
4.000%, 12/01/2031 (Callable 12/01/2026) | ||||||||||||
(Insured by SD CRED PROG) | 695,000 | 809,055 | ||||||||||
4.000%, 12/01/2036 (Callable 12/01/2026) | ||||||||||||
(Insured by SD CRED PROG) | 460,000 | 528,055 | ||||||||||
Warrensville Heights City School District: | ||||||||||||
4.000%, 11/01/2035 (Callable 11/01/2024) | ||||||||||||
(Insured by BAM) | 200,000 | 218,923 | ||||||||||
4.000%, 11/01/2037 (Callable 11/01/2024) | ||||||||||||
(Insured by BAM) | 500,000 | 546,303 | ||||||||||
Total Ohio | ||||||||||||
(Cost $30,512,546) | 32,151,499 | 2.9 | % |
The accompanying notes are an integral part of these financial statements.
Page 167
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Oklahoma | ||||||||||||
Catoosa Industrial Authority, | ||||||||||||
4.000%, 10/01/2028 (Callable 10/01/2026) | $ | 220,000 | $ | 227,710 | ||||||||
Oklahoma Development Finance Authority: | ||||||||||||
2.600%, 03/01/2024 | 425,000 | 430,253 | ||||||||||
0.110%, 08/15/2031 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 5,000,000 | 5,000,000 | ||||||||||
Oklahoma Housing Finance Agency, | ||||||||||||
3.000%, 09/01/2039 (Callable 03/01/2028) | ||||||||||||
(Insured by GNMA) | 210,000 | 221,058 | ||||||||||
Oklahoma Turnpike Authority, | ||||||||||||
4.000%, 01/01/2038 (Callable 01/01/2027) | 600,000 | 690,614 | ||||||||||
Total Oklahoma | ||||||||||||
(Cost $6,559,757) | 6,569,635 | 0.6 | % | |||||||||
Oregon | ||||||||||||
Clackamas Community College District, | ||||||||||||
5.000%, 06/15/2040 (Callable 06/15/2027)(7) | 475,000 | 575,687 | ||||||||||
Clackamas County School District No. 12, | ||||||||||||
5.000%, 06/15/2037 (Callable 06/15/2027) | ||||||||||||
(Insured by SCH BD GTY) | 25,000 | 30,624 | ||||||||||
Clatsop County School District No. 1-C, | ||||||||||||
0.000%, 06/15/2041 (Callable 06/15/2029) | ||||||||||||
(Insured by SCH BD GTY) | 785,000 | 395,689 | ||||||||||
Clatsop County School District No. 30, | ||||||||||||
0.000%, 06/15/2038 (Callable 06/15/2029) | ||||||||||||
(Insured by SCH BD GTY) | 425,000 | 244,922 | ||||||||||
Multnomah & Clackamas Counties | ||||||||||||
School District No. 10JT, | ||||||||||||
0.000%, 06/15/2031 (Callable 06/15/2029) | ||||||||||||
(Insured by SCH BD GTY) | 110,000 | 92,039 | ||||||||||
Oregon City School District No. 62, | ||||||||||||
5.000%, 06/15/2043 (Callable 06/15/2028) | ||||||||||||
(Insured by SCH BD GTY) | 1,000,000 | 1,254,266 | ||||||||||
Oregon State Facilities Authority: | ||||||||||||
5.000%, 10/01/2024 | 200,000 | 227,304 | ||||||||||
5.000%, 10/01/2026 | 100,000 | 120,463 | ||||||||||
5.000%, 10/01/2027 | 150,000 | 185,178 | ||||||||||
Port of Morrow OR, | ||||||||||||
0.060%, 02/01/2027 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 3,360,000 | 3,360,000 | ||||||||||
Salem Hospital Facility Authority: | ||||||||||||
5.000%, 05/15/2033 (Callable 05/15/2026) | 105,000 | 122,144 | ||||||||||
5.000%, 05/15/2035 (Callable 05/15/2026) | 500,000 | 590,517 | ||||||||||
Tri-County Metropolitan | ||||||||||||
Transportation District of Oregon, | ||||||||||||
4.000%, 10/01/2033 (Callable 04/01/2028) | 300,000 | 344,216 | ||||||||||
Umatilla County School District No. 6R: | ||||||||||||
0.000%, 06/15/2028 (Callable 06/15/2027) | ||||||||||||
(Insured by SCH BD GTY)(7) | 100,000 | 112,983 | ||||||||||
0.000%, 06/15/2030 (Callable 06/15/2027) | ||||||||||||
(Insured by SCH BD GTY)(7) | 100,000 | 111,888 | ||||||||||
0.000%, 06/15/2033 (Callable 06/15/2027) | ||||||||||||
(Insured by SCH BD GTY)(7) | 200,000 | 222,052 | ||||||||||
0.000%, 06/15/2035 (Callable 06/15/2027) | ||||||||||||
(Insured by SCH BD GTY)(7) | 540,000 | 597,608 | ||||||||||
Washington Clackamas & Yamhill | ||||||||||||
Counties School District No. 88J, | ||||||||||||
0.000%, 06/15/2046 (Callable 06/15/2028) | ||||||||||||
(Insured by SCH BD GTY) | 750,000 | 307,529 | ||||||||||
Total Oregon | ||||||||||||
(Cost $8,545,876) | 8,895,109 | 0.8 | % | |||||||||
Pennsylvania | ||||||||||||
Bloomsburg PA Area School District, | ||||||||||||
4.000%, 09/01/2030 (Callable 03/01/2024) | ||||||||||||
(Insured by BAM) | 250,000 | 272,880 | ||||||||||
City of Erie Higher Education | ||||||||||||
Building Authority: | ||||||||||||
5.000%, 05/01/2031 | 175,000 | 223,907 | ||||||||||
4.000%, 05/01/2036 (Callable 05/01/2031) | 200,000 | 230,869 | ||||||||||
4.000%, 05/01/2041 (Callable 05/01/2031) | 460,000 | 524,465 | ||||||||||
5.000%, 05/01/2047 (Callable 05/01/2031) | 475,000 | 585,909 | ||||||||||
Commonwealth Financing Authority: | ||||||||||||
5.000%, 06/01/2022 | 750,000 | 782,433 | ||||||||||
4.000%, 06/01/2039 (Callable 06/01/2028) | ||||||||||||
(Insured by AGM) | 1,670,000 | 1,916,311 | ||||||||||
Conestoga Valley School District: | ||||||||||||
4.000%, 02/01/2040 (Callable 08/01/2029) | 470,000 | 561,106 | ||||||||||
4.000%, 02/01/2040 (Callable 08/01/2029) | ||||||||||||
(Insured by ST AID) | 310,000 | 368,012 | ||||||||||
4.000%, 02/01/2041 (Callable 08/01/2029) | ||||||||||||
(Insured by ST AID) | 410,000 | 485,276 | ||||||||||
4.000%, 02/01/2043 (Callable 08/01/2029) | ||||||||||||
(Insured by ST AID) | 500,000 | 595,624 | ||||||||||
4.000%, 02/01/2044 (Callable 08/01/2029) | 500,000 | 593,662 | ||||||||||
County of Mercer PA, | ||||||||||||
4.000%, 10/01/2046 (Callable 10/01/2029) | ||||||||||||
(Insured by BAM) | 440,000 | 520,237 | ||||||||||
Dauphin County General Authority, | ||||||||||||
5.000%, 06/01/2029 (Callable 06/01/2026) | 690,000 | 822,789 | ||||||||||
Delaware County Authority: | ||||||||||||
4.000%, 10/01/2021 | 200,000 | 201,616 | ||||||||||
5.000%, 10/01/2023 | 240,000 | 261,481 | ||||||||||
5.000%, 10/01/2035 (Callable 04/01/2027) | 485,000 | 592,300 | ||||||||||
Delaware County Industrial | ||||||||||||
Development Authority, | ||||||||||||
0.030%, 09/01/2045 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 6,000,000 | 6,000,000 | ||||||||||
Delaware Valley Regional Finance Authority: | ||||||||||||
0.947%, 09/01/2048 (1 Month LIBOR | ||||||||||||
USD + 0.880%) (Callable 09/01/2024) | ||||||||||||
(Mandatory Tender Date 09/01/2025)(2) | 1,000,000 | 1,003,362 | ||||||||||
0.080%, 11/01/2055 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 7,000,000 | 7,000,000 | ||||||||||
East Hempfield Township Industrial | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 12/01/2025 | 225,000 | 266,084 | ||||||||||
5.000%, 07/01/2030 | ||||||||||||
(Pre-refunded to 07/01/2023) | 700,000 | 765,611 | ||||||||||
Hamburg Area School District: | ||||||||||||
3.000%, 04/01/2034 (Callable 10/01/2026) | ||||||||||||
(Insured by ST AID) | 1,000,000 | 1,092,920 | ||||||||||
3.000%, 04/01/2036 (Callable 10/01/2026) | ||||||||||||
(Insured by ST AID) | 1,400,000 | 1,529,888 | ||||||||||
Lancaster County Hospital Authority, | ||||||||||||
0.060%, 05/15/2030 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 400,000 | 400,000 | ||||||||||
Lancaster Higher Education Authority: | ||||||||||||
4.000%, 10/01/2030 (Callable 10/01/2028) | ||||||||||||
(Insured by BAM) | 1,225,000 | 1,447,462 | ||||||||||
4.000%, 10/01/2031 (Callable 10/01/2028) | ||||||||||||
(Insured by BAM) | 1,000,000 | 1,176,885 | ||||||||||
Latrobe Industrial Development Authority: | ||||||||||||
5.000%, 03/01/2031 | 175,000 | 215,149 | ||||||||||
5.000%, 03/01/2032 (Callable 03/01/2031) | 265,000 | 324,424 | ||||||||||
5.000%, 03/01/2033 (Callable 03/01/2031) | 290,000 | 354,206 | ||||||||||
5.000%, 03/01/2034 (Callable 03/01/2031) | 300,000 | 365,586 |
The accompanying notes are an integral part of these financial statements.
Page 168
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Lycoming County Authority, | ||||||||||||
4.000%, 11/01/2043 | ||||||||||||
(Mandatory Tender Date 05/01/2024)(1) | $ | 525,000 | $ | 552,113 | ||||||||
Mid Valley School District: | ||||||||||||
4.000%, 03/15/2033 (Callable 03/15/2025) | ||||||||||||
(Insured by BAM) | 140,000 | 156,048 | ||||||||||
4.000%, 03/15/2034 (Callable 03/15/2025) | ||||||||||||
(Insured by BAM) | 650,000 | 723,281 | ||||||||||
4.000%, 03/15/2035 (Callable 03/15/2025) | ||||||||||||
(Insured by BAM) | 835,000 | 929,321 | ||||||||||
Montgomery County Higher | ||||||||||||
Education & Health Authority: | ||||||||||||
1.125%, 05/01/2036 | ||||||||||||
(Mandatory Tender Date 05/01/2023)(7) | 700,000 | 699,528 | ||||||||||
4.000%, 05/01/2036 | ||||||||||||
(Mandatory Tender Date 05/01/2022)(1) | 595,000 | 602,279 | ||||||||||
Montgomery County Industrial | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 11/15/2036 (Callable 11/15/2026) | 600,000 | 706,243 | ||||||||||
4.000%, 10/01/2046 (Callable 10/01/2031)(6) | 565,000 | 671,642 | ||||||||||
4.000%, 10/01/2051 (Callable 10/01/2031)(6) | 800,000 | 946,972 | ||||||||||
Pennsylvania Economic | ||||||||||||
Development Financing Authority, | ||||||||||||
4.000%, 11/15/2034 (Callable 11/15/2027) | 1,000,000 | 1,164,832 | ||||||||||
Pennsylvania Higher | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.000%, 07/01/2035 (Callable 07/01/2026) | 300,000 | 337,881 | ||||||||||
Pennsylvania Housing Finance Agency: | ||||||||||||
3.500%, 10/01/2046 (Callable 10/01/2025) | 305,000 | 321,158 | ||||||||||
4.000%, 10/01/2049 (Callable 10/01/2028) | 1,780,000 | 1,924,224 | ||||||||||
Pennsylvania Turnpike Commission: | ||||||||||||
5.000%, 06/01/2030 (Callable 12/01/2025) | 280,000 | 331,479 | ||||||||||
6.000%, 12/01/2030 (Callable 12/01/2027) | ||||||||||||
(Insured by BAM)(7) | 205,000 | 268,232 | ||||||||||
0.000%, 12/01/2037 (Callable 12/01/2026) | ||||||||||||
(Insured by AGM)(7) | 155,000 | 175,251 | ||||||||||
0.000%, 12/01/2037 (Callable 12/01/2026)(7) | 580,000 | 659,576 | ||||||||||
5.000%, 12/01/2038 (Callable 12/01/2028)(7) | 755,000 | 947,181 | ||||||||||
6.375%, 12/01/2038 (Callable 12/01/2027)(7) | 745,000 | 987,907 | ||||||||||
0.000%, 12/01/2040 (Callable 06/01/2029)(7) | 455,000 | 500,618 | ||||||||||
Pittsburgh Water & Sewer Authority, | ||||||||||||
0.670%, 09/01/2040 (1 Month LIBOR | ||||||||||||
USD + 0.650%) (Callable 06/01/2023) | �� | |||||||||||
(Mandatory Tender Date 12/01/2023) | ||||||||||||
(Insured by AGM)(2) | 4,000,000 | 4,036,542 | ||||||||||
Reading School District, | ||||||||||||
5.000%, 02/01/2023 (Insured by AGM) | 230,000 | 246,643 | ||||||||||
Ridley School District, | ||||||||||||
4.000%, 09/15/2031 (Callable 03/15/2025) | ||||||||||||
(Insured by ST AID) | 830,000 | 930,880 | ||||||||||
School District of Philadelphia, | ||||||||||||
5.000%, 09/01/2023 (Insured by ST AID) | 55,000 | 60,464 | ||||||||||
Sports & Exhibition Authority of | ||||||||||||
Pittsburgh and Allegheny County, | ||||||||||||
5.000%, 12/15/2028 (Callable 12/15/2027) | ||||||||||||
(Insured by BAM) | 500,000 | 633,407 | ||||||||||
State Public School Building Authority: | ||||||||||||
0.000%, 05/15/2027 (Insured by NATL) | 160,000 | 146,988 | ||||||||||
0.000%, 05/15/2030 (Insured by NATL) | 1,780,000 | 1,510,173 | ||||||||||
Upper Moreland Township School District, | ||||||||||||
5.000%, 10/01/2030 (Callable 04/01/2025) | ||||||||||||
(Insured by ST AID) | 250,000 | 291,445 | ||||||||||
Warrior Run School District, | ||||||||||||
4.000%, 09/01/2042 (Callable 09/01/2026) | ||||||||||||
(Insured by BAM) | 1,610,000 | 1,849,368 | ||||||||||
Westmoreland County Industrial | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 07/01/2029 | 725,000 | 930,756 | ||||||||||
5.000%, 07/01/2030 | 550,000 | 717,081 | ||||||||||
York Suburban School District, | ||||||||||||
4.000%, 05/01/2030 (Callable 05/01/2024) | ||||||||||||
(Insured by BAM) | 1,780,000 | 1,952,352 | ||||||||||
Total Pennsylvania | ||||||||||||
(Cost $56,830,321) | 58,392,319 | 5.3 | % | |||||||||
Rhode Island | ||||||||||||
Rhode Island Commerce Corp., | ||||||||||||
5.000%, 07/01/2033 (Callable 07/01/2028) | ||||||||||||
(Insured by BAM) | 950,000 | 1,193,001 | ||||||||||
Rhode Island Housing & | ||||||||||||
Mortgage Finance Corp., | ||||||||||||
3.500%, 10/01/2046 (Callable 04/01/2025) | 45,000 | 46,299 | ||||||||||
Total Rhode Island | ||||||||||||
(Cost $1,069,914) | 1,239,300 | 0.1 | % | |||||||||
South Carolina | ||||||||||||
City of Newberry SC: | ||||||||||||
5.000%, 09/01/2028 (Insured by AGM) | 250,000 | 319,122 | ||||||||||
5.000%, 09/01/2029 (Insured by AGM) | 225,000 | 293,203 | ||||||||||
5.000%, 09/01/2030 (Insured by AGM) | 200,000 | 265,659 | ||||||||||
City of Walhalla SC, | ||||||||||||
5.000%, 06/01/2025 (Insured by BAM) | 185,000 | 216,709 | ||||||||||
County of Florence SC, | ||||||||||||
5.000%, 11/01/2033 (Callable 11/01/2024) | 250,000 | 283,845 | ||||||||||
Scago Educational Facilities Corp. | ||||||||||||
for Union School District, | ||||||||||||
5.000%, 12/01/2023 (Insured by BAM) | 500,000 | 555,194 | ||||||||||
South Carolina Jobs-Economic | ||||||||||||
Development Authority: | ||||||||||||
5.000%, 05/01/2029 (Callable 05/01/2028) | 1,080,000 | 1,349,220 | ||||||||||
4.000%, 08/15/2030 (Callable 08/15/2026) | 270,000 | 302,961 | ||||||||||
5.250%, 08/15/2033 (Callable 08/15/2026) | 2,500,000 | 2,912,612 | ||||||||||
0.100%, 05/01/2048 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 5,525,000 | 5,525,000 | ||||||||||
South Carolina State Housing Finance | ||||||||||||
& Development Authority: | ||||||||||||
3.800%, 07/01/2034 (Callable 07/01/2024) | ||||||||||||
(Insured by GNMA) | 790,000 | 808,263 | ||||||||||
3.800%, 01/01/2049 (Callable 07/01/2027) | 320,000 | 343,692 | ||||||||||
4.000%, 07/01/2050 (Callable 07/01/2029) | 2,930,000 | 3,309,565 | ||||||||||
South Carolina Transportation | ||||||||||||
Infrastructure Bank, | ||||||||||||
0.517%, 10/01/2031 (1 Month LIBOR | ||||||||||||
USD + 0.450%) (Callable 10/01/2021)(2) | 3,980,000 | 3,981,619 | ||||||||||
Spartanburg Regional Health Services District: | ||||||||||||
4.000%, 04/15/2036 (Callable 04/15/2030) | ||||||||||||
(Insured by AGM) | 445,000 | 531,739 | ||||||||||
4.000%, 04/15/2037 (Callable 04/15/2030) | ||||||||||||
(Insured by AGM) | 500,000 | 595,854 | ||||||||||
4.000%, 04/15/2038 (Callable 04/15/2030) | ||||||||||||
(Insured by AGM) | 500,000 | 594,532 | ||||||||||
Sumter Two School Facilities, Inc., | ||||||||||||
5.000%, 12/01/2023 (Insured by BAM) | 200,000 | 222,078 | ||||||||||
Total South Carolina | ||||||||||||
(Cost $21,680,850) | 22,410,867 | 2.0 | % | |||||||||
South Dakota | ||||||||||||
City of Rapid City SD, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2029) | 3,260,000 | 3,713,391 |
The accompanying notes are an integral part of these financial statements.
Page 169
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
South Dakota Health & Educational | ||||||||||||
Facilities Authority: | ||||||||||||
3.000%, 09/01/2029 (Callable 09/01/2028) | $ | 380,000 | $ | 409,020 | ||||||||
3.000%, 09/01/2030 (Callable 09/01/2028) | 175,000 | 186,562 | ||||||||||
4.000%, 11/01/2040 (Callable 11/01/2025) | 155,000 | 171,467 | ||||||||||
3.000%, 09/01/2041 (Callable 09/01/2028) | 250,000 | 254,171 | ||||||||||
South Dakota Housing | ||||||||||||
Development Authority: | ||||||||||||
3.375%, 05/01/2033 (Callable 05/01/2022) | 340,000 | 344,379 | ||||||||||
4.000%, 05/01/2049 (Callable 05/01/2028) | 2,175,000 | 2,396,704 | ||||||||||
Total South Dakota | ||||||||||||
(Cost $7,123,674) | 7,475,694 | 0.7 | % | |||||||||
Tennessee | ||||||||||||
City of Clarksville TN, | ||||||||||||
5.000%, 02/01/2032 (Callable 02/01/2026) | 1,000,000 | 1,186,320 | ||||||||||
City of Jackson TN: | ||||||||||||
5.000%, 04/01/2029 (Callable 04/01/2025) | 555,000 | 627,547 | ||||||||||
5.000%, 04/01/2036 (Callable 04/01/2025) | 1,950,000 | 2,192,727 | ||||||||||
City of Memphis TN: | ||||||||||||
5.000%, 12/01/2032 | ||||||||||||
(Pre-refunded to 12/01/2024) | 530,000 | 614,738 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2026) | 1,300,000 | 1,507,528 | ||||||||||
4.000%, 12/01/2033 (Callable 12/01/2027) | 480,000 | 566,093 | ||||||||||
4.000%, 12/01/2034 (Callable 12/01/2026) | 1,310,000 | 1,515,389 | ||||||||||
4.000%, 12/01/2035 (Callable 12/01/2026) | 275,000 | 317,404 | ||||||||||
County of Warren TN, | ||||||||||||
4.000%, 06/01/2029 (Callable 06/01/2026) | ||||||||||||
(Insured by AGM) | 150,000 | 172,544 | ||||||||||
Knox County Health Educational | ||||||||||||
& Housing Facility Board: | ||||||||||||
5.000%, 04/01/2022 | 200,000 | 206,750 | ||||||||||
5.000%, 01/01/2026 (Callable 01/01/2023) | 145,000 | 154,272 | ||||||||||
Nashville & Davidson County | ||||||||||||
Metropolitan Government, | ||||||||||||
3.000%, 10/01/2024 | 275,000 | 282,461 | ||||||||||
Shelby County Health Educational | ||||||||||||
& Housing Facilities Board, | ||||||||||||
4.000%, 05/01/2037 (Callable 05/01/2027) | 250,000 | 283,461 | ||||||||||
Tennessee Energy Acquisition Corp.: | ||||||||||||
5.625%, 09/01/2026 | 75,000 | 91,785 | ||||||||||
5.000%, 02/01/2027 | 185,000 | 222,760 | ||||||||||
4.000%, 11/01/2049 (Callable 08/01/2025) | ||||||||||||
(Mandatory Tender Date 11/01/2025)(1) | 785,000 | 888,545 | ||||||||||
Tennessee Housing Development Agency: | ||||||||||||
3.600%, 01/01/2031 (Callable 01/01/2023) | 1,405,000 | 1,442,521 | ||||||||||
3.550%, 07/01/2039 (Callable 07/01/2024) | 225,000 | 234,646 | ||||||||||
4.000%, 01/01/2042 (Callable 07/01/2026) | 170,000 | 185,486 | ||||||||||
3.800%, 07/01/2043 (Callable 01/01/2022) | 225,000 | 228,061 | ||||||||||
4.000%, 07/01/2043 (Callable 01/01/2023) | 125,000 | 128,613 | ||||||||||
4.000%, 07/01/2045 (Callable 01/01/2025) | 85,000 | 90,649 | ||||||||||
3.500%, 01/01/2047 (Callable 01/01/2026) | 60,000 | 64,271 | ||||||||||
4.500%, 07/01/2049 (Callable 01/01/2028) | 780,000 | 874,766 | ||||||||||
4.250%, 01/01/2050 (Callable 07/01/2028) | 840,000 | 933,289 | ||||||||||
Total Tennessee | ||||||||||||
(Cost $14,649,403) | 15,012,626 | 1.4 | % | |||||||||
Texas | ||||||||||||
Arlington Higher Education Finance Corp.: | ||||||||||||
4.000%, 08/15/2028 (Callable 08/15/2026) | ||||||||||||
(PSF Guaranteed) | 250,000 | 284,294 | ||||||||||
4.000%, 08/01/2033 (Callable 08/01/2028) | ||||||||||||
(PSF Guaranteed) | 180,000 | 210,598 | ||||||||||
4.000%, 08/15/2036 (Callable 08/15/2031) | ||||||||||||
(PSF Guaranteed) | 1,370,000 | 1,704,746 | ||||||||||
4.000%, 08/15/2037 (Callable 08/15/2031) | ||||||||||||
(PSF Guaranteed) | 765,000 | 948,210 | ||||||||||
5.000%, 02/15/2038 (Callable 02/15/2025) | ||||||||||||
(PSF Guaranteed) | 295,000 | 334,341 | ||||||||||
Austin-Bergstrom Landhost Enterprises, Inc.: | ||||||||||||
5.000%, 10/01/2035 (Callable 10/01/2027) | 1,250,000 | 1,450,376 | ||||||||||
5.000%, 10/01/2036 (Callable 10/01/2027) | 885,000 | 1,025,423 | ||||||||||
Brazoria County Toll Road Authority, | ||||||||||||
0.000%, 03/01/2043 (Callable 03/01/2030)(7) | 470,000 | 468,270 | ||||||||||
Central Texas Regional Mobility Authority: | ||||||||||||
5.000%, 01/01/2027 (Callable 01/01/2026) | 2,000,000 | 2,360,890 | ||||||||||
4.000%, 01/01/2040 (Callable 01/01/2031) | 1,250,000 | 1,491,594 | ||||||||||
City of Brownsville TX, | ||||||||||||
4.000%, 09/01/2029 (Callable 09/01/2026) | ||||||||||||
(Insured by AGM) | 170,000 | 194,050 | ||||||||||
City of Garland TX, | ||||||||||||
5.000%, 03/01/2033 (Callable 03/01/2026) | 835,000 | 989,689 | ||||||||||
City of Greenville TX: | ||||||||||||
5.000%, 02/15/2034 (Callable 02/15/2024) | 200,000 | 222,167 | ||||||||||
5.000%, 02/15/2035 (Callable 02/15/2024) | 175,000 | 194,202 | ||||||||||
City of Houston TX, | ||||||||||||
5.500%, 12/01/2029 (ETM) | ||||||||||||
(Insured by NATL) | 500,000 | 643,603 | ||||||||||
City of Magnolia TX, | ||||||||||||
5.700%, 09/01/2046(3) | 1,010,000 | 1,181,713 | ||||||||||
City of San Antonio TX: | ||||||||||||
5.000%, 02/01/2047 (Callable 02/01/2027) | 1,000,000 | 1,195,648 | ||||||||||
2.750%, 02/01/2048 | ||||||||||||
(Mandatory Tender Date 12/01/2022)(1) | 1,500,000 | 1,551,036 | ||||||||||
City of Temple TX: | ||||||||||||
4.000%, 08/01/2035 (Callable 08/01/2030) | ||||||||||||
(Insured by BAM) | 650,000 | 765,123 | ||||||||||
4.000%, 08/01/2037 (Callable 08/01/2030) | ||||||||||||
(Insured by BAM) | 200,000 | 234,563 | ||||||||||
4.000%, 08/01/2038 (Callable 08/01/2030) | ||||||||||||
(Insured by BAM) | 165,000 | 193,075 | ||||||||||
4.000%, 08/01/2039 (Callable 08/01/2030) | ||||||||||||
(Insured by BAM) | 435,000 | 507,796 | ||||||||||
4.000%, 08/01/2041 (Callable 08/01/2030) | ||||||||||||
(Insured by BAM) | 200,000 | 233,034 | ||||||||||
City of Tyler TX, | ||||||||||||
5.000%, 09/01/2029 (Callable 09/01/2025) | 150,000 | 177,205 | ||||||||||
Clifton Higher Education Finance Corp.: | ||||||||||||
4.000%, 08/15/2030 (Callable 08/15/2026) | ||||||||||||
(PSF Guaranteed) | 700,000 | 795,403 | ||||||||||
4.000%, 04/01/2034 (Callable 04/01/2030) | ||||||||||||
(PSF Guaranteed) | 325,000 | 390,515 | ||||||||||
5.000%, 08/15/2034 (Callable 08/15/2026) | ||||||||||||
(PSF Guaranteed) | 1,000,000 | 1,208,372 | ||||||||||
4.000%, 04/01/2035 (Callable 04/01/2030) | ||||||||||||
(PSF Guaranteed) | 250,000 | 299,412 | ||||||||||
4.000%, 08/15/2035 (Callable 08/15/2029) | ||||||||||||
(PSF Guaranteed) | 1,380,000 | 1,662,508 | ||||||||||
County of Harris TX, | ||||||||||||
5.000%, 08/15/2029 (Callable 08/15/2022) | 150,000 | 158,039 | ||||||||||
County of Williamson TX, | ||||||||||||
5.000%, 02/15/2028 (Callable 02/15/2025) | 90,000 | 104,538 | ||||||||||
County of Wise TX: | ||||||||||||
5.000%, 08/15/2029 | 880,000 | 1,102,385 | ||||||||||
5.000%, 08/15/2033 (Callable 08/15/2031) | 930,000 | 1,183,452 | ||||||||||
Crane County Water District, | ||||||||||||
5.000%, 02/15/2023 | 250,000 | 268,569 |
The accompanying notes are an integral part of these financial statements.
Page 170
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Danbury Higher Education Authority, Inc.: | ||||||||||||
4.000%, 02/15/2027 (PSF Guaranteed) | $ | 200,000 | $ | 231,970 | ||||||||
4.000%, 02/15/2028 (Callable 02/15/2027) | ||||||||||||
(PSF Guaranteed) | 200,000 | 232,364 | ||||||||||
4.000%, 02/15/2030 (Callable 02/15/2027) | ||||||||||||
(PSF Guaranteed) | 200,000 | 228,519 | ||||||||||
4.000%, 02/15/2031 (Callable 02/15/2027) | ||||||||||||
(PSF Guaranteed) | 200,000 | 227,404 | ||||||||||
5.000%, 02/15/2047 (Callable 02/15/2022) | ||||||||||||
(PSF Guaranteed) | 500,000 | 512,981 | ||||||||||
Deaf Smith County Hospital District, | ||||||||||||
4.000%, 03/01/2040 (Callable 03/01/2027) | 2,045,000 | 2,218,488 | ||||||||||
Ferris Independent School District, | ||||||||||||
5.000%, 08/15/2029 (Callable 08/15/2026) | ||||||||||||
(PSF Guaranteed) | 560,000 | 679,508 | ||||||||||
Fort Bend County Levee | ||||||||||||
Improvement District No. 19: | ||||||||||||
3.000%, 09/01/2029 (Callable 09/01/2026) | ||||||||||||
(Insured by AGM) | 335,000 | 366,046 | ||||||||||
3.000%, 09/01/2030 (Callable 09/01/2026) | ||||||||||||
(Insured by AGM) | 715,000 | 780,558 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 155, | ||||||||||||
4.000%, 09/01/2033 (Callable 09/01/2023) | ||||||||||||
(Insured by AGM) | 230,000 | 246,029 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 30, | ||||||||||||
4.000%, 09/01/2023 (Insured by BAM) | 295,000 | 317,024 | ||||||||||
Fort Bend County Municipal | ||||||||||||
Utility District No. 58: | ||||||||||||
3.000%, 04/01/2033 (Callable 04/01/2029) | ||||||||||||
(Insured by BAM) | 400,000 | 439,716 | ||||||||||
3.000%, 04/01/2034 (Callable 04/01/2029) | ||||||||||||
(Insured by BAM) | 450,000 | 493,354 | ||||||||||
3.000%, 04/01/2035 (Callable 04/01/2029) | ||||||||||||
(Insured by BAM) | 430,000 | 470,658 | ||||||||||
3.000%, 04/01/2037 (Callable 04/01/2029) | ||||||||||||
(Insured by BAM) | 825,000 | 898,324 | ||||||||||
Fort Bend Independent School District, | ||||||||||||
5.000%, 08/15/2030 (Callable 08/15/2026) | ||||||||||||
(PSF Guaranteed) | 100,000 | 121,229 | ||||||||||
Grand Parkway Transportation Corp.: | ||||||||||||
0.000%, 10/01/2034 (Callable 10/01/2028)(7) | 40,000 | 46,499 | ||||||||||
0.000%, 10/01/2036 (Callable 10/01/2028)(7) | 305,000 | 354,111 | ||||||||||
0.000%, 10/01/2046 (Callable 10/01/2028)(7) | 885,000 | 1,020,906 | ||||||||||
0.000%, 10/01/2047 (Callable 10/01/2028)(7) | 1,775,000 | 2,050,212 | ||||||||||
0.000%, 10/01/2048 (Callable 10/01/2028)(7) | 440,000 | 507,885 | ||||||||||
5.000%, 10/01/2052 | ||||||||||||
(Mandatory Tender Date 10/01/2023)(1) | 500,000 | 550,289 | ||||||||||
Harris County Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
5.000%, 12/01/2026 (Callable 12/01/2024) | 100,000 | 114,564 | ||||||||||
5.000%, 11/15/2033 (Callable 11/15/2027) | 115,000 | 142,557 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 371, | ||||||||||||
4.000%, 09/01/2032 (Callable 09/01/2023) | ||||||||||||
(Insured by BAM) | 370,000 | 395,790 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 500, | ||||||||||||
3.000%, 12/01/2022 (Insured by AGM) | 175,000 | 181,495 | ||||||||||
Harris County Municipal | ||||||||||||
Utility District No. 71, | ||||||||||||
4.000%, 09/01/2028 (Callable 09/01/2023) | ||||||||||||
(Insured by BAM) | 250,000 | 268,383 | ||||||||||
Harris County-Houston Sports Authority, | ||||||||||||
5.000%, 11/15/2026 (Callable 11/15/2024) | ||||||||||||
(Insured by AGM) | 310,000 | 351,393 | ||||||||||
Houston Higher Education Finance Corp.: | ||||||||||||
3.375%, 10/01/2037 (Callable 08/02/2021) | 320,000 | 320,136 | ||||||||||
4.000%, 10/01/2051 (Callable 04/01/2031) | 1,000,000 | 1,111,881 | ||||||||||
Hunt Memorial Hospital District: | ||||||||||||
5.000%, 02/15/2028 | 525,000 | 639,677 | ||||||||||
5.000%, 02/15/2030 | 1,015,000 | 1,274,543 | ||||||||||
Lake Travis Independent School District: | ||||||||||||
2.625%, 02/15/2048 (Pre-refunded to | ||||||||||||
02/15/2022) (PSF Guaranteed)(1) | 25,000 | 25,380 | ||||||||||
2.625%, 02/15/2048 (Pre-refunded to | ||||||||||||
02/15/2022) (PSF Guaranteed)(1) | 35,000 | 35,521 | ||||||||||
Laredo Community College District, | ||||||||||||
5.000%, 08/01/2028 (Callable 08/01/2027) | ||||||||||||
(Insured by BAM) | 350,000 | 436,311 | ||||||||||
Leander Independent School District, | ||||||||||||
0.000%, 08/15/2040 (Pre-refunded to | ||||||||||||
08/15/2024) (PSF Guaranteed) | 20,000 | 9,158 | ||||||||||
Martin County Hospital District: | ||||||||||||
4.000%, 04/01/2027 | 225,000 | 257,513 | ||||||||||
4.000%, 04/01/2028 | 430,000 | 496,840 | ||||||||||
4.000%, 04/01/2031 (Callable 04/01/2030) | 235,000 | 272,562 | ||||||||||
4.000%, 04/01/2034 (Callable 04/01/2030) | 500,000 | 575,155 | ||||||||||
Matagorda County Navigation District No. 1, | ||||||||||||
4.400%, 05/01/2030 (Insured by AMBAC) | 1,025,000 | 1,246,541 | ||||||||||
Montgomery County Municipal | ||||||||||||
Utility District No. 119: | ||||||||||||
4.000%, 04/01/2023 (Insured by BAM) | 200,000 | 211,948 | ||||||||||
4.000%, 04/01/2024 (Insured by BAM) | 200,000 | 217,909 | ||||||||||
Navasota Independent School District, | ||||||||||||
5.000%, 02/15/2048 (Callable 02/15/2025) | ||||||||||||
(PSF Guaranteed) | 2,100,000 | 2,388,860 | ||||||||||
New Hope Cultural Education | ||||||||||||
Facilities Finance Corp.: | ||||||||||||
3.625%, 08/15/2022 (Callable 08/15/2021)(3) | 135,000 | 135,424 | ||||||||||
5.000%, 08/15/2047 (Callable 08/15/2027) | 2,000,000 | 2,406,692 | ||||||||||
North Texas Tollway Authority: | ||||||||||||
5.000%, 01/01/2024 | 100,000 | 111,662 | ||||||||||
5.000%, 01/01/2033 (Callable 01/01/2026) | 675,000 | 800,232 | ||||||||||
5.000%, 01/01/2034 (Callable 01/01/2025) | 95,000 | 108,675 | ||||||||||
0.000%, 09/01/2045 | ||||||||||||
(Pre-refunded to 09/01/2031)(7) | 40,000 | 60,252 | ||||||||||
Northeast Travis County Utility District: | ||||||||||||
0.000%, 09/01/2023 (Insured by BAM) | 275,000 | 269,793 | ||||||||||
3.000%, 09/01/2027 (Insured by BAM) | 170,000 | 190,549 | ||||||||||
Pflugerville Independent School District: | ||||||||||||
4.000%, 02/15/2033 (Callable 02/15/2026) | 225,000 | 253,169 | ||||||||||
4.000%, 02/15/2034 (Callable 02/15/2026) | 200,000 | 224,665 | ||||||||||
4.000%, 02/15/2035 (Callable 02/15/2026) | 315,000 | 353,458 | ||||||||||
4.000%, 02/15/2036 (Callable 02/15/2026) | 330,000 | 369,951 | ||||||||||
4.000%, 02/15/2037 (Callable 02/15/2026) | 340,000 | 380,746 | ||||||||||
4.000%, 02/15/2039 (Callable 02/15/2026) | 370,000 | 413,456 | ||||||||||
4.000%, 02/15/2041 (Callable 02/15/2026) | 350,000 | 389,875 | ||||||||||
Port of Port Arthur Navigation District, | ||||||||||||
0.020%, 04/01/2040 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 10,300,000 | 10,300,000 | ||||||||||
Red River Education Finance Corp., | ||||||||||||
5.000%, 06/01/2022 | 500,000 | 521,104 | ||||||||||
Rio Vista Independent School District, | ||||||||||||
4.000%, 08/15/2028 (Callable 08/15/2025) | ||||||||||||
(Insured by BAM) | 125,000 | 141,505 |
The accompanying notes are an integral part of these financial statements.
Page 171
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Rosebud-Lott Independent School District: | ||||||||||||
5.500%, 02/15/2030 (Callable 02/15/2025) | ||||||||||||
(PSF Guaranteed) | $ | 100,000 | $ | 117,157 | ||||||||
5.500%, 02/15/2031 (Callable 02/15/2025) | ||||||||||||
(PSF Guaranteed) | 100,000 | 116,961 | ||||||||||
SA Energy Acquisition Public Facility Corp., | ||||||||||||
5.500%, 08/01/2022 | 160,000 | 168,874 | ||||||||||
San Antonio Public Facilities Corp., | ||||||||||||
4.000%, 09/15/2034 (Callable 09/15/2022) | 1,370,000 | 1,422,065 | ||||||||||
Sedona Lakes Municipal Utility District No. 1, | ||||||||||||
4.000%, 09/01/2026 (Callable 09/01/2025) | ||||||||||||
(Insured by BAM) | 85,000 | 95,787 | ||||||||||
Southwest Houston Redevelopment Authority, | ||||||||||||
5.000%, 09/01/2027 (Insured by AGM) | 250,000 | 302,727 | ||||||||||
Sterling Independent School District, | ||||||||||||
3.000%, 02/15/2028 (Callable 02/15/2024) | ||||||||||||
(PSF Guaranteed) | 190,000 | 201,635 | ||||||||||
Tarrant County Cultural Education | ||||||||||||
Facilities Finance Corp., | ||||||||||||
5.000%, 11/15/2037 (Callable 11/15/2027) | 600,000 | 714,359 | ||||||||||
Texas Department of Housing | ||||||||||||
& Community Affairs, | ||||||||||||
4.750%, 01/01/2049 (Callable 07/01/2028) | 3,950,000 | 4,443,718 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
& Supply Corp. I: | ||||||||||||
1.530%, 12/15/2026 (3 Month LIBOR | ||||||||||||
USD + 1.450%) (Callable 07/01/2021)(2) | 3,000,000 | 3,000,393 | ||||||||||
6.250%, 12/15/2026 | 1,355,000 | 1,596,576 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
& Supply Corp. III: | ||||||||||||
5.000%, 12/15/2028 | 400,000 | 510,487 | ||||||||||
5.000%, 12/15/2032 | 300,000 | 405,293 | ||||||||||
Texas Municipal Power Agency, | ||||||||||||
5.000%, 09/01/2047 (Callable 08/02/2021) | 500,000 | 501,779 | ||||||||||
Texas Water Development Board, | ||||||||||||
5.000%, 10/15/2043 (Callable 04/15/2028) | 3,240,000 | 4,030,471 | ||||||||||
Tioga Independent School | ||||||||||||
District Public Facility Corp., | ||||||||||||
3.250%, 08/15/2027 (Callable 08/15/2024) | 200,000 | 203,928 | ||||||||||
Town of Providence Village TX, | ||||||||||||
4.000%, 03/01/2025 (Insured by BAM) | 105,000 | 117,567 | ||||||||||
Travis County Municipal Utility District No. 4, | ||||||||||||
4.000%, 09/01/2035 (Callable 09/01/2022) | ||||||||||||
(Insured by AGM) | 615,000 | 637,851 | ||||||||||
Upper Trinity Regional Water District, | ||||||||||||
5.000%, 08/01/2032 (Callable 08/01/2028) | ||||||||||||
(Insured by BAM) | 240,000 | 299,090 | ||||||||||
Viridian Municipal Management District: | ||||||||||||
4.000%, 12/01/2027 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 315,000 | 338,734 | ||||||||||
4.000%, 12/01/2028 (Callable 12/01/2023) | ||||||||||||
(Insured by AGM) | 470,000 | 503,425 | ||||||||||
6.000%, 12/01/2035 (Callable 12/01/2024) | ||||||||||||
(Insured by BAM) | 90,000 | 105,773 | ||||||||||
4.000%, 12/01/2037 (Callable 12/01/2027) | ||||||||||||
(Insured by BAM) | 865,000 | 987,819 | ||||||||||
Washington County Junior College District, | ||||||||||||
5.000%, 10/01/2028 (Callable 04/01/2026) | ||||||||||||
(Insured by BAM) | 500,000 | 592,450 | ||||||||||
Wimberley Independent School District, | ||||||||||||
4.000%, 08/15/2031 (Callable 08/15/2027) | ||||||||||||
(PSF Guaranteed) | 330,000 | 385,252 | ||||||||||
Total Texas | ||||||||||||
(Cost $86,584,741) | 88,934,409 | 8.0 | % | |||||||||
Utah | ||||||||||||
City of Herriman City UT, | ||||||||||||
4.000%, 01/01/2041 (Callable 01/01/2031) | ||||||||||||
(Insured by AGM) | 500,000 | 604,287 | ||||||||||
Jordan Valley Water Conservancy District: | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2026) | 250,000 | 304,015 | ||||||||||
5.000%, 10/01/2033 (Callable 10/01/2026) | 350,000 | 425,019 | ||||||||||
Midvale Utah Redevelopment Agency, | ||||||||||||
5.000%, 05/01/2027 | 290,000 | 360,450 | ||||||||||
Salt Lake City Corp.: | ||||||||||||
5.000%, 07/01/2030 (Callable 07/01/2027) | 155,000 | 191,557 | ||||||||||
5.000%, 07/01/2042 (Callable 07/01/2027) | 2,735,000 | 3,344,315 | ||||||||||
South Ogden Conservation District, | ||||||||||||
4.000%, 02/01/2031 (Pre-refunded to | ||||||||||||
02/01/2022) (Insured by AGM) | 295,000 | 301,658 | ||||||||||
Timpanogos Special Service District, | ||||||||||||
4.000%, 06/01/2029 (Callable 06/01/2024) | 50,000 | 54,707 | ||||||||||
University of Utah, | ||||||||||||
4.000%, 08/01/2039 (Callable 08/01/2030) | 1,760,000 | 2,130,974 | ||||||||||
Utah Charter School Finance Authority: | ||||||||||||
5.000%, 04/15/2027 (Callable 04/15/2026) | ||||||||||||
(Insured by UT CSCE) | 365,000 | 429,772 | ||||||||||
4.000%, 04/15/2028 (Insured by UT CSCE) | 210,000 | 243,777 | ||||||||||
5.000%, 04/15/2028 (Callable 04/15/2026) | ||||||||||||
(Insured by UT CSCE) | 720,000 | 843,373 | ||||||||||
5.250%, 10/15/2028 (Callable 10/15/2023) | ||||||||||||
(Insured by UT CSCE) | 400,000 | 439,302 | ||||||||||
4.000%, 04/15/2029 (Insured by UT CSCE) | 225,000 | 264,120 | ||||||||||
5.000%, 10/15/2032 (Callable 10/15/2027) | ||||||||||||
(Insured by UT CSCE) | 285,000 | 337,081 | ||||||||||
5.000%, 10/15/2036 (Callable 04/15/2023) | ||||||||||||
(Insured by UT CSCE) | 700,000 | 744,662 | ||||||||||
5.000%, 04/15/2037 (Callable 04/15/2026) | ||||||||||||
(Insured by UT CSCE) | 520,000 | 595,820 | ||||||||||
5.000%, 10/15/2043 (Callable 10/15/2023) | ||||||||||||
(Insured by UT CSCE) | 2,250,000 | 2,422,183 | ||||||||||
5.000%, 10/15/2043 (Callable 10/15/2027) | ||||||||||||
(Insured by UT CSCE) | 1,000,000 | 1,161,599 | ||||||||||
Utah Housing Corp., | ||||||||||||
4.000%, 01/01/2045 (Callable 01/01/2026) | ||||||||||||
(Insured by FHA) | 215,000 | 231,526 | ||||||||||
Utah Infrastructure Agency: | ||||||||||||
5.000%, 10/15/2026 | 140,000 | 168,578 | ||||||||||
5.000%, 10/15/2027 | 125,000 | 153,768 | ||||||||||
Utah Transit Authority, | ||||||||||||
5.000%, 12/15/2029 (Callable 06/15/2028) | 75,000 | 93,461 | ||||||||||
Total Utah | ||||||||||||
(Cost $15,248,637) | 15,846,004 | �� | 1.4 | % | ||||||||
Vermont | ||||||||||||
City of Burlington VT, | ||||||||||||
5.000%, 07/01/2028 (Callable 07/01/2027) | 275,000 | 338,467 | ||||||||||
Vermont Educational & Health | ||||||||||||
Buildings Financing Agency, | ||||||||||||
5.000%, 12/01/2035 (Callable 06/01/2026) | 710,000 | 845,786 | ||||||||||
Vermont Housing Finance Agency, | ||||||||||||
3.650%, 11/01/2032 (Callable 11/01/2024) | 110,000 | 116,170 | ||||||||||
Vermont Public Power Supply Authority: | ||||||||||||
5.000%, 07/01/2027 | 660,000 | 810,930 | ||||||||||
5.000%, 07/01/2028 (Callable 07/01/2027) | 500,000 | 610,186 | ||||||||||
Winooski School District, | ||||||||||||
1.250%, 10/15/2021 | 3,500,000 | 3,504,627 | ||||||||||
Total Vermont | ||||||||||||
(Cost $6,123,922) | 6,226,166 | 0.6 | % |
The accompanying notes are an integral part of these financial statements.
Page 172
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Virginia | ||||||||||||
City of Petersburg VA, | ||||||||||||
4.000%, 11/01/2025 (Callable 11/01/2022) | ||||||||||||
(Insured by ST AID) | $ | 290,000 | $ | 297,829 | ||||||||
City of Virginia Beach VA, | ||||||||||||
3.000%, 03/01/2031 (Callable 03/01/2028) | ||||||||||||
(Insured by ST AID) | 1,500,000 | 1,697,673 | ||||||||||
Virginia Housing Development Authority, | ||||||||||||
3.450%, 04/01/2038 (Callable 10/01/2022) | 3,000,000 | 3,105,049 | ||||||||||
Virginia Resources Authority, | ||||||||||||
3.000%, 11/01/2031 (Callable 11/01/2028) | 1,200,000 | 1,369,641 | ||||||||||
Total Virginia | ||||||||||||
(Cost $6,379,486) | 6,470,192 | 0.6 | % | |||||||||
Washington | ||||||||||||
Clark & Skamania Counties | ||||||||||||
School District No. 112-6, | ||||||||||||
5.000%, 12/01/2031 (Callable 06/01/2025) | ||||||||||||
(Insured by SCH BD GTY) | 160,000 | 187,764 | ||||||||||
Energy Northwest, | ||||||||||||
5.000%, 07/01/2030 (Callable 07/01/2028) | 600,000 | 769,017 | ||||||||||
King County Housing Authority, | ||||||||||||
5.000%, 12/01/2030 (Callable 12/01/2026) | 1,650,000 | 1,990,230 | ||||||||||
King County Public Hospital District No. 1, | ||||||||||||
5.000%, 12/01/2029 (Callable 12/01/2028) | 1,050,000 | 1,337,931 | ||||||||||
Lewis County School District No. 302, | ||||||||||||
5.000%, 12/01/2031 (Callable 06/01/2025) | ||||||||||||
(Insured by SCH BD GTY) | 235,000 | 276,278 | ||||||||||
Pacific County School District No. 118, | ||||||||||||
4.000%, 12/01/2025 | ||||||||||||
(Insured by SCH BD GTY) | 215,000 | 245,451 | ||||||||||
Pend Oreille County Public | ||||||||||||
Utility District No. 1: | ||||||||||||
5.000%, 01/01/2028 | 220,000 | 264,272 | ||||||||||
5.000%, 01/01/2031 (Callable 01/01/2028) | 100,000 | 118,231 | ||||||||||
5.000%, 01/01/2038 (Callable 01/01/2029) | 2,500,000 | 2,955,505 | ||||||||||
State of Washington: | ||||||||||||
5.000%, 02/01/2038 (Callable 02/01/2024) | 645,000 | 717,446 | ||||||||||
5.000%, 02/01/2039 (Callable 02/01/2029) | 1,095,000 | 1,389,511 | ||||||||||
5.000%, 06/01/2039 (Callable 06/01/2029) | 800,000 | 1,024,165 | ||||||||||
5.000%, 07/01/2042 (Callable 07/01/2028) | 1,330,000 | 1,647,529 | ||||||||||
4.000%, 08/01/2042 (Callable 08/01/2022) | 345,000 | 357,478 | ||||||||||
Washington Biomedical Research Properties 3.2, | ||||||||||||
5.000%, 01/01/2037 (Callable 07/01/2025) | 100,000 | 115,739 | ||||||||||
Washington State Housing Finance Commission: | ||||||||||||
3.700%, 12/01/2033 (Callable 06/01/2024) | 85,000 | 85,729 | ||||||||||
3.700%, 12/01/2034 (Callable 06/01/2025) | 40,000 | 41,918 | ||||||||||
4.000%, 06/01/2049 (Callable 06/01/2028) | 430,000 | 474,361 | ||||||||||
Total Washington | ||||||||||||
(Cost $13,167,806) | 13,998,555 | 1.3 | % | |||||||||
Wisconsin | ||||||||||||
Appleton Redevelopment Authority, | ||||||||||||
0.060%, 06/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 7,700,000 | 7,700,000 | ||||||||||
Milwaukee Redevelopment Authority: | ||||||||||||
5.000%, 11/15/2030 (Callable 11/15/2026) | 225,000 | 272,423 | ||||||||||
5.000%, 11/15/2032 (Callable 11/15/2026) | 175,000 | 211,578 | ||||||||||
Public Finance Authority: | ||||||||||||
5.000%, 01/01/2022 | 150,000 | 153,486 | ||||||||||
5.000%, 01/01/2023 | 190,000 | 203,214 | ||||||||||
5.000%, 10/01/2023(3) | 2,125,000 | 2,310,901 | ||||||||||
5.000%, 01/01/2024 | 230,000 | 255,786 | ||||||||||
5.000%, 10/01/2024(3) | 875,000 | 983,548 | ||||||||||
5.000%, 01/01/2025 | 260,000 | 299,467 | ||||||||||
3.000%, 04/01/2025(3) | 330,000 | 343,048 | ||||||||||
5.000%, 06/15/2025 | 220,000 | 250,436 | ||||||||||
3.000%, 03/01/2026 | ||||||||||||
(Callable 08/02/2021)(3) | 1,250,000 | 1,251,021 | ||||||||||
0.000%, 09/01/2028 | ||||||||||||
(Pre-refunded to 09/01/2026) | 130,000 | 114,071 | ||||||||||
5.000%, 03/01/2031 (Callable 03/01/2026) | 440,000 | 523,672 | ||||||||||
5.000%, 10/01/2044 (Callable 04/01/2029) | 1,750,000 | 2,149,397 | ||||||||||
Southeast Wisconsin Professional | ||||||||||||
Baseball Park District, | ||||||||||||
0.000%, 12/15/2023 (ETM) | ||||||||||||
(Insured by NATL) | 25,000 | 24,720 | ||||||||||
Tender Option Bond Trust, | ||||||||||||
0.270%, 04/01/2032 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1)(3) | 498,000 | 498,000 | ||||||||||
University of Wisconsin Hospitals & Clinics: | ||||||||||||
5.000%, 04/01/2036 (Callable 10/01/2028) | 465,000 | 584,292 | ||||||||||
5.000%, 04/01/2038 | ||||||||||||
(Pre-refunded to 04/01/2023) | 830,000 | 899,908 | ||||||||||
Village of Mount Pleasant WI: | ||||||||||||
4.000%, 04/01/2035 (Callable 04/01/2028) | 1,795,000 | 2,062,964 | ||||||||||
5.000%, 04/01/2036 (Callable 04/01/2028) | 1,000,000 | 1,242,517 | ||||||||||
4.000%, 04/01/2037 (Callable 04/01/2028) | 1,000,000 | 1,144,147 | ||||||||||
5.000%, 04/01/2038 (Callable 04/01/2028) | 1,000,000 | 1,237,048 | ||||||||||
5.000%, 04/01/2048 (Callable 04/01/2028) | 1,435,000 | 1,731,720 | ||||||||||
Wisconsin Center District: | ||||||||||||
5.250%, 12/15/2023 (ETM) | ||||||||||||
(Insured by AGM) | 125,000 | 132,822 | ||||||||||
5.250%, 12/15/2023 (Insured by AGM) | 75,000 | 81,918 | ||||||||||
0.000%, 12/15/2027 | 525,000 | 484,477 | ||||||||||
0.000%, 12/15/2027 (Insured by NATL) | 220,000 | 201,076 | ||||||||||
5.000%, 12/15/2027 (Callable 06/15/2026) | 500,000 | 606,255 | ||||||||||
5.250%, 12/15/2027 (ETM) | ||||||||||||
(Insured by AGM) | 70,000 | 85,280 | ||||||||||
5.250%, 12/15/2027 (Insured by AGM) | 195,000 | 236,075 | ||||||||||
0.000%, 12/15/2028 | 255,000 | 229,892 | ||||||||||
0.000%, 12/15/2028 (Insured by AGM) | 1,025,000 | 924,076 | ||||||||||
5.000%, 12/15/2028 (Callable 06/15/2026) | 345,000 | 417,191 | ||||||||||
0.000%, 12/15/2029 | 315,000 | 276,750 | ||||||||||
0.000%, 12/15/2030 | 460,000 | 393,750 | ||||||||||
0.000%, 12/15/2030 (Insured by AGM) | 645,000 | 552,105 | ||||||||||
5.000%, 12/15/2030 (Callable 06/15/2026) | 500,000 | 601,648 | ||||||||||
5.000%, 12/15/2030 (Callable 12/15/2022) | 395,000 | 414,371 | ||||||||||
5.000%, 12/15/2031 (Callable 06/15/2026) | 300,000 | 360,827 | ||||||||||
0.000%, 12/15/2035 (Callable 06/15/2026) | ||||||||||||
(Insured by BAM) | 300,000 | 193,034 | ||||||||||
0.000%, 12/15/2037 (Callable 06/15/2026) | ||||||||||||
(Insured by BAM) | 1,980,000 | 1,170,019 | ||||||||||
Wisconsin Health & Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 03/01/2022 | 125,000 | 127,710 | ||||||||||
5.000%, 11/01/2022 | 120,000 | 123,898 | ||||||||||
5.000%, 07/01/2023 | 165,000 | 179,775 | ||||||||||
5.000%, 11/01/2023 | 125,000 | 131,795 | ||||||||||
5.000%, 07/01/2024 | 250,000 | 282,804 | ||||||||||
5.000%, 11/01/2024 | 155,000 | 166,635 | ||||||||||
4.000%, 09/15/2025 (Callable 09/15/2023) | 225,000 | 241,611 | ||||||||||
5.000%, 11/01/2025 | 245,000 | 267,771 | ||||||||||
5.000%, 07/01/2026 (Callable 07/01/2024) | 50,000 | 56,274 | ||||||||||
2.250%, 11/01/2026 (Callable 11/01/2021) | 750,000 | 750,919 | ||||||||||
5.000%, 08/15/2028 (Callable 08/15/2023) | 1,000,000 | 1,083,642 | ||||||||||
5.000%, 12/01/2028 (Callable 11/01/2026) | 45,000 | 54,552 | ||||||||||
5.000%, 08/15/2029 (Callable 08/15/2027) | 180,000 | 224,064 |
The accompanying notes are an integral part of these financial statements.
Page 173
Baird Core Intermediate Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Wisconsin Health & Educational | ||||||||||||
Facilities Authority: (cont.) | ||||||||||||
5.000%, 10/01/2029 | $ | 545,000 | $ | 700,963 | ||||||||
5.000%, 12/15/2030 (Callable 12/15/2024) | 480,000 | 546,552 | ||||||||||
5.000%, 04/01/2031 (Callable 04/01/2027) | 250,000 | 304,325 | ||||||||||
5.000%, 02/15/2032 (Callable 02/15/2022) | 670,000 | 685,282 | ||||||||||
5.000%, 04/01/2032 (Callable 10/01/2022) | 290,000 | 304,341 | ||||||||||
4.000%, 08/15/2037 (Callable 08/15/2027) | 1,905,000 | 2,208,156 | ||||||||||
4.375%, 06/01/2039 (Callable 06/01/2022) | 230,000 | 236,535 | ||||||||||
5.000%, 08/15/2039 (Callable 08/15/2024) | 1,400,000 | 1,575,131 | ||||||||||
5.250%, 10/15/2039 (Callable 10/15/2021) | 710,000 | 719,897 | ||||||||||
4.000%, 11/15/2039 (Callable 05/15/2026) | 500,000 | 571,948 | ||||||||||
5.000%, 11/15/2044 (Callable 11/15/2022) | 330,000 | 350,314 | ||||||||||
5.000%, 12/15/2044 (Callable 12/15/2024) | 675,000 | 757,070 | ||||||||||
4.000%, 11/15/2046 (Callable 05/15/2026) | 475,000 | 539,217 | ||||||||||
5.000%, 02/15/2051 (Callable 08/15/2026) | ||||||||||||
(Mandatory Tender Date 02/15/2027)(1) | 700,000 | 839,248 | ||||||||||
5.000%, 02/15/2052 (Callable 08/15/2024) | ||||||||||||
(Mandatory Tender Date 02/15/2025)(1) | 2,410,000 | 2,731,407 | ||||||||||
Wisconsin Housing & Economic | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 03/01/2048 (Callable 03/01/2027) | ||||||||||||
(Insured by FNMA) | 1,215,000 | 1,309,836 | ||||||||||
4.250%, 03/01/2049 (Callable 09/01/2028) | 1,695,000 | 1,892,457 | ||||||||||
Total Wisconsin | ||||||||||||
(Cost $52,083,055) | 53,773,059 | 4.8 | % | |||||||||
Wyoming | ||||||||||||
County of Laramie WY: | ||||||||||||
4.000%, 05/01/2030 | 500,000 | 607,728 | ||||||||||
4.000%, 05/01/2032 (Callable 05/01/2031) | 525,000 | 640,064 | ||||||||||
4.000%, 05/01/2034 (Callable 05/01/2031) | 500,000 | 605,607 | ||||||||||
4.000%, 05/01/2036 (Callable 05/01/2031) | 600,000 | 723,134 | ||||||||||
4.000%, 05/01/2037 (Callable 05/01/2031) | 225,000 | 269,924 | ||||||||||
Wyoming Community | ||||||||||||
Development Authority: | ||||||||||||
3.000%, 12/01/2044 (Callable 06/01/2024) | 55,000 | 57,027 | ||||||||||
4.000%, 12/01/2048 (Callable 06/01/2028) | 1,650,000 | 1,817,415 | ||||||||||
Total Wyoming | ||||||||||||
(Cost $4,644,613) | 4,720,899 | 0.4 | % | |||||||||
Total Municipal Bonds | ||||||||||||
(Cost $1,071,199,142) | 1,107,485,694 | 99.7 | % | |||||||||
Shares | ||||||||||||
Closed-End Investment Company | ||||||||||||
Nuveen AMT-Free Quality Municipal | ||||||||||||
Income Fund, Series D Preferred Shares, | ||||||||||||
0.320%, 03/01/2029(1) | 4,800 | 4,800,000 | ||||||||||
Total Closed-End Investment Company | ||||||||||||
(Cost $4,800,000) | 4,800,000 | 0.4 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $1,075,999,142) | 1,112,285,694 | 100.1 | % | |||||||||
Short-Term Investment | ||||||||||||
Money Market Mutual Fund | ||||||||||||
Federated Hermes Institutional Tax-Free | ||||||||||||
Cash Trust, Premier Shares, 0.01%(4) | 6,432,288 | 6,432,288 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $6,432,288) | 6,432,288 | 0.6 | % | |||||||||
Total Investments | ||||||||||||
(Cost $1,082,431,430) | 1,118,717,982 | 100.7 | % | |||||||||
Liabilities in Excess of Other Assets | (7,788,885 | ) | (0.7 | )% | ||||||||
TOTAL NET ASSETS | $ | 1,110,929,097 | 100.0 | % |
Notes to Schedule of Investments
AGC – Assured Guaranty Corp.
AGM – Assured Guaranty Municipal
AMBAC – Ambac Assurance Corp.
BAM – Build America Mutual Assurance Co.
BHAC – Berkshire Hathaway Assurance Corp.
FHA – Federal Housing Administration
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
NATL – National Public Finance Guarantee Corp.
Q-SBLF – Qualified School Building Loan Fund
SCH BD GTY – School Board Guaranty
SD CRED PROG – State Credit Enhancement Program
ST AID – State Aid Intercept/Withholding
UT CSCE – Utah Charter School Credit Enhancement Program
ETM – Escrowed to Maturity
LIBOR – London Inter-bank Offered Rate
PSF – Permanent School Fund
SIFMA – Securities Industry and Financial Markets Association
(1) | Variable rate security. The rate reported is the rate in effect as of June 30, 2021. |
(2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021. |
(3) | Security issued under Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $72,563,844, which represented 6.53% of total net assets. |
(4) | Seven-day yield. |
(5) | Auction Rate Security. An Auction Rate Security is a debt instrument with a long nominal maturity for which the interest rate is regularly reset through a Dutch auction. The rate presented is either the rate set through the auction or the maximum interest rate provided for in the security issuance provision. |
(6) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
(7) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021. |
The accompanying notes are an integral part of these financial statements.
Page 174
Baird Core Intermediate Municipal Bond Fund
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 1,107,485,694 | $ | — | $ | 1,107,485,694 | ||||||||
Closed-End Investment Company | — | 4,800,000 | — | 4,800,000 | ||||||||||||
Total Long-Term Investments | — | 1,112,285,694 | — | 1,112,285,694 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 6,432,288 | — | — | 6,432,288 | ||||||||||||
Total Short-Term Investment | 6,432,288 | — | — | 6,432,288 | ||||||||||||
Total Investments | $ | 6,432,288 | $ | 1,112,285,694 | $ | — | $ | 1,118,717,982 |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 175
Baird Municipal Bond Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
Quality Distribution(1)(2)
| Net Assets | $33,263,436 | ||
SEC 30-Day Yield(4) | ||||
Institutional Class | 1.28% | |||
Investor Class | 1.04% | |||
Average Effective Duration | 4.96 years | |||
Average Effective Maturity | 5.35 years | |||
Annualized Expense Ratio(5) | ||||
Institutional Class | 0.30% | |||
Investor Class | 0.55% | (6) | ||
Portfolio Turnover Rate | 34% | (7) | ||
Number of Holdings | 231 | |||
Sector Weightings(1) | ||||
(1) | Percentages shown are based on the Fund’s total investments. |
(2) | The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). |
(3) | Includes pre-refunded and escrowed-to-maturity (ETM) bonds. |
(4) | SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021. |
(5) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. |
(6) | Includes 0.25% 12b-1 fee. |
(7) | Not annualized. |
Page 176
Baird Municipal Bond Fund
June 30, 2021 (Unaudited)
Total Returns
Average | |||
Annual | |||
Six | One | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Inception(1) |
Institutional Class Shares | 2.32% | 7.16% | 8.31% |
Investor Class Shares | 2.21% | 6.79% | 7.99% |
Bloomberg Barclays Municipal Bond Index(2) | 1.06% | 4.17% | 4.38% |
(1) | For the period from November 15, 2019 (inception date) through June 30, 2021. |
(2) | The Bloomberg Barclays Municipal Bond Index is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity of at least one year. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. This Index does not reflect any deduction for fees, expenses or taxes. A direct investment in an index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund may invest up to 15% of its net assets in non-investment grade debt securities (commonly referred to as “high yield” bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund’s share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates.
U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 177
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Municipal Bonds | ||||||||||||
Alabama | ||||||||||||
Alabama Community College System, | ||||||||||||
3.500%, 11/01/2025 (Insured by BAM) | $ | 100,000 | $ | 111,182 | ||||||||
Alabama Special Care Facilities Financing Authority, | ||||||||||||
5.000%, 06/01/2026 (Callable 06/01/2025) | 110,000 | 127,694 | ||||||||||
Black Belt Energy Gas District, | ||||||||||||
4.000%, 12/01/2049 (Callable 09/01/2025) | ||||||||||||
(Mandatory Tender Date 12/01/2025)(1) | 45,000 | 51,361 | ||||||||||
Chilton County Health Care Authority, | ||||||||||||
3.000%, 11/01/2027 (Callable 11/01/2025) | 100,000 | 107,029 | ||||||||||
Tallassee Board of Education, | ||||||||||||
4.000%, 08/01/2034 (Callable 08/01/2030) | ||||||||||||
(Insured by AGM) | 100,000 | 120,022 | ||||||||||
University of West Alabama: | ||||||||||||
4.000%, 01/01/2040 (Callable 01/01/2030) | ||||||||||||
(Insured by AGM) | 50,000 | 57,487 | ||||||||||
4.000%, 01/01/2041 (Callable 01/01/2030) | ||||||||||||
(Insured by AGM) | 100,000 | 114,703 | ||||||||||
Total Alabama | ||||||||||||
(Cost $662,350) | 689,478 | 2.1 | % | |||||||||
Alaska | ||||||||||||
CIVIC Ventures, | ||||||||||||
5.000%, 09/01/2025 | 100,000 | 110,264 | ||||||||||
Total Alaska | ||||||||||||
(Cost $107,374) | 110,264 | 0.3 | % | |||||||||
Arizona | ||||||||||||
Arizona Industrial Development Authority: | ||||||||||||
5.000%, 10/01/2030 (Callable 10/01/2026)(3) | 100,000 | 107,027 | ||||||||||
4.000%, 07/01/2032 (Callable 01/01/2028) | ||||||||||||
(Insured by SD CRED PROG) | 100,000 | 111,938 | ||||||||||
City of Phoenix Civic Improvement Corp., | ||||||||||||
5.500%, 07/01/2035(5) | 200,000 | 296,292 | ||||||||||
Industrial Development Authority | ||||||||||||
of the County of Pima, | ||||||||||||
4.000%, 07/01/2029 | 25,000 | 28,641 | ||||||||||
Navajo Nation, | ||||||||||||
5.000%, 12/01/2025(3) | 100,000 | 110,649 | ||||||||||
Total Arizona | ||||||||||||
(Cost $643,449) | 654,547 | 2.0 | % | |||||||||
Arkansas | ||||||||||||
Batesville Public Facilities Board, | ||||||||||||
5.000%, 06/01/2026 | 150,000 | 174,007 | ||||||||||
Carroll-Boone Water District, | ||||||||||||
3.000%, 12/01/2032 (Callable 12/01/2025) | 150,000 | 158,541 | ||||||||||
City of Heber Springs AR, | ||||||||||||
1.625%, 06/01/2047 (Callable 06/01/2028)(6) | 300,000 | 301,105 | ||||||||||
Conway Health Facilities Board, | ||||||||||||
4.250%, 08/01/2043 (Callable 08/01/2026) | 200,000 | 218,496 | ||||||||||
Salem Public Water Authority, | ||||||||||||
4.000%, 01/01/2040 (Callable 08/02/2021) | 140,000 | 140,342 | ||||||||||
Southern Arkansas University, | ||||||||||||
4.000%, 03/01/2028 (Callable 03/01/2025) | ||||||||||||
(Insured by AGM) | 130,000 | 144,574 | ||||||||||
Total Arkansas | ||||||||||||
(Cost $1,119,515) | 1,137,065 | 3.4 | % | |||||||||
California | ||||||||||||
Brea Redevelopment Agency, | ||||||||||||
0.000%, 08/01/2036 (Callable 08/01/2027)(5) | 95,000 | 104,072 | ||||||||||
California Infrastructure & | ||||||||||||
Economic Development Bank, | ||||||||||||
0.720%, 12/01/2050 (SIFMA Municipal Swap | ||||||||||||
Index + 0.700%) (Callable 06/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2026)(2) | 200,000 | 202,684 | ||||||||||
California Municipal Finance Authority, | ||||||||||||
5.000%, 10/01/2023 | 85,000 | 93,328 | ||||||||||
California Public Finance Authority, | ||||||||||||
2.375%, 11/15/2028 (Callable 05/15/2023)(3) | 75,000 | 76,038 | ||||||||||
California School Finance Authority, | ||||||||||||
4.000%, 07/01/2021(3) | 100,000 | 100,000 | ||||||||||
Cathedral City Public Financing Authority, | ||||||||||||
0.000%, 08/01/2031 | 735,000 | 591,502 | ||||||||||
El Rancho Unified School District, | ||||||||||||
0.000%, 08/01/2031 (Callable 08/01/2028) | ||||||||||||
(Insured by AGM)(5) | 115,000 | 139,776 | ||||||||||
Golden Valley Unified School District: | ||||||||||||
0.000%, 08/01/2027 (Insured by NATL) | 125,000 | 116,618 | ||||||||||
0.000%, 08/01/2028 (Insured by NATL) | 75,000 | 68,366 | ||||||||||
Hanford Joint Union High School District, | ||||||||||||
4.000%, 06/01/2049 (Callable 06/01/2026) | ||||||||||||
(Insured by AGM) | 250,000 | 277,438 | ||||||||||
Hawthorne School District, | ||||||||||||
0.000%, 08/01/2042 | ||||||||||||
(Callable 08/01/2027)(Insured by AGM)(5) | 250,000 | 283,082 | ||||||||||
Los Alamitos Unified School District, | ||||||||||||
0.000%, 08/01/2042 (Callable 08/01/2029)(5) | 130,000 | 146,860 | ||||||||||
Los Angeles County Schools Regionalized | ||||||||||||
Business Services Corp., | ||||||||||||
0.000%, 08/01/2029 (Insured by AMBAC) | 235,000 | 201,902 | ||||||||||
Los Angeles Regional Airports Improvement Corp., | ||||||||||||
4.500%, 01/01/2027 (Callable 01/01/2022) | 125,000 | 127,531 | ||||||||||
Mayers Memorial Hospital District: | ||||||||||||
0.000%, 08/01/2029 | 160,000 | 127,523 | ||||||||||
0.000%, 08/01/2030 | 360,000 | 276,428 | ||||||||||
Mizuho Floater/Residual Trust: | ||||||||||||
0.270%, 06/01/2026 | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 200,000 | 200,000 | ||||||||||
0.270%, 10/01/2036 (Callable 08/02/2021) | ||||||||||||
(Optional Put Date 08/04/2021)(1)(3) | 200,000 | 200,000 | ||||||||||
Modesto Irrigation District, | ||||||||||||
0.670%, 09/01/2027 (3 Month LIBOR | ||||||||||||
USD + 0.580%) (Callable 08/02/2021) | ||||||||||||
(Insured by NATL)(2) | 100,000 | 100,200 | ||||||||||
Morongo Unified School District, | ||||||||||||
0.000%, 08/01/2041 (Callable 08/01/2030)(5) | 25,000 | 26,936 | ||||||||||
Newport Mesa Unified School District, | ||||||||||||
0.000%, 08/01/2042 (Callable 08/01/2031)(5) | 35,000 | 50,342 | ||||||||||
Oak Park Unified School District, | ||||||||||||
0.000%, 08/01/2038 (Callable 08/01/2031) | ||||||||||||
(Insured by AGM)(5) | 50,000 | 73,949 | ||||||||||
Oxnard School District, | ||||||||||||
2.000%, 08/01/2045 (Callable 08/01/2026) | ||||||||||||
(Insured by BAM)(5) | 150,000 | 167,376 | ||||||||||
San Ysidro School District, | ||||||||||||
0.000%, 08/01/2030 (Insured by AGM) | 165,000 | 143,540 | ||||||||||
Saugus Union School District Financing Authority, | ||||||||||||
4.000%, 09/01/2041 (Callable 09/01/2027) | ||||||||||||
(Insured by BAM) | 250,000 | 287,047 | ||||||||||
Solano County Community College District, | ||||||||||||
0.000%, 08/01/2030 (Callable 08/01/2025)(5) | 110,000 | 115,881 | ||||||||||
Washington Unified School District, | ||||||||||||
0.000%, 08/01/2030 (Insured by NATL) | 380,000 | 326,141 | ||||||||||
Total California | ||||||||||||
(Cost $4,569,877) | 4,624,560 | 13.9 | % |
The accompanying notes are an integral part of these financial statements.
Page 178
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Colorado | ||||||||||||
City & County of Denver CO: | ||||||||||||
5.000%, 08/01/2041 (Callable 08/01/2026) | $ | 115,000 | $ | 136,419 | ||||||||
4.000%, 11/15/2043 (Callable 11/15/2022) | 250,000 | 261,630 | ||||||||||
Colorado Educational & | ||||||||||||
Cultural Facilities Authority, | ||||||||||||
2.000%, 09/01/2030 (Callable 09/01/2028) | 100,000 | 100,565 | ||||||||||
Colorado Health Facilities Authority, | ||||||||||||
4.250%, 12/01/2023 (ETM) | 15,000 | 15,850 | ||||||||||
E-470 Public Highway Authority, | ||||||||||||
0.000%, 09/01/2029 (Insured by NATL) | 100,000 | 88,254 | ||||||||||
Grand River Hospital District, | ||||||||||||
5.250%, 12/01/2031 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 75,000 | 91,610 | ||||||||||
Pueblo Urban Renewal Authority, | ||||||||||||
0.000%, 12/01/2025(3) | 200,000 | 173,623 | ||||||||||
Vauxmont Metropolitan District: | ||||||||||||
5.000%, 12/15/2032 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 25,000 | 28,951 | ||||||||||
3.250%, 12/15/2050 (Callable 12/15/2024) | ||||||||||||
(Insured by AGM) | 75,000 | 80,199 | ||||||||||
Total Colorado | ||||||||||||
(Cost $937,240) | 977,101 | 2.9 | % | |||||||||
Connecticut | ||||||||||||
Connecticut State Health & | ||||||||||||
Educational Facilities Authority, | ||||||||||||
4.250%, 07/01/2031 (Callable 07/01/2022) | 75,000 | 77,243 | ||||||||||
Connecticut State Higher Education | ||||||||||||
Supplement Loan Authority, | ||||||||||||
3.000%, 11/15/2035 (Callable 11/15/2026) | 150,000 | 155,406 | ||||||||||
Total Connecticut | ||||||||||||
(Cost $224,104) | 232,649 | 0.7 | % | |||||||||
District of Columbia | ||||||||||||
Metropolitan Washington Airports Authority, | ||||||||||||
0.000%, 10/01/2028 (Insured by AGC) | 180,000 | 164,082 | ||||||||||
Total District of Columbia | ||||||||||||
(Cost $163,469) | 164,082 | 0.5 | % | |||||||||
Florida | ||||||||||||
City of Jacksonville FL, | ||||||||||||
0.020%, 08/01/2036 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 200,000 | 200,000 | ||||||||||
City of Tallahassee FL, | ||||||||||||
4.000%, 12/01/2035 (Callable 06/01/2025) | 25,000 | 27,365 | ||||||||||
Florida Housing Finance Corp., | ||||||||||||
4.200%, 01/01/2045 (Callable 01/01/2028) | ||||||||||||
(Insured by GNMA) | 100,000 | 108,579 | ||||||||||
Highlands County Health Facilities Authority: | ||||||||||||
0.020%, 11/15/2035 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 200,000 | 200,000 | ||||||||||
0.020%, 11/15/2037 (Callable 07/01/2021) | ||||||||||||
(Optional Put Date 07/07/2021)(1) | 200,000 | 200,000 | ||||||||||
Miami Health Facilities Authority, | ||||||||||||
5.000%, 07/01/2021 | 25,000 | 25,000 | ||||||||||
Orange County Convention Center, | ||||||||||||
4.000%, 10/01/2034 (Callable 10/01/2026) | 150,000 | 173,004 | ||||||||||
Orange County Health Facilities Authority, | ||||||||||||
5.000%, 08/01/2028 (Callable 08/01/2024) | 200,000 | 222,707 | ||||||||||
Palm Beach County Health Facilities Authority, | ||||||||||||
5.000%, 05/15/2023 | 200,000 | 216,490 | ||||||||||
University of West Florida, | ||||||||||||
4.000%, 06/01/2034 (Callable 06/01/2026) | 50,000 | 56,673 | ||||||||||
Total Florida | ||||||||||||
(Cost $1,395,732) | 1,429,818 | 4.3 | % | |||||||||
Georgia | ||||||||||||
Development Authority of Appling County: | ||||||||||||
0.030%, 09/01/2029 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 200,000 | 200,000 | ||||||||||
1.500%, 01/01/2038 | ||||||||||||
(Mandatory Tender Date 02/03/2025)(1) | 100,000 | 102,371 | ||||||||||
Development Authority of Cobb County, | ||||||||||||
5.000%, 06/01/2049 (Callable 06/01/2027) | 245,000 | 302,018 | ||||||||||
Total Georgia | ||||||||||||
(Cost $585,826) | 604,389 | 1.8 | % | |||||||||
Illinois | ||||||||||||
Chicago Board of Education, | ||||||||||||
5.500%, 12/01/2026 (Insured by NATL) | 60,000 | 70,131 | ||||||||||
Chicago Park District, | ||||||||||||
5.000%, 01/01/2022 | 85,000 | 86,945 | ||||||||||
City of Chicago IL, | ||||||||||||
0.000%, 01/01/2027 (Insured by NATL) | 100,000 | 90,485 | ||||||||||
Cook County Community College District No. 508, | ||||||||||||
5.250%, 12/01/2028 (Callable 12/01/2023) | 75,000 | 82,830 | ||||||||||
Eastern Illinois University, | ||||||||||||
6.350%, 04/01/2036 (Callable 08/02/2021) | 250,000 | 250,078 | ||||||||||
Exceptional Children Have Opportunities, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2029) | 150,000 | 172,728 | ||||||||||
Illinois Finance Authority: | ||||||||||||
5.125%, 05/15/2035 (Callable 08/02/2021) | 25,000 | 25,078 | ||||||||||
4.125%, 11/15/2037 (Callable 11/15/2025) | 30,000 | 33,619 | ||||||||||
0.020%, 08/01/2043 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 200,000 | 200,000 | ||||||||||
6.000%, 10/01/2048 (Callable 10/01/2022) | 100,000 | 103,331 | ||||||||||
Joliet Park District, | ||||||||||||
4.000%, 02/01/2033 (Callable 02/01/2023) | ||||||||||||
(Insured by AGM) | 100,000 | 104,994 | ||||||||||
Macon County School District No. 61, | ||||||||||||
5.000%, 12/01/2040 (Callable 12/01/2028) | ||||||||||||
(Insured by AGM) | 250,000 | 309,806 | ||||||||||
Metropolitan Pier & Exposition Authority, | ||||||||||||
0.000%, 06/15/2029 (Insured by NATL) | 100,000 | 86,216 | ||||||||||
Sales Tax Securitization Corp., | ||||||||||||
5.000%, 01/01/2043 (Callable 01/01/2029) | 250,000 | 309,429 | ||||||||||
Upper Illinois River Valley Development Authority, | ||||||||||||
5.000%, 01/01/2045 (Callable 01/01/2027)(3) | 100,000 | 106,567 | ||||||||||
Village of Crestwood IL, | ||||||||||||
4.000%, 12/15/2027 (Callable 12/15/2025) | ||||||||||||
(Insured by BAM) | 100,000 | 111,374 | ||||||||||
Will County Community | ||||||||||||
High School District No. 210: | ||||||||||||
0.000%, 01/01/2027 | 30,000 | 26,720 | ||||||||||
4.000%, 01/01/2034 (Callable 01/01/2029) | ||||||||||||
(Insured by AGM) | 100,000 | 114,840 | ||||||||||
Winnebago & Boone Counties Community | ||||||||||||
High School District No. 207, | ||||||||||||
4.000%, 02/01/2036 (Callable 02/01/2027) | ||||||||||||
(Insured by BAM) | 210,000 | 240,770 | ||||||||||
Total Illinois | ||||||||||||
(Cost $2,448,319) | 2,525,941 | 7.6 | % | |||||||||
Indiana | ||||||||||||
Indiana Finance Authority, | ||||||||||||
5.000%, 10/01/2032 (Callable 10/01/2023) | 150,000 | 158,106 | ||||||||||
Indiana Health & Educational Facilities | ||||||||||||
Financing Authority, | ||||||||||||
5.000%, 11/15/2046 (Callable 11/15/2026) | 100,000 | 120,321 |
The accompanying notes are an integral part of these financial statements.
Page 179
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
St. Joseph County Airport Authority, | ||||||||||||
0.010%, 07/01/2028 | $ | 155,000 | $ | 139,010 | ||||||||
Total Indiana | ||||||||||||
(Cost $385,084) | 417,437 | 1.3 | % | |||||||||
Iowa | ||||||||||||
City of Coralville IA, | ||||||||||||
4.000%, 06/01/2025 (Callable 06/01/2024) | 100,000 | 105,441 | ||||||||||
Total Iowa | ||||||||||||
(Cost $99,375) | 105,441 | 0.3 | % | |||||||||
Kansas | ||||||||||||
City of Coffeyville KS, | ||||||||||||
5.000%, 06/01/2025 (Insured by NATL)(3) | 100,000 | 109,869 | ||||||||||
City of Derby KS, | ||||||||||||
3.900%, 03/01/2037 (Callable 03/01/2025) | 25,000 | 25,898 | ||||||||||
Kansas Power Pool, | ||||||||||||
4.000%, 12/01/2040 (Callable 12/01/2029)(6) | 300,000 | 346,114 | ||||||||||
Total Kansas | ||||||||||||
(Cost $474,171) | 481,881 | 1.5 | % | |||||||||
Kentucky | ||||||||||||
Kentucky Economic Development | ||||||||||||
Finance Authority: | ||||||||||||
0.000%, 10/01/2027 (Insured by NATL) | 90,000 | 80,297 | ||||||||||
4.000%, 07/01/2031 (Callable 07/01/2025) | 100,000 | 108,493 | ||||||||||
Kentucky Public Energy Authority, | ||||||||||||
1.187%, 12/01/2049 (1 Month LIBOR | ||||||||||||
USD + 1.120%) (Callable 03/01/2025) | ||||||||||||
(Mandatory Tender Date 06/01/2025)(2) | 50,000 | 51,116 | ||||||||||
Total Kentucky | ||||||||||||
(Cost $232,645) | 239,906 | 0.7 | % | |||||||||
Louisiana | ||||||||||||
Cameron Parish School District No. 15, | ||||||||||||
4.000%, 10/01/2022 | 115,000 | 119,412 | ||||||||||
Total Louisiana | ||||||||||||
(Cost $119,358) | 119,412 | 0.4 | % | |||||||||
Maryland | ||||||||||||
Maryland Health & Higher | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.000%, 01/01/2030 | 100,000 | 120,043 | ||||||||||
Total Maryland | ||||||||||||
(Cost $119,563) | 120,043 | 0.4 | % | |||||||||
Massachusetts | ||||||||||||
Massachusetts Development Finance Agency: | ||||||||||||
3.500%, 10/01/2022(3) | 60,000 | 62,419 | ||||||||||
5.000%, 07/15/2025(3) | 50,000 | 56,723 | ||||||||||
Massachusetts Educational Financing Authority, | ||||||||||||
2.000%, 07/01/2037 (Callable 07/01/2031)(6) | 400,000 | 399,769 | ||||||||||
Massachusetts State College Building Authority, | ||||||||||||
0.000%, 05/01/2028 (ETM) (Insured by NATL) | 500,000 | 462,018 | ||||||||||
Total Massachusetts | ||||||||||||
(Cost $982,437) | 980,929 | 3.0 | % | |||||||||
Michigan | ||||||||||||
Detroit Downtown Development Authority, | ||||||||||||
0.000%, 07/01/2021 | 140,000 | 140,000 | ||||||||||
Flint Hospital Building Authority, | ||||||||||||
5.000%, 07/01/2023 | 50,000 | 51,815 | ||||||||||
Michigan Finance Authority, | ||||||||||||
5.000%, 07/01/2044 (Callable 07/01/2024) | 300,000 | 320,838 | ||||||||||
Total Michigan | ||||||||||||
(Cost $511,747) | 512,653 | 1.5 | % | |||||||||
Minnesota | ||||||||||||
City of Maple Grove MN, | ||||||||||||
4.000%, 05/01/2037 (Callable 05/01/2027) | 105,000 | 118,491 | ||||||||||
Housing & Redevelopment | ||||||||||||
Authority of The City of St. Paul, | ||||||||||||
5.000%, 12/01/2036 (Callable 12/01/2030) | 150,000 | 181,559 | ||||||||||
Minnesota Housing Finance Agency, | ||||||||||||
4.250%, 01/01/2049 (Callable 01/01/2028) | ||||||||||||
(Insured by GNMA) | 265,000 | 295,695 | ||||||||||
Zumbro Education District, | ||||||||||||
4.000%, 02/01/2041 (Callable 02/01/2031) | 235,000 | 272,424 | ||||||||||
Total Minnesota | ||||||||||||
(Cost $848,428) | 868,169 | 2.6 | % | |||||||||
Mississippi | ||||||||||||
City of Gulfport MS, | ||||||||||||
5.000%, 07/01/2026 | 100,000 | 118,168 | ||||||||||
Mississippi Development Bank: | ||||||||||||
4.000%, 03/01/2035 (Callable 03/01/2028) | 200,000 | 235,327 | ||||||||||
5.250%, 03/01/2045 (Callable 03/01/2028) | 150,000 | 180,825 | ||||||||||
State of Mississippi, | ||||||||||||
5.000%, 10/15/2029 (Callable 10/15/2025) | 120,000 | 140,531 | ||||||||||
Total Mississippi | ||||||||||||
(Cost $658,113) | 674,851 | 2.0 | % | |||||||||
Missouri | ||||||||||||
City of Kansas City MO, | ||||||||||||
0.000%, 02/01/2029 | 100,000 | 85,995 | ||||||||||
Meramec Valley School District No. R-III, | ||||||||||||
3.000%, 03/01/2035 (Callable 03/01/2028) | 300,000 | 328,815 | ||||||||||
Missouri Southern State University, | ||||||||||||
4.000%, 10/01/2037 (Callable 10/01/2029) | ||||||||||||
(Insured by AGM) | 65,000 | 73,741 | ||||||||||
St. Joseph Industrial Development Authority, | ||||||||||||
2.950%, 01/01/2022 | 100,000 | 100,374 | ||||||||||
St. Louis Land Clearance for | ||||||||||||
Redevelopment Authority: | ||||||||||||
4.250%, 06/01/2026 | 125,000 | 135,623 | ||||||||||
3.875%, 10/01/2035 (Callable 10/01/2029) | 165,000 | 162,423 | ||||||||||
Total Missouri | ||||||||||||
(Cost $879,800) | 886,971 | 2.7 | % | |||||||||
Nebraska | ||||||||||||
Village of Boys Town NE, | ||||||||||||
3.000%, 09/01/2028 | 100,000 | 112,598 | ||||||||||
Total Nebraska | ||||||||||||
(Cost $100,000) | 112,598 | 0.3 | % | |||||||||
Nevada | ||||||||||||
City of Sparks NV, | ||||||||||||
2.500%, 06/15/2024(3) | 50,000 | 50,906 | ||||||||||
Henderson Public Improvement Trust, | ||||||||||||
4.000%, 01/01/2026 (Callable 07/01/2024) | 200,000 | 216,869 | ||||||||||
Total Nevada | ||||||||||||
(Cost $251,901) | 267,775 | 0.8 | % | |||||||||
New Hampshire | ||||||||||||
New Hampshire Health and Education | ||||||||||||
Facilities Authority, | ||||||||||||
3.150%, 04/01/2022 (Callable 11/01/2021)(3) | 500,000 | 501,310 | ||||||||||
Total New Hampshire | ||||||||||||
(Cost $501,276) | 501,310 | 1.5 | % | |||||||||
New Jersey | ||||||||||||
Atlantic City Board of Education, | ||||||||||||
3.400%, 08/15/2024(3) | 85,000 | 91,325 |
The accompanying notes are an integral part of these financial statements.
Page 180
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Borough of Woodbury Heights NJ, | ||||||||||||
4.000%, 12/01/2024 (Callable 08/02/2021) | ||||||||||||
(Insured by AGC) | $ | 20,000 | $ | 20,062 | ||||||||
Essex County Improvement Authority, | ||||||||||||
5.000%, 11/01/2027 | 100,000 | 125,214 | ||||||||||
New Jersey Economic Development Authority, | ||||||||||||
5.000%, 03/01/2029 (Callable 03/01/2023) | 300,000 | 322,169 | ||||||||||
New Jersey Transportation Trust Fund Authority, | ||||||||||||
0.000%, 12/15/2026 (Insured by AMBAC) | 35,000 | 32,644 | ||||||||||
Total New Jersey | ||||||||||||
(Cost $574,203) | 591,414 | 1.8 | % | |||||||||
New York | ||||||||||||
Albany County Capital Resource Corp., | ||||||||||||
3.100%, 07/01/2030 | 100,000 | 97,086 | ||||||||||
City of New York NY, | ||||||||||||
0.140%, 04/01/2042 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 200,000 | 200,000 | ||||||||||
Huntington Local Development Corp., | ||||||||||||
4.000%, 07/01/2027 | 250,000 | 265,321 | ||||||||||
Metropolitan Transportation Authority: | ||||||||||||
5.000%, 05/15/2022 | 25,000 | 26,034 | ||||||||||
5.000%, 11/15/2023 | 50,000 | 55,381 | ||||||||||
0.617%, 11/01/2030 | ||||||||||||
(1 Month LIBOR USD + 0.550%) | ||||||||||||
(Mandatory Tender Date 11/01/2022)(2) | 25,000 | 25,117 | ||||||||||
Middletown City School District, | ||||||||||||
3.000%, 06/15/2034 (Callable 06/15/2024) | ||||||||||||
(Insured by ST AID) | 110,000 | 114,370 | ||||||||||
Mount Vernon City School District, | ||||||||||||
4.000%, 12/01/2028 (Callable 12/01/2027) | ||||||||||||
(Insured by ST AID) | 430,000 | 516,426 | ||||||||||
New York City Industrial Development Agency, | ||||||||||||
5.863%, 03/01/2025 (CPI YOY + 0.870%)(2) | 100,000 | 104,600 | ||||||||||
New York City Transitional Finance Authority, | ||||||||||||
4.000%, 07/15/2040 (Callable 07/15/2029) | ||||||||||||
(Insured by ST AID) | 150,000 | 177,802 | ||||||||||
New York State Dormitory Authority, | ||||||||||||
5.000%, 03/15/2048 (Callable 09/15/2028) | 250,000 | 314,605 | ||||||||||
New York State Urban Development Corp., | ||||||||||||
5.000%, 03/15/2047 (Callable 09/15/2030) | 200,000 | 256,226 | ||||||||||
Onondaga Civic Development Corp., | ||||||||||||
5.000%, 10/01/2023 | 100,000 | 107,060 | ||||||||||
Town of Ramapo NY: | ||||||||||||
3.250%, 05/15/2023 | 100,000 | 99,901 | ||||||||||
3.750%, 03/01/2030 (Callable 03/01/2023) | 50,000 | 50,086 | ||||||||||
Total New York | ||||||||||||
(Cost $2,307,011) | 2,410,015 | 7.2 | % | |||||||||
North Carolina | ||||||||||||
Winston-Salem State University, | ||||||||||||
4.250%, 06/01/2032 (Callable 06/01/2024) | 50,000 | 53,462 | ||||||||||
Total North Carolina | ||||||||||||
(Cost $53,467) | 53,462 | 0.2 | % | |||||||||
North Dakota | ||||||||||||
City of Dickinson ND, | ||||||||||||
5.000%, 10/01/2025 (Callable 10/01/2021) | 100,000 | 101,185 | ||||||||||
City of Mandan ND, | ||||||||||||
3.000%, 09/01/2036 (Callable 09/01/2024) | 200,000 | 207,524 | ||||||||||
County of Burleigh ND, | ||||||||||||
2.750%, 02/01/2022 (Callable 07/21/2021) | 250,000 | 250,104 | ||||||||||
County of McKenzie ND, | ||||||||||||
5.000%, 08/01/2024 (Callable 08/01/2023) | 100,000 | 107,919 | ||||||||||
Jamestown Park District, | ||||||||||||
4.000%, 07/01/2031 (Callable 07/01/2024) | 100,000 | 108,055 | ||||||||||
North Dakota Housing Finance Agency, | ||||||||||||
3.350%, 07/01/2031 (Callable 01/01/2027) | 30,000 | 32,329 | ||||||||||
Williston Parks & Recreation District, | ||||||||||||
4.500%, 03/01/2025 (Callable 07/16/2021) | 50,000 | 50,007 | ||||||||||
Total North Dakota | ||||||||||||
(Cost $850,386) | 857,123 | 2.6 | % | |||||||||
Ohio | ||||||||||||
Cleveland-Cuyahoga County Port Authority: | ||||||||||||
5.000%, 08/01/2025 (Callable 08/01/2024) | 160,000 | 180,747 | ||||||||||
5.000%, 07/01/2028 | 250,000 | 312,193 | ||||||||||
County of Montgomery OH, | ||||||||||||
3.000%, 08/01/2034 (Callable 02/01/2031) | 100,000 | 109,502 | ||||||||||
Cuyahoga Falls City School District, | ||||||||||||
4.000%, 12/01/2051 (Callable 06/01/2028) | ||||||||||||
(Insured by BAM) | 250,000 | 289,169 | ||||||||||
Northeast Ohio Medical University, | ||||||||||||
4.000%, 12/01/2045 (Callable 12/01/2030) | 225,000 | 257,281 | ||||||||||
Ohio Higher Educational Facility Commission, | ||||||||||||
2.491%, 12/01/2023 (CPI YOY + 1.120%)(2) | 170,000 | 176,873 | ||||||||||
Ohio Housing Finance Agency, | ||||||||||||
3.750%, 09/01/2050 | ||||||||||||
(Callable 03/01/2029)(Insured by GNMA) | 65,000 | 72,747 | ||||||||||
Ohio Turnpike & Infrastructure Commission, | ||||||||||||
0.000%, 02/15/2034 (Callable 02/15/2031)(5) | 70,000 | 87,643 | ||||||||||
Port of Greater Cincinnati Development Authority: | ||||||||||||
3.000%, 05/01/2023 (Callable 05/01/2022) | 100,000 | 100,118 | ||||||||||
5.000%, 04/01/2030 | 125,000 | 162,296 | ||||||||||
Village of Bluffton OH, | ||||||||||||
4.000%, 12/01/2032 (Callable 12/01/2027) | 160,000 | 180,851 | ||||||||||
Total Ohio | ||||||||||||
(Cost $1,885,418) | 1,929,420 | 5.8 | % | |||||||||
Oklahoma | ||||||||||||
Norman Regional Hospital Authority, | ||||||||||||
5.000%, 09/01/2037 (Callable 09/01/2027) | 25,000 | 30,104 | ||||||||||
Tulsa Industrial Authority: | ||||||||||||
5.000%, 10/01/2022 | 100,000 | 104,294 | ||||||||||
5.000%, 10/01/2023 | 25,000 | 26,868 | ||||||||||
Total Oklahoma | ||||||||||||
(Cost $158,183) | 161,266 | 0.5 | % | |||||||||
Oregon | ||||||||||||
Clackamas Community College District, | ||||||||||||
5.000%, 06/15/2038 (Callable 06/15/2027)(5) | 100,000 | 121,533 | ||||||||||
Clackamas County Hospital Facility Authority, | ||||||||||||
5.000%, 05/15/2024 | 165,000 | 178,014 | ||||||||||
Salem Hospital Facility Authority, | ||||||||||||
5.000%, 05/15/2034 (Callable 05/15/2029) | 50,000 | 63,823 | ||||||||||
Total Oregon | ||||||||||||
(Cost $342,207) | 363,370 | 1.1 | % | |||||||||
Pennsylvania | ||||||||||||
Allentown City School District, | ||||||||||||
1.000%, 03/31/2022 (Callable 12/31/2021) | ||||||||||||
(Insured by ST AID)(6) | 200,000 | 200,001 | ||||||||||
Bucks County Industrial Development Authority, | ||||||||||||
3.750%, 09/15/2043 (Callable 09/15/2023) | 130,000 | 135,362 | ||||||||||
Chester County Industrial Development Authority, | ||||||||||||
5.000%, 08/01/2035 (Callable 08/01/2023) | 135,000 | 142,559 | ||||||||||
City of Scranton PA, | ||||||||||||
5.000%, 09/01/2021(3) | 50,000 | 50,274 |
The accompanying notes are an integral part of these financial statements.
Page 181
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Delaware County Authority, | ||||||||||||
4.000%, 10/01/2022 | $ | 90,000 | $ | 93,647 | ||||||||
Delaware Valley Regional Finance Authority, | ||||||||||||
0.550%, 09/01/2048 (SIFMA Municipal | ||||||||||||
Swap Index + 0.530%) (Callable 09/01/2022) | ||||||||||||
(Mandatory Tender Date 09/01/2023)(2) | 150,000 | 149,846 | ||||||||||
East Hempfield Township Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 07/01/2025 (ETM) | 150,000 | 163,267 | ||||||||||
Montgomery County Industrial | ||||||||||||
Development Authority, | ||||||||||||
5.000%, 11/15/2036 (Callable 11/15/2026) | 150,000 | 176,561 | ||||||||||
Pennsylvania Higher Educational | ||||||||||||
Facilities Authority: | ||||||||||||
5.000%, 01/01/2025 (Callable 01/01/2022) | 90,000 | 92,129 | ||||||||||
5.000%, 05/01/2031 (Callable 05/01/2026) | 25,000 | 29,582 | ||||||||||
5.000%, 07/01/2035 (Callable 07/01/2026) | 100,000 | 112,627 | ||||||||||
Pennsylvania Turnpike Commission: | ||||||||||||
0.000%, 12/01/2040 (Callable 06/01/2029)(5) | 75,000 | 82,520 | ||||||||||
5.000%, 12/01/2048 (Callable 12/01/2028) | 40,000 | 49,920 | ||||||||||
Philadelphia Authority for Industrial Development, | ||||||||||||
3.500%, 12/01/2036 (Callable 12/01/2028) | 100,000 | 109,769 | ||||||||||
Reading School District, | ||||||||||||
0.000%, 01/15/2029 (Insured by NATL) | 100,000 | 86,039 | ||||||||||
Sayre Health Care Facilities Authority, | ||||||||||||
0.920%, 12/01/2031 (3 Month LIBOR | ||||||||||||
USD + 0.830%) (Callable 08/02/2021)(2) | 165,000 | 164,629 | ||||||||||
State Public School Building Authority, | ||||||||||||
0.000%, 05/15/2030 (Insured by NATL) | 200,000 | 169,682 | ||||||||||
Total Pennsylvania | ||||||||||||
(Cost $1,940,977) | 2,008,414 | 6.0 | % | |||||||||
Rhode Island | ||||||||||||
Rhode Island Turnpike & Bridge Authority, | ||||||||||||
4.000%, 10/01/2036 (Callable 10/01/2029) | 125,000 | 147,861 | ||||||||||
Total Rhode Island | ||||||||||||
(Cost $138,402) | 147,861 | 0.4 | % | |||||||||
South Carolina | ||||||||||||
Florence-Darlington Commission | ||||||||||||
for Technical Education, | ||||||||||||
5.000%, 03/01/2024 (Callable 09/01/2023) | 100,000 | 108,822 | ||||||||||
Patriots Energy Group Financing Agency, | ||||||||||||
4.000%, 10/01/2048 (Callable 11/01/2023) | ||||||||||||
(Mandatory Tender Date 02/01/2024)(1) | 65,000 | 70,553 | ||||||||||
Scago Educational Facilities Corp. | ||||||||||||
for Spartanburg School District No. 1, | ||||||||||||
3.375%, 06/01/2030 (Callable 06/01/2025) | 100,000 | 107,588 | ||||||||||
South Carolina Jobs-Economic | ||||||||||||
Development Authority: | ||||||||||||
4.000%, 08/15/2030 (Callable 08/15/2026) | 100,000 | 112,208 | ||||||||||
5.250%, 08/15/2033 (Callable 08/15/2026) | 150,000 | 174,757 | ||||||||||
South Carolina State Housing Finance | ||||||||||||
& Development Authority, | ||||||||||||
3.800%, 07/01/2034 (Callable 07/01/2024) | ||||||||||||
(Insured by GNMA) | 60,000 | 61,387 | ||||||||||
South Carolina Transportation Infrastructure Bank, | ||||||||||||
0.517%, 10/01/2031 (1 Month LIBOR | ||||||||||||
USD + 0.450%) (Callable 10/01/2021)(2) | 150,000 | 150,061 | ||||||||||
Spartanburg County School District No. 7, | ||||||||||||
5.000%, 03/01/2037 (Callable 03/01/2029) | 150,000 | 191,903 | ||||||||||
Total South Carolina | ||||||||||||
(Cost $945,753) | 977,279 | 2.9 | % | |||||||||
South Dakota | ||||||||||||
City of Rapid City SD, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2029) | 125,000 | 142,385 | ||||||||||
Total South Dakota | ||||||||||||
(Cost $133,374) | 142,385 | 0.4 | % | |||||||||
Tennessee | ||||||||||||
City of Memphis TN, | ||||||||||||
4.000%, 12/01/2035 (Callable 12/01/2026) | 125,000 | 144,274 | ||||||||||
Total Tennessee | ||||||||||||
(Cost $144,085) | 144,274 | 0.4 | % | |||||||||
Texas | ||||||||||||
Arlington Higher Education Finance Corp., | ||||||||||||
4.000%, 08/01/2033 | ||||||||||||
(Callable 08/01/2028) (PSF Guaranteed) | 125,000 | 146,249 | ||||||||||
Austin-Bergstrom Landhost Enterprises, Inc., | ||||||||||||
5.000%, 10/01/2035 (Callable 10/01/2027) | 100,000 | 116,030 | ||||||||||
Brazoria County Toll Road Authority, | ||||||||||||
0.000%, 03/01/2038 (Callable 03/01/2030)(5) | 55,000 | 55,763 | ||||||||||
Brazos Higher Education Authority, Inc., | ||||||||||||
2.350%, 04/01/2040 (Callable 04/01/2030) | 50,000 | 48,979 | ||||||||||
City of Bryan TX, | ||||||||||||
4.000%, 07/01/2043 (Callable 07/01/2031) | ||||||||||||
(Insured by BAM) | 300,000 | 359,834 | ||||||||||
City of Magnolia TX, | ||||||||||||
5.700%, 09/01/2046(53) | 50,000 | 58,501 | ||||||||||
Clifton Higher Education Finance Corp., | ||||||||||||
5.750%, 08/15/2038 (Callable 08/15/2025) | 10,000 | 11,639 | ||||||||||
Harris County Cultural Education | ||||||||||||
Facilities Finance Corp., | ||||||||||||
0.590%, 12/01/2049 (SIFMA Municipal | ||||||||||||
Swap Index + 0.570%) (Callable 06/01/2024) | ||||||||||||
(Mandatory Tender Date 12/04/2024)(2) | 40,000 | 39,834 | ||||||||||
Lower Colorado River Authority, | ||||||||||||
5.000%, 05/15/2040 (Callable 05/15/2025) | 75,000 | 86,232 | ||||||||||
Matagorda County Navigation District No. 1, | ||||||||||||
4.400%, 05/01/2030 (Insured by AMBAC) | 70,000 | 85,130 | ||||||||||
North Texas Tollway Authority, | ||||||||||||
4.000%, 01/01/2044 (Callable 01/01/2029) | 250,000 | 291,714 | ||||||||||
Port of Port Arthur Navigation District, | ||||||||||||
0.020%, 04/01/2040 | ||||||||||||
(Optional Put Date 07/01/2021)(1) | 300,000 | 300,000 | ||||||||||
Royse City Independent School District, | ||||||||||||
4.000%, 02/15/2046 | ||||||||||||
(Callable 02/15/2030) (PSF Guaranteed)(6) | 500,000 | 596,651 | ||||||||||
Tarrant County Cultural Education | ||||||||||||
Facilities Finance Corp., | ||||||||||||
2.250%, 11/15/2025 | 150,000 | 158,801 | ||||||||||
Texas Municipal Gas Acquisition | ||||||||||||
& Supply Corp. I, | ||||||||||||
6.250%, 12/15/2026 | 90,000 | 106,046 | ||||||||||
Total Texas | ||||||||||||
(Cost $2,408,094) | 2,461,403 | 7.4 | % | |||||||||
Utah | ||||||||||||
Weber Basin Water Conservancy District, | ||||||||||||
5.000%, 10/01/2050 (Callable 10/01/2029) | 205,000 | 258,686 | ||||||||||
Total Utah | ||||||||||||
(Cost $250,338) | 258,686 | 0.8 | % | |||||||||
Washington | ||||||||||||
King County Housing Authority, | ||||||||||||
4.000%, 11/01/2036 (Callable 11/01/2029) | 200,000 | 237,781 | ||||||||||
Pend Oreille County Public Utility District No. 1, | ||||||||||||
5.000%, 01/01/2038 (Callable 01/01/2029) | 150,000 | 177,330 |
The accompanying notes are an integral part of these financial statements.
Page 182
Baird Municipal Bond Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Long-Term Investments (cont.)
Principal | % of | |||||||||||
Amount | Value | Net Assets | ||||||||||
Washington Health Care Facilities Authority, | ||||||||||||
1.420%, 01/01/2035 (SIFMA Municipal | ||||||||||||
Swap Index + 1.400%) (Callable 07/01/2024) | ||||||||||||
(Mandatory Tender Date 01/01/2025)(2) | $ | 90,000 | $ | 90,523 | ||||||||
Total Washington | ||||||||||||
(Cost $469,803) | 505,634 | 1.5 | % | |||||||||
West Virginia | ||||||||||||
West Virginia Hospital Finance Authority, | ||||||||||||
4.000%, 01/01/2038 (Callable 01/01/2029) | 75,000 | 85,808 | ||||||||||
Total West Virginia | ||||||||||||
(Cost $85,398) | 85,808 | 0.3 | % | |||||||||
Wisconsin | ||||||||||||
Palmyra-Eagle Area School District, | ||||||||||||
3.000%, 03/01/2025 (Callable 03/01/2023) | 75,000 | 73,804 | ||||||||||
Public Finance Authority: | ||||||||||||
5.000%, 07/01/2022 | 55,000 | 56,073 | ||||||||||
5.000%, 10/01/2023(3) | 75,000 | 81,561 | ||||||||||
5.000%, 10/01/2044 (Callable 04/01/2029) | 250,000 | 307,057 | ||||||||||
Village of Mount Pleasant WI, | ||||||||||||
5.000%, 04/01/2048 (Callable 04/01/2028) | 150,000 | 181,016 | ||||||||||
Wisconsin Center District: | ||||||||||||
0.000%, 12/15/2030 (Insured by AGM) | 450,000 | 385,190 | ||||||||||
0.000%, 12/15/2037 (Callable 06/15/2026) | ||||||||||||
(Insured by BAM) | 200,000 | 118,184 | ||||||||||
Wisconsin Health & | ||||||||||||
Educational Facilities Authority, | ||||||||||||
5.000%, 08/15/2039 (Callable 08/15/2024) | 100,000 | 112,509 | ||||||||||
Wisconsin Housing & Economic | ||||||||||||
Development Authority, | ||||||||||||
3.500%, 07/01/2025(3) | 100,000 | 102,262 | ||||||||||
Total Wisconsin | ||||||||||||
(Cost $1,352,728) | 1,417,656 | 4.3 | % | |||||||||
Wyoming | ||||||||||||
Carbon County Specific Purpose | ||||||||||||
Tax Joint Powers Board, | ||||||||||||
5.000%, 06/15/2025 | 100,000 | 114,961 | ||||||||||
Total Wyoming | ||||||||||||
(Cost $111,395) | 114,961 | 0.3 | % | |||||||||
Total Municipal Bonds | ||||||||||||
(Cost $33,172,375) | 34,069,701 | 102.4 | % | |||||||||
Shares | ||||||||||||
Closed-End Investment Company | ||||||||||||
Nuveen AMT-Free Quality Municipal | ||||||||||||
Income Fund, Series D Preferred Shares, | ||||||||||||
0.320%, 03/01/2029(1) | 200 | 200,000 | ||||||||||
Total Closed-End Investment Company | ||||||||||||
(Cost $200,000) | 200,000 | 0.6 | % | |||||||||
Total Long-Term Investments | ||||||||||||
(Cost $33,372,375) | 34,269,701 | 103.0 | % | |||||||||
Short-Term Investment | ||||||||||||
Money Market Mutual Fund | ||||||||||||
Federated Hermes Institutional Tax-Free | ||||||||||||
Cash Trust, Premier Shares, 0.01%(4) | 672,466 | 672,466 | ||||||||||
Total Short-Term Investment | ||||||||||||
(Cost $672,466) | 672,466 | 2.0 | % | |||||||||
Total Investments | ||||||||||||
(Cost $34,044,841) | 34,942,167 | 105.0 | % | |||||||||
Liabilities in Excess of Other Assets | (1,678,731 | ) | (5.0 | )% | ||||||||
TOTAL NET ASSETS | $ | 33,263,436 | 100.0 | % |
Notes to Schedule of Investments
AGC – Assured Guaranty Corp.
AGM – Assured Guaranty Municipal
AMBAC – Ambac Assurance Corp.
BAM – Build America Mutual Assurance Co.
GNMA – Government National Mortgage Association
NATL – National Public Finance Guarantee Corp.
SD CRED PROG – State Credit Enhancement Program
ST AID – State Aid Intercept/Withholding
CPI YOY – Consumer Price Index – Year-Over-Year
ETM – Escrowed to Maturity
LIBOR – London Inter-bank Offered Rate
PSF – Permanent School Fund
SIFMA – Securities Industry and Financial Markets Association
(1) | Variable rate security. The rate reported is the rate in effect as of June 30, 2021. |
(2) | Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021. |
(3) | Security issued under Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $2,239,054, which represented 6.73% of total net assets. |
(4) | Seven-day yield. |
(5) | Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021. |
(6) | Security or a portion of the security purchased on a when-issued or delayed delivery basis. |
The accompanying notes are an integral part of these financial statements.
Page 183
Baird Municipal Bond Fund
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 34,069,701 | $ | — | $ | 34,069,701 | ||||||||
Closed-End Investment Company | — | 200,000 | — | 200,000 | ||||||||||||
Total Long-Term Investments | — | 34,269,701 | — | 34,269,701 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 672,466 | — | — | 672,466 | ||||||||||||
Total Short-Term Investment | 672,466 | — | — | 672,466 | ||||||||||||
Total Investments | $ | 672,466 | $ | 34,269,701 | $ | — | $ | 34,942,167 |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 184
Additional Information on Fund Expenses
June 30, 2021 (Unaudited)
As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, such as management fees; distribution and/or service (12b-1) fees; and other fund expenses. Although the Funds do not charge any sales loads, redemption fees, or other transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, the Funds’ transfer agent. If you request that a redemption be made by wire transfer, currently the Funds’ transfer agent charges a $15.00 fee.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (1/1/21 – 6/30/21).
Actual Expenses
The third and fourth columns of the following tables provide information about account values based on actual returns and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the fourth column entitled “Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The fifth and sixth columns of the following tables provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the sixth column of the tables (entitled “Expenses Paid During Period”) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs could have been higher.
Actual vs. Hypothetical Returns
Hypothetical (5% return before expenses) | |||||||
Actual | |||||||
Beginning | Ending | Ending | |||||
Fund’s Annualized | Account Value | Account Value | Expenses Paid | Account Value | Expenses Paid | ||
Expense Ratio(1) | 1/1/21 | 6/30/21 | During Period(1) | 6/30/21 | During Period(1) | ||
Baird Ultra Short Bond Fund | |||||||
Institutional Class | 0.15% | $1,000.00 | $1,001.80 | $0.74 | $1,024.05 | $0.75 | |
Investor Class | 0.40% | $1,000.00 | $1,000.60 | $1.98 | $1,022.81 | $2.01 | |
Baird Short-Term Bond Fund | |||||||
Institutional Class | 0.30% | $1,000.00 | $1,000.70 | $1.49 | $1,023.31 | $1.51 | |
Investor Class | 0.55% | $1,000.00 | $1,000.50 | $2.73 | $1,022.07 | $2.76 | |
Baird Intermediate Bond Fund | |||||||
Institutional Class | 0.30% | $1,000.00 | $ 991.60 | $1.48 | $1,023.31 | $1.51 | |
Investor Class | 0.55% | $1,000.00 | $ 990.00 | $2.71 | $1,022.07 | $2.76 | |
Baird Aggregate Bond Fund | |||||||
Institutional Class | 0.30% | $1,000.00 | $ 985.30 | $1.48 | $1,023.31 | $1.51 | |
Investor Class | 0.55% | $1,000.00 | $ 983.80 | $2.71 | $1,022.07 | $2.76 | |
Baird Core Plus Bond Fund | |||||||
Institutional Class | 0.30% | $1,000.00 | $ 989.70 | $1.48 | $1,023.31 | $1.51 | |
Investor Class | 0.55% | $1,000.00 | $ 988.10 | $2.71 | $1,022.07 | $2.76 | |
Baird Short-Term Municipal Bond Fund | |||||||
Institutional Class | 0.30% | $1,000.00 | $1,007.00 | $1.49 | $1,023.31 | $1.51 | |
Investor Class | 0.55% | $1,000.00 | $1,005.80 | $2.74 | $1,022.07 | $2.76 | |
Baird Strategic Municipal Bond Fund | |||||||
Institutional Class | 0.30% | $1,000.00 | $1,016.40 | $1.50 | $1,023.31 | $1.51 | |
Investor Class | 0.55% | $1,000.00 | $1,015.20 | $2.75 | $1,022.07 | $2.76 | |
Baird Quality Intermediate Municipal Bond Fund | |||||||
Institutional Class | 0.30% | $1,000.00 | $1,001.70 | $1.49 | $1,023.31 | $1.51 | |
Investor Class | 0.55% | $1,000.00 | $1,000.50 | $2.73 | $1,022.07 | $2.76 | |
Baird Core Intermediate Municipal Bond Fund | |||||||
Institutional Class | 0.30% | $1,000.00 | $1,009.80 | $1.49 | $1,023.31 | $1.51 | |
Investor Class | 0.55% | $1,000.00 | $1,009.60 | $2.74 | $1,022.07 | $2.76 | |
Baird Municipal Bond Fund | |||||||
Institutional Class | 0.30% | $1,000.00 | $1,023.20 | $1.50 | $1,023.31 | $1.51 | |
Investor Class | 0.55% | $1,000.00 | $1,022.10 | $2.76 | $1,022.07 | $2.76 |
(1) | Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value over the period, 181 days and divided by 365 to reflect the one-half year period. |
Page 185
Statements of Assets and Liabilities
June 30, 2021 (Unaudited)
Baird | Baird | Baird | Baird | Baird | ||||||||||||||||
Ultra Short | Short-Term | Intermediate | Aggregate | Core Plus | ||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Bond Fund | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at value (cost $6,323,274,704, $9,736,391,242, | ||||||||||||||||||||
$6,221,035,995, $34,808,335,124 and $30,266,565,225, respectively) | $ | 6,322,904,001 | $ | 9,805,233,193 | $ | 6,341,484,736 | $ | 35,915,950,738 | $ | 31,648,722,332 | ||||||||||
Interest receivable | 35,679,952 | 51,266,693 | 32,584,783 | 186,815,335 | 192,218,023 | |||||||||||||||
Receivable for investments sold | — | — | — | 241,995,179 | 114,526,447 | |||||||||||||||
Receivable for Fund shares sold | 22,898,117 | 29,294,449 | 37,181,108 | 82,052,488 | 54,225,090 | |||||||||||||||
Uninvested cash | 296,516 | 38,016 | 25 | — | — | |||||||||||||||
Prepaid expenses and other assets | — | — | 158,229 | 173,601 | 14,262 | |||||||||||||||
Total assets | 6,381,778,586 | 9,885,832,351 | 6,411,408,881 | 36,426,987,341 | 32,009,706,154 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for securities purchased | 128,800,760 | 278,786,795 | 145,811,251 | 623,824,519 | 417,652,062 | |||||||||||||||
Payable for Fund shares redeemed | 3,778,127 | 4,660,902 | 2,068,562 | 31,811,478 | 17,820,283 | |||||||||||||||
Due to custodian | — | — | — | 13,998,218 | 2,452,281 | |||||||||||||||
Payable to Advisor, net (Note 5) | 493,177 | 1,948,582 | 1,266,569 | 7,273,315 | 6,426,564 | |||||||||||||||
Accrued administration fees (Note 5) | 246,589 | 389,716 | 253,318 | 1,454,675 | 1,285,313 | |||||||||||||||
Accrued Rule 12b-1 fees (Note 7) | 43,783 | 69,577 | 20,668 | 384,905 | 581,826 | |||||||||||||||
Total liabilities | 133,362,436 | 285,855,572 | 149,420,368 | 678,747,110 | 446,218,329 | |||||||||||||||
NET ASSETS | $ | 6,248,416,150 | $ | 9,599,976,779 | $ | 6,261,988,513 | $ | 35,748,240,231 | $ | 31,563,487,825 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in capital | $ | 6,250,335,762 | $ | 9,497,090,448 | $ | 6,092,939,789 | $ | 34,664,849,772 | $ | 30,186,227,616 | ||||||||||
Total distributable earnings (loss) | (1,919,612 | ) | 102,886,331 | 169,048,724 | 1,083,390,459 | 1,377,260,209 | ||||||||||||||
NET ASSETS | $ | 6,248,416,150 | $ | 9,599,976,779 | $ | 6,261,988,513 | $ | 35,748,240,231 | $ | 31,563,487,825 | ||||||||||
INSTITUTIONAL CLASS SHARES | ||||||||||||||||||||
Net Assets | $ | 6,052,811,809 | $ | 9,363,025,077 | $ | 6,217,256,977 | $ | 34,736,969,082 | $ | 29,820,147,841 | ||||||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 601,202,412 | 948,672,396 | 540,547,184 | 3,022,916,058 | 2,511,179,507 | |||||||||||||||
Net asset value, offering and redemption price per share | $ | 10.07 | $ | 9.87 | $ | 11.50 | $ | 11.49 | $ | 11.87 | ||||||||||
INVESTOR CLASS SHARES | ||||||||||||||||||||
Net Assets | $ | 195,604,341 | $ | 236,951,702 | $ | 44,731,536 | $ | 1,011,271,149 | $ | 1,743,339,984 | ||||||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 19,380,378 | 24,016,290 | 3,708,853 | 84,890,482 | 140,467,906 | |||||||||||||||
Net asset value, offering and redemption price per share | $ | 10.09 | $ | 9.87 | $ | 12.06 | $ | 11.91 | $ | 12.41 |
The accompanying notes are an integral part of these financial statements.
Page 186
Statements of Assets and Liabilities
June 30, 2021 (Unaudited)
Baird | Baird | |||||||||||||||||||
Baird | Baird | Quality | Core | |||||||||||||||||
Short-Term | Strategic | Intermediate | Intermediate | Baird | ||||||||||||||||
Municipal | Municipal | Municipal | Municipal | Municipal | ||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Bond Fund | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at value (cost $1,761,987,380, $270,835,927, | ||||||||||||||||||||
$1,500,127,771, $1,082,431,430 and $34,044,841, respectively) | $ | 1,788,447,837 | $ | 274,280,874 | $ | 1,567,384,551 | $ | 1,118,717,982 | $ | 34,942,167 | ||||||||||
Interest receivable | 13,201,466 | 1,720,859 | 13,169,476 | 8,130,161 | 251,889 | |||||||||||||||
Receivable for investments sold | — | — | — | — | 32,400 | |||||||||||||||
Receivable for Fund shares sold | 9,857,320 | 1,559,545 | 3,280,593 | 2,297,869 | — | |||||||||||||||
Deposits with broker for futures contracts | — | 196,334 | — | — | — | |||||||||||||||
Uninvested cash | 3,261 | 18,037 | — | 2,701 | — | |||||||||||||||
Prepaid expenses and other assets | — | 9,295 | — | — | — | |||||||||||||||
Total assets | 1,811,509,884 | 277,784,944 | 1,583,834,620 | 1,129,148,713 | 35,226,456 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for securities purchased | 18,872,724 | 11,335,509 | 5,798,090 | 17,679,919 | 1,953,365 | |||||||||||||||
Payable for Fund shares redeemed | 1,273,650 | 14,000 | 382,175 | 263,496 | — | |||||||||||||||
Due to custodian | — | — | 22,180 | — | — | |||||||||||||||
Payable to Advisor, net (Note 5) | 362,168 | 54,060 | 322,941 | 225,333 | 6,498 | |||||||||||||||
Payable for variation margin on futures contracts | — | 29,297 | — | — | — | |||||||||||||||
Accrued administration fees (Note 5) | 72,437 | 10,812 | 64,589 | 45,069 | 1,298 | |||||||||||||||
Accrued Rule 12b-1 fees (Note 7) | 42,324 | 4,237 | 66,365 | 5,799 | 1,859 | |||||||||||||||
Total liabilities | 20,623,303 | 11,447,915 | 6,656,340 | 18,219,616 | 1,963,020 | |||||||||||||||
NET ASSETS | $ | 1,790,886,581 | $ | 266,337,029 | $ | 1,577,178,280 | $ | 1,110,929,097 | $ | 33,263,436 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in capital | $ | 1,761,921,240 | $ | 261,102,370 | $ | 1,520,362,252 | $ | 1,072,324,637 | $ | 32,100,349 | ||||||||||
Total distributable earnings | 28,965,341 | 5,234,659 | 56,816,028 | 38,604,460 | 1,163,087 | |||||||||||||||
NET ASSETS | $ | 1,790,886,581 | $ | 266,337,029 | $ | 1,577,178,280 | $ | 1,110,929,097 | $ | 33,263,436 | ||||||||||
INSTITUTIONAL CLASS SHARES | ||||||||||||||||||||
Net Assets | $ | 1,689,772,442 | $ | 257,876,483 | $ | 1,524,359,836 | $ | 1,084,646,227 | $ | 30,039,253 | ||||||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 161,913,118 | 23,891,856 | 127,665,278 | 98,751,277 | 2,775,246 | |||||||||||||||
Net asset value, offering and redemption price per share | $ | 10.44 | $ | 10.79 | $ | 11.94 | $ | 10.98 | $ | 10.82 | ||||||||||
INVESTOR CLASS SHARES | ||||||||||||||||||||
Net Assets | $ | 101,114,139 | $ | 8,460,546 | $ | 52,818,444 | $ | 26,282,870 | $ | 3,224,183 | ||||||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 9,705,542 | 783,985 | 4,313,025 | 2,394,249 | 298,320 | |||||||||||||||
Net asset value, offering and redemption price per share | $ | 10.42 | $ | 10.79 | $ | 12.25 | $ | 10.98 | $ | 10.81 |
The accompanying notes are an integral part of these financial statements.
Page 187
Statements of Operations
Six Months Ended June 30, 2021 (Unaudited)
Baird | Baird | Baird | Baird | Baird | ||||||||||||||||
Ultra Short | Short-Term | Intermediate | Aggregate | Core Plus | ||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Bond Fund | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Interest income, net of paydowns | $ | 16,443,226 | $ | 67,971,510 | $ | 55,189,355 | $ | 333,688,435 | $ | 370,722,926 | ||||||||||
Other income | — | — | — | 5,594 | 11,188 | |||||||||||||||
Total investment income | 16,443,226 | 67,971,510 | 55,189,355 | 333,694,029 | 370,734,114 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees (Note 5) | 6,583,426 | 11,713,917 | 7,112,077 | 42,558,381 | 37,459,548 | |||||||||||||||
Administration fees (Note 5) | 1,316,685 | 2,342,783 | 1,422,415 | 8,511,676 | 7,491,910 | |||||||||||||||
Rule 12b-1 fees – Investor Class Shares (Note 7) | 237,534 | 269,957 | 61,030 | 1,244,656 | 2,699,550 | |||||||||||||||
Total expenses | 8,137,645 | 14,326,657 | 8,595,522 | 52,314,713 | 47,651,008 | |||||||||||||||
Fee waiver by Advisor (Note 5) | (3,950,055 | ) | — | — | — | — | ||||||||||||||
Net expenses | 4,187,590 | 14,326,657 | 8,595,522 | 52,314,713 | 47,651,008 | |||||||||||||||
NET INVESTMENT INCOME | 12,255,636 | 53,644,853 | 46,593,833 | 281,379,316 | 323,083,106 | |||||||||||||||
REALIZED AND UNREALIZED | ||||||||||||||||||||
GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain on investments | 458,811 | 24,886,700 | 45,884,141 | 33,402,787 | 24,046,187 | |||||||||||||||
Net change in unrealized depreciation on investments | (3,805,729 | ) | (69,044,101 | ) | (133,564,769 | ) | (782,380,105 | ) | (650,697,869 | ) | ||||||||||
Net realized and unrealized loss on investments | (3,346,918 | ) | (44,157,401 | ) | (87,680,628 | ) | (748,977,318 | ) | (626,651,682 | ) | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 8,908,718 | $ | 9,487,452 | $ | (41,086,795 | ) | $ | (467,598,002 | ) | $ | (303,568,576 | ) |
The accompanying notes are an integral part of these financial statements.
Page 188
Statements of Operations
Six Months Ended June 30, 2021 (Unaudited)
Baird | Baird | |||||||||||||||||||
Baird | Baird | Quality | Core | |||||||||||||||||
Short-Term | Strategic | Intermediate | Intermediate | Baird | ||||||||||||||||
Municipal | Municipal | Municipal | Municipal | Municipal | ||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Bond Fund | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Interest income | $ | 13,002,038 | $ | 1,524,526 | $ | 16,264,461 | $ | 9,381,036 | $ | 295,017 | ||||||||||
Total investment income | 13,002,038 | 1,524,526 | 16,264,461 | 9,381,036 | 295,017 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees (Note 5) | 2,149,603 | 283,178 | 1,907,322 | 1,237,954 | 34,238 | |||||||||||||||
Administration fees (Note 5) | 429,921 | 56,636 | 381,464 | 247,591 | 6,848 | |||||||||||||||
Rule 12b-1 fees – Investor Class Shares (Note 7) | 117,470 | 10,100 | 66,022 | 28,484 | 3,575 | |||||||||||||||
Total expenses | 2,696,994 | 349,914 | 2,354,808 | 1,514,029 | 44,661 | |||||||||||||||
NET INVESTMENT INCOME | 10,305,044 | 1,174,612 | 13,909,653 | 7,867,007 | 250,356 | |||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||
ON INVESTMENTS AND FUTURES CONTRACTS: | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments | 2,576,707 | 1,376,758 | (810,743 | ) | 1,885,061 | 206,601 | ||||||||||||||
Futures contracts | — | 46,305 | — | — | — | |||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments | (1,104,353 | ) | 1,233,998 | (10,682,677 | ) | 832,022 | 190,757 | |||||||||||||
Futures contracts | — | (66,813 | ) | — | — | — | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 1,472,354 | 2,590,248 | (11,493,420 | ) | 2,717,083 | 397,358 | ||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 11,777,398 | $ | 3,764,860 | $ | 2,416,233 | $ | 10,584,090 | $ | 647,714 |
The accompanying notes are an integral part of these financial statements.
Page 189
Statements of Changes in Net Assets
Baird Ultra Short Bond Fund | Baird Short-Term Bond Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | Year Ended | June 30, 2021 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 12,255,636 | $ | 34,205,604 | $ | 53,644,853 | $ | 142,297,292 | ||||||||
Net realized gain on investments | 458,811 | 3,997,972 | 24,886,700 | 94,099,405 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (3,805,729 | ) | 841,943 | (69,044,101 | ) | 63,720,034 | ||||||||||
Net increase in net assets resulting from operations | 8,908,718 | 39,045,519 | 9,487,452 | 300,116,731 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 3,815,673,759 | 5,157,653,645 | 2,623,049,465 | 4,721,546,127 | ||||||||||||
Shares issued to holders in reinvestment of distributions | 13,946,975 | 36,864,816 | 49,108,617 | 191,263,918 | ||||||||||||
Cost of shares redeemed | (2,154,673,367 | ) | (2,349,866,576 | ) | (2,010,850,323 | ) | (2,673,470,942 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 1,674,947,367 | 2,844,651,885 | 661,307,759 | 2,239,339,103 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | (14,252,139 | ) | (37,083,722 | ) | (53,032,820 | ) | (203,405,971 | ) | ||||||||
Investor Class | (308,024 | ) | (1,027,965 | ) | (1,004,158 | ) | (4,268,709 | ) | ||||||||
Total net distributions to shareholders | (14,560,163 | ) | (38,111,687 | ) | (54,036,978 | ) | (207,674,680 | ) | ||||||||
TOTAL INCREASE IN NET ASSETS | 1,669,295,922 | 2,845,585,717 | 616,758,233 | 2,331,781,154 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 4,579,120,228 | 1,733,534,511 | 8,983,218,546 | 6,651,437,392 | ||||||||||||
End of period | $ | 6,248,416,150 | $ | 4,579,120,228 | $ | 9,599,976,779 | $ | 8,983,218,546 |
The accompanying notes are an integral part of these financial statements.
Page 190
Statements of Changes in Net Assets
Baird Intermediate Bond Fund | Baird Aggregate Bond Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | Year Ended | June 30, 2021 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 46,593,833 | $ | 103,434,240 | $ | 281,379,316 | $ | 580,188,196 | ||||||||
Net realized gain on investments | 45,884,141 | 94,825,703 | 33,402,787 | 450,058,874 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (133,564,769 | ) | 131,357,344 | (782,380,105 | ) | 1,082,021,852 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (41,086,795 | ) | 329,617,287 | (467,598,002 | ) | 2,112,268,922 | ||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 1,429,079,841 | 1,550,823,989 | 7,055,672,483 | 14,671,793,407 | ||||||||||||
Shares issued to holders in reinvestment of distributions | 39,277,653 | 150,464,993 | 290,538,838 | 897,531,339 | ||||||||||||
Cost of shares redeemed | (439,010,050 | ) | (933,016,520 | ) | (3,715,117,745 | ) | (6,436,143,568 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 1,029,347,444 | 768,272,462 | 3,631,093,576 | 9,133,181,178 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | (45,559,540 | ) | (170,877,181 | ) | (311,028,432 | ) | (957,457,896 | ) | ||||||||
Investor Class | (317,447 | ) | (1,643,514 | ) | (7,777,303 | ) | (28,240,671 | ) | ||||||||
Total net distributions to shareholders | (45,876,987 | ) | (172,520,695 | ) | (318,805,735 | ) | (985,698,567 | ) | ||||||||
TOTAL INCREASE IN NET ASSETS | 942,383,662 | 925,369,054 | 2,844,689,839 | 10,259,751,533 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 5,319,604,851 | 4,394,235,797 | 32,903,550,392 | 22,643,798,859 | ||||||||||||
End of period | $ | 6,261,988,513 | $ | 5,319,604,851 | $ | 35,748,240,231 | $ | 32,903,550,392 |
The accompanying notes are an integral part of these financial statements.
Page 191
Statements of Changes in Net Assets
Baird Core Plus Bond Fund | Baird Short-Term Municipal Bond Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | Year Ended | June 30, 2021 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 323,083,106 | $ | 649,778,639 | $ | 10,305,044 | $ | 19,158,897 | ||||||||
Net realized gain on investments | 24,046,187 | 377,481,315 | 2,576,707 | 15,898 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (650,697,869 | ) | 1,156,986,439 | (1,104,353 | ) | 17,888,577 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (303,568,576 | ) | 2,184,246,393 | 11,777,398 | 37,063,372 | |||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 6,166,042,331 | 9,935,514,754 | 651,610,491 | 1,268,274,181 | ||||||||||||
Shares issued to holders in reinvestment of distributions | 315,518,673 | 893,836,372 | 8,241,680 | 15,454,180 | ||||||||||||
Cost of shares redeemed | (3,765,368,787 | ) | (6,490,498,603 | ) | (482,475,988 | ) | (705,651,336 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 2,716,192,217 | 4,338,852,523 | 177,376,183 | 578,077,025 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | (319,077,327 | ) | (877,183,905 | ) | (10,016,663 | ) | (17,690,198 | ) | ||||||||
Investor Class | (19,922,076 | ) | (80,861,249 | ) | (462,071 | ) | (945,980 | ) | ||||||||
Total net distributions to shareholders | (338,999,403 | ) | (958,045,154 | ) | (10,478,734 | ) | (18,636,178 | ) | ||||||||
TOTAL INCREASE IN NET ASSETS | 2,073,624,238 | 5,565,053,762 | 178,674,847 | 596,504,219 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 29,489,863,587 | 23,924,809,825 | 1,612,211,734 | 1,015,707,515 | ||||||||||||
End of period | $ | 31,563,487,825 | $ | 29,489,863,587 | $ | 1,790,886,581 | $ | 1,612,211,734 |
The accompanying notes are an integral part of these financial statements.
Page 192
Statements of Changes in Net Assets
Baird Strategic Municipal Bond Fund | Baird Quality Intermediate Municipal Bond Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | Year Ended | June 30, 2021 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,174,612 | $ | 1,059,938 | $ | 13,909,653 | $ | 28,199,138 | ||||||||
Net realized gain (loss) on investments | 1,423,063 | 1,286,575 | (810,743 | ) | (78,247 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 1,167,185 | 2,171,814 | (10,682,677 | ) | 29,683,436 | |||||||||||
Net increase in net assets resulting from operations | 3,764,860 | 4,518,327 | 2,416,233 | 57,804,327 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 112,913,302 | 175,516,418 | 222,335,953 | 489,982,241 | ||||||||||||
Shares issued to holders in reinvestment of distributions | 1,136,592 | 1,816,257 | 12,444,866 | 24,192,861 | ||||||||||||
Cost of shares redeemed | (21,614,681 | ) | (20,666,990 | ) | (147,487,267 | ) | (385,275,248 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 92,435,213 | 156,665,685 | 87,293,552 | 128,899,854 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | (1,153,012 | ) | (1,794,911 | ) | (13,739,608 | ) | (26,280,951 | ) | ||||||||
Investor Class | (32,581 | ) | (107,286 | ) | (414,577 | ) | (1,218,131 | ) | ||||||||
Total net distributions to shareholders | (1,185,593 | ) | (1,902,197 | ) | (14,154,185 | ) | (27,499,082 | ) | ||||||||
TOTAL INCREASE IN NET ASSETS | 95,014,480 | 159,281,815 | 75,555,600 | 159,205,099 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 171,322,549 | 12,040,734 | 1,501,622,680 | 1,342,417,581 | ||||||||||||
End of period | $ | 266,337,029 | $ | 171,322,549 | $ | 1,577,178,280 | $ | 1,501,622,680 |
The accompanying notes are an integral part of these financial statements.
Page 193
Statements of Changes in Net Assets
Baird Core Intermediate Municipal Bond Fund | Baird Municipal Bond Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | Year Ended | June 30, 2021 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 7,867,007 | $ | 13,384,321 | $ | 250,356 | $ | 301,012 | ||||||||
Net realized gain on investments | 1,885,061 | 2,308,013 | 206,601 | 421,211 | ||||||||||||
Net change in unrealized appreciation on investments | 832,022 | 17,146,048 | 190,757 | 664,767 | ||||||||||||
Net increase in net assets resulting from operations | 10,584,090 | 32,838,382 | 647,714 | 1,386,990 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 340,519,149 | 503,302,866 | 11,139,568 | 13,623,172 | ||||||||||||
Shares issued to holders in reinvestment of distributions | 6,539,531 | 11,616,466 | 209,452 | 613,016 | ||||||||||||
Cost of shares redeemed | (103,187,680 | ) | (209,742,930 | ) | (382,803 | ) | (445,444 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 243,871,000 | 305,176,402 | 10,966,217 | 13,790,744 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | (7,820,555 | ) | (14,625,581 | ) | (229,151 | ) | (655,522 | ) | ||||||||
Investor Class | (156,627 | ) | (331,006 | ) | (23,164 | ) | (37,344 | ) | ||||||||
Total net distributions to shareholders | (7,977,182 | ) | (14,956,587 | ) | (252,315 | ) | (692,866 | ) | ||||||||
TOTAL INCREASE IN NET ASSETS | 246,477,908 | 323,058,197 | 11,361,616 | 14,484,868 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 864,451,189 | 541,392,992 | 21,901,820 | 7,416,952 | ||||||||||||
End of period | $ | 1,110,929,097 | $ | 864,451,189 | $ | 33,263,436 | $ | 21,901,820 |
The accompanying notes are an integral part of these financial statements.
Page 194
Financial Highlights
Baird Ultra Short Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.08 | $ | 10.06 | $ | 10.01 | $ | 10.03 | $ | 10.03 | $ | 9.98 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.02 | 0.12 | 0.26 | 0.23 | 0.13 | 0.11 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.00 | )(2) | 0.05 | (3) | 0.05 | (0.04 | ) | 0.00 | (2)(3) | 0.04 | ||||||||||||||
Total from investment operations | 0.02 | 0.17 | 0.31 | 0.19 | 0.13 | 0.15 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.03 | ) | (0.14 | ) | (0.26 | ) | (0.21 | ) | (0.13 | ) | (0.10 | ) | ||||||||||||
Distributions from net realized gains | — | (0.01 | ) | (0.00 | )(2) | — | — | — | ||||||||||||||||
Total distributions | (0.03 | ) | (0.15 | ) | (0.26 | ) | (0.21 | ) | (0.13 | ) | (0.10 | ) | ||||||||||||
Net asset value, end of period | $ | 10.07 | $ | 10.08 | $ | 10.06 | $ | 10.01 | $ | 10.03 | $ | 10.03 | ||||||||||||
Total return | 0.18 | %(4) | 1.66 | % | 3.11 | % | 1.95 | % | 1.30 | % | 1.56 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 6,052.8 | $ | 4,456.4 | $ | 1,701.0 | $ | 1,031.5 | $ | 532.0 | $ | 387.3 | ||||||||||||
Ratio of expenses to average net assets | 0.15 | %(5) | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 0.30 | %(5) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.47 | %(5) | 1.24 | % | 2.61 | % | 2.24 | % | 1.31 | % | 1.05 | % | ||||||||||||
Ratio of net investment income to average net assets (before waivers) | 0.32 | %(5) | 1.09 | % | 2.46 | % | 2.09 | % | 1.16 | % | 0.90 | % | ||||||||||||
Portfolio turnover rate(6) | 41 | %(4) | 92 | % | 70 | % | 66 | % | 83 | % | 97 | % |
Baird Ultra Short Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.10 | $ | 10.05 | $ | 10.00 | $ | 10.03 | $ | 10.03 | $ | 9.98 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.01 | 0.10 | 0.24 | 0.20 | 0.11 | 0.08 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.00 | )(2) | 0.07 | (3) | 0.04 | (0.04 | ) | (0.01 | ) | 0.05 | ||||||||||||||
Total from investment operations | 0.01 | 0.17 | 0.28 | 0.16 | 0.10 | 0.13 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.02 | ) | (0.11 | ) | (0.23 | ) | (0.19 | ) | (0.10 | ) | (0.08 | ) | ||||||||||||
Distributions from net realized gains | — | (0.01 | ) | (0.00 | )(2) | — | — | — | ||||||||||||||||
Total distributions | (0.02 | ) | (0.12 | ) | (0.23 | ) | (0.19 | ) | (0.10 | ) | (0.08 | ) | ||||||||||||
Net asset value, end of period | $ | 10.09 | $ | 10.10 | $ | 10.05 | $ | 10.00 | $ | 10.03 | $ | 10.03 | ||||||||||||
Total return | 0.06 | %(4) | 1.66 | % | 2.87 | % | 1.60 | % | 1.05 | % | 1.32 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 195.6 | $ | 122.7 | $ | 32.5 | $ | 15.6 | $ | 7.6 | $ | 5.2 | ||||||||||||
Ratio of expenses to average net assets | 0.40 | %(5) | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 0.55 | %(5) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.22 | %(5) | 0.99 | % | 2.36 | % | 1.99 | % | 1.06 | % | 0.80 | % | ||||||||||||
Ratio of net investment income to average net assets (before waivers) | 0.07 | %(5) | 0.84 | % | 2.21 | % | 1.84 | % | 0.91 | % | 0.65 | % | ||||||||||||
Portfolio turnover rate(6) | 41 | %(4) | 92 | % | 70 | % | 66 | % | 83 | % | 97 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Amount is less than $0.005. |
(3) | Due to timing of capital share transactions, the per share amount of net realized and unrealized gain (loss) on investments varies from the amounts shown in the Statement of Operations. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 195
Financial Highlights
Baird Short-Term Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.92 | $ | 9.77 | $ | 9.57 | $ | 9.64 | $ | 9.66 | $ | 9.60 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.06 | 0.18 | 0.24 | 0.21 | 0.17 | 0.15 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.05 | ) | 0.23 | 0.20 | (0.07 | ) | (0.02 | ) | 0.06 | |||||||||||||||
Total from investment operations | 0.01 | 0.41 | 0.44 | 0.14 | 0.15 | 0.21 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.06 | ) | (0.19 | ) | (0.24 | ) | (0.21 | ) | (0.17 | ) | (0.15 | ) | ||||||||||||
Distributions from net realized gains | — | (0.07 | ) | — | — | (0.00 | )(2) | (0.00 | )(2) | |||||||||||||||
Total distributions | (0.06 | ) | (0.26 | ) | (0.24 | ) | (0.21 | ) | (0.17 | ) | (0.15 | ) | ||||||||||||
Net asset value, end of period | $ | 9.87 | $ | 9.92 | $ | 9.77 | $ | 9.57 | $ | 9.64 | $ | 9.66 | ||||||||||||
Total return | 0.07 | %(3) | 4.23 | % | 4.68 | % | 1.49 | % | 1.53 | % | 2.25 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 9,363.0 | $ | 8,790.5 | $ | 6,469.1 | $ | 5,596.2 | $ | 5,399.7 | $ | 3,769.3 | ||||||||||||
Ratio of expenses to average net assets | 0.30 | %(4) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.15 | %(4) | 1.87 | % | 2.50 | % | 2.21 | % | 1.73 | % | 1.57 | % | ||||||||||||
Portfolio turnover rate(5) | 33 | %(3) | 64 | % | 64 | % | 58 | % | 55 | % | 44 | % |
Baird Short-Term Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.91 | $ | 9.77 | $ | 9.57 | $ | 9.64 | $ | 9.66 | $ | 9.60 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.04 | 0.16 | 0.22 | 0.19 | 0.14 | 0.13 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.04 | ) | 0.21 | 0.20 | (0.07 | ) | (0.02 | ) | 0.06 | |||||||||||||||
Total from investment operations | 0.00 | (2) | 0.37 | 0.42 | 0.12 | 0.12 | 0.19 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.04 | ) | (0.16 | ) | (0.22 | ) | (0.19 | ) | (0.14 | ) | (0.13 | ) | ||||||||||||
Distributions from net realized gains | — | (0.07 | ) | — | — | (0.00 | )(2) | (0.00 | )(2) | |||||||||||||||
Total distributions | (0.04 | ) | (0.23 | ) | (0.22 | ) | (0.19 | ) | (0.14 | ) | (0.13 | ) | ||||||||||||
Net asset value, end of period | $ | 9.87 | $ | 9.91 | $ | 9.77 | $ | 9.57 | $ | 9.64 | $ | 9.66 | ||||||||||||
Total return | 0.05 | %(3) | 3.86 | % | 4.42 | % | 1.24 | % | 1.28 | % | 2.00 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 237.0 | $ | 192.7 | $ | 182.4 | $ | 145.0 | $ | 134.9 | $ | 104.9 | ||||||||||||
Ratio of expenses to average net assets | 0.55 | %(4) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.90 | %(4) | 1.62 | % | 2.25 | % | 1.96 | % | 1.48 | % | 1.32 | % | ||||||||||||
Portfolio turnover rate(5) | 33 | %(3) | 64 | % | 64 | % | 58 | % | 55 | % | 44 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Amount is less than $0.005. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 196
Financial Highlights
Baird Intermediate Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.69 | $ | 11.27 | $ | 10.80 | $ | 11.01 | $ | 10.97 | $ | 10.93 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.09 | 0.25 | 0.29 | 0.27 | 0.26 | 0.25 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.19 | ) | 0.58 | 0.46 | (0.21 | ) | 0.04 | 0.06 | ||||||||||||||||
Total from investment operations | (0.10 | ) | 0.83 | 0.75 | 0.06 | 0.30 | 0.31 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.09 | ) | (0.25 | ) | (0.28 | ) | (0.27 | ) | (0.26 | ) | (0.25 | ) | ||||||||||||
Distributions from net realized gains | — | (0.16 | ) | — | — | (0.00 | )(2) | (0.02 | ) | |||||||||||||||
Total distributions | (0.09 | ) | (0.41 | ) | (0.28 | ) | (0.27 | ) | (0.26 | ) | (0.27 | ) | ||||||||||||
Net asset value, end of period | $ | 11.50 | $ | 11.69 | $ | 11.27 | $ | 10.80 | $ | 11.01 | $ | 10.97 | ||||||||||||
Total return | (0.84 | )%(3) | 7.42 | % | 7.05 | % | 0.58 | % | 2.74 | % | 2.83 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 6,217.3 | $ | 5,264.4 | $ | 4,342.1 | $ | 3,264.9 | $ | 2,902.0 | $ | 2,209.1 | ||||||||||||
Ratio of expenses to average net assets | 0.30 | %(4) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.64 | %(4) | 2.17 | % | 2.57 | % | 2.51 | % | 2.32 | % | 2.21 | % | ||||||||||||
Portfolio turnover rate(5) | 22 | %(3) | 37 | % | 26 | % | 32 | % | 31 | % | 30 | % |
Baird Intermediate Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.26 | $ | 11.80 | $ | 11.29 | $ | 11.50 | $ | 11.44 | $ | 11.39 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.08 | 0.23 | 0.27 | 0.25 | 0.24 | 0.23 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.20 | ) | 0.61 | 0.50 | (0.22 | ) | 0.04 | 0.06 | ||||||||||||||||
Total from investment operations | (0.12 | ) | 0.84 | 0.77 | 0.03 | 0.28 | 0.29 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.08 | ) | (0.22 | ) | (0.26 | ) | (0.24 | ) | (0.22 | ) | (0.22 | ) | ||||||||||||
Distributions from net realized gains | — | (0.16 | ) | — | — | (0.00 | )(2) | (0.02 | ) | |||||||||||||||
Total distributions | (0.08 | ) | (0.38 | ) | (0.26 | ) | (0.24 | ) | (0.22 | ) | (0.24 | ) | ||||||||||||
Net asset value, end of period | $ | 12.06 | $ | 12.26 | $ | 11.80 | $ | 11.29 | $ | 11.50 | $ | 11.44 | ||||||||||||
Total return | (1.00 | )%(3) | 7.16 | % | 6.83 | % | 0.30 | % | 2.53 | % | 2.55 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 44.7 | $ | 55.2 | $ | 52.2 | $ | 47.3 | $ | 53.9 | $ | 98.1 | ||||||||||||
Ratio of expenses to average net assets | 0.55 | %(4) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.39 | %(4) | 1.92 | % | 2.32 | % | 2.26 | % | 2.07 | % | 1.96 | % | ||||||||||||
Portfolio turnover rate(5) | 22 | %(3) | 37 | % | 26 | % | 32 | % | 31 | % | 30 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Amount is less than $0.005. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 197
Financial Highlights
Baird Aggregate Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.77 | $ | 11.21 | $ | 10.53 | $ | 10.87 | $ | 10.70 | $ | 10.61 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.09 | 0.25 | 0.30 | 0.29 | 0.26 | 0.25 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.26 | ) | 0.71 | 0.69 | (0.33 | ) | 0.19 | 0.12 | ||||||||||||||||
Total from investment operations | (0.17 | ) | 0.96 | 0.99 | (0.04 | ) | 0.45 | 0.37 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.11 | ) | (0.27 | ) | (0.31 | ) | (0.30 | ) | (0.28 | ) | (0.26 | ) | ||||||||||||
Distributions from net realized gains | — | (0.13 | ) | — | — | — | (0.02 | ) | ||||||||||||||||
Total distributions | (0.11 | ) | (0.40 | ) | (0.31 | ) | (0.30 | ) | (0.28 | ) | (0.28 | ) | ||||||||||||
Net asset value, end of period | $ | 11.49 | $ | 11.77 | $ | 11.21 | $ | 10.53 | $ | 10.87 | $ | 10.70 | ||||||||||||
Total return | (1.47 | )%(2) | 8.63 | % | 9.48 | % | (0.30 | )% | 4.20 | % | 3.52 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 34,737.0 | $ | 31,874.6 | $ | 21,857.4 | $ | 14,897.5 | $ | 13,582.8 | $ | 9,769.9 | ||||||||||||
Ratio of expenses to average net assets | 0.30 | %(3) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.66 | %(3) | 2.13 | % | 2.74 | % | 2.77 | % | 2.40 | % | 2.25 | % | ||||||||||||
Portfolio turnover rate(4) | 17 | %(2) | 35 | % | 31 | % | 24 | % | 28 | % | 36 | % |
Baird Aggregate Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.20 | $ | 11.60 | $ | 10.89 | $ | 11.23 | $ | 11.05 | $ | 10.94 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.08 | 0.23 | 0.28 | 0.27 | 0.24 | 0.23 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.28 | ) | 0.74 | 0.71 | (0.33 | ) | 0.19 | 0.14 | ||||||||||||||||
Total from investment operations | (0.20 | ) | 0.97 | 0.99 | (0.06 | ) | 0.43 | 0.37 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.09 | ) | (0.24 | ) | (0.28 | ) | (0.28 | ) | (0.25 | ) | (0.24 | ) | ||||||||||||
Distributions from net realized gains | — | (0.13 | ) | — | — | — | (0.02 | ) | ||||||||||||||||
Total distributions | (0.09 | ) | (0.37 | ) | (0.28 | ) | (0.28 | ) | (0.25 | ) | (0.26 | ) | ||||||||||||
Net asset value, end of period | $ | 11.91 | $ | 12.20 | $ | 11.60 | $ | 10.89 | $ | 11.23 | $ | 11.05 | ||||||||||||
Total return | (1.62 | )%(2) | 8.42 | % | 9.17 | % | (0.54 | )% | 3.90 | % | 3.34 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 1,011.3 | $ | 1,029.0 | $ | 786.4 | $ | 718.2 | $ | 825.4 | $ | 809.1 | ||||||||||||
Ratio of expenses to average net assets | 0.55 | %(3) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.41 | %(3) | 1.88 | % | 2.49 | % | 2.52 | % | 2.15 | % | 2.00 | % | ||||||||||||
Portfolio turnover rate(4) | 17 | %(2) | 35 | % | 31 | % | 24 | % | 28 | % | 36 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Not annualized. |
(3) | Annualized. |
(4) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 198
Financial Highlights
Baird Core Plus Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.14 | $ | 11.56 | $ | 10.82 | $ | 11.22 | $ | 11.03 | $ | 10.85 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.13 | 0.29 | 0.33 | 0.33 | 0.30 | 0.29 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.27 | ) | 0.72 | 0.75 | (0.39 | ) | 0.21 | 0.22 | ||||||||||||||||
Total from investment operations | (0.14 | ) | 1.01 | 1.08 | (0.06 | ) | 0.51 | 0.51 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.13 | ) | (0.31 | ) | (0.34 | ) | (0.34 | ) | (0.32 | ) | (0.31 | ) | ||||||||||||
Distributions from net realized gains | — | (0.12 | ) | — | — | — | (0.02 | ) | ||||||||||||||||
Total distributions | (0.13 | ) | (0.43 | ) | (0.34 | ) | (0.34 | ) | (0.32 | ) | (0.33 | ) | ||||||||||||
Net asset value, end of period | $ | 11.87 | $ | 12.14 | $ | 11.56 | $ | 10.82 | $ | 11.22 | $ | 11.03 | ||||||||||||
Total return | (1.03 | )%(2) | 8.80 | % | 10.11 | % | (0.51 | )% | 4.65 | % | 4.73 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 29,820.1 | $ | 26,805.5 | $ | 21,424.9 | $ | 15,635.3 | $ | 13,920.2 | $ | 10,023.6 | ||||||||||||
Ratio of expenses to average net assets | 0.30 | %(3) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Ratio of net investment income to average net assets | 2.17 | %(3) | 2.46 | % | 2.95 | % | 3.01 | % | 2.68 | % | 2.61 | % | ||||||||||||
Portfolio turnover rate(4) | 15 | %(2) | 33 | % | 26 | % | 26 | % | 30 | % | 33 | % |
Baird Core Plus Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.68 | $ | 12.05 | $ | 11.28 | $ | 11.68 | $ | 11.46 | $ | 11.26 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.12 | 0.28 | 0.32 | 0.31 | 0.28 | 0.27 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.27 | ) | 0.74 | 0.76 | (0.40 | ) | 0.23 | 0.23 | ||||||||||||||||
Total from investment operations | (0.15 | ) | 1.02 | 1.08 | (0.09 | ) | 0.51 | 0.50 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.12 | ) | (0.28 | ) | (0.31 | ) | (0.31 | ) | (0.29 | ) | (0.28 | ) | ||||||||||||
Distributions from net realized gains | — | (0.11 | ) | — | — | — | (0.02 | ) | ||||||||||||||||
Total distributions | (0.12 | ) | (0.39 | ) | (0.31 | ) | (0.31 | ) | (0.29 | ) | (0.30 | ) | ||||||||||||
Net asset value, end of period | $ | 12.41 | $ | 12.68 | $ | 12.05 | $ | 11.28 | $ | 11.68 | $ | 11.46 | ||||||||||||
Total return | (1.19 | )%(2) | 8.58 | % | 9.69 | % | (0.74 | )% | 4.47 | % | 4.47 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 1,743.3 | $ | 2,684.3 | $ | 2,500.0 | $ | 2,171.0 | $ | 2,431.0 | $ | 2,881.8 | ||||||||||||
Ratio of expenses to average net assets | 0.55 | %(3) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.92 | %(3) | 2.21 | % | 2.70 | % | 2.76 | % | 2.43 | % | 2.36 | % | ||||||||||||
Portfolio turnover rate(4) | 15 | %(2) | 33 | % | 26 | % | 26 | % | 30 | % | 33 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Not annualized. |
(3) | Annualized. |
(4) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 199
Financial Highlights
Baird Short-Term Municipal Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.43 | $ | 10.26 | $ | 10.06 | $ | 10.08 | $ | 9.97 | $ | 10.04 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.06 | 0.17 | 0.20 | 0.20 | 0.18 | 0.15 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.01 | 0.16 | 0.20 | (0.03 | ) | 0.10 | (0.08 | ) | ||||||||||||||||
Total from investment operations | 0.07 | 0.33 | 0.40 | 0.17 | 0.28 | 0.07 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.06 | ) | (0.16 | ) | (0.20 | ) | (0.19 | ) | (0.17 | ) | (0.14 | ) | ||||||||||||
Distributions from net realized gains | — | — | — | (0.00 | )(2) | (0.00 | )(2) | (0.00 | )(2) | |||||||||||||||
Total distributions | (0.06 | ) | (0.16 | ) | (0.20 | ) | (0.19 | ) | (0.17 | ) | (0.14 | ) | ||||||||||||
Net asset value, end of period | $ | 10.44 | $ | 10.43 | $ | 10.26 | $ | 10.06 | $ | 10.08 | $ | 9.97 | ||||||||||||
Total return | 0.70 | %(3) | 3.25 | % | 3.96 | % | 1.75 | % | 2.84 | % | 0.71 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 1,689.8 | $ | 1,520.0 | $ | 926.1 | $ | 281.2 | $ | 120.9 | $ | 52.4 | ||||||||||||
Ratio of expenses to average net assets | 0.30 | %(4) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.21 | %(4) | 1.61 | % | 1.96 | % | 2.03 | % | 1.74 | % | 1.44 | % | ||||||||||||
Portfolio turnover rate(5) | 27 | %(3) | 32 | % | 34 | % | 107 | % | 54 | % | 38 | % |
Baird Short-Term Municipal Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.41 | $ | 10.25 | $ | 10.04 | $ | 10.06 | $ | 9.96 | $ | 10.04 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.05 | 0.14 | 0.17 | 0.18 | 0.15 | 0.12 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.01 | 0.15 | 0.21 | (0.03 | ) | 0.09 | (0.08 | ) | ||||||||||||||||
Total from investment operations | 0.06 | 0.29 | 0.38 | 0.15 | 0.24 | 0.04 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.05 | ) | (0.13 | ) | (0.17 | ) | (0.17 | ) | (0.14 | ) | (0.12 | ) | ||||||||||||
Distributions from net realized gains | — | — | — | (0.00 | )(2) | (0.00 | )(2) | (0.00 | )(2) | |||||||||||||||
Total distributions | (0.05 | ) | (0.13 | ) | (0.17 | ) | (0.17 | ) | (0.14 | ) | (0.12 | ) | ||||||||||||
Net asset value, end of period | $ | 10.42 | $ | 10.41 | $ | 10.25 | $ | 10.04 | $ | 10.06 | $ | 9.96 | ||||||||||||
Total return | 0.58 | %(3) | 2.90 | % | 3.81 | % | 1.52 | % | 2.45 | % | 0.40 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 101.1 | $ | 92.2 | $ | 89.6 | $ | 64.0 | $ | 4.9 | $ | 6.3 | ||||||||||||
Ratio of expenses to average net assets | 0.55 | %(4) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.96 | %(4) | 1.36 | % | 1.71 | % | 1.78 | % | 1.49 | % | 1.19 | % | ||||||||||||
Portfolio turnover rate(5) | 27 | %(3) | 32 | % | 34 | % | 107 | % | 54 | % | 38 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Amount is less than $0.005. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 200
Financial Highlights
Baird Strategic Municipal Bond Fund – Institutional Class
Six Months Ended | ||||||||||||
June 30, 2021 | Year Ended | Period Ended | ||||||||||
(Unaudited) | December 31, 2020 | December 31, 2019(1) | ||||||||||
Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 10.67 | $ | 10.07 | $ | 10.00 | ||||||
Income from investment operations: | ||||||||||||
Net investment income(2) | 0.06 | 0.18 | 0.02 | |||||||||
Net realized and unrealized gain on investments | 0.12 | 0.66 | 0.07 | |||||||||
Total from investment operations | 0.18 | 0.84 | 0.09 | |||||||||
Less distributions: | ||||||||||||
Distributions from net investment income | (0.06 | ) | (0.17 | ) | (0.02 | ) | ||||||
Distributions from net realized gains | — | (0.07 | ) | — | ||||||||
Total distributions | (0.06 | ) | (0.24 | ) | (0.02 | ) | ||||||
Net asset value, end of period | $ | 10.79 | $ | 10.67 | $ | 10.07 | ||||||
Total return | 1.64 | %(3) | 8.39 | % | 0.88 | %(3) | ||||||
Supplemental data and ratios: | ||||||||||||
Net assets, end of period (millions) | $ | 257.9 | $ | 164.3 | $ | 12.0 | ||||||
Ratio of expenses to average net assets | 0.30 | %(4) | 0.30 | % | 0.30 | %(4) | ||||||
Ratio of net investment income to average net assets | 1.05 | %(4) | 1.72 | % | 1.60 | %(4) | ||||||
Portfolio turnover rate(5) | 47 | %(3) | 119 | % | 47 | %(3) |
Baird Strategic Municipal Bond Fund – Investor Class
Six Months Ended | ||||||||||||
June 30, 2021 | Year Ended | Period Ended | ||||||||||
(Unaudited) | December 31, 2020 | December 31, 2019(1) | ||||||||||
Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 10.67 | $ | 10.07 | $ | 10.00 | ||||||
Income from investment operations: | ||||||||||||
Net investment income(2) | 0.04 | 0.15 | 0.02 | |||||||||
Net realized and unrealized gain on investments | 0.12 | 0.67 | 0.06 | |||||||||
Total from investment operations | 0.16 | 0.82 | 0.08 | |||||||||
Less distributions: | ||||||||||||
Distributions from net investment income | (0.04 | ) | (0.15 | ) | (0.01 | ) | ||||||
Distributions from net realized gains | — | (0.07 | ) | — | ||||||||
Total distributions | (0.04 | ) | (0.22 | ) | (0.01 | ) | ||||||
Net asset value, end of period | $ | 10.79 | $ | 10.67 | $ | 10.07 | ||||||
Total return | 1.52 | %(3) | 8.13 | % | 0.85 | %(3) | ||||||
Supplemental data and ratios: | ||||||||||||
Net assets, end of period (thousands) | $ | 8,460.5 | $ | 6,976.1 | $ | 27.4 | ||||||
Ratio of expenses to average net assets | 0.55 | %(4) | 0.55 | % | 0.55 | %(4) | ||||||
Ratio of net investment income to average net assets | 0.80 | %(4) | 1.47 | % | 1.35 | %(4) | ||||||
Portfolio turnover rate(5) | 47 | %(3) | 119 | % | 47 | %(3) |
(1) | Inception was close of business on November 15, 2019. |
(2) | Calculated using average shares outstanding during the period. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 201
Financial Highlights
Baird Quality Intermediate Municipal Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.03 | $ | 11.75 | $ | 11.38 | $ | 11.52 | $ | 11.43 | $ | 11.74 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.11 | 0.24 | 0.27 | 0.27 | 0.27 | 0.26 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.09 | ) | 0.28 | 0.37 | (0.14 | ) | 0.09 | (0.31 | ) | |||||||||||||||
Total from investment operations | 0.02 | 0.52 | 0.64 | 0.13 | 0.36 | (0.05 | ) | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.11 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.26 | ) | ||||||||||||
Distributions from return of capital | — | — | — | — | (0.00 | )(2) | — | |||||||||||||||||
Total distributions | (0.11 | ) | (0.24 | ) | (0.27 | ) | (0.27 | ) | (0.27 | ) | (0.26 | ) | ||||||||||||
Net asset value, end of period | $ | 11.94 | $ | 12.03 | $ | 11.75 | $ | 11.38 | $ | 11.52 | $ | 11.43 | ||||||||||||
Total return | 0.17 | %(3) | 4.43 | % | 5.65 | % | 1.19 | % | 3.12 | % | (0.46 | )% | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 1,524.4 | $ | 1,449.2 | $ | 1,257.4 | $ | 1,009.2 | $ | 1,044.1 | $ | 936.2 | ||||||||||||
Ratio of expenses to average net assets | 0.30 | %(4) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.83 | %(4) | 2.03 | % | 2.30 | % | 2.39 | % | 2.29 | % | 2.19 | % | ||||||||||||
Portfolio turnover rate(5) | 10 | %(3) | 15 | % | 20 | % | 40 | % | 31 | % | 22 | % |
Baird Quality Intermediate Municipal Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.34 | $ | 12.04 | $ | 11.66 | $ | 11.80 | $ | 11.69 | $ | 12.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.10 | 0.22 | 0.24 | 0.25 | 0.24 | 0.23 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.09 | ) | 0.29 | 0.38 | (0.15 | ) | 0.11 | (0.31 | ) | |||||||||||||||
Total from investment operations | 0.01 | 0.51 | 0.62 | 0.10 | 0.35 | (0.08 | ) | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.10 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.24 | ) | (0.23 | ) | ||||||||||||
Distributions from return of capital | — | — | — | — | (0.00 | )(2) | — | |||||||||||||||||
Total distributions | (0.10 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.24 | ) | (0.23 | ) | ||||||||||||
Net asset value, end of period | $ | 12.25 | $ | 12.34 | $ | 12.04 | $ | 11.66 | $ | 11.80 | $ | 11.69 | ||||||||||||
Total return | 0.05 | %(3) | 4.23 | % | 5.33 | % | 0.90 | % | 2.97 | % | (0.70 | )% | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 52.8 | $ | 52.4 | $ | 85.1 | $ | 110.8 | $ | 107.3 | $ | 136.1 | ||||||||||||
Ratio of expenses to average net assets | 0.55 | %(4) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.58 | %(4) | 1.78 | % | 2.05 | % | 2.14 | % | 2.00 | % | 1.94 | % | ||||||||||||
Portfolio turnover rate(5) | 10 | %(3) | 15 | % | 20 | % | 40 | % | 31 | % | 22 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Amount is less than $0.005. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 202
Financial Highlights
Baird Core Intermediate Municipal Bond Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.96 | $ | 10.65 | $ | 10.22 | $ | 10.32 | $ | 10.01 | $ | 10.13 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.09 | 0.23 | 0.25 | 0.23 | 0.21 | 0.18 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.02 | 0.33 | 0.43 | (0.10 | ) | 0.30 | (0.05 | ) | ||||||||||||||||
Total from investment operations | 0.11 | 0.56 | 0.68 | 0.13 | 0.51 | 0.13 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.09 | ) | (0.22 | ) | (0.24 | ) | (0.23 | ) | (0.20 | ) | (0.18 | ) | ||||||||||||
Distributions from net realized gains | — | (0.03 | ) | (0.01 | ) | — | — | (0.07 | ) | |||||||||||||||
Total distributions | (0.09 | ) | (0.25 | ) | (0.25 | ) | (0.23 | ) | (0.20 | ) | (0.25 | ) | ||||||||||||
Net asset value, end of period | $ | 10.98 | $ | 10.96 | $ | 10.65 | $ | 10.22 | $ | 10.32 | $ | 10.01 | ||||||||||||
Total return | 0.98 | %(2) | 5.26 | % | 6.75 | % | 1.30 | % | 5.15 | % | 1.14 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 1,084.6 | $ | 842.2 | $ | 535.5 | $ | 378.1 | $ | 234.8 | $ | 96.3 | ||||||||||||
Ratio of expenses to average net assets | 0.30 | %(3) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.59 | %(3) | 2.09 | % | 2.36 | % | 2.30 | % | 2.04 | % | 1.79 | % | ||||||||||||
Portfolio turnover rate(4) | 21 | %(2) | 35 | % | 38 | % | 70 | % | 66 | % | 95 | % |
Baird Core Intermediate Municipal Bond Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.95 | $ | 10.64 | $ | 10.22 | $ | 10.32 | $ | 10.00 | $ | 10.13 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.07 | 0.20 | 0.22 | 0.21 | 0.18 | 0.16 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.03 | 0.33 | 0.43 | (0.11 | ) | 0.32 | (0.06 | ) | ||||||||||||||||
Total from investment operations | 0.10 | 0.53 | 0.65 | 0.10 | 0.50 | 0.10 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.07 | ) | (0.19 | ) | (0.22 | ) | (0.20 | ) | (0.18 | ) | (0.16 | ) | ||||||||||||
Distributions from net realized gains | — | (0.03 | ) | (0.01 | ) | — | — | (0.07 | ) | |||||||||||||||
Total distributions | (0.07 | ) | (0.22 | ) | (0.23 | ) | (0.20 | ) | (0.18 | ) | (0.23 | ) | ||||||||||||
Net asset value, end of period | $ | 10.98 | $ | 10.95 | $ | 10.64 | $ | 10.22 | $ | 10.32 | $ | 10.00 | ||||||||||||
Total return | 0.96 | %(2) | 5.01 | % | 6.40 | % | 1.05 | % | 5.00 | % | 0.91 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 26.3 | $ | 22.3 | $ | 5.9 | $ | 2.0 | $ | 1.7 | $ | 1.4 | ||||||||||||
Ratio of expenses to average net assets | 0.55 | %(3) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.34 | %(3) | 1.84 | % | 2.11 | % | 2.05 | % | 1.79 | % | 1.54 | % | ||||||||||||
Portfolio turnover rate(4) | 21 | %(2) | 35 | % | 38 | % | 70 | % | 66 | % | 95 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Not annualized. |
(3) | Annualized. |
(4) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 203
Financial Highlights
Baird Municipal Bond Fund – Institutional Class
Six Months Ended | ||||||||||||
June 30, 2021 | Year Ended | Period Ended | ||||||||||
(Unaudited) | December 31, 2020 | December 31, 2019(1) | ||||||||||
Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 10.67 | $ | 10.10 | $ | 10.00 | ||||||
Income from investment operations: | ||||||||||||
Net investment income(2) | 0.10 | 0.23 | 0.02 | |||||||||
Net realized and unrealized gain on investments | 0.15 | 0.76 | 0.10 | |||||||||
Total from investment operations | 0.25 | 0.99 | 0.12 | |||||||||
Less distributions: | ||||||||||||
Distributions from net investment income | (0.10 | ) | (0.21 | ) | (0.02 | ) | ||||||
Distributions from net realized gains | — | (0.21 | ) | — | ||||||||
Total distributions | (0.10 | ) | (0.42 | ) | (0.02 | ) | ||||||
Net asset value, end of period | $ | 10.82 | $ | 10.67 | $ | 10.10 | ||||||
Total return | 2.32 | %(3) | 9.95 | % | 1.19 | %(3) | ||||||
Supplemental data and ratios: | ||||||||||||
Net assets, end of period (millions) | $ | 30.0 | $ | 20.3 | $ | 7.4 | ||||||
Ratio of expenses to average net assets | 0.30 | %(4) | 0.30 | % | 0.30 | %(4) | ||||||
Ratio of net investment income to average net assets | 1.85 | %(4) | 2.20 | % | 1.69 | %(4) | ||||||
Portfolio turnover rate(5) | 34 | %(3) | 124 | % | 46 | %(3) |
Baird Municipal Bond Fund – Investor Class
Six Months Ended | ||||||||||||
June 30, 2021 | Year Ended | Period Ended | ||||||||||
(Unaudited) | December 31, 2020 | December 31, 2019(1) | ||||||||||
Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 10.66 | $ | 10.10 | $ | 10.00 | ||||||
Income from investment operations: | ||||||||||||
Net investment income(2) | 0.09 | 0.21 | 0.02 | |||||||||
Net realized and unrealized gain on investments | 0.14 | 0.75 | 0.10 | |||||||||
Total from investment operations | 0.23 | 0.96 | 0.12 | |||||||||
Less distributions: | ||||||||||||
Distributions from net investment income | (0.08 | ) | (0.19 | ) | (0.02 | ) | ||||||
Distributions from net realized gains | — | (0.21 | ) | — | ||||||||
Total distributions | (0.08 | ) | (0.40 | ) | (0.02 | ) | ||||||
Net asset value, end of period | $ | 10.81 | $ | 10.66 | $ | 10.10 | ||||||
Total return | 2.21 | %(3) | 9.58 | % | 1.16 | %(3) | ||||||
Supplemental data and ratios: | ||||||||||||
Net assets, end of period (thousands) | $ | 3,224.2 | $ | 1,624.8 | $ | 29.1 | ||||||
Ratio of expenses to average net assets | 0.55 | %(4) | 0.55 | % | 0.55 | %(4) | ||||||
Ratio of net investment income to average net assets | 1.60 | %(4) | 1.95 | % | 1.44 | %(4) | ||||||
Portfolio turnover rate(5) | 34 | %(3) | 124 | % | 46 | %(3) |
(1) | Inception was close of business on November 15, 2019. |
(2) | Calculated using average shares outstanding during the period. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 204
Notes to the Financial Statements
June 30, 2021 (Unaudited)
1. | Organization |
Baird Funds, Inc. (the “Company”) was incorporated on June 9, 2000, as a Wisconsin corporation and is registered as an open-end investment management company under the Investment Company Act of 1940, as amended (the “1940 Act”). The accompanying financial statements include the Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Intermediate Bond Fund, Baird Aggregate Bond Fund, Baird Core Plus Bond Fund, Baird Short-Term Municipal Bond Fund, Baird Strategic Municipal Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund and Baird Municipal Bond Fund (each, a “Fund” and collectively, the “Funds”), ten of the sixteen active funds in the series comprising the Company, each of which is diversified within the meaning of the 1940 Act. Robert W. Baird & Co. Incorporated (“Baird” or the “Advisor”) serves as investment advisor to the Funds. The Funds are investment companies and therefore follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following table presents the class-specific inception dates for each of the Funds:
Inception Date | |||
Fund | Institutional Class | Investor Class | |
Baird Ultra Short Bond Fund | December 31, 2013 | December 31, 2013 | |
Baird Short-Term Bond Fund | August 31, 2004 | September 19, 2012 | |
Baird Intermediate Bond Fund | September 29, 2000 | September 29, 2000 | |
Baird Aggregate Bond Fund | September 29, 2000 | September 29, 2000 | |
Baird Core Plus Bond Fund | September 29, 2000 | September 29, 2000 | |
Baird Short-Term Municipal Bond Fund | August 31, 2015 | August 31, 2015 | |
Baird Strategic Municipal Bond Fund | November 15, 2019 | November 15, 2019 | |
Baird Quality Intermediate Municipal Bond Fund | March 30, 2001 | March 30, 2001 | |
Baird Core Intermediate Municipal Bond Fund | August 31, 2015 | August 31, 2015 | |
Baird Municipal Bond Fund | November 15, 2019 | November 15, 2019 |
Institutional Class shares are not subject to a distribution and service (12b-1) fee, while Investor Class shares are subject to a distribution and service (12b-1) fee of 0.25%. See Note 7.
The investment objective of the Baird Ultra Short Bond Fund is to seek current income consistent with preservation of capital.
The investment objective of the Baird Short-Term Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index. The Fund’s benchmark index, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index, is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities between one and three years.
The investment objective of the Baird Intermediate Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index. The Fund’s benchmark index, the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index, is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities between one and ten years.
The investment objective of the Baird Aggregate Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark index, the Bloomberg Barclays U.S. 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.
The investment objective of the Baird Core Plus Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg Barclays U.S. Universal Bond Index. The Fund’s benchmark index, the Bloomberg Barclays 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.
The investment objective of the Baird Short-Term Municipal Bond Fund is to seek current income that is exempt from federal income tax and is consistent with the preservation of capital.
The investment objective of the Baird Strategic Municipal Bond Fund is to seek a high level of current income that is exempt from federal income tax and is consistent with preservation of capital.
The primary investment objective of the Baird Quality Intermediate Municipal Bond 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 investment objective of the Baird Core Intermediate Municipal Bond Fund is to seek a high level of current income that is exempt from federal income tax and is consistent with preservation of capital.
The investment objective of the Baird Municipal Bond Fund is to seek a high level of current income that is exempt from federal income tax and is consistent with preservation of capital.
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
a) | Investment Valuation – Section 2(a)(41) of the 1940 Act, together with the rules and interpretations of the U.S. Securities and Exchange Commission (the “SEC”), require the Funds, in computing net asset value, to value their portfolio securities using market quotations when they are “readily available.” When market quotations are not readily available (e.g., because there is no regular market quotation for such securities, the market for such security is limited, the validity of quotations is questionable or the Funds’ independent pricing service does not provide a price), the Board of Directors (the “Board”) of the Company is responsible for ensuring the securities are valued at “fair value determined in good faith.” The Board has delegated such responsibility to the Advisor pursuant to pricing policies and procedures that the Board has adopted and regularly reviews. In general, the “fair value” of a security means the price that would be received to sell a security in an orderly transaction between market participants at the measurement date. |
The Funds determine the fair value of their investments and compute their net asset value per share as of the close of regular trading of the New York Stock Exchange (generally, 4:00 p.m. ET). |
Page 205
Notes to the Financial Statements
June 30, 2021 (Unaudited)
2. | Significant Accounting Policies (cont.) |
Consistent with Section 2(a)(41) of the 1940 Act, the Funds price their securities as follows: debt securities are valued at their evaluated bid prices as provided by an independent pricing service using valuation methods that are designed to represent fair value, such as matrix pricing and other analytical pricing models, market transactions and dealer quotations. Debt securities purchased with maturities of 60 days or less are valued as described above unless an evaluated price is not available, in which case such security is valued at acquisition cost, plus or minus any amortized discount or premium (“amortized cost”), or, if the Advisor does not believe amortized cost is reflective of the fair value of the security, the security is priced at fair value as described below. Investments in mutual funds, including money market funds, are valued at their stated net asset value (“NAV”). Common stocks that are listed on a securities exchange (other than NASDAQ) are valued at the last quoted sales price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Price information on listed stocks is taken from the exchange where the security is primarily traded. Securities that were not traded on the valuation date, as well as stocks that are not listed on an exchange, including NASDAQ, are valued at the average of the current bid and ask price. Other assets and securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Advisor in accordance with procedures approved by the Company’s Board. In accordance with such procedures, the Advisor may, under certain circumstances, use alternative valuation methodologies, or it may use broker quotes or prices obtained from alternative independent pricing services or, if broker quotes or prices from alternative pricing services are unavailable or deemed to be unreliable, fair value will be determined by a valuation committee of the Advisor. In determining fair value, the valuation committee takes into account factors deemed relevant by the valuation committee and available information. Consequently, the price of the security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security. Fair value pricing involves subjective judgments and there is no single standard for determining a security’s fair value. As a result, different mutual funds could reasonably arrive at a different fair value for the same security. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine. The prices determined for any individual security on any given day may vary significantly from the amount that can be obtained in an actual sale of that security, and the Funds’ NAVs may fluctuate significantly from day to day or from period to period. | |
b) | Securities Purchased on a When-Issued, Delayed Delivery or Forward Commitment Basis – Each Fund may purchase securities on a when-issued, delayed delivery or forward commitment basis. When-issued, delayed delivery and forward commitment transactions involve the risk that the price or yield obtained in a transaction may be more or less favorable than the price or yield available in the market when delivery takes place. At the time a Fund makes a commitment to purchase a security, the Fund records the transaction and reflects the value of the security in determining net asset value. Each Fund designates and maintains cash and/or marketable securities at least equal in value to commitments for when-issued, delayed delivery or forward commitment securities. |
c) | Unregistered Securities – The Funds own certain investment securities which are unregistered. All of the unregistered securities held by the Funds as of June 30, 2021 consist of securities issued pursuant to Rule 144A under the Securities Act of 1933 and all have been classified as liquid under the Funds’ liquidity risk management program. |
The value of such securities for the Funds is as follows: |
Fund | Value | % of Net Assets | ||||||||
Baird Ultra Short Bond Fund | $ | 1,594,212,491 | 25.51 | % | ||||||
Baird Short-Term Bond Fund | 2,476,930,900 | 25.80 | % | |||||||
Baird Intermediate Bond Fund | 990,798,081 | 15.82 | % | |||||||
Baird Aggregate Bond Fund | 5,319,966,969 | 14.88 | % | |||||||
Baird Core Plus Bond Fund | 6,049,158,098 | 19.17 | % | |||||||
Baird Short-Term Municipal Bond Fund | 126,284,108 | 7.05 | % | |||||||
Baird Strategic Municipal Bond Fund | 38,164,304 | 14.33 | % | |||||||
Baird Quality Intermediate Municipal Bond Fund | 6,618,520 | 0.42 | % | |||||||
Baird Core Intermediate Municipal Bond Fund | 72,563,844 | 6.53 | % | |||||||
Baird Municipal Bond Fund | 2,239,054 | 6.73 | % |
d) | Foreign Securities – For purposes of these financial statements, foreign securities are defined as securities of issuers that are organized outside the United States. The Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Intermediate Bond Fund, Baird Aggregate Bond Fund, and Baird Core Plus Bond Fund may invest in U.S. dollar-denominated debt obligations of foreign companies and foreign governments. Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include foreign currency fluctuations, political and economic instability and differences in financial reporting standards and less strict regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board. |
e) | Financial Derivative Instruments – Financial derivative instruments, such as futures contracts, derive their value from underlying asset prices, indices, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker-dealer quotations or a pricing service at the settlement price determined by the relevant exchange. Depending on the product and the terms of the transaction, the value of the derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends and exchange rates. Futures contracts are carried at fair value using the primary exchange’s closing (settlement) price and are generally categorized in Level 1. |
f) | Deposits with Broker – When trading derivative instruments, such as futures contracts, a Fund is only required to post initial or variation margin with the exchange or clearing broker. The use of margin in trading these instruments has the effect of creating leverage, which can expose the Fund to substantial gains or losses occurring from relatively small price changes in the value of the underlying instrument and can increase the volatility of the Fund’s returns. |
Upon entering into a futures contract, and to maintain the Fund’s open positions in futures contracts, the Fund is required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded. | |
At June 30, 2021, the Baird Strategic Municipal Bond Fund had $196,334 in cash and cash equivalents on deposit with the broker for futures contracts which is presented on the Fund’s Statement of Assets and Liabilities. | |
If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund. |
Page 206
Notes to the Financial Statements
June 30, 2021 (Unaudited)
2. | Significant Accounting Policies (cont.) |
These subsequent payments, called “variation margin,” to and from the futures broker are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” At period end, the variation margin is shown as either a receivable or payable on the Fund’s Statement of Assets and Liabilities. The Fund expects to earn interest income on any margin deposits. | |
g) | Income Tax Status – The Funds intend to continue to qualify as regulated investment companies as provided in Subchapter M of the Internal Revenue Code and to distribute substantially all of their taxable income to their shareholders in a manner which results in no tax expense to the Funds. Therefore, no federal income or excise tax provision is recorded. |
There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2020, or for any other tax years which are open for exam. As of December 31, 2020, open tax years include the tax years ended December 31, 2017 through 2020. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as interest and other expense, respectively, in the Statement of Operations. During the period, the Funds did not incur any interest or penalties. | |
h) | Allocation of Income and Expenses – Each Fund is charged for those expenses directly attributable to it. Expenses directly attributable to a class of shares, such as Rule 12b-1 distribution fees, are charged to that class of shares. Income, expenses and realized and unrealized gains and losses are allocated to the classes based on their respective net assets. Expenses that are not directly attributable to a Fund are allocated among the Funds in the series in proportion to their assets or are divided equally amongst the Funds. |
i) | Shareholder Transactions and Distributions – Shareholder transactions are recorded on the trade date. Dividends from net investment income are declared and paid monthly. Distributions of net realized capital gains, if any, are declared and paid at least annually. All distributions to shareholders are recorded on the ex-dividend date. The book basis character of distributions may differ from their ultimate characterization for Federal income tax purposes. GAAP requires that permanent financial reporting and tax differences be reclassified in the capital accounts. |
j) | Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. |
k) | Securities Transactions and Investment Income – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from investment transactions using the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Premiums and discounts on the purchase of securities are amortized/accreted using the effective interest method. Paydown gains and losses are recorded as interest income on the Statements of Operations for financial reporting purposes. |
l) | Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown and would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds would expect the risk of loss to be remote. |
m) | New Regulatory and Accounting Pronouncements – In March 2020, FASB issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The main objective of ASU 2020-04 is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Inter-bank Offered Rate (“LIBOR”) quotes by the UK Financial Conduct Authority. ASU 2020-04 allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the adoption of ASU 2020-04 to the Funds’ financial statements and various filings. |
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities, and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Management is currently assessing the impact of the adoption of Rule 18f-4 to the Funds. | |
In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements. | |
n) | Other Matters – The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance. |
Page 207
Notes to the Financial Statements
June 30, 2021 (Unaudited)
3. | Capital Share Transactions |
The following table summarizes the capital share transactions of each Fund for the past two fiscal periods:
Baird Ultra Short Bond Fund
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 363,998,478 | (1) | $ | 3,666,487,222 | (1) | 462,621,401 | $ | 4,663,501,345 | ||||||||
Shares issued to shareholders in reinvestment of distributions | 1,354,262 | 13,639,540 | 3,564,569 | 35,891,156 | ||||||||||||
Shares redeemed | (206,327,075 | ) | (2,078,328,421 | ) | (193,156,605 | ) | (1,944,377,181 | ) | ||||||||
Net increase | 159,025,665 | $ | 1,601,798,341 | 273,029,365 | $ | 2,755,015,320 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 442,176,747 | 169,147,382 | ||||||||||||||
End of period | 601,202,412 | 442,176,747 | ||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 14,766,480 | $ | 149,186,537 | 49,156,046 | $ | 494,152,300 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 30,443 | 307,435 | 96,822 | 973,660 | ||||||||||||
Shares redeemed | (7,559,896 | ) | (76,344,946 | ) | (40,343,759 | ) | (405,489,395 | ) | ||||||||
Net increase | 7,237,027 | $ | 73,149,026 | 8,909,109 | $ | 89,636,565 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 12,143,351 | 3,234,242 | ||||||||||||||
End of period | 19,380,378 | 12,143,351 | ||||||||||||||
Total net increase | $ | 1,674,947,367 | $ | 2,844,651,885 |
(1) Includes purchase in-kind transactions. See additional information contained in this Note.
Baird Short-Term Bond Fund
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 256,186,077 | $ | 2,535,318,854 | 463,915,266 | $ | 4,586,770,494 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 4,869,026 | 48,129,103 | 18,915,873 | 187,082,769 | ||||||||||||
Shares redeemed | (198,935,124 | ) | (1,967,400,939 | ) | (258,354,649 | ) | (2,542,726,663 | ) | ||||||||
Net increase | 62,119,979 | $ | 616,047,018 | 224,476,490 | $ | 2,231,126,600 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 886,552,417 | 662,075,927 | ||||||||||||||
End of period | 948,672,396 | 886,552,417 | ||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 8,866,909 | $ | 87,730,611 | 13,605,960 | $ | 134,775,633 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 99,114 | 979,514 | 422,979 | 4,181,149 | ||||||||||||
Shares redeemed | (4,392,493 | ) | (43,449,384 | ) | (13,255,473 | ) | (130,744,279 | ) | ||||||||
Net increase | 4,573,530 | $ | 45,260,741 | 773,466 | $ | 8,212,503 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 19,442,760 | 18,669,294 | ||||||||||||||
End of period | 24,016,290 | 19,442,760 | ||||||||||||||
Total net increase | $ | 661,307,759 | $ | 2,239,339,103 |
Page 208
Notes to the Financial Statements
June 30, 2021 (Unaudited)
3. | Capital Share Transactions (cont.) |
Baird Intermediate Bond Fund
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 122,618,695 | (1) | $ | 1,412,419,706 | (1) | 131,066,832 | $ | 1,530,910,134 | ||||||||
Shares issued to shareholders in reinvestment of distributions | 3,385,169 | 38,961,909 | 12,766,632 | 148,834,233 | ||||||||||||
Shares redeemed | (35,796,221 | ) | (412,551,981 | ) | (78,696,908 | ) | (912,589,791 | ) | ||||||||
Net increase | 90,207,643 | $ | 1,038,829,634 | 65,136,556 | $ | 767,154,576 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 450,339,541 | 385,202,985 | ||||||||||||||
End of period | 540,547,184 | 450,339,541 | ||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,372,002 | $ | 16,660,135 | 1,633,425 | $ | 19,913,855 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 26,161 | 315,744 | 133,565 | 1,630,760 | ||||||||||||
Shares redeemed | (2,190,833 | ) | (26,458,069 | ) | (1,686,067 | ) | (20,426,729 | ) | ||||||||
Net increase (decrease) | (792,670 | ) | $ | (9,482,190 | ) | 80,923 | $ | 1,117,886 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 4,501,523 | 4,420,600 | ||||||||||||||
End of period | 3,708,853 | 4,501,523 | ||||||||||||||
Total net increase | $ | 1,029,347,444 | $ | 768,272,462 |
(1) Includes purchase in-kind transactions. See additional information contained in this Note.
Baird Aggregate Bond Fund
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 593,329,292 | $ | 6,827,284,222 | 1,203,043,975 | $ | 14,069,540,913 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 24,697,249 | 282,882,653 | 74,311,480 | 869,932,329 | ||||||||||||
Shares redeemed | (303,850,408 | ) | (3,485,393,635 | ) | (518,886,091 | ) | (6,008,637,812 | ) | ||||||||
Net increase | 314,176,133 | $ | 3,624,773,240 | 758,469,364 | $ | 8,930,835,430 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 2,708,739,925 | 1,950,270,561 | ||||||||||||||
End of period | 3,022,916,058 | 2,708,739,925 | ||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 19,124,418 | $ | 228,388,261 | 49,811,927 | $ | 602,252,494 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 644,877 | 7,656,185 | 2,276,758 | 27,599,010 | ||||||||||||
Shares redeemed | (19,250,792 | ) | (229,724,110 | ) | (35,497,571 | ) | (427,505,756 | ) | ||||||||
Net increase | 518,503 | $ | 6,320,336 | 16,591,114 | $ | 202,345,748 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 84,371,979 | 67,780,865 | ||||||||||||||
End of period | 84,890,482 | 84,371,979 | ||||||||||||||
Total net increase | $ | 3,631,093,576 | $ | 9,133,181,178 | ||||||||||||
Baird Core Plus Bond Fund | ||||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 490,097,887 | $ | 5,805,948,447 | 748,369,472 | $ | 8,949,189,350 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 25,000,901 | 295,758,594 | 67,703,177 | 813,547,951 | ||||||||||||
Shares redeemed | (212,104,396 | ) | (2,514,966,527 | ) | (461,624,165 | ) | (5,485,878,150 | ) | ||||||||
Net increase | 302,994,392 | $ | 3,586,740,514 | 354,448,484 | $ | 4,276,859,151 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 2,208,185,115 | 1,853,736,631 | ||||||||||||||
End of period | 2,511,179,507 | 2,208,185,115 |
Page 209
Notes to the Financial Statements
June 30, 2021 (Unaudited)
3. | Capital Share Transactions (cont.) |
Baird Core Plus Bond Fund (cont.)
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 28,858,288 | $ | 360,093,884 | 78,958,693 | $ | 986,325,404 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 1,596,819 | 19,760,079 | 6,401,361 | 80,288,421 | ||||||||||||
Shares redeemed | (101,680,027 | ) | (1,250,402,260 | ) | (81,049,037 | ) | (1,004,620,453 | ) | ||||||||
Net increase (decrease) | (71,224,920 | ) | $ | (870,548,297 | ) | 4,311,017 | $ | 61,993,372 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 211,692,826 | 207,381,809 | ||||||||||||||
End of period | 140,467,906 | 211,692,826 | ||||||||||||||
Total net increase | $ | 2,716,192,217 | $ | 4,338,852,523 | ||||||||||||
Baird Short-Term Municipal Bond Fund | ||||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 58,922,135 | $ | 614,884,775 | 111,010,726 | $ | 1,148,586,895 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 754,114 | 7,859,945 | 1,408,880 | 14,571,461 | ||||||||||||
Shares redeemed | (43,525,161 | ) | (454,190,455 | ) | (56,886,182 | ) | (586,467,058 | ) | ||||||||
Net increase | 16,151,088 | $ | 168,554,265 | 55,533,424 | $ | 576,691,298 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 145,762,030 | 90,228,606 | ||||||||||||||
End of period | 161,913,118 | 145,762,030 | ||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 3,525,111 | $ | 36,725,716 | 11,551,814 | $ | 119,687,286 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 36,697 | 381,735 | 85,715 | 882,719 | ||||||||||||
Shares redeemed | (2,716,046 | ) | (28,285,533 | ) | (11,522,304 | ) | (119,184,278 | ) | ||||||||
Net increase | 845,762 | $ | 8,821,918 | 115,225 | $ | 1,385,727 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 8,859,780 | 8,744,555 | ||||||||||||||
End of period | 9,705,542 | 8,859,780 | ||||||||||||||
Total net increase | $ | 177,376,183 | $ | 578,077,025 | ||||||||||||
Baird Strategic Municipal Bond Fund | ||||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 10,314,683 | $ | 110,634,914 | 15,288,645 | $ | 161,427,996 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 104,797 | 1,124,911 | 162,489 | 1,723,269 | ||||||||||||
Shares redeemed | (1,928,884 | ) | (20,721,052 | ) | (1,243,056 | ) | (13,109,436 | ) | ||||||||
Net increase | 8,490,596 | $ | 91,038,773 | 14,208,078 | $ | 150,041,829 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 15,401,260 | 1,193,182 | ||||||||||||||
End of period | 23,891,856 | 15,401,260 | ||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 212,329 | $ | 2,278,388 | 1,355,384 | $ | 14,088,422 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 1,089 | 11,681 | 8,830 | 92,988 | ||||||||||||
Shares redeemed | (83,245 | ) | (893,629 | ) | (713,127 | ) | (7,557,554 | ) | ||||||||
Net increase | 130,173 | $ | 1,396,440 | 651,087 | $ | 6,623,856 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 653,812 | 2,725 | ||||||||||||||
End of period | 783,985 | 653,812 | ||||||||||||||
Total net increase | $ | 92,435,213 | $ | 156,665,685 |
Page 210
Notes to the Financial Statements
June 30, 2021 (Unaudited)
3. | Capital Share Transactions (cont.) |
Baird Quality Intermediate Municipal Bond Fund
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 18,070,888 | $ | 216,305,964 | 39,063,817 | $ | 465,544,211 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 1,008,397 | 12,039,318 | 1,929,063 | 23,033,632 | ||||||||||||
Shares redeemed | (11,852,104 | ) | (141,879,349 | ) | (27,597,516 | ) | (324,736,306 | ) | ||||||||
Net increase | 7,227,181 | $ | 86,465,933 | 13,395,364 | $ | 163,841,537 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 120,438,097 | 107,042,733 | ||||||||||||||
End of period | 127,665,278 | 120,438,097 | ||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 491,283 | $ | 6,029,989 | 2,016,175 | $ | 24,438,030 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 33,124 | 405,548 | 94,848 | 1,159,229 | ||||||||||||
Shares redeemed | (457,234 | ) | (5,607,918 | ) | (4,929,837 | ) | (60,538,942 | ) | ||||||||
Net increase (decrease) | 67,173 | $ | 827,619 | (2,818,814 | ) | $ | (34,941,683 | ) | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 4,245,852 | 7,064,666 | ||||||||||||||
End of period | 4,313,025 | 4,245,852 | ||||||||||||||
Total net increase | $ | 87,293,552 | $ | 128,899,854 | ||||||||||||
Baird Core Intermediate Municipal Bond Fund | ||||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 30,174,097 | $ | 330,637,756 | 43,702,531 | $ | 472,813,969 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 583,775 | 6,382,956 | 1,042,918 | 11,293,123 | ||||||||||||
Shares redeemed | (8,869,778 | ) | (97,085,775 | ) | (18,165,745 | ) | (194,263,467 | ) | ||||||||
Net increase | 21,888,094 | $ | 239,934,937 | 26,579,704 | $ | 289,843,625 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 76,863,183 | 50,283,479 | ||||||||||||||
End of period | 98,751,277 | 76,863,183 | ||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 901,900 | $ | 9,881,393 | 2,881,342 | $ | 30,488,897 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 14,333 | 156,575 | 29,884 | 323,343 | ||||||||||||
Shares redeemed | (557,903 | ) | (6,101,905 | ) | (1,430,773 | ) | (15,479,463 | ) | ||||||||
Net increase | 358,330 | $ | 3,936,063 | 1,480,453 | $ | 15,332,777 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 2,035,919 | 555,466 | ||||||||||||||
End of period | 2,394,249 | 2,035,919 | ||||||||||||||
Total net increase | $ | 243,871,000 | $ | 305,176,402 | ||||||||||||
Baird Municipal Bond Fund | ||||||||||||||||
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 891,300 | $ | 9,582,368 | 1,148,322 | $ | 11,975,672 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 19,379 | 207,663 | 54,692 | 580,080 | ||||||||||||
Shares redeemed | (35,683 | ) | (382,612 | ) | (34,206 | ) | (363,107 | ) | ||||||||
Net increase | 874,996 | $ | 9,407,419 | 1,168,808 | $ | 12,192,645 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 1,900,250 | 731,442 | ||||||||||||||
End of period | 2,775,246 | 1,900,250 |
Page 211
Notes to the Financial Statements
June 30, 2021 (Unaudited)
3. | Capital Share Transactions (cont.) |
Baird Municipal Bond Fund (cont.)
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 145,679 | $ | 1,557,200 | 154,179 | $ | 1,647,500 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | 167 | 1,789 | 3,093 | 32,936 | ||||||||||||
Shares redeemed | (18 | ) | (191 | ) | (7,666 | ) | (82,337 | ) | ||||||||
Net increase | 145,828 | $ | 1,558,798 | 149,606 | $ | 1,598,099 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 152,492 | 2,886 | ||||||||||||||
End of period | 298,320 | 152,492 | ||||||||||||||
Total net increase | $ | 10,966,217 | $ | 13,790,744 |
During the six months ended June 30, 2021, the Funds satisfied purchase in-kind requests made by large institutional shareholders by transferring cash and securities into the Funds. The transfers were effected in accordance with policies and procedures approved by the Board. Consideration received and shares sold were as follows:
Six Months Ended June 30, 2021 | |||||||||
Value of Cash and | |||||||||
Fund | Effective Date | Securities Received | Shares Sold | ||||||
Baird Ultra Short Bond Fund – Institutional Class | January 27, 2021 | $ | 44,201,852 | 4,385,104 | |||||
Baird Intermediate Bond Fund – Institutional Class | March 29, 2021 | 49,293,543 | 4,312,646 |
4. | Investment Transactions and Income Tax Information |
During the six months ended June 30, 2021, purchases and sales of investment securities (excluding short-term investments and any in-kind transactions) were as follows:
U.S. Government Obligations | All Other | |||||||||||||||
Purchases | Sales | Purchases | Sales | |||||||||||||
Baird Ultra Short Bond Fund | $ | 592,812,890 | $ | 160,081,055 | $ | 2,310,803,188 | $ | 1,216,767,477 | ||||||||
Baird Short-Term Bond Fund | 1,764,202,145 | 1,326,008,886 | 1,938,969,798 | 1,685,008,332 | ||||||||||||
Baird Intermediate Bond Fund | 1,354,280,442 | 847,820,082 | 756,173,140 | 399,414,538 | ||||||||||||
Baird Aggregate Bond Fund | 6,108,092,955 | 3,217,187,715 | 3,923,739,282 | 2,609,177,855 | ||||||||||||
Baird Core Plus Bond Fund | 4,427,541,996 | 2,013,560,562 | 3,102,283,638 | 2,396,930,271 | ||||||||||||
Baird Short-Term Municipal Bond Fund | 191,323,062 | 140,211,640 | 394,470,237 | 262,522,282 | ||||||||||||
Baird Strategic Municipal Bond Fund | 7,224,852 | 7,194,516 | 150,276,528 | 70,546,130 | ||||||||||||
Baird Quality Intermediate Municipal Bond Fund | 37,625,469 | 37,663,125 | 156,344,669 | 106,839,143 | ||||||||||||
Baird Core Intermediate Municipal Bond Fund | 53,557,031 | 53,450,781 | 285,397,581 | 126,512,962 | ||||||||||||
Baird Municipal Bond Fund | 985,207 | 981,070 | 18,849,852 | 7,887,279 |
As of December 31, 2020, the components of distributable earnings (accumulated losses) for income tax purposes were as follows:
Baird | Baird | Baird | Baird | Baird | ||||||||||||||||
Ultra Short | Short-Term | Intermediate | Aggregate | Core Plus | ||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Bond Fund | ||||||||||||||||
Cost of investments | $ | 4,609,222,598 | $ | 9,073,462,528 | $ | 5,155,326,113 | $ | 31,348,903,035 | $ | 27,660,656,061 | ||||||||||
Gross unrealized appreciation | $ | 5,024,523 | $ | 140,867,477 | $ | 260,161,913 | $ | 1,954,418,458 | $ | 2,096,203,053 | ||||||||||
Gross unrealized depreciation | (1,589,497 | ) | (3,024,633 | ) | (9,091,689 | ) | (84,972,674 | ) | (77,845,848 | ) | ||||||||||
Net unrealized appreciation | 3,435,026 | 137,842,844 | 251,070,224 | 1,869,445,784 | 2,018,357,205 | |||||||||||||||
Undistributed ordinary income | 304,650 | 4,590,708 | �� | 2,334,292 | 2,065,275 | 2,205,220 | ||||||||||||||
Undistributed long-term capital gains | — | 5,002,305 | 2,607,990 | 2,065,275 | 2,205,220 | |||||||||||||||
Distributable earnings | 304,650 | 9,593,013 | 4,942,282 | |||||||||||||||||
Other accumulated losses | (7,843 | ) | — | — | (1,716,863 | ) | (734,237 | ) | ||||||||||||
Total distributable earnings | $ | 3,731,833 | $ | 147,435,857 | $ | 256,012,506 | $ | 1,869,794,196 | $ | 2,019,828,188 |
Page 212
Notes to the Financial Statements
June 30, 2021 (Unaudited)
4. | Investment Transactions and Income Tax Information (cont.) |
Baird | Baird | Baird Quality | Baird Core | |||||||||||||||||
Short-Term | Strategic | Intermediate | Intermediate | Baird | ||||||||||||||||
Municipal | Municipal | Municipal | Municipal | Municipal | ||||||||||||||||
Bond Fund | Bond Fund | Bond Fund | Bond Fund | Bond Fund | ||||||||||||||||
Cost of investments | $ | 1,546,271,044 | $ | 169,039,130 | $ | 1,407,129,876 | $ | 815,556,772 | $ | 21,499,898 | ||||||||||
Gross unrealized appreciation | $ | 28,172,854 | $ | 2,341,541 | $ | 78,118,542 | $ | 35,815,148 | $ | 742,596 | ||||||||||
Gross unrealized depreciation | (658,223 | ) | (130,592 | ) | (222,405 | ) | (366,835 | ) | (36,027 | ) | ||||||||||
Net unrealized appreciation | 27,514,631 | 2,210,949 | 77,896,137 | 35,448,313 | 706,569 | |||||||||||||||
Undistributed ordinary income | — | 384,213 | — | 221,028 | 49,950 | |||||||||||||||
Undistributed tax-exempt income | 524,675 | 60,230 | 700,056 | 384,177 | 11,169 | |||||||||||||||
Distributable earnings | 524,675 | 444,443 | 700,056 | 605,205 | 61,119 | |||||||||||||||
Other accumulated losses | (372,629 | ) | — | (10,042,213 | ) | (55,966 | ) | — | ||||||||||||
Total distributable earnings | $ | 27,666,677 | $ | 2,655,392 | $ | 68,553,980 | $ | 35,997,552 | $ | 767,688 |
The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and mark-to-market on passive foreign investment companies.
Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. Permanent differences are due to equalization, over distributions, miscellaneous book adjustments and net operating losses. These reclassifications have no effect on net assets or net asset value per share.
Distributions to Shareholders
Each Fund generally pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date.
The tax components of distributions paid during the periods shown below were as follows:
Six Months Ended June 30, 2021 | ||||||||||||
Ordinary | Tax-Exempt | |||||||||||
Fund | Income | Income | Total | |||||||||
Baird Ultra Short Bond Fund | $ | 14,560,163 | $ | — | $ | 14,560,163 | ||||||
Baird Short-Term Bond Fund | 54,036,978 | — | 54,036,978 | |||||||||
Baird Intermediate Bond Fund | 45,876,987 | — | 45,876,987 | |||||||||
Baird Aggregate Bond Fund | 318,805,735 | — | 318,805,735 | |||||||||
Baird Core Plus Bond Fund | 338,999,403 | — | 338,999,403 | |||||||||
Baird Short-Term Municipal Bond Fund | — | 10,478,734 | 10,478,734 | |||||||||
Baird Strategic Municipal Bond Fund | — | 1,185,593 | 1,185,593 | |||||||||
Baird Quality Intermediate Municipal Bond Fund | — | 14,154,185 | 14,154,185 | |||||||||
Baird Core Intermediate Municipal Bond Fund | — | 7,977,182 | 7,977,182 | |||||||||
Baird Municipal Bond Fund | — | 252,315 | 252,315 |
For the six months ended June 30, 2021, the table above reflects the estimated characterization of the distributions paid based on each Fund’s operating results for the period. The actual characterization of the distributions made during the period is not determined until after the end of the fiscal year.
Year Ended December 31, 2020 | ||||||||||||||||
Ordinary | Long-Term | Tax-Exempt | ||||||||||||||
Fund | Income | Capital Gains | Income | Total | ||||||||||||
Baird Ultra Short Bond Fund | $ | 38,111,687 | $ | — | $ | — | $ | 38,111,687 | ||||||||
Baird Short-Term Bond Fund | 185,540,551 | 22,134,129 | — | 207,674,680 | ||||||||||||
Baird Intermediate Bond Fund | 124,544,107 | 47,976,588 | — | 172,520,695 | ||||||||||||
Baird Aggregate Bond Fund | 785,940,815 | 199,757,752 | — | 985,698,567 | ||||||||||||
Baird Core Plus Bond Fund | 778,259,758 | 179,785,396 | — | 958,045,154 | ||||||||||||
Baird Short-Term Municipal Bond Fund | 105,949 | — | 18,530,229 | 18,636,178 | ||||||||||||
Baird Strategic Municipal Bond Fund | 986,026 | — | 916,171 | 1,902,197 | ||||||||||||
Baird Quality Intermediate Municipal Bond Fund | — | — | 27,499,082 | 27,499,082 | ||||||||||||
Baird Core Intermediate Municipal Bond Fund | 1,187,579 | 810,416 | 12,958,592 | 14,956,587 | ||||||||||||
Baird Municipal Bond Fund | 410,515 | — | 282,351 | 692,866 |
The Funds in the table above designated as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended December 31, 2020. To the extent necessary to fully distribute such capital gains, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.
At December 31, 2020, the following Funds deferred, on a tax basis, post-October losses and specified losses of:
Fund | Loss Deferral | |||
Baird Ultra Short Bond Fund | $ | 7,843 | ||
Baird Aggregate Bond Fund | 1,716,863 | |||
Baird Core Plus Bond Fund | 734,237 | |||
Baird Core Intermediate Municipal Bond Fund | 55,966 |
Page 213
Notes to the Financial Statements
June 30, 2021 (Unaudited)
4. | Investment Transactions and Income Tax Information (cont.) |
At December 31, 2020, accumulated net realized capital loss carryovers, if any, and the year(s) in which the capital loss carryovers expire were:
Capital Loss Carryover | Year of Expiration | |||||||||||
Fund | Short-term | Long-term | Short-term | Long-term | ||||||||
Baird Short-Term Municipal Bond Fund | $ | 372,629 | $ | — | Indefinitely | N/A | ||||||
Baird Quality Intermediate Municipal Bond Fund | 5,426,515 | 4,615,698 | Indefinitely | Indefinitely |
During the year ended December 31, 2020, the Baird Short-Term Bond Fund, Baird Intermediate Bond Fund, Baird Core Plus Bond Fund, and Baird Short-Term Municipal Bond Fund utilized capital loss carryover of $7,371,164, $9,020,920, $34,267,426, and $18,963, respectively.
5. | Investment Advisory and Other Agreements |
The Funds have entered into an Investment Advisory Agreement with Baird for the provision of investment advisory services. Pursuant to the Investment Advisory Agreement, the Advisor is entitled to receive a fee, calculated daily and payable monthly, at the annual rate of 0.25% for the Funds as applied to the respective Fund’s average daily net assets. Certain officers and employees of the Advisor are also officers of the Funds.
For Baird Ultra Short Bond Fund, the Advisor has contractually agreed to waive management fees in an amount equal to an annual rate of 0.15% of average daily net assets for the Fund, at least through April 30, 2022. The agreement may only be terminated prior to the end of this term by or with the consent of the Board.
For the six months ended June 30, 2021, the Advisor waived the following amount pursuant to the fee waiver agreement between the Advisor and the Company on behalf of the Baird Ultra Short Bond Fund:
Fund | Waived Amount | |||
Baird Ultra Short Bond Fund | $ | 3,950,055 |
These fees are not subject to recoupment by the Advisor.
The Funds have entered into an Administration Agreement with Baird. Under the Administration Agreement, the Advisor assumes and pays all expenses of the applicable Fund other than the investment advisory fees, fees under the 12b-1 plan, costs related to portfolio securities transactions and extraordinary or non-recurring expenses. Pursuant to the Administration Agreement, the Advisor is entitled to receive a fee, calculated daily and payable monthly, at the annual rate of 0.05% for the Funds as applied to the respective Fund’s average daily net assets.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, serves as transfer agent, administrator, and accounting services agent for the Funds. U.S. Bank, N.A. (“U.S. Bank”) serves as custodian for the Funds.
Robert W. Baird & Co. Incorporated (the “Distributor”) is the sole distributor of the Funds pursuant to a distribution agreement.
No commissions were earned by the Distributor for services rendered as a registered broker-dealer in securities transactions for the six months ended June 30, 2021 for the Funds.
The Funds may use related party broker-dealers. For the six months ended June 30, 2021, there were no brokerage commissions paid to broker-dealers affiliated with the Advisor. The Advisor or its affiliates may have lending, banking, brokerage, underwriting, or other business relationships with the issuers of the securities in which the Funds invest.
The Funds may purchase securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor. For the six months ended June 30, 2021, the Funds purchased the following amounts of such securities:
Fund | Purchases | |||
Baird Ultra Short Bond Fund | $ | 8,000,000 | ||
Baird Short-Term Municipal Bond Fund | 6,035,000 | |||
Baird Quality Intermediate Municipal Bond Fund | 1,905,000 | |||
Baird Core Intermediate Municipal Bond Fund | 3,635,000 |
6. | Line of Credit |
The Company maintains an uncommitted line of credit (“LOC”) with U.S. Bank to provide the sixteen Funds comprising the Company a temporary liquidity source to meet unanticipated redemptions. The LOC is unsecured at all times and is subject to certain restrictions and covenants. Under the terms of the LOC, borrowings for each Fund are limited to one third of the total eligible net assets (including the amount borrowed) of the respective Fund, or $850,000,000 of total borrowings for the Funds comprising the Company, whichever is less. U.S. Bank charges annualized interest at the greater of zero percent and the Prime Rate minus 2.00%. As of June 30, 2021, the Prime Rate was 3.25%. The LOC matures on May 23, 2022, unless renewed. The Company has authorized U.S. Bank to charge any of the accounts of the borrowing Fund subject to the agreement for any missed payments.
No borrowings occurred during the six months ended June 30, 2021 nor were any borrowings outstanding under the LOC as of June 30, 2021.
7. | Distribution and Shareholder Service Plan |
The Funds have adopted a distribution and shareholder service plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan allows the Funds to compensate the Distributor for the costs incurred in distributing the Funds’ Investor Class Shares, including amounts paid to brokers or dealers, at an annual rate of 0.25% of the average daily net assets of the Funds’ Investor Class Shares.
Page 214
Notes to the Financial Statements
June 30, 2021 (Unaudited)
7. | Distribution and Shareholder Service Plan (cont.) |
For the six months ended June 30, 2021, the Funds incurred fees pursuant to the Plan as follows:
Fund | ||||
Baird Ultra Short Bond Fund | $ | 237,534 | ||
Baird Short-Term Bond Fund | 269,957 | |||
Baird Intermediate Bond Fund | 61,030 | |||
Baird Aggregate Bond Fund | 1,244,656 | |||
Baird Core Plus Bond Fund | 2,699,550 | |||
Baird Short-Term Municipal Bond Fund | 117,470 | |||
Baird Strategic Municipal Bond Fund | 10,100 | |||
Baird Quality Intermediate Municipal Bond Fund | 66,022 | |||
Baird Core Intermediate Municipal Bond Fund | 28,484 | |||
Baird Municipal Bond Fund | 3,575 |
8. | Other Derivative Information |
As a principal investment strategy, the Baird Strategic Municipal Bond Fund may invest in U.S. Treasury futures contracts for duration and yield curve management or to manage market and interest rate risk. The Fund’s market risk related to its derivatives trading is influenced by a wide variety of factors, including the level and volatility of interest rates, the fair value of futures contracts, the diversification effects among the Fund’s open positions and the liquidity of the markets in which it trades.
Management has adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect a Fund’s Statement of Assets and Liabilities and Statement of Operations. Since the derivatives held long or short are for speculative trading purposes, the derivative instruments are not designated as hedging instruments. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open contracts from the preceding period, are recognized as part of realized and unrealized gain (loss) in the Statement of Operations.
The following table presents the fair value of derivative instruments for the Baird Strategic Municipal Bond Fund as of June 30, 2021 as presented on the Fund’s Statements of Assets and Liabilities:
Net Unrealized | ||||||||||||
Fair Value | Loss on Open | |||||||||||
Derivatives Not Accounted for as Hedging Instruments | Assets | Liabilities | Positions | |||||||||
Baird Strategic Municipal Bond Fund | ||||||||||||
U.S. Treasury futures contracts(a) | ||||||||||||
Short contracts | ||||||||||||
Interest rate | $ | — | $ | 66,813 | $ | (66,813 | ) | |||||
Total U.S. Treasury futures contracts | $ | — | $ | 66,813 | $ | (66,813 | ) |
(a) | Reflects the cumulative unrealized depreciation of futures contracts as reported in the Fund’s schedule of open futures contracts. Only the current day variation margin for futures contracts is separately reported within the Fund’s Statement of Assets and Liabilities. |
The following table presents the results of the derivative trading and information related to volume for the six months ended June 30, 2021 for the Baird Strategic Municipal Bond Fund. The below captions of “Net Realized” and “Net Change in Unrealized” correspond to the captions in the Fund’s Statement of Operations.
Gain (Loss) from Trading | ||||||||
Net | Net Change | |||||||
Fund and Type of Derivative Instrument | Realized | in Unrealized | ||||||
Baird Strategic Municipal Bond Fund | ||||||||
U.S. Treasury futures contracts | ||||||||
Interest rate | $ | 46,305 | $ | (66,813 | ) | |||
Total U.S. Treasury futures contracts | $ | 46,305 | $ | (66,813 | ) |
The average monthly notional amount is shown as an indicator of volume. The average monthly notional amounts during the six months ended June 30, 2021 were:
Average Notional Amount | ||||||||
Long Contracts | Short Contracts | |||||||
Baird Strategic Municipal Bond Fund | ||||||||
U.S. Treasury futures contracts | $ | 1,516,786 | $ | 8,021,540 |
Please refer to the Fund’s prospectus for a full listing of risks associated with these investments.
9. | Subsequent Events |
In preparing these financial statements, management has evaluated events after June 30, 2021. There were no subsequent events since June 30, 2021, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.
Page 215
Statement Regarding Liquidity Risk Management Program
June 30, 2021 (Unaudited)
In accordance with Rule 22e-4 under the Investment Company Act of 1940 (the “Rule”), Baird Funds, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for each series of the Company (each a “Fund” and collectively, the “Funds”) and to protect Fund shareholders from dilution of their interests. The Board of Directors (the “Board”) of the Company has appointed Robert W. Baird & Co. Incorporated (“Baird”), the Funds’ investment adviser, as the administrator of the Program. Baird has further delegated administration of the Program to its Liquidity Risk Management Committee (the “Committee”), consisting of officers of the Funds, senior portfolio managers of the Funds and the chief risk officer of Baird. The Program requires the Committee to provide an annual written report to the Board regarding the adequacy and effectiveness of the Program, including the operation of each Fund’s highly liquid investment minimum (“HLIM”), if applicable, and any material changes to the Program during the review period.
On February 24, 2021, the Board reviewed the Committee’s annual written report (the “Report”) for the period January 1, 2020 to December 31, 2020 (the “review period”). The Report provided a summary of the Committee’s assessment of each Fund’s liquidity risk, which is the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Committee’s assessment considered each Fund’s liquidity risk under both normal and reasonably foreseeable stressed market conditions using certain factors required by the Rule and the Program, to the extent deemed appropriate by the Committee.
The Funds have retained ICE Data Services (“ICE”), a third-party vendor, to provide a liquidity risk classification specified by the Rule (highly liquid, moderately liquid, less liquid or illiquid) for each portfolio investment held by the Funds, except with respect to any investments that are unclassified by ICE or that are classified by ICE but challenged by Baird, for which classifications are provided by the Committee. The Report noted that each Fund primarily held investments that were classified as highly liquid during the review period and that each Fund’s portfolio is expected to continue to primarily hold highly liquid investments. Thus, the Committee concluded in the Report that each Fund is considered a “primarily highly liquid fund” (as defined in the Rule and Program) and each Fund can therefore rely on the exclusion in the Rule from the requirements to establish an HLIM and to adopt policies and procedures for responding to a HLIM shortfall. The Report further noted that none of the Funds exceeded the 15% limitation on illiquid investments during the review period and the Company has established procedures to file the Funds’ Forms N-PORT on a timely basis. The Report stated that no material changes had been made to the Program since the Board’s last approval of the Program.
The Report noted no significant liquidity events impacting any of the Funds during the review period. The Committee concluded in the Report that the Program is adequately designed, has been effectively implemented, and is operating as intended to manage the liquidity risk of each Fund.
Page 216
Additional Information (Unaudited)
Proxy Voting
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds’ website at www.bairdfunds.com or by accessing the SEC’s website at www.sec.gov.
Each Fund’s proxy voting record for the most recent 12-month period ended June 30, if applicable, is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds’ website at www.bairdfunds.com or by accessing the SEC’s website at www.sec.gov. The Funds generally do not vote proxies because the securities held in their portfolios, consisting of bonds and other fixed-income securities, are not entitled to vote.
Portfolio Holdings Disclosure
The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds’ filings on Part F of Form N-PORT are available on the SEC’s website at www.sec.gov. The Funds’ Form N-PORT reports may also be obtained by calling toll-free 1-866-442-2473.
Page 217
Baird Funds, Inc.
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
1-866-442-2473
Board of Directors
John W. Feldt
Darren R. Jackson
Cory L. Nettles
Marlyn J. Spear (Chair)
Frederick P. Stratton, Jr.
Investment Advisor and Distributor
Robert W. Baird & Co. Incorporated
777 East Wisconsin Avenue
Milwaukee, WI 53202
Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
615 East Michigan Street
Milwaukee, WI 53202
Custodian
U.S. Bank, N.A.
1555 N. RiverCenter Drive, Suite 302
Milwaukee, WI 53212
Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee, WI 53202
Independent Registered Public
Accounting Firm
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, WI 53202
Semi-Annual Report –
Baird Funds
June 30, 2021
Baird MidCap Fund
Baird Small/Mid Cap Growth Fund
Baird Small/Mid Cap Value Fund
Baird SmallCap Value Fund
Chautauqua International Growth Fund
Chautauqua Global Growth Fund
Go Green. | Go Paperless. |
Sign up to receive your Baird Funds’ prospectuses and reports online.
Table of Contents
Baird MidCap Fund | 1 |
Baird Small/Mid Cap Growth Fund | 5 |
Baird Small/Mid Cap Value Fund | 9 |
Baird SmallCap Value Fund | 13 |
Chautauqua International Growth Fund | 17 |
Chautauqua Global Growth Fund | 21 |
Additional Information on Fund Expenses | 25 |
Statements of Assets and Liabilities | 26 |
Statements of Operations | 28 |
Statements of Changes in Net Assets | 30 |
Financial Highlights | 33 |
Notes to the Financial Statements | 39 |
Statement Regarding Liquidity Risk Management Program | 47 |
Additional Information | 48 |
This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.
Baird MidCap Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the Russell Midcap® Growth Index is shown below.
Top 10 Holdings(1) | Equity Sector Analysis(2) | ||
Generac Holdings, Inc. | 2.9% | ||
Pool Corp. | 2.7% | ||
Five Below, Inc. | 2.6% | ||
Keysight Technologies, Inc. | 2.5% | ||
IDEXX Laboratories, Inc. | 2.4% | ||
EPAM Systems, Inc. | 2.3% | ||
CDW Corp. | 2.3% | ||
Tractor Supply Co. | 2.3% | ||
Microchip Technology, Inc. | 2.3% | ||
DexCom, Inc. | 2.2% | ||
Net Assets: | $2,363,366,360 | ||
Portfolio Turnover Rate: | 20% | (5) | |
Number of Equity Holdings: | 56 | ||
Annualized Portfolio Expense Ratio(3): | |||
Gross | |||
Institutional Class: | 0.82% | ||
Investor Class: | 1.07%(4) | ||
Net | |||
Institutional Class: | 0.82% | ||
Investor Class: | 1.07% | (4) | |
(1) | The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund’s total net assets as of June 30, 2021. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding. |
(3) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.85% of average daily net assets for the Institutional Class shares and 1.10% of average daily net assets for the Investor Class shares, at least through April 30, 2022. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Not annualized. |
Page 1
Baird MidCap Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Five | Ten | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | 9.30% | 41.06% | 20.83% | 14.70% | 9.64% |
Investor Class Shares | 9.19% | 40.66% | 20.51% | 14.41% | 9.38% |
Russell Midcap® Growth Index(2) | 10.44% | 43.77% | 20.52% | 15.13% | 9.22% |
(1) | For the period from December 29, 2000 (inception date) through June 30, 2021. |
(2) | The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund focuses on growth-style stocks and therefore the performance of the Fund will typically be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. The Fund may invest up to 15% of its total assets in equity securities (consisting of common stock, ordinary shares and ADRs) of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations, political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of mid-capitalization companies. Mid-capitalization companies often are more volatile and face greater risks than larger, more established companies. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 2
Baird MidCap Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Aerospace & Defense | ||||||||||||
HEICO Corp. | 299,968 | $ | 41,821,539 | 1.8 | % | |||||||
Banks | ||||||||||||
Pinnacle Financial Partners, Inc. | 429,524 | 37,922,674 | 1.6 | % | ||||||||
Building Products | ||||||||||||
Advanced Drainage Systems, Inc. | 217,846 | 25,394,308 | 1.1 | % | ||||||||
Trex Co., Inc.(1) | 378,570 | 38,693,640 | 1.6 | % | ||||||||
64,087,948 | 2.7 | % | ||||||||||
Capital Markets | ||||||||||||
MSCI, Inc. | 89,504 | 47,712,792 | 2.0 | % | ||||||||
Commercial Services & Supplies | ||||||||||||
Copart, Inc.(1) | 369,463 | 48,706,307 | 2.1 | % | ||||||||
Distributors | ||||||||||||
Pool Corp. | 137,106 | 62,885,038 | 2.7 | % | ||||||||
Electrical Equipment | ||||||||||||
Generac Holdings, Inc.(1) | 165,425 | 68,676,189 | 2.9 | % | ||||||||
Rockwell Automation, Inc. | 100,054 | 28,617,445 | 1.2 | % | ||||||||
97,293,634 | 4.1 | % | ||||||||||
Electronic Equipment, | ||||||||||||
Instruments & Components | ||||||||||||
CDW Corp. | 315,257 | 55,059,635 | 2.3 | % | ||||||||
Keysight Technologies, Inc.(1) | 381,564 | 58,917,297 | 2.5 | % | ||||||||
113,976,932 | 4.8 | % | ||||||||||
Entertainment | ||||||||||||
Take-Two Interactive Software, Inc.(1) | 95,532 | 16,911,075 | 0.7 | % | ||||||||
Food Products | ||||||||||||
Lamb Weston Holdings, Inc. | 593,420 | 47,865,257 | 2.0 | % | ||||||||
Health Care Equipment & Supplies | ||||||||||||
Align Technology, Inc.(1) | 38,131 | 23,298,041 | 1.0 | % | ||||||||
Cooper Cos., Inc. | 71,029 | 28,146,662 | 1.2 | % | ||||||||
DexCom, Inc.(1) | 123,868 | 52,891,636 | 2.2 | % | ||||||||
IDEXX Laboratories, Inc.(1) | 88,264 | 55,743,129 | 2.4 | % | ||||||||
Insulet Corp.(1) | 170,229 | 46,729,563 | 2.0 | % | ||||||||
ResMed, Inc. | 194,930 | 48,054,143 | 2.0 | % | ||||||||
254,863,174 | 10.8 | % | ||||||||||
Health Care Technology | ||||||||||||
Veeva Systems, Inc.(1) | 169,792 | 52,796,822 | 2.2 | % | ||||||||
Hotels, Restaurants & Leisure | ||||||||||||
Chipotle Mexican Grill, Inc.(1) | 31,147 | 48,288,440 | 2.0 | % | ||||||||
Household Durables | ||||||||||||
DR Horton, Inc. | 362,165 | 32,728,851 | 1.4 | % | ||||||||
Internet & Direct Marketing Retail | ||||||||||||
Etsy, Inc.(1) | 156,705 | 32,256,157 | 1.4 | % | ||||||||
IT Services | ||||||||||||
Broadridge Financial Solutions, Inc. | 216,782 | 35,016,797 | 1.5 | % | ||||||||
EPAM Systems, Inc.(1) | 108,118 | 55,243,973 | 2.3 | % | ||||||||
Euronet Worldwide, Inc.(1) | 275,272 | 37,258,065 | 1.6 | % | ||||||||
Globant SA(1) | 103,448 | 22,673,733 | 1.0 | % | ||||||||
VeriSign, Inc.(1) | 166,825 | 37,984,384 | 1.6 | % | ||||||||
188,176,952 | 8.0 | % | ||||||||||
Life Sciences Tools & Services | ||||||||||||
ICON PLC(1)(2) | 211,658 | 43,751,825 | 1.8 | % | ||||||||
Repligen Corp.(1) | 235,263 | 46,963,200 | 2.0 | % | ||||||||
90,715,025 | 3.8 | % | ||||||||||
Machinery | ||||||||||||
Graco, Inc. | 487,481 | 36,902,312 | 1.6 | % | ||||||||
IDEX Corp. | 161,195 | 35,470,960 | 1.5 | % | ||||||||
Ingersoll Rand, Inc.(1) | 752,219 | 36,715,809 | 1.5 | % | ||||||||
RBC Bearings, Inc.(1) | 163,305 | 32,566,283 | 1.4 | % | ||||||||
141,655,364 | 6.0 | % | ||||||||||
Pharmaceuticals | ||||||||||||
Catalent, Inc.(1) | 366,872 | 39,666,201 | 1.7 | % | ||||||||
Jazz Pharmaceuticals PLC(1) | 132,740 | 23,579,933 | 1.0 | % | ||||||||
63,246,134 | 2.7 | % | ||||||||||
Professional Services | ||||||||||||
CoStar Group, Inc.(1) | 431,030 | 35,697,905 | 1.5 | % | ||||||||
TransUnion | 418,948 | 46,004,680 | 1.9 | % | ||||||||
81,702,585 | 3.4 | % | ||||||||||
Road & Rail | ||||||||||||
J.B. Hunt Transport Services, Inc. | 187,258 | 30,513,691 | 1.3 | % | ||||||||
Semiconductors & | ||||||||||||
Semiconductor Equipment | ||||||||||||
Lattice Semiconductor Corp.(1) | 530,885 | 29,825,119 | 1.3 | % | ||||||||
Microchip Technology, Inc. | 355,553 | 53,240,506 | 2.3 | % | ||||||||
Monolithic Power Systems, Inc. | 135,523 | 50,611,065 | 2.1 | % | ||||||||
133,676,690 | 5.7 | % | ||||||||||
Software | ||||||||||||
ANSYS, Inc.(1) | 126,377 | 43,860,401 | 1.9 | % | ||||||||
Aspen Technology, Inc.(1) | 246,516 | 33,905,811 | 1.4 | % | ||||||||
Cadence Design System, Inc.(1) | 175,900 | 24,066,638 | 1.0 | % | ||||||||
Paycom Software, Inc.(1) | 136,669 | 49,675,081 | 2.1 | % | ||||||||
PTC, Inc.(1) | 306,337 | 43,273,165 | 1.8 | % | ||||||||
Synopsys, Inc.(1) | 173,387 | 47,818,401 | 2.0 | % | ||||||||
Tyler Technologies, Inc.(1) | 107,227 | 48,506,278 | 2.1 | % | ||||||||
291,105,775 | 12.3 | % | ||||||||||
Specialty Retail | ||||||||||||
Five Below, Inc.(1) | 324,364 | 62,689,830 | 2.6 | % | ||||||||
Floor & Decor Holdings, Inc.(1) | �� | 362,237 | 38,288,451 | 1.6 | % | |||||||
Tractor Supply Co. | 293,549 | 54,617,727 | 2.3 | % | ||||||||
Williams-Sonoma, Inc. | 187,036 | 29,860,298 | 1.3 | % | ||||||||
185,456,306 | 7.8 | % | ||||||||||
Technology Hardware, | ||||||||||||
Storage & Peripherals | ||||||||||||
NCR Corp.(1) | 814,964 | 37,170,508 | 1.6 | % | ||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||
Deckers Outdoor Corp.(1) | 66,150 | 25,406,231 | 1.1 | % | ||||||||
Trading Companies & Distributors | ||||||||||||
Fastenal Co. | 676,496 | 35,177,792 | 1.5 | % | ||||||||
Total Common Stocks | ||||||||||||
(Cost $1,352,845,402) | 2,304,119,693 | 97.5 | % |
The accompanying notes are an integral part of these financial statements.
Page 3
Baird MidCap Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 0.03%(3) | 62,119,885 | $ | 62,119,885 | 2.6 | % | |||||||
Total Short-Term Investment | ||||||||||||
(Cost $62,119,885) | 62,119,885 | 2.6 | % | |||||||||
Total Investments | ||||||||||||
(Cost $1,414,965,287) | 2,366,239,578 | 100.1 | % | |||||||||
Liabilities in Excess of Other Assets | (2,873,218 | ) | (0.1 | )% | ||||||||
TOTAL NET ASSETS | $ | 2,363,366,360 | 100.0 | % |
Notes to Schedule of Investments
(1) | Non-Income Producing. |
(2) | Foreign Security. |
(3) | Seven-Day Yield. |
Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS®). GICS® was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 2,304,119,693 | $ | — | $ | — | $ | 2,304,119,693 | ||||||||
Total Equity | 2,304,119,693 | — | — | 2,304,119,693 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 62,119,885 | — | — | 62,119,885 | ||||||||||||
Total Short-Term Investment | 62,119,885 | — | — | 62,119,885 | ||||||||||||
Total Investments* | $ | 2,366,239,578 | $ | — | $ | — | $ | 2,366,239,578 |
* | Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 4
Baird Small/Mid Cap Growth Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the Russell 2500® Growth Index is shown below.
Top 10 Holdings(1) | Equity Sector Analysis(2) | ||
Pool Corp. | 2.9% | ||
Five Below, Inc. | 2.5% | ||
MasTec, Inc. | 2.3% | ||
Monolithic Power Systems, Inc. | 2.3% | ||
Insulet Corp. | 2.2% | ||
Trex Co., Inc. | 2.1% | ||
PTC, Inc. | 2.1% | ||
SiteOne Landscape Supply, Inc. | 2.0% | ||
Repligen Corp. | 2.1% | ||
Floor & Decor Holdings, Inc. | 2.0% | ||
Net Assets: | $113,671,806 | ||
Portfolio Turnover Rate: | 32% | (5) | |
Number of Equity Holdings: | 65 | ||
Annualized Portfolio Expense Ratio(3): | |||
Gross | |||
Institutional Class: | 1.43% | ||
Investor Class: | 1.68% | (4) | |
Net | |||
Institutional Class: | 0.85% | ||
Investor Class: | 1.10% | (4) | |
(1) | The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund’s total net assets as of June 30, 2021. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding. |
(3) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.85% of average daily net assets for the Institutional Class shares and 1.10% of average daily net assets for the Investor Class shares, at least through April 30, 2022. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Not annualized. |
Page 5
Baird Small/Mid Cap Growth Fund
June 30, 2021 (Unaudited)
Total Returns
Average | |||
Annual | |||
Six | One | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Inception(1) |
Institutional Class Shares | 11.50% | 48.25% | 29.15% |
Investor Class Shares | 11.36% | 47.56% | 28.70% |
Russell 2500® Growth Index(2) | 8.67% | 49.63% | 25.71% |
(1) | For the period from October 31, 2018 (inception date) through June 30, 2021. |
(2) | The Russell 2500® Growth Index measures the performance of the Small-to-Mid Cap Growth segment of the U.S. equity universe. It includes those Russell 2500® Index companies with higher price-to-book ratios and higher forecasted growth values. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund focuses on growth-style stocks and therefore the performance of the Fund will typically be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. The Fund may invest up to 15% of its total assets in equity securities (consisting of common stock, ordinary shares and ADRs) of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations, political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of small- and mid-capitalization companies. Small- and mid-capitalization companies often are more volatile and face greater risks than larger, more established companies. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 6
Baird Small/Mid Cap Growth Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Banks | ||||||||||||
Western Alliance Bancorp | 17,268 | $ | 1,603,334 | 1.4 | % | |||||||
Biotechnology | ||||||||||||
Avid Bioservices, Inc.(1) | 47,491 | 1,218,144 | 1.1 | % | ||||||||
Halozyme Therapeutics, Inc.(1) | 40,568 | 1,842,193 | 1.6 | % | ||||||||
Heron Therapeutics, Inc.(1) | 44,233 | 686,496 | 0.6 | % | ||||||||
3,746,833 | 3.3 | % | ||||||||||
Building Products | ||||||||||||
Advanced Drainage Systems, Inc. | 12,647 | 1,474,261 | 1.3 | % | ||||||||
Lennox International, Inc. | 3,261 | 1,143,959 | 1.0 | % | ||||||||
Trex Co., Inc.(1) | 23,852 | 2,437,913 | 2.1 | % | ||||||||
5,056,133 | 4.4 | % | ||||||||||
Capital Markets | �� | |||||||||||
Focus Financial Partners, Inc.(1) | 21,830 | 1,058,755 | 0.9 | % | ||||||||
Commercial Services & Supplies | ||||||||||||
IAA, Inc.(1) | 31,287 | 1,706,393 | 1.5 | % | ||||||||
Construction & Engineering | ||||||||||||
MasTec, Inc.(1) | 24,588 | 2,608,787 | 2.3 | % | ||||||||
WillScot Mobile Mini Holdings Corp.(1) | 62,847 | 1,751,546 | 1.5 | % | ||||||||
4,360,333 | 3.8 | % | ||||||||||
Distributors | ||||||||||||
Pool Corp. | 7,194 | 3,299,600 | 2.9 | % | ||||||||
Diversified Consumer Services | ||||||||||||
Terminix Global Holdings, Inc.(1) | 23,955 | 1,142,893 | 1.0 | % | ||||||||
Electronic Equipment, | ||||||||||||
Instruments & Components | ||||||||||||
Cognex Corp. | 16,220 | 1,363,291 | 1.2 | % | ||||||||
Littelfuse, Inc. | 6,891 | 1,755,758 | 1.5 | % | ||||||||
3,119,049 | 2.7 | % | ||||||||||
Equity Real Estate | ||||||||||||
Investment Trusts (REITs) | ||||||||||||
National Storage Affiliates Trust | 30,441 | 1,539,097 | 1.4 | % | ||||||||
Food Products | ||||||||||||
Lamb Weston Holdings, Inc. | 25,017 | 2,017,871 | 1.8 | % | ||||||||
Health Care Equipment & Supplies | ||||||||||||
CONMED Corp. | 11,454 | 1,574,123 | 1.4 | % | ||||||||
Insulet Corp.(1) | 9,030 | 2,478,826 | 2.2 | % | ||||||||
Masimo Corp.(1) | 5,872 | 1,423,666 | 1.3 | % | ||||||||
Shockwave Medical, Inc.(1) | 8,375 | 1,588,989 | 1.4 | % | ||||||||
STAAR Surgical Co.(1) | 10,142 | 1,546,655 | 1.4 | % | ||||||||
8,612,259 | 7.7 | % | ||||||||||
Health Care Providers & Services | ||||||||||||
Innovage Holding Corp.(1) | 33,473 | 713,310 | 0.6 | % | ||||||||
LHC Group, Inc.(1) | 10,913 | 2,185,437 | 1.9 | % | ||||||||
2,898,747 | 2.5 | % | ||||||||||
Health Care Technology | ||||||||||||
Inspire Medical Systems, Inc.(1) | 7,208 | 1,393,018 | 1.2 | % | ||||||||
Phreesia, Inc.(1) | 26,464 | 1,622,243 | 1.4 | % | ||||||||
Vocera Communications, Inc.(1) | 24,520 | 977,122 | 0.9 | % | ||||||||
3,992,383 | 3.5 | % | ||||||||||
Household Durables | ||||||||||||
LGI Homes, Inc.(1) | 11,919 | 1,930,163 | 1.7 | % | ||||||||
Insurance | ||||||||||||
Kinsale Capital Group, Inc. | 5,259 | 866,525 | 0.8 | % | ||||||||
IT Services | ||||||||||||
Endava PLC – ADR(1)(2) | 16,754 | 1,899,569 | 1.7 | % | ||||||||
Euronet Worldwide, Inc.(1) | 16,069 | 2,174,938 | 1.9 | % | ||||||||
Globant SA(1) | 7,738 | 1,696,015 | 1.5 | % | ||||||||
Shift4 Payments, Inc.(1) | 10,229 | 958,662 | 0.8 | % | ||||||||
WNS Holdings Ltd. – ADR(1)(2) | 14,741 | 1,177,364 | 1.0 | % | ||||||||
7,906,548 | 6.9 | % | ||||||||||
Life Sciences Tools & Services | ||||||||||||
ICON PLC(1)(2) | 9,439 | 1,951,136 | 1.7 | % | ||||||||
Repligen Corp.(1) | 11,647 | 2,324,974 | 2.1 | % | ||||||||
4,276,110 | 3.8 | % | ||||||||||
Machinery | ||||||||||||
Kadant, Inc. | 6,122 | 1,078,023 | 0.9 | % | ||||||||
Kornit Digital Ltd.(1)(2) | 11,123 | 1,382,923 | 1.2 | % | ||||||||
RBC Bearings, Inc.(1) | 7,149 | 1,425,653 | 1.3 | % | ||||||||
Toro Co. | 16,444 | 1,806,866 | 1.6 | % | ||||||||
5,693,465 | 5.0 | % | ||||||||||
Pharmaceuticals | ||||||||||||
Catalent, Inc.(1) | 18,631 | 2,014,384 | 1.8 | % | ||||||||
Jazz Pharmaceuticals PLC(1) | 8,158 | 1,449,187 | 1.3 | % | ||||||||
Revance Therapeutics, Inc.(1) | 36,420 | 1,079,489 | 0.9 | % | ||||||||
4,543,060 | 4.0 | % | ||||||||||
Semiconductors & | ||||||||||||
Semiconductor Equipment | ||||||||||||
Lattice Semiconductor Corp.(1) | 27,772 | 1,560,231 | 1.4 | % | ||||||||
Monolithic Power Systems, Inc. | 6,850 | 2,558,132 | 2.3 | % | ||||||||
4,118,363 | 3.7 | % | ||||||||||
Software | ||||||||||||
Aspen Technology, Inc.(1) | 13,797 | 1,897,639 | 1.7 | % | ||||||||
Avalara, Inc.(1) | 12,683 | 2,052,110 | 1.8 | % | ||||||||
Descartes Systems Group, Inc.(1)(2) | 25,950 | 1,794,702 | 1.6 | % | ||||||||
Five9, Inc.(1) | 9,229 | 1,692,506 | 1.5 | % | ||||||||
Paylocity Holding Corp.(1) | 10,435 | 1,990,999 | 1.8 | % | ||||||||
PTC, Inc.(1) | 17,098 | 2,415,264 | 2.1 | % | ||||||||
Q2 Holdings, Inc.(1) | 15,349 | 1,574,500 | 1.4 | % | ||||||||
Qualtrics International, Inc.(1) | 30,640 | 1,171,980 | 1.0 | % | ||||||||
Smartsheet, Inc.(1) | 19,423 | 1,404,671 | 1.2 | % | ||||||||
Tyler Technologies, Inc.(1) | 4,704 | 2,127,949 | 1.9 | % | ||||||||
Upland Software, Inc.(1) | 30,135 | 1,240,658 | 1.1 | % | ||||||||
Zendesk, Inc.(1) | 12,663 | 1,827,777 | 1.6 | % | ||||||||
21,190,755 | 18.7 | % | ||||||||||
Specialty Retail | ||||||||||||
Five Below, Inc.(1) | 14,664 | 2,834,111 | 2.5 | % | ||||||||
Floor & Decor Holdings, Inc.(1) | 21,058 | 2,225,831 | 2.0 | % | ||||||||
Leslie’s, Inc.(1) | 40,800 | 1,121,592 | 1.0 | % | ||||||||
Williams-Sonoma, Inc. | 9,460 | 1,510,289 | 1.3 | % | ||||||||
7,691,823 | 6.8 | % | ||||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||
NCR Corp.(1) | 32,975 | 1,503,990 | 1.3 | % | ||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||
Crocs, Inc.(1) | 11,726 | 1,366,314 | 1.2 | % | ||||||||
Deckers Outdoor Corp.(1) | 4,993 | 1,917,661 | 1.7 | % | ||||||||
3,283,975 | 2.9 | % | ||||||||||
Trading Companies & Distributors | ||||||||||||
SiteOne Landscape Supply, Inc.(1) | 13,758 | 2,328,679 | 2.0 | % | ||||||||
Total Common Stocks | ||||||||||||
(Cost $92,145,186) | 109,487,136 | 96.4 | % |
The accompanying notes are an integral part of these financial statements.
Page 7
Baird Small/Mid Cap Growth Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 0.03%(3) | 2,314,342 | $ | 2,314,342 | 2.0 | % | |||||||
Total Short-Term Investment | ||||||||||||
(Cost $2,314,342) | 2,314,342 | 2.0 | % | |||||||||
Total Investments | ||||||||||||
(Cost $94,459,528) | 111,801,478 | 98.4 | % | |||||||||
Other Assets in Excess of Liabilities | 1,870,328 | 1.6 | % | |||||||||
TOTAL NET ASSETS | $ | 113,671,806 | 100.0 | % |
Notes to Schedule of Investments
(1) | Non-Income Producing. |
(2) | Foreign Security. |
(3) | Seven-Day Yield. |
ADR – American Depository Receipt
Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS®). GICS® was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 109,487,136 | $ | — | $ | — | $ | 109,487,136 | ||||||||
Total Equity | 109,487,136 | — | — | 109,487,136 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 2,314,342 | — | — | 2,314,342 | ||||||||||||
Total Short-Term Investment | 2,314,342 | — | — | 2,314,342 | ||||||||||||
Total Investments* | $ | 111,801,478 | $ | — | $ | — | $ | 111,801,478 |
* | Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 8
Baird Small/Mid Cap Value Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the Russell 2500® Value Index is shown below.
Top 10 Holdings(1) | Equity Sector Analysis(2) | ||
Laboratory Corp. of America Holdings | 3.1% | ||
j2 Global, Inc. | 2.9% | ||
Shyft Group, Inc. | 2.7% | ||
Atlantica Yield PLC | 2.6% | ||
American Financial Group, Inc. | 2.6% | ||
Enterprise Financial Services Corp. | 2.4% | ||
Silicon Motion Technology Corp. | 2.4% | ||
Arko Corp. | 2.4% | ||
JOANN, Inc. | 2.4% | ||
Algonquin Power & Utilities Corp. | 2.4% | ||
Net Assets: | $31,411,887 | ||
Portfolio Turnover Rate: | 22% | (5) | |
Number of Equity Holdings: | 56 | ||
Annualized Portfolio Expense Ratio(3): | |||
Gross | |||
Institutional Class: | 1.65% | ||
Investor Class: | 1.90% | (4) | |
Net | |||
Institutional Class: | 0.85% | ||
Investor Class: | 1.10% | (4) | |
(1) | The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund’s total net assets as of June 30, 2021. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding. |
(3) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.85% of average daily net assets for the Institutional Class shares and 1.10% of average daily net assets for the Investor Class shares, at least through April 30, 2022. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Not annualized. |
Page 9
Baird Small/Mid Cap Value Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | 12.37% | 38.41% | 4.26% | 7.57% | 6.61% |
Investor Class Shares | 12.21% | 37.89% | 3.95% | 7.26% | 6.31% |
Russell 2500® Value Index(2) | 22.68% | 63.23% | 10.60% | 12.29% | 11.51% |
(1) | For the period from November 30, 2015 (inception date) through June 30, 2021. |
(2) | The Russell 2500® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2500® Index companies with lower price-to-book ratios and lower forecasted growth values. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund focuses on small to mid cap value style stocks and therefore the performance of the Fund may be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. The Fund may invest up to 15% of its total assets in equity securities (consisting of common stock, ordinary shares and ADRs) of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of small- and mid-capitalization companies. Small- and mid-capitalization companies often are more volatile and face greater risks than larger, more established companies. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 10
Baird Small/Mid Cap Value Fund
June 30, 2021 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Air Freight & Logistics | ||||||||||||
Air Transport Services Group, Inc.(1) | 23,646 | $ | 549,297 | 1.8 | % | |||||||
Automobiles | ||||||||||||
Thor Industries, Inc. | 3,987 | 450,531 | 1.4 | % | ||||||||
Banks | ||||||||||||
Enterprise Financial Services Corp. | 16,380 | 759,868 | 2.4 | % | ||||||||
Huntington Bancshares, Inc. | 31,595 | 450,861 | 1.5 | % | ||||||||
Peoples Bancorp, Inc. | 16,147 | 478,274 | 1.5 | % | ||||||||
1,689,003 | 5.4 | % | ||||||||||
Chemicals | ||||||||||||
Avient Corp. | 11,750 | 577,630 | 1.8 | % | ||||||||
Element Solutions, Inc. | 20,959 | 490,021 | 1.6 | % | ||||||||
Huntsman Corp. | 11,990 | 317,975 | 1.0 | % | ||||||||
1,385,626 | 4.4 | % | ||||||||||
Commercial Services & Supplies | ||||||||||||
ACCO Brands Corp. | 51,679 | 445,990 | 1.4 | % | ||||||||
Communications Equipment | ||||||||||||
Ciena Corp.(1) | 6,954 | 395,613 | 1.3 | % | ||||||||
Electrical Equipment | ||||||||||||
nVent Electric PLC | 17,219 | 537,922 | 1.7 | % | ||||||||
Energy Equipment & Services | ||||||||||||
Select Energy Services, Inc.(1) | 38,871 | 234,781 | 0.7 | % | ||||||||
Solaris Oilfield Infrastructure, Inc. – Class A | 25,021 | 243,704 | 0.8 | % | ||||||||
478,485 | 1.5 | % | ||||||||||
Equity Real Estate Investment Trusts (REITs) | ||||||||||||
Agree Realty Corp. | 9,081 | 640,120 | 2.0 | % | ||||||||
Alpine Income Property Trust, Inc. | 25,907 | 492,751 | 1.6 | % | ||||||||
Gaming and Leisure Properties, Inc. | 12,473 | 577,874 | 1.8 | % | ||||||||
Host Hotels & Resorts, Inc.(1) | 26,833 | 458,576 | 1.5 | % | ||||||||
National Retail Properties, Inc. | 12,364 | 579,624 | 1.8 | % | ||||||||
RLJ Lodging Trust | 40,844 | 622,055 | 2.0 | % | ||||||||
3,371,000 | 10.7 | % | ||||||||||
Food Products | ||||||||||||
Nomad Foods Ltd.(1)(2) | 21,426 | 605,713 | 1.9 | % | ||||||||
Health Care Providers & Services | ||||||||||||
DaVita, Inc.(1) | 4,491 | 540,851 | 1.7 | % | ||||||||
Laboratory Corp. of America Holdings(1) | 3,482 | 960,510 | 3.1 | % | ||||||||
1,501,361 | 4.8 | % | ||||||||||
Hotels, Restaurants & Leisure | ||||||||||||
Six Flags Entertainment Corp.(1) | 10,449 | 452,233 | 1.4 | % | ||||||||
Household Durables | ||||||||||||
Helen of Troy Ltd.(1) | 1,279 | 291,765 | 0.9 | % | ||||||||
Independent Power and | ||||||||||||
Renewable Electricity Producers | ||||||||||||
Atlantica Yield PLC(2) | 22,316 | 830,601 | 2.6 | % | ||||||||
Insurance | ||||||||||||
American Financial Group, Inc. | 6,619 | 825,523 | 2.6 | % | ||||||||
Argo Group International Holdings Ltd. | 10,490 | 543,697 | 1.8 | % | ||||||||
Fidelity National Financial, Inc. | 14,590 | 634,081 | 2.0 | % | ||||||||
Old Republic International Corp. | 17,921 | 446,412 | 1.4 | % | ||||||||
2,449,713 | 7.8 | % | ||||||||||
Machinery | ||||||||||||
Shyft Group, Inc. | 22,687 | 848,720 | 2.7 | % | ||||||||
Mortgage Real Estate | ||||||||||||
Investment Trusts (REITs) | ||||||||||||
Blackstone Mortgage Trust, Inc. | 14,612 | 465,977 | 1.5 | % | ||||||||
Multi-Utilities | ||||||||||||
Algonquin Power & Utilities Corp.(2) | 49,586 | 737,840 | 2.4 | % | ||||||||
Oil, Gas & Consumable Fuels | ||||||||||||
Cabot Oil & Gas Corporation | 29,796 | 520,238 | 1.7 | % | ||||||||
Devon Energy Corp. | 15,110 | 441,061 | 1.4 | % | ||||||||
Diamondback Energy, Inc. | 3,695 | 346,924 | 1.1 | % | ||||||||
1,308,223 | 4.2 | % | ||||||||||
Professional Services | ||||||||||||
Acacia Research Corp.(1) | 36,409 | 246,125 | 0.8 | % | ||||||||
CACI International, Inc.(1) | 1,803 | 459,981 | 1.5 | % | ||||||||
Leidos Holdings, Inc. | 6,178 | 624,596 | 2.0 | % | ||||||||
Science Applications International Corp. | 6,519 | 571,912 | 1.8 | % | ||||||||
1,902,614 | 6.1 | % | ||||||||||
Road & Rail | ||||||||||||
Knight-Swift Transportation Holdings, Inc. | 12,611 | 573,295 | 1.8 | % | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||
Silicon Motion Technology Corp. – ADR(2) | 11,837 | 758,752 | 2.4 | % | ||||||||
Software | ||||||||||||
Cerence, Inc.(1) | 3,976 | 424,279 | 1.4 | % | ||||||||
j2 Global, Inc.(1) | 6,730 | 925,711 | 2.9 | % | ||||||||
1,349,990 | 4.3 | % | ||||||||||
Specialty Retail | ||||||||||||
Arko Corp.(1) | 81,987 | 753,460 | 2.4 | % | ||||||||
Haverty Furniture Companies, Inc. | 6,747 | 288,502 | 0.9 | % | ||||||||
JOANN, Inc. | 47,721 | 751,606 | 2.4 | % | ||||||||
Kirkland’s, Inc.(1) | 16,581 | 379,373 | 1.2 | % | ||||||||
OneWater Marine, Inc. | 11,933 | 501,544 | 1.6 | % | ||||||||
Tractor Supply Co. | 3,721 | 692,329 | 2.2 | % | ||||||||
Williams-Sonoma, Inc. | 4,607 | 735,508 | 2.4 | % | ||||||||
4,102,322 | 13.1 | % | ||||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||
Immersion Corp.(1) | 72,087 | 632,203 | 2.0 | % | ||||||||
NCR Corp.(1) | 6,316 | 288,073 | 0.9 | % | ||||||||
920,276 | 2.9 | % | ||||||||||
Thrifts & Mortgage Finance | ||||||||||||
Axos Financial, Inc.(1) | 15,858 | 735,652 | 2.3 | % | ||||||||
Essent Group Ltd. | 13,500 | 606,825 | 1.9 | % | ||||||||
Merchants Bancorp | 17,462 | 685,209 | 2.2 | % | ||||||||
Meta Financial Group, Inc. | 6,019 | 304,742 | 1.0 | % | ||||||||
2,332,428 | 7.4 | % | ||||||||||
Total Common Stocks | ||||||||||||
(Cost $25,033,302) | 30,735,290 | 97.8 | % |
The accompanying notes are an integral part of these financial statements.
Page 11
Baird Small/Mid Cap Value Fund
June 30, 2021 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 0.03%(3) | 616,788 | $ | 616,788 | 2.0 | % | |||||||
Total Short-Term Investment | ||||||||||||
(Cost $616,788) | 616,788 | 2.0 | % | |||||||||
Total Investments | ||||||||||||
(Cost $25,650,090) | 31,352,078 | 99.8 | % | |||||||||
Other Assets in Excess of Liabilities | 59,809 | 0.2 | % | |||||||||
TOTAL NET ASSETS | $ | 31,411,887 | 100.0 | % |
Notes to Schedule of Investments
(1) | Non-Income Producing. |
(2) | Foreign Security. |
(3) | Seven-Day Yield. |
ADR – American Depository Receipt
Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS®). GICS® was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 30,735,290 | $ | — | $ | — | $ | 30,735,290 | ||||||||
Total Equity | 30,735,290 | — | — | 30,735,290 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 616,788 | — | — | 616,788 | ||||||||||||
Total Short-Term Investment | 616,788 | — | — | 616,788 | ||||||||||||
Total Investments* | $ | 31,352,078 | $ | — | $ | — | $ | 31,352,078 |
* | Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 12
Baird SmallCap Value Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the Russell 2000® Value Index is shown below.
Top 10 Holdings(1) | Equity Sector Analysis(2) | ||
j2 Global, Inc. | 4.4% | ||
Atlantica Yield PLC | 3.9% | ||
Merchants Bancorp | 3.1% | ||
Axos Financial, Inc. | 2.7% | ||
Immersion Corp. | 2.5% | ||
Preferred Bank | 2.5% | ||
Silicon Motion Technology Corp. | 2.5% | ||
Arko Corp. | 2.5% | ||
Cerence, Inc. | 2.4% | ||
Meta Financial Group, Inc. | 2.4% | ||
Net Assets: | $36,195,246 | ||
Portfolio Turnover Rate: | 35% | (5) | |
Number of Equity Holdings: | 53 | ||
Annualized Portfolio Expense Ratio(3): | |||
Gross | |||
Institutional Class: | 1.64% | ||
Investor Class: | 1.89% | (4) | |
Net | |||
Institutional Class: | 0.95% | ||
Investor Class: | 1.20% | (4) | |
(1) | The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund’s total net assets as of June 30, 2021. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding. |
(3) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.95% of average daily net assets for the Institutional Class shares and 1.20% of average daily net assets for the Investor Class shares, at least through April 30, 2022. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Not annualized. |
Page 13
Baird SmallCap Value Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | 12.34% | 40.86% | 4.07% | 7.93% | 8.67% |
Investor Class Shares | 12.18% | 40.42% | 3.78% | 7.65% | 8.39% |
Russell 2000® Value Index(2) | 26.69% | 73.28% | 10.27% | 13.62% | 11.87% |
(1) | For the period from May 1, 2012 (inception date) through June 30, 2021. |
(2) | The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund focuses on small cap value style stocks and therefore the performance of the Fund may be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. The Fund may invest up to 15% of its total assets in equity securities (consisting of common stock, ordinary shares and ADRs) of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of small-capitalization companies. Small-capitalization companies often are more volatile and face greater risks than larger, more established companies. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 14
Baird SmallCap Value Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Air Freight & Logistics | ||||||||||||
Air Transport Services Group, Inc.(1) | 26,666 | $ | 619,451 | 1.7 | % | |||||||
Automobiles | ||||||||||||
Thor Industries, Inc. | 5,064 | 572,232 | 1.6 | % | ||||||||
Banks | ||||||||||||
Enterprise Financial Services Corp. | 14,913 | 691,814 | 1.9 | % | ||||||||
Peoples Bancorp, Inc. | 10,651 | 315,483 | 0.9 | % | ||||||||
Preferred Bank | 14,323 | 906,216 | 2.5 | % | ||||||||
1,913,513 | 5.3 | % | ||||||||||
Chemicals | ||||||||||||
Avient Corp. | 15,692 | 771,419 | 2.1 | % | ||||||||
Element Solutions, Inc. | 28,042 | 655,622 | 1.8 | % | ||||||||
Huntsman Corp. | 12,755 | 338,262 | 0.9 | % | ||||||||
1,765,303 | 4.8 | % | ||||||||||
Commercial Services & Supplies | ||||||||||||
ACCO Brands Corp. | 81,289 | 701,524 | 1.9 | % | ||||||||
Communications Equipment | ||||||||||||
Ciena Corp.(1) | 12,999 | 739,513 | 2.0 | % | ||||||||
Electrical Equipment | ||||||||||||
nVent Electric PLC | 24,827 | 775,596 | 2.1 | % | ||||||||
Electronic Equipment, | ||||||||||||
Instruments & Components | ||||||||||||
Knowles Corp.(1) | 16,170 | 319,196 | 0.9 | % | ||||||||
Energy Equipment & Services | ||||||||||||
Select Energy Services, Inc.(1) | 52,342 | 316,146 | 0.9 | % | ||||||||
Solaris Oilfield Infrastructure, Inc. – Class A | 34,448 | 335,523 | 0.9 | % | ||||||||
651,669 | 1.8 | % | ||||||||||
Equity Real Estate Investment Trusts (REITs) | ||||||||||||
Agree Realty Corp. | 9,578 | 675,153 | 1.9 | % | ||||||||
Gaming and Leisure Properties, Inc. | 13,421 | 621,795 | 1.7 | % | ||||||||
NETSTREIT Corp. | 17,495 | 403,435 | 1.1 | % | ||||||||
RLJ Lodging Trust | 49,076 | 747,427 | 2.1 | % | ||||||||
2,447,810 | 6.8 | % | ||||||||||
Food Products | ||||||||||||
Nomad Foods Ltd.(1)(2) | 26,026 | 735,755 | 2.0 | % | ||||||||
Simply Good Foods Co.(1) | 21,553 | 786,900 | 2.2 | % | ||||||||
1,522,655 | 4.2 | % | ||||||||||
Hotels, Restaurants & Leisure | ||||||||||||
Six Flags Entertainment Corp.(1) | 16,027 | 693,649 | 1.9 | % | ||||||||
Household Durables | ||||||||||||
Helen of Troy Ltd.(1) | 1,917 | 437,306 | 1.2 | % | ||||||||
Independent Power and | ||||||||||||
Renewable Electricity Producers | ||||||||||||
Atlantica Yield PLC(2) | 38,306 | 1,425,749 | 3.9 | % | ||||||||
Insurance | ||||||||||||
Argo Group International Holdings Ltd. | 6,714 | 347,986 | 1.0 | % | ||||||||
Everest Re Group Ltd. | 1,774 | 447,066 | 1.2 | % | ||||||||
First American Financial Corp. | 10,522 | 656,047 | 1.8 | % | ||||||||
Old Republic International Corp. | 27,921 | 695,512 | 1.9 | % | ||||||||
2,146,611 | 5.9 | % | ||||||||||
IT Services | ||||||||||||
Euronet Worldwide, Inc.(1) | 2,172 | 293,980 | 0.8 | % | ||||||||
Verra Mobility Corp.(1) | 42,149 | 647,830 | 1.8 | % | ||||||||
941,810 | 2.6 | % | ||||||||||
Life Sciences Tools & Services | ||||||||||||
Syneos Health, Inc.(1) | 3,164 | 283,146 | 0.8 | % | ||||||||
Machinery | ||||||||||||
Shyft Group, Inc. | 20,509 | 767,242 | 2.1 | % | ||||||||
Mortgage Real Estate | ||||||||||||
Investment Trusts (REITs) | ||||||||||||
Blackstone Mortgage Trust, Inc. | 17,926 | 571,660 | 1.6 | % | ||||||||
Multi-Utilities | ||||||||||||
Algonquin Power & Utilities Corp.(2) | 55,231 | 821,837 | 2.3 | % | ||||||||
Oil, Gas & Consumable Fuels | ||||||||||||
Cabot Oil & Gas Corporation | 20,108 | 351,086 | 1.0 | % | ||||||||
Diamondback Energy, Inc. | 5,753 | 540,149 | 1.5 | % | ||||||||
891,235 | 2.5 | % | ||||||||||
Professional Services | ||||||||||||
Acacia Research Corp.(1) | 49,952 | 337,676 | 1.0 | % | ||||||||
CACI International, Inc.(1) | 2,862 | 730,153 | 2.0 | % | ||||||||
1,067,829 | 3.0 | % | ||||||||||
Road & Rail | ||||||||||||
Knight-Swift Transportation Holdings, Inc. | 14,869 | 675,945 | 1.9 | % | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||
Silicon Motion Technology Corp. – ADR(2) | 14,024 | 898,939 | 2.5 | % | ||||||||
Software | ||||||||||||
Cerence, Inc.(1) | 8,068 | 860,936 | 2.4 | % | ||||||||
j2 Global, Inc.(1) | 11,570 | 1,591,454 | 4.4 | % | ||||||||
2,452,390 | 6.8 | % | ||||||||||
Specialty Retail | ||||||||||||
Arko Corp.(1) | 96,179 | 883,885 | 2.5 | % | ||||||||
Haverty Furniture Companies, Inc. | 13,778 | 589,147 | 1.6 | % | ||||||||
JOANN, Inc. | 46,437 | 731,383 | 2.0 | % | ||||||||
Kirkland’s, Inc.(1) | 13,066 | 298,950 | 0.8 | % | ||||||||
OneWater Marine, Inc. | 14,636 | 615,151 | 1.7 | % | ||||||||
Williams-Sonoma, Inc. | 2,729 | 435,685 | 1.2 | % | ||||||||
3,554,201 | 9.8 | % | ||||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||
Immersion Corp.(1) | 103,699 | 909,440 | 2.5 | % | ||||||||
NCR Corp.(1) | 7,458 | 340,160 | 1.0 | % | ||||||||
1,249,600 | 3.5 | % | ||||||||||
Thrifts & Mortgage Finance | ||||||||||||
Axos Financial, Inc.(1) | 21,274 | 986,901 | 2.7 | % | ||||||||
Essent Group Ltd. | 13,953 | 627,187 | 1.7 | % | ||||||||
Merchants Bancorp | 28,977 | 1,137,058 | 3.1 | % | ||||||||
Meta Financial Group, Inc. | 16,783 | 849,723 | 2.4 | % | ||||||||
3,600,869 | 9.9 | % | ||||||||||
Total Common Stocks | ||||||||||||
(Cost $25,968,916) | 34,508,480 | 95.3 | % |
The accompanying notes are an integral part of these financial statements.
Page 15
Baird SmallCap Value Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Short-Term Investment
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 0.03%(3) | 1,647,398 | $ | 1,647,398 | 4.6 | % | |||||||
Total Short-Term Investment | ||||||||||||
(Cost $1,647,398) | 1,647,398 | 4.6 | % | |||||||||
Total Investments | ||||||||||||
(Cost $27,616,314) | 36,155,878 | 99.9 | % | |||||||||
Other Assets in Excess of Liabilities | 39,368 | 0.1 | % | |||||||||
TOTAL NET ASSETS | $ | 36,195,246 | 100.0 | % |
Notes to Schedule of Investments
(1) | Non-Income Producing. |
(2) | Foreign Security. |
(3) | Seven-Day Yield. |
ADR – American Depository Receipt
Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS®). GICS® was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 34,508,480 | $ | — | $ | — | $ | 34,508,480 | ||||||||
Total Equity | 34,508,480 | — | — | 34,508,480 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 1,647,398 | — | — | 1,647,398 | ||||||||||||
Total Short-Term Investment | 1,647,398 | — | — | 1,647,398 | ||||||||||||
Total Investments* | $ | 36,155,878 | $ | — | $ | — | $ | 36,155,878 |
* | Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 16
Chautauqua International Growth Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the MSCI ACWI ex USA Index is shown below.
Top 10 Holdings(1) | |||||
Wuxi Biologics Cayman, Inc. | 5.4% | Net Assets: | $421,624,099 | ||
Genmab A/S | 4.9% | Portfolio Turnover Rate: | 9% | (5) | |
Constellation Software, Inc. | 4.9% | Number of Equity Holdings: | 28 | ||
Temenos Group AG | 4.5% | ||||
Tata Consultancy Services Ltd. | 4.5% | Annualized Portfolio Expense Ratio(3): | |||
Novo Nordisk A/S | 4.5% | Gross | |||
ASML Holding NV | 4.5% | Institutional Class: | 0.90% | ||
DBS Group Holdings Ltd. | 4.3% | Investor Class: | 1.15% | (4) | |
Waste Connections, Inc. | 4.2% | ||||
Alibaba Group Holding Ltd. | 4.1% | Net | |||
Institutional Class: | 0.80% | ||||
Investor Class: | 1.05% | (4) | |||
Equity Sector Analysis(2) | Country Allocation(2) | ||||
(1) | The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund’s total net assets as of June 30, 2021. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding. |
(3) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.80% of average daily net assets for the Institutional Class shares and 1.05% of average daily net assets for the Investor Class shares, at least through April 30, 2022. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Not annualized. |
Page 17
Chautauqua International Growth Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | 6.73% | 42.58% | 15.94% | 15.77% | 14.74% |
Investor Class Shares | 6.57% | 42.10% | 15.60% | 15.48% | 14.44% |
MSCI ACWI ex USA Index(2) | 9.16% | 35.72% | 9.38% | 11.08% | 10.09% |
(1) | For the period from April 15, 2016 (inception date) through June 30, 2021. |
(2) | The MSCI ACWI ex USA Index is a market-capitalization-weighted index maintained by MSCI, Inc. and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI ACWI ex USA Index includes both developed and emerging markets. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund focuses primarily on non-U.S. stocks with medium to large market capitalizations and therefore the performance of the Fund may be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. Under normal market conditions, the Fund will invest at least 65% of its total assets at the time of purchase in non-U.S. companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. In addition, the United Kingdom withdrew from the European Union on January 31, 2020 following a June 2016 referendum referred to as “Brexit.” Although the EU and UK agreed to a provisional trade deal in December 2020 that was later ratified by the EU Parliament and entered into force on May 1, 2021, there is significant market uncertainty regarding Brexit’s ramifications, and the range of possible political, regulatory, economic, and market outcomes are difficult to predict. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 18
Chautauqua International Growth Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Application Software | ||||||||||||
Atlassian Corp. PLC (Australia)(1) | 42,499 | $ | 10,916,293 | 2.6 | % | |||||||
Temenos Group AG (Switzerland)(2) | 119,128 | 19,152,762 | 4.5 | % | ||||||||
30,069,055 | 7.1 | % | ||||||||||
Asset Management & Custody Banks | ||||||||||||
Julius Baer Group Ltd. (Switzerland)(2) | 151,629 | 9,903,380 | 2.3 | % | ||||||||
Automobiles | ||||||||||||
Suzuki Motor Corp. (Japan)(2) | 142,717 | 6,048,289 | 1.4 | % | ||||||||
Biotechnology | ||||||||||||
BeiGene Ltd. – ADR (China)(1) | 40,053 | 13,745,789 | 3.3 | % | ||||||||
Genmab A/S (Denmark)(1)(2) | 50,568 | 20,719,876 | 4.9 | % | ||||||||
34,465,665 | 8.2 | % | ||||||||||
Capital Markets | ||||||||||||
Hong Kong Exchanges & | ||||||||||||
Clearing Ltd. (Hong Kong)(2) | 120,959 | 7,200,663 | 1.7 | % | ||||||||
Diversified Banks | ||||||||||||
Bank Rakyat Indonesia | ||||||||||||
Persero Tbk PT (Indonesia)(2) | 51,460,895 | 13,991,967 | 3.3 | % | ||||||||
DBS Group Holdings Ltd. (Singapore)(2) | 805,081 | 17,910,886 | 4.3 | % | ||||||||
31,902,853 | 7.6 | % | ||||||||||
Diversified Support Services | ||||||||||||
Recruit Holdings Co. Ltd. (Japan)(2) | 254,022 | 12,456,933 | 3.0 | % | ||||||||
Electronic Equipment & Instruments | ||||||||||||
Keyence Corp. (Japan)(2) | 26,362 | 13,276,521 | 3.1 | % | ||||||||
Environmental & Facilities Services | ||||||||||||
Waste Connections, Inc. (Canada) | 149,388 | 17,841,409 | 4.2 | % | ||||||||
Healthcare Distributors | ||||||||||||
Sinopharm Group Co. Ltd. (China)(2) | 3,784,168 | 11,226,637 | 2.7 | % | ||||||||
Industrial Machinery | ||||||||||||
FANUC Corp. (Japan)(2) | 58,023 | 13,913,789 | 3.3 | % | ||||||||
Information Technology | ||||||||||||
Constellation Software, Inc. (Canada) | 13,586 | 20,576,390 | 4.9 | % | ||||||||
Internet & Direct Marketing Retail | ||||||||||||
Prosus NV (Netherlands)(2) | 147,863 | 14,485,750 | 3.4 | % | ||||||||
Internet Retail | ||||||||||||
Alibaba Group Holding | ||||||||||||
Ltd. – ADR (China)(1) | 77,118 | 17,488,820 | 4.1 | % | ||||||||
IT Services | ||||||||||||
Adyen NV (Netherlands)(1)(2) | 6,438 | 15,788,072 | 3.8 | % | ||||||||
Tata Consultancy Services Ltd. (India)(2) | 423,505 | 19,085,497 | 4.5 | % | ||||||||
34,873,569 | 8.3 | % | ||||||||||
Life Sciences Tools & Services | ||||||||||||
Wuxi Biologics Cayman, Inc. (China)(1)(2) | 1,231,514 | 22,549,382 | 5.4 | % | ||||||||
Multi-Line Insurance | ||||||||||||
Fairfax Financial Holdings Ltd. (Canada) | 39,551 | 17,344,243 | 4.1 | % | ||||||||
Pharmaceuticals | ||||||||||||
Novo Nordisk A/S – ADR (Denmark) | 225,496 | 18,889,800 | 4.5 | % | ||||||||
Regional Banks | ||||||||||||
HDFC Bank Ltd. – ADR (India)(1) | 206,990 | 15,135,109 | 3.6 | % | ||||||||
Renewable Electricity | ||||||||||||
Brookfield Renewable Corp. (Canada) | 204,428 | 8,573,710 | 2.0 | % | ||||||||
Semiconductor Equipment | ||||||||||||
ASML Holding NV (Netherlands) | 27,218 | 18,803,284 | 4.5 | % | ||||||||
Semiconductors | ||||||||||||
AMS AG (Austria)(2) | 307,937 | 6,186,240 | 1.5 | % | ||||||||
Taiwan Semiconductor Manufacturing | ||||||||||||
Co. Ltd. – ADR (Taiwan) | 134,124 | 16,116,340 | 3.8 | % | ||||||||
22,302,580 | 5.3 | % | ||||||||||
Semiconductors & | ||||||||||||
Semiconductor Equipment | ||||||||||||
SolarEdge Technologies, Inc. (Israel)(1) | 27,184 | 7,512,842 | 1.8 | % | ||||||||
Total Common Stocks | ||||||||||||
(Cost $282,894,923) | 406,840,673 | 96.5 | % | |||||||||
Short-Term Investment | ||||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 0.03%(3) | 12,302,080 | 12,302,080 | 2.9 | % | ||||||||
Total Short-Term Investment | ||||||||||||
(Cost $12,302,080) | 12,302,080 | 2.9 | % | |||||||||
Total Investments | ||||||||||||
(Cost $295,197,003) | 419,142,753 | 99.4 | % | |||||||||
Other Assets in Excess of Liabilities | 2,481,346 | 0.6 | % | |||||||||
TOTAL NET ASSETS | $ | 421,624,099 | 100.0 | % |
Notes to Schedule of Investments
(1) | Non-Income Producing. |
(2) | Level 2 Security – See Note 2a to the financial statements. |
(3) | Seven-Day Yield. |
ADR – American Depository Receipt
Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS®). GICS® was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
The accompanying notes are an integral part of these financial statements.
Page 19
Chautauqua International Growth Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 182,944,029 | $ | 223,896,644 | $ | — | $ | 406,840,673 | ||||||||
Total Equity | 182,944,029 | 223,896,644 | — | 406,840,673 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 12,302,080 | — | — | 12,302,080 | ||||||||||||
Total Short-Term Investment | 12,302,080 | — | — | 12,302,080 | ||||||||||||
Total Investments* | $ | 195,246,109 | $ | 223,896,644 | $ | — | $ | 419,142,753 |
* | Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 20
Chautauqua Global Growth Fund
June 30, 2021 (Unaudited)
Portfolio Characteristics
A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the MSCI ACWI Index is shown below.
Top 10 Holdings(1) | |||||
Genmab A/S | 3.8% | Net Assets: | $247,510,977 | ||
MasterCard, Inc. – Class A | 3.6% | Portfolio Turnover Rate: | 8% | (5) | |
Constellation Software, Inc. | 3.5% | Number of Equity Holdings: | 43 | ||
Wuxi Biologics Cayman, Inc. | 3.4% | ||||
Alphabet, Inc. – Class A | 3.4% | Annualized Portfolio Expense Ratio(3): | |||
Charles Schwab Corp. | 3.2% | Gross | |||
Novo Nordisk A/S | 3.2% | Institutional Class: | 1.04% | ||
Tata Consultancy Services Ltd. | 3.1% | Investor Class: | 1.29% | (4) | |
DBS Group Holdings Ltd. | 3.1% | ||||
Fairfax Financial Holdings Ltd. | 3.1% | Net | |||
Institutional Class: | 0.80% | ||||
Investor Class: | 1.05% | (4) | |||
Equity Sector Analysis(2) | Country Allocation(2) | ||||
(1) | The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund’s total net assets as of June 30, 2021. |
(2) | Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding. |
(3) | Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021. The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.80% of average daily net assets for the Institutional Class shares and 1.05% of average daily net assets for the Investor Class shares, at least through April 30, 2022. |
(4) | Includes 0.25% 12b-1 fee. |
(5) | Not annualized. |
Page 21
Chautauqua Global Growth Fund
June 30, 2021 (Unaudited)
Total Returns
Average Annual | |||||
Six | One | Three | Five | Since | |
For the Periods Ended June 30, 2021 | Months | Year | Years | Years | Inception(1) |
Institutional Class Shares | 9.71% | 42.33% | 18.60% | 19.04% | 17.69% |
Investor Class Shares | 9.56% | 41.85% | 18.39% | 18.81% | 17.44% |
MSCI ACWI Index(2) | 12.30% | 39.27% | 14.57% | 14.61% | 13.89% |
(1) | For the period from April 15, 2016 (inception date) through June 30, 2021. |
(2) | The MSCI ACWI Index is a market-capitalization-weighted index maintained by MSCI, Inc. and designed to provide a broad measure of stock performance throughout the world. The MSCI ACWI Index includes both developed and emerging markets. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible. |
The returns shown in the table above reflect reinvestment of dividends and/or capital gains distributions in additional shares. The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.
The Fund focuses on both U.S. and non-U.S. stocks with medium to large market capitalizations and therefore the performance of the Fund may be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. Under normal market conditions, the Fund will invest at least 40% of its total assets at the time of purchase in non-U.S. companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. In addition, the United Kingdom withdrew from the European Union on January 31, 2020 following a June 2016 referendum referred to as “Brexit.” Although the EU and UK agreed to a provisional trade deal in December 2020 that was later ratified by the EU Parliament and entered into force on May 1, 2021, there is significant market uncertainty regarding Brexit’s ramifications, and the range of possible political, regulatory, economic, and market outcomes are difficult to predict. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
For information about the performance of the Fund as of the most recent month-end, please call 1-866-442-2473 or visit www.bairdfunds.com. Mutual fund performance changes over time and current performance may be lower or higher than that stated.
Page 22
Chautauqua Global Growth Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Common Stocks
% of | ||||||||||||
Shares | Value | Net Assets | ||||||||||
Apparel Retail | ||||||||||||
TJX Companies, Inc. (United States) | 101,430 | $ | 6,838,411 | 2.8 | % | |||||||
Application Software | ||||||||||||
Atlassian Corp. PLC (Australia)(1) | 15,006 | 3,854,441 | 1.6 | % | ||||||||
Temenos Group AG (Switzerland)(2) | 33,967 | 5,461,033 | 2.2 | % | ||||||||
9,315,474 | 3.8 | % | ||||||||||
Asset Management & Custody Banks | ||||||||||||
Julius Baer Group Ltd. (Switzerland)(2) | 34,964 | 2,283,612 | 0.9 | % | ||||||||
Automobiles | ||||||||||||
Suzuki Motor Corp. (Japan)(2) | 54,190 | 2,296,550 | 0.9 | % | ||||||||
Biotechnology | ||||||||||||
BeiGene Ltd. – ADR (China)(1) | 14,060 | 4,825,251 | 1.9 | % | ||||||||
Genmab A/S (Denmark)(1)(2) | 23,258 | 9,529,800 | 3.8 | % | ||||||||
Incyte Corp. (United States)(1) | 72,688 | 6,115,241 | 2.5 | % | ||||||||
Regeneron Pharmaceuticals, Inc. | ||||||||||||
(United States)(1) | 7,864 | 4,392,359 | 1.8 | % | ||||||||
24,862,651 | 10.0 | % | ||||||||||
Capital Markets | ||||||||||||
Hong Kong Exchanges & | ||||||||||||
Clearing Ltd. (Hong Kong)(2) | 37,501 | 2,232,426 | 0.9 | % | ||||||||
Data Processing & Outsourced Services | ||||||||||||
MasterCard, Inc. – Class A (United States) | 24,561 | 8,966,975 | 3.6 | % | ||||||||
Diversified Banks | ||||||||||||
Bank Rakyat Indonesia Persero | ||||||||||||
Tbk PT (Indonesia)(2) | 20,895,992 | 5,681,519 | 2.3 | % | ||||||||
DBS Group Holdings Ltd. (Singapore)(2) | 343,852 | 7,649,782 | 3.1 | % | ||||||||
13,331,301 | 5.4 | % | ||||||||||
Diversified Support Services | ||||||||||||
Recruit Holdings Co. Ltd. (Japan)(2) | 114,469 | 5,613,422 | 2.3 | % | ||||||||
Electronic Equipment & Instruments | ||||||||||||
Keyence Corp. (Japan)(2) | 7,657 | 3,856,244 | 1.6 | % | ||||||||
Universal Display Corp. (United States) | 17,121 | 3,806,512 | 1.5 | % | ||||||||
7,662,756 | 3.1 | % | ||||||||||
Environmental & Facilities Services | ||||||||||||
Waste Connections, Inc. (Canada) | 50,566 | 6,039,098 | 2.4 | % | ||||||||
Equity Real Estate | ||||||||||||
Investment Trusts (REITs) | ||||||||||||
Alexandria Real Estate Equities, Inc. | ||||||||||||
(United States) | 14,732 | 2,680,340 | 1.1 | % | ||||||||
Healthcare Distributors | ||||||||||||
Sinopharm Group Co. Ltd. (China)(2) | 1,710,925 | 5,075,867 | 2.1 | % | ||||||||
Industrial Machinery | ||||||||||||
FANUC Corp. (Japan)(2) | 18,087 | 4,337,223 | 1.8 | % | ||||||||
Information Technology | ||||||||||||
Constellation Software, Inc. (Canada) | 5,774 | 8,744,890 | 3.5 | % | ||||||||
Interactive Media & Services | ||||||||||||
Alphabet, Inc. – Class A (United States)(1) | 3,409 | 8,324,062 | 3.4 | % | ||||||||
Internet & Direct Marketing Retail | ||||||||||||
Prosus NV (Netherlands)(2) | 61,962 | 6,070,255 | 2.5 | % | ||||||||
Internet Retail | ||||||||||||
Alibaba Group Holding | ||||||||||||
Ltd. – ADR (China)(1) | 26,005 | 5,897,414 | 2.4 | % | ||||||||
Amazon.com, Inc. (United States)(1) | 2,041 | 7,021,366 | 2.8 | % | ||||||||
12,918,780 | 5.2 | % | ||||||||||
IT Services | ||||||||||||
Adyen NV (Netherlands)(1)(2) | 2,340 | 5,738,442 | 2.3 | % | ||||||||
EPAM Systems, Inc. (United States)(1) | 7,688 | 3,928,260 | 1.6 | % | ||||||||
Tata Consultancy Services Ltd. (India)(2) | 170,263 | 7,673,002 | 3.1 | % | ||||||||
17,339,704 | 7.0 | % | ||||||||||
Life Sciences Tools & Services | ||||||||||||
Illumina, Inc. (United States)(1) | 8,784 | 4,156,677 | 1.7 | % | ||||||||
Wuxi Biologics Cayman, Inc. (China)(1)(2) | 465,584 | 8,524,979 | 3.4 | % | ||||||||
12,681,656 | 5.1 | % | ||||||||||
Multi-Line Insurance | ||||||||||||
Fairfax Financial Holdings Ltd. (Canada) | 17,321 | 7,595,753 | 3.1 | % | ||||||||
Other Diversified Financial Services | ||||||||||||
Charles Schwab Corp. (United States) | 110,140 | 8,019,293 | 3.2 | % | ||||||||
Pharmaceuticals | ||||||||||||
Bristol-Myers Squibb Company | ||||||||||||
(United States) | 24,785 | 1,656,134 | 0.6 | % | ||||||||
Novo Nordisk A/S – ADR (Denmark) | 93,591 | 7,840,118 | 3.2 | % | ||||||||
9,496,252 | 3.8 | % | ||||||||||
Regional Banks | ||||||||||||
HDFC Bank Ltd. – ADR (India)(1) | 87,446 | 6,394,052 | 2.6 | % | ||||||||
SVB Financial Group (United States)(1) | 11,913 | 6,628,750 | 2.7 | % | ||||||||
13,022,802 | 5.3 | % | ||||||||||
Renewable Electricity | ||||||||||||
Brookfield Renewable Corp. (Canada) | 115,863 | 4,859,294 | 2.0 | % | ||||||||
Semiconductor Equipment | ||||||||||||
ASML Holding NV (Netherlands) | 9,306 | 6,428,957 | 2.6 | % | ||||||||
Semiconductors | ||||||||||||
AMS AG (Austria)(2) | 102,196 | 2,053,046 | 0.8 | % | ||||||||
Nvidia Corp. (United States) | 6,644 | 5,315,864 | 2.1 | % | ||||||||
Taiwan Semiconductor Manufacturing | ||||||||||||
Co. Ltd. – ADR (Taiwan) | 55,709 | 6,693,994 | 2.7 | % | ||||||||
14,062,904 | 5.6 | % | ||||||||||
Semiconductors & | ||||||||||||
Semiconductor Equipment | ||||||||||||
SolarEdge Technologies, Inc. (Israel)(1) | 9,506 | 2,627,173 | 1.1 | % | ||||||||
Software | ||||||||||||
Alteryx, Inc. (United States)(1) | 15,105 | 1,299,332 | 0.5 | % | ||||||||
Total Common Stocks | ||||||||||||
(Cost $179,358,445) | 235,027,213 | 95.0 | % | |||||||||
Short-Term Investment | ||||||||||||
Money Market Mutual Fund | ||||||||||||
First American Government Obligations | ||||||||||||
Fund, Class U, 0.03%(3) | 11,643,687 | 11,643,687 | 4.7 | % | ||||||||
Total Short-Term Investment | ||||||||||||
(Cost $11,643,687) | 11,643,687 | 4.7 | % | |||||||||
Total Investments | ||||||||||||
(Cost $191,002,132) | 246,670,900 | 99.7 | % | |||||||||
Other Assets in Excess of Liabilities | 840,077 | 0.3 | % | |||||||||
TOTAL NET ASSETS | $ | 247,510,977 | 100.0 | % |
Notes to Schedule of Investments
(1) | Non-Income Producing. |
(2) | Level 2 Security – See Note 2a to the financial statements. |
(3) | Seven-Day Yield. |
ADR – American Depository Receipt
Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS®). GICS® was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
The accompanying notes are an integral part of these financial statements.
Page 23
Chautauqua Global Growth Fund
Schedule of Investments, June 30, 2021 (Unaudited)
Summary of Fair Value Exposure at June 30, 2021 (Unaudited)
The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 150,950,011 | $ | 84,077,202 | $ | — | $ | 235,027,213 | ||||||||
Total Equity | 150,950,011 | 84,077,202 | — | 235,027,213 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Money Market Mutual Fund | 11,643,687 | — | — | 11,643,687 | ||||||||||||
Total Short-Term Investment | 11,643,687 | — | — | 11,643,687 | ||||||||||||
Total Investments* | $ | 162,593,698 | $ | 84,077,202 | $ | — | $ | 246,670,900 |
* | Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments. |
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.
The accompanying notes are an integral part of these financial statements.
Page 24
Additional Information on Fund Expenses
June 30, 2021 (Unaudited)
Example
As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, such as management fees; distribution and/or service (12b-1) fees; and other fund expenses. With the exception of the Chautauqua International Growth and Chautauqua Global Growth Funds, which charge redemption fees, the Funds do not charge any sales loads, redemption fees or other transaction fees; however, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, the Funds’ transfer agent. If you request that a redemption be made by wire transfer, currently the Funds’ transfer agent charges a $15.00 fee.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (1/1/21 – 6/30/21).
Actual Expenses
The third and fourth columns of the following table provide information about account values based on actual returns and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the fourth column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The fifth and sixth columns of the following table provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the sixth column of the table (entitled “Expenses Paid During Period”) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs could have been higher.
Actual vs. Hypothetical Returns
Hypothetical (5% return before expenses) | |||||||
Actual | |||||||
Beginning | Ending | Ending | |||||
Fund’s Annualized | Account Value | Account Value | Expenses Paid | Account Value | Expenses Paid | ||
Expense Ratio(1) | 1/1/21 | 6/30/21 | During Period(1) | 6/30/21 | During Period(1) | ||
Baird MidCap Fund | |||||||
Institutional Class | 0.81% | $1,000.00 | $1,093.00 | $4.20 | $1,020.78 | $4.06 | |
Investor Class | 1.06% | $1,000.00 | $1,091.90 | $5.50 | $1,019.54 | $5.31 | |
Baird Small/Mid Cap Growth Fund | |||||||
Institutional Class | 0.85% | $1,000.00 | $1,115.00 | $4.46 | $1,020.58 | $4.26 | |
Investor Class | 1.10% | $1,000.00 | $1,113.60 | $5.76 | $1,019.34 | $5.51 | |
Baird Small/Mid Cap Value Fund | |||||||
Institutional Class | 0.85% | $1,000.00 | $1,123.70 | $4.48 | $1,020.58 | $4.26 | |
Investor Class | 1.10% | $1,000.00 | $1,122.10 | $5.79 | $1,019.34 | $5.51 | |
Baird SmallCap Value Fund | |||||||
Institutional Class | 0.95% | $1,000.00 | $1,123.40 | $5.00 | $1,020.08 | $4.76 | |
Investor Class | 1.20% | $1,000.00 | $1,121.80 | $6.31 | $1,018.84 | $6.01 | |
Chautauqua International Growth Fund | |||||||
Institutional Class | 0.80% | $1,000.00 | $1,067.30 | $4.10 | $1,020.83 | $4.01 | |
Investor Class | 1.05% | $1,000.00 | $1,065.70 | $5.38 | $1,019.59 | $5.26 | |
Chautauqua Global Growth Fund | |||||||
Institutional Class | 0.80% | $1,000.00 | $1,097.10 | $4.16 | $1,020.83 | $4.01 | |
Investor Class | 1.05% | $1,000.00 | $1,095.60 | $5.46 | $1,019.59 | $5.26 |
(1) | Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value over the period, 181 days and divided by 365 to reflect the one-half year period. |
Page 25
Statements of Assets and Liabilities
June 30, 2021 (Unaudited)
Baird | Baird Small/Mid | Baird Small/Mid | Baird SmallCap | |||||||||||||
MidCap Fund | Cap Growth Fund | Cap Value Fund | Value Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at value (cost $1,414,965,287, $94,459,528, | ||||||||||||||||
$25,650,090 and $27,616,314 respectively) | $ | 2,366,239,578 | $ | 111,801,478 | $ | 31,352,078 | $ | 36,155,878 | ||||||||
Dividends receivable | 213,971 | 13,458 | 49,217 | 54,819 | ||||||||||||
Interest receivable | 1,301 | 111 | 29 | 31 | ||||||||||||
Receivable for investments sold | 4,249,849 | 2,889,423 | — | — | ||||||||||||
Receivable for Fund shares sold | 1,772,848 | 135,445 | 13,288 | 25 | ||||||||||||
Prepaid expenses and other assets | 79,887 | 72,168 | 43,037 | 40,685 | ||||||||||||
Total assets | 2,372,557,434 | 114,912,083 | 31,457,649 | 36,251,438 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for securities purchased | 6,280,279 | 1,136,904 | — | — | ||||||||||||
Payable for Fund shares redeemed | 1,216,643 | 8,935 | 6,000 | 6,642 | ||||||||||||
Payable to Advisor, net (Note 5) | 1,421,889 | 53,797 | 5,728 | 12,186 | ||||||||||||
Payable to directors | 14,527 | 14,527 | 14,527 | 14,527 | ||||||||||||
Accrued fund accounting and administration fees | 31,405 | 10,075 | 7,140 | 7,777 | ||||||||||||
Accrued shareholder servicing fees | 128,067 | 1,856 | 2,843 | 5,294 | ||||||||||||
Accrued professional fees | 9,789 | 9,975 | 8,640 | 8,640 | ||||||||||||
Accrued Rule 12b-1 fees (Note 7) | 78,251 | 449 | 78 | 542 | ||||||||||||
Accrued expenses and other liabilities | 10,224 | 3,759 | 806 | 584 | ||||||||||||
Total liabilities | 9,191,074 | 1,240,277 | 45,762 | 56,192 | ||||||||||||
NET ASSETS | $ | 2,363,366,360 | $ | 113,671,806 | $ | 31,411,887 | $ | 36,195,246 | ||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 1,103,191,166 | $ | 90,372,034 | $ | 25,276,938 | $ | 25,665,292 | ||||||||
Total distributable earnings | 1,260,175,194 | 23,299,772 | 6,134,949 | 10,529,954 | ||||||||||||
NET ASSETS | $ | 2,363,366,360 | $ | 113,671,806 | $ | 31,411,887 | $ | 36,195,246 | ||||||||
INSTITUTIONAL CLASS SHARES | ||||||||||||||||
Net Assets | $ | 2,153,797,877 | $ | 112,887,149 | $ | 31,131,353 | $ | 35,866,657 | ||||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 69,960,066 | 5,824,043 | 2,253,835 | 2,052,300 | ||||||||||||
Net asset value, offering and redemption price per share | $ | 30.79 | $ | 19.38 | $ | 13.81 | $ | 17.48 | ||||||||
INVESTOR CLASS SHARES | ||||||||||||||||
Net Assets | $ | 209,568,483 | $ | 784,657 | $ | 280,534 | $ | 328,589 | ||||||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 7,320,736 | 40,853 | 20,357 | 18,869 | ||||||||||||
Net asset value, offering and redemption price per share | $ | 28.63 | $ | 19.21 | $ | 13.78 | $ | 17.41 |
The accompanying notes are an integral part of these financial statements.
Page 26
Statements of Assets and Liabilities
June 30, 2021 (Unaudited)
Chautauqua | Chautauqua | |||||||
International | Global | |||||||
Growth Fund | Growth Fund | |||||||
ASSETS: | ||||||||
Investments, at value (cost $295,197,003 and $191,002,132, respectively) | $ | 419,142,753 | $ | 246,670,900 | ||||
Foreign currency, at value (cost $1,209,979 and $303,535, respectively) | 1,195,274 | 302,545 | ||||||
Dividends receivable | 606,277 | 245,421 | ||||||
Interest receivable | 306 | 241 | ||||||
Receivable for Fund shares sold | 1,775,705 | 655,598 | ||||||
Prepaid expenses and other assets | 74,589 | 109,696 | ||||||
Total assets | 422,794,904 | 247,984,401 | ||||||
LIABILITIES: | ||||||||
Payable for Fund shares redeemed | 79,671 | 21,096 | ||||||
Due to custodian | 8,857 | 4,822 | ||||||
Payable to Advisor, net (Note 5) | 238,949 | 126,087 | ||||||
Payable to directors | 14,527 | 14,527 | ||||||
Accrued fund accounting and administration fees | 11,390 | 13,134 | ||||||
Accrued shareholder servicing fees | 10,618 | 8,170 | ||||||
Accrued professional fees | 9,670 | 9,670 | ||||||
Accrued Rule 12b-1 fees (Note 7) | 307 | 589 | ||||||
Deferred tax | 784,819 | 268,500 | ||||||
Accrued expenses and other liabilities | 11,997 | 6,829 | ||||||
Total liabilities | 1,170,805 | 473,424 | ||||||
NET ASSETS | $ | 421,624,099 | $ | 247,510,977 | ||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 297,109,554 | $ | 190,854,334 | ||||
Total distributable earnings | 124,514,545 | 56,656,643 | ||||||
NET ASSETS | $ | 421,624,099 | $ | 247,510,977 | ||||
INSTITUTIONAL CLASS SHARES | ||||||||
Net Assets | $ | 420,799,673 | $ | 245,570,038 | ||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 22,492,366 | 11,264,248 | ||||||
Net asset value, offering and redemption price per share | $ | 18.71 | $ | 21.80 | ||||
INVESTOR CLASS SHARES | ||||||||
Net Assets | $ | 824,426 | $ | 1,940,939 | ||||
Shares outstanding ($0.01 par value, unlimited shares authorized) | 44,183 | 89,645 | ||||||
Net asset value, offering and redemption price per share | $ | 18.66 | $ | 21.65 |
The accompanying notes are an integral part of these financial statements.
Page 27
Statements of Operations
Six Months Ended June 30, 2021 (Unaudited)
Baird | Baird Small/Mid | Baird Small/Mid | Baird SmallCap | |||||||||||||
MidCap Fund | Cap Growth Fund | Cap Value Fund | Value Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends (net of issuance fees and/or foreign taxes | ||||||||||||||||
withheld of $0, $244, $2,303 and $2,728, respectively) | $ | 3,435,348 | $ | 75,617 | $ | 342,682 | $ | 299,990 | ||||||||
Interest | 10,507 | 541 | 206 | 164 | ||||||||||||
Total investment income | 3,445,855 | 76,158 | 342,888 | 300,154 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees (Note 5) | 8,440,564 | 284,740 | 103,725 | 144,094 | ||||||||||||
Shareholder servicing fees | 412,452 | 9,558 | 9,342 | 12,193 | ||||||||||||
Fund accounting and administration fees | 89,992 | 22,826 | 18,317 | 18,548 | ||||||||||||
Federal and state registration | 43,049 | 24,708 | 21,143 | 28,612 | ||||||||||||
Directors fees | 29,805 | 29,805 | 29,805 | 29,805 | ||||||||||||
Reports to shareholders | 24,262 | 811 | 834 | 879 | ||||||||||||
Custody fees | 15,203 | 3,780 | 548 | 701 | ||||||||||||
Professional fees | 14,676 | 14,862 | 14,676 | 14,676 | ||||||||||||
Interest expense (Note 6) | 52 | — | — | — | ||||||||||||
Miscellaneous expenses | 1,298 | 56 | 50 | 51 | ||||||||||||
Rule 12b-1 fees – Investor Class Shares (Note 7) | 249,566 | 882 | 193 | 412 | ||||||||||||
Total expenses | 9,320,919 | 392,028 | 198,633 | 249,971 | ||||||||||||
Fee waiver by Advisor (Note 5) | — | (68,441 | ) | (80,885 | ) | (88,512 | ) | |||||||||
Net expenses | 9,320,919 | 323,587 | 117,748 | 161,459 | ||||||||||||
NET INVESTMENT INCOME (LOSS) | (5,875,064 | ) | (247,429 | ) | 225,140 | 138,695 | ||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||
Net realized gain on investments | 268,678,488 | 5,194,570 | 1,504,070 | 3,977,820 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (60,015,458 | ) | 3,242,829 | 1,190,346 | (360,507 | ) | ||||||||||
Net realized and unrealized gain on investments | 208,663,030 | 8,437,399 | 2,694,416 | 3,617,313 | ||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 202,787,966 | $ | 8,189,970 | $ | 2,919,556 | $ | 3,756,008 |
The accompanying notes are an integral part of these financial statements.
Page 28
Statements of Operations
Six Months Ended June 30, 2021 (Unaudited)
Chautauqua | Chautauqua | |||||||
International | Global | |||||||
Growth Fund | Growth Fund | |||||||
INVESTMENT INCOME: | ||||||||
Dividends (net of issuance fees and/or foreign taxes withheld of $296,566 and $102,954, respectively) | $ | 2,841,606 | $ | 1,099,835 | ||||
Interest | 2,754 | 1,609 | ||||||
Total investment income | 2,844,360 | 1,101,444 | ||||||
EXPENSES: | ||||||||
Investment advisory fees (Note 5) | 1,405,298 | 698,516 | ||||||
Shareholder servicing fees | 38,091 | 24,498 | ||||||
Federal and state registration | 37,893 | 37,576 | ||||||
Custody fees | 33,771 | 21,002 | ||||||
Fund accounting and administration fees | 32,508 | 29,541 | ||||||
Directors fees | 29,805 | 29,805 | ||||||
Professional fees | 17,225 | 17,225 | ||||||
Reports to shareholders | 2,272 | 1,248 | ||||||
Miscellaneous expenses | 1,333 | 1,309 | ||||||
Rule 12b-1 fees – Investor Class Shares (Note 7) | 1,076 | 2,345 | ||||||
Total expenses | 1,599,272 | 863,065 | ||||||
Fee waiver by Advisor (Note 5) | (99,211 | ) | (115,637 | ) | ||||
Net expenses | 1,500,061 | 747,428 | ||||||
NET INVESTMENT INCOME | 1,344,299 | 354,016 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON | ||||||||
INVESTMENTS AND FOREIGN CURRENCY TRANSLATION: | ||||||||
Net realized gain on: | ||||||||
Investments (net of foreign taxes withheld of $751 and $0, respectively) | 5,380,049 | 2,464,100 | ||||||
Foreign currency translation | 111,387 | 28,329 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 16,576,271 | 14,052,041 | ||||||
Foreign currency translation | (22,343 | ) | (4,719 | ) | ||||
Net realized and unrealized gain on investments and foreign currency translation | 22,045,364 | 16,539,751 | ||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 23,389,663 | $ | 16,893,767 |
The accompanying notes are an integral part of these financial statements.
Page 29
Statements of Changes in Net Assets
Baird MidCap Fund | Baird Small/Mid Cap Growth Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | Year Ended | June 30, 2021 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment loss | $ | (5,875,064 | ) | $ | (7,128,037 | ) | $ | (247,429 | ) | $ | (122,929 | ) | ||||
Net realized gain on investments | 268,678,488 | 291,556,478 | 5,194,570 | 2,179,765 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (60,015,458 | ) | 318,460,636 | 3,242,829 | 11,277,721 | |||||||||||
Net increase in net assets resulting from operations | 202,787,966 | 602,889,077 | 8,189,970 | 13,334,557 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 171,244,339 | 462,769,490 | 60,047,472 | 24,212,271 | ||||||||||||
Shares issued to holders in reinvestment of distributions | — | 163,266,379 | — | 916,495 | ||||||||||||
Cost of shares redeemed | (276,491,623 | ) | (736,918,649 | ) | (6,380,307 | ) | (4,275,076 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (105,247,284 | ) | (110,882,780 | ) | 53,667,165 | 20,853,690 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | — | (181,775,657 | ) | — | (934,480 | ) | ||||||||||
Investor Class | — | (18,567,375 | ) | — | (11,948 | ) | ||||||||||
Total net distributions to shareholders | — | (200,343,032 | ) | — | (946,428 | ) | ||||||||||
TOTAL INCREASE IN NET ASSETS | 97,540,682 | 291,663,265 | 61,857,135 | 33,241,819 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 2,265,825,678 | 1,974,162,413 | 51,814,671 | 18,572,852 | ||||||||||||
End of period | $ | 2,363,366,360 | $ | 2,265,825,678 | $ | 113,671,806 | $ | 51,814,671 |
The accompanying notes are an integral part of these financial statements.
Page 30
Statements of Changes in Net Assets
Baird Small/Mid Cap Value Fund | Baird SmallCap Value Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | Year Ended | June 30, 2021 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 225,140 | $ | 165,188 | $ | 138,695 | $ | 53,704 | ||||||||
Net realized gain (loss) on investments | 1,504,070 | (860,611 | ) | 3,977,820 | (2,166,119 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 1,190,346 | 878,323 | (360,507 | ) | 2,348,969 | |||||||||||
Net increase in net assets resulting from operations | 2,919,556 | 182,900 | 3,756,008 | 236,554 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 7,152,613 | 7,507,607 | 4,751,221 | 4,992,494 | ||||||||||||
Shares issued to holders in reinvestment of distributions | — | 137,203 | — | 1,383,444 | ||||||||||||
Cost of shares redeemed | (1,769,548 | ) | (9,442,201 | ) | (3,036,038 | ) | (8,125,553 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 5,383,065 | (1,797,391 | ) | 1,715,183 | (1,749,615 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | — | (163,070 | ) | — | (1,581,926 | ) | ||||||||||
Investor Class | — | (50 | ) | — | (14,822 | ) | ||||||||||
Total net distributions to shareholders | — | (163,120 | ) | — | (1,596,748 | ) | ||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 8,302,621 | (1,777,611 | ) | 5,471,191 | (3,109,809 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 23,109,266 | 24,886,877 | 30,724,055 | 33,833,864 | ||||||||||||
End of period | $ | 31,411,887 | $ | 23,109,266 | $ | 36,195,246 | $ | 30,724,055 |
The accompanying notes are an integral part of these financial statements.
Page 31
Statements of Changes in Net Assets
Chautauqua International Growth Fund | Chautauqua Global Growth Fund | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | Year Ended | June 30, 2021 | Year Ended | |||||||||||||
(Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 1,344,299 | $ | 157,785 | $ | 354,016 | $ | (147,307 | ) | |||||||
Net realized gain (loss) on investments and foreign currency translation | 5,491,436 | 3,842,040 | 2,492,429 | (638,444 | ) | |||||||||||
Net change in unrealized appreciation on | ||||||||||||||||
investments and foreign currency translation | 16,553,928 | 81,510,970 | 14,047,322 | 34,016,984 | ||||||||||||
Net increase in net assets resulting from operations | 23,389,663 | 85,510,795 | 16,893,767 | 33,231,233 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 96,329,452 | 91,388,589 | 105,909,413 | 62,986,909 | ||||||||||||
Shares issued to holders in reinvestment of distributions | — | 1,730,938 | — | 554,641 | ||||||||||||
Cost of shares redeemed | (20,596,355 | ) | (28,256,851 | ) | (14,320,898 | ) | (14,586,110 | ) | ||||||||
Redemption fees | 30,231 | 35,222 | 9,745 | 33,841 | ||||||||||||
Net increase in net assets resulting from capital share transactions | 75,763,328 | 64,897,898 | 91,598,260 | 48,989,281 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net distributions to shareholders: | ||||||||||||||||
Institutional Class | — | (2,104,798 | ) | — | (635,729 | ) | ||||||||||
Investor Class | — | (1,953 | ) | — | (4,036 | ) | ||||||||||
Total net distributions to shareholders | — | (2,106,751 | ) | — | (639,765 | ) | ||||||||||
TOTAL INCREASE IN NET ASSETS | 99,152,991 | 148,301,942 | 108,492,027 | 81,580,749 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 322,471,108 | 174,169,166 | 139,018,950 | 57,438,201 | ||||||||||||
End of period | $ | 421,624,099 | $ | 322,471,108 | $ | 247,510,977 | $ | 139,018,950 |
The accompanying notes are an integral part of these financial statements.
Page 32
Financial Highlights
Baird MidCap Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.17 | $ | 22.90 | $ | 17.72 | $ | 19.16 | $ | 15.80 | $ | 14.99 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment loss(1) | (0.07 | ) | (0.08 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.02 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 2.69 | 7.99 | 6.44 | (0.30 | ) | 4.28 | 0.83 | |||||||||||||||||
Total from investment operations | 2.62 | 7.91 | 6.42 | (0.33 | ) | 4.25 | 0.81 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net realized gains | — | (2.64 | ) | (1.24 | ) | (1.11 | ) | (0.89 | ) | — | ||||||||||||||
Total distributions | — | (2.64 | ) | (1.24 | ) | (1.11 | ) | (0.89 | ) | — | ||||||||||||||
Net asset value, end of period | $ | 30.79 | $ | 28.17 | $ | 22.90 | $ | 17.72 | $ | 19.16 | $ | 15.80 | ||||||||||||
Total return | 9.30 | %(2) | 34.81 | % | 36.31 | % | (1.61 | )% | 26.88 | % | 5.40 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 2,153.8 | $ | 2,065.5 | $ | 1,825.8 | $ | 1,337.4 | $ | 1,279.6 | $ | 1,105.1 | ||||||||||||
Ratio of expenses to average net assets | 0.81 | %(3) | 0.82 | % | 0.82 | % | 0.81 | % | 0.83 | % | 0.82 | % | ||||||||||||
Ratio of net investment loss to average net assets | (0.50 | )%(3) | (0.35 | )% | (0.07 | )% | (0.15 | )% | (0.17 | )% | (0.14 | )% | ||||||||||||
Portfolio turnover rate(4) | 20 | %(2) | 47 | % | 43 | % | 38 | % | 45 | % | 57 | % |
Baird MidCap Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 26.22 | $ | 21.53 | $ | 16.76 | $ | 18.23 | $ | 15.10 | $ | 14.36 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment loss(1) | (0.10 | ) | (0.14 | ) | (0.07 | ) | (0.08 | ) | (0.07 | ) | (0.06 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 2.51 | 7.47 | 6.08 | (0.28 | ) | 4.09 | 0.80 | |||||||||||||||||
Total from investment operations | 2.41 | 7.33 | 6.01 | (0.36 | ) | 4.02 | 0.74 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net realized gains | — | (2.64 | ) | (1.24 | ) | (1.11 | ) | (0.89 | ) | — | ||||||||||||||
Total distributions | — | (2.64 | ) | (1.24 | ) | (1.11 | ) | (0.89 | ) | — | ||||||||||||||
Net asset value, end of period | $ | 28.63 | $ | 26.22 | $ | 21.53 | $ | 16.76 | $ | 18.23 | $ | 15.10 | ||||||||||||
Total return | 9.19 | %(2) | 34.32 | % | 35.94 | % | (1.86 | )% | 26.61 | % | 5.08 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 209.6 | $ | 200.3 | $ | 148.3 | $ | 95.5 | $ | 111.4 | $ | 137.2 | ||||||||||||
Ratio of expenses to average net assets | 1.06 | %(3) | 1.07 | % | 1.07 | % | 1.06 | % | 1.08 | % | 1.07 | % | ||||||||||||
Ratio of net investment loss to average net assets | (0.75 | )%(3) | (0.60 | )% | (0.32 | )% | (0.40 | )% | (0.42 | )% | (0.39 | )% | ||||||||||||
Portfolio turnover rate(4) | 20 | %(2) | 47 | % | 43 | % | 38 | % | 45 | % | 57 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Not annualized. |
(3) | Annualized. |
(4) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 33
Financial Highlights
Baird Small/Mid Cap Growth Fund – Institutional Class
Six Months Ended | Period Ended | |||||||||||||||
June 30, 2021 | Year Ended December 31, | December 31, | ||||||||||||||
(Unaudited) | 2020 | 2019 | 2018(1) | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 17.39 | $ | 12.26 | $ | 8.95 | $ | 10.00 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment loss(2) | (0.06 | ) | (0.06 | ) | (0.03 | ) | (0.00 | )(3) | ||||||||
Net realized and unrealized gains (losses) on investments | 2.05 | 5.52 | 3.34 | (1.05 | ) | |||||||||||
Total from investment operations | 1.99 | 5.46 | 3.31 | (1.05 | ) | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net realized gains | — | (0.33 | ) | — | — | |||||||||||
Total distributions | — | (0.33 | ) | — | — | |||||||||||
Net asset value, end of period | $ | 19.38 | $ | 17.39 | $ | 12.26 | $ | 8.95 | ||||||||
Total return | 11.50 | %(4) | 44.57 | % | 36.98 | % | (10.50 | )%(4) | ||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of period (millions) | $ | 112.9 | $ | 51.2 | $ | 18.3 | $ | 7.3 | ||||||||
Ratio of expenses to average net assets | 0.85 | %(5) | 0.85 | % | 0.85 | % | 0.85 | %(5) | ||||||||
Ratio of expenses to average net assets (before waivers) | 1.03 | %(5) | 1.43 | % | 2.10 | % | 3.88 | %(5) | ||||||||
Ratio of net investment loss to average net assets | (0.65 | )%(5) | (0.41 | )% | (0.25 | )% | (0.03 | )%(5) | ||||||||
Ratio of net investment loss to average net assets (before waivers) | (0.83 | )%(5) | (0.99 | )% | (1.50 | )% | (3.06 | )%(5) | ||||||||
Portfolio turnover rate(6) | 32 | %(4) | 65 | % | 60 | % | 9 | %(4) |
Baird Small/Mid Cap Growth Fund – Investor Class
Six Months Ended | Period Ended | |||||||||||||||
June 30, 2021 | Year Ended December 31, | December 31, | ||||||||||||||
(Unaudited) | 2020 | 2019 | 2018(1) | |||||||||||||
Per Share Data: | ||||||||||||||||
Net asset value, beginning of period | $ | 17.25 | $ | 12.21 | $ | 8.94 | $ | 10.00 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment loss(2) | (0.08 | ) | (0.09 | ) | (0.06 | ) | (0.00 | )(3) | ||||||||
Net realized and unrealized gains (losses) on investments | 2.04 | 5.46 | 3.33 | (1.06 | ) | |||||||||||
Total from investment operations | 1.96 | 5.37 | 3.27 | (1.06 | ) | |||||||||||
Less distributions: | ||||||||||||||||
Distributions from net realized gains | — | (0.33 | ) | — | — | |||||||||||
Total distributions | — | (0.33 | ) | — | — | |||||||||||
Net asset value, end of period | $ | 19.21 | $ | 17.25 | $ | 12.21 | $ | 8.94 | ||||||||
Total return | 11.36 | %(4) | 43.89 | % | 36.69 | % | (10.60 | )%(4) | ||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of period (thousands) | $ | 784.7 | $ | 661.0 | $ | 287.3 | $ | 8.9 | ||||||||
Ratio of expenses to average net assets | 1.10 | %(5) | 1.10 | % | 1.10 | % | 1.10 | %(5) | ||||||||
Ratio of expenses to average net assets (before waivers) | 1.28 | %(5) | 1.68 | % | 2.35 | % | 4.13 | %(5) | ||||||||
Ratio of net investment loss to average net assets | (0.90 | )%(5) | (0.66 | )% | (0.50 | )% | (0.28 | )%(5) | ||||||||
Ratio of net investment loss to average net assets (before waivers) | (1.08 | )%(5) | (1.24 | )% | (1.75 | )% | (3.31 | )%(5) | ||||||||
Portfolio turnover rate(6) | 32 | %(4) | 65 | % | 60 | % | 9 | %(4) |
(1) | Inception was close of business on October 31, 2018. |
(2) | Calculated using average shares outstanding during the period. |
(3) | Amount is less than $0.005. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 34
Financial Highlights
Baird Small/Mid Cap Value Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.29 | $ | 12.32 | $ | 10.51 | $ | 12.43 | $ | 10.29 | $ | 9.52 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.11 | 0.08 | 0.12 | 0.04 | 0.07 | 0.13 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.41 | (0.02 | )(2) | 1.80 | (1.92 | ) | 2.14 | 0.72 | ||||||||||||||||
Total from investment operations | 1.52 | 0.06 | 1.92 | (1.88 | ) | 2.21 | 0.85 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.09 | ) | (0.11 | ) | (0.04 | ) | (0.07 | ) | (0.08 | ) | |||||||||||||
Distributions from net realized gains | — | — | — | (0.00 | )(3) | (0.00 | )(3) | — | ||||||||||||||||
Total distributions | — | (0.09 | ) | (0.11 | ) | (0.04 | ) | (0.07 | ) | (0.08 | ) | |||||||||||||
Net asset value, end of period | $ | 13.81 | $ | 12.29 | $ | 12.32 | $ | 10.51 | $ | 12.43 | $ | 10.29 | ||||||||||||
Total return | 12.37 | %(4) | 0.48 | % | 18.23 | % | (15.11 | )% | 21.48 | % | 8.91 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 31.1 | $ | 23.0 | $ | 24.3 | $ | 17.1 | $ | 16.9 | $ | 11.9 | ||||||||||||
Ratio of expenses to average net assets | 0.85 | %(5) | 0.85 | % | 0.85 | % | 0.94 | %(6) | 0.95 | % | 0.95 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 1.44 | %(5) | 1.65 | % | 1.59 | % | 1.75 | % | 1.91 | % | 2.86 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.63 | %(5) | 0.78 | % | 1.04 | % | 0.34 | % | 0.62 | % | 1.35 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 1.04 | %(5) | (0.02 | )% | 0.30 | % | (0.47 | )% | (0.34 | )% | (0.56 | )% | ||||||||||||
Portfolio turnover rate(8) | 22 | %(4) | 84 | % | 37 | % | 34 | % | 60 | % | 38 | % |
Baird Small/Mid Cap Value Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.28 | $ | 12.27 | $ | 10.48 | $ | 12.40 | $ | 10.28 | $ | 9.52 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.09 | 0.06 | 0.09 | 0.01 | 0.04 | 0.11 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.41 | (0.04 | )(2) | 1.78 | (1.90 | ) | 2.13 | 0.71 | ||||||||||||||||
Total from investment operations | 1.50 | 0.02 | 1.87 | (1.89 | ) | 2.17 | 0.82 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.01 | ) | (0.08 | ) | (0.03 | ) | (0.05 | ) | (0.06 | ) | |||||||||||||
Distributions from net realized gains | — | — | — | (0.00 | )(3) | (0.00 | )(3) | — | ||||||||||||||||
Total distributions | — | (0.01 | ) | (0.08 | ) | (0.03 | ) | (0.05 | ) | (0.06 | ) | |||||||||||||
Net asset value, end of period | $ | 13.78 | $ | 12.28 | $ | 12.27 | $ | 10.48 | $ | 12.40 | $ | 10.28 | ||||||||||||
Total return | 12.21 | %(4) | 0.15 | % | 17.86 | % | (15.25 | )% | 21.08 | % | 8.64 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (thousands) | $ | 280.5 | $ | 79.1 | $ | 560.4 | $ | 341.5 | $ | 86.1 | $ | 53.2 | ||||||||||||
Ratio of expenses to average net assets | 1.10 | %(5) | 1.10 | % | 1.10 | % | 1.19 | %(7) | 1.20 | % | 1.20 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 1.69 | %(5) | 1.90 | % | 1.84 | % | 2.00 | % | 2.16 | % | 3.11 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.38 | %(5) | 0.53 | % | 0.79 | % | 0.09 | % | 0.37 | % | 1.10 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.79 | %(5) | (0.27 | )% | 0.05 | % | (0.72 | )% | (0.59 | )% | (0.81 | )% | ||||||||||||
Portfolio turnover rate(8) | 22 | %(4) | 84 | % | 37 | % | 34 | % | 60 | % | 38 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Due to timing of capital share transactions, the per share amount of net realized and realized gain (loss) on investments varies from the amounts shown in the statement of operations. |
(3) | Amount is less than $0.005. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.85%. Prior to December 1, 2018, the expense cap was 0.95%. |
(7) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.10%. Prior to December 1, 2018, the expense cap was 1.20%. |
(8) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 35
Financial Highlights
Baird SmallCap Value Fund – Institutional Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.56 | $ | 15.96 | $ | 13.58 | $ | 16.99 | $ | 14.83 | $ | 13.03 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(1) | 0.07 | 0.03 | 0.13 | 0.05 | 0.09 | 0.21 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.85 | 0.43 | (2) | 2.36 | (2.85 | ) | 2.59 | 1.76 | ||||||||||||||||
Total from investment operations | 1.92 | 0.46 | 2.49 | (2.80 | ) | 2.68 | 1.97 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.03 | ) | (0.11 | ) | (0.06 | ) | (0.09 | ) | (0.17 | ) | |||||||||||||
Distributions from net realized gains | — | (0.83 | ) | — | (0.55 | ) | (0.43 | ) | — | |||||||||||||||
Total distributions | — | (0.86 | ) | (0.11 | ) | (0.61 | ) | (0.52 | ) | (0.17 | ) | |||||||||||||
Net asset value, end of period | $ | 17.48 | $ | 15.56 | $ | 15.96 | $ | 13.58 | $ | 16.99 | $ | 14.83 | ||||||||||||
Total return | 12.34 | %(3) | 2.85 | % | 18.40 | % | (16.45 | )% | 18.05 | % | 15.11 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 35.9 | $ | 30.4 | $ | 33.0 | $ | 28.8 | $ | 33.6 | $ | 28.2 | ||||||||||||
Ratio of expenses to average net assets | 0.95 | %(4) | 0.95 | % | 0.95 | % | 1.00 | %(5) | 1.00 | % | 1.00 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 1.47 | %(4) | 1.64 | % | 1.44 | % | 1.38 | % | 1.35 | % | 1.43 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.82 | %(4) | 0.21 | % | 0.87 | % | 0.29 | % | 0.61 | % | 1.58 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.30 | %(4) | (0.48 | )% | 0.38 | % | (0.09 | )% | 0.26 | % | 1.15 | % | ||||||||||||
Portfolio turnover rate(7) | 35 | %(3) | 61 | % | 55 | % | 36 | % | 30 | % | 49 | % |
Baird SmallCap Value Fund – Investor Class
Six Months Ended | ||||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.52 | $ | 15.97 | $ | 13.58 | $ | 16.97 | $ | 14.81 | $ | 12.99 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(1) | 0.05 | (0.01 | ) | 0.09 | 0.01 | 0.06 | 0.18 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.84 | 0.42 | (2) | 2.37 | (2.85 | ) | 2.58 | 1.75 | ||||||||||||||||
Total from investment operations | 1.89 | 0.41 | 2.46 | (2.84 | ) | 2.64 | 1.93 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.03 | ) | (0.07 | ) | — | (0.05 | ) | (0.11 | ) | ||||||||||||||
Distributions from net realized gains | — | (0.83 | ) | — | (0.55 | ) | (0.43 | ) | — | |||||||||||||||
Total distributions | — | (0.86 | ) | (0.07 | ) | (0.55 | ) | (0.48 | ) | (0.11 | ) | |||||||||||||
Net asset value, end of period | $ | 17.41 | $ | 15.52 | $ | 15.97 | $ | 13.58 | $ | 16.97 | $ | 14.81 | ||||||||||||
Total return | 12.18 | %(3) | 2.54 | % | 18.19 | % | (16.71 | )% | 17.78 | % | 14.84 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 0.3 | $ | 0.3 | $ | 0.9 | $ | 0.8 | $ | 2.6 | $ | 2.6 | ||||||||||||
Ratio of expenses to average net assets | 1.20 | %(4) | 1.20 | % | 1.20 | % | 1.25 | %(6) | 1.25 | % | 1.25 | % | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 1.72 | %(4) | 1.89 | % | 1.69 | % | 1.63 | % | 1.60 | % | 1.68 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | 0.57 | %(4) | (0.04 | )% | 0.62 | % | 0.04 | % | 0.36 | % | 1.33 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.05 | %(4) | (0.73 | )% | 0.13 | % | (0.34 | )% | 0.01 | % | 0.90 | % | ||||||||||||
Portfolio turnover rate(7) | 35 | %(3) | 61 | % | 55 | % | 36 | % | 30 | % | 49 | % |
(1) | Calculated using average shares outstanding during the period. |
(2) | Due to timing of capital share transactions, the per share amount of net realized and realized gain (loss) on investments varies from the amounts shown in the statement of operations. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.95%. Prior to December 1, 2018, the expense cap was 1.00%. |
(6) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.20%. Prior to December 1, 2018, the expense cap was 1.25%. |
(7) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 36
Financial Highlights
Chautauqua International Growth Fund – Institutional Class
Six Months Ended | Period Ended | |||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | December 31, | ||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016(1) | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.51 | $ | 12.62 | $ | 10.17 | $ | 12.59 | $ | 9.57 | $ | 10.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(2) | 0.07 | 0.01 | 0.30 | 0.06 | 0.04 | 0.00 | (3) | |||||||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and foreign currency translation | 1.13 | 5.00 | 2.42 | (2.19 | ) | 3.41 | (0.43 | ) | ||||||||||||||||
Total from investment operations | 1.20 | 5.01 | 2.72 | (2.13 | ) | 3.45 | (0.43 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.12 | ) | (0.27 | ) | (0.06 | ) | (0.02 | ) | — | ||||||||||||||
Distributions from net realized gains | — | — | — | (0.23 | ) | (0.41 | ) | — | ||||||||||||||||
Total distributions | — | (0.12 | ) | (0.27 | ) | (0.29 | ) | (0.43 | ) | — | ||||||||||||||
Paid in capital from redemption fees | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | — | |||||||||||||
Net asset value, end of period | $ | 18.71 | $ | 17.51 | $ | 12.62 | $ | 10.17 | $ | 12.59 | $ | 9.57 | ||||||||||||
Total return | 6.73 | %(4) | 39.84 | % | 26.72 | % | (16.94 | )% | 36.11 | % | (4.30 | )%(4) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 420.8 | $ | 321.8 | $ | 172.7 | $ | 85.4 | $ | 74.2 | $ | 14.8 | ||||||||||||
Ratio of expenses to average net assets | 0.80 | %(5) | 0.80 | % | 0.80 | % | 0.94 | %(6) | 0.95 | % | 0.95 | %(5) | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 0.85 | %(5) | 0.90 | % | 0.96 | % | 1.07 | % | 1.20 | % | 2.32 | %(5) | ||||||||||||
Ratio of net investment income to average net assets | 0.72 | %(5) | 0.07 | % | 2.56 | % | 0.51 | % | 0.30 | % | 0.06 | %(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.67 | %(5) | (0.03 | )% | 2.40 | % | 0.38 | % | 0.05 | % | (1.31 | )%(5) | ||||||||||||
Portfolio turnover rate(8) | 9 | %(4) | 31 | % | 31 | % | 42 | % | 71 | % | 73 | %(4) |
Chautauqua International Growth Fund – Investor Class
Six Months Ended | Period Ended | |||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | December 31, | ||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016(1) | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.48 | $ | 12.60 | $ | 10.15 | $ | 12.57 | $ | 9.56 | $ | 10.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(2) | 0.04 | (0.02 | ) | 0.27 | 0.03 | 0.01 | (0.01 | ) | ||||||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and foreign currency translation | 1.14 | 4.95 | (9) | 2.41 | (2.19 | ) | 3.41 | (0.44 | ) | |||||||||||||||
Total from investment operations | 1.18 | 4.93 | 2.68 | (2.16 | ) | 3.42 | (0.45 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.05 | ) | (0.23 | ) | (0.03 | ) | (0.00 | )(3) | — | ||||||||||||||
Distributions from net realized gains | — | — | — | (0.23 | ) | (0.41 | ) | — | ||||||||||||||||
Total distributions | — | (0.05 | ) | (0.23 | ) | (0.26 | ) | (0.41 | ) | — | ||||||||||||||
Paid in capital from redemption fees | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.01 | |||||||||||||
Net asset value, end of period | $ | 18.66 | $ | 17.48 | $ | 12.60 | $ | 10.15 | $ | 12.57 | $ | 9.56 | ||||||||||||
Total return | 6.57 | %(4) | 39.37 | % | 26.42 | % | (17.21 | )% | 35.86 | % | (4.40 | )%(4) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 0.8 | $ | 0.7 | $ | 1.5 | $ | 2.1 | $ | 1.6 | $ | 0.3 | ||||||||||||
Ratio of expenses to average net assets | 1.05 | %(5) | 1.05 | % | 1.05 | % | 1.19 | %(7) | 1.20 | % | 1.20 | %(5) | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 1.10 | %(5) | 1.15 | % | 1.21 | % | 1.32 | % | 1.45 | % | 2.58 | %(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets | 0.47 | %(5) | (0.18 | )% | 2.31 | % | 0.26 | % | 0.05 | % | (0.19 | )%(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.42 | %(5) | (0.28 | )% | 2.15 | % | 0.13 | % | (0.20 | )% | (1.57 | )%(5) | ||||||||||||
Portfolio turnover rate(8) | 9 | %(4) | 31 | % | 31 | % | 42 | % | 71 | % | 73 | %(4) |
(1) | Inception was close of business on April 15, 2016. |
(2) | Calculated using average shares outstanding during the period. |
(3) | Amount is less than $0.005. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.80%. Prior to December 1, 2018, the expense cap was 0.95%. |
(7) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.05%. Prior to December 1, 2018, the expense cap was 1.20%. |
(8) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
(9) | Due to timing of capital share transactions, the per share amount of net realized and unrealized gain (loss) on investments varies from the amounts shown in the statement of operations. |
The accompanying notes are an integral part of these financial statements.
Page 37
Financial Highlights
Chautauqua Global Growth Fund – Institutional Class
Six Months Ended | Period Ended | |||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | December 31, | ||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016(1) | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.85 | $ | 14.47 | $ | 11.29 | $ | 13.43 | $ | 10.09 | $ | 10.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(2) | 0.04 | (0.03 | ) | 0.22 | 0.00 | (3) | (0.04 | ) | (0.01 | ) | ||||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and foreign currency translation | 1.91 | 5.49 | 3.18 | (1.98 | ) | 3.85 | 0.10 | |||||||||||||||||
Total from investment operations | 1.95 | 5.46 | 3.40 | (1.98 | ) | 3.81 | 0.09 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.09 | ) | (0.16 | ) | (0.00 | )(3) | — | — | |||||||||||||||
Distributions from net realized gains | — | — | (0.06 | ) | (0.16 | ) | (0.47 | ) | — | |||||||||||||||
Total distributions | — | (0.09 | ) | (0.22 | ) | (0.16 | ) | (0.47 | ) | — | ||||||||||||||
Paid in capital from redemption fees | 0.00 | (3) | 0.01 | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | — | ||||||||||||||
Net asset value, end of period | $ | 21.80 | $ | 19.85 | $ | 14.47 | $ | 11.29 | $ | 13.43 | $ | 10.09 | ||||||||||||
Total return | 9.71 | %(4) | 37.97 | % | 30.14 | % | (14.70 | )% | 37.75 | % | 0.90 | %(4) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 245.6 | $ | 137.3 | $ | 55.8 | $ | 36.8 | $ | 23.2 | $ | 7.6 | ||||||||||||
Ratio of expenses to average net assets | 0.80 | %(5) | 0.80 | % | 0.80 | % | 0.94 | %(6) | 0.95 | % | 0.95 | %(5) | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 0.92 | %(5) | 1.04 | % | 1.23 | % | 1.34 | % | 2.26 | % | 3.65 | %(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets | 0.38 | %(5) | (0.17 | )% | 1.64 | % | 0.01 | % | (0.30 | )% | (0.16 | )%(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.26 | %(5) | (0.41 | )% | 1.21 | % | (0.39 | )% | (1.61 | )% | (2.86 | )%(5) | ||||||||||||
Portfolio turnover rate(8) | 8 | %(4) | 24 | % | 26 | % | 38 | % | 61 | % | 69 | %(4) |
Chautauqua Global Growth Fund – Investor Class
Six Months Ended | Period Ended | |||||||||||||||||||||||
June 30, 2021 | Year Ended December 31, | December 31, | ||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016(1) | |||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.74 | $ | 14.36 | $ | 11.22 | $ | 13.37 | $ | 10.08 | $ | 10.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(2) | 0.01 | (0.06 | ) | 0.19 | (0.03 | ) | (0.07 | ) | (0.03 | ) | ||||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and foreign currency translation | 1.90 | 5.44 | 3.15 | (1.96 | ) | 3.83 | 0.11 | |||||||||||||||||
Total from investment operations | 1.91 | 5.38 | 3.34 | (1.99 | ) | 3.76 | 0.08 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distributions from net investment income | — | (0.05 | ) | (0.14 | ) | — | — | — | ||||||||||||||||
Distributions from net realized gains | — | — | (0.06 | ) | (0.16 | ) | (0.47 | ) | — | |||||||||||||||
Total distributions | — | (0.05 | ) | (0.20 | ) | (0.16 | ) | (0.47 | ) | — | ||||||||||||||
Paid in capital from redemption fees | 0.00 | (3) | 0.05 | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | |||||||||||||
Net asset value, end of period | $ | 21.65 | $ | 19.74 | $ | 14.36 | $ | 11.22 | $ | 13.37 | $ | 10.08 | ||||||||||||
Total return | 9.56 | %(4) | 37.94 | % | 29.73 | % | (14.86 | )% | 37.29 | % | 0.80 | %(4) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period (millions) | $ | 1.9 | $ | 1.7 | $ | 1.6 | $ | 0.7 | $ | 0.7 | $ | 0.2 | ||||||||||||
Ratio of expenses to average net assets | 1.05 | %(5) | 1.05 | % | 1.05 | % | 1.19 | %(7) | 1.20 | % | 1.20 | %(5) | ||||||||||||
Ratio of expenses to average net assets (before waivers) | 1.17 | %(5) | 1.29 | % | 1.48 | % | 1.59 | % | 2.51 | % | 3.90 | %(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets | 0.13 | %(5) | (0.42 | )% | 1.39 | % | (0.24 | )% | (0.55 | )% | (0.41 | )%(5) | ||||||||||||
Ratio of net investment income (loss) to average net assets (before waivers) | 0.01 | %(5) | (0.66 | )% | 0.96 | % | (0.64 | )% | (1.86 | )% | (3.11 | )%(5) | ||||||||||||
Portfolio turnover rate(8) | 8 | %(4) | 24 | % | 26 | % | 38 | % | 61 | % | 69 | %(4) |
(1) | Inception was close of business on April 15, 2016. |
(2) | Calculated using average shares outstanding during the period. |
(3) | Amount is less than $0.005. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.80%. Prior to December 1, 2018, the expense cap was 0.95%. |
(7) | Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.05%. Prior to December 1, 2018, the expense cap was 1.20%. |
(8) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable. |
The accompanying notes are an integral part of these financial statements.
Page 38
Notes to the Financial Statements
June 30, 2021 (Unaudited)
1. | Organization |
Baird Funds, Inc. (the “Company”) was incorporated on June 9, 2000, as a Wisconsin corporation and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The accompanying financial statements include the Baird MidCap Fund, the Baird Small/Mid Cap Growth Fund, the Baird Small/Mid Cap Value Fund, the Baird SmallCap Value Fund, the Chautauqua International Growth Fund and the Chautauqua Global Growth Fund (each a “Fund” and collectively the “Funds”), six of the sixteen active funds in the series comprising the Company. Pursuant to the 1940 Act, the Funds are “diversified” series of the Company. The investment advisor to the Funds is Robert W. Baird & Co. Incorporated (“Baird” or the “Advisor”). The Funds are investment companies and therefore follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following table presents the class-specific inception dates for each of the Funds:
Inception Date | |||
Fund | Institutional Class | Investor Class | |
Baird MidCap Fund | December 29, 2000 | December 29, 2000 | |
Baird Small/Mid Cap Growth Fund | October 31, 2018 | October 31, 2018 | |
Baird Small/Mid Cap Value Fund | November 30, 2015 | November 30, 2015 | |
Baird SmallCap Value Fund | May 1, 2012 | May 1, 2012 | |
Chautauqua International Growth Fund | April 15, 2016 | April 15, 2016 | |
Chautauqua Global Growth Fund | April 15, 2016 | April 15, 2016 |
Institutional Class shares are not subject to a distribution and service (12b-1) fee, while Investor Class shares are subject to a distribution and service (12b-1) fee up to 0.25%. See Note 7.
The Baird MidCap Fund seeks long-term growth of capital through investments in equity securities of mid-capitalization companies.
The Baird Small/Mid Cap Growth Fund seeks long-term growth of capital through investments in equity securities of small- and mid-capitalization companies.
The Baird Small/Mid Cap Value Fund seeks long-term capital appreciation through investments in a diversified portfolio of common stocks of companies with small-to-medium market capitalizations.
The Baird SmallCap Value Fund seeks long-term capital appreciation through investments in a diversified portfolio of common stocks of companies with small market capitalizations.
The Chautauqua International Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of non-U.S. companies with medium to large market capitalizations.
The Chautauqua Global Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of both U.S. and non-U.S. companies with medium to large market capitalizations.
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. On June 30, 2021, entities affiliated with the Advisor held 30% of the Baird Small/Mid Cap Growth Fund, 62% of the Baird Small/Mid Cap Value Fund, and 62% of the Baird SmallCap Value Fund. These shareholders included the Baird Foundation.
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
a) | Investment Valuation – Section 2(a)(41) of the 1940 Act, together with the rules and interpretations of the U.S. Securities and Exchange Commission (the “SEC”) require the Funds, in computing net asset value, to value their portfolio securities using market quotations when they are “readily available.” When market quotations are not readily available (e.g., because there is no regular market quotation for such securities, the market for such security is limited, the validity of quotations is questionable or, for debt securities, the Funds’ independent pricing service does not provide a price), the Board of Directors (the “Board”) of the Company is responsible for ensuring the securities are valued at “fair value determined in good faith.” The Board has delegated such responsibility to the Advisor pursuant to pricing policies and procedures that the Board has adopted and regularly reviews. In general, the “fair value” of a security means the price that would be received to sell a security in an orderly transaction between market participants at the measurement date. |
The Funds determine the fair value of their investments and compute their net asset value per share as of the close of regular trading of the New York Stock Exchange (4:00 p.m. ET). | |
Consistent with Section 2(a)(41) of the 1940 Act, the Funds price their securities as follows: common stocks that are listed on a securities exchange (other than NASDAQ) are valued at the last quoted sale price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Price information on listed stocks is taken from the exchange where the security is primarily traded. Securities that were not traded on the valuation date, as well as stocks that are not listed on an exchange, including NASDAQ, are valued at the average of the current bid and ask price. Debt securities are valued at their evaluated bid prices as provided by an independent pricing service using valuation methods that are designed to represent fair value, such as matrix pricing and other analytical pricing models, market transactions and dealer quotations. Debt securities purchased with maturities of 60 days or less are valued as described above unless an evaluated price is not available, in which case such security is valued at acquisition cost, plus or minus any amortized discount or premium (“amortized cost”), or, if the Advisor does not believe amortized cost is reflective of the fair value of the security, the security is priced at fair value as described below. Investments in mutual funds, including money market funds, are valued at their stated net asset value (“NAV”). Other assets and securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Advisor in accordance with procedures approved by the Company’s Board. In accordance with such procedures, the Advisor may, under certain circumstances, use alternative valuation methodologies, or it may use broker quotes or prices obtained from alternative independent pricing services or, if broker quotes or prices from alternative pricing services are unavailable or deemed to be unreliable, fair value will be determined by a valuation committee of the Advisor. In determining fair value, the valuation committee takes into account factors deemed relevant by the valuation committee and available information. Consequently, the price of the security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security. Fair value pricing involves subjective judgments and there is no single standard for determining a security’s fair value. As a result, different mutual funds could reasonably arrive at a different fair value for the same security. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine. The prices determined for any individual security on any given day may vary significantly from the amount that can be obtained in an actual sale of that security, and the Funds’ NAV may fluctuate significantly from day to day or from period to period. |
Page 39
Notes to the Financial Statements
June 30, 2021 (Unaudited)
2. | Significant Accounting Policies (cont.) |
The Chautauqua International Growth and Chautauqua Global Growth Funds have retained an independent fair value pricing service to assist in valuing foreign securities in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the Funds calculate their NAVs. The fair value pricing service uses statistical data based on historical performance of securities and markets, and other data in developing factors used to estimate fair value for that day. | |
b) | Foreign Securities – Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include foreign currency fluctuations and adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board. |
c) | Foreign Currency Translation – Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. When a Fund purchases or sells a foreign security, it will customarily enter into a foreign exchange contract to minimize foreign exchange risk from the trade date to the settlement date of such transaction. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held nor currency gains or losses realized between the trade and settlement dates on securities transactions. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Net realized gain (loss) on foreign currency translations include those gains and losses arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, the differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments includes changes in the value of investments resulting from exchange rates. |
d) | Income Tax Status – The Funds intend to continue to qualify as regulated investment companies as provided in Subchapter M of the Internal Revenue Code and to distribute substantially all of their taxable income to their shareholders in a manner which results in no tax expense to the Funds. Therefore, no federal income or excise tax provision is recorded. |
There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the year ended December 31, 2020, or for any other tax years which are open for exam. As of December 31, 2020, open tax years include the tax years ended December 31, 2017 through 2020. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as interest expense and other expense, respectively, in the Statement of Operations. During the period, the Funds did not incur any interest or penalties. | |
e) | Shareholder Transactions and Distributions – Shareholder transactions are recorded on trade date. Dividends from net investment income, if any, are declared and paid annually. Distributions of net realized capital gains, if any, are declared and paid at least annually. All distributions to shareholders are recorded on the ex-dividend date. The book basis character of distributions may differ from their ultimate characterization for Federal income tax purposes. GAAP requires that permanent financial reporting and tax differences be reclassified in the capital accounts. |
f) | Allocation of Income and Expenses – Each Fund is charged for those expenses directly attributable to it. Expenses directly attributable to a class of shares, such as Rule 12b-1 distribution fees, are charged to that class of shares. Income, expenses and realized and unrealized gains and losses are allocated to the classes based on their respective net assets. Expenses that are not directly attributable to a Fund are allocated among the Funds in the series in proportion to their respective assets or are divided equally amongst the Funds. |
g) | Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. |
h) | Securities Transactions and Investment Income – Investment transactions are recorded on trade date. The Funds determine the gain or loss realized from investment transactions using the identified cost basis. For financial reporting purposes, investment transactions are recorded on the trade date. When a capital gain tax is determined to apply, the Fund may record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date. Dividend income is recognized on the ex-dividend date net of withholding taxes, if any, and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been accounted for in accordance with the Funds’ interpretation of applicable tax laws of the countries in which they invest. Distributions received from underlying investments in real estate investment trusts (“REITs”) may be classified as dividends, capital gains or return of capital. |
i) | Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown and would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds would expect the risk of loss to be remote. |
j) | New Regulatory and Accounting Pronouncements – In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements. |
k) | Other Matters – The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance. |
Page 40
Notes to the Financial Statements
June 30, 2021 (Unaudited)
3. | Capital Share Transactions |
The following table summarizes the capital share transactions of each Fund for the past two fiscal periods:
Baird MidCap Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 5,280,390 | $ | 153,077,909 | 17,318,781 | $ | 405,389,307 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 5,260,655 | 145,088,864 | ||||||||||||
Shares redeemed | (8,655,609 | ) | (249,804,742 | ) | (28,981,798 | ) | (679,611,746 | ) | ||||||||
Net decrease | (3,375,219 | ) | $ | (96,726,833 | ) | (6,402,362 | ) | $ | (129,133,575 | ) | ||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 73,335,285 | 79,737,647 | ||||||||||||||
End of period | 69,960,066 | 73,335,285 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 674,246 | $ | 18,166,430 | 2,665,048 | $ | 57,380,183 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 707,847 | 18,177,515 | ||||||||||||
Shares redeemed | (992,245 | ) | (26,686,881 | ) | (2,623,729 | ) | (57,306,903 | ) | ||||||||
Net increase (decrease) | (317,999 | ) | $ | (8,520,451 | ) | 749,166 | $ | 18,250,795 | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 7,638,735 | 6,889,569 | ||||||||||||||
End of period | 7,320,736 | 7,638,735 | ||||||||||||||
Total net decrease | $ | (105,247,284 | ) | $ | (110,882,780 | ) | ||||||||||
Baird Small/Mid Cap Growth Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 3,232,552 | $ | 59,996,016 | 1,684,734 | $ | 23,519,261 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 52,529 | 904,547 | ||||||||||||
Shares redeemed | (350,432 | ) | (6,377,044 | ) | (287,296 | ) | (3,832,151 | ) | ||||||||
Net increase | 2,882,120 | $ | 53,618,972 | 1,449,967 | $ | 20,591,657 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 2,941,923 | 1,491,956 | ||||||||||||||
End of period | 5,824,043 | 2,941,923 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 2,709 | $ | 51,456 | 45,645 | $ | 693,010 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 699 | 11,948 | ||||||||||||
Shares redeemed | (173 | ) | (3,263 | ) | (31,548 | ) | (442,925 | ) | ||||||||
Net increase | 2,536 | $ | 48,193 | 14,796 | $ | 262,033 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 38,317 | 23,521 | ||||||||||||||
End of period | 40,853 | 38,317 | ||||||||||||||
Total net increase | $ | 53,667,165 | $ | 20,853,690 | ||||||||||||
Baird Small/Mid Cap Value Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 513,414 | $ | 6,951,216 | 689,239 | $ | 7,452,148 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 11,214 | 137,153 | ||||||||||||
Shares redeemed | (133,004 | ) | (1,762,649 | ) | (801,809 | ) | (8,974,059 | ) | ||||||||
Net increase (decrease) | 380,410 | $ | 5,188,567 | (101,356 | ) | $ | (1,384,758 | ) | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 1,873,425 | 1,974,781 | ||||||||||||||
End of period | 2,253,835 | 1,873,425 |
Page 41
Notes to the Financial Statements
June 30, 2021 (Unaudited)
3. | Capital Share Transactions (cont.) |
Baird Small/Mid Cap Value Fund (cont.) | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 14,410 | $ | 201,397 | 5,288 | $ | 55,459 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 4 | 50 | ||||||||||||
Shares redeemed | (493 | ) | (6,899 | ) | (44,509 | ) | (468,142 | ) | ||||||||
Net increase (decrease) | 13,917 | $ | 194,498 | (39,217 | ) | $ | (412,633 | ) | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 6,440 | 45,657 | ||||||||||||||
End of period | 20,357 | 6,440 | ||||||||||||||
Total net increase (decrease) | $ | 5,383,065 | $ | (1,797,391 | ) | |||||||||||
Baird SmallCap Value Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 276,297 | $ | 4,723,246 | 345,450 | $ | 4,859,915 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 89,539 | 1,374,807 | ||||||||||||
Shares redeemed | (179,514 | ) | (3,004,078 | ) | (543,876 | ) | (7,510,893 | ) | ||||||||
Net increase (decrease) | 96,783 | $ | 1,719,168 | (108,887 | ) | $ | (1,276,171 | ) | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 1,955,517 | 2,064,404 | ||||||||||||||
End of period | 2,052,300 | 1,955,517 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,687 | $ | 27,975 | 8,461 | $ | 132,579 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 564 | 8,637 | ||||||||||||
Shares redeemed | (1,865 | ) | (31,960 | ) | (45,333 | ) | (614,660 | ) | ||||||||
Net decrease | (178 | ) | $ | (3,985 | ) | (36,308 | ) | $ | (473,444 | ) | ||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 19,047 | 55,355 | ||||||||||||||
End of period | 18,869 | 19,047 | ||||||||||||||
Total net increase (decrease) | $ | 1,715,183 | $ | (1,749,615 | ) | |||||||||||
Chautauqua International Growth Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 5,228,693 | $ | 95,971,277 | 6,655,236 | $ | 90,770,906 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 100,236 | 1,729,079 | ||||||||||||
Shares redeemed | (1,117,758 | ) | (20,305,624 | ) | (2,058,055 | ) | (26,613,627 | ) | ||||||||
Redemption fees | — | 30,164 | — | 34,899 | ||||||||||||
Net increase | 4,110,935 | $ | 75,695,817 | 4,697,417 | $ | 65,921,257 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 18,381,431 | 13,684,014 | ||||||||||||||
End of period | 22,492,366 | 18,381,431 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 19,927 | $ | 358,175 | 40,351 | $ | 617,683 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 108 | 1,859 | ||||||||||||
Shares redeemed | (15,639 | ) | (290,731 | ) | (119,218 | ) | (1,643,224 | ) | ||||||||
Redemption fees | — | 67 | — | 323 | ||||||||||||
Net increase (decrease) | 4,288 | $ | 67,511 | (78,759 | ) | $ | (1,023,359 | ) | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 39,895 | 118,654 | ||||||||||||||
End of period | 44,183 | 39,895 | ||||||||||||||
Total net increase | $ | 75,763,328 | $ | 64,897,898 |
Page 42
Notes to the Financial Statements
June 30, 2021 (Unaudited)
3. | Capital Share Transactions (cont.) |
Chautauqua Global Growth Fund | ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Institutional Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 5,023,574 | $ | 105,549,959 | 3,815,907 | $ | 60,626,046 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 28,094 | 550,653 | ||||||||||||
Shares redeemed | (679,655 | ) | (14,064,240 | ) | (782,203 | ) | (11,881,788 | ) | ||||||||
Redemption fees | — | 9,649 | — | 28,770 | ||||||||||||
Net increase | 4,343,919 | $ | 91,495,368 | 3,061,798 | $ | 49,323,681 | ||||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 6,920,329 | 3,858,531 | ||||||||||||||
End of period | 11,264,248 | 6,920,329 | ||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Investor Class Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 17,029 | $ | 359,454 | 146,201 | $ | 2,360,863 | ||||||||||
Shares issued to shareholders in reinvestment of distributions | — | — | 204 | 3,988 | ||||||||||||
Shares redeemed | (12,345 | ) | (256,658 | ) | (173,322 | ) | (2,704,322 | ) | ||||||||
Redemption fees | — | 96 | — | 5,071 | ||||||||||||
Net increase (decrease) | 4,684 | $ | 102,892 | (26,917 | ) | $ | (334,400 | ) | ||||||||
Shares Outstanding: | ||||||||||||||||
Beginning of period | 84,961 | 111,878 | ||||||||||||||
End of period | 89,645 | 84,961 | ||||||||||||||
Total net increase | $ | 91,598,260 | $ | 48,989,281 |
4. | Investment Transactions and Income Tax Information |
During the six months ended June 30, 2021, purchases and sales of investment securities (excluding short-term investments) were as follows:
Chautauqua | Chautauqua | |||||||||||||||||||||||
Baird | Baird Small/Mid | Baird Small/Mid | Baird SmallCap | International | Global | |||||||||||||||||||
MidCap Fund | Cap Growth Fund | Cap Value Fund | Value Fund | Growth Fund | Growth Fund | |||||||||||||||||||
Purchases: | $ | 436,527,757 | $ | 73,802,128 | $ | 11,425,579 | $ | 12,081,448 | $ | 108,003,272 | $ | 100,750,860 | ||||||||||||
Sales: | 602,567,765 | 23,495,409 | 5,834,804 | 11,456,578 | 31,228,227 | 14,664,237 |
The Funds did not purchase or sell U.S. Government securities during the six months ended June 30, 2021.
As of December 31, 2020, the components of distributable earnings (accumulated losses) for income tax purposes were as follows:
Baird | Baird Small/Mid | Baird Small/Mid | ||||||||||
MidCap Fund | Cap Growth Fund | Cap Value Fund | ||||||||||
Cost of investments | $ | 1,265,427,882 | $ | 38,962,168 | $ | 18,977,800 | ||||||
Gross unrealized appreciation | $ | 1,016,850,168 | $ | 14,315,009 | $ | 4,964,360 | ||||||
Gross unrealized depreciation | (10,317,436 | ) | (336,500 | ) | (526,689 | ) | ||||||
Net unrealized appreciation | 1,006,532,732 | 13,978,509 | 4,437,671 | |||||||||
Undistributed ordinary income | 5,402,485 | 265,469 | 2,986 | |||||||||
Undistributed long-term capital gains | 45,452,011 | 865,824 | — | |||||||||
Distributable earnings | 50,854,496 | 1,131,293 | 2,986 | |||||||||
Other accumulated losses | — | — | (1,225,264 | ) | ||||||||
Total distributable earnings | $ | 1,057,387,228 | $ | 15,109,802 | $ | 3,215,393 |
Page 43
Notes to the Financial Statements
June 30, 2021 (Unaudited)
4. | Investment Transactions and Income Tax Information (cont.) |
Chautauqua | Chautauqua | |||||||||||
Baird SmallCap | International | Global | ||||||||||
Value Fund | Growth Fund | Growth Fund | ||||||||||
Cost of investments | $ | 21,803,136 | $ | 219,008,242 | $ | 97,665,668 | ||||||
Gross unrealized appreciation | $ | 9,247,876 | $ | 112,064,762 | $ | 44,208,922 | ||||||
Gross unrealized depreciation | (396,150 | ) | (9,972,087 | ) | (4,601,316 | ) | ||||||
Net unrealized appreciation | 8,851,726 | 102,092,675 | 39,607,606 | |||||||||
Undistributed ordinary income | 35,329 | 2,203,513 | 1,103,536 | |||||||||
Distributable earnings | 35,329 | 2,203,513 | 1,103,536 | |||||||||
Other accumulated losses | (2,113,109 | ) | (3,171,306 | ) | (948,266 | ) | ||||||
Total distributable earnings | $ | 6,773,946 | $ | 101,124,882 | $ | 39,762,876 |
The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and mark-to-market on passive foreign investment companies.
Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications are primarily due to differing treatments for equalization accounting for tax purposes. These reclassifications have no effect on net assets or net asset value per share.
Distributions to Shareholders
Each Fund generally pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.
During the six months ended June 30, 2021, the Funds did not pay any distributions. During the year ended December 31, 2020, the tax components of distributions paid were as follows:
Year Ended December 31, 2020 | ||||||||||||
Ordinary | Long-Term | |||||||||||
Fund | Income | Capital Gains | Total | |||||||||
Baird MidCap Fund | $ | 33,330,403 | $ | 167,012,629 | $ | 200,343,032 | ||||||
Baird Small/Mid Cap Growth Fund | 503,155 | 443,273 | 946,428 | |||||||||
Baird Small/Mid Cap Value Fund | 163,120 | — | 163,120 | |||||||||
Baird SmallCap Value Fund | 49,386 | 1,547,362 | 1,596,748 | |||||||||
Chautauqua International Growth Fund | 2,106,751 | — | 2,106,751 | |||||||||
Chautauqua Global Growth Fund | 639,765 | — | 639,765 |
The Funds in the table above designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended December 31, 2020.
At December 31, 2020, accumulated net realized capital loss carryovers without expiration were:
Capital Loss Carryover | Year of Expiration | |||||||||||
Fund | Short-term | Long-term | Short-term | Long-term | ||||||||
Baird Small/Mid Cap Value Fund | $ | 1,112,826 | $ | 112,438 | Indefinitely | Indefinitely | ||||||
Baird SmallCap Value Fund | 1,713,951 | 399,158 | Indefinitely | Indefinitely | ||||||||
Chautauqua International Growth Fund | — | 3,112,101 | N/A | Indefinitely | ||||||||
Chautauqua Global Growth Fund | — | 931,566 | N/A | Indefinitely |
During the year ended December 31, 2020, the Chautauqua International Growth Fund utilized $3,529,037 of long-term capital loss carryover.
5. | Investment Advisory and Other Agreements |
The Funds have entered into an Investment Advisory Agreement with Baird for the provision of investment advisory services. Pursuant to the Investment Advisory Agreement, the Advisor is entitled to receive a fee, calculated daily and payable monthly, at the annual rates as follows:
Fund | Investment Advisory Fees |
Baird MidCap Fund | 0.75% |
Baird Small/Mid Cap Growth Fund | 0.75% |
Baird Small/Mid Cap Value Fund | 0.75% |
Baird SmallCap Value Fund | 0.85% |
Chautauqua International Growth Fund | 0.75% |
Chautauqua Global Growth Fund | 0.75% |
Page 44
Notes to the Financial Statements
June 30, 2021 (Unaudited)
5. | Investment Advisory and Other Agreements (cont.) |
The Advisor has contractually agreed to waive its investment advisory fee and/or reimburse the Funds’ operating expenses, to the extent necessary to ensure that total operating expenses, including the fees and expenses incurred by the Funds in connection with the Funds’ investments in other investment companies (to the extent, in the aggregate, such fees and expenses on an annual basis exceed 0.0049% of the Fund’s average daily net assets) and interest expense, but excluding taxes, brokerage commissions and extraordinary expenses, do not exceed the following annual percentages of the average daily net assets attributable to the Funds’ Institutional Class and Investor Class shares:
Fund | Institutional Class | Investor Class |
Baird MidCap Fund | 0.85% | 1.10% |
Baird Small/Mid Cap Growth Fund | 0.85% | 1.10% |
Baird Small/Mid Cap Value Fund | 0.85% | 1.10% |
Baird SmallCap Value Fund | 0.95% | 1.20% |
Chautauqua International Growth Fund | 0.80% | 1.05% |
Chautauqua Global Growth Fund | 0.80% | 1.05% |
The Expense Cap/Reimbursement Agreement is in effect through at least April 30, 2022.
To the extent that the Advisor reimburses or absorbs fees and expenses, it may seek payment of such amounts for three years after the date in which expenses were reimbursed or absorbed. A Fund will make no such payment, however, if its total annual operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
June 30, | Fiscal Year Ended December 31, | |||||||||||||||||
Recoverable amounts reimbursed during: | 2021 | 2020 | 2019 | 2018 | ||||||||||||||
Subject to recovery on or before: | 2024 | 2023 | 2022 | 2021 | ||||||||||||||
Fund: | ||||||||||||||||||
Baird Small/Mid Cap Growth Fund | $ | 68,441 | $ | 174,285 | $ | 160,643 | $ | 32,277 | (a) | |||||||||
Baird Small/Mid Cap Value Fund | 80,885 | 170,040 | 164,099 | 73,155 | ||||||||||||||
Baird SmallCap Value Fund | 88,512 | 182,269 | 160,963 | 68,970 | ||||||||||||||
Chautauqua International Growth Fund | 99,211 | 213,896 | 230,596 | 63,380 | ||||||||||||||
Chautauqua Global Growth Fund | 115,637 | 209,929 | 206,779 | 79,275 |
(a) | For the period from close of business on October 31, 2018 (inception date) through December 31, 2018. |
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, serves as transfer agent, administrator, and accounting services agent for the Funds. U.S. Bank, N.A. (“U.S. Bank”) serves as custodian for the Funds.
Robert W. Baird & Co. Incorporated (the “Distributor”) is the sole distributor of the Funds pursuant to a distribution agreement.
No commissions were earned by the Distributor for services rendered as a registered broker-dealer in securities transactions for the six months ended June 30, 2021 for the Funds.
Certain officers and employees of the Advisor are also officers of the Funds.
6. | Line of Credit |
The Company maintains an uncommitted line of credit (“LOC”) with U.S. Bank to provide the sixteen Funds comprising the Company a temporary liquidity source to meet unanticipated redemptions. The LOC is unsecured at all times and is subject to certain restrictions and covenants. Under the terms of the LOC, borrowings for each Fund are limited to one third of the total eligible net assets (including the amount borrowed) of the respective Fund, or $850,000,000 of total borrowings for the Funds comprising the Company, whichever is less. U.S. Bank charges annualized interest at the greater of zero percent and the Prime Rate minus 2.00%. As of June 30, 2021, the Prime Rate was 3.25%. The LOC matures on May 23, 2022, unless renewed. The Company has authorized U.S. Bank to charge any of the accounts of the borrowing Fund subject to the agreement for any missed payments.
During the six months ended June 30, 2021, the Funds borrowed from the LOC as follows:
Amount | Interest Charges | Borrowing | |
Fund | Borrowed | Accrued | Rate |
Baird MidCap Fund | $1,489,000 | $52 | 1.25% |
No other borrowings occurred during the six months ended June 30, 2021 nor were any other borrowings outstanding under the LOC as of June 30, 2021.
Page 45
Notes to the Financial Statements
June 30, 2021 (Unaudited)
7. | Distribution and Shareholder Service Plan |
The Funds have adopted a distribution and shareholder service plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan allows the Funds to compensate the Distributor for the costs incurred in distributing the Funds’ Investor Class Shares, including amounts paid to brokers or dealers, at an annual rate of 0.25% of the average daily net assets of the Funds’ Investor Class Shares.
For the six months ended June 30, 2021, the Funds incurred fees pursuant to the Plan as follows:
Fund | |
Baird MidCap Fund | $249,566 |
Baird Small/Mid Cap Growth Fund | 882 |
Baird Small/Mid Cap Value Fund | 193 |
Baird SmallCap Value Fund | 412 |
Chautauqua International Growth Fund | 1,076 |
Chautauqua Global Growth Fund | 2,345 |
8. | Redemption Fees |
A redemption fee of 2.00% will be assessed on Institutional and Investor Class shares of the Chautauqua International Growth Fund and Chautauqua Global Growth Fund if redeemed (including in connection with an exchange) 90 days or less from their date of purchase, determined on a first-in, first-out (“FIFO”) basis. The redemption fee is paid directly to the Funds and is designed to offset brokerage commissions, market impact and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading.
For the six months ended June 30, 2021, the Funds charged redemption fees as follows:
Fund | |
Chautauqua International Growth Fund | $30,231 |
Chautauqua Global Growth Fund | 9,745 |
The Baird MidCap Fund, Baird Small/Mid Cap Growth Fund, Baird Small/Mid Cap Value Fund and Baird SmallCap Value Fund do not charge redemption fees.
9. | Subsequent Events |
In preparing these financial statements, management has evaluated events after June 30, 2021. There were no subsequent events since June 30, 2021, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.
Page 46
Statement Regarding Liquidity Risk Management Program
June 30, 2021 (Unaudited)
In accordance with Rule 22e-4 under the Investment Company Act of 1940 (the “Rule”), Baird Funds, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for each series of the Company (each a “Fund” and collectively, the “Funds”) and to protect Fund shareholders from dilution of their interests. The Board of Directors (the “Board”) of the Company has appointed Robert W. Baird & Co. Incorporated (“Baird”), the Funds’ investment adviser, as the administrator of the Program. Baird has further delegated administration of the Program to its Liquidity Risk Management Committee (the “Committee”), consisting of officers of the Funds, senior portfolio managers of the Funds and the chief risk officer of Baird. The Program requires the Committee to provide an annual written report to the Board regarding the adequacy and effectiveness of the Program, including the operation of each Fund’s highly liquid investment minimum (“HLIM”), if applicable, and any material changes to the Program during the review period.
On February 24, 2021, the Board reviewed the Committee’s annual written report (the “Report”) for the period January 1, 2020 to December 31, 2020 (the “review period”). The Report provided a summary of the Committee’s assessment of each Fund’s liquidity risk, which is the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Committee’s assessment considered each Fund’s liquidity risk under both normal and reasonably foreseeable stressed market conditions using certain factors required by the Rule and the Program, to the extent deemed appropriate by the Committee.
The Funds have retained ICE Data Services (“ICE”), a third-party vendor, to provide a liquidity risk classification specified by the Rule (highly liquid, moderately liquid, less liquid or illiquid) for each portfolio investment held by the Funds, except with respect to any investments that are unclassified by ICE or that are classified by ICE but challenged by Baird, for which classifications are provided by the Committee. The Report noted that each Fund primarily held investments that were classified as highly liquid during the review period and that each Fund’s portfolio is expected to continue to primarily hold highly liquid investments. Thus, the Committee concluded in the Report that each Fund is considered a “primarily highly liquid fund” (as defined in the Rule and Program) and each Fund can therefore rely on the exclusion in the Rule from the requirements to establish an HLIM and to adopt policies and procedures for responding to a HLIM shortfall. The Report further noted that none of the Funds exceeded the 15% limitation on illiquid investments during the review period and the Company has established procedures to file the Funds’ Forms N-PORT on a timely basis. The Report stated that no material changes had been made to the Program since the Board’s last approval of the Program.
The Report noted no significant liquidity events impacting any of the Funds during the review period. The Committee concluded in the Report that the Program is adequately designed, has been effectively implemented, and is operating as intended to manage the liquidity risk of each Fund.
Page 47
Additional Information (Unaudited)
Proxy Voting
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds’ website at www.bairdfunds.com or by accessing the SEC’s website at www.sec.gov.
Each Fund’s proxy voting record for the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds’ website at www.bairdfunds.com or by accessing the SEC’s website at www.sec.gov.
Portfolio Holdings Disclosure
The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds’ filings on Part F of Form N-PORT are available on the SEC’s website at www.sec.gov. The Funds’ Form N-PORT reports may also be obtained by calling toll-free 1-866-442-2473.
Page 48
(This Page Intentionally Left Blank.)
Baird Funds, Inc.
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201-0701
1-866-442-2473
Board of Directors
John W. Feldt
Darren R. Jackson
Cory L. Nettles
Marlyn J. Spear (Chair)
Frederick P. Stratton, Jr.
Investment Advisor and Distributor
Robert W. Baird & Co. Incorporated
777 East Wisconsin Avenue
Milwaukee, WI 53202
Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
615 East Michigan Street
Milwaukee, WI 53202
Custodian
U.S. Bank, N.A.
1555 N. RiverCenter Drive, Suite 302
Milwaukee, WI 53212
Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee, WI 53202
Independent Registered Public
Accounting Firm
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, WI 53202
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable – only required for annual reports on Form N-CSR.
Item 3. Audit Committee Financial Expert.
Not applicable – only required for annual reports on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Not applicable – only required for annual reports on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable because the Registrant is not a “listed issuer” within the meaning of Rule 10A-3 under the Securities Exchange Act of 1934.
Item 6. Investments.
(a) | The complete Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Baird MidCap Fund, Baird Small/Mid Cap Growth Fund, Baird Small/Mid Cap Value Fund, Baird SmallCap Value Fund, Chautauqua International Growth Fund, Chautauqua Global Growth Fund, Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Intermediate Bond Fund, Baird Aggregate Bond Fund, Baird Core Plus Bond Fund, Baird Short-Term Municipal Bond Fund, Baird Strategic Municipal Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Municipal Bond Fund are included as part of the report to shareholders filed under Item 1. |
(b) | Not Applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable because the Registrant is not a closed-end management investment company.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable because the Registrant is not a closed-end management investment company.
Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.
Not applicable because the Registrant is not a closed-end management investment company.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors.
Item 11. Controls and Procedures.
(a) | The Registrant’s management, with the participation of its principal executive and principal financial officers, has evaluated the effectiveness of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)), as of a date within 90 days prior to the filing date of this Form N-CSR, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on such evaluation, the Registrant's principal executive and principal financial officers have concluded that the design and operation of the Registrant's disclosure controls and procedures are effective in providing reasonable assurance that the information required to be disclosed on Form N-CSR is recorded, processed, summarized and reported within the applicable time periods. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable because the Registrant is not a closed-end management investment company.
Item 13. Exhibits.
(a) | (1) Code of ethics Incorporated by reference to the Registrant’s Form N-CSR filed on March 9, 2018. |
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. Not applicable because the Registrant is not a closed-end management investment company.
(4) Changes in the Registrant’s independent public accountant.
There was no change in the Registrant’s independent public accountant for the period covered by the report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) BAIRD FUNDS, INC.
By (Signature and Title) /s/ Mary Ellen Stanek
Mary Ellen Stanek, President (Principal Executive Officer)
Date September 3, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Mary Ellen Stanek
Mary Ellen Stanek, President (Principal Executive Officer)
Date September 3, 2021
By (Signature and Title) /s/ Dustin J. Hutter
Dustin J. Hutter, Treasurer (Principal Financial Officer)
Date September 3, 2021